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Exhibit 10.27    
    

 
 

2003 BOISE INCENTIVE AND PERFORMANCE PLAN
  
  (As amended through December 12, 2003)    
    

  

 
 

Table of Contents    
    

	Section
 
	 	Page

	1.	 	Purpose and Establishment	 	1
	2.	 	Definitions	 	1
	3.	 	Stock Subject to the Plan	 	4
	4.	 	Administration of the Plan	 	5
	5.	 	Eligibility	 	6
	6.	 	Awards under the Plan; Agreement	 	7
	7.	 	Options	 	7
	8.	 	Stock Appreciation Rights	 	8
	9.	 	Restricted Stock	 	9
	10.	 	Restricted Stock Units	 	10
	11.	 	Performance Units	 	11
	12.	 	Performance Shares	 	12
	13.	 	Annual Incentive Awards	 	12
	14.	 	Stock Bonuses	 	13
	15.	 	Rights as a Shareholder	 	13
	16.	 	Employment Not Guaranteed	 	13
	17.	 	Securities Matters	 	13
	18.	 	Withholding Taxes	 	13
	19.	 	Amendment and Termination	 	14
	20.	 	Transfers Upon Death; Nonassignability	 	14
	21.	 	Expenses and Receipts	 	14
	22.	 	Deferral of Awards	 	14
	23.	 	Change in Control Provisions	 	14
	24.	 	Claims Procedure	 	15
	25.	 	Claims Review Procedure	 	16
	26.	 	Lawsuits; Venue; Applicable Law	 	16
	27.	 	Participant Rights	 	16
	28.	 	Unsecured General Creditor	 	16
	29.	 	No Fractional Shares	 	16
	30.	 	Beneficiary	 	16
	31.	 	Section 162(m)	 	16
	32.	 	Form of Communication	 	17
	33.	 	Severability	 	17
	34.	 	Effective Date and Term of Plan	 	17

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2003 BOISE INCENTIVE AND PERFORMANCE PLAN    
    

        1.    Purpose and Establishment.    

        1.1    Purpose.    The 2003 Boise Incentive and Performance Plan (the "Plan") is intended to promote the interests of
the Company and its shareholders by (a) attracting, motivating, rewarding, and retaining the broad-based management talent critical to achieving the Company's business goals; (b) linking
a portion of each Participant's compensation to the performance of both the Company and the individual Participant; and (c) encouraging ownership of Company common stock by Participants. The
Plan has been adopted and approved by the Board of Directors (defined below). 

        1.2    Successor Plan.    This Plan shall be the successor plan to the 1984 Key Executive Stock Option Plan (the "1984
KESOP"). No further grants shall be made under the 1984 KESOP on or after January 1, 2003. All awards outstanding under the 1984 KESOP on December 31, 2002 ("Prior Awards"), are
incorporated into this Plan and shall be treated as awards under this Plan; however, the Prior Awards shall continue to be governed solely by the terms and conditions of the written instrument
evidencing the grant or issuance. Except as expressly provided, no provision of this Plan shall affect or otherwise modify the rights or obligations of holders of Prior Awards. Shares of Stock
reserved for issuance under the 1984 KESOP in excess of the number of shares as to which awards have been made as of December 31, 2002, shall no longer be available for issuance on or after
January 1, 2003. 

        2.    Definitions.    As used in the Plan, the following definitions apply to the terms indicated below: 

        2.1   "Agreement"
means either the written agreement between the Company and a Participant evidencing an Award and setting forth the terms and conditions applicable to the
Award or a statement issued by the Company to a Participant describing the terms and conditions of an Award. 

        2.2   "Annual
Incentive Award" means an Award granted under Section 13. 

        2.3   "Award"
means any Option, Stock Appreciation Right, Restricted Stock, Restricted Stock Unit, Performance Unit, Performance Share, Annual Incentive Award, or Stock Bonus
granted pursuant to the terms of the Plan. 

        2.4   "Board
of Directors" means the Board of Directors of the Company. 

        2.5   A
"Change in Control" shall be deemed to have occurred if: 

        (a)   Any
Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing 25% or more of either the then outstanding shares of
common stock of the Company or the combined voting power of the Company's then outstanding securities; provided, however, if such Person acquires securities directly from the Company, such securities
shall not be included unless such Person acquires additional securities which, when added to the securities acquired directly from the Company, exceed 25% of the Company's then outstanding shares of
common stock or the combined voting power of the Company's then outstanding securities, and provided further that any acquisition of securities by any Person in connection with a transaction described
in Section 2.5(c)(i) shall not be deemed to be a Change in Control of the Company; or 

        (b)   The
following individuals cease for any reason to constitute at least a majority of the number of directors then serving: individuals who, on the date hereof, constitute
the Board and any new director (other than a director whose initial assumption of office is in connection with an actual or threatened election contest, including but not limited to a consent
solicitation, relating to the election of directors of the Company) whose appointment or 

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election
by the Board or nomination for election by the Company's stockholders was approved by a vote of at least 2/3rds of the directors then still in office who either were directors on the date
hereof or whose appointment, election, or nomination for election was previously so approved (the "Continuing Directors"); or 

        (c)   The
consummation of a merger or consolidation of the Company (or any direct or indirect subsidiary of the Company) with any other corporation other than (i) a
merger or consolidation which would result in both (a) Continuing Directors continuing to constitute at least a majority of the number of directors of the combined entity immediately following
consummation of such merger or consolidation and (b) the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to represent (either by
remaining outstanding or by being converted into voting securities of the surviving entity or any parent thereof) more than 50% of the combined voting power of the voting securities of the Company or
such surviving entity or any parent thereof outstanding immediately after such merger or consolidation, or (ii) a merger or consolidation effected to implement a recapitalization of the Company
(or similar transaction) in which no Person is or becomes
the Beneficial Owner, directly or indirectly, of securities of the Company representing 25% or more of either the then outstanding shares of common stock of the Company or the combined voting power of
the Company's then outstanding securities; provided that securities acquired directly from the Company shall not be included unless the Person acquires additional securities which, when added to the
securities acquired directly from the Company, exceed 25% of the Company's then outstanding shares of common stock or the combined voting power of the Company's then outstanding securities; and
provided further that any acquisition of securities by any Person in connection with a transaction described in Section 2.5(c)(i) shall not be deemed to be a Change in Control of the
Company; or 

        (d)   The
stockholders of the Company approve a plan of complete liquidation or dissolution of the Company or the consummation of an agreement for the sale or disposition by
the Company of all or substantially all of the Company's assets, other than a sale or disposition by the Company of all or substantially all of the Company's assets to an entity more than 50% of the
combined voting power of the voting securities of which are owned by Persons in substantially the same proportions as their ownership of the Company immediately prior to such sale. 

        A
transaction described in Section 2.5(c) which is not a Change in Control of the Company solely due to the operation of Subsection 2.5(c)(i)(a) will nevertheless
constitute a Change in Control of the Company if the Board determines, prior to the consummation of the transaction, that there is not a reasonable assurance that, for at least two years following the
consummation of the transaction, at least a majority of the members of the board of directors of the surviving entity or any parent will continue to consist of Continuing Directors and individuals
whose election or nomination for election by the shareholders of the surviving entity or any parent would be approved by a vote of at least two-thirds of the Continuing Directors and individuals whose
election or nomination for election has previously been so approved. 

        (e)   For
purposes of Sections 2.5 and 2.19, "Beneficial Owner" shall have the meaning set forth in Rule 13d-3 under the Securities Exchange Act of 1934, as
amended (the "Exchange Act"). 

        (f)    For
purposes of Sections 2.5 and 2.19, "Person" shall have the meaning given in Section 3(a)(9) of the Exchange Act, as modified and used in Sections 13(d) and
14(d) thereof, except that "Person" shall not include (i) the Company or any of its subsidiaries, (ii) a trustee or other fiduciary holding securities under an employee benefit plan of
the 

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Company
or any of its subsidiaries, (iii) an underwriter temporarily holding securities pursuant to an offering of such securities, (iv) a corporation owned, directly or indirectly, by
the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company, or (v) an individual, entity or group that is permitted to and does report its
beneficial ownership of securities of the Company on Schedule 13G under the Exchange Act (or any successor schedule), provided that if the individual, entity or group later becomes required to
or does report its ownership of Company securities on Schedule 13D under the Exchange Act (or any successor schedule), then the individual, person or group shall be deemed to be a Person as of
the first date on which the individual, person or group becomes requires to or does report its ownership on Schedule 13D. 

        2.6   "Code"
means the Internal Revenue Code of 1986, as amended from time to time, and any regulations promulgated thereunder. 

        2.7   "Committee"
means the Executive Compensation Committee of the Board of Directors or any successor to the Committee, which shall consist of three or more persons, each of
whom, unless otherwise determined by the Board of Directors, is an "outside director" within the meaning of Section 162(m) of the Code and a "nonemployee director" within the meaning of
Rule 16b-3. 

        2.8   "Company"
means Boise Cascade Corporation, a Delaware corporation. 

        2.9   "Director"
means any individual who is a member of the Board of Directors of the Company and who is not an employee of the Company. 

        2.10 "Exchange
Act" means the Securities Exchange Act of 1934, as amended from time to time. 

        2.11 "Fair
Market Value" of a share of Stock means the closing price of the Stock as reported by the consolidated tape of the New York Stock Exchange on the date in
question, unless otherwise specified by the Committee. If there are no Stock transactions on a particular date, the Fair Market Value shall be determined as of the immediately preceding date on which
there were Stock transactions. 

        The
Committee may in its sole discretion specify a different date or dates on which Fair Market Value will be determined or may specify a price that is at or within the range of the high
and low selling prices of the Stock on the New York Stock Exchange, that is the actual selling price, or that is an average of prices over a number of trading days for the purpose of calculating Fair
Market Value; provided that the Fair Market Value specified for Incentive Stock Options shall comply with applicable laws and regulations. 

        2.12 "Incentive
Stock Option" means an Option that is an "incentive stock option" within the meaning of Section 422 of the Code, or any successor provision, and that
is designated by the Committee as an Incentive Stock Option. 

        2.13 "Nonqualified
Stock Option" means an Option other than an Incentive Stock Option. 

        2.14 "Option"
means the right to purchase a stated number of shares of Stock at a stated price for a stated period of time, granted pursuant to Section 7. 

        2.15 "Participant"
means an employee or Director of the Company or a subsidiary to whom an Award is granted pursuant to the Plan, or upon the death of the Participant, his
or her successors, heirs, executors, and administrators, as the case may be. 

        2.16 "Performance
Goals" means the objectives established by the Committee in its sole discretion with respect to any performance-based Awards that relate to one or more
business criteria within the meaning of Section 162(m) of the Code. Performance Goals may include or be 

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based
upon, without limitation: sales; gross revenue; gross margins; internal rate of return; cost; ratio of debt to debt plus equity; profit before tax; earnings before interest and taxes; earnings
before interest, taxes, depreciation, and amortization; earnings per share; operating earnings; economic value added; ratio of operating earnings to capital spending; cash flow; free cash flow; net
operating profit; net income; net earnings; net sales or net sales growth; price of Stock; return on capital, net assets, equity, or shareholders' equity; segment income; market share; productivity
ratios; expense targets; working capital targets; or total return to shareholders. Performance Goals may (a) be used to measure the performance of the Company as a whole or any subsidiary,
business unit or segment of the Company, (b) include or exclude (or be adjusted to include or exclude) extraordinary items, and/or (c) reflect absolute entity performance or a relative
comparison of entity performance to the performance of a peer group, index, or other external measure, in each case as determined by the Committee in its sole discretion. 

        2.17 "Performance
Share" means an Award of a number of shares granted to a Participant pursuant to Section 12 which is initially valued according to Fair Market Value
and is paid out based on the achievement of stated Performance Goals during a stated period of time. 

        2.18 "Performance
Unit" means an Award granted to a Participant pursuant to Section 11 which is paid out based on the achievement of stated Performance Goals during a
stated period of time. 

        2.19 A
"Potential Change in Control" shall be deemed to have occurred if (a) the Company enters into an agreement, the consummation of which would result in the
occurrence of a Change in Control of the Company; (b) the Company or any Person publicly announces an intention to take or to consider taking actions which if consummated would constitute a
Change in Control of the Company; (c) any Person becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing 9.5% or more of either the then outstanding
shares of common stock of the Company or the combined voting power of the Company's then outstanding securities, provided that securities acquired directly from the Company shall not be included
unless the Person acquires additional securities which, when added to the securities acquired directly from the Company, exceed 9.5% of the Company's then outstanding shares of common stock or the
combined voting power of the Company's then outstanding securities; or (d) the Board adopts a resolution to the effect that a Potential Change in Control has occurred. 

        2.20 "Restricted
Stock" means Stock granted to a Participant which is subject to forfeiture and restrictions as set forth in Section 9. 

        2.21 "Restricted
Stock Units" means an Award granted to a Participant pursuant to Section 10 which is subject to forfeiture and restrictions. 

        2.22 "Rule 16b-3"
means Rule 16b-3 promulgated under the Exchange Act, as amended from time to time. 

        2.23 "Securities
Act" means the Securities Act of 1933, as amended from time to time. 

        2.24 "Stock"
means the common stock of the Company, par value $2.50 per share. 

        2.25 "Stock
Appreciation Right" or "SAR" means the right to receive an amount calculated as provided in and granted pursuant to Section 8. 

        2.26 "Stock
Bonus" means a bonus payable in shares of Stock granted pursuant to Section 14. 

        3.    Stock Subject to the Plan.    

        3.1    Shares Available for Awards.    The maximum number of shares of Stock reserved for issuance under the Plan
shall be 7,000,000 shares (subject to adjustment as provided herein). Shares may be authorized but unissued Stock or authorized and issued Stock held in the 

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Company's
treasury. All shares of Stock reserved for issuance under the Plan shall be available for any Awards, including Options and Stock Appreciation Rights. The following shares of Stock shall
again be available for Awards under the Plan: (a) shares subject to an Award (including a Prior Award, as that term is defined in Section 1.2) which is cancelled, expired, terminated,
forfeited, surrendered, or otherwise settled without the issuance of any Stock, (b) shares of Restricted Stock that are forfeited, (c) shares of Stock tendered to satisfy the exercise
price of an Option, and (d) shares tendered or withheld to satisfy tax withholding pursuant to Section 18. 

        3.2    Performance-Based Award Limitation.    Awards that are designed to comply with the performance-based exception
from the tax deductibility limitation of Section 162(m) of the Code shall be subject to the following rules: 

        (a)   The
number of shares of Stock that may be granted in the form of Options in a single fiscal year to a Participant may not exceed 1,500,000. 

        (b)   The
number of shares of Stock that may be granted in the form of SARs in a single fiscal year to a Participant may not exceed 1,500,000. 

        (c)   The
number of shares of stock that may be granted in the form of Restricted Stock in a single fiscal year to a Participant may not exceed 1,500,000. 

        (d)   The
number of Restricted Stock Units that may be granted in a single fiscal year to a Participant may not exceed 1,500,000. 

        (e)   The
number of shares of Stock that may be granted in the form of Performance Shares in a single fiscal year to a Participant may not exceed 1,500,000. 

        (f)    The
maximum amount that may be paid to a Participant for Performance Units granted in a single fiscal year to the Participant may not exceed $4,000,000. 

        3.3    Adjustment for Change in Capitalization.    In the event of any recapitalization, stock split, reverse stock
split, reorganization, merger, consolidation, spin-off, combination, share repurchase, share exchange, reclassification, or other similar corporate transaction or event, unless otherwise
determined by the Committee in its sole discretion, (a) the number and kind of shares of stock which may thereafter be issued in connection with Awards; (b) the number and kind of shares
of stock or other property issued or issuable in respect of outstanding Awards; (c) the exercise price, grant price, or purchase price relating to any Award; and (d) the maximum number
of shares subject to Awards which may be awarded to any employee during any fiscal year of the Company shall be equitably adjusted as necessary to prevent the dilution or enlargement of the rights of
Participants; provided that, with respect to Incentive Stock Options, adjustments shall be made in accordance with Section 424 of the Code. 

        4.    Administration of the Plan.    

        4.1    Authority and Delegation.    The Committee shall have final discretion, responsibility, and authority to
administer and interpret the Plan. This includes the discretion and authority to determine all questions of fact, eligibility, or benefits relating to the Plan. The Committee may also adopt any rules
it deems necessary to administer the Plan. Any interpretation, determination, decision, or other action made or taken by the Committee shall be final and binding on Participants. The Committee's
responsibilities for administration and interpretation of the Plan shall be exercised by Company employees who have been assigned those responsibilities by the Company's management. Any Company
employee exercising responsibilities relating to the Plan in accordance with this section shall be deemed to have been delegated the discretionary authority vested in the Committee with respect to
those responsibilities, unless limited in writing by the Committee. 

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        4.2    Terms and Conditions of Awards.    The Committee shall have final discretion, responsibility, and authority to: 

        (a)   grant
Awards; 

        (b)   determine
the Participants to whom and the times at which Awards shall be granted; 

        (c)   determine
the type and number of Awards to be granted, the number of shares of Stock to which an Award may relate, and the applicable terms, conditions, and
restrictions, including the length of time for which any restriction shall remain in effect; 

        (d)   establish
and administer Performance Goals relating to any Award; 

        (e)   establish
the rights of Participants with respect to an Award upon termination of employment or service as a Director; 

        (f)    determine
whether, to what extent, and under what circumstances an Award may be settled, cancelled, forfeited, exchanged, or surrendered; 

        (g)   make
adjustments in the Performance Goals in recognition of unusual or nonrecurring events affecting the Company or the financial statements of the Company, or in
response to changes in applicable laws, regulations, or accounting principles; 

        (h)   determine
the terms and provisions of Agreements; and 

        (i)    make
all other determinations deemed necessary or advisable for the administration of the Plan. 

The
Committee may solicit recommendations from the Company's management with respect to any or all of the items listed above. 

        The
Committee shall determine the terms and conditions of each Award at the time of grant. The Committee may establish different terms and conditions for different Participants, for
different Awards, and for the same Participant for each Award the Participant may receive, whether or not granted at different times. 

        5.    Eligibility.    The persons who shall be eligible to receive Awards pursuant to the Plan shall be employees of
the Company and its subsidiaries and affiliates (including officers of the Company, whether or not they are directors of the Company), selected by the Committee from time to time, and Directors. The
grant of an Award at any time to any person shall not entitle that person to a grant of an Award at any future time. 

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        6.    Awards under the Plan; Agreement.    Awards that may be granted under the Plan consist of Options, Stock
Appreciation Rights, Restricted Stock, Restricted Stock Units, Performance Units, Performance Shares, Annual Incentive Awards, and Stock Bonuses, all as described below. 

        Each
Award granted under the Plan, except unconditional Stock Bonuses, shall be evidenced by an Agreement which shall contain such provisions as the Committee may, in its sole
discretion, deem necessary or desirable which are not in conflict with the terms of the Plan. By accepting an Award, a Participant agrees that the Award shall be subject to all of the terms and
provisions of the Plan and the applicable Agreement. 

        7.    Options.    

        7.1    Terms and Agreement.    Subject to the terms of the Plan, Options may be granted to Participants at any time as
determined by the Committee. The Committee shall determine, and the Agreement shall reflect, the following for each Option granted: 

        (a)   the
number of shares subject to each Option; 

        (b)   duration
of the Option (provided that no Option shall have an expiration date later than the day after the 10th anniversary of the date of grant); 

        (c)   vesting
requirements, if any; 

        (d)   whether
the Option is an Incentive Stock Option or a Nonqualified Stock Option; 

        (e)   the
amount and duration of related Stock Appreciation Rights, if any, and any conditions upon their exercise; 

        (f)    the
exercise price for each Option (which shall not be less than the Fair Market Value on the date of the grant); 

        (g)   the
permissible method(s) of payment of the exercise price; 

        (h)   the
rights of the Participant upon termination of employment or service as a Director, provided that the termination rights for Participants receiving Incentive Stock
Options shall conform to Section 422 of the Code; and 

        (i)    any
other terms or conditions established by the Committee. 

        7.2    Exercise of Options.    

        (a)   Options
shall be exercisable at such times and subject to such restrictions and conditions as the Committee, in its sole discretion, deems appropriate, which need not be
the same for all Participants. 

        (b)   An
Option shall be exercised by delivering written notice as specified in the Agreement on the form of notice provided by the Company. Options may be exercised in whole
or in part. 

        For
a Participant who is subject to Section 16 of the Exchange Act, the Company may require that the method of payment comply with Section 16 and the rules and regulations
thereunder. Any payment in shares of Stock, if permitted, shall be made by delivering the shares to the secretary of the Company, duly endorsed in blank or accompanied by stock powers duly executed in
blank, together with any other documents and evidence as the secretary shall require. 

        (c)   Certificates
for shares of Stock purchased upon the exercise of an Option shall be issued in the name of or for the account of the Participant or other person entitled
to receive the shares and delivered to the Participant or other person as soon as practicable following the effective date on which the Option is exercised. 

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        7.3    Incentive Stock Options.    Notwithstanding anything in the Plan to the contrary, no term of the Plan relating
to Incentive Stock Options shall be interpreted, amended, or altered, nor shall any discretion
or authority granted under the Plan be exercised so as to disqualify the Plan under Section 422 of the Code, or, without the consent of any affected Participant, to cause any Incentive Stock
Option previously granted to fail to qualify for the federal income tax treatment afforded under Section 421 of the Code. Incentive Stock Options shall not be granted to Directors. Incentive
Stock Options shall not be granted under the Plan on or after January 1, 2013. 

        7.4    Leave of Absence or Transfer.    Transfer between the Company and any subsidiary or between subsidiaries, or a
leave of absence duly authorized by the Company, shall not be deemed a termination of employment. A Participant may not, however, exercise an Option or related Stock Appreciation Right during any
leave of absence unless authorized to do so by the Company's compensation manager. 

        7.5    Reduction in Price or Reissuance.    In no event shall the Committee cancel any outstanding Option for the
purpose of reissuing the Option to the Participant at a lower exercise price or reduce the exercise price of a previously issued Option. 

        7.6    Aggregate Grant.    The aggregate number of shares of Stock with respect to which Options or Stock Appreciation
Rights may be granted to a single Participant throughout the duration of the Plan may not exceed 30% of the total number of shares of Stock available for issuance pursuant to Section 3.1. 

        8.    Stock Appreciation Rights.    

        8.1    Terms and Agreement.    Subject to the terms of the Plan, Stock Appreciation Rights may be granted to
Participants at any time as determined by the Committee. The Committee shall determine, and the Agreement shall reflect, the following for each SAR granted: 

        (a)   the
number of shares subject to each SAR; 

        (b)   whether
the SAR is a Related SAR or a Freestanding SAR; 

        (c)   duration
of the SAR; 

        (d)   vesting
requirements, if any; 

        (e)   rights
of the Participant upon termination of employment or service as a Director; and 

        (f)    any
other terms or conditions established by the Committee. 

        8.2    Related and Freestanding SARs.    A Stock Appreciation Right may be granted in connection with an Option,
either at the time of grant or at any time thereafter during the term of the Option (a "Related SAR"), or may be granted unrelated to an Option (a "Freestanding SAR"). 

        8.3    Surrender of Option.    A Related SAR shall require the holder, upon exercise, to surrender the Option with
respect to the number of shares as to which the SAR is exercised, in order to receive payment. The Option will, to the extent surrendered, cease to be exercisable. 

        8.4    Reduction in Number of Shares Subject to Related SARs.    For Related SARs, the number of shares subject to the
SAR shall not exceed the number of shares subject to the Option. For example, if the SAR covers the same number of shares as the Option, the exercise of a portion of the Option shall reduce the number
of shares subject to the SAR to the number of shares remaining under the Option. If the Related SAR covers fewer shares than the Option, the exercise of a portion of the Option shall reduce the number
of shares subject to the SAR to the extent 

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necessary
so that the number of remaining shares subject to the SAR is not more than the remaining shares under the Option. 

        8.5    Exercisability.    Subject to Section 8.7 and to any rules and restrictions imposed by the Committee, a
Related SAR will be exercisable at the time or times, and only to the extent, that the Option is exercisable and will not be transferable except to the extent that the Option is transferable. A
Freestanding SAR will be exercisable as determined by the Committee but in no event after 10 years from the date of grant. 

        8.6    Payment.    Upon the exercise of a Stock Appreciation Right, the holder will be entitled to receive payment of
an amount determined by multiplying: 

        (a)   The
excess of the Fair Market Value on the date of exercise over the Fair Market Value on the date of grant, by 

        (b)   The
number of shares with respect to which the SAR is being exercised. 

        The
Committee may limit the amount payable upon exercise of a Stock Appreciation Right. Any limitation must be determined as of the date of grant and noted on the Agreement evidencing
the grant. 

        Payment
may be made in cash, Stock, or a combination of cash and Stock, in the Committee's sole discretion. 

        8.7    Additional Terms.    The Committee may impose additional conditions or limitations on the exercise of a Stock
Appreciation Right as it may deem necessary or desirable to secure for holders the benefits of Rule 16b-3, or any successor provision, or as it may otherwise deem advisable. 

        9.    Restricted Stock.    

        9.1    Terms and Agreement.    Subject to the terms of the Plan, shares of Restricted Stock may be granted to
Participants at any time as determined by the Committee. The Committee shall determine, and the Agreement shall reflect, the following for the Restricted Stock granted: 

        (a)   the
number of shares of Restricted Stock granted; 

        (b)   the
purchase price, if any, to be paid by the Participant for each share of Restricted Stock; 

        (c)   the
restriction period established pursuant to Subsection 9.2; 

        (d)   any
requirements with respect to elections under Section 83(b) of the Code; 

        (e)   rights
of the Participant upon termination of employment or service as a Director; and 

        (f)    any
other terms or conditions established by the Committee. 

        9.2    Restriction Period.    At the time of the grant of Restricted Stock, the Committee shall establish a
restriction period for the shares granted, which may be time-based, based on the achievement of specified Performance Goals, a combination of time- and Performance
Goal-based, or based on any other criteria the Committee deems appropriate. The Committee may divide the shares into classes and assign a different restriction period for each class. The
Committee may impose additional conditions or restrictions upon the vesting of the Restricted Stock as it deems fit in its sole discretion. If all applicable conditions are satisfied, then upon the
termination of the restriction period with respect to a share of Restricted Stock, the share shall vest and the restrictions of Section 9.3 shall lapse. To the extent required to ensure that a
Performance Goal-based Award of Restricted Stock to an executive officer is deductible by the Company 

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pursuant
to Section 162(m) of the Code, any such Award shall vest only upon the Committee's determination that the Performance Goals applicable to the Award have been attained. 

        9.3    Restrictions on Transfer Prior to Vesting.    Prior to the vesting of Restricted Stock, the Participant may not
sell, assign, pledge, hypothecate, transfer, or otherwise encumber the Restricted Stock. Upon any attempt to transfer rights in a share of Restricted Stock, the share and all related rights shall
immediately be forfeited by the Participant. Upon the vesting of a share of Restricted Stock, the transfer restrictions of this section shall lapse with respect to that share. 

        9.4    Rights as a Shareholder.    Except for the restrictions set forth here and unless otherwise determined by the
Committee, the Participant shall have all the rights of a shareholder with respect to shares of Restricted Stock, including but not limited to the right to vote and the right to receive dividends,
provided that the Committee, in its sole discretion, may require that any dividends paid on shares of Restricted Stock be held in escrow until all restrictions on the shares have lapsed. 

        9.5    Issuance of Certificates.    

        (a)   Following
the date of grant, the Company shall issue a stock certificate, registered in the name of or for the account of the Participant to whom the shares of
Restricted Stock were granted, evidencing the shares. Each stock certificate shall bear the following legend: 

The
transferability of this certificate and the shares of stock represented hereby are subject to the restrictions, terms, and conditions (including forfeiture provisions and restrictions against
transfer) contained in the 2003 Boise Incentive and Performance Plan and an Agreement entered into between the registered owner of the shares and the Company. 

        This
legend shall not be removed until the shares vest pursuant to the terms stated. 

        (b)   Each
certificate, together with the stock powers relating to the shares of Restricted Stock evidenced by the certificate, shall be held by the Company unless the
Committee determines otherwise. 

        (c)   Following
the date on which a share of Restricted Stock vests, the Company shall cause to be delivered to the Participant to whom the shares were granted, a certificate
evidencing the share free of the legend stated in subsection (a) above. 

        9.6    Section 83(b) Election.    The Committee may provide in the Agreement that the Award is conditioned upon
the Participant making or not making an election under Section 83(b) of the Code. If the Participant makes an election pursuant to Section 83(b) of the Code, the Participant shall be
required to file a copy of the election with the Company within 10 days. 

        10.    Restricted Stock Units.    

        10.1    Terms and Agreement.    Subject to the terms of the Plan, Restricted Stock Units may be granted to
Participants at any time as determined by the Committee. The Committee shall determine, and the Agreement shall reflect, the following for the Restricted Stock Units granted: 

        (a)   the
number of Restricted Stock Units awarded: 

        (b)   the
purchase price, if any, to be paid by the Participant for each Restricted Stock Unit; 

        (c)   the
restriction period established pursuant to Subsection 10.2; 

        (d)   rights
of the Participant upon termination of employment or service as a Director; and 

        (e)   any
other terms or conditions established by the Committee. 

10

 

        10.2    Restriction Period.    At the time of the grant of Restricted Stock Units, the Committee shall establish a
restriction period, which may be time-based, based on the achievement of specified Performance Goals, a combination of time- and Performance Goal-based, or based on
any other criteria the Committee deems appropriate. The Committee may divide the awarded units into classes and assign a different restriction period for each class. The Committee may impose any
additional conditions or restrictions upon the vesting of the Restricted Stock Units as it deems fit in its sole discretion. If all applicable conditions are satisfied, then upon the termination of
the restriction period with respect to a Restricted Stock Unit, the unit shall vest. To the extent required to ensure that a Performance Goal-based Award of Restricted Stock Units to an
executive officer is deductible by the Company pursuant to Section 162(m) of the Code, any such Award shall become vested only upon the Committee's determination that the Performance Goals
applicable to the Award, if any, have been attained. 

        10.3    Payment.    Upon vesting of a Restricted Stock Unit, the Participant shall be entitled to receive payment of
an amount equal to the Fair Market Value of one share of Stock. Payment may be made in cash, Stock, or a combination of cash and Stock, in the Committee's sole discretion. 

        11.    Performance Units.    

        11.1    Terms and Agreement.    Subject to the terms of the Plan, Performance Units may be granted to Participants at
any time as determined by the Committee. The Committee shall determine, and the Agreement shall reflect, the following for the Performance Units granted: 

        (a)   the
number of Performance Units awarded; 

        (b)   the
initial value of a Performance Unit; 

        (c)   the
rights of the Participant upon termination of employment or service as a Director (which may be different based on the reason for termination); 

        (d)   the
performance period and Performance Goals applicable to the Award; and 

        (e)   any
other terms or conditions established by the Committee. 

11

  

        11.2    Payment.    After the applicable performance period has ended, the Committee will review the Performance Goals
and determine the amount payable with respect to the Award, based upon the extent to which the Performance Goals have been attained within the performance period and any other applicable terms and
conditions. Payment of earned Performance Units may be made in cash, Stock, or a combination of cash and Stock, in the Committee's sole discretion. 

        12.    Performance Shares.    

        12.1    Terms and Agreement.    Subject to the terms of the Plan, Performance Shares may be granted to Participants at
any time as determined by the Committee. The Committee shall determine, and the Agreement shall reflect, the following for the Performance Shares granted: 

        (a)   the
number of Performance Shares awarded; 

        (b)   the
performance period and Performance Goals applicable to the Award; 

        (c)   whether
dividend equivalents will be credited with respect to Performance Shares, and if so, any accrual, forfeiture, or payout restrictions on the dividend equivalents; 

        (d)   the
rights of the Participant upon termination of employment or service as a Director (which may be different based on the reason for termination); and 

        (e)   any
other terms or conditions established by the Committee. 

        12.2    Initial Value.    The initial value of each Performance Share shall be the Fair Market Value on the date of
grant. 

        12.3    Payment.    After the applicable performance period has ended, the Committee will review the Performance Goals
and determine the amount payable with respect to the Award, based upon the
extent to which the Performance Goals have been attained within the performance period and any other applicable terms and conditions. Payment of earned Performance Shares may be made in cash, Stock,
or a combination of cash and Stock, as determined by the Committee in its sole discretion. 

        13.    Annual Incentive Awards.    

        13.1    Award Period and Performance Goals.    The award period for Annual Incentive Awards is a fiscal year, which
may be a calendar year. Within 90 days of the beginning of each award period, the Committee shall establish the specific Performance Goals to be achieved in order for Participants to earn an
Annual Incentive Award. The Committee shall establish a mathematical formula pursuant to which an Award equal to a specified percentage of a Participant's salary shall be earned upon the attainment of
specific levels of the applicable Performance Goals. This formula may take into account Performance Goals achieved in prior years. The Performance Goals and formula, once established, shall continue
for subsequent years unless modified by the Committee. The Performance Goals applicable to an Award Period, and the formula pursuant to which Award amounts shall be determined, shall be selected and
published within 90 days from the beginning of the award period. 

        13.2    Payment.    As soon as practical after the conclusion of each year, the Committee shall review and evaluate
the Performance Goals applicable to that year in light of the Company's performance measured in accordance with the goals and shall determine whether the goals have been satisfied. If satisfied, the
Committee shall so certify in a written statement and shall apply the criteria to determine the amount of the Award for each Participant, subject to the Committee's right to reduce or eliminate the
amount of any Award under Section 31. Payment of earned Annual Incentive Awards may be made in cash, Stock, or a combination of cash and Stock, in the Committee's sole discretion. No Award may
be paid to a Participant in excess of $3,000,000 for any single year. If an Award is earned in excess of $3,000,000, the amount of the Award in excess of this amount shall be deferred in accordance
with Section 22. 

12

 

        14.    Stock Bonuses.    Subject to the terms of the Plan, a Stock Bonus may be granted to Participants at any time as
determined by the Committee. If the Committee grants a Stock Bonus, a certificate for the shares of Stock constituting the Stock Bonus shall be issued in the name of the Participant to whom the grant
was made and delivered as soon as practicable after the date on which the Stock Bonus is payable. 

        15.    Rights as a Shareholder.    Except as otherwise provided in Section 9.4 with respect to Restricted
Stock, no person shall have any rights as a shareholder with respect to any shares of Stock covered by or relating to an Award until the date of issuance of a stock certificate with respect to the
shares. Except as otherwise provided in Sections 3.3 and 12.1, no adjustment to any Award shall be made for dividends or other rights for which the record date occurs prior to the date the stock
certificate is issued. 

        16.    Employment Not Guaranteed.    This Plan is not intended to and does not create a contract of employment in any
manner. Employment with the Company is at will, which means that either the employee or the Company may end the employment relationship at any time and for any reason. Nothing in this Plan changes, or
should be construed as changing, that at-will relationship. 

        17.    Securities Matters.    

        17.1    Delivery of Stock Certificates.    Notwithstanding anything in this Plan to the contrary, the Company shall
not be obligated to issue or deliver any certificates evidencing shares of Stock unless and until (a) the Company is advised by its counsel that the issuance and delivery of certificates is in
compliance with all applicable laws, regulations of governmental authority, and the requirements of any securities exchange on which the Stock is traded; and (b) any governmental approvals the
Company deems necessary or advisable have been obtained. The Committee may require, as a condition of the issuance and delivery of certificates, that the recipient make any agreements and
representations and that the certificates bear any legends as the Committee, in its sole discretion, deems necessary or desirable. 

        17.2    When Transfer is Effective.    The transfer of any shares of Stock shall be effective only when counsel to the
Company has determined that the issuance and delivery of the shares is in compliance with all applicable laws, regulations, and the requirements of any securities exchange on which shares of Stock are
traded. The Committee may, in its sole discretion, defer the effectiveness of any transfer of shares of Stock in order to allow the issuance of the shares to be made pursuant to registration or an
exemption from registration or other methods for compliance available under federal or state securities laws. The Committee shall inform the Participant in writing of its decision to defer the
effectiveness of a transfer. During the period of deferral in connection with the exercise of an Option, the Participant may, by written notice, withdraw the exercise and obtain the refund of any
amount paid in connection with the exercise. 

        18.    Withholding Taxes.    When cash is to be paid pursuant to an Award, the Company may deduct an amount sufficient
to satisfy any federal and state taxes required by law to be withheld. When shares of Stock are to be delivered pursuant to an Award, the Company may require the Participant to remit to the Company in
cash an amount sufficient to satisfy any federal and state taxes required by law to be withheld. With the Committee's approval, a Participant may satisfy the foregoing requirement by electing to have
the Company withhold from delivery shares of Stock having a value equal to the tax to be withheld. The shares shall be valued at Fair Market Value on the date the amount of tax to be withheld is
determined. Fractional share amounts shall be settled in cash. Notwithstanding the foregoing, (i) if the Company is not using APB Opinion 25 to account for equity awards in its financial
statements, or (ii) with respect to Annual Incentive Awards or Awards of Performance Units, the Company may permit Participants to elect in writing, subject to restrictions imposed by the
Company, to have additional tax withheld in a total amount equal to the tax that could be imposed on the transaction. 

13

 

        19.    Amendment and Termination.    The Board of Directors may, at any time, amend or terminate the Plan; provided
that no amendment shall be made without shareholder approval if approval is required under applicable law or if the amendment would (a) decrease the grant or exercise price of any Stock-based
Award to less than the Fair Market Value on the date of grant, (b) increase the total number of shares of Stock available under the Plan, or (c) materially increase the cost of the Plan
to the company or the benefits to Participants. Any amendment or termination shall not adversely affect the vested or accrued rights or benefits of any Participant without the Participant's prior
consent. 

        20.    Transfers Upon Death; Nonassignability.    Upon the death of a Participant, outstanding Awards granted to the
Participant may be exercised only by the executor or administrator of the Participant's estate or by a person who has acquired the right to exercise by will or the laws of descent and distribution. No
transfer of an Award by will or the laws of descent and distribution shall be effective to bind the Company unless the Committee has been furnished with (a) written notice and a copy of the
will and/or such evidence as the Committee may deem necessary to establish the validity of the transfer, and (b) an agreement by the transferee to comply with all the terms and conditions of
the Award that would have applied to the Participant and to be bound by the acknowledgments made by the Participant in connection with the grant of the Award. 

        During
the lifetime of a Participant, no Award is transferable, except that the Committee may, in its sole discretion, permit the transfer of an outstanding Award to the extent allowable
under then-current law. Subject to applicable law, the Committee's approval, and any conditions that the Committee may prescribe, a Participant may, upon providing written notice to the
secretary of the Company, elect to transfer an Award to a member or members of his or her immediate family (including, but not limited to, children, grandchildren, and spouse, or a trust for the
benefit of immediate family members or a partnership in which immediate family members are the only partners) or to other persons or entities approved by the Committee; provided, however, that no
transfer by any Participant may be made in exchange for consideration. 

        21.    Expenses and Receipts.    The expenses of the Plan shall be paid by the Company. Any proceeds received by the
Company in connection with any Award may be used for general corporate purposes. 

        22.    Deferral of Awards.    A Participant may elect to defer or the Committee may require the deferral of receipt of
all or any portion of any Award to a future date as provided in and subject to the terms of the Company's 2001 Key Executive Deferred Compensation Plan or any successor plan, the Agreement, and rules
and procedures established by the Committee regarding Award deferrals. 

        23.    Change in Control Provisions.    

        23.1    Vesting and Exercisability.    Except as otherwise determined by the Committee at the time of grant of an
Award, upon a Change in Control: 

        (a)   all
outstanding Option and Stock Appreciation Rights shall become fully vested and exercisable; 

        (b)   all
Performance Goals shall be deemed achieved at target levels and all other terms and conditions met; 

        (c)   all
restrictions and conditions applicable to any Restricted Stock shall lapse; 

        (d)   all
restrictions and conditions applicable to any Restricted Stock Units shall lapse and the Restricted Stock Units shall be paid out as promptly as practicable; 

        (e)   all
Performance Shares shall be delivered; 

        (f)    all
Performance Units shall be paid out as promptly as practicable; 

14

 

        (g)   all
Annual Incentive Awards for calendar years ended prior to the Change in Control which have not yet been paid out shall be paid out immediately in cash; 

        (h)   for
Annual Incentive Awards for the calendar year during which the Change in Control occurs, all Participants shall be deemed to have achieved a pro rata Award equal to
either (i) the Participant's target Annual Incentive Award or (ii) the actual Annual Incentive Award as determined by year-to-date performance through the last
day of the month prior to the month in which the Change in Control occurs, in either case multiplied by a fraction, the numerator of which is the number of days which have elapsed from the beginning
of the year to the date on which the Change of Control occurs, and the denominator of which is 365, and the Awards shall be paid in cash within 10 days after the Change in Control; and 

        (i)    all
other Awards shall be delivered or paid. 

        23.2    Surrender and Payment.    Except as determined otherwise by the Committee at the time of grant of an Award,
upon a Change in Control, a Participant shall have the right, by giving notice to the Company within 60 days after the Change in Control, to elect to surrender all or part of any Award of
Options, Stock Appreciation Rights, Performance Shares, or Restricted Stock and to receive payment in cash within 30 days after the Company receives the notice. Payment shall be calculated as
follows: the amount by which the highest price paid per share on the New York Stock Exchange or paid or offered in any bona fide transaction related to a Potential Change in Control or Change in
Control, at any time during the preceding 90 days, as determined by the Committee, exceeds the exercise or grant price of the Award, multiplied by the number of shares of Stock as to which the
surrender right under this section is exercised. 

        23.3    Termination Prior to Change in Control.    Any Participant, whose employment is involuntarily terminated for
any reason other than disciplinary reasons within three months prior to the date of the Change in Control, shall be treated, solely for purposes of this Plan, as continuing in the Company's employment
until the occurrence of the Change in Control, and to have been terminated immediately thereafter. 

        23.4    No Amendment.    Notwithstanding Section 19, upon a Potential Change in Control, the provisions of this
plan may not be amended in any manner that would reduce or alter the rights of Participants to any benefit under this Plan without the consent of each affected Participant. Furthermore,
notwithstanding Section 19, upon a Change in Control, the provisions of this Section 23 may not be amended in any respect for three years following a Change in Control but may be amended
thereafter. 

        24.    Claims Procedure.    Claims for benefits under the Plan shall be filed in writing, within 90 days after
the event giving rise to a claim, with the Company's compensation manager, who shall have absolute discretion to interpret and apply the Plan, evaluate the facts and circumstances, and make a
determination with respect to the claim in the name and on behalf of the Company. The claim shall include a statement of all facts the Participant believes relevant to the claim and copies of all
documents, materials, or other evidence that the Participant believes relevant to the claim. Written notice of the disposition of a claim shall be furnished to the Participant within 90 days
after the application is filed. This 90-day period may be extended an additional 90 days for special
circumstances by the compensation manager, in his or her sole discretion, by providing written notice of the extension to the claimant prior to the expiration of the original 90-day
period. If the claim is denied, the compensation manager shall notify the claimant in writing. This written notice shall: 

        (a)   state
the specific reasons for the denial; 

        (b)   refer
to Plan provisions on which the determination is based; 

15

 

        (c)   describe
any additional material or information necessary for the claimant to perfect the claim and explain why the information is necessary; and 

        (d)   explain
how the claimant may submit the claim for review and state applicable time limits. 

        25.    Claims Review Procedure.    Any Participant, former Participant, or Beneficiary of either, who has been denied
a benefit claim, shall be entitled, upon written request, to access to or copies of all documents and records relevant to his or claim and to a review of his or her denied claim. A request for review,
together with a written statement of the claimant's position and any other comments, documents, records, or information that the claimant believes relevant to his or her claim, shall be filed no later
than 60 days after receipt of the written notification provided for in Section 24 and shall be filed with the Company's compensation manager. The manager shall promptly inform the
Company's senior human resources officer. The senior human resources officer shall make his or her decision, in writing, within 60 days after receipt of the claimant's request for review. This
60-day period may be extended an additional 60 days if, in the senior human resources officer's sole discretion, special circumstances warrant the extension and if the senior human
resources officer provides written notice of the extension to the claimant prior to the expiration of the original 60-day period. The written decision shall be final and binding on all
parties and shall state the facts and specific reasons for the decision and refer to the Plan provisions upon which the decision is based. 

        26.    Lawsuits; Venue; Applicable Law.    No lawsuit claiming entitlement to benefits under this Plan may be filed
prior to exhausting the claims and claims review procedures described in Sections 24 and 25. Any lawsuit must be initiated no later than (a) one year after the event(s) giving rise to the claim
occurred, or (b) 60 days after a final written decision was provided to the claimant under Section 25, whichever is sooner. Any legal action involving benefits claimed or legal
obligations relating to or arising under this Plan may be filed only in Federal District Court in the city of Boise, Idaho. Federal law shall be applied in the interpretation and application of this
Plan and the resolution of any legal action. To the extent not preempted by federal law, the laws of the state of Delaware shall apply. 

        27.    Participant Rights.    No Participant shall have any claim to be granted any Award under the Plan, and there is
no obligation to treat Participants uniformly. 

        28.    Unsecured General Creditor.    Participants and their beneficiaries, heirs, successors, and assigns shall have
no legal or equitable rights, interest, or claims in any property or assets of the Company. The assets of the Company shall not be held under any trust for the benefit of Participants, their
beneficiaries, heirs, successors, or assigns, or held in any way as collateral security for the fulfilling of the obligations of the Company under this Plan. Any and all Company assets shall be, and
remain, the general, unpledged, unrestricted assets of the Company. The Company's obligation under the Plan shall be an unfunded and unsecured promise of the Company. 

        29.    No Fractional Shares.    No fractional shares of Stock shall be issued or delivered pursuant to the Plan. The
Committee shall determine whether cash, other Awards, or other property shall be issued or paid in lieu of any fractional shares or whether fractional shares or any rights to fractional shares shall
be forfeited or otherwise eliminated. 

        30.    Beneficiary.    A Participant who is an Executive Officer or Director may file with the Committee a written
designation of a beneficiary on the form prescribed by the Committee and may, from time to time, amend or revoke the designation. If no designated beneficiary survives the Participant, the executor or
administrator of the Participant's estate shall be deemed to be the Participant's beneficiary. 

        31.    Section 162(m).    The Plan is designed and intended, and all provisions shall be construed in a manner,
to comply, to the extent applicable, with Section 162(m) of the Code and the regulations thereunder. To the extent permitted by Section 162(m), the Committee shall have sole discretion
to 

16

 

reduce
or eliminate the amount of any Award which might otherwise become payable upon attainment of a Performance Goal. 

        32.    Form of Communication.    Any election, application, claim, notice, or other communication required or
permitted to be made by a Participant to the Committee or the Company shall be made in writing and in such form as the Company may prescribe. Any communication shall be effective upon receipt by the
Company's compensation manager at 1111 West Jefferson Street, P.O. Box 50, Boise, Idaho 83728. 

        33.    Severability.    If any provision of the Plan is held to be invalid or unenforceable, the other provisions of
the Plan shall not be affected. 

        34.    Effective Date and Term of Plan.    The Plan shall be effective on January 1, 2003, subject to the
approval of the shareholders of the Company. In the absence of shareholder approval, any Awards shall be null and void. The Plan will expire on April 16, 2013. The Board of Directors or the
Committee may terminate the Plan at any time prior to April 16, 2013. Awards outstanding at the expiration or termination of the Plan shall remain in effect according to their terms and the
provisions of the Plan. 

17

QuickLinks

Exhibit 10.27

2003 BOISE INCENTIVE AND PERFORMANCE PLAN (As amended through December 12, 2003)

Table of Contents

2003 BOISE INCENTIVE AND PERFORMANCE PLANEXHIBIT
4.1

 

 

JETBLUE AIRWAYS CORPORATION,

as Issuer

 

 

and

 

 

[TRUSTEE],

as Trustee

 

 

INDENTURE

 

Dated
as of
               

 

 

DEBT SECURITIES

 

 

CROSS REFERENCE TABLE

Reconciliation and tie between Trust Indenture Act of
1939 and Indenture

 

	
  Trust Indenture Act Section

  	
   

  	
  Indenture Section

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  §
  310

  	
   

  	
  (a)(1)

  	
   

  	
  607(a)

  
	
   

  	
   

  	
  (a)(2)

  	
   

  	
  607(a)

  
	
   

  	
   

  	
  (b)

  	
   

  	
  604, 608(d)(1)

  
	
  §
  311

  	
   

  	
   

  	
   

  	
  101(a)(2), 604

  
	
  §
  312

  	
   

  	
  (a)

  	
   

  	
  701

  
	
   

  	
   

  	
  (c)

  	
   

  	
  701

  
	
  §
  313

  	
   

  	
   

  	
   

  	
  101

  
	
  §
  313

  	
   

  	
  (a)

  	
   

  	
  702

  
	
   

  	
   

  	
  (c)

  	
   

  	
  601, 702

  
	
  §
  314

  	
   

  	
  (a)

  	
   

  	
  703

  
	
   

  	
   

  	
  (a)(4)

  	
   

  	
  1005

  
	
   

  	
   

  	
  (c)(1)

  	
   

  	
  102

  
	
   

  	
   

  	
  (c)(2)

  	
   

  	
  102

  
	
   

  	
   

  	
  (e)

  	
   

  	
  102

  
	
  §
  315

  	
   

  	
  (a)

  	
   

  	
  303, 602

  
	
   

  	
   

  	
  (b)

  	
   

  	
  303, 601, 602

  
	
   

  	
   

  	
  (c)

  	
   

  	
  303, 602

  
	
   

  	
   

  	
  (d)

  	
   

  	
  303, 602

  
	
   

  	
   

  	
  (e)

  	
   

  	
  608(d)

  
	
  §
  316

  	
   

  	
  (a) (last sentence)

  	
   

  	
  101

  
	
   

  	
   

  	
  (a)(1)(A)

  	
   

  	
  502, 512

  
	
   

  	
   

  	
  (a)(1)(B)

  	
   

  	
  513

  
	
   

  	
   

  	
  (b)

  	
   

  	
  508

  
	
   

  	
   

  	
  (c)

  	
   

  	
  104(e)

  
	
  §
  317

  	
   

  	
  (a)(1)

  	
   

  	
  503

  
	
   

  	
   

  	
  (a)(2)

  	
   

  	
  504

  
	
  §
  318

  	
   

  	
  (a)

  	
   

  	
  111

  
	
   

  	
   

  	
  (c)

  	
   

  	
  111

  

 

NOTE:            This
cross-reference table shall not, for any purpose, be deemed to be a part of the
Indenture.

 

 

TABLE OF CONTENTS

 

	
  ARTICLE
  ONE

  	
   

  
	
   

  	
   

  
	
  DEFINITIONS AND OTHER PROVISIONS OF GENERAL
  APPLICATION

  	
   

  
	
   

  	
   

  
	
  SECTION 101. Definitions

  	
   

  
	
  SECTION
  102. Compliance Certificates and Opinions

  	
   

  
	
  SECTION
  103. Form of Documents Delivered to Trustee

  	
   

  
	
  SECTION
  104. Acts of Holders

  	
   

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

  	
   

  
	
  SECTION
  106. Notice to Holders; Waiver

  	
   

  
	
  SECTION
  107. Effect of Headings and Table of Contents

  	
   

  
	
  SECTION
  108. Successors and Assigns

  	
   

  
	
  SECTION
  109. Separability Clause

  	
   

  
	
  SECTION
  110. Benefits of Indenture

  	
   

  
	
  SECTION
  111. Governing Law

  	
   

  
	
  SECTION
  112. Legal Holidays

  	
   

  
	
   

  	
   

  
	
  ARTICLE TWO

  	
   

  
	
   

  	
   

  
	
  SECURITIES FORMS

  	
   

  
	
   

  	
   

  
	
  SECTION
  201. Forms of Securities

  	
   

  
	
  SECTION
  202. Form of Trustee’s Certificate of Authentication

  	
   

  
	
  SECTION
  203. Securities Issuable in Global Form

  	
   

  
	
   

  	
   

  
	
  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; Optional Interest Reset

  	
   

  
	
  SECTION
  308. Optional Extension of Maturity

  	
   

  
	
  SECTION
  309. Persons Deemed Owners

  	
   

  
	
  SECTION
  310. Cancellation

  	
   

  
	
  SECTION
  311. Computation of Interest

  	
   

  
	
  SECTION
  312. Currency and Manner of Payments in Respect of Securities

  	
   

  
	
  SECTION
  313. Appointment and Resignation of Successor Exchange Rate Agent

  	
   

  
	
  SECTION
  314. CUSIP Numbers

  	
   

  

 

 

	
  ARTICLE FOUR

  	
   

  
	
   

  	
   

  
	
  SATISFACTION AND DISCHARGE

  	
   

  
	
   

  	
   

  
	
  SECTION
  401. Satisfaction and Discharge of Indenture

  	
   

  
	
  SECTION
  402. Application of Trust Funds

  	
   

  
	
   

  	
   

  
	
  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 or Coupons

  	
   

  
	
  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 of Securities

  	
   

  
	
  SECTION 513. Waiver of Past Defaults

  	
   

  
	
  SECTION 514. Waiver of Stay or Extension
  Laws

  	
   

  
	
   

  	
   

  
	
  ARTICLE SIX

  	
   

  
	
   

  	
   

  
	
  THE TRUSTEE

  	
   

  
	
   

  	
   

  
	
  SECTION 601. Notice of Defaults

  	
   

  
	
  SECTION
  602. Certain Rights of Trustee

  	
   

  
	
  SECTION 603. Not Responsible for Recitals
  or Issuance of Securities

  	
   

  
	
  SECTION
  604. May Hold Securities

  	
   

  
	
  SECTION
  605. Money Held in Trust

  	
   

  
	
  SECTION
  606. Compensation and Reimbursement

  	
   

  
	
  SECTION
  607. Corporate Trustee Required; Eligibility

  	
   

  
	
  SECTION
  608. Resignation and Removal; Appointment of Successor

  	
   

  
	
  SECTION 609. Acceptance of Appointment by Successor

  	
   

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

  	
   

  
	
  SECTION
  611. Appointment of Authenticating Agent

  	
   

  

 

ii

 

	
  ARTICLE SEVEN

  	
   

  
	
   

  	
   

  
	
  HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND
  COMPANY

  	
   

  
	
   

  	
   

  
	
  SECTION 701. Disclosure of Names and Addresses of Holders

  	
   

  
	
  SECTION 702. Reports by Trustee

  	
   

  
	
  SECTION 703. Reports by Company

  	
   

  
	
  SECTION
  704. Calculation of Original Issue Discount

  	
   

  
	
   

  	
   

  
	
  ARTICLE EIGHT

  	
   

  
	
   

  	
   

  
	
  CONSOLIDATION, MERGER, CONVEYANCE OR
  TRANSFER

  	
   

  
	
   

  	
   

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

  	
   

  
	
  SECTION
  802. Successor Person 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

  	
   

  
	
  SECTION 1002. Maintenance of Office or Agency

  	
   

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

  	
   

  
	
  SECTION 1004. Additional Amounts

  	
   

  
	
  SECTION 1005. Statement as to Compliance

  	
   

  
	
  SECTION 1006. Waiver of Certain Covenants

  	
   

  
	
  SECTION 1007. Corporate Existence

  	
   

  
	
  SECTION 1008. Insurance

  	
   

  
	
   

  	
   

  
	
  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

  	
   

  

 

iii

 

	
  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

  	
   

  
	
   

  	
   

  
	
  REPAYMENT AT THE OPTION OF HOLDERS

  	
   

  
	
   

  	
   

  
	
  SECTION 1301. Applicability of Article

  	
   

  
	
  SECTION 1302. Repayment of Securities

  	
   

  
	
  SECTION 1303. Exercise of Option

  	
   

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

  	
   

  
	
  SECTION 1305. Securities Repaid in Part

  	
   

  
	
   

  	
   

  
	
  ARTICLE FOURTEEN

  	
   

  
	
   

  	
   

  
	
  DEFEASANCE AND COVENANT DEFEASANCE

  	
   

  
	
   

  	
   

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

  	
   

  
	
  SECTION 1402. Defeasance and Discharge

  	
   

  
	
  SECTION 1403. Covenant Defeasance

  	
   

  
	
  SECTION 1404. Conditions to Defeasance or
  Covenant Defeasance

  	
   

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

  	
   

  
	
  SECTION 1406. Reinstatement

  	
   

  
	
   

  	
   

  
	
  ARTICLE FIFTEEN

  	
   

  
	
   

  	
   

  
	
  MEETINGS OF HOLDERS OF SECURITIES

  	
   

  
	
   

  	
   

  
	
  SECTION 1501. Purposes for Which Meetings
  May Be Called

  	
   

  
	
  SECTION
  1502. Call, Notice and Place of Meetings

  	
   

  
	
  SECTION 1503. Persons Entitled to Vote at
  Meetings

  	
   

  
	
  SECTION 1504. Quorum; Action

  	
   

  
	
  SECTION 1505. Determination of Voting
  Rights; Conduct and Adjournment of Meetings

  	
   

  
	
  SECTION 1506. Counting Votes and Recording
  Action of Meetings

  	
   

  

 

iv

 

ACKNOWLEDGMENTS

EXHIBIT A - FORMS OF CERTIFICATION

 

v

 

INDENTURE, dated as of
                    ,
between JetBlue Airways Corporation, a Delaware corporation (the “Company”),
having its principal office at 118-29 Queens Boulevard, Forest Hills, New York
11375, and [TRUSTEE], a [STATE] banking corporation (the “Trustee”),
having its Corporate Trust Office at [ADDRESS].

 

RECITALS OF THE COMPANY

 

WHEREAS, the Company has
duly authorized the execution and delivery of this Indenture to provide for the
issuance from time to time of its debt securities (the “Securities”),
issuable as provided in this Indenture, and all things necessary to make this
Indenture a valid agreement of the Company, in accordance with its terms, have
been done; and

 

WHEREAS, this Indenture
will be subject to, and governed by, the provisions of the Trust Indenture Act
of 1939, as amended, that are required to be part of this Indenture and shall,
to the extent applicable, be governed by such provisions.

 

NOW, THEREFORE, THIS
INDENTURE WITNESSETH:

 

Each party agrees as
follows for the benefit of the other party and for the equal and ratable
benefit of the Holders of the Securities and coupons:

 

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, and the terms
“cash transaction” and “self-liquidating paper”, as used in TIA Section 311,
shall have the meanings assigned to them in the rules of the Commission adopted
under the Trust Indenture Act;

 

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

 

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

 

(5)           certain terms, used
principally in Article Three, Article Five, Article Six and Article Ten, are
defined in those Articles.

 

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Board Resolution”
means a copy of a resolution that is delivered to the Trustee, certified by the
Secretary or an Assistant Secretary of the Company (i) to have been duly
adopted by the Board of Directors or by (a) any subcommittee thereof that
has, or (b) any one or more Officers who have, been delegated the
authority of the Board of Directors to approve the terms of the relevant
Securities, and (ii) to be in full force and effect on the date of such
certification.

 

“Business Day”
means, when used with respect to any Place of Payment or any other particular
location referred to in this Indenture or in the Securities, unless otherwise
specified with respect to any Securities pursuant to Section 301, each Monday,
Tuesday, Wednesday, Thursday and Friday which is not a day on which banking institutions
in that Place of Payment or particular location are authorized or obligated by
law or executive order to close.

 

2

 

“Capital Stock”
means, with respect to any corporation, any and all shares, interests, rights
to purchase, warrants, options, participations or other equivalents of or
interests in (however designated) stock issued by that corporation.

 

“Clearstream”
means Clearstream Banking, société anonyme, and any successor thereto.

 

“Commission” means
the U.S. Securities and Exchange Commission.

 

“Company” means
the Person named as the “Company” in the first paragraph of this Indenture
until a successor replaces it pursuant to the applicable provisions of this
Indenture and, thereafter, “Company” shall mean such successor or
successors.  The foregoing sentence
shall likewise apply to any subsequent such successor or successors.

 

“Company Request”
and “Company Order” means a written request or order signed in the name
of the Company by any two Officers.

 

“Conversion Date”
has the meaning specified in Section 312(d).

 

“Conversion Event”
means the cessation of use of a Foreign Currency both by the government of one
or more countries or by any recognized union, association or confederation of
governments that issued such currency and for the settlement of transactions by
a central bank or other public institutions of or within the international
banking community.

 

“Corporate Trust
Office” means the principal office of the Trustee at which at any time its
corporate trust business shall be administered, which office at the date hereof
is located at [ADDRESS], Attention: 
[     ], or such other address as the Trustee
may designate from time to time by notice to the Holders and the Company, or
the principal corporate trust office of any successor Trustee (or such other
address as a successor Trustee may designate from time to time by notice to the
Holders and the Company).

 

“corporation”
includes corporations, associations, companies and business trusts.

 

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

 

“Currency” means
any currency or currencies, composite currency or currency unit or currency
units, including, without limitation, the Euro, issued by the government of one
or more countries or by any reorganized confederation or association of such
governments.

 

“Custodian” has
the meaning specified in Section 501.

 

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

 

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

 

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

 

3

 

“Election Date”
has the meaning specified in Section 312(h).

 

“Euroclear” means
Euroclear Bank S.A./N.V., as operator of the Euroclear System, and any
successor thereto.

 

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

 

“Exchange Rate Agent”
means, with respect to Securities of any series, unless otherwise specified
with respect to any Securities pursuant to Section 301, a New York clearing
house bank designated pursuant to Section 301 or Section 313.

 

“Exchange Rate
Officer’s Certificate” means a certificate setting forth (i) the applicable
Market Exchange Rate or the applicable bid quotation and (ii) the Dollar or
Foreign Currency amounts of principal (and premium, if any) and interest, if
any (on an aggregate basis and on the basis of a Security having the lowest
denomination principal amount determined in accordance with Section 302 in the
relevant currency or currency unit), payable with respect to a Security of any
series on the basis of such Market Exchange Rate or the applicable bid
quotation signed by any Officer of the Company.

 

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

 

“Government
Obligations” means securities which are (i) direct obligations of the
United States or the government which issued the Foreign Currency in which
the  Securities of a particular series
are payable, for the payment of which its full faith and credit is pledged, or
(ii) obligations of a Person controlled or supervised by and acting as an
agency or instrumentality of the United States or such government which issued
the Foreign Currency in which the Securities of such series are payable, the
payment of which is unconditionally guaranteed as a full faith and credit
obligation by the United States or such other government, which, in either
case, are not callable or redeemable at the option of the issuer thereof, and
shall also include a depository receipt issued by a bank or trust company as
custodian with respect to any such Government Obligation or a specific payment
of interest on or principal of any such Government Obligation held by such custodian
for the account of the holder of a depository receipt; provided that
(except as required by law) such custodian is not authorized to make any
deduction from the amount payable to the holder of such depository receipt from
any amount received by the custodian in respect of the Government Obligation or
the specific payment of interest on or principal of the Government Obligation
evidenced by such depository receipt.

 

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

 

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

 

4

 

“Indexed Security”
means a Security as to which all or certain interest payments and/or the
principal amount payable at Maturity are determined by reference to prices,
changes in prices, or differences between prices, of securities, Currencies,
intangibles, goods, articles or commodities or by such other objective price,
economic or other measures as are specified pursuant to Section 301 hereof.

 

“interest” means,
when used with respect to an Original Issue Discount Security which by its
terms bears interest only after Maturity, interest payable after Maturity, and,
when used with respect to a Security which provides for the payment of
Additional Amounts pursuant to Section 1004, includes such Additional Amounts.

 

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

 

“Market Exchange Rate”
means, unless otherwise specified with respect to any Securities pursuant to
Section 301, (i) for any conversion involving a Currency unit on the one hand
and Dollars or any Foreign Currency on the other, the exchange rate between the
relevant Currency unit and Dollars or such Foreign Currency calculated by the
method specified pursuant to Section 301 for the Securities of the relevant
series, (ii) for any conversion of Dollars into any Foreign Currency, the noon
buying rate for such Foreign Currency for cable transfers quoted in New York
City as certified for customs purposes by the Federal Reserve Bank of New York
and (iii) for any conversion of one Foreign Currency into Dollars or another
Foreign Currency, the spot rate at noon local time in the relevant market at
which, in accordance with normal banking procedures, the Dollars or Foreign
Currency into which conversion is being made could be purchased with the
Foreign Currency from which conversion is being made from major banks located
in either New York City, London or any other principal market for Dollars or
such purchased Foreign Currency, in each case determined by the Exchange Rate
Agent.  Unless otherwise specified with
respect to any Securities pursuant to Section 301, in the event of the
unavailability of any of the exchange rates provided for in the foregoing
clauses (i), (ii) and (iii), the Exchange Rate Agent shall use, in its sole
discretion and without liability on its part, such quotation of the Federal
Reserve Bank of New York as of the most recent available date, or quotations
from one or more major banks in New York City, London or other principal market
for such currency or  currency unit in
question, or such other quotations as the Exchange Rate Agent shall deem
appropriate.  Unless otherwise specified
by the Exchange Rate Agent, if there is more than one market for dealing in any
Currency or Currency unit by reason of foreign exchange regulations or
otherwise, the market to be used in respect of such currency or currency unit
shall be that upon which a nonresident issuer of securities designated in such
Currency or Currency unit would purchase such Currency or Currency unit in
order to make payments in respect of such securities.

 

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

 

“Officer” means
the Chairman of the Board of Directors, the Vice Chairman of the Board of
Directors, the Chief Executive Officer, the President, any Executive Vice
President, 

 

5

 

any Senior Vice
President, any Vice President, the Treasurer or the Secretary or any Assistant
Treasurer or Assistant Secretary of the Company.

 

“Officers’ Certificate”
means a written certificate signed in the name of the Company by any two
Officers, and delivered to the Trustee.

 

“Opinion of Counsel”
means a written opinion of legal counsel, who may be an employee of, or counsel
to, the Company or the Trustee.

 

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

 

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

 

(i)            Securities cancelled by the Trustee
or delivered to the Trustee for cancellation pursuant to the terms of this
Indenture;

 

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

 

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

 

(iv)          Securities which have been paid pursuant
to Section 306, or Securities which have been exchanged for other Securities
which 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
protected purchaser (as defined in the Uniform Commercial Code) 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 any request, demand,
authorization, direction, notice, consent or waiver hereunder or are present at
a meeting of Holders for quorum purposes, and for the purpose of making the
calculations required by TIA Section 313, (i) the principal amount of an
Original Issue Discount Security that may be counted in making such
determination or calculation and that shall be deemed to be Outstanding for
such purpose shall be equal to the amount of principal thereof that would be
(or shall have been declared to be) due and payable, at the time of such
determination, upon a declaration of acceleration of the Maturity thereof
pursuant to Section 502, (ii) the principal amount of any Security denominated
in a Foreign

 

6

 

Currency that may be
counted in making such determination or calculation and that shall be deemed
Outstanding for such purpose shall be equal to the Dollar equivalent,
determined as of the date such Security is originally issued by the Company as
set forth in an Exchange Rate Officer’s Certificate delivered to the Trustee,
of the principal amount (or, in the case of an Original Issue Discount Security
or Indexed Security, the Dollar equivalent as of such date of original issuance
of the amount determined as provided in clause (i) above or (iii) below,
respectively) of such Security, (iii) the principal amount of any Indexed
Security that may be counted in making such determination or calculation and
that shall be deemed outstanding for such purpose shall be equal to the
principal face amount of such Indexed Security at original issuance, unless
otherwise provided with respect to such Security pursuant to Section 301, and
(iv) Securities owned by the Company, or any other obligor upon the Securities,
or any Affiliate of the Company or of such other obligor, shall be disregarded
and deemed not to be Outstanding, except that, in determining whether the
Trustee shall be protected in making such calculation or in relying upon any
such request, demand, authorization, direction, notice, consent or waiver, only
Securities which a Responsible Officer of the Trustee actually 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 to so 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 (or premium,
if any) or interest, if any, on any Securities or coupons on behalf of the
Company.

 

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

 

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

 

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

 

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

 

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

 

7

 

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

 

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

 

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

 

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

 

“Responsible Officer”
means, when used with respect to the Trustee, any officer of the Trustee with
direct responsibility for the administration of this Indenture and also means,
with respect to a particular corporate trust matter, any other officer to whom
such matter is referred because of his knowledge of and familiarity with the
particular subject.

 

“Security” or “Securities”
has the meaning stated in the recitals of this Indenture and, more
particularly, means any Security or Securities of any series authenticated and
delivered under this Indenture.

 

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

 

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

 

“Stated Maturity”
means, when used with respect to any Security or any installment of principal
thereof or interest thereon, the date specified in such Security or a coupon
representing such installment of interest as the fixed date on which the
principal of such Security or such installment of principal or interest thereon
is due and payable, as such date may be extended pursuant to the provisions of
Section 308.

 

“Trust Indenture Act”
or “TIA” means the Trust Indenture Act of 1939 as in force at the date
as of which this Indenture was executed, except as provided in Section 905; provided,
however, that in the event the Trust Indenture Act is amended after such
date, “Trust Indenture Act” or “TIA” 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 Indenture
until one or more successors replaces it pursuant to the applicable provisions
of this Indenture and, thereafter, shall mean each such successor.  The foregoing sentence shall likewise apply
to any subsequent such successor or successors.

 

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

 

8

 

“United States person”
means, unless otherwise specified with respect to any Securities pursuant to
Section 301, an individual who is a citizen or resident of the United States, a
corporation, partnership or other entity created or organized in or under the
laws of the United States or an estate or trust the income of which is subject
to United States federal income taxation regardless of its source.

 

“Valuation Date”
has the meaning specified in Section 312(c).

 

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

 

SECTION 102.  Compliance
Certificates and Opinions. 
(a)  Upon any application or
request by the Company to the Trustee to take any action under any provision of
this Indenture, the Company shall furnish to the Trustee an Officers’
Certificate stating that all conditions precedent, if any, provided for in this
Indenture relating to the proposed action have been complied with and an
Opinion of Counsel stating that in the opinion of such counsel such action is
authorized or permitted by this Indenture and that all such conditions
precedent, if any, have been complied with; and, except in the case of any such
application or request as to which the furnishing of documents is specifically
required by any provision of this Indenture relating to such particular
application or request, no additional certificate or opinion need be furnished.

 

(b)           Every certificate or opinion with
respect to compliance with a condition or covenant provided for in this
Indenture (other than pursuant to Section 1005) shall include:

 

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

 

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

 

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

 

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

 

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

 

9

 

(b)           Any certificate or opinion of an
officer of the Company may be based, insofar as it relates to legal matters,
upon an Opinion of Counsel, or a certificate or representations by
counsel.  Any such Opinion of Counsel or
certificate or representations may be based, insofar as it relates to factual
matters, upon a certificate or opinion of, or representations by, an officer or
officers of the Company.

 

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

 

SECTION 104.  Acts of
Holders.  (a)  Any
request, demand, authorization, direction, notice, consent, waiver or other
action provided by this Indenture to be given or taken by Holders of the
Outstanding Securities of all series or one or more series, as the case may be,
may be embodied in and evidenced by one or more instruments of substantially
similar tenor signed by such Holders in person or by agents duly appointed in
writing.  If Securities of a series are
issuable as Bearer Securities, any request, demand, authorization, direction,
notice, consent, waiver or other action provided by this Indenture to be given
or taken by Holders of Securities of such series may, alternatively, be
embodied in and evidenced by the record of Holders of Securities of such series
voting in favor thereof, either in person or by proxies duly appointed in
writing, at any meeting of Holders of Securities of such series duly called and
held in accordance with the provisions of Article Fifteen, or a combination of
such instruments and any such record. 
Except as herein otherwise expressly provided, such action shall become
effective when such instrument or instruments or record or both are delivered
to the Trustee and, where it is hereby expressly required, to the Company.  Such instrument or instruments and any such
record (and the action embodied therein and evidenced thereby) are herein
sometimes referred to as the “Act” of the Holders signing such
instrument or instruments or so voting at any such meeting.  Proof of execution of any such instrument or
of a writing appointing any such agent, or of the holding by any Person of a
Security, shall be sufficient for any purpose of this Indenture and conclusive
in favor of the Trustee and the Company and any agent of the Trustee or the
Company, if made in the manner provided in this Section.  The record of any meeting of Holders of
Securities shall be proved in the manner provided in Section 1506.

 

(b)           The fact and date of
the execution of any such instrument or writing, or the authority of the Person
executing the same, may be proved in any manner that the Trustee deems
reasonably sufficient.

 

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

 

(d)           The ownership of
Bearer Securities may be proved by the production of such Bearer Securities or
by a certificate executed, as depositary, by any trust company, bank, banker or
other depositary, wherever situated, if such certificate shall be deemed by the
Trustee to be satisfactory, showing that at the date therein mentioned such
Person had on deposit with such depositary, or exhibited to it, the Bearer
Securities therein described; or such facts may be proved by the certificate or
affidavit of the Person holding such Bearer Securities, if such certificate or
affidavit is deemed by the Trustee to be satisfactory.  The Trustee and the Company may assume that
such ownership of any Bearer Security continues until (1) another certificate
or

 

10

 

affidavit
bearing a later date issued in respect of the same Bearer Security is produced,
or (2) such Bearer Security is produced to the Trustee by some other Person, or
(3) such Bearer Security is surrendered in exchange for a Registered Security,
or (4) such Bearer Security is no longer Outstanding.  The ownership of Bearer Securities may also be proved in any
other manner that the Trustee deems sufficient.

 

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

 

(f)            Any request,
demand, authorization, direction, notice, consent, waiver or other action or
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, any Security
Registrar, any Paying Agent, any Authenticating Agent or the Company in reliance
thereon, whether or not notation of such action is made upon such Security.

 

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

 

(1)           the Trustee by any
Holder or by the Company shall be sufficient for every purpose hereunder if
made, given, furnished or filed in writing to or with the Trustee at its Corporate
Trust Office; 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 Indenture or at
any other address previously furnished in writing to the Trustee by the
Company.

 

11

 

SECTION 106.  Notice to
Holders; Waiver.  (a)  Where this Indenture provides for notice of
any event to Holders of Registered Securities by the Company or the Trustee,
such notice shall be sufficiently given (unless otherwise herein expressly
provided) if in writing and mailed, first-class postage prepaid, to each such
Holder affected by such event, at his address as it appears in the Security
Register, not later than the latest date, and not earlier than the earliest
date, prescribed for the giving of such notice.  In any case where notice to Holders of Registered Securities is
given by mail, neither the failure to mail such notice, nor any defect in any
notice so mailed, to any particular Holder shall affect the sufficiency of such
notice with respect to other Holders of Registered Securities or the
sufficiency of any notice to Holders of Bearer Securities given as provided
herein.  Any notice mailed to a Holder
in the manner herein prescribed shall be conclusively deemed to have been
received by such Holder, whether or not such Holder actually receives such
notice.

 

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

 

(c)           Except as otherwise expressly
provided herein or otherwise specified with respect to any Securities pursuant
to Section 301, where this Indenture provides for notice to Holders of Bearer
Securities of any event, such notice shall be sufficiently given if published
in an Authorized Newspaper in The City of New York and in such other city or
cities as may be specified in such Securities on a Business Day, such
publication to be not later than the latest date, and not earlier than the
earliest date, prescribed for the giving of such notice.  Any such notice shall be deemed to have been
given on the date of such publication or, if published more than once, on the
date of the first such publication.

 

(d)           If by reason of the suspension of
publication of any Authorized Newspaper or Authorized Newspapers or by reason
of any other cause it shall be impracticable to publish any notice to Holders
of Bearer Securities as provided above, then such notification to Holders of
Bearer Securities as shall be given in a manner approved by of the Trustee,
which notice shall constitute sufficient notice to such Holders for every
purpose hereunder.  Neither the failure
to give notice by publication to Holders of Bearer Securities as provided
above, nor any defect in any notice so published, shall affect the sufficiency
of such notice with respect to other Holders of Bearer Securities or the
sufficiency of any notice to Holders of Registered Securities given as provided
herein.

 

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

 

(f)            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 deemed the equivalent of notice given.  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.

 

12

 

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

 

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

 

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

 

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

 

SECTION 111.  Governing Law.  This Indenture and the Securities and
coupons shall be governed by and construed in accordance with the law of the
State of New York, without regard to principles of conflicts of laws.  This Indenture is subject to the provisions
of the Trust Indenture Act that are required to be part of this Indenture and
shall, to the extent applicable, be governed by such provisions.

 

SECTION 112.  Legal
Holidays.  In any case where
any Interest Payment Date, Redemption Date, Repayment Date, sinking fund
payment date, Stated Maturity or Maturity of any Security shall not be a
Business Day at any Place of Payment, then (notwithstanding any other provision
of this Indenture or any Security or coupon, other than a provision in the
Securities of any series established pursuant to Section 301 hereof which
specifically states that such provision shall apply in lieu of this Section),
payment of principal (or premium, if any) or interest, if any, need not be made
at such Place of Payment on such date, but may be made on the next succeeding
Business Day at such Place of Payment with the same force and effect as if made
on the Interest Payment Date, Redemption Date, Repayment Date or sinking fund
payment date, or at the Stated Maturity or Maturity; provided that no
interest shall accrue on the amount so paid for the period from and after such
Interest Payment Date, Redemption Date, Repayment Date, sinking fund payment
date, Stated Maturity or Maturity, as the case may be.

 

ARTICLE TWO

 

SECURITIES FORMS

 

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

 

13

 

placed thereon as the
Company may deem appropriate and as are not inconsistent with the provisions of
this Indenture, or as may be required to comply with any law or with any rule
or regulation made pursuant thereto or with any rule or regulation of any stock
exchange on which the Securities may be listed, or to conform to usage.

 

Unless otherwise
specified as contemplated by Section 301, Bearer Securities shall have interest
coupons attached.

 

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

 

Any form of Security
approved by or pursuant to a Board Resolution must be acceptable as to form to
the Trustee, such acceptance to be evidenced by the Trustee’s authentication of
Securities in that form or a certificate signed by a Responsible Officer of the
Trustee and delivered to the Company.

 

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

 

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

 

	
   

  	
  [TRUSTEE] 

  as Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
  Dated: 

  	
   

  	
   

  	
  By: 

  	
   

  
	
   

  	
   

  	
  Authorized Signatory

  
	
   

  	
   

  
					

 

SECTION 203.  Securities
Issuable in Global Form.  If
Securities of a series are issuable in global form, as specified and
contemplated by Section 301, then, notwithstanding clause (8) of Section 301
and the provisions of Section 302, any such Security in global form shall
represent the Outstanding Securities of such series as shall be specified in
such Security, and may provide that it shall represent the aggregate amount of
Outstanding Securities of such series from time to time endorsed thereon, and
that the aggregate amount of Outstanding Securities of such series represented
by such Security in global form may from time to time be increased or decreased
to reflect exchanges.  Any endorsement
of a Security in global form to reflect the amount, or any increase or decrease
in the amount, of Outstanding Securities represented thereby shall be made by
the Trustee in such manner and upon instructions given by such Person or
Persons as shall be specified therein or in the Company Order to be delivered
to the Trustee pursuant to Section 303 or 304. 
Subject to the provisions of Section 303 and, if

 

14

 

applicable, Section 304,
the Trustee shall deliver and redeliver any Security in permanent global form
in the manner and upon instructions given by the Person or Persons specified
therein or in the applicable Company Order. 
If a Company Order pursuant to Section 303 or 304 has been, or
simultaneously is, delivered, any instructions by the Company with respect to
endorsement, delivery or redelivery of a Security in global form shall be in
writing but need not comply with Section 102 and need not be accompanied by an
Opinion of Counsel.

 

The provisions of the
last sentence of Section 303 shall apply to any Security represented by a
Security in global form if such Security was never issued and sold by the
Company and the Company delivers to the Trustee the Security in global form
together with written instructions (which need not comply with Section 102 and
need not be accompanied by an Opinion of Counsel) with regard to the reduction
in the principal amount of Securities represented thereby, together with the
written statement contemplated by the last sentence of Section 303.

 

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

 

Notwithstanding the
provisions of Section 309 and except as provided in the preceding paragraph,
the Company, the Trustee and any agent of the Company and the Trustee shall
treat as the Holder of such principal amount of Outstanding Securities
represented by a permanent global Security (i) in the case of a permanent
global Security in registered form, the Person in whose name such Security is
registered in the Security Register, or (ii) in the case of a permanent global
Security in bearer form, Euroclear or Clearstream.

 

ARTICLE THREE

 

THE SECURITIES

 

SECTION 301.  Amount
Unlimited; Issuable in Series. 
The aggregate principal amount of Securities which may be authenticated
and delivered under this Indenture is unlimited.  All Securities of any one series need not be issued at the same
time and, unless otherwise provided, a series may be reopened, without the
consent of the Holders, for issuances of additional Securities of such series.

 

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

 

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

 

15

 

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

 

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

 

(4)           the rate or rates at
which the Securities of the series shall bear interest, if any, or the method by
which such rate or rates shall be determined, the date or dates from which such
interest shall accrue or the method by which such date or dates shall be
determined, the Interest Payment Dates on which such interest will be payable
and the Regular Record Date, if any, for the interest payable on any Registered
Security on any Interest Payment Date, or the method by which such date shall
be determined, and the basis upon which such interest shall be calculated if
other than that of a 360-day year of twelve 30-day months;

 

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

 

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

 

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

 

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

 

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

 

(10)         if other than the
principal amount thereof, the portion of the principal amount of Securities of
the series that shall be payable upon declaration of acceleration of

 

16

 

the Maturity thereof pursuant to Section 502 or the method by which
such portion shall be determined;

 

(11)         if other than Dollar,
the Currency or Currencies in which payment of the principal of (or premium, if
any) or interest, if any, on the Securities of the series shall be made or in
which the Securities of the series shall be denominated and the particular
provisions applicable thereto in accordance with, in addition to or in lieu of
any of the provisions of Section 312;

 

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

 

(13)         whether the principal
of (or premium, if any) or interest, if any, on the Securities of the series
are to be payable, at the election of the Company or a Holder thereof, in one
or more Currencies, other than that in which such Securities are denominated or
stated to be payable, the period or periods within which (including the
Election Date), and the terms and conditions upon which, such election may be
made, and the time and manner of determining the exchange rate between the
Currency or Currencies in which such Securities are denominated or stated to be
payable and the Currency or Currencies in which such Securities are to be paid,
in each case in accordance with, in addition to or in lieu of any of the
provisions of Section 312;

 

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

 

(15)         any deletions from,
modifications of or additions to the Events of Default or covenants (including
any deletions from, modifications of or additions to any of the provisions of
Section 1006) of the Company with respect to Securities of the series, whether
or not such Events of Default or covenants are consistent with the Events of
Default or covenants set forth herein;

 

(16)         whether Securities of
the series are to be issuable as Registered Securities, Bearer Securities (with
or without coupons) or both, any restrictions applicable to the offer, sale or
delivery of Bearer Securities and the terms upon which Bearer Securities of the
series may be exchanged for Registered Securities of the series and vice versa
(if permitted by applicable laws and regulations), whether any Securities of
the series are to be issuable initially in temporary global form and whether
any Securities of the series are to be issuable in permanent global form with
or without coupons and, if so, whether beneficial owners of interests in any
such permanent global Security may exchange such interests for Securities of
such series in certificated form and of like tenor of any authorized form and
denomination and the circumstances under which any such exchanges may occur, if
other than in the manner provided in Section 305, and, if Registered Securities
of the series are to be issuable as a global Security, the identity of the
depository for such series;

 

17

 

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

 

(18)         the Person to whom
any interest on any Registered Security of the series shall be payable, if
other than the Person in whose name such Security (or one or more Predecessor
Securities) is registered at the close of business on the Regular Record Date
for such interest, the manner in which, or the Person to whom, any interest on
any Bearer Security of the series shall be payable, if otherwise than upon
presentation and surrender of the coupons appertaining thereto as they
severally mature, and the extent to which, or the manner in which, any interest
payable on a temporary global Security on an Interest Payment Date will be paid
if other than in the manner provided in Section 304;

 

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

 

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

 

(21)         whether, under what
circumstances and the Currency in which, the Company will pay Additional
Amounts as contemplated by Section 1004 on the Securities of the series to any
Holder who is not a United States person (including any modification to the
definition of such term) in respect of any tax, assessment or governmental
charge and, if so, whether the Company will have the option to redeem such
Securities rather than pay such Additional Amounts (and the terms of any such
option);

 

(22)         the designation of
the initial Exchange Rate Agent, if any;

 

(23)         if the Securities of
the series are to be convertible into or exchangeable for any securities of any
Person (including the Company), the terms and conditions upon which such
Securities will be so convertible or exchangeable;

 

(24)         whether Securities of
the series are subject to subordination and, if so, the terms of such subordination;

 

(25)         whether Securities of
the series are secured by any collateral and, if so,  the provisions applicable to such security; and

 

(26)         any other terms of
the series (which terms shall not be inconsistent with the provisions of this
Indenture or the requirements of the Trust Indenture Act).

 

All Securities of any one
series and the coupons appertaining to any Bearer Securities of such series
shall be substantially identical except, in the case of Registered Securities,
as to denomination and except as may otherwise be provided in or pursuant to
such

 

18

 

Board Resolution (subject
to Section 303) and set forth in such Officers’ Certificate or in any such
indenture supplemental hereto.

 

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

 

SECTION 303.  Execution,
Authentication, Delivery and Dating.  The Securities and any coupons appertaining thereto shall be
executed on behalf of the Company by any Officer.  The signature of any Officer on the Securities and coupons may be
manual or facsimile signatures of the present or any future such authorized
Officer and may be imprinted or otherwise reproduced on the Securities.

 

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

 

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

 

19

 

forth procedures
acceptable to the Trustee for the issuance of such Securities and determining
the terms of particular Securities of such series, such as interest rate,
maturity date, date of issuance and date from which interest shall accrue.  In authenticating such Securities, and
accepting the additional responsibilities under this Indenture in relation to
such Securities, the Trustee shall be entitled to receive, and (subject to TIA
Section 315(a) through 315(d)) shall be fully protected in relying upon:

 

(i)            an Opinion of
Counsel stating:

 

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

 

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

 

(c)           that such Securities, together with
any coupons appertaining thereto, when completed by appropriate insertions and
executed and delivered by the Company to the Trustee for authentication in
accordance with this Indenture, authenticated and delivered by the Trustee in
accordance with this Indenture and issued by the Company in the manner and
subject to any conditions specified in such Opinion of Counsel, will constitute
valid and binding obligations of the Company, enforceable in accordance with
their terms, except as may be limited by (i) bankruptcy, insolvency,
reorganization, moratorium, fraudulent conveyance, liquidation or similar laws
relating to, or affecting the enforcement of, creditors’ rights and remedies,
(ii) the application of general principles of equity (regardless of whether
such enforceability is considered in a proceeding in equity or law), including,
without limitation, (A) the possible unavailability of specific performance,
injunctive relief or any other equitable remedy and (B) concepts of
materiality, reasonableness, good faith and fair dealing, and (iii) public
policy and subject to such other qualifications as such counsel shall conclude
do not materially affect the rights of Holders of such Securities and any
coupons; and

 

(ii)           an Officers’
Certificate stating, to the best of the knowledge of the signers of such
certificate, that no Event of Default with respect to any of the Securities
shall have occurred and be continuing.

 

Notwithstanding the
provisions of Section 301 and of this Section 303, if all the Securities of any
series are not to be issued at one time, it shall not be necessary to deliver
an Officers’ Certificate otherwise required pursuant to Section 301 or the
Company Order, Opinion of Counsel or Officers’ Certificate otherwise required
pursuant to the preceding paragraph at the time of issuance of each Security of
such series, but such order, opinion and certificates, with appropriate
modifications to cover such future issuances, shall be delivered at or before
the time of issuance of the first Security of such series.

 

20

 

Notwithstanding the
generality of the foregoing, the Trustee will not be required to authenticate
Securities denominated in a Foreign Currency if the Trustee reasonably believes
that it would be unable to perform its duties with respect to such Securities.

 

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

 

No Security or coupon
shall be entitled to any benefit under this Indenture or be valid or obligatory
for any purpose unless there appears on such Security or Security to which such
coupon appertains a certificate of authentication substantially in the form
provided for herein duly executed by the Trustee by manual signature of an
authorized signatory, and such certificate upon any Security shall be
conclusive evidence, and the only evidence, that such Security has been duly
authenticated and delivered hereunder and is entitled to the benefits of this
Indenture.  Notwithstanding the
foregoing, if any 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
310 together with a written statement (which need not comply with Section 102
and need not be accompanied by an Opinion of Counsel) stating that such
Security has never been issued and sold by the Company, for all purposes of
this Indenture such Security shall be deemed never to have been authenticated
and delivered hereunder and shall never be entitled to the benefits of this
Indenture.

 

SECTION 304.  Temporary
Securities. 
(a)  Pending the preparation of definitive Securities of any
series, the Company may execute, and upon Company Order the Trustee shall
authenticate and deliver, temporary Securities which are printed, lithographed,
typewritten, mimeographed or otherwise produced, in any authorized
denomination, substantially of the tenor of the definitive Securities in lieu
of which they are issued, in registered form, or, if authorized, in bearer form
with one or more coupons or without coupons, and with such appropriate
insertions, omissions, substitutions and other variations as the officers
executing such Securities may determine, as conclusively evidenced by their
execution of such Securities.  In the
case of Securities of any series, such temporary Securities may be in global
form.

 

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

 

21

 

(b)           Unless otherwise
provided in or pursuant to a Board Resolution, this Section 304(b) shall govern
the exchange of temporary Securities issued in global form.  If temporary Securities of any series are
issued in global form, any such temporary global Security shall, unless
otherwise provided therein, be delivered to the London office of a depositary
or common depositary (the “Common Depositary”), for the benefit of
Euroclear and Clearstream, for credit to the respective accounts of the
beneficial owners of such Securities (or to such other accounts as they may
direct).

 

Without unnecessary delay
but in any event not later than the date specified in, or determined pursuant
to the terms of, any such temporary global Security (the “Exchange Date”),
the Company shall deliver to the Trustee definitive Securities, in aggregate
principal amount equal to the principal amount of such temporary global
Security, executed by the Company.  On
or after the Exchange Date, such temporary global Security shall be surrendered
by the Common Depositary to the Trustee, as the Company’s agent for such purpose,
to be exchanged, in whole or from time to time in part, for definitive
Securities without charge, and the Trustee shall authenticate and deliver, in
exchange for each portion of such temporary global Security, an equal aggregate
principal amount of definitive Securities of the same series of authorized
denominations and of like tenor as the portion of such temporary global
Security to be exchanged.  The
definitive Securities to be delivered in exchange for any such temporary global
Security shall be in bearer form, registered form, permanent global bearer form
or permanent global registered form, or any combination thereof, as specified
as contemplated by Section 301, and, if any combination thereof is so
specified, as requested by the beneficial owner thereof; provided, however,
that, unless otherwise specified in such temporary global Security, upon such
presentation by the Common Depositary, such temporary global Security is
accompanied by a certificate dated the Exchange Date or a subsequent date and
signed by Euroclear as to the portion of such temporary global Security held
for its account then to be exchanged and a certificate dated the Exchange Date
or a subsequent date and signed by Clearstream as to the portion of such
temporary global Security held for its account then to be exchanged, each in
the form set forth in Exhibit A-2 to this Indenture or in such other form as
may be established pursuant to Section 301; and provided  further
that definitive Bearer Securities shall be delivered in exchange for a portion
of a temporary global Security only in compliance with the requirements of
Section 303.

 

Unless otherwise
specified in such temporary global Security, the interest of a beneficial owner
of Securities of a series in a temporary global Security shall be exchanged for
definitive Securities of the same series and of like tenor following the
Exchange Date when the account holder instructs Euroclear or Clearstream, as
the case may be, to request such exchange on his behalf and delivers to
Euroclear or Clearstream, as the case may be, a certificate in the form set
forth in Exhibit A-1 to this Indenture (or in such other form as may be
established pursuant to Section 301), dated no earlier than 15 days prior to
the Exchange Date, copies of which certificate shall be available from the offices
of Euroclear and Clearstream, the Trustee, any Authenticating Agent appointed
for such series of Securities and each Paying Agent.  Unless otherwise specified in such temporary global Security, any
such exchange shall be made free of charge to the beneficial owners of such
temporary global Security, except that a Person receiving definitive Securities
must bear the cost of insurance, postage, transportation and the like unless
such Person takes delivery of such definitive Securities in person at the offices
of Euroclear or

 

22

 

Clearstream.  Definitive Securities in bearer form to be
delivered in exchange for any portion of a temporary global Security shall be
delivered only outside the United States.

 

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

 

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

 

Upon surrender for
registration of transfer of any Registered Security of any series at any office
or agency of the Company in a Place of Payment for that series, the Company

 

23

 

shall execute, and the
Trustee shall authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Registered Securities of the same
series, of any authorized denominations and of a like aggregate principal
amount, bearing a number not contemporaneously outstanding and containing
identical terms and provisions.

 

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

 

If (but only if)
permitted by the applicable Board Resolution and (subject to Section 303) set
forth in the applicable Officers’ Certificate, or in any indenture supplemental
hereto, delivered as contemplated by Section 301, at the option of the Holder,
Bearer Securities of any series may be exchanged for Registered Securities of
the same series of any authorized denominations and of a like aggregate
principal amount and tenor, upon surrender of the Bearer Securities to be
exchanged at any such office or agency, with all unmatured coupons and all
matured coupons in default thereto appertaining.  If the Holder of a Bearer Security is unable to produce any such
unmatured coupon or coupons or matured coupon or coupons in default, any such
permitted exchange may be effected if the Bearer Securities are accompanied by
payment in funds acceptable to the Company in an amount equal to the face
amount of such missing coupon or coupons, or the surrender of such missing
coupon or coupons may be waived by the Company and the Trustee if there is
furnished to them such security or indemnity as they may require to save each of
them and any Paying Agent harmless.  If
thereafter the Holder of such Security shall surrender to any Paying Agent any
such missing coupon in respect of which such a payment shall have been made,
such Holder shall be entitled to receive the amount of such payment; provided,
however, that, except as otherwise provided in Section 1002, interest
represented by coupons shall be payable only upon presentation and surrender of
those coupons at an office or agency located outside the United States.  Notwithstanding the foregoing, in case a
Bearer Security of any series is surrendered at any such office or agency in a
permitted exchange for a Registered Security of the same series and like tenor
after the close of business at such office or agency on (i) any Regular Record
Date and before the opening of business at such office or agency on the
relevant Interest  Payment Date, or (ii)
any Special Record Date and before the opening of business at such office or
agency on the related proposed date for payment of Defaulted Interest, such
Bearer Security shall be surrendered without the coupon relating to such
Interest Payment Date or proposed date for payment, as the case may be, and
interest or Defaulted Interest, as the case may be, will not be payable on such
Interest Payment Date or proposed date for payment, as the case may be, in
respect of the Registered Security issued in exchange for such Bearer Security,
but will be payable only to the Holder of such coupon when due in accordance
with the provisions of this Indenture.

 

24

 

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

 

Notwithstanding the
foregoing, except as otherwise specified as contemplated by Section 301, any
permanent global Security shall be exchangeable only as provided in this
paragraph.  If any beneficial owner of
an interest in a permanent global Security is entitled to exchange such
interest for Securities of such series and of like tenor and principal amount
of another authorized form and denomination, as specified as contemplated by
Section 301 and provided that any applicable notice provided in the permanent
global Security shall have been given, then without unnecessary delay but in
any event not later than the earliest date on which such interest may be so
exchanged, the Company shall deliver to the Trustee definitive Securities in
aggregate principal amount equal to the principal amount of such beneficial
owner’s interest in such permanent global Security, executed by the
Company.  On or after the earliest date
on which such interests may be so exchanged, such permanent global Security
shall be surrendered by the Common Depositary or such other depositary as shall
be specified in the Company Order with respect thereto to the Trustee, as the
Company’s agent for such purpose, to be exchanged, in whole or from time to
time in part, for definitive Securities without charge and the Trustee shall
authenticate and deliver, in exchange for each portion of such permanent global
Security, an equal aggregate principal amount of definitive Securities of the
same series of authorized denominations and of like tenor as the portion of
such permanent global Security to be exchanged which, unless the Securities of
the series are not issuable both as Bearer Securities and as Registered
Securities, as specified as contemplated by Section 301, shall be in the form
of Bearer  Securities or Registered
Securities, or any combination thereof, as shall be specified by the beneficial
owner thereof; provided, however, that no such exchanges may
occur during a period beginning at the opening of business 15 days before any
selection of Securities to be redeemed and ending on the relevant Redemption
Date if the Security for which exchange is requested may be among those
selected for redemption; and provided  further that no Bearer
Security delivered in exchange for a portion of a permanent global Security
shall be mailed or otherwise delivered to any location in the United
States.  If a Registered Security is
issued in exchange for any portion of a permanent global Security after the close
of business at the office or agency where such exchange occurs on (i) any
Regular Record Date and before the opening of business at such office or agency
on the relevant Interest Payment Date, or (ii) any Special Record Date and
before the opening of business at such office or agency on the related proposed
date for payment of Defaulted Interest, interest or Defaulted Interest, as the
case may be, will not be payable on such Interest Payment Date or proposed date
for payment, as the case may be, in respect of such Registered Security, but will
be payable on such Interest Payment Date or proposed date for payment, as the
case may be, only to the Person to whom interest in respect of such portion of
such permanent global Security is payable in accordance with the provisions of
this Indenture.

 

All Securities issued
upon any registration of transfer or exchange of Securities shall be 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.

 

25

 

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

 

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

 

The Company shall not be
required (i) to issue, register the transfer of or exchange any Security if
such Security may be among those selected for redemption during a period
beginning at the opening of business 15 days before selection of the Securities
to be redeemed under Section 1103 and ending at the close of business on (A) if
such Securities are issuable only as Registered Securities, the day of the
mailing of the relevant notice of redemption and (B) if such Securities are
issuable as Bearer Securities, the day of the first publication of the relevant
notice of redemption or, if such Securities are also issuable as Registered
Securities and there is no publication, the mailing of the relevant notice of
redemption, or (ii) to register the transfer of or exchange any Registered
Security so selected for redemption in whole or in part, except, in the case of
any Registered Security to be redeemed in part, the portion thereof not to be redeemed,
or (iii) to exchange any Bearer Security so selected for redemption except that
such a Bearer Security may be exchanged for a Registered Security of that
series and like tenor, provided that such Registered Security shall be
simultaneously surrendered for redemption, or (iv) to issue, register the
transfer of or exchange any Security which has been surrendered for repayment
at the option of the Holder, except the portion, if any, of such Security not
to be so repaid.

 

SECTION 306.  Mutilated,
Destroyed, Lost and Stolen Securities.  If any mutilated Security or a Security with a mutilated coupon
appertaining to it is surrendered to the Trustee or the Company, together with,
in proper cases, such security or indemnity as may be required by the Company
or the Trustee to save each of them or any agent of either of them harmless,
the Company shall execute and the Trustee shall authenticate and deliver in
exchange therefor a new Security of the same series and principal amount,
containing identical terms and provisions and bearing a number not
contemporaneously outstanding, with coupons corresponding to the coupons, if
any, appertaining to the surrendered Security.

 

If there shall be
delivered to the Company and to the Trustee (i) evidence to their satisfaction
of the destruction, loss or theft of any Security or coupon, and (ii) such
security or indemnity as may be required by them to save each of them and any
agent of either of them harmless, then, in the absence of notice to the Company
or the Trustee that such Security or coupon has been acquired by a protected
purchaser (as defined in the Uniform Commercial Code), the Company shall
execute and upon its request the Trustee shall authenticate and deliver, in
lieu of any such destroyed, lost or stolen Security or in exchange for the  Security to which a destroyed, lost or
stolen coupon appertains (with all appurtenant coupons not destroyed, lost or
stolen), a new Security of the same series and principal amount, containing
identical terms and

 

26

 

provisions and bearing a
number not contemporaneously outstanding, with coupons corresponding to the
coupons, if any, appertaining to such destroyed, lost or stolen Security or to
the Security to which such destroyed, lost or stolen coupon appertains.

 

Notwithstanding the
provisions of the previous two paragraphs, in case any such mutilated,
destroyed, lost or stolen Security or coupon has become or is about to become
due and payable, the Company in its discretion may, instead of issuing a new
Security, with coupons corresponding to the coupons, if any, appertaining to
such mutilated, destroyed, lost or stolen Security or to the Security to which
such mutilated, destroyed, lost or stolen coupon appertains, pay such Security
or coupon; provided, however, that payment of principal of (and
premium, if any) and interest, if any, on Bearer Securities shall, except as
otherwise provided in Section 1002, be payable only at an office or agency
located outside the United States and, unless otherwise specified as
contemplated by Section 301, any interest on Bearer Securities shall be payable
only upon presentation and surrender of the coupons appertaining thereto.

 

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

 

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

 

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

 

SECTION 307.  Payment of
Interest; Interest Rights Preserved; Optional Interest Reset.  (a)  Except as otherwise specified
with respect to a series of Securities in accordance with the provisions of
Section 301, interest, if any, on any Registered Security that is payable, and
is punctually paid or duly provided for, on any Interest Payment Date shall be
paid to the Person in whose name that Security (or one or more Predecessor
Securities) is registered at the close of business on the Regular Record Date
for such interest at the office or agency of the Company maintained for such
purpose pursuant to Section 1002; provided, however, that each
installment of interest, if any, on any Registered Security may at the
Company’s option be paid by (i) mailing a check for such interest, payable to
or upon the written order of the Person entitled thereto pursuant to Section
309, to the address of such Person as it appears on the Security Register or
(ii) transfer to an account maintained by the payee inside the United States.

 

Unless otherwise provided
as contemplated by Section 301 with respect to the Securities of any series,
payment of interest, if any, may be made, in the case of a Bearer

 

27

 

Security, by transfer to
an account maintained by the payee with a bank located outside the United
States.

 

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

 

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

 

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

 

(1)           The Company may elect to make payment
of any Defaulted Interest to the Persons in whose names the Registered
Securities of such series (or their respective Predecessor Securities) are
registered at the close of business on a Special Record Date for the payment of
such Defaulted Interest, which shall be fixed in the following manner.  The Company shall notify the Trustee in
writing of the amount of Defaulted Interest proposed to be paid on each
Registered Security of such series and the date of the proposed payment (which
shall not be less than 20 days after such notice is received by the Trustee),
and at the same time the Company shall deposit with the Trustee an amount of
money in the Currency in which the Securities of such series are payable
(except as otherwise specified pursuant to Section 301 for the Securities of
such series and except, if applicable, as provided in Sections 312(b), 312(d)
and 312(e)) equal to the aggregate amount proposed to be paid in respect of
such Defaulted Interest or shall make arrangements satisfactory to the Trustee
for such deposit on or prior to the date of the proposed payment, such money
when deposited to be held in trust for the benefit of the Persons entitled to
such Defaulted Interest as in this clause provided.  Thereupon the Trustee shall fix a Special Record Date for the
payment of such Defaulted Interest which shall be not more than 15 days and not
less than 10 days prior to the date of the proposed payment and not less than
10 days after the receipt by the Trustee of the notice of the proposed
payment.  The Trustee shall promptly
notify the Company of such Special Record Date and, in the name and at the
expense of the Company, shall cause notice of 

 

28

 

the proposed
payment of such Defaulted Interest and the Special Record Date therefor to be
mailed, first-class postage prepaid, to each Holder of Registered Securities of
such series at his address as it appears in the Security Register not less than
10 days prior to such Special Record Date. 
Notice of the proposed payment of such Defaulted Interest and the
Special Record Date therefor having been mailed as aforesaid, such Defaulted
Interest shall be paid to the Persons in whose names the Registered Securities
of such series (or their respective Predecessor Securities) are registered at
the close of business on such Special Record Date and shall no longer be
payable pursuant to the following clause (2). 
In case a Bearer Security of any series is surrendered at the office or
agency in a Place of Payment for such series in exchange for a Registered
Security of such series after the close of business at such office or agency on
any Special Record Date and before the opening of business at such office or
agency on the related proposed date for payment of Defaulted Interest, such
Bearer Security shall be surrendered without the coupon relating to such
proposed date of payment and Defaulted Interest will not be payable on such
proposed date of payment in respect of the Registered Security issued in
exchange for such Bearer Security, but will be payable only to the Holder of
such coupon when due in accordance with the provisions of this Indenture.

 

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

 

(b)           The provisions of
this Section 307(b) may be made applicable to any series of Securities pursuant
to Section 301 (with such modifications, additions or substitutions as may be
specified pursuant to Section 301).  The
interest rate (or the spread or spread multiplier used to calculate such
interest rate, if applicable) on any Security of such series may be reset by
the Company on the date or dates specified on the face of such Security (each
an “Optional Reset Date”).  The
Company may exercise such option with respect to such Security by notifying the
Trustee of such exercise at least 45 but not more than 60 days prior to an
Optional Reset Date for such Security. 
Not later than 40 days prior to each Optional Reset Date, the Trustee
shall transmit, in the manner provided for in Section 106, to the Holder of any
such Security a notice (the “Reset Notice”) indicating whether the
Company has elected to reset the interest rate (or the spread or spread
multiplier used to calculate such interest rate, if applicable), and if so (i)
such new interest rate (or such new spread or spread multiplier, if applicable)
and (ii) the provisions, if any, for redemption during the period from such
Optional Reset Date to the next Optional Reset Date or, if there is no such
next Optional Reset Date, to the Stated Maturity Date of such Security (each
such period a “Subsequent Interest Period”), including the date or dates
on which or the period or periods during which and the price or prices at which
such redemption may occur during the Subsequent Interest Period.

 

Notwithstanding the
foregoing, not later than 20 days prior to the Optional Reset Date, the Company
may, at its option, revoke the interest rate (or the spread or spread
multiplier used to calculate such interest rate, if applicable) provided for in
the Reset Notice and establish an interest rate (or a spread or spread
multiplier used to calculate such interest rate, if applicable)

 

29

 

that is higher than the
interest rate (or the spread or spread multiplier, if applicable) provided for
in the Reset Notice, for the Subsequent Interest Period by causing the Trustee
to transmit, in the manner provided for in Section 106, notice of such higher
interest rate (or such higher spread or spread multiplier, if applicable) to
the Holder of such Security.  Such
notice shall be irrevocable.  All
Securities with respect to which the interest rate (or the spread or spread
multiplier used to calculate such interest rate, if applicable) is reset on an
Optional Reset Date, and with respect to which the Holders of such Securities
have not tendered such Securities for repayment (or have validly revoked any
such tender) pursuant to the next succeeding paragraph, will bear such higher
interest rate (or such higher spread or spread multiplier, if applicable).

 

The Holder of any such
Security will have the option to elect repayment by the Company of the
principal of such Security on each Optional Reset Date at a price equal to the
principal amount thereof plus interest accrued to such Optional Reset
Date.  In order to obtain repayment on
an Optional Reset Date, the Holder must follow the procedures set forth in
Article Thirteen for repayment at the option of  Holders except that the period for delivery or notification to
the Trustee shall be at least 25 but not more than 35 days prior to such
Optional Reset Date and except that, if the Holder has tendered any Security
for repayment pursuant to the Reset Notice, the Holder may, by written notice
to the Trustee, revoke such tender or repayment until the close of business on
the tenth day before such Optional Reset Date.

 

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

 

SECTION 308.  Optional Extension
of Maturity.  The provisions
of this Section 308 may be made applicable to any series of Securities pursuant
to Section 301 (with such modifications, additions or substitutions as may be
specified pursuant to such Section 301). 
The Stated Maturity of any Security of such series may be extended at
the option of the Company for the period or periods specified on the face of
such Security (each an “Extension Period”) up to but not beyond the date
(the “Final Maturity”) set forth on the face of such Security.  The Company may exercise such option with
respect to any Security by notifying the Trustee of such exercise at least 45
but not more than 60 days prior to the Stated Maturity of such Security in
effect prior to the exercise of such option (the “Original Stated Maturity”).  If the Company exercises such option, the
Trustee shall transmit, in the manner provided for in Section 106, to the
Holder of such Security not later than 40 days prior to the Original Stated
Maturity a notice (the “Extension Notice”) indicating (i) the election
of the Company to extend the Stated Maturity, (ii) the new Stated Maturity,
(iii) the interest rate, if any, applicable to the Extension Period and (iv)
the provisions, if any, for redemption during such Extension Period.  Upon the Trustee’s transmittal of the
Extension Notice, the Stated Maturity of such Security shall be extended
automatically and, except as modified by the Extension Notice and as described
in the next paragraph, such Security will have the same terms as prior to the
transmittal of such Extension Notice.

 

Notwithstanding the
foregoing, not later than 20 days before the Original Stated Maturity of such
Security, the Company may, at its option, revoke the interest rate provided for
in the Extension Notice and establish a higher interest rate for the Extension
Period by causing

 

30

 

the Trustee  to transmit, in the manner provided for in
Section 106, notice of such higher interest rate to the Holder of such Security.  Such notice shall be irrevocable.  All Securities with respect to which the
Stated Maturity is extended will bear such higher interest rate.

 

If the Company extends
the Stated Maturity of any Security, the Holder will have the option to elect
repayment of such Security by the Company on the Original Stated Maturity at a
price equal to the principal amount thereof, plus interest accrued to such
date.  In order to obtain repayment on
the Original Stated Maturity once the Company has extended the Stated Maturity
thereof, the Holder must follow the procedures set forth in Article Thirteen
for repayment at the option of Holders, except that the period for delivery or
notification to the Trustee shall be at least 25 but not more than 35 days
prior to the Original Stated Maturity and except that, if the Holder has
tendered any Security for repayment pursuant to an Extension Notice, the Holder
may by written notice to the Trustee revoke such tender for repayment until the
close of business on the tenth day before the Original Stated Maturity.

 

SECTION 309.  Persons
Deemed Owners.  Prior to due
presentment of a Registered Security for registration of transfer, the Company,
the Trustee and any agent of the Company or the Trustee may treat the Person in
whose name such Registered Security is registered as the owner of such Security
for the purpose of receiving payment of principal of (and premium, if any) and
(subject to Sections 305 and 307) interest, if any, on such Registered Security
and for all other purposes whatsoever, whether or not such Registered Security
be overdue, and neither the Company, the Trustee nor any agent of the Company
or the Trustee shall be affected by notice to the contrary.

 

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

 

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

 

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

 

SECTION 310.  Cancellation.  All Securities and coupons surrendered for
payment, redemption, repayment at the option of the Holder, registration of
transfer or exchange or for credit against any sinking fund payment shall, if
surrendered to any Person other than the

 

31

 

Trustee, be
delivered to the Trustee, and any such Securities and coupons and Securities
and coupons surrendered directly to the Trustee for any such purpose shall be
promptly cancelled by it.  The Company
may at any time deliver to the Trustee for cancellation any Securities
previously authenticated and delivered hereunder which the Company may have
acquired in any manner whatsoever, and may deliver to the Trustee (or to any
other Person for delivery to the Trustee) for cancellation any Securities
previously authenticated hereunder which the Company has not issued and sold,
and all Securities so delivered shall be promptly cancelled by the
Trustee.  If the Company shall so
acquire any of the Securities, however, such acquisition shall not operate as a
redemption or satisfaction of the indebtedness represented by such Securities
unless and until the same are surrendered to the Trustee for cancellation.  No Securities shall be authenticated in lieu
of or in exchange for any Securities cancelled as provided in this Section,
except as expressly permitted by this Indenture.  Cancelled Securities and coupons held by the Trustee shall be
disposed of by the Trustee in accordance with its customary procedures and the
Trustee shall deliver a certificate of stating that such cancelled securities
and coupons have been disposed of, unless by a Company Order the Company
directs their return to it.

 

SECTION 311.  Computation
of Interest.  Except as
otherwise specified as contemplated by Section 301 with respect to Securities
of any series, interest, if any,  on the
Securities of each series shall be computed on the basis of a 360-day year
consisting of twelve 30-day months.

 

SECTION 312.  Currency and
Manner of Payments in Respect of Securities.  (a)  Unless otherwise specified
with respect to any Securities pursuant to Section 301, with respect to
Registered Securities of any series not permitting the election provided for in
paragraph (b) below or the Holders of which have not made the election provided
for in paragraph (b) below, and with respect to Bearer Securities of any
series, except as provided in paragraph (d) below, payment of the principal of
(and premium, if any) and interest, if any, on any Registered or Bearer
Security of such series will be made in the Currency in which such Registered
Security or Bearer Security, as the case may be, is payable.  The provisions of this Section 312 may be
modified or superseded with respect to any Securities pursuant to Section 301.

 

(b)           It may be provided
pursuant to Section 301 with respect to Registered Securities of any series
that Holders shall have the option, subject to paragraphs (d) and (e) below, to
receive payments of principal of (or premium, if any) or interest, if any, on
such Registered Securities in any of the Currencies which may be designated for
such election by delivering to the Trustee for such series of Registered
Securities a written election, with signature guarantees and in the applicable
form established pursuant to Section 301, not later than the close of business
on the Election Date immediately preceding the applicable payment date.  If a Holder so elects to receive such
payments in any such Currency, such election will remain in effect for such
Holder or any transferee of such Holder until changed by such Holder or such
transferee by written notice to the Trustee for such series of Registered
Securities (but any such change must be made not later than the close of
business on the Election Date immediately preceding the next payment date to be
effective for the payment to be made on such payment date and no such change of
election may be made with respect to payments to be made on any Registered
Security of such series with respect to which an Event of Default has occurred
or with respect to which the Company has deposited funds pursuant to Article Four
or Fourteen

 

32

 

or with
respect to which a notice of redemption has been given by the Company or a
notice of option to elect repayment has been sent by such Holder or such
transferee).  Any Holder of any such
Registered Security who shall not have delivered any such election to the
Trustee of such series of Registered Securities not later than the close of
business on the applicable Election Date will be  paid the amount due on the applicable payment date in the
relevant Currency as provided in Section 312(a).  The Trustee for each such series of Registered Securities shall
notify the Exchange Rate Agent as soon as practicable after the Election Date
of the aggregate principal amount of Registered Securities for which Holders
have made such written election.

 

(c)           Unless otherwise
specified pursuant to Section 301, if the election referred to in paragraph (b)
above has been provided for pursuant to Section 301, then, unless otherwise
specified pursuant to Section 301, not later than the fourth Business Day after
the Election Date for each payment date for Registered Securities of any
series, the Exchange Rate Agent will deliver to the Company a written notice
specifying the Currency in which Registered Securities of such series are
payable, the respective aggregate amounts of principal of (and premium, if any)
and interest, if any, on the Registered Securities to be paid on such payment
date, specifying the amounts in such Currency so payable in respect of the
Registered Securities as to which the Holders of Registered Securities
denominated in any Currency shall have elected to be paid in another Currency
as provided in paragraph (b) above.  If
the election referred to in paragraph (b) above has been provided for pursuant
to Section 301 and if at least one Holder has made such election, then, unless
otherwise specified pursuant to Section 301, on the second Business Day
preceding such payment date the Company will deliver to the Trustee for such
series of Registered Securities an Exchange Rate Officer’s Certificate in
respect of the Dollar or Foreign Currency or Currencies payments to be made on
such payment date.  Unless otherwise
specified pursuant to Section 301, the Dollar or Foreign Currency or Currencies
amount receivable by Holders of Registered Securities who have elected payment
in a Currency as provided in paragraph (b) above shall be determined by the
Company on the basis of the applicable Market Exchange Rate in effect on the
second Business Day (the “Valuation Date”) immediately preceding each
payment date, and such determination shall be conclusive and binding for all
purposes, absent manifest error.

 

(d)           If a Conversion
Event occurs with respect to a Foreign Currency in which any of the Securities are
denominated or payable other than pursuant to an election provided for pursuant
to paragraph (b) above, then with respect to each date for the payment of
principal of (and premium, if any) and interest, if any on the applicable
Securities denominated or payable in such Foreign Currency occurring after the
last date on which such Foreign Currency was used (the “Conversion Date”),
the Dollar shall be the currency of payment for use on each such payment
date.  Unless otherwise specified
pursuant to Section 301, the Dollar amount to be paid by the Company to the
Trustee of each such series of Securities and by such Trustee or any Paying
Agent to the Holders of such Securities with respect to such payment date shall
be, in the case of a Foreign Currency other than a currency unit, the Dollar
Equivalent of the Foreign Currency or, in the case of a currency unit, the
Dollar Equivalent of the Currency Unit, in each case as determined by the
Exchange Rate Agent in the manner provided in paragraph (f) or (g) below.

 

(e)           Unless otherwise
specified pursuant to Section 301, if the Holder of a Registered Security
denominated in any Currency shall have elected to be paid in another

 

33

 

Currency as
provided in paragraph (b) above, and a Conversion Event occurs with respect to
such elected Currency, such Holder shall receive payment in the Currency in
which payment would have been made in the absence of such election; and if a
Conversion Event occurs with respect to the Currency in which payment would
have been made in the absence of such election, such Holder shall receive
payment in Dollars as provided in paragraph (d) of this Section 312.

 

(f)            The “Dollar
Equivalent of the Foreign Currency” shall be determined by the Exchange
Rate Agent and shall be obtained for each subsequent payment date by converting
the specified Foreign Currency into Dollars at the Market Exchange Rate on the
Conversion Date.

 

(g)           The “Dollar
Equivalent of the Currency Unit” shall be determined by the Exchange Rate
Agent and subject to  the provisions of
paragraph (h) below shall be the sum of each amount obtained by converting the
Specified Amount of each Component Currency into Dollars at the Market Exchange
Rate for such Component Currency on the Valuation Date with respect to each
payment.

 

(h)           For purposes of this
Section 312, the following terms shall have the following meanings:

 

A “Component
Currency” shall mean any Currency which, on the Conversion Date, was a
component currency of the relevant currency unit.

 

A “Specified
Amount” of a Component Currency shall mean the number of units of such
Component Currency or fractions thereof which were represented in the relevant
currency unit on the Conversion Date. 
If after the Conversion Date the official unit of any Component Currency
is altered by way of combination or subdivision, the Specified Amount of such
Component Currency shall be divided or multiplied in the same proportion.  If after the Conversion Date two or more
Component Currencies are consolidated into a single currency, the respective
Specified Amounts of such Component Currencies shall be replaced by an amount
in such single currency equal to the sum of the respective Specified Amounts of
such consolidated Component Currencies expressed in such single currency, and
such amount shall thereafter be a Specified Amount and such single currency
shall thereafter be a Component Currency. 
If after the Conversion Date any Component Currency shall be divided
into two or more currencies, the Specified Amount of such Component Currency
shall be replaced by amounts of such two or more currencies, having an
aggregate Dollar Equivalent value at the Market Exchange Rate on the date of
such replacement equal to the Dollar Equivalent of the Specified Amount of such
former Component Currency at the Market Exchange Rate immediately before such
division, and such amounts shall thereafter be Specified Amounts and such
currencies shall thereafter be Component Currencies.  If, after the Conversion Date of the relevant currency unit, a
Conversion Event (other than any event referred to above in this definition of
“Specified Amount”) occurs with respect to any Component Currency of
such currency unit and is continuing on the applicable Valuation Date, the
Specified Amount of such Component Currency shall, for purposes of calculating
the Dollar Equivalent of the Currency Unit, be converted into Dollars at the
Market Exchange Rate in effect on the Conversion Date of such Component
Currency.

 

34

 

“Election
Date” shall mean the Regular Record Date for the applicable series of
Registered Securities or at least 16 days prior to Maturity, as the case may
be, or such other prior date for any series of Registered Securities as
specified pursuant to clause (13) of Section 301 by which the written election
referred to in Section 312(b) may be made.

 

All decisions and
determinations of the Exchange Rate Agent regarding the Dollar Equivalent of
the Foreign Currency, the Dollar Equivalent of the Currency Unit, the Market
Exchange Rate and changes in the Specified Amounts as specified above shall be
in its sole discretion and shall, in the absence of manifest error, be
conclusive for all purposes and irrevocably binding upon the Company, the
Trustee for the appropriate series of Securities and all Holders of such
Securities denominated or payable in the relevant Currency.  The Exchange Rate Agent shall promptly give
written notice to the Company and the Trustee for the appropriate series of
Securities of any such decision or determination.

 

In the event that the
Company determines in good faith that a Conversion Event has occurred with
respect to a Foreign Currency, the Company will immediately give written notice
thereof to the Trustee of the appropriate series of Securities and to the
Exchange Rate Agent (and such Trustee will promptly thereafter give notice in
the manner provided in Section 106 to the affected Holders) specifying the
Conversion Date.  In the event the
Company so determines that a Conversion Event has occurred with respect to any
currency unit in which Securities are denominated or payable, the Company will
immediately give written notice thereof to the Trustee of the appropriate
series of Securities and to the Exchange Rate Agent (and such Trustee will
promptly thereafter give notice in the manner provided in Section 106 to the
affected Holders) specifying the Conversion Date and the Specified Amount of
each Component Currency on the Conversion Date.  In the event the Company determines in good faith that any
subsequent change in any Component Currency as set forth in the definition of
Specified Amount above has occurred, the Company will similarly give written
notice to the Trustee of the appropriate series of Securities and to the
Exchange Rate Agent.

 

The Trustee of the
appropriate series of Securities shall be fully justified and protected in
relying and acting upon information received by it from the Company and the
Exchange Rate Agent and shall not otherwise have any duty or obligation to
determine the accuracy or validity of such information independent of the
Company or the Exchange Rate Agent.

 

SECTION 313.  Appointment
and Resignation of Successor Exchange Rate Agent.  (a)  Unless otherwise specified
pursuant to Section 301, if and so long as the Securities of any series (i) are
denominated in a Foreign Currency or (ii) may be payable in a Foreign Currency,
or so long as it is required under any other provision of this Indenture, then
the Company will maintain with respect to each such series of Securities, or as
so required, at least one Exchange Rate Agent. 
The Company will cause the Exchange Rate Agent to make the necessary
foreign exchange determinations at the time and in the manner specified
pursuant to Section 301 for the purpose of determining the applicable rate of
exchange and, if applicable, for the purpose of converting the issued Foreign
Currency into the applicable payment Currency for the payment of principal (and
premium, if any) and interest, if any, pursuant to Section 312.

 

35

 

(b)           No resignation of
the Exchange Rate Agent and no appointment of a successor Exchange Rate Agent
pursuant to this Section shall become effective until the acceptance of appointment
by the successor Exchange Rate Agent as evidenced by a written instrument
delivered to the Company and the Trustee of the appropriate series of
Securities accepting such appointment executed by the successor Exchange Rate
Agent.

 

(c)           If the Exchange Rate
Agent shall resign, be removed or become incapable of acting, or if a vacancy
shall occur in the office of the Exchange Rate Agent for any cause, with
respect to the Securities of one or more series, the Company, by or pursuant to
a Board Resolution, shall promptly appoint a successor Exchange Rate Agent or
Exchange Rate Agents with respect to the Securities of that or those
series  (it being understood that any
such successor Exchange Rate Agent may be appointed with respect to the
Securities of one or more or all of such series and that, unless otherwise
specified pursuant to Section 301, at any time there shall only be one Exchange
Rate Agent with respect to the Securities of any particular series that are
originally issued by the Company on the same date and that are initially
denominated and/or payable in the same Currency).

 

SECTION 314.  CUSIP Numbers.  The Company in issuing the Securities may
use “CUSIP” numbers (if then generally in use), and, if so, the Trustee shall
indicate the “CUSIP” numbers of the Securities in notices of redemption as a
convenience to Holders; provided that any such notice may state that no
representation is made as to the correctness of such numbers either as printed
on the Securities or as contained in any notice of 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
shall promptly notify the Trustee of any change in “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
with respect to any series of Securities specified in such Company Request
(except as to any surviving rights of registration of transfer or exchange of
Securities of such series expressly provided for herein or pursuant hereto and
any right to receive Additional Amounts, as provided in Section 1004), and the
Trustee, upon receipt of a Company Order, and at the expense of the Company,
shall execute proper instruments acknowledging satisfaction and discharge of
this Indenture as to such series, in addition to such other circumstances as
specified or as contemplated by Section 301 or Article 14, when:

 

(1)           either:

 

(A)          all
Securities of such series theretofore authenticated and delivered and all
coupons, if any, appertaining thereto (other than (i) coupons appertaining to
Bearer Securities surrendered for exchange for Registered Securities and
maturing after such exchange, whose surrender is not required or has been
waived as provided in Section 305, (ii) Securities and coupons of such series
which have been destroyed, lost or stolen and which have been replaced or paid
as provided in

 

36

 

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

 

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

 

(i)            have become due and payable, or

 

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

 

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

 

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

 

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

 

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

 

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

 

SECTION 402.  Application of
Trust Funds.  Subject to the
provisions of the last paragraph of Section 1003, all 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, the

 

37

 

coupons and this
Indenture, to the payment, either directly or through any Paying Agent
(including the Company acting as its own Paying Agent) as the Trustee may
determine, to the Persons entitled thereto, of the principal (and premium, if
any) and interest, if any, for whose payment such money has been deposited with
or received by the Trustee, but such money need not be segregated from other
funds except to the extent required by law.

 

ARTICLE FIVE

 

REMEDIES

 

SECTION 501.  Events of
Default.  “Event of
Default”, wherever used herein with respect to any particular series of
Securities, unless otherwise specified with respect to a series of Securities
pursuant to Section 301, means any one of the following events (whatever the
reason for such Event of Default, whether or not it shall be voluntary or
involuntary or be effected by operation of law or pursuant to any judgment,
decree or order of any court or any order, rule or regulation of any
administrative or governmental body):

 

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

 

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

 

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

 

(4)           default in the
performance, or breach, of any covenant or agreement of the Company in this
Indenture with respect to any Security of that series (other than a covenant or
agreement a default in whose performance or whose breach is elsewhere in this Section
specifically dealt with), and continuance of such default or breach for a
period of 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)           the Company pursuant
to or within the meaning of any Bankruptcy Law:

 

(A)          commences
a voluntary case,

 

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

 

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

 

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

 

38

 

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

 

(A)          is
for relief against the Company in an involuntary case,

 

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

 

(C)           orders
the liquidation of the Company,

 

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

 

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

 

The term “Bankruptcy
Law” means title 11, U.S. Code or any similar Federal or State law for the
relief of debtors.  The term “Custodian”
means any receiver, trustee, assignee, liquidator or other similar official
under any Bankruptcy Law.

 

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

 

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

 

(1)           the Company has paid
or deposited with the Trustee a sum sufficient to pay in the Currency in which
the Securities of such series are payable (except as otherwise specified
pursuant to Section 301 for the Securities of such series and except, if
applicable, as provided in Sections 312(b), 312(d) and 312(e)):

 

(A)          all
overdue installments of interest, if any, on all Outstanding Securities of that
series and any related coupons;

 

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

 

39

 

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

 

(D)          all
sums paid or advanced by the Trustee hereunder and the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel,
and any other amounts due to the Trustee under Section 606; and

 

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

 

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

 

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

 

(1)           default is made in
the payment of any installment of interest on any Security of any series and
any related coupon 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 of any
series at its Maturity,

 

then the Company will,
upon demand of the Trustee, pay to the Trustee, for the benefit of the Holders
of Securities of such series and coupons, the whole amount then due and payable
on such Securities and coupons for principal (and premium, if any) and
interest, if any, with interest upon any overdue principal (and premium, if
any) and, to the extent that payment of such interest shall be legally
enforceable, upon any overdue installments of interest, if any, at the rate or
rates borne by or provided for 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, and any other amounts due to
the Trustee under Section 606.

 

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

 

If an Event of Default
with respect to Securities of any series occurs and is continuing, the Trustee
may in its discretion proceed to protect and enforce its rights and the rights
of the Holders of Securities of such series and any related coupons by such
appropriate judicial proceedings as the Trustee shall deem most effectual to
protect and enforce any such

 

40

 

rights, whether for the
specific enforcement of any covenant or agreement in this Indenture or in aid
of the exercise of any power granted herein, or to enforce any other proper
remedy.

 

SECTION 504.  Trustee May
File Proofs of Claim.  In
case of the pendency of any receivership, insolvency, liquidation, bankruptcy,
reorganization, arrangement, adjustment, composition or other judicial
proceeding relative to the Company or any other obligor upon the Securities or
the property of the Company or of such other obligor or their creditors, the
Trustee (irrespective of whether the principal of the Securities of any series
shall then be due and payable as therein expressed or by declaration or
otherwise and irrespective of whether the Trustee shall have made any demand on
the Company for the payment of any overdue principal, premium or interest)
shall be entitled and empowered, by intervention in such proceeding or
otherwise:

 

(i)            to file and prove a
claim for the whole amount of principal (or in the case of Original Issue
Discount Securities or Indexed Securities, such portion of the principal as may
be provided in the terms thereof) (and premium, if any) and interest, if any,
owing and unpaid in respect of the Securities and to file such other papers or
documents as may be necessary or advisable in order to have the claims of the
Trustee (including any claim for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, and any
other amounts due to the Trustee under Section 606) and of the Holders allowed
in such judicial proceeding, and

 

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

 

and any custodian,
receiver, assignee, trustee, liquidator, sequestrator (or other similar
official) in any such judicial proceeding is hereby authorized by each Holder
of Securities of such series and coupons to make such payments to the Trustee,
and in the event that the Trustee shall consent to the making of such payments
directly to the Holders, to pay to the Trustee any amount due to it for the
reasonable compensation, expenses, disbursements and advances of the Trustee
and any predecessor Trustee, their agents and counsel, and any other amounts
due the Trustee or any predecessor Trustee under Section 606.

 

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

 

SECTION 505.  Trustee May
Enforce Claims Without Possession of Securities or Coupons.  All rights of action and claims under this
Indenture or any of the Securities or coupons may be prosecuted and enforced by
the Trustee without the possession of any of the Securities or coupons or the
production thereof in any proceeding relating thereto, and any such proceeding
instituted by the Trustee shall be brought in its own name as trustee of an
express trust, and any recovery of judgment shall, after provision for the
payment of the reasonable compensation, expenses, disbursements and advances of
the Trustee, its agents and counsel, be for the ratable benefit of the Holders
of the Securities and coupons in respect of which such judgment has been
recovered.

 

41

 

SECTION 506.  Application
of Money Collected.  Any
money collected by the Trustee pursuant to this Article shall be applied in the
following order, at the date or dates fixed by the Trustee and, in case of the
distribution of such money on account of principal (or premium, if any) or
interest, if any, upon presentation of the Securities or coupons, or both, as
the case may be, and the notation thereon of the payment if only partially paid
and upon surrender thereof if fully paid:

 

FIRST: 
To the payment of all amounts due the Trustee and any predecessor
Trustee under Section 606;

 

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

 

THIRD: 
To the payment of the remainder, if any, to the Company or any other
Person or Persons entitled thereto.

 

SECTION 507.  Limitation on Suits.  No Holder of any Security of any series or
any related coupon shall have any right to institute any proceeding, judicial
or otherwise, with respect to this Indenture, or for the appointment of a  receiver or trustee, or for any other remedy
hereunder, unless:

 

(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 such Holders.

 

42

 

SECTION 508.  Unconditional
Right of Holders to Receive Principal, Premium and Interest.  Notwithstanding any other provision in this
Indenture, the Holder of any Security or coupon shall have the right which is
absolute and unconditional to receive payment of the principal of (and premium,
if any) and (subject to Sections 305 and 307) interest, if any, on such
Security or payment of such coupon on the respective due dates expressed in
such Security or coupon (or, in the case of redemption, on the Redemption Date)
and to institute suit for the enforcement of any such payment, and such rights
shall not be impaired without the consent of such Holder.

 

SECTION 509.  Restoration
of Rights and Remedies.  If
the Trustee or any Holder of a Security or coupon has instituted any proceeding
to enforce any right or remedy under this Indenture and such proceeding has
been discontinued or abandoned for any reason, or has been determined adversely
to the Trustee or to such Holder, then and in every such case the Company, the
Trustee and the Holders of Securities and coupons shall, subject to any
determination in such proceeding, be restored severally and respectively to
their former positions hereunder and thereafter all rights and remedies of the
Trustee and the Holders shall continue as though no such proceeding had been
instituted.

 

SECTION 510.  Rights and
Remedies Cumulative.  Except
as otherwise provided with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Securities or coupons in the last paragraph of
Section 306, no right or remedy herein conferred upon or reserved to the
Trustee or to the Holders of Securities or coupons is intended to be exclusive
of any other right or remedy, and every right and remedy shall, to the extent
permitted by law, be cumulative and in addition to every other right and remedy
given hereunder or now or hereafter existing at law or in equity or
otherwise.  The assertion or employment
of any right or remedy hereunder, or otherwise, shall not prevent the
concurrent assertion or employment of any other appropriate right or remedy.

 

SECTION 511.  Delay or
Omission Not Waiver.  No
delay or omission of the Trustee or of any Holder of any Security or coupon to
exercise any right or remedy accruing upon any Event of Default shall impair
any such right or remedy or constitute a waiver of any such Event of Default or
an acquiescence therein.  Every right
and remedy given by this Article or by law to the Trustee or to the Holders may
be exercised from time to time, and as often as may be deemed expedient, by the
Trustee or by the Holders of Securities or coupons, as the case may be.

 

SECTION 512.  Control by
Holders of Securities.  The
Holders of a majority in principal amount of the Outstanding Securities of any
series shall have the right to direct the time, method and place of conducting
any proceeding for any remedy available to the Trustee or exercising any trust
or power conferred on the Trustee with respect to the Securities of such
series, provided that

 

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

 

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

 

43

 

(3)           the Trustee need not
take any action which might involve it in personal liability or be unjustly
prejudicial to the Holders of Securities of such series not consenting.

 

SECTION
513.  Waiver of Past Defaults.  Subject to Section 502, the Holders of not
less than a majority in principal amount of the Outstanding Securities of any
series may on behalf of the Holders of all the Securities of such series and
any related coupons waive any past default hereunder with respect to such
series and its consequences, except a default

 

(1)           in the payment of
the principal of (or premium, if any) or interest, if any, on any Security of
such series or any related coupons, 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 arising therefrom
shall be deemed to have been cured, for every purpose of this Indenture; but no
such waiver shall extend to any subsequent or other default or Event of Default
or impair any right consequent thereon.

 

SECTION
514.  Waiver of Stay or Extension Laws.  The Company covenants (to the extent that it
may lawfully do so) that it will not at any time insist upon, or plead, or in
any manner whatsoever claim or take the benefit or advantage of, any stay or
extension 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.  Notice of Defaults.  Within 90 days after the occurrence of any Default
hereunder with respect to the Securities of any series, the Trustee shall
transmit in the manner and to the extent provided in TIA Section 313(c), notice
of such Default hereunder known to the Trustee, unless such Default shall have
been cured or waived; provided, however, that, except in the case
of a Default in the payment of the principal of (or premium, if any) or
interest, if any, on any Security of such series, or in the payment of any
sinking or purchase fund installment with respect to the Securities of such
series, the Trustee shall be protected in withholding such notice if and so
long as the board of directors, the executive committee or a trust committee of
directors and/or Responsible Officers of the Trustee in good faith determines
that the withholding of such notice is in the interests of the Holders of the
Securities and coupons of such series; and provided  further that
in the case of any Default or breach of the character specified in Section
501(4) with respect to the Securities and coupons of such series, no such
notice to Holders shall be given until at least 60 days after the occurrence
thereof.

 

44

 

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

 

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

 

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

 

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

 

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

 

(5)           The Trustee shall be
under no obligation to exercise any of the rights or powers vested in it by
this Indenture at the request or direction of any of the Holders of Securities
of any series or any related coupons pursuant to this Indenture, unless such
Holders shall have offered to the Trustee 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, coupon or other
paper or document, but the Trustee, in its discretion, may make such further
inquiry or investigation into such facts or matters as it may see fit, and, if
the Trustee shall determine to make such further inquiry or investigation, it
shall be entitled to examine the books, records and premises of the Company,
personally or by agent or attorney.

 

(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.

 

45

 

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

 

(9)           The Trustee shall
not be charged with knowledge of any Default or Event of Default with respect
to the Securities of any series unless either (1) such Default or Event of
Default is known, or ought reasonably to have been known, by a Responsible
Officer of the Trustee or (2) written notice of such Default of Event of
Default shall have been given to the Trustee by the Company or any other
obligor on the Securities of any series or by any Holder of the Securities of
any series.

 

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

 

SECTION 603.  Not Responsible for Recitals or Issuance of Securities.  The recitals contained herein and in the
Securities, except the Trustee’s certificate of authentication, and in any
coupons shall be taken as the statements of the Company, and neither the
Trustee nor any Authenticating Agent assumes any responsibility for their
correctness.  The Trustee makes no
representations as to the validity or sufficiency of this Indenture or of the
Securities or coupons, except that the Trustee represents that it is duly
authorized to execute and deliver this Indenture, authenticate the Securities
and perform its obligations hereunder and that the statements made by it in a
Statement of Eligibility on Form T-1 supplied to the Company are true and
accurate, subject to the qualifications set forth therein.  Neither the Trustee nor any Authenticating
Agent shall be accountable for the use or application by the Company of
Securities or the proceeds thereof.

 

SECTION 604.  May Hold
Securities.  The Trustee, any
Paying Agent, Security Registrar, Authenticating Agent or any other agent of
the Company, in its individual or any other capacity, may become the owner or
pledgee of Securities and coupons and, subject to TIA Sections 310(b) and 311,
may otherwise deal with the Company with the same rights it would have if it
were not Trustee, Paying Agent, Security Registrar, Authenticating Agent or
such other agent.

 

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

 

SECTION 606.  Compensation
and Reimbursement.  The
Company agrees:

 

(1)           To pay to the
Trustee from time to time such compensation for all services rendered by it
hereunder as the Company and the Trustee shall from time to time agree in
writing (which compensation shall not be limited by any provision of law in
regard to the compensation of a trustee of an express trust).

 

46

 

(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 reasonable
compensation and the expenses, advances and disbursements of its agents and
counsel), except any such expense, disbursement or advance as may be
attributable to its negligence or bad faith.

 

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

 

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

 

The provisions of this
Section 606 shall survive the resignation or removal of the Trustee and the
termination of this Indenture.

 

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

 

SECTION 608.  Resignation
and Removal; Appointment of Successor.  (a)  No resignation or removal of the Trustee and no
appointment of a successor Trustee pursuant to this Article shall become
effective until the acceptance of appointment by the successor Trustee in accordance
with the applicable requirements of Section 609.

 

(b)           The Trustee may
resign at any time with respect to the Securities of one or more series by
giving 30 days’ prior written notice thereof to the Company.

 

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

 

47

 

(d)           If at any time:

 

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

 

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

 

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

 

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

 

(e)           If an instrument of
acceptance by a successor Trustee shall not have been delivered to the Trustee
within 30 days after the giving of a notice of resignation or the delivery of
an Act of removal, the Trustee resigning or being removed may petition any
court of competent jurisdiction for the appointment of a successor Trustee.

 

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

 

48

 

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

 

SECTION 609.  Acceptance of Appointment by Successor.  (a)  In case of the appointment
hereunder of a successor Trustee with respect to all Securities, every such
successor Trustee shall execute, acknowledge and deliver to the Company and to
the retiring Trustee an instrument accepting such appointment, and thereupon
the resignation or removal of the retiring Trustee shall become effective and
such successor Trustee, without any further act, deed or conveyance, shall
become vested with all the rights, powers, trusts and duties of the retiring
Trustee; but, on request of the Company or the successor Trustee, such retiring
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, subject nevertheless to its claim, if
any, provided for in Section 606.

 

(b)           In case of the
appointment hereunder of a successor Trustee with respect to the Securities of
one or more (but not all) series, the Company, the retiring Trustee and each
successor Trustee with respect to the Securities of one or more series shall
execute and deliver an indenture supplemental hereto 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, subject to the lien, if any, provided by
Section 606.

 

(c)           Upon request of any
such successor Trustee, the Company shall execute any and all instruments for
more fully and certainly vesting in and confirming to such successor

 

49

 

Trustee all
such rights, powers and trusts referred to in paragraph (a) or (b) of this
Section, as the case may be.

 

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

 

SECTION 610.  Merger,
Conversion, Consolidation or Succession to Business.  Any corporation into which the Trustee may
be merged or converted or with which it may be consolidated, or any corporation
resulting from any merger, conversion or consolidation to which the Trustee
shall be a party, or any corporation succeeding to all or substantially all of
the corporate trust business of the Trustee, shall be the successor of the
Trustee hereunder, provided such corporation shall be otherwise
qualified and eligible under this Article, without the execution or filing of
any paper or any further act on the part of any of the parties hereto.  In case any Securities or coupons shall have
been authenticated, but not delivered, by the Trustee then in office, any
successor by merger, conversion or consolidation to such authenticating Trustee
may adopt such authentication and deliver the Securities or coupons so
authenticated with the same effect as if such successor Trustee had itself
authenticated such Securities or coupons. 
In case any Securities or coupons shall not have been authenticated by
such predecessor Trustee, any such successor Trustee may authenticate and
deliver such Securities or coupons, in either its own name or that of its
predecessor Trustee, with the full force and effect which this Indenture
provides for the certificate of authentication of the Trustee.

 

SECTION 611.  Appointment
of Authenticating Agent.  At
any time when any of the Securities remain Outstanding, the Trustee may appoint
an Authenticating Agent or Authenticating Agents with respect to one or more
series of Securities which shall be authorized to act on behalf of the Trustee
to authenticate Securities of such series issued upon exchange, registration of
transfer or partial redemption thereof, and Securities so authenticated shall
be entitled to the benefits of this Indenture and shall be valid and obligatory
for all purposes as if authenticated by the Trustee hereunder. Any such
appointment shall be evidenced by an instrument in writing signed by a
Responsible Officer of the Trustee, a copy of which instrument shall be
promptly furnished to the Company. 
Wherever reference is made in this Indenture to the authentication and
delivery of Securities by the Trustee or the Trustee’s certificate of
authentication, such reference shall be deemed to include authentication and
delivery on  behalf of the Trustee by an
Authenticating Agent and a certificate of authentication executed on behalf of
the Trustee by an Authenticating Agent. 
Each Authenticating Agent shall be acceptable to the Company and, except
as may otherwise be provided pursuant to Section 301, shall at all times be a
bank or trust company or corporation organized and doing business and in good
standing under the laws of the United States, authorized under such laws to act
as Authenticating Agent, having a combined capital and surplus of not less than
$1,500,000 and subject to supervision or examination by Federal or State
authorities.  If such Authenticating
Agent publishes reports of condition at least annually, pursuant to law or the
requirements of the aforesaid supervising or examining authority, then for the
purposes of this Section, the combined capital and surplus of such
Authenticating Agent shall be deemed to be its combined capital and surplus as
set forth in its most recent report of condition so published.  In case at any time an Authenticating Agent
shall cease to be eligible in accordance with the provisions of this Section,
such Authenticating Agent shall resign immediately in the manner and with the
effect specified in this Section.

 

50

 

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

 

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

 

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

 

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

 

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

 

 

	
   

  	
  [TRUSTEE] 

  
	
   

  	
  as Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  as Authenticating Agent

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Dated:

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Authorized Signatory

  	
   

  
						

 

51

 

ARTICLE SEVEN

 

HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY

 

SECTION 701.  Disclosure of Names and Addresses of Holders.  Every Holder of Securities or coupons, by
receiving and holding the same, agrees with the Company and the Trustee that
neither the Company nor the Trustee nor any Authenticating Agent nor any Paying
Agent nor any Security Registrar shall be held accountable by reason of the
disclosure of any information as to the names and addresses of the Holders of
Securities in accordance with TIA Section 312, regardless of the source from
which such information was  derived, and
that the Trustee shall not be held accountable by reason of mailing any
material pursuant to a request made under TIA Section 312(b).

 

SECTION 702.  Reports by Trustee.  Within 60 days after May 15 of each year
commencing with the first May 15 after the first issuance of Securities
pursuant to this Indenture, the Trustee shall transmit by mail to all Holders
of Securities as provided in TIA Section 313(c) a brief report dated as of such
May 15 if required by TIA Section 313(a).

 

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

 

SECTION 703.  Reports by Company.  The Company will:

 

(1)           file with the
Trustee, within 15 days after the Company is required to file the same with the
Commission, copies of the annual reports and of the information, documents, and
other reports (or copies of such portions of any of the foregoing as the
Commission may from time to time by rules and regulations prescribe) which the
Company may be required to file with the Commission pursuant to Section 13 or
Section 15(d) of the Securities Exchange Act of 1934; or, if the Company is not
required to file information, documents or reports pursuant to either of such
Sections, then it will file with the Trustee and the Commission, in accordance
with rules and regulations prescribed from time to time by the Commission, such
of the supplementary and periodic information, documents and reports which may
be required pursuant to Section 13 of the Securities Exchange Act of 1934 in
respect of a security listed and registered on a national securities exchange
as may be prescribed from time to time in such rules and regulations;

 

(2)           file with the
Trustee and the Commission, in accordance with rules and regulations prescribed
from time to time by the Commission, such additional information, documents and
reports with respect to compliance by the Company with the conditions and
covenants of this Indenture as may be required from time to time by such rules
and regulations; and

 

(3)           comply with all
other provisions of TIA Section 314(a).

 

52

 

SECTION 704.  Calculation
of Original Issue Discount. 
With respect to any Original Issue Discount Security issued pursuant to
Section 301, if any, upon request of the Trustee, the Company shall file with
the Trustee promptly at the end of each calendar year a written notice
specifying the amount of original issue discount (including daily rates and accrual
periods), if any, accrued on Outstanding Securities as of the end of such year.

 

ARTICLE EIGHT

CONSOLIDATION, MERGER, CONVEYANCE OR
TRANSFER

 

SECTION 801.  Company May
Consolidate, Etc., Only on Certain Terms.  The Company shall not consolidate with or merge with or into any
other Person or convey or transfer its properties and assets substantially as
an entirety to any Person, unless:

 

(1)           either the Company
shall be the continuing corporation, or the Person (if other than the Company)
formed by such consolidation or into which the Company is merged or the Person
which acquires by conveyance or transfer the properties and assets of the
Company substantially as an entirety 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, if any, on all the Securities and the
performance 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, no Default or Event of Default shall have
happened and be continuing; and

 

(3)           the Company or the
successor Person (if other than the Company) has delivered to the Trustee an
Officers’ Certificate and an Opinion of Counsel each stating that such
consolidation, merger, conveyance or transfer and 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
Person Substituted.  Upon any
consolidation or merger, or any conveyance or transfer 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 the successor Person to
which such conveyance or transfer 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 had been named as the Company herein;
and in the event of any such conveyance or transfer, the Company shall be
discharged from all obligations and covenants under this Indenture and the
Securities and coupons and may be dissolved and liquidated.

 

ARTICLE NINE

 

SUPPLEMENTAL INDENTURES

 

SECTION 901.  Supplemental
Indentures Without Consent of Holders.  Without the consent of any Holders of Securities or coupons, the
Company, when authorized by

 

53

 

or pursuant to a Board
Resolution, and the Trustee, at any time and from time to time, may enter into
one or more indentures supplemental hereto, in form satisfactory to the
Trustee, for any of the following purposes:

 

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

 

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

 

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

 

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

 

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

 

(6)           to establish the
form or terms of Securities of any series and any related coupons as permitted
by Sections 201 and 301, including the provisions and procedures relating to
Securities convertible into or exchangeable for any securities of any Person
(including the Company); or

 

54

 

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

 

(8)           to cure any
ambiguity, to correct or supplement any provision herein which may be
inconsistent with any other provision herein, or to make any other provisions
with respect to matters or questions arising under this Indenture;  provided that any such action shall
not, as evidenced by an Opinion of Counsel delivered to the Trustee, adversely
affect the interests of the Holders of Securities of any series or any related
coupons in any material respect; or

 

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

 

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

 

(1)           change the Stated
Maturity of the principal of (or premium, if any, on) or any installment of
principal of or interest on, any Security; or reduce the principal amount
thereof or the rate of interest thereon, or any premium payable upon the
redemption thereof, or change any obligation of the Company to pay Additional
Amounts pursuant to Section 1004 (except as contemplated by Section 801(1) and
permitted by Section 901(1)), or reduce the portion of the principal of an
Original Issue Discount Security or Indexed Security that would be due and
payable upon a declaration of acceleration of the Maturity thereof pursuant to
Section 502 or the amount thereof provable in bankruptcy pursuant to Section
504, or adversely affect any right of repayment at the option of the Holder of
any Security, or change any Place of Payment where, or the Currency 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 or repayment at the
option of the Holder, on or after the Redemption Date or the Repayment Date, as
the case may be), or adversely affect any right to convert or exchange any
Security as may be provided pursuant to Section 301 herein; or

 

55

 

(2)           reduce the
percentage in principal amount of the Outstanding Securities of any series, the
consent of whose Holders is required for any such supplemental indenture, or
the consent of whose Holders is required for any waiver with respect to such
series (of compliance with certain provisions of this Indenture or certain
defaults hereunder and their consequences) provided for in this Indenture, or
reduce the requirements of Section 1504 for quorum or voting; or

 

(3)           modify any of the
provisions of this Section, Section 513 or Section 1006, 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.

 

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

 

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

 

The Company may, but
shall not be obligated to, fix a record date for the purpose of determining the
Persons entitled to consent to any indenture supplemental hereto.  If a record date is fixed, the Holders on
such record date, or their duly designated proxies, and only such Persons,
shall be entitled to consent to such supplemental indenture, whether or not
such Holders remain Holders after such record date; provided that unless
such consent shall have become effective by virtue of the requisite percentage
having been obtained prior to the date which is 90 days after such record date,
any such consent previously given shall automatically and without further
action by any Holder be cancelled and of no further effect.

 

SECTION 903.  Execution of Supplemental Indentures.  In executing, or accepting the additional
trusts created by, any supplemental indenture permitted by this Article or the
modification thereby of the trusts created by this Indenture, the Trustee shall
be entitled to receive, in addition to any documents required by Section 102,
and shall be fully protected in relying upon, an Opinion of Counsel stating
that the execution of such supplemental indenture is authorized or permitted by
this Indenture.  The Trustee may, but
shall not be obligated to, enter into any such supplemental indenture which
affects the Trustee’s own rights, duties or immunities under this Indenture or
otherwise.

 

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

 

56

 

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

 

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

 

ARTICLE TEN

 

COVENANTS

 

SECTION 1001.  Payment of Principal, Premium and Interest.  The Company covenants and agrees for the
benefit of the Holders of each series of Securities that it will duly and
punctually pay the principal of (and premium, if any) and interest, if any, on
the Securities of that series in accordance with the terms of such series of
Securities, any coupons appertaining thereto and this Indenture.  Any interest due on Bearer Securities on or
before Maturity, other than Additional Amounts, if any, payable as provided in
Section 1004 in respect of principal of (or premium, if any, on) such a
Security, shall be payable only upon presentation and surrender of the several
coupons for such interest installments as are evidenced thereby as they
severally mature.  Unless otherwise
specified with respect to Securities of any series pursuant to Section 301, at
the option of the Company, all payments of principal may be paid by check to
the registered Holder of the Registered Security or other person entitled
thereto against surrender of such Security. 
Unless otherwise specified as contemplated by Section 301 with respect
to any series of Securities, any interest due on Bearer Securities on or before
Maturity shall be payable only upon presentation and surrender of the several
coupons for such interest installments as are evidenced thereby as they
severally mature.

 

SECTION 1002.  Maintenance of Office or Agency.  If Securities of a series are issuable only
as Registered Securities, the Company shall maintain in each Place of  Payment for any series of Securities an
office or agency where Securities of that series may be presented or
surrendered for payment, where Securities of that series may be surrendered for
registration of transfer or exchange, where Securities of that series that are
convertible or exchangeable may be surrendered for conversion or exchange, as
applicable, and where notices and demands to or upon the Company in respect of
the Securities of that series and this Indenture may be served.  If Securities of a series are issuable as
Bearer Securities, the Company will maintain (A) in the Borough of Manhattan,
The City of New York, an office or agency where any Registered Securities of
that series may be presented or surrendered for payment, where any Registered
Securities of that series may be surrendered for registration of transfer,
where Securities of that series may be surrendered for exchange, where
Securities of that series that are convertible or exchangeable may be
surrendered for conversion or exchange, as applicable, where notices and
demands to or upon the Company in respect of the Securities of that series and
this Indenture

 

57

 

may be served and
where Bearer Securities of that series and related coupons may be presented or
surrendered for payment in the circumstances described in the following
paragraph (and not otherwise), (B) subject to any laws or regulations
applicable thereto, in a Place of Payment for that series which is located
outside the United States, an office or agency where Securities of that series
and related coupons may be presented and surrendered for payment; provided,
however, that if the Securities of that series are listed on the
Luxembourg Stock Exchange or any other stock exchange located outside the
United States and such stock exchange shall so require, the Company will
maintain a Paying Agent for the Securities of that series in Luxembourg or any
other required city located outside the United States, as the case may be, so long
as the Securities of that series are listed on such exchange, and (C) subject
to any laws or regulations applicable thereto, in a Place of Payment for that
series located outside the United States an office or agency where any
Registered Securities of that series may be surrendered for registration of
transfer, where Securities of that series may be surrendered for exchange,
where Securities of that series that are convertible or exchangeable may be
surrendered for conversion or exchange, as applicable, and where notices and
demands to or upon the Company in respect of the Securities of that series and
this Indenture may be served.  The
Company will give prompt written notice to the Trustee of the location, and any
change in the location, of each such office or agency.  If at any time the Company shall fail to
maintain any such required office or agency or shall fail to furnish the
Trustee with the address thereof, such presentations, surrenders, notices and
demands may be made or served at the Corporate Trust Office of the Trustee,
except that Bearer Securities of that series and the related coupons may be
presented and  surrendered for payment
at the offices specified in the Security, in London, England, and the Company
hereby appoints the same as its agent to receive such respective presentations,
surrenders, notices and demands, and the Company hereby appoints the Trustee
its agent to receive all such presentations, surrenders, notices and demands.

 

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

 

The Company may from time
to time designate one or more other offices or agencies where the Securities of
one or more series may be presented or surrendered for any or all of such
purposes, and may from time to time rescind such designations; provided,
however, that no such designation or rescission shall in any manner
relieve the Company of its obligation to maintain an office or agency in
accordance with the requirements set forth above for Securities of any series
for such purposes.  The Company will
give prompt written notice to the Trustee of any such designation or rescission
and of any change in the location of any such other office or agency.  Unless otherwise specified with respect to
any Securities pursuant to Section 301 with respect to a series of Securities,
the Company hereby designates as Places of Payment

 

58

 

for each series of
Securities New York, New York and initially appoints the Trustee at its
Corporate Trust Office as Paying Agent in such city and as its agent to receive
all such presentations, surrenders, notices and demands.

 

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

 

SECTION 1003.  Money for Securities Payments to Be Held in Trust.  If the Company shall at any time act as its
own Paying Agent with respect to any series of any Securities and any related
coupons, it will, on or before each due date of the principal of (or premium,
if any) or interest, if any, on any of the Securities of that series, segregate
and hold in trust for the benefit of the Persons entitled thereto a sum in the
Currency in which the Securities of such series are payable (except as
otherwise specified pursuant to Section 301 for the Securities of such series
and except, if applicable, as provided in Sections 312(b), 312(d) and 312(e))
sufficient to pay the principal of (and premium, if any) and interest, if any,
on Securities of such series so becoming due until such sums shall be paid to
such Persons or otherwise disposed of as herein provided, and will promptly
notify the Trustee of its action or failure so to act.

 

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

 

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

 

Except as otherwise
provided in the Securities of any series, any money deposited with the Trustee
or any Paying Agent, or then held by the Company, in trust for the payment of
the principal of (or premium, if any) or interest, if any, on any Security of
any series and remaining unclaimed for two years after such principal, premium
or interest has become due and payable shall be paid to the Company upon
Company Request or (if then held by the Company) shall be discharged from such
trust; and the Holder of such Security shall thereafter, as an unsecured
general creditor, look only to the Company for payment of such principal,
premium or interest on any Security, without interest thereon, and all
liability of the Trustee or such Paying Agent with respect to such trust money,
and all liability of the Company as trustee thereof, shall thereupon cease; provided,
however, that the Trustee or such Paying Agent, before being

 

59

 

required to make any such
repayment, may at the expense of the Company cause to be published once, in an
Authorized Newspaper, notice that such money remains unclaimed and that, after
a date specified therein, which shall not be less than 30 days from the date of
such publication, any unclaimed balance of such money then remaining will be
repaid to the Company.

 

SECTION
1004.  Additional Amounts.  If the Securities of a series provide for
the payment of Additional Amounts, the Company will pay to the Holder of a
Security of such series or any coupon appertaining thereto Additional Amounts
as may be specified as contemplated by Section 301.  Whenever in this Indenture there is mentioned, in any context,
the payment of the principal of (or premium, if any) or interest, if any, on
any Security of any series or payment of any related coupon or the net proceeds
received on the sale or exchange of any Security of any series, such mention
shall be deemed to include mention of the payment of Additional Amounts
provided by the terms of such series established pursuant to Section 301 to the
extent that, in such context, Additional Amounts are, were or would be payable
in respect thereof pursuant to such terms and express mention of the payment of
Additional Amounts (if applicable) in any provisions hereof shall not be
construed as excluding Additional Amounts in those provisions hereof where such
express mention is not made.

 

Except as otherwise
specified as contemplated by Section 301, if the Securities of a series provide
for the payment of Additional Amounts, at least 10 days prior to the first
Interest Payment Date with respect to that series of Securities (or if the
Securities of that series will not bear interest prior to Maturity, the first
day on which a payment  of principal and
any premium is made), and at least 10 days prior to each date of payment of
principal, premium or interest if there has been any change with respect to the
matters set forth in the below-mentioned Officers’ Certificate, the Company
will furnish the Trustee and the Company’s principal Paying Agent or Paying
Agents, if other than the Trustee, with an Officers’ Certificate instructing
the Trustee and such Paying Agent or Paying Agents whether such payment of
principal, premium or interest on the Securities of that series shall be made
to Holders of Securities of that series or any related coupons who are not
United States persons without withholding for or on account of any tax,
assessment or other governmental charge described in the Securities of the series.  If any such withholding shall be required,
then such Officers’ Certificate shall specify by country the amount, if any,
required to be withheld on such payments to such Holders of Securities of that
series or related coupons and the Company will pay to the Trustee or such
Paying Agent the Additional Amounts required by the terms of such
Securities.  In the event that the
Trustee or any Paying Agent, as the case may be, shall not so receive the
above-mentioned certificate, then the Trustee or such Paying Agent shall be
entitled (i) to assume that no such withholding or deduction is required with
respect to any payment of principal or interest with respect to any Securities
of a series or related coupons until it shall have received a certificate
advising otherwise and (ii) to make all payments of principal and interest with
respect to the Securities of a series or related coupons without withholding or
deductions until otherwise advised.  The
Company covenants to indemnify the Trustee and any Paying Agent for, and to
hold them harmless against, any loss, liability or expense reasonably incurred
without negligence or bad faith on their part arising out of or in connection
with actions taken or omitted by any of them in reliance on any Officers’
Certificate furnished pursuant to this Section or in reliance on the Company’s
not furnishing such an Officers’ Certificate.

 

60

 

SECTION
1005.  Statement as to Compliance.  (a) 
The Company will deliver to the Trustee, within 120 days after the end
of each fiscal year (beginning with the fiscal year ending on
                 ),
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 known to the Officers signing such certificate.

 

(b)           The Company will, so long as any of
the Securities of any series are Outstanding, deliver to the Trustee, as
promptly as practicable upon an Officer of the Company becoming aware of any
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) or any Event of Default, an Officers’
Certificate specifying such default or Event of Default and what action the
Company is taking or proposes to take with respect thereto and the status
thereof.

 

SECTION
1006.  Waiver of Certain Covenants.  The Company may omit in any particular
instance to comply with any term, provision or condition as specified pursuant
to Section 301(15) for Securities of any series, in any covenants of the
Company added to Article Ten pursuant to Section 301(14) or Section 301(15) in
connection with Securities of a series, if before or after the time for such
compliance the Holders of at least a majority in principal amount of the
Outstanding Securities of that series, by Act of such Holders, 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
1007.  Corporate Existence.  Subject to Article Eight, the Company will
at all times do or cause to be done all things necessary to preserve and keep
in full force and effect its corporate existence and its rights and franchises;
provided that nothing in this Section 1007 shall prevent the abandonment or
termination of any right or franchise of the Company if, in the opinion of the
Company, such abandonment or termination is in the best interests of the
Company.

 

SECTION 1008.  Insurance.  The Company covenants and agrees that it
will maintain, and cause each of its subsidiaries to maintain, insurance with
responsible and reputable insurance companies or associations or through a
program of self-insurance in such amounts and covering such risks as, taken as
a whole, are generally consistent with sound business practice for corporations
engaged in the same or a similar business similarly situated.

 

61

 

ARTICLE ELEVEN

 

REDEMPTION OF SECURITIES

 

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

 

SECTION
1102.  Election to Redeem; Notice to
Trustee.  The
election of the Company to redeem any Securities shall be evidenced by or
pursuant to a Board Resolution.  In case
of any redemption at the election of the Company of less than all of the
Securities of any series, the Company shall, at least 60 days prior to the
Redemption Date fixed by the Company (unless a shorter notice shall be
satisfactory to the Trustee), notify the Trustee in writing of such Redemption
Date and of the principal amount of Securities of such series to be
redeemed.  In the case of any redemption
of Securities prior to the expiration of any restriction on such redemption
provided in the terms of such Securities or elsewhere in this Indenture, the
Company shall furnish the Trustee with an Officers’ Certificate evidencing
compliance with such restriction.

 

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

 

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

 

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

 

SECTION
1104.  Notice of Redemption.  Notice of redemption shall be given in the
manner provided in Section 106, not less than 30 days nor more than 60 days
prior to the Redemption Date, unless a shorter period is specified by the terms
of such series established pursuant to Section 301, to each Holder of
Securities to be redeemed, but failure to give such notice in the manner herein
provided to the Holder of any Security designated for redemption as a whole or
in part, or any defect in the notice to any such Holder, shall not affect the
validity of the proceedings for the redemption of any other such Security or
portion thereof.

 

62

 

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

 

All notices of redemption
shall state:

 

(1)           the Redemption Date,

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

63

 

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

 

SECTION
1105.  Deposit of Redemption Price.  On or prior to 10:00 a.m., New York City
time, on any Redemption Date, the Company shall deposit with the Trustee or
with a Paying Agent (or, if the Company is acting as its own Paying Agent,
which it may not do in the case of a sinking fund payment under Article Twelve,
segregate and hold in trust as provided in Section 1003) an amount of money in
the Currency in which the Securities of such series are payable (except as
otherwise specified pursuant to Section 301 for the Securities of such series
and except, if applicable, as provided in Sections 312(b), 312(d) and 312(e))
sufficient to pay on the Redemption Date the Redemption Price of, and (except
if the Redemption Date shall be an Interest Payment Date) accrued interest on,
all the Securities or portions thereof which are to be redeemed on that date.

 

SECTION
1106.  Securities Payable on Redemption
Date.  Notice of
redemption having been given as aforesaid, the Securities so to be redeemed
shall, on the Redemption Date, become due and payable at the Redemption Price
therein specified in the Currency in which the Securities of such series are
payable (except as otherwise specified pursuant to Section 301 for the
Securities of such series and except, if applicable, as provided in
Sections  312(b), 312(d) and 312(e))
(together with accrued interest, if any, to the Redemption Date), and from and
after such date (unless the Company shall default in the payment of the
Redemption Price and accrued interest, if any) such Securities shall if the
same were interest-bearing cease to bear interest and the coupons for such
interest appertaining to any Bearer Securities so to be redeemed, except to the
extent provided below, shall be void. 
Upon surrender of any such Security for redemption in accordance with
said notice, together with all coupons, if any, appertaining thereto maturing
after the Redemption Date, such Security shall be paid by the Company at the
Redemption Price, together with accrued interest, if any, to the Redemption
Date; provided, however, that installments of interest on Bearer
Securities whose Stated Maturity is on or prior to the Redemption Date shall be
payable only at an office or agency located outside the United States (except
as otherwise provided in Section 1002) and, unless otherwise specified as
contemplated by Section 301, only upon presentation and surrender of coupons
for such interest, and provided  further that installments of interest
on Registered Securities whose Stated Maturity is on or prior to the Redemption
Date shall be payable to the Holders of such Securities, or one or more
Predecessor Securities, registered as such at the close of business on the
relevant Record Dates according to their terms and the provisions of Section
307.

 

If any Bearer Security
surrendered for redemption shall not be accompanied by all appurtenant coupons
maturing after the Redemption Date, such Security may be paid after deducting
from the Redemption Price an amount equal to the face amount of all such
missing coupons, or the surrender of such missing coupon or coupons may be
waived by the Company and the Trustee if there be furnished to them such
security or indemnity as they may require to save each of them and any Paying
Agent harmless.  If thereafter the
Holder of such Security shall surrender to the Trustee or any Paying Agent any
such missing coupon in respect of which a deduction shall have been made from
the Redemption Price, such Holder shall be entitled to receive the amount so
deducted; provided, however, that interest represented by coupons
shall be payable only at an office or agency located outside the United States
(except as otherwise

 

64

 

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

 

If any Security called
for redemption shall not be so paid upon surrender thereof for redemption, the
Redemption Price shall, until paid, bear interest from the Redemption Date at
the rate of interest set forth in such Security or, in the case of an Original
Issue Discount Security, at the Yield to Maturity of such Security.

 

SECTION
1107.  Securities Redeemed in Part.  Any Registered Security which is to be
redeemed only in part (pursuant to the provisions of this Article or of Article
Twelve) shall be surrendered at a Place of Payment 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, 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.  However, if less than all the Securities of any series with
differing issue dates, interest rates and stated maturities are to be redeemed,
the Company in its sole discretion shall select the particular Securities to be
redeemed and shall notify the Trustee in writing thereof at least 45 days prior
to the relevant redemption date.

 

ARTICLE TWELVE

 

SINKING FUNDS

 

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

 

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

 

SECTION
1202.  Satisfaction of Sinking Fund
Payments with Securities.  The Company may, in satisfaction of all or any part of any
mandatory sinking fund payment with respect to the Securities of a series, (1)
deliver Outstanding Securities of such series (other than any previously called
for redemption) together in the case of any Bearer Securities of such series
with all unmatured coupons appertaining thereto and (2) apply as a credit
Securities of such series which have been redeemed either at the election of
the Company pursuant to the terms of such Securities or  through the application of permitted
optional sinking fund payments pursuant to the terms of such Securities, as
provided for by the terms of such Securities; provided that

 

65

 

such Securities so
delivered or applied as a credit have not been previously so credited.  Such Securities shall be received and
credited for such purpose by the Trustee at the applicable Redemption Price
specified in such Securities for redemption through operation of the sinking
fund and the amount of such mandatory sinking fund payment shall be reduced
accordingly.

 

SECTION
1203.  Redemption of Securities for
Sinking Fund.  Not
less than 60 days prior to each sinking fund payment date for Securities of any
series, the Company will deliver to the Trustee an Officers’ Certificate
specifying the amount of the next ensuing mandatory sinking fund payment for
that series pursuant to the terms of that series, the portion thereof, if any,
which is to be satisfied by payment of cash in the Currency in which the
Securities of such series are payable (except as otherwise specified pursuant
to Section 301 for the Securities of such series and except, if applicable, as
provided in Sections 312(b), 312(d) and 312(e)) and the portion thereof, if
any, which is to be satisfied by delivering and crediting Securities of that
series pursuant to Section 1202, and the optional amount, if any, to be added
in cash to the next ensuing mandatory sinking fund payment, and will also
deliver to the Trustee any Securities to be so delivered and credited.  If such Officers’ Certificate shall specify
an optional amount to be added in cash to the next ensuing mandatory sinking
fund payment, the Company shall thereupon be obligated to pay the amount
therein specified.  Not less than 30
days before each such sinking fund payment date the Trustee shall select the
Securities to be redeemed upon such sinking fund payment date in the manner specified
in Section 1103 and cause notice of the redemption thereof to be given in the
name of and at the expense of the Company in the manner provided in Section
1104.  Such notice having been duly
given, the redemption of such Securities shall be made upon the terms and in
the manner stated in Sections 1106 and 1107.

 

ARTICLE THIRTEEN

REPAYMENT AT THE OPTION OF HOLDERS

 

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

 

SECTION
1302.  Repayment of Securities.  Securities of any series subject to
repayment in whole or in part at the option of the Holders thereof will, unless
otherwise provided in the terms of such Securities, be repaid at the Repayment
Price thereof, together with interest, if any, thereon accrued to the Repayment
Date specified in or pursuant to the terms of such Securities.  The Company covenants that on or before the
Repayment Date it will deposit with the Trustee or with a Paying Agent (or, if
the Company is acting as its own Paying Agent, segregate and hold in trust as
provided in Section 1003) an amount of money in the Currency in which the
Securities of such series are payable (except as otherwise specified pursuant
to Section 301 for the Securities of such series and except, if applicable, as
provided in Sections 312(b), 312(d) and 312(e)) sufficient to pay the Repayment
Price of, and (except if the Repayment Date shall be an Interest Payment Date)
accrued interest on, all the Securities or portions thereof, as the case may
be, to be repaid on such date.

 

66

 

SECTION 1303.  Exercise of Option.  Securities of any series subject to
repayment at the option of the Holders thereof will contain an “Option to
Elect Repayment” form on the reverse of such Securities.  To be repaid at the option of the Holder,
any Security so providing for such repayment, with the “Option to Elect
Repayment” form on the reverse of such Security duly completed by the
Holder (or by the Holder’s attorney duly authorized in writing), must be
received by the Company at the Place of Payment therefore specified in the
terms of such Security (or at such other place or places of which the Company
shall from time to time notify the Holders of such Securities) not earlier than
45 days nor later than 30 days prior to the Repayment Date.  If less than the entire Repayment Price of
such Security is to be repaid in accordance with the terms of such Security,
the portion of the Repayment Price of such Security to be repaid, in increments
of the minimum denomination for Securities of such series, and the denomination
or denominations of the Security or Securities to be issued to the Holder for
the portion of such Security surrendered that is not to be repaid, must be
specified. Any Security providing for repayment at the option of the Holder
thereof may not be repaid in part if, following such repayment, the unpaid
principal amount of such Security would be less than the minimum authorized
denomination of Securities of the series of which such Security to be repaid is
a part.  Except as otherwise may be
provided by the terms of any Security providing for repayment at the option of
the Holder thereof, exercise of the repayment option by the Holder shall be
irrevocable unless waived by the Company.

 

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

 

If any Bearer Security
surrendered for repayment shall not be accompanied by all appurtenant coupons
maturing after the Repayment Date, such Security may be paid after deducting
from the amount payable therefor as provided in Section 1302 an amount equal to
the face amount of all such missing coupons, or the surrender of such missing
coupon or coupons may be waived by the Company and the Trustee if there be
furnished to them such security or

 

67

 

indemnity as they
may  require to save each of them and
any Paying Agent harmless.  If
thereafter the Holder of such Security shall surrender to the Trustee or any
Paying Agent any such missing coupon in respect of which a deduction shall have
been made as provided in the preceding sentence, such Holder shall be entitled
to receive the amount so deducted; provided, however, that
interest represented by coupons shall be payable only at an office or agency
located outside the United States (except as otherwise provided in Section
1002) and, unless otherwise specified as contemplated by Section 301, only upon
presentation and surrender of those coupons.

 

If any Security
surrendered for repayment shall not be so repaid upon surrender thereof, the
Repayment Price shall, until paid, bear interest from the Repayment Date at the
rate of interest set forth in such Security or, in the case of an Original
Issue Discount Security, at the Yield to Maturity of such Security.

 

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

 

ARTICLE FOURTEEN

DEFEASANCE AND COVENANT DEFEASANCE

 

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

 

SECTION
1402.  Defeasance and Discharge.  Upon the Company’s exercise of the above
option applicable to this Section with respect to any Securities of a series,
the Company shall be deemed to have been discharged from its obligations with
respect to such Outstanding Securities and any coupons appertaining thereto on
the date the conditions set forth in Section 1404 are satisfied (hereinafter, “defeasance”).  For this purpose, such defeasance means that
the Company shall be deemed to have paid and discharged the entire indebtedness
represented by such Outstanding Securities and any coupons appertaining
thereto, which shall thereafter be deemed to be “Outstanding” only for the
purposes of Section 1405 and the other Sections of this Indenture referred to
in clauses (A) and (B) of this Section, and to have satisfied all its other
obligations under such Securities and any coupons appertaining thereto and this

 

68

 

Indenture insofar
as such Securities and any coupons appertaining thereto are concerned (and the
Trustee, at the expense of the Company, shall execute proper instruments
acknowledging the same), except for the following which shall survive until
otherwise terminated or discharged hereunder: 
(A) the rights of Holders of such Outstanding Securities and any coupons
appertaining thereto to receive, solely from the trust fund described in
Section 1404 and as more fully set forth in such Section, payments in respect
of the principal of (and premium, if any) and interest, if any, on such
Securities and any coupons appertaining thereto when such payments are due, (B)
the Company’s obligations with respect to such Securities under Sections 305,
306, 1002 and 1003 and with respect to the payment of Additional Amounts, if
any, on such Securities as contemplated by Section 1004, (C) the rights,
powers, trusts, duties and immunities of the Trustee hereunder and (D) this
Article.  Subject to compliance with
this Article Fourteen, the Company may exercise its option under this Section
notwithstanding the prior exercise of its option under Section 1403 with
respect to such Securities and any coupons appertaining thereto.

 

SECTION
1403.  Covenant Defeasance.  Upon the Company’s exercise of the above
option applicable to this Section, the Company shall be released from its
obligations under any covenant specified with respect to any Outstanding
Securities of any series of Securities established pursuant to Section 301 and
any coupons appertaining to any such Securities, on and after the date the
conditions set forth in Section 1404 are satisfied (hereinafter, “covenant
defeasance”), and such Securities and any coupons appertaining thereto
shall thereafter be deemed to be not “Outstanding” for the purposes of any
direction, waiver, consent or declaration or Act of Holders (and the
consequences of any thereof) in connection with any such covenant, but shall
continue to be deemed “Outstanding” for all other purposes hereunder.  For this purpose, such covenant defeasance
means that, with respect to such Outstanding Securities and any coupons
appertaining thereto, the Company may omit to comply with and shall have no
liability in respect of any term, condition or limitation set forth in any such
Section or such other covenant, whether directly or indirectly, by reason of
any reference elsewhere herein to any such Section or such other covenant or by
reason of reference in any such Section or such other covenant to any other
provision herein or in any other document and such omission to comply shall not
constitute a Default or an Event of Default under Section 501(4) or 501(7) or
otherwise, as the case may be, but, except as specified above, the remainder of
this Indenture and such Securities and any coupons appertaining thereto shall
be unaffected thereby.

 

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

 

(a)           The Company shall irrevocably have
deposited or caused to be deposited with the Trustee (or another trustee
satisfying the requirements of Section 607 who shall agree to comply with the
provisions of this Article Fourteen applicable to it) as trust funds in trust
for the purpose of making the following payments, specifically pledged as
security for, and dedicated solely to, the benefit of the Holders of such
Securities and any coupons appertaining thereto, (1) an amount (in such
Currency in which such Securities and any coupons appertaining thereto are then
specified as payable at Stated Maturity), or (2) Government Obligations
applicable to such Securities and coupons appertaining thereto (determined on
the basis of the Currency in which such Securities and coupons appertaining
thereto are then specified as payable at Stated Maturity) which through the

 

69

 

scheduled payment
of principal and interest in respect thereof in accordance with their terms
will provide, not later than one day before the due date of any payment of principal
of (and premium, if any) and interest, if any, on such Securities and any
coupons appertaining thereto, money in an amount, or (3) a combination thereof
in an amount, 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 other qualifying trustee) to pay and discharge, (i) the
principal of (and premium, if any) and interest, if any, on such Outstanding
Securities and any coupons appertaining thereto on the Stated Maturity of such
principal or installment of principal or interest and (ii) any mandatory
sinking fund payments or analogous payments applicable to such Outstanding Securities
and any coupons appertaining thereto on the day on which such payments are due
and payable in accordance with the terms of this Indenture and of such
Securities and any coupons appertaining thereto.

 

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

 

(c)           No Default or Event of Default with
respect to such Securities and any coupons appertaining thereto shall have
occurred and be continuing on the date of such deposit or, insofar as Sections
501(5) and 501(6) are concerned, at any time during the period ending on the
91st day after the date of such deposit (it being understood that this
condition shall not be deemed satisfied until the expiration of such period).

 

(d)           In the case of an election under
Section 1402, the Company shall have delivered to the Trustee an Opinion of
Counsel stating that (i) the Company has received from, or there has been
published by, the Internal Revenue Service a ruling, or (ii) since the date of
execution of this Indenture, there has been a change in the applicable Federal
income tax law, in either case to the effect that, and based thereon such
opinion shall confirm that, the Holders of such Outstanding Securities and any
coupons appertaining thereto will not recognize income, gain or loss for
Federal income tax purposes as a result of such defeasance and will be subject
to Federal income tax on the same amounts, in the same manner and at the same
times as would have been the case if such defeasance had not occurred.

 

(e)           In the case of an election under
Section 1403, the Company shall have delivered to the Trustee an Opinion of
Counsel to the effect that the Holders of such Outstanding Securities and any
coupons appertaining thereto will not recognize income, gain or loss for
Federal income tax purposes as a result of such covenant defeasance and will be
subject to Federal income tax on the same amounts, in the same manner and at
the same times as would have been the case if such covenant defeasance had not
occurred.

 

(f)            The Company shall have delivered to
the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating
that all conditions precedent to the defeasance under Section 1402 or the
covenant defeasance under Section 1403 (as the case may be) have been complied
with and an Opinion of Counsel to the effect that either (i) as a result

 

70

 

of a deposit
pursuant to subsection (a) above and the related exercise of the Company’s
option under Section 1402 or Section 1403 (as the case may be), registration is
not required under the Investment Company Act of 1940, as amended, by the
Company, with respect to the trust funds representing such deposit or by the
trustee for such trust funds or (ii) all necessary registrations under said Act
have been effected.

 

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

 

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

 

Unless otherwise
specified with respect to any Security pursuant to Section 301, if, after a
deposit referred to in Section 1404(a) has been made, (a) the Holder of a
Security in respect of which such deposit was made is entitled to, and does,
elect pursuant to Section 312(b) or the terms of such Security to receive
payment in a Currency other than that in which the deposit pursuant to Section
1404(a) has been made in respect of such Security, or (b) a Conversion Event
occurs as contemplated in Section 312(d) or 312(e) or by the terms of any
Security in respect of which the deposit pursuant to Section 1404(a) has been
made, the indebtedness represented by such Security and any coupons
appertaining thereto shall be deemed to have been, and will be, fully
discharged and satisfied through the payment of the principal of (and premium,
if any) and interest, if any, on such Security as the same becomes due out of
the proceeds yielded by converting (from time to time as specified below in the
case of any such election) the amount or other property deposited in respect of
such Security into the Currency in which such Security becomes payable as a
result of such election or Conversion Event based on the applicable Market
Exchange Rate for such Currency in effect on the second Business Day prior to
each payment date, except, with respect to a Conversion Event, for such
Currency in effect (as nearly as feasible) at the time of the Conversion Event.

 

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

 

71

 

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 Government
Obligations (or other property and any proceeds therefrom) held by it as
provided in Section 1404 which, in the opinion of a nationally recognized firm
of independent  public accountants
expressed in a written certification thereof delivered to the Trustee, are in
excess of the amount thereof which would then be required to be deposited to
effect a defeasance or covenant defeasance, as applicable, in accordance with
this Article.

 

SECTION 1406.  Reinstatement.  (a)  If the Trustee or Paying
Agent is unable to apply any money or Government Obligations in accordance with
Section 1405 by reason of any legal proceeding or by reason of any order or
judgment of any court or governmental authority enjoining, restraining or
otherwise prohibiting such application, the Company’s obligations under this
Indenture and the Securities of the applicable series issued hereunder shall be
revived and reinstated as though no deposit has occurred pursuant to this
Article Fourteen until such time as the Trustee or Paying Agent is permitted to
apply all such money or Government Obligations in accordance with Section 1405.

 

(b)           If the Company’s
obligations under this Indenture and the Securities of the applicable series
issued hereunder shall be revived and reinstated in accordance with this
Section 1406, the Company shall be permitted, at its discretion to withdraw all
or a portion of the deposits made by the Company pursuant to this Article Fourteen.

 

(c)           If the Company
elects not to withdraw any of the deposits made by the Company pursuant to this
Article Fourteen, if and when the Trustee or Paying Agent is later permitted to
apply all such money or Government Obligations in accordance with Section 1405,
the rights of the Company shall be subrogated to the rights of the Holders of
the Securities of the applicable series to receive payments from the money or
Government Obligations deposited by the Company pursuant to Article Fourteen
and held by the Trustee or Paying Agent; provided that if the Company
shall have made any payment of principal or interest on the Securities of any
series because of the revival and reinstatement of its obligations, which
payment is not sourced from any amounts deposited by the Company pursuant to
Article Fourteen (such amount, in the aggregate, being referred to as the “Company
Paid Amount”), the Company shall be permitted, at its discretion, to
withdraw all or a portion of the deposits made by the Company pursuant to this
Article Fourteen up to the Company Paid Amount.

 

ARTICLE FIFTEEN

 

MEETINGS OF HOLDERS OF SECURITIES

 

SECTION
1501.  Purposes for Which Meetings May
Be Called.  If
Securities of a series are issuable as Bearer Securities, a meeting of Holders
of Securities of such series may be called at any time and from time to time
pursuant to this Article to make, give or take any request, demand,
authorization, direction, notice, consent, waiver or other action provided by
this Indenture to be made, given or taken by Holders of Securities of such
series.

 

SECTION 1502.  Call, Notice
and Place of Meetings. 
(a)  The Trustee may at any time call a meeting of Holders of
Securities of any series for any purpose specified in 

 

72

 

Section 1501, to
be held at such time and at such place in the Borough of Manhattan, The City of
New York, as the Trustee shall determine. 
Notice of every meeting of Holders of Securities of any series, setting
forth the time and the place of such meeting and in general terms the action
proposed to be taken at such meeting, shall be given, in the manner provided in
Section 106, not less than 15 nor more than 180 days prior to the date fixed
for the meeting.

 

(b)           In case at any time
the Company, pursuant to a Board Resolution, or the Holders of at least 10% in
principal amount of the Outstanding Securities of any series shall have
requested the Trustee to call a meeting of the Holders of Securities of such
series for any purpose specified in Section 1501, by written request setting
forth in reasonable detail the action proposed to be taken at the meeting, and
the Trustee shall not have made the first publication of the notice of such
meeting within five days after receipt of such request or shall not thereafter
proceed to cause the meeting to be held as provided herein, then the Company or
the Holders of Securities of such series in the amount above specified, as the
case may be, may determine the time and the place in the Borough of Manhattan,
The City of New York, for such meeting and may call such meeting for such
purposes by giving notice thereof as provided in subsection (a) of this
Section.

 

SECTION
1503.  Persons Entitled to Vote at
Meetings.  To be
entitled to vote at any meeting of Holders of Securities of any series, a
Person shall be (1) a Holder of one or more Outstanding Securities of such
series, or (2) a Person appointed by an instrument in writing as proxy for a
Holder or Holders of one or more Outstanding Securities of such series by such
Holder or Holders.  The only Persons who
shall be entitled to be present or to speak at any meeting of Holders of
Securities of any series shall be the Persons entitled to vote at such meeting
and their counsel, any representatives of the Trustee and its counsel and any
representatives of the Company and its counsel.

 

SECTION 1504.  Quorum; Action.  The Persons entitled to vote a majority in
principal amount of the Outstanding Securities of a series shall constitute a
quorum for a meeting of Holders of Securities of such series; provided, however,
that if any action is to be taken at such meeting with respect to a consent or
waiver which this Indenture expressly provides may be given by the Holders of
not less than a specified percentage in principal amount of the Outstanding
Securities of a series, the Persons entitled to vote such specified percentage
in principal amount of the Outstanding Securities of such series shall
constitute a quorum.  In the absence of
a quorum within 30 minutes of the time appointed for any such meeting, the
meeting shall, if convened at the request of Holders of Securities of such
series, be dissolved.  In any other case
the meeting may be adjourned for a period of not less than five days as
determined by the chairman of the meeting prior to the adjournment of such
meeting.  In the absence of a quorum at
any such adjourned meeting, such adjourned meeting may be further adjourned for
a period of not less than five days as determined by the chairman of the
meeting prior to the adjournment of such adjourned meeting.  Notice of the reconvening of any adjourned
meeting shall be given as provided in Section 1502(a), except that such notice
need be given only once not less than five days prior to the date on which the
meeting is scheduled to be reconvened. 
Notice of the reconvening of any adjourned meeting shall state expressly
the percentage, as provided above, of the principal amount of the Outstanding
Securities of such series which shall constitute a quorum.

 

73

 

Except as limited by the
proviso to Section 902, any resolution presented to a meeting or adjourned
meeting duly reconvened at which a quorum is present as aforesaid may be
adopted by the affirmative vote of the Holders of a majority in principal
amount of the Outstanding Securities of that series; provided, however,
that, except as limited by the proviso to Section 902, any resolution with
respect to any  request, demand,
authorization, direction, notice, consent, waiver or other action which this
Indenture expressly provides may be made, given or taken by the Holders of a
specified percentage, which is less than a majority, in principal amount of the
Outstanding Securities of a series may be adopted at a meeting or an adjourned
meeting duly reconvened and at which a quorum is present as aforesaid by the
affirmative vote of the Holders of such specified percentage in principal
amount of the Outstanding Securities of that series.

 

Any resolution passed or
decision taken at any meeting of Holders of Securities of any series duly held
in accordance with this Section shall be binding on all the Holders of
Securities of such series and the related coupons, whether or not present or
represented at the meeting.

 

Notwithstanding the foregoing
provisions of this Section 1504, if any action is to be taken at a meeting of
Holders of Securities of any series with respect to any request, demand,
authorization, direction, notice, consent, waiver or other action that this
Indenture expressly provides may be made, given or taken by the Holders of a
specified percentage in principal amount of all Outstanding Securities affected
thereby, or of the Holders of such series and one or more additional series:

 

(i)            there shall be no
minimum quorum requirement for such meeting; and

 

(ii)           the principal
amount of the Outstanding Securities of such series that vote in favor of such
request, demand, authorization, direction, notice, consent, waiver or other
action shall be taken into account in determining whether such request, demand,
authorization, direction, notice, consent, waiver or other action has been
made, given or taken under this Indenture.

 

SECTION
1505.  Determination of Voting Rights;
Conduct and Adjournment of Meetings.  (a) 
Notwithstanding any provisions of this Indenture, the Trustee may make
such reasonable regulations as it may deem advisable for any meeting of Holders
of Securities of a series in regard to proof of the holding of Securities of
such series and of the appointment of proxies and in regard to the appointment
and duties of inspectors of votes, the submission and examination of proxies,
certificates and other evidence of the right to vote, and such other matters
concerning the conduct of the meeting as it shall deem appropriate.  Except as otherwise  permitted or required by any such
regulations, the holding of Securities shall be proved in the manner specified
in Section 104 and the appointment of any proxy shall be proved in the manner
specified in Section 104 or by having the signature of the Person executing the
proxy witnessed or guaranteed by any trust company, bank or banker authorized
by Section 104 to certify to the holding of Bearer Securities.  Such regulations may provide that written
instruments appointing proxies, regular on their face, may be presumed valid
and genuine without the proof specified in Section 104 or other proof.

 

74

 

(b)           The Trustee shall,
by an instrument in writing appoint a temporary chairman of the meeting, unless
the meeting shall have been called by the Company or by Holders of Securities
as provided in Section 1502(b), in which case the Company or the Holders of
Securities of the series calling the meeting, as the case may be, shall in like
manner appoint a temporary chairman.  A
permanent chairman and a permanent secretary of the meeting shall be elected by
vote of the Persons entitled to vote a majority in principal amount of the
Outstanding Securities of such series represented at the meeting.

 

(c)           At any meeting each
Holder of a Security of such series or proxy shall be entitled to one vote for
each $1,000 principal amount of the Outstanding Securities of such series held
or represented by him; provided, however, that no vote shall be
cast or counted at any meeting in respect of any Security challenged as not
Outstanding and ruled by the chairman of the meeting to be not
Outstanding.  The chairman of the
meeting shall have no right to vote, except as a Holder of a Security of such
series or proxy.

 

(d)           Any meeting of
Holders of Securities of any series duly called pursuant to Section 1502 at
which a quorum is present may be adjourned from time to time by Persons
entitled to vote a majority in principal amount of the Outstanding Securities
of such series represented at the meeting, and the meeting may be held as so
adjourned without further notice.

 

SECTION
1506.  Counting Votes and Recording
Action of Meetings. 
The vote upon any resolution submitted to any meeting of Holders of
Securities of any series shall be by written ballots on which shall be
subscribed the signatures of the Holders of Securities of such series or of
their representatives by proxy and the principal amounts and serial numbers of
the Outstanding Securities of such series held or represented by them.  The permanent chairman of the meeting shall
appoint two inspectors of votes who shall count all votes cast at the meeting
for or against any resolution and  who
shall make and file with the secretary of the meeting their verified written reports
in duplicate of all votes cast at the meeting. 
A record, at least in duplicate, of the proceedings of each meeting of
Holders of Securities of any Series shall be prepared by the secretary of the
meeting and there shall be attached to said record the original reports of the
inspectors of votes on any vote by ballot taken thereat and affidavits by one
or more persons having knowledge of the fact, setting forth a copy of the
notice of the meeting and showing that said notice was given as provided in Section
1502 and, if applicable, Section 1504. 
Each copy shall be signed and verified by the affidavits of the
permanent chairman and secretary of the meeting and one such copy shall be
delivered to the Company and another to the Trustee to be preserved by the
Trustee, the latter to have attached thereto the ballots voted at the
meeting.  Any record so signed and
verified shall be conclusive evidence of the matters therein stated.

 

*  * 
*  *  *

 

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

 

75

 

IN WITNESS WHEREOF, the
undersigned being duly authorized, have executed this Indenture on behalf of
the respective parties hereto as of the date first above written.

 

	
   

  	
  JETBLUE AIRWAYS CORPORATION,

  as Issuer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  [TRUSTEE],

  as Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

76

 

EXHIBIT A

 

FORMS OF CERTIFICATION

 

 

EXHIBIT A-1

 

FORM OF CERTIFICATE TO BE GIVEN BY PERSON
ENTITLED

TO RECEIVE BEARER SECURITY OR TO OBTAIN
INTEREST

PAYABLE PRIOR TO THE EXCHANGE DATE

 

CERTIFICATE

 

[Insert
title or sufficient description of Securities to be delivered]

 

This is to certify that,
as of the date hereof, and except as set forth below, the above-captioned
Securities held by you for our account (i) are owned by person(s) that are not
citizens or residents of the United States, domestic partnerships, domestic
corporations or any estate or trust the income of which is subject to United
States federal income taxation regardless of its source (“United States
person(s)”), (ii) are owned by United States person(s) that are (a) foreign
branches of United States financial institutions (financial institutions, as
defined in United States Treasury Regulations Section 1.165-12(c)(1)(v) are
herein referred to as “financial institutions”) purchasing for their own
account or for resale, or (b) United States person(s) who acquired the
Securities through foreign branches of United States financial institutions and
who hold the Securities through such United States financial institutions on
the date hereof (and in either case (a) or (b), each such United States
financial institution hereby agrees, on its own behalf or through its agent,
that you may advise JetBlue Airways Corporation or its agent that such
financial institution will comply with the requirements of Section
165(j)(3)(A), (B) or (C) of the United States Internal Revenue Code of 1986, as
amended, and the regulations thereunder), or (iii) are owned by United States
or foreign financial institution(s) for purposes of resale during the
restricted period (as defined in United States Treasury Regulations Section
1.163-5(c)(2)(i)(D)(7)), and, in addition, if the owner is a United States or
foreign financial institution described in clause (iii) above (whether or not
also described in clause (i) or (ii)), this is to further certify that such
financial institution has not acquired the Securities for purposes of resale
directly or indirectly to a United States person or to a person within the
United States or its possessions.

 

As used herein, “United
States” means the United States of America (including the States and the
District of Columbia); and its “possessions” include Puerto Rico, the
U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana
Islands.

 

We undertake to advise
you promptly by tested telex on or prior to the date on which you intend to
submit your certification relating to the above-captioned Securities held by

 

 

you for our account in
accordance with your Operating Procedures if any applicable statement herein is
not correct on such date, and in the absence of any such notification it may be
assumed that this certification applies as of such date.

 

This certificate excepts
and does not relate to [U.S.$]
                     
of such interest in the above-captioned Securities in respect of which we are
not able to certify and as to which we understand an exchange for an interest
in a Permanent Global Security or an exchange for and delivery of definitive
Securities (or, if relevant, collection of any interest) cannot be made until
we do so certify.

 

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

 

	
  Dated:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  [To be dated
  no earlier than the 15th day prior to (i) the Exchange Date or (ii) the
  relevant Interest Payment Date occurring prior to the Exchange Date, as
  applicable]

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  [Name of
  Person Making Certification]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (Authorized
  Signatory)

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 

A-1-2

 

EXHIBIT A-2

 

FORM OF CERTIFICATE TO BE GIVEN BY EUROCLEAR
AND

CLEARSTREAM IN CONNECTION WITH THE EXCHANGE
OF

A PORTION OF A TEMPORARY GLOBAL SECURITY

OR TO OBTAIN INTEREST PAYABLE PRIOR

TO THE EXCHANGE DATE

 

CERTIFICATE

 

[Insert
title or sufficient description of Securities to be delivered]

 

This is to certify that,
based solely on written certifications that we have received in writing, by
tested telex or by electronic transmission from each of the persons appearing
in our records as persons entitled to a portion of the principal amount set
forth below (our “Member Organizations”) substantially in the form attached
hereto, as of the date hereof, [U.S.$]
                    principal amount of the above-captioned
Securities (i) is owned by person(s) that are not citizens or residents of the
United States, domestic partnerships, domestic corporations or any estate or
trust the income of which is subject to United States Federal income taxation
regardless of its source (“United States person(s)”), (ii) is owned by
United States person(s) that are (a) foreign branches of United States
financial institutions (financial institutions, as defined in U.S. Treasury
Regulations Section 1.165-12(c)(1)(v) are herein referred to as “financial
institutions”) purchasing for their own account or for resale, or (b)
United States person(s) who acquired the Securities through foreign branches of
United States financial institutions and who hold the Securities through such
United States financial institutions on the date hereof (and in either case (a)
or (b), each such financial institution has agreed, on its own behalf or
through its agent, that we may advise JetBlue Airways Corporation or its agent
that such financial institution will comply with the requirements of Section
165(j)(3)(A), (B) or (C) of the Internal Revenue Code of 1986, as amended, and
the regulations thereunder), or (iii) is owned by United States or foreign
financial institution(s) for purposes of resale during the restricted period
(as defined in United States Treasury Regulations Section
1.163-5(c)(2)(i)(D)(7)), and, to the further effect, that financial
institutions described in clause (iii) above (whether or not also described in
clause (i) or (ii)) have certified that they have not acquired the Securities
for purposes of resale directly or indirectly to a United States person or to a
person within the United States or its possessions.

 

As used herein, “United
States” means the United States of America (including the States and the
District of Columbia); and its “possessions” include Puerto Rico, the
U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana
Islands.

 

We further certify that
(i) we are not making available herewith for exchange (or, if relevant,
collection of any interest) any portion of the temporary global Security
representing the above-captioned Securities excepted in the above-referenced
certificates of Member Organizations and (ii) as of the date hereof we have not
received any notification from any of our Member Organizations to the effect that
the statements made by such Member Organizations 

 

 

with respect to any
portion of the part submitted herewith for exchange (or, if relevant,
collection of any interest) are no longer true and cannot be relied upon as of
the date hereof.

 

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

 

	
  Dated:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  [To be dated no earlier
  than the Exchange

  Date or the relevant Interest Payment Date

  occurring prior to the Exchange Date, as

  applicable]

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  [Euroclear
  Bank S.A./N.V.,] as

  
	
   

  	
   

  	
  Operator
  of the Euroclear System

  [Clearstream]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  

 

A-2-2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00061-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00061-of-00352.parquet"}]]