Document:

Exhibit 4.15

XL GROUP LTD.

as Issuer

XL GROUP PLC

as Guarantor

WELLS FARGO BANK, NATIONAL ASSOCIATION

as Trustee

	
  

 
	

 

 
	
  

 
	
 INDENTURE

 
	
  

 
	
 Dated as of [______]

 
	
  

 
	

 

 

Senior Debt Securities

          Reconciliation and tie between Trust
Indenture Act of 1939 and Indenture.

	
  

 	
  

 	
  

 	
  

 
	
 TRUST
 INDENTURE ACT SECTION

 	
  

 	
 INDENTURE
 SECTION

 
	

 

 	
  

 	

 

 
	
  

 	
  

 	
  

 	
  

 
	
 ss.310(a)

 	
  

 	
  

 	
 6.09

 
	
 (b)

 	
  

 	
  

 	
 6.08, 6.10

 
	
 (c)

 	
  

 	
  

 	
 Not
 Applicable

 
	
 ss.311(a)

 	
  

 	
  

 	
 6.13

 
	
 (b)

 	
  

 	
  

 	
 6.13

 
	
 (c)

 	
  

 	
  

 	
 Not
 Applicable

 
	
 ss.312(a)

 	
  

 	
  

 	
 7.01,
 7.02(a)

 
	
 (b)

 	
  

 	
  

 	
 7.02(b)

 
	
 (c)

 	
  

 	
  

 	
 7.02(c)

 
	
 ss.313(a)

 	
  

 	
  

 	
 7.03(a)

 
	
 (b)

 	
  

 	
  

 	
 7.03(b)

 
	
 (c)

 	
  

 	
  

 	
 7.03(b)

 
	
 (d)

 	
  

 	
  

 	
 7.03(c)

 
	
 ss.314(a)

 	
  

 	
  

 	
 7.04

 
	
 (b)

 	
  

 	
  

 	
 Not
 Applicable

 
	
 (c)

 	
  

 	
  

 	
 1.02

 
	
 (d)

 	
  

 	
  

 	
 Not
 Applicable

 
	
 (e)

 	
  

 	
  

 	
 1.02

 
	
 (f)

 	
  

 	
  

 	
 Not
 Applicable

 
	
 ss.315(a)

 	
  

 	
  

 	
 6.01

 
	
 (b)

 	
  

 	
  

 	
 6.02,
 7.03(b)

 
	
 (c)

 	
  

 	
  

 	
 6.01(b)

 
	
 (d)

 	
  

 	
  

 	
 6.01(c)

 
	
 (e)

 	
  

 	
  

 	
 5.14

 
	
 ss.316(a)

 	
 (1)

 	
  

 	
 5.12, 5.13

 
	
 (b)

 	
  

 	
  

 	
 5.08

 
	
 (c)

 	
  

 	
  

 	
 1.04(d)

 
	
 ss.317(a)

 	
 (1)

 	
  

 	
 5.03

 
	
 (b)

 	
  

 	
  

 	
 5.04

 
	
 (c)

 	
  

 	
  

 	
 10.03

 
	
 ss.318(a)

 	
  

 	
  

 	
 1.07

 
	
  

 	
  

 	
  

 	
  

 

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

TABLE OF
CONTENTS

	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 Page

 
	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE I

 
	
 DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 1.01.

 	
 Definitions

 	
  

 	
 1

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 1.02.

 	
 Compliance
 Certificates and Opinions

 	
  

 	
 7

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 1.03.

 	
 Form of
 Documents Delivered to Trustee

 	
  

 	
 7

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 1.04.

 	
 Acts of
 Holders

 	
  

 	
 8

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 1.05.

 	
 Notices,
 Etc., to Trustee, the Company and the Guarantor

 	
  

 	
 9

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 1.06.

 	
 Notice to
 Holders; Waiver

 	
  

 	
 9

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 1.07.

 	
 Conflict
 with Trust Indenture Act

 	
  

 	
 10

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 1.08.

 	
 Effect of
 Headings and Table of Contents

 	
  

 	
 10

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 1.09.

 	
 Successors
 and Assigns

 	
  

 	
 10

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 1.10.

 	
 Separability
 Clause

 	
  

 	
 10

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 1.11.

 	
 Benefits of
 Indenture

 	
  

 	
 10

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 1.12.

 	
 Governing
 Law; Waiver of Jury Trial

 	
  

 	
 10

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 1.13.

 	
 Legal
 Holidays

 	
  

 	
 10

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 1.14.

 	
 References
 to Currency

 	
  

 	
 10

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 1.15.

 	
 Force
 Majeure

 	
  

 	
 11

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 1.16.

 	
 USA PATRIOT
 Act

 	
  

 	
 11

 
	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE II

 
	
 SECURITY FORMS

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 2.01.

 	
 Forms
 Generally

 	
  

 	
 11

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 2.02.

 	
 Form of
 Trustee’s Certificate of Authentication

 	
  

 	
 11

 
	
  

 	
  

 	
  

 	
  

 
	
 Section 2.03.

 	
 Securities
 Issuable in the Form of a Global Security

 	
  

 	
 12

 
	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE III

 
	
 THE SECURITIES

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 3.01.

 	
 Amount
 Unlimited; Issuable in Series

 	
  

 	
 14

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 3.02.

 	
 Denominations

 	
  

 	
 16

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 3.03.

 	
 Execution,
 Authentication, Delivery and Dating

 	
  

 	
 16

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 3.04.

 	
 Temporary
 Securities

 	
  

 	
 17

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 3.05.

 	
 Registration,
 Registration of Transfer and Exchange

 	
  

 	
 18

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 3.06.

 	
 Mutilated,
 Destroyed, Lost and Stolen Securities

 	
  

 	
 19

 

-i-

TABLE OF
CONTENTS
(continued)

	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 Page

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 3.07.

 	
 Payment of
 Interest; Interest Rights Preserved

 	
  

 	
 20

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 3.08.

 	
 Persons
 Deemed Owners

 	
  

 	
 21

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 3.09.

 	
 Cancellation

 	
  

 	
 21

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 3.10.

 	
 Computation
 of Interest

 	
  

 	
 21

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 3.11.

 	
 CUSIP
 Numbers

 	
  

 	
 21

 
	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE IV

 
	
 SATISFACTION AND DISCHARGE

 
	
  

 	
  

 	
  

 	
  

 
	
 Section 4.01.

 	
 Satisfaction
 and Discharge of Indenture

 	
  

 	
 21

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 4.02.

 	
 Application
 of Trust Funds; Indemnification

 	
  

 	
 23

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 4.03.

 	
 Defeasance
 and Discharge of Indenture

 	
  

 	
 23

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 4.04.

 	
 Defeasance
 of Certain Obligations

 	
  

 	
 25

 
	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE V

 
	
 REMEDIES

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 5.01.

 	
 Events of
 Default

 	
  

 	
 26

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 5.02.

 	
 Acceleration
 of Maturity; Rescission and Annulment

 	
  

 	
 27

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 5.03.

 	
 Collection
 of Indebtedness and Suits For Enforcement By Trustee

 	
  

 	
 28

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 5.04.

 	
 Trustee May
 File Proofs of Claim

 	
  

 	
 29

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 5.05.

 	
 Trustee May
 Enforce Claims Without Possession of Securities

 	
  

 	
 30

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 5.06.

 	
 Application
 of Money Collected

 	
  

 	
 30

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 5.07.

 	
 Limitation
 on Suits

 	
  

 	
 30

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 5.08.

 	
 Unconditional
 Right of Holders to Receive Principal, Premium and Interest

 	
  

 	
 31

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 5.09.

 	
 Restoration
 of Rights and Remedies

 	
  

 	
 31

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 5.10.

 	
 Rights and
 Remedies Cumulative

 	
  

 	
 31

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 5.11.

 	
 Delay or
 Omission Not Waiver

 	
  

 	
 31

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 5.12.

 	
 Control by
 Holders

 	
  

 	
 31

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 5.13.

 	
 Waiver of
 Past Defaults

 	
  

 	
 32

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 5.14.

 	
 Undertaking
 for Costs

 	
  

 	
 32

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 5.15.

 	
 Waiver of
 Stay or Extension Laws

 	
  

 	
 33

 
	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE VI

 
	
 THE TRUSTEE

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 6.01.

 	
 Certain
 Duties and Responsibilities

 	
  

 	
 33

 

-ii-

TABLE OF
CONTENTS
(continued)

	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 Page

 
	
  

 	
  

 	
  

 	
  

 
	
 Section 6.02.

 	
 Notice of
 Defaults

 	
  

 	
 34

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 6.03.

 	
 Certain
 Rights of Trustee

 	
  

 	
 34

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 6.04.

 	
 Not
 Responsible for Recitals or Issuance of Securities

 	
  

 	
 36

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 6.05.

 	
 May Hold
 Securities

 	
  

 	
 36

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 6.06.

 	
 Money Held
 in Trust

 	
  

 	
 36

 
	
  

 	
  

 	
  

 	
  

 
	
 Section 6.07.

 	
 Compensation,
 Reimbursement and Indemnification

 	
  

 	
 36

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 6.08.

 	
 Disqualification;
 Conflicting Interests

 	
  

 	
 37

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 6.09.

 	
 Corporate
 Trustee Required; Eligibility

 	
  

 	
 37

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 6.10.

 	
 Resignation
 and Removal; Appointment of Successor

 	
  

 	
 37

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 6.11.

 	
 Acceptance
 of Appointment by Successor

 	
  

 	
 39

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 6.12.

 	
 Merger,
 Conversion, Consolidation or Succession to Business

 	
  

 	
 40

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 6.13.

 	
 Preferential
 Collection of Claims Against Company or Guarantor

 	
  

 	
 40

 
	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE VII

 
	
 HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 7.01.

 	
 Company to
 Furnish Trustee Names and Addresses of Holders

 	
  

 	
 40

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 7.02.

 	
 Preservation
 of Information; Communications to Holders

 	
  

 	
 41

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 7.03.

 	
 Reports by
 Trustee

 	
  

 	
 42

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 7.04.

 	
 Reports

 	
  

 	
 43

 
	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE VIII

 
	
 SUCCESSOR CORPORATION

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 8.01.

 	
 When Company
 or Guarantor May Merge or Transfer Assets

 	
  

 	
 44

 
	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE IX

 
	
 AMENDMENTS & SUPPLEMENTAL INDENTURES

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 9.01.

 	
 Amendments
 or Supplemental Indentures Without Consent of Holders

 	
  

 	
 45

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 9.02.

 	
 Amendments
 or Supplemental Indentures with Consent of Holders

 	
  

 	
 46

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 9.03.

 	
 Execution of
 Supplemental Indentures

 	
  

 	
 48

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 9.04.

 	
 Effect of
 Supplemental Indentures

 	
  

 	
 48

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 9.05.

 	
 Conformity
 with Trust Indenture Act

 	
  

 	
 48

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 9.06.

 	
 Reference in
 Securities to Supplemental Indentures

 	
  

 	
 48

 
	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE X

 
	
 COVENANTS

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 10.01.

 	
 Payment of
 Principal, Premium and Interest

 	
  

 	
 48

 

-iii-

TABLE OF
CONTENTS
(continued)

	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 Page

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 10.02.

 	
 Maintenance
 of Office or Agency

 	
  

 	
 48

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 10.03.

 	
 Money for
 Securities; Payments to Be Held in Trust

 	
  

 	
 49

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 10.04.

 	
 Corporate
 Existence

 	
  

 	
 50

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 10.05.

 	
 Maintenance
 of Properties

 	
  

 	
 50

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 10.06.

 	
 Statement by
 Officers as to Default

 	
  

 	
 51

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 10.07.

 	
 Waiver of
 Certain Covenants

 	
  

 	
 51

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 10.08.

 	
 Calculation
 of Original Issue Discount

 	
  

 	
 51

 
	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE XI

 
	
 THE GUARANTEE

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 11.01.

 	
 Unconditional
 Guarantee

 	
  

 	
 51

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 11.02.

 	
 Guarantee
 for the Benefit of the Holders

 	
  

 	
 53

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 11.03.

 	
 Waiver of
 Subrogation

 	
  

 	
 53

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 11.04.

 	
 No
 Suspension of Remedies

 	
  

 	
 53

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 11.05.

 	
 Termination

 	
  

 	
 53

 
	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE XII

 
	
 REDEMPTION OF SECURITIES

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 12.01.

 	
 Applicability
 of Article

 	
  

 	
 54

 
	
  

 	
  

 	
  

 	
  

 
	
 Section 12.02.

 	
 Election to
 Redeem; Notice to Trustee

 	
  

 	
 54

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 12.03.

 	
 Selection by
 Trustee of Securities to Be Redeemed

 	
  

 	
 54

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 12.04.

 	
 Notice of
 Redemption

 	
  

 	
 54

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 12.05.

 	
 Deposit of
 Redemption Price

 	
  

 	
 55

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 12.06.

 	
 Securities Payable
 on Redemption Date

 	
  

 	
 55

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 12.07.

 	
 Securities
 Redeemed in Part

 	
  

 	
 56

 
	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE XIII

 
	
 SINKING FUNDS

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 13.01.

 	
 Applicability
 of Article

 	
  

 	
 56

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 13.02.

 	
 Satisfaction
 of Sinking Fund Payments with Securities

 	
  

 	
 57

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 13.03.

 	
 Redemption
 of Securities for Sinking Fund

 	
  

 	
 57

 

-iv-

          INDENTURE,
dated as of [_____], among XL Group Ltd., a Cayman Islands exempted company
(herein called the “Company” or the “Issuer”), having its
principal office at XL House, One Bermudiana Road, Hamilton, HM 08, Bermuda, XL
Group plc, an Irish public limited company (herein called the “Guarantor”),
having its principal office at No. 1 Hatch Street Upper, 4th Floor, Dublin 2,
Ireland and Wells Fargo Bank, National Association, a national banking
association, as trustee hereunder (herein called the “Trustee”).

RECITALS OF THE COMPANY

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

          The
Guarantor has duly authorized the execution and delivery of this Indenture to
provide for its Guarantee of the Securities as in this Indenture provided. 

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

NOW, THEREFORE, THIS INDENTURE WITNESSETH:

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

ARTICLE I

DEFINITIONS AND OTHER PROVISIONS OF

GENERAL APPLICATION

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

	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

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

 

	
  

 	
  

 
	
  

 	
           (4)
 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)
 all references used herein to the male gender shall include the female
 gender.

 

          “Act”
when used with respect to any Holder, has the meaning specified in Section
1.04.

          “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.

          “Board
of Directors” when used with reference to the Company or the Guarantor
means either the board of directors of the Company or the Guarantor, as the
case may be, or any duly authorized committee of such board duly authorized to
act hereunder.

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

          “Business
Day” means, with respect to any Securities, a day that in the City of New
York or in any Place of Payment is not a day on which banking institutions are
authorized by law or regulation to close.

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

          “Certificated
Securities” means Securities that are in registered definitive form.

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

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

          “Company
Request” or “Company Order” means a written request or order signed
in the name of the Company by its chairman of the board, a vice chairman, its
president or a vice 

2

president, and by its treasurer, an assistant treasurer,
its secretary or an assistant secretary, and delivered to the Trustee.

          “Corporate
Trust Office” means the principal office of the Trustee at which at any
particular time the trust created by this Indenture shall be administered,
which office, at the time of the execution of this Indenture, is located at 45
Broadway, 14th Floor, New York, New York 10006, or any office of
Trustee or any successor Trustee as may be designated in writing.

          “Covenant
Defeasance” has the meaning specified in Section 4.04.

          “Defaulted
Interest” has the meaning specified in Section 3.07.

          “Depositary”
means, unless otherwise specified by the Company pursuant to either Section
2.03 or 3.01, with respect to Securities of any series issuable or issued as a
Global Security, The Depository Trust Company, New York, New York, or any
successor thereto registered under the Securities Exchange Act of 1934, as
amended, or other applicable statute or regulation.

          “Guarantee”
means the guarantee of the Company’s obligations under a given series of
Securities by the Guarantor as provided in Article XI of this Indenture. 

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

          “Event
of Default” has the meaning specified in Section 5.01.

          “Global
Security” means a Security issued to evidence all or a part of any series
of Securities which is executed by the Company and authenticated and delivered
by the Trustee to the Depositary or its custodian or pursuant to the
Depositary’s instruction, all in accordance with this Indenture and pursuant to
a Company Order, which shall be registered in the name of the Depositary or its
nominee.

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

          “Holder
Action” has the meaning specified in Section 7.02(d).

          “Indenture”
means this instrument as originally executed or as it may from time to time be
supplemented or amended by one or more amendments or 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 3.01.

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

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

3

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

          
“Mandatory Sinking Fund Payment” has the meaning specified in Section
13.01.

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

          “Officers’
Certificate” means a certificate signed by the chairman of the board, the
president or a vice president, and by the treasurer, an assistant treasurer,
the secretary or an assistant secretary of the Company, and delivered to the
Trustee.

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

          “Optional
Sinking Fund Payment” has the meaning specified in Section 13.01.

          “Original
Issue Discount Security” means any Security which provides for an amount
less than the principal amount thereof to be due and payable upon a declaration
of acceleration of the Maturity thereof pursuant to Section 5.02.

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

	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

 	
           (iii)
 Securities which have been paid pursuant to Section 3.06 or in exchange for
 or in lieu of which other Securities have been authenticated and delivered
 pursuant to this Indenture, other than any such Securities in respect of
 which there shall have been presented to the Trustee proof satisfactory to it
 that such Securities are held by a bona fide purchaser in whose hands such
 Securities are valid obligations of the Company;

 

provided, however, that in determining
whether the Holders of the requisite principal amount of the Outstanding
Securities have given any request, demand, authorization, direction, notice,

4

consent or
waiver hereunder, Securities owned by the Company or any other obligor upon the
Securities or any Affiliate of the Company or of such other obligor shall be
disregarded and deemed not to be Outstanding, except that, in determining
whether the Trustee shall be protected in relying upon any such request,
demand, authorization, direction, notice, consent 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 so to act with respect to such Securities
and that the pledgee is not the Company or any other obligor upon the
Securities or any Affiliate of the Company or of such other obligor. In case of
a dispute as to such right, any decision by the Trustee shall be full
protection to the Trustee. Upon request of the Trustee, the Company shall
furnish to the Trustee promptly an Officers’ Certificate listing and
identifying all Securities, if any, known by the Company to be owned or held by
or for the account of any of the above-described persons; and, subject to
Section 6.01, the Trustee shall be entitled to accept such Officers’
Certificate as conclusive evidence of the facts therein set forth and of the
fact that all Securities not listed therein are Outstanding for the purposes of
any such determination.

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

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

          “Place
of Payment,” when used with respect to the Securities of any series, means
the place or places where the principal of (and premium, if any) and interest
on the Securities of that series are payable as specified as contemplated by
Section 3.01.

          “Predecessor
Security” of any particular Security means every previous Security
evidencing all or a portion of the same debt as that evidenced by such
particular Security; and, for the purposes of this definition, any Security
authenticated and delivered under Section 3.06 in exchange for or in lieu of a
mutilated, destroyed, lost or stolen Security shall be deemed to evidence the
same debt as the mutilated, destroyed, lost or stolen Security.

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

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

          “Regular
Record Date” for the interest payable on any Interest Payment Date on the
Securities of any series means the date specified for that purpose as
contemplated by Section 3.01.

          “Responsible
Officer” shall mean, when used with respect to the Trustee, any officer
within the corporate trust department of the Trustee, including any vice
president, assistant vice president, assistant secretary, assistant treasurer,
trust officer or any other officer of the Trustee who customarily performs
functions similar to those performed by the Persons who at the time

5

shall be such
officers, respectively, or to whom any corporate trust matter is referred
because of such Person’s knowledge of and familiarity with the particular
subject and who shall have direct responsibility for the administration of this
Indenture.

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

          “Security
Register” and “Security Registrar” have the respective meanings
specified in Section 3.05.

          “Special
Record Date” for the payment of any Defaulted Interest means a date fixed
by the Trustee pursuant to Section 3.07.

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

          “Subsidiary”
means, with respect to any Person:

	
  

 	
  

 
	
  

 	
           (1)
 any corporation or company a majority of whose Capital Stock with voting
 power, under ordinary circumstances, to elect directors is, at the date of
 determination, directly or indirectly, owned by such Person (a “subsidiary”),
 by one or more subsidiaries of such Person or by such Person and one or more
 subsidiaries of such Person;

 
	
  

 	
  

 
	
  

 	
           (2)
 a partnership in which such Person or a subsidiary of such Person is, at the
 date of determination, a general partner of such partnership; or

 
	
  

 	
  

 
	
  

 	
           (3)
 any partnership, limited liability company or other Person in which such
 Person, a subsidiary of such Person or such Person and one or more
 subsidiaries of such Person, directly or indirectly, at the date of
 determination, has (x) at least a majority ownership interest or (y) the
 power to elect or appoint or direct the election or appointment of the
 managing partner or member of such Person or, if applicable, a majority of
 the directors or other governing body of such Person.

 

          “Trust
Indenture Act” means the Trust Indenture Act of 1939, as amended, and in
force at the date as of which this instrument was executed, except as provided
in Section 9.05.

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

          “U.S.
Government Obligations” means securities which are (i) direct obligations
of the United States of America for the payment of which its full faith and
credit is pledged or (ii) obligations of a Person controlled or supervised by
and acting as an agency or instrumentality of 

6

the United
States of America the payment of which is unconditionally guaranteed as to the
timely payment of principal and interest as a full faith and credit obligation
by the United States of America, 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 which is a member of the
Federal Reserve System and having a combined capital and surplus of at least
$50,000,000 as custodian with respect to any such obligation evidenced by such
depository receipt or a specific payment of interest on or principal of any
such 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 obligation set forth in (i) or (ii) above or the specific
payment of interest on or principal of such obligation evidenced by such
depository receipt.

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

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

	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

 	
           (3)
 a statement that, in the opinion of each such Person, such Person 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 Person, such condition
 or covenant has been complied with.

 

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

7

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

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

          Section
1.04. 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 may be
embodied in and evidenced by one or more instruments of substantially similar
tenor signed by such Holders in person or by an agent duly appointed in
writing; and, except as herein otherwise expressly provided, such action shall
become effective when such instrument or instruments are received by the
Trustee and, where it is hereby expressly required, to the Company. Such
instrument or instruments (and the action embodied therein and evidenced
thereby) are herein sometimes referred to as the “Act” of the Holders
signing such instrument or instruments. Proof of execution of any such
instrument or of a writing appointing any such agent shall be sufficient for
any purpose of this Indenture and (subject to Section 6.01) conclusive in favor
of the Trustee, the Company and the Guarantor, if made in the manner provided
in this Section 1.04.

                    (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 accordance with
such reasonable rules and regulations as may be prescribed by the Trustee or in
any reasonable manner which the Trustee deems sufficient.

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

                    (d)
If the Company shall solicit from the Holders any request, demand,
authorization, direction, notice, consent, waiver or other Act, the Company
may, at its option, by or pursuant to a Board Resolution, fix in advance a
record date for the determination of Holders entitled to give such request,
demand, authorization, direction, notice, consent, waiver or other Act, but the
Company shall have no obligation to do so. Notwithstanding Trust Indenture Act
Section 316(c), such record date shall be the record date specified in or
pursuant to such Board Resolution, which shall be a date not earlier than the
date 30 days prior to the first solicitation of Holders generally in connection
therewith and not later than the date such solicitation is completed. If such a
record date is fixed, such request, demand, authorization, direction, notice,
consent, waiver or other Act may be given before or after such record date, but
only the Holders of record at the close of business on such record date shall
be deemed to be Holders for the purposes of determining whether Holders of the
requisite proportion of Outstanding Securities

8

shall be
computed as of such record date; provided, however, that no such
authorization, agreement or consent by such 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.

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

          Section
1.05. Notices, Etc., to Trustee, the Company and the Guarantor. 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, the Company or the Guarantor shall be sufficient
 for every purpose hereunder if made, given, furnished or filed in writing
 (including a facsimile transmission) to or with the Trustee at its Corporate
 Trust Office, Attention: Corporate Trust Services – Administrator – XL Group
 PLC, 

 
	
  

 	
  

 
	
  

 	
           (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
 (including a facsimile transmission) and mailed, first-class postage prepaid,
 to the Company, addressed to it at the address of its principal office
 specified in the first paragraph of this instrument or at any other address
 previously furnished in writing to the Trustee by the Company, to the
 attention of the secretary of the Company, or 

 
	
  

 	
  

 
	
  

 	
           (3)
 the Guarantor by the Trustee or by any Holder shall be sufficient for every
 purpose hereunder (unless otherwise herein expressly provided) if in writing
 (including a facsimile transmission) and mailed, first-class postage prepaid,
 to the Guarantor, addressed to it at the address of its principal office
 specified in the first paragraph of this instrument or at any other address previously
 furnished in writing to the Trustee by the Guarantor, to the attention of the
 general counsel of the Guarantor. 

 

          Section
1.06. Notice to Holders; Waiver. Where this Indenture provides for
notice to Holders of any event, such notice shall be sufficiently given (unless
otherwise herein expressly provided) if in writing and mailed, first-class
postage prepaid, to each Holder affected by such event, at his address as it
appears in the Security Register, not later than the latest date, and not
earlier than the earliest date, prescribed for the giving of such notice
hereunder. In any case where notice to Holders is given by mail, neither the
failure to mail such notice, nor any defect in any notice so mailed, to any
particular Holder shall affect the sufficiency of such notice with respect to
other Holders. Where this Indenture provides for notice in any manner, such
notice may be waived in writing by the Person entitled to receive such notice,
either before or after the event, and such waiver shall be the equivalent of
such notice. Waivers of notice by Holders shall be filed with the Trustee, but
such filing shall not be a condition precedent to the validity of any action
taken in reliance upon such waiver.

9

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

          Section
1.07. Conflict with Trust Indenture Act. If any provision hereof limits,
qualifies or conflicts with another provision which is required or deemed to be
included in this Indenture by any of the provisions of the Trust Indenture Act,
such required or deemed provision shall control.

          Section
1.08. 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
1.09. Successors and Assigns. All covenants and agreements in this
Indenture by the Company and the Guarantor shall bind their successors and
assigns, whether so expressed or not.

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

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

          Section
1.12. Governing Law; Waiver of Jury Trial. This Indenture and the
Securities shall be governed by and construed in accordance with the laws of
the State of New York, and for all purposes will be construed in accordance
with the laws of said State without giving effect to principles of conflicts of
laws of such State.

          EACH
OF THE COMPANY, THE GUARANTOR AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY
IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE
SECURITIES OR THE TRANSACTION CONTEMPLATED HEREBY.

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

          Section
1.14. References to Currency. All references in this Indenture to
“dollars” or “$” are to the currency of the United States of America.

10

          Section
1.15. Force Majeure. In no event shall the Trustee be responsible or
liable for any failure or delay in the performance of its obligations hereunder
arising out of or caused by, directly or indirectly, forces beyond its control,
including, without limitation, strikes, work stoppages, accidents, acts of war
or terrorism, civil or military disturbances, nuclear or natural catastrophes
or acts of God, and interruptions, loss or malfunctions of utilities,
communications or computer (software and hardware) services; it being
understood that the Trustee shall use reasonable efforts which are consistent
with accepted practices in the banking industry to resume performance as soon
as practicable under the circumstances.

          Section
1.16. USA PATRIOT Act. The parties hereto acknowledge that in accordance
with Section 326 of the USA PATRIOT Act, the Trustee, like all financial
institutions and in order to help fight the funding of terrorism and money
laundering, is required to obtain, verify, and record information that
identifies each person or legal entity that establishes a relationship or opens
an account with the Trustee. The parties to this Indenture agree that they will
provide the Trustee with such information as it may request in order for the
Trustee to satisfy the requirements of the USA PATRIOT Act.

ARTICLE II

SECURITY FORMS

          Section
2.01. Forms Generally. The Securities of each series shall be in
substantially the forms established in one or more indentures supplemental
hereto or approved from time to time by or pursuant to a Board Resolution of
the Company in accordance with Section 3.01, in each case with such appropriate
insertions, omissions, substitutions and other variations as are required or
permitted by this Indenture and any indenture supplemental hereto, and may have
such letters, numbers or other marks of identification and such legends or
endorsements placed thereon as may be required to comply with the rules of any
securities exchange or securities regulatory authority or as may, consistently
herewith, be determined by the officers executing such Securities, as evidenced
by their execution of the Securities. If the form of Securities of any series
is established by action taken pursuant to a Board Resolution, a copy of an
appropriate record of such action shall be certified by the secretary or an
assistant secretary of the Company and delivered to the Trustee at or prior to
the delivery of the Company Order contemplated by Section 3.03 for the
authentication and delivery of such Securities.

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

          Section
2.02. Form of Trustee’s Certificate of Authentication. The Trustee’s
certificate of authentication required by this article shall be in
substantially the form set forth below:

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

11

	
  

 	
  

 
	
  

 	
 WELLS FARGO BANK, NATIONAL ASSOCIATION,

 
	
  

 	
 as Trustee 

 
	
  

 	
  

 
	
  

 	
 By:

 
	
  

 	
  

 
	
  

 	

 

 
	
  

 	
 Authorized
 Signatory

 

          Section
2.03. Securities Issuable in the Form of a Global Security.

                    (a)
If the Issuer shall establish pursuant to Sections 2.01 and 3.01 that the
Securities of a particular series are to be issued in whole or in part in the
form of one or more Global Securities, then the Issuer shall execute and the
Trustee shall, in accordance with Section 3.03 and the Company Order delivered
to the Trustee thereunder, authenticate and deliver, such Global Security or
Securities, which (i) shall represent, and shall be denominated in an amount
equal to the aggregate principal amount of, the Outstanding Securities of such
series to be represented by such Global Security or Securities, (ii) shall be
registered in the name of the Depositary for such Global Security or Securities
or its nominee, (iii) shall be delivered by the Trustee to the Depositary or
its custodian or pursuant to the Depositary’s instruction and (iv) shall bear a
legend substantially to the following effect: “UNLESS AND UNTIL IT IS EXCHANGED
IN WHOLE OR IN PART FOR THE INDIVIDUAL SECURITIES REPRESENTED HEREBY, THIS
GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE (I) BY THE DEPOSITARY
TO A NOMINEE OF THE DEPOSITARY OR (II) BY A NOMINEE OF THE DEPOSITARY OR THE
DEPOSITARY TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.
UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) TO THE ISSUER OR
ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND
ANY PAYMENT IS MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED
OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.”

                    (b)
Notwithstanding any other provision of this Section 2.03 or of Section 3.05,
unless the terms of a Global Security expressly permit such Global Security to
be exchanged in whole or in part for individual Securities, a Global Security
may be transferred, in whole but not in part and in the manner provided in
Section 3.05, only to another nominee of the Depositary for such Global
Security, or to a successor Depositary for such Global Security selected or
approved by the Issuer or to a nominee of such successor Depositary.

                    (c)
(i) If at any time the Depositary for a Global Security notifies the Issuer
that it is unwilling or unable to continue as Depositary for such Global
Security or if at any time 

12

the Depositary
for the Securities for such series shall no longer be eligible or in good
standing under the Securities Exchange Act of 1934, as amended, or other
applicable statute or regulation, the Issuer shall appoint a successor
Depositary with respect to such Global Security. If a successor Depositary for
such Global Security is not appointed by the Issuer within 90 days after the
Issuer receives such notice or becomes aware of such ineligibility, the Issuer
will execute a Company Order for the authentication and delivery of individual
Securities of such series in exchange for such Global Security, and the
Trustee, upon receipt of such Company Order, will authenticate and deliver
individual Securities of such series of like tenor and terms in definitive form
in an aggregate principal amount equal to the principal amount of the Global
Security in exchange for such Global Security.

	
  

 	
  

 
	
  

 	
           (ii)
 If an Event of Default shall have occurred and be continuing or an event
 shall have occurred which with the giving of notice or lapse of time or both
 would constitute an Event of Default with respect to the Securities
 represented by such Global Security, the Trustee, upon receipt of a Company
 Order for the authentication and delivery of individual Securities of such
 series in exchange for such Global Security, will authenticate and deliver
 individual Securities of such series of like tenor and terms in definitive
 form in an aggregate principal amount equal to the principal amount of the
 Global Security in exchange for such Global Security.

 
	
  

 	
  

 
	
  

 	
           (iii)
 If specified by the Issuer pursuant to Section 3.01 with respect to
 Securities issued or issuable in the form of a Global Security, the
 Depositary for such Global Security may surrender such Global Security in
 exchange in whole or in part for individual Securities of such series of like
 tenor and terms in definitive form on such terms as are acceptable to the
 Issuer and such Depositary. Thereupon the Issuer shall execute, and the
 Trustee shall authenticate and deliver, without service charge, (1) to each
 Person specified by such Depositary a new Security or Securities of the same
 series of like tenor and terms in definitive form and of any authorized
 denomination of $2,000 and any integral multiple of $1,000 in excess thereof
 as requested by such Person in aggregate principal amount equal to and in
 exchange for such Person’s beneficial interest in the Global Security; and
 (2) to such Depositary a new Global Security of like tenor and terms and in a
 denomination equal to the difference, if any, between the principal amount of
 the surrendered Global Security and the aggregate principal amount of
 individual Securities delivered to Holders thereof.

 
	
  

 	
  

 
	
  

 	
           (iv)
 In any exchange provided for in any of the preceding three paragraphs, the
 Issuer will execute and the Trustee will authenticate and deliver individual
 Securities in definitive registered form in authorized denominations of
 $2,000 and any integral multiple of $1,000 in excess thereof. Upon the
 exchange of a Global Security for individual Securities, such Global Security
 shall be cancelled by the Trustee. Securities issued in exchange for a Global
 Security pursuant to this Section 2.03 shall be registered in such names and
 in such authorized denominations as the Depositary for such Global Security,
 pursuant to instructions from its direct or indirect participants or
 otherwise, shall instruct the 

 

13

	
  

 	
  

 
	
  

 	
 Trustee. The
 Trustee shall deliver such Securities to the persons in whose names such
 Securities are so registered.

 

ARTICLE III

THE SECURITIES

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

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

	
  

 	
  

 
	
  

 	
           (1)
 any limit upon the aggregate principal amount of the Securities of the series
 which may be authenticated and delivered under this Indenture (except for
 Securities authenticated and delivered upon registration of transfer of, or
 in exchange for, or in lieu of, other Securities of the series pursuant to
 Section 2.03, 3.04, 3.05, 3.06, 9.06 or 12.07);

 
	
  

 	
  

 
	
  

 	
           (2)
 the issue price, expressed as a percentage of the aggregate principal amount;

 
	
  

 	
  

 
	
  

 	
           (3)
 the date or dates on which the principal of the Securities of the series is
 payable;

 
	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

 	
           (5)
 the obligation, if any, of the Company to redeem, repay or repurchase
 Securities of the series pursuant to any sinking fund or analogous provisions
 or at the option of a Holder thereof and the period or periods within which,
 the price or prices at which and the terms and conditions upon which
 Securities of the series shall be redeemed, repaid or repurchased, in whole
 or in part, pursuant to such obligation;

 
	
  

 	
  

 
	
  

 	
           (6)
 the period of periods within which, the price or prices or ratios at which
 and the terms and conditions upon which Securities of the series may be
 redeemed, converted or exchanged, in whole or in part;

 
	
  

 	
  

 
	
  

 	
           (7)
 if other than denominations of $2,000 and any integral multiple of $1,000 in
 excess thereof, the denominations in which Securities of the series shall be
 issuable;

 
	
  

 	
  

 
	
  

 	
           (8)
 if other than the full principal amount, the portion of the principal amount
 of Securities of the series which will be payable upon declaration of
 acceleration or provable in bankruptcy;

 

14

	
  

 	
  

 
	
  

 	
           (9)
 any events of default not set forth in this Indenture;

 
	
  

 	
  

 
	
  

 	
           (10)
 the currency or currencies, including composite currencies, in which payment
 of the principal of (and premium, if any) and interest, if any, on such
 Securities shall be payable (if other than the currency of the United States
 of America), which unless otherwise specified shall be the currency of the
 United States of America as at the time of payment is legal tender for
 payment of public or private debts;

 
	
  

 	
  

 
	
  

 	
           (11)
 if the principal of (and premium, if any), or interest, if any, on such
 Securities are to be payable, at the election of the Company or any Holder
 thereof, in a coin or currency other than that in which such Securities are
 stated to be payable, then the period or periods within which, and the terms
 and conditions upon which, such election may be made;

 
	
  

 	
  

 
	
  

 	
           (12)
 whether interest will be payable in cash or additional Securities at the
 Company’s or the Holders’ option and the terms and conditions upon which the
 election may be made;

 
	
  

 	
  

 
	
  

 	
           (13)
 if such Securities are to be denominated in a currency or currencies,
 including composite currencies, other than the currency of the United States
 of America, the equivalent price in the currency of the United States of
 America for purposes of determining the voting rights of Holders of such
 Securities as Outstanding Securities under this Indenture;

 
	
  

 	
  

 
	
  

 	
           (14)
 if the amount of payments of principal of (and premium, if any), or portions
 thereof, or interest, if any, on such Securities may be determined with
 reference to an index, formula or other method based on a coin or currency
 other than that in which such Securities are stated to be payable, the manner
 in which such amounts shall be determined;

 
	
  

 	
  

 
	
  

 	
           (15)
 any restrictive covenants or other material terms relating to the offered
 debt securities, which covenants and terms shall not be inconsistent with the
 provisions of this Indenture;

 
	
  

 	
  

 
	
  

 	
           (16)
 whether the Securities of the series shall be issued in whole or in part in
 the form of a Global Security or Securities; the terms and conditions, if
 any, upon which such Global Security or Securities may be exchanged in whole
 or in part for other individual Securities; and the Depositary for such
 Global Security or Securities;

 
	
  

 	
  

 
	
  

 	
           (17)
 any listing of such Securities on any securities exchange;

 
	
  

 	
  

 
	
  

 	
           (18)
 additional or alternative provisions, if any, related to defeasance and
 discharge of the offered debt securities;

 
	
  

 	
  

 
	
  

 	
           (19)
 the applicability of any additional guarantees;

 
	
  

 	
  

 
	
  

 	
           (20)
 if convertible or exchangeable for other securities, the terms on which such
 Securities are convertible or exchangeable, including the initial conversion
 or

 

15

	
  

 	
  

 
	
  

 	
 exchange
 price, the conversion or exchange period, any events requiring an adjustment
 of the applicable conversion or exchange price and any requirements relating
 to the reservation of securities for purposes of conversion in the case of
 convertible securities;

 
	
  

 	
  

 
	
  

 	
           (21)
 provisions, if any, granting special rights to the Holders of Securities of
 the series upon the occurrence of such events as may be specified;

 
	
  

 	
  

 
	
  

 	
           (22)
 each initial Place of Payment; and

 
	
  

 	
  

 
	
  

 	
           (23)
 any other terms of the series, which terms shall not be inconsistent with the
 provisions of this Indenture.

 

          All
Securities of any one series shall be substantially identical except as to
denomination and except as may otherwise be provided in or pursuant to such
Board Resolution and set forth in such Officers’ Certificate or in any such
indenture supplemental hereto.

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

          Section
3.02. Denominations. The Securities of each series shall be issuable in
registered form without coupons in such denominations as shall be specified as
contemplated by Section 3.01. In the absence of any such provisions with
respect to the Securities of any series, the Securities of such series shall be
issuable in denominations of $2,000 and any integral multiple of $1,000 in
excess thereof.

          Section
3.03. Execution, Authentication, Delivery and Dating. The Securities
shall be executed on behalf of the Company by any two of the following
individuals: any member of its Board of Directors, its president, treasurer,
any of its corporate secretaries, assistant secretary or any of its vice
presidents. The signature of any of these individuals on the Securities may be
manual, facsimile or electronic (including “.pdf” format).

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

          At
any time and from time to time after the execution and delivery of this
Indenture, the Company may deliver Securities of any series executed by the
Company to the Trustee for authentication, together with a Company Order for
the authentication and delivery of such Securities, and the Trustee, in
accordance with the Company Order, shall authenticate and deliver such
Securities. If the form or terms of the Securities of the series have been
established in or pursuant to one or more Board Resolutions as permitted by
Sections 2.01 and 3.01, or by one or more indentures supplemental hereto as
provided by Section 9.01, in authenticating such Securities, and accepting the
additional responsibilities under this Indenture in relation to such 

16

Securities,
the Trustee shall be entitled to receive, and (subject to Section 6.01) shall
be fully protected in relying upon, an Opinion of Counsel stating,

                    (a)
that such form has been established in conformity with the provisions of this
Indenture;

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

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

                    (d)
that all laws and requirements in respect of the execution and delivery by the
Company of the Securities have been complied with; and

                    (e)
the items set forth in Section 1.02 hereof and such other matters as the Trustee
may reasonably request.

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

          Each
Security shall be dated the date of its authentication unless otherwise
provided by the terms established and contemplated by Section 3.01.

          No
Security shall be entitled to any benefit under this Indenture or be valid or
obligatory for any purpose unless there appears on such Security a certificate
of authentication substantially in the form provided for herein executed by the
Trustee by manual signature, and such certificate upon any Security shall be
conclusive evidence, and the only evidence, that such Security has been duly
authenticated and delivered hereunder and is entitled to the benefits of this
Indenture.

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

          If
temporary Securities of any series are issued, the Company will cause
definitive Securities of that series to be prepared without unreasonable delay.
After the preparation of definitive Securities of such series, the temporary
Securities of such series shall be exchangeable for definitive Securities of
such series upon surrender of the temporary Securities of such series 

17

at the office
or agency of the Company in a Place of Payment for that series, without charge
to the Holder. Upon surrender for cancellation of any one or more temporary
Securities of any series the Company shall execute and the Trustee shall
authenticate and deliver in exchange therefor a like principal amount of
definitive Securities of the same series of authorized denominations. 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.

          Section
3.05. Registration, Registration of Transfer and Exchange. The Company
shall cause to be kept at one of its offices or agencies maintained pursuant to
Section 10.02 or at the office of the Security Registrar a register (the
register maintained in such office and in any other office or agency of the
Company in a Place of Payment being herein sometimes collectively referred to
as the “Security Register”) in which, subject to Section 2.03 and to
such reasonable regulations as it may prescribe, the Company shall provide for
the registration of Securities and of transfers of Securities. The Trustee
initially is hereby appointed “Security Registrar” for the purpose of
registering Securities and transfers of Securities as herein provided. The
Company may act as Security Registrar and may change or appoint a Security
Registrar without prior notice to Holders or to the Trustee.

          Subject
to Section 2.03, upon surrender for registration of transfer of any Security of
any series at the office or agency in a Place of Payment for that series, the
Company shall execute, and the Trustee shall authenticate and deliver, in the
name of the designated transferee or transferees, one or more new Securities of
the same series, of any authorized denominations and of a like aggregate
principal amount and tenor.

          Subject
to Section 2.03, at the option of the Holder, Securities of any series may be
exchanged for other Securities of the same series, of any authorized
denominations and of a like aggregate principal amount and tenor, upon
surrender of the Securities to be exchanged at such office or agency. Whenever
any Securities are so surrendered for exchange, the Company shall execute, and
the Trustee shall authenticate and deliver, the Securities which the Holder
making the exchange is entitled to receive.

          Subject
to Section 2.03, 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.

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

          No
service charge shall be made for any registration of transfer or exchange of
Securities, but the Company may require payment of a sum sufficient to cover
any tax or other governmental charge that may be imposed in connection with any
registration of transfer or exchange of Securities, other than exchanges
pursuant to Section 2.03, 3.04, 9.06 or 12.07 not involving any transfer.

18

          The
Company shall not be required (i) to issue, register the transfer of or exchange
Securities of any series during a period beginning at the opening of business
15 days before the day of the mailing of a notice of redemption of Securities
of that series selected for redemption (under Section 12.03) and ending at the
close of business on the day of such mailing, or (ii) to register the transfer
of or exchange any Security so selected for redemption in whole or in part,
except the unredeemed portion of any Security being redeemed in part.

          Each
Holder of a Security agrees to indemnify the Company, the Guarantor and the
Trustee against any liability that may result from the transfer, exchange or
assignment of such Holder’s Security in violation of any provision of this
Indenture and/or applicable United States federal or state securities law.

          The
Trustee shall have no obligation or duty to monitor, determine or inquire as to
compliance with any restrictions on transfer imposed under this Indenture or
under applicable law with respect to any transfer of any interest in any
Security (including any transfers between or among depositary participants or
beneficial owners of interests in any Global Security) other than to require
delivery of such certificates and other documentation or evidence as are
expressly required by, and to do so if and when expressly required by the terms
of, this Indenture, and to examine the same to determine substantial compliance
as to form with the express requirements hereof.

          Neither
the Trustee nor any agent shall have any responsibility for any actions taken
or not taken by the Depositary.

          Section
3.06. Mutilated, Destroyed, Lost and Stolen Securities. If there shall
be delivered to the Company and the Trustee (i)(A) any mutilated Security or
(B) evidence to their satisfaction of the destruction, loss or theft of any
Security and (ii) such security or indemnity as may be required by them to hold
each of them and any agent of either of them harmless, then, in the absence of
notice to the Company or the Trustee that such Security has been acquired by a
bona fide purchaser, the Company shall execute and upon its written request the
Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or
stolen Security or in exchange for such mutilated Security, a new Security of
the same series and of like tenor and principal amount and bearing a number not
contemporaneously outstanding.

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

          Upon
the issuance of any new Security under this Section 3.06, 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, which shall include any
attorney’s fees and expenses) connected therewith.

          Every
new Security of any series issued pursuant to this Section 3.06 in lieu of any
destroyed, lost or stolen Security or in exchange for such mutilated Security,
shall constitute an original additional contractual obligation of the Company,
whether or not the mutilated, destroyed, lost or stolen Security shall be at
any time enforceable by anyone, and shall be entitled 

19

to all the
benefits of this Indenture equally and proportionately with any and all other
Securities of that series duly issued hereunder.

          The
provisions of this Section 3.06 are exclusive and shall preclude (to the extent
lawful) all other rights and remedies with respect to the replacement or
payment of mutilated, destroyed, lost or stolen Securities.

          Section
3.07. Payment of Interest; Interest Rights Preserved. Interest on any
Security which is payable, and is punctually paid or duly provided for, on any
Interest Payment Date shall be paid to the Person in whose name that Security
(or one or more Predecessor Securities) is registered at the close of business
on the Regular Record Date for such interest.

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

	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

 	
           (2)
 The Company may make payment of any Defaulted Interest on the Securities of
 any series in any other lawful manner not inconsistent with the requirements
 of any securities exchange on which 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 

 

20

	
  

 	
  

 
	
  

 	
 Trustee of
 the proposed payment pursuant to this clause, such manner of payment shall be
 deemed practicable by the Trustee.

 

          Subject
to the foregoing provisions of this Section 3.07, each Security lawfully
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
3.08. Persons Deemed Owners. Subject to Section 2.03, the Company, the
Guarantor, the Trustee and any agent of the Company, the Guarantor or the
Trustee may treat the Person in whose name such Security is registered as the
owner of such Security for the purpose of receiving payment of principal of
(and premium, if any) and (subject to Section 3.07) interest on such Security
and for all other purposes whatsoever, whether or not such Security be overdue,
and none of the Company, the Guarantor, the Trustee or any agent of the
Company, the Guarantor or the Trustee shall be affected by notice to the
contrary.

          Section
3.09. Cancellation. All Securities surrendered for payment, redemption,
registration of transfer or exchange or for credit against any sinking fund
payment shall, if surrendered to any Person other than the Trustee, be
delivered to the Trustee and shall be promptly cancelled by it. The Company may
at any time deliver to the Trustee for cancellation any Securities previously
authenticated and delivered hereunder which the Company may have acquired in
any manner whatsoever, and all Securities so delivered shall be promptly
cancelled by the Trustee. No Securities shall be authenticated in lieu of or in
exchange for any Securities cancelled as provided in this Section 3.09, except
as expressly permitted by this Indenture. The Trustee shall dispose of
cancelled Securities in accordance with its customary procedures and deliver
evidence of such destruction, at the request of, and at the expense of, the
Company.

          Section
3.10. Computation of Interest. Except as otherwise specified as
contemplated by Section 3.01 for the Securities of any series, interest on the
Securities of each series shall be computed on the basis of a 360-day year of
twelve 30-day months.

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

ARTICLE IV

SATISFACTION AND DISCHARGE

          Section
4.01. Satisfaction and Discharge of Indenture. This Indenture shall upon
Company Request cease to be of further effect with respect to any series of
Securities (except as to (i) any surviving rights of registration of transfer
or exchange of Securities herein expressly 

21

provided for,
(ii) rights hereunder of Holders to receive payments of principal of, and
premium, if any, and interest on, Securities, and other rights, duties and
obligations of the Holders as beneficiaries hereof with respect to the amounts,
if any, so deposited with the Trustee, (iii) remaining obligations of the
Company to make Mandatory Sinking Fund Payments and (iv) the rights,
obligations and immunities of the Trustee hereunder), and the Trustee, at the
expense of the Company, shall execute proper instruments acknowledging
satisfaction and discharge of this Indenture with respect to any series of
Securities, when:

	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
           (1)
 either

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (a)

 	
 all
 Securities of such series theretofore authenticated and delivered (other than
 (i) Securities of such series which have been mutilated, destroyed, lost or
 stolen and which have been replaced or paid as provided in Section 3.06 and
 (ii) Securities 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 10.03) have been delivered to the Trustee for cancellation; or

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (b)

 	
 all such
 Securities not theretofore delivered to the Trustee for cancellation

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (i)
 have become due and payable, 

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

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

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

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

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
 and the
 Company, in the case of (i), (ii) or (iii) above, has deposited or caused to
 be deposited with the Trustee as trust funds in trust (i) money in dollars in
 an amount (or if the Securities are denominated in any currency other than
 dollars, an amount of the applicable currency), (ii) U.S. Government
 Obligations which through the payment of interest and principal in respect
 thereof in accordance with their terms will provide, not later than one day
 before the due date of any payment referred to in this subparagraph, money in
 an amount, or (iii) a combination thereof, sufficient, in the opinion of a
 nationally recognized investment banking firm or firm of independent
 certified public accountants expressed in a written certification thereof
 delivered to the Trustee, to pay and discharge the entire indebtedness on
 such Securities not theretofore delivered to the Trustee for cancellation,
 for principal (and premium, if any) and interest to the date of such deposit
 (in the case of Securities which have become due and payable) or to the
 Stated Maturity or Redemption Date, as the case may be;

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
           (2)
 if all series of Securities are being discharged, the Company has paid or
 caused to be paid all other sums payable hereunder by the Company; and

 

22

	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

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

 

          Notwithstanding
the satisfaction and discharge of this Indenture, the obligations of the
Company to the Trustee under Section 6.07, and, if money shall have been
deposited with the Trustee pursuant to Subclause (1)(b) of this Section 4.01,
the obligations of the Trustee under Section 4.02 and the next to last
paragraph of Section 10.03, shall survive.

          Section
4.02. Application of Trust Funds; Indemnification. (a) Subject to the
provisions of the next to last paragraph of Section 10.03, all money and U.S.
Government Obligations deposited with the Trustee pursuant to Section 4.01,
4.03 or 4.04 and all money received by the Trustee in respect of U.S.
Government Obligations deposited with the Trustee pursuant to Section 4.01,
4.03 or 4.04 shall be held in trust and applied by it, in accordance with the
provisions of the Securities and this Indenture, to the payment, either
directly or through any Paying Agent (including the Company acting as its own
Paying Agent), to the Persons entitled thereto, of the principal (and premium,
if any) and interest for whose payment such money has been deposited with or
received by the Trustee or to make Mandatory Sinking Fund Payments or analogous
payments as contemplated by Section 4.03 or 4.04, but such money need not be
segregated from other funds except to the extent required by law.

                    (b)
The Company shall pay and shall indemnify the Trustee against any tax, fee or
other charge imposed on or assessed against U.S. Government Obligations
deposited pursuant to Section 4.01, 4.03 or 4.04, or the interest and principal
received in respect of such obligations other than any payable by or on behalf
of Holders.

                    (c)
The Trustee shall deliver or pay to the Company from time to time upon Company
Request, any U.S. Government Obligations or money held by it as provided in
Section 4.01, 4.03 or 4.04 which, in the opinion of a nationally recognized
investment banking firm or firm of independent certified public accountants
expressed in a written certification thereof delivered to the Trustee, are then
in excess of the amount thereof which then would have been required to be
deposited for the purpose for which such obligations or money were deposited or
received.

          Section
4.03. Defeasance and Discharge of Indenture. The Company shall be deemed
to have paid and discharged the entire indebtedness on all the Outstanding
Securities on the 91st day after the date of the deposit referred to in
subparagraph (d) of this Section 4.03, and the provisions of this Indenture, as
it relates to such Outstanding Securities, shall no longer be in effect (and
the Trustee, at the expense of the Company, shall at Company Request, execute
proper instruments acknowledging the same), except as to:

                    (a)
the rights of Holders of Securities to receive, from the trust funds described
in subparagraph (d) hereof, (i) payment of the principal of (and premium, if
any) and each installment of principal of (and premium, if any) or interest on
the Outstanding Securities on the Stated Maturity of such principal or
installment of principal or interest and (ii) the benefit of any Mandatory
Sinking Fund Payments applicable to the Securities on the day on which such
payments are due and payable in accordance with the terms of this Indenture and
the Securities;

23

                    (b)
the Company’s obligations with respect to such Securities under Sections 3.05,
3.06, 10.02 and 10.03; and

                    (c)
the obligations of the Company to the Trustee under Section 6.07; 

provided that the following conditions shall
have been satisfied:

                    (d)
the Company has or caused to be irrevocably deposited (except as provided in
Section 4.02) with the Trustee as trust funds in trust, specifically pledged as
security for, and dedicated solely to, the benefit of the Holders of the
Securities, (i) money in dollars in an amount (or if the Securities are
denominated in any currency other than dollars, an amount of the applicable
currency), (ii) U.S. Government Obligations which through the payment of
interest and principal in respect thereof in accordance with their terms will
provide, not later than one day before the due date of any payment referred to
in clause (A) or (B) of this subparagraph, money in an amount, or (iii) a
combination thereof, sufficient, in the opinion of a nationally recognized
investment banking firm or firm of independent certified public accountants
expressed in a written certification thereof delivered to the Trustee, to pay
and discharge (A) the principal of (and premium, if any) and each installment
of principal of (and premium, if any) and interest on the Outstanding
Securities on the Stated Maturity of such principal or installment of principal
or interest or on the applicable Redemption Date and (B) any Mandatory Sinking Fund
Payments applicable to the Securities on the day on which such payments are due
and payable in accordance with the terms of this Indenture and of the
Securities;

                    (e)
such deposit shall not cause the Trustee with respect to the Securities to have
a conflicting interest for purposes of the Trust Indenture Act with respect to
the Securities;

                    (f)
such deposit will not result in a breach or violation of, or constitute a
default under, any applicable laws, this Indenture or any other agreement or
instrument to which the Company is a party or by which it is bound;

                    (g)
no Event of Default or event which with notice or lapse of time would become an
Event of Default with respect to the Securities shall have occurred and be
continuing on the date of such deposit or during the period ending on the 91st
day after such date;

                    (h)
the Company has delivered to the Trustee an Officers’ Certificate as to
solvency and the absence of any intent of preferring the Holders over any other
creditors of the Company; and

                    (i)
if the deposit referred to in subparagraph (d) of this Section 4.03 is to be
made on or prior to one year from the Stated Maturity for payment of principal
of the Outstanding Securities, the Company has delivered to the Trustee an
Opinion of Counsel with no material qualifications, or a favorable ruling of
the Internal Revenue Service, in either case to the effect that Holders of the
Securities will not recognize income, gain or loss for federal income tax
purposes as a result of such deposit, defeasance and discharge and will be
subject to federal income tax on the same amount and in the same manner and at
the same times, as would have been the case if such deposit, defeasance and
discharge had not occurred.

24

          Section
4.04. Defeasance of Certain Obligations. If this Section 4.04 is
specified to be applicable to Securities of any series, the Company and the
Guarantor may omit to comply with any term, provision or condition set forth in
the sections of this Indenture or such Security with respect to the Securities
of that series (“Covenant Defeasance”) if:

	
  

 	
  

 
	
  

 	
           (1)
 with reference to this Section 4.04, the Company has deposited or caused to
 be irrevocably deposited with the Trustee as trust funds in trust,
 specifically pledged as security for, and dedicated solely to, the benefit of
 the Holders of the Securities of that series, (i) money in dollars in an
 amount (or if the Securities are denominated in any currency other than
 dollars, an amount of the applicable currency), or (ii) U.S. Government
 Obligations which through the payment of interest and principal in respect
 thereof in accordance with their terms will provide not later than one day
 before the due date of any payment referred to in clause (A) or (B) of this
 subparagraph money in an amount, or (iii) a combination thereof, sufficient,
 in the opinion of a nationally recognized investment banking firm or firm of
 independent certified public accountants expressed in a written certification
 thereof delivered to the Trustee, to pay and discharge (A) the principal of
 (and premium, if any) and each installment of principal (and premium, if any)
 and interest on the Outstanding Securities of that series on the Stated
 Maturity of such principal or installment of principal or interest and (B)
 any Mandatory Sinking Fund Payments or analogous payments applicable to
 Securities of such series on the day on which such payments are due and
 payable in accordance with the terms of this Indenture and of such
 Securities;

 
	
  

 	
  

 
	
  

 	
           (2)
 such deposit shall not cause the Trustee with respect to the Securities of
 that series to have a conflicting interest for purposes of the Trust
 Indenture Act with respect to the Securities of any series;

 
	
  

 	
  

 
	
  

 	
           (3)
 such deposit will not result in a breach or violation of, or constitute a
 default under, this Indenture or any other agreement or instrument to which
 the Company is a party or by which it is bound;

 
	
  

 	
  

 
	
  

 	
           (4)
 the Company has delivered to the Trustee an Officers’ Certificate as to
 solvency and the absence of any intent of preferring the Holders over any
 other creditors of the Company;

 
	
  

 	
  

 
	
  

 	
           (5)
 if the deposit referred to in subparagraph (1) of this Section 4.04 is to be
 made on or prior to one year from the Stated Maturity for payment of
 principal of the Outstanding Securities, the Company has delivered to the
 Trustee an Opinion of Counsel with no material qualifications, or a favorable
 ruling of the Internal Revenue Service, in either case to the effect that
 Holders of the Securities will not recognize income, gain or loss for federal
 income tax purposes as a result of such deposit and defeasance of certain
 obligations and will be subject to federal income tax on the same amount and
 in the same manner and at the same times, as would have been the case if such
 deposit and defeasance had not occurred; and

 

25

	
  

 	
  

 
	
  

 	
           (6)
 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 defeasance contemplated by this Section 4.04 have been
 complied with.

 

          In
the event the Company effects Covenant Defeasance with respect to any Securities
and such Securities are declared due and payable because of the occurrence of
any Event of Default, other than an Event of Default with respect to any
covenant as to which there has been Covenant Defeasance, the U.S. Government
Obligations on deposit with the Trustee will be sufficient to pay amounts due
on such Securities at the time of the Stated Maturity but may not be sufficient
to pay amounts due on such Securities at the time of the acceleration resulting
from such Event of Default.

ARTICLE V

REMEDIES

          Section
5.01. Events of Default.

          “Event
of Default” (except as otherwise specified or contemplated by Section 3.01
for Securities of any series) wherever used herein with respect to Securities
of any series, means any one of the following events:

	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

 	
           (4)
 default in the performance, or breach, of any material covenant or warranty
 of the Company in this Indenture (other than a covenant or warranty a default
 in whose performance or whose breach is elsewhere in this Section 5.01
 specifically dealt with or which has expressly been included in this
 Indenture solely for the benefit of series of Securities other than that
 series) and continuance of such 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, 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; 

 
	
  

 	
  

 
	
  

 	
           (5)
 the entry by a court having jurisdiction in the premises of (A) a decree or
 order for relief in respect of the Company or the Guarantor in an involuntary
 case or proceeding under any applicable bankruptcy, insolvency,
 reorganization or other similar law or (B) a decree or order adjudging the
 Company or the Guarantor as bankrupt or insolvent, or approving as properly
 filed a petition seeking reorganization, arrangement, adjustment or
 composition of or in respect of the Company or the Guarantor under any 

 

26

	
  

 	
  

 
	
  

 	
 applicable
 law, or appointing a custodian, receiver, liquidator, assignee, trustee,
 sequestrator or other similar official of the Company or the Guarantor or of
 any substantial part of its property, or ordering the winding up or
 liquidation of its affairs, and the continuance of any such decree or order
 for relief or any such other decree or order unstayed and in effect for a
 period of 60 consecutive days;

 
	
  

 	
  

 
	
  

 	
           (6)
 the commencement by the Company or the Guarantor of a voluntary case or proceeding
 under any applicable bankruptcy, insolvency, reorganization or other similar
 law or of any other case or proceeding to be adjudicated a bankrupt or
 insolvent, or the consent by it to the entry of a decree or order for relief
 in respect of the Company or the Guarantor, as the case may be, in an
 involuntary case or proceeding under any applicable bankruptcy, insolvency,
 reorganization or other similar law or to the commencement of any bankruptcy
 or insolvency case or proceeding against it, or the filing by it of a
 petition or answer or consent seeking reorganization or relief under any
 applicable law, or the consent by it to the filing of such petition or to the
 appointment of or taking possession by a custodian, receiver, liquidator,
 assignee, trustee, sequestrator or similar official of the Company or the
 Guarantor of any substantial part of its property, or the making by it of an
 assignment for the benefit of creditors, or the admission by it in writing of
 its inability to pay its debts generally as they become due and its
 willingness to have a case commenced against it or to seek an order for
 relief under any applicable bankruptcy, insolvency or other similar law or
 the taking of corporate action by the Company or the Guarantor in furtherance
 of any such action; 

 
	
  

 	
  

 
	
  

 	
           (7)
 the Guarantee being declared null and void in a judicial proceeding or
 ceasing to be in full force and effect, or the Guarantor denying or
 disaffirming its obligations under this Indenture or the Guarantee other than
 by reason of the termination of this Indenture of the release of such
 Guarantee in accordance with this Indenture; or 

 
	
  

 	
  

 
	
  

 	
           (8)
 any other Event of Default expressly provided with respect to Securities of
 that series.

 

          Section
5.02. Acceleration of Maturity; Rescission and Annulment. If an Event of
Default (other than an Event of Default resulting from bankruptcy, insolvency
or reorganization) with respect to Securities of any series at the time
Outstanding occurs and is continuing, then in every such case the Trustee or
the Holders of not less than 25% in principal amount of the Outstanding
Securities of that series may declare the principal amount (or, if the
Securities of that series are Original Issue Discount Securities, such portion
of the principal amount as may be specified in the terms of that series) of all
of 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 Holders), and upon
any such declaration such principal amount (or specified amount) shall become
immediately due and payable.

          In
the case of an Event of Default resulting from bankruptcy, insolvency or
reorganization, which occurs and is continuing with respect to Securities of
any series at the time Outstanding, then all unpaid principal of and accrued
interest on all such Outstanding Securities of that series shall become
immediately due and payable without any notice or other action on the part of
the Trustee or the Holders of any Securities of such series.

27

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

	
  

 	
  

 	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

 	
  

 	
 (a)

 	
 all overdue
 interest (including Defaulted Interest) on all Securities of that series,

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (b)

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

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (c)

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

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (d)

 	
 all sums
 paid or advanced by the Trustee and any predecessor Trustee hereunder and all
 sums due the Trustee and any predecessor Trustee under Section 6.07; and

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
           (2)
 all Events of Default with respect to Securities of that series, other than
 the non-payment of the principal of Securities of that series which have
 become due solely by such declaration of acceleration, have been cured or
 waived as provided in Section 5.13.

 

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

          Section
5.03. Collection of Indebtedness and Suits For Enforcement By Trustee.
The Company covenants that if

	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

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

 

the Company
will, upon demand of the Trustee, pay to it, for the benefit of the Holders of
such Securities, the whole amount then due and payable on such Securities for
principal (and premium, if any) and interest and, to the extent that payment of
such interest shall be legally enforceable, interest on any overdue principal
(and premium, if any) and on any overdue interest, at the rate or rates
prescribed therefor in such Securities, and, in addition thereto, such further 

28

amount as
shall be sufficient to cover the costs and expenses of collection, including
all amounts due the Trustee and any predecessor Trustee under Section 6.07.

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

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

          Section
5.04. 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 shall then be due and payable as therein expressed
or by declaration or otherwise and irrespective of whether the Trustee shall
have made any demand on the Company for the payment of overdue principal or
interest) shall be entitled and empowered by intervention in such proceeding or
otherwise:

	
  

 	
  

 
	
  

 	
           (1)
 to file and prove a claim for the whole amount of principal (and premium, if
 any) and interest owing and unpaid in respect of the Securities and to file
 such other papers or documents as may be necessary or advisable in order to
 have the claims of the Trustee (including any claim for the reasonable
 compensation, expenses, disbursements and advances of the Trustee, its agents
 and counsel) and of the Holders allowed in such judicial proceeding, and

 
	
  

 	
  

 
	
  

 	
           (2)
 to collect and receive any moneys or other property payable or deliverable on
 any such claims and to distribute the same;

 

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

          Nothing
herein contained shall be deemed to authorize the Trustee to authorize or
consent to or accept or adopt on behalf of any Holder any plan of
reorganization, arrangement, 

29

adjustment or
composition affecting the Securities or the rights of any Holder thereof or to
authorize the Trustee to vote in respect of the claim of any Holder in any such
proceeding.

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

          Section
5.06. 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, upon presentation of the
Securities and the notation thereon of the payment if only partially paid and
upon surrender thereof if fully paid:

	
  

 	
  

 
	
  

 	
           FIRST:
 To the payment of all amounts due the Trustee (including its agents and
 counsel) and each predecessor Trustee hereunder;

 
	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

 	
           THIRD:
 To the Company or the Guarantor, as applicable.

 

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

	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

 	
           (3)
 such Holder or Holders have offered to the Trustee indemnity satisfactory to
 it 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

 

30

	
  

 	
  

 
	
  

 	
           (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 (it being further understood that the Trustee does not have an
 affirmative duty to ascertain whether or not such actions or forbearances are
 unduly prejudicial to such Holders), or to obtain or to seek to obtain
 priority or preference over any other of such Holders or to enforce any right
 under this Indenture, except in the manner herein provided and for the equal
 and ratable benefit of all such Holders.

 

          Section
5.08. Unconditional Right of Holders to Receive Principal, Premium and
Interest. Notwithstanding any other provision in this Indenture, the Holder
of any Security shall have the right, which is absolute and unconditional, to
receive payment of the principal of (and premium, if any) and (subject to
Section 3.07) interest on such Security on the Stated Maturity or Maturities
expressed in such Security (or, in the case of redemption, on the Redemption
Date) and to institute suit for the enforcement of any such payment, and such
rights shall not be impaired without the consent of such Holder.

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

          Section
5.10. Rights and Remedies Cumulative. Except as otherwise provided with
respect to the replacement or payment of mutilated, destroyed, lost or stolen
Securities in the last paragraph of Section 3.06, no right or remedy herein
conferred upon or reserved to the Trustee or to the Holders is intended to be
exclusive of any other right or remedy, and every right and remedy shall, to
the extent permitted by law, be cumulative and in addition to every other right
and remedy given hereunder or now or hereafter existing at law or in equity or
otherwise. The assertion or employment of any right or remedy hereunder, or
otherwise, shall not prevent the concurrent assertion or employment of any
other appropriate right or remedy.

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

          Section
5.12. Control by Holders. The Holders of a majority in principal amount
of the Outstanding Securities of any series (or if more than one series is
affected thereby, of all series so affected, voting as a single class) shall
have the right to direct the time, method and 

31

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, expose the Trustee to personal liability or be unduly prejudicial
 to Holders not joining therein, and

 
	
  

 	
  

 
	
  

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

 

          Nothing
in this Indenture shall impair the right of the Trustee to take any other
action which is not inconsistent with such direction.

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

	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

 	
           (2)
 in respect of a covenant or provision hereof which under this Indenture
 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 impair any right consequent thereon.

          Section
5.14. Undertaking for Costs. All parties to this Indenture agree, and
each Holder of any Security by his acceptance thereof shall be deemed to have
agreed, that any court may in its discretion require, in any suit for the
enforcement of any right or remedy under this Indenture, or in any suit against
the Trustee for any action taken, suffered or omitted by it as Trustee, the
filing by any party litigant in such suit of an undertaking to pay the costs of
such suit, and that such court may in its discretion assess reasonable costs,
including reasonable attorneys’ fees and expenses, against any party litigant
in such suit, having due regard to the merits and good faith of the claims or
defenses made by such party litigant; but the provisions of this Section 5.14
shall not apply to any suit instituted by the Company or the Guarantor, to any
suit instituted by the Trustee, to any suit instituted by any Holder, or group
of Holders, holding in the aggregate more than 10% in principal amount of the
Outstanding Securities of any series, or to any suit instituted by any Holder
for the enforcement of the payment of the principal of (or premium, if any) or
interest on any Securities on or after the Stated Maturity or Maturities
expressed in such Security (or, in the case of redemption, on or after the
Redemption Date). This Section 5.14 shall be in lieu of Section 315(e) of the
Trust Indenture Act and such Section 315(e) is hereby expressly excluded from
this Indenture, as permitted by the Trust Indenture Act.

32

          Section
5.15. Waiver of Stay or Extension Laws. The Company and the Guarantor
each 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 each of the Company and the Guarantor (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 VI

THE TRUSTEE

          Section
6.01. Certain Duties and Responsibilities.

                    (a)
Except during the continuance of an Event of Default with respect to the
Securities of any series,

	
  

 	
  

 
	
  

 	
           (1)
 the Trustee undertakes to perform such duties and only such duties as are
 specifically set forth in this Indenture with respect to such series, and no
 implied covenants or obligations shall be read into this Indenture against
 the Trustee; and

 
	
  

 	
  

 
	
  

 	
           (2)
 in the absence of bad faith on its part, the Trustee may conclusively rely,
 as to the truth of the statements and the correctness of the opinions
 expressed therein, upon certificates or opinions furnished to the Trustee and
 conforming to the requirements of this Indenture; but in the case of any such
 certificates or opinions which by any provision hereof are specifically
 required to be furnished to the Trustee, the Trustee shall be under a duty to
 examine the same to determine whether or not they conform to the requirements
 of this Indenture.

 

                    (b)
In case an Event of Default has occurred with respect to Securities of any
series and is continuing, the Trustee shall exercise such of the rights and
powers vested in it by this Indenture with respect to such series of
Securities, and use the same degree of care and skill in their exercise, as a
prudent person would exercise or use under the circumstances in the conduct of
his or her own affairs.

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

	
  

 	
  

 
	
  

 	
           (1)
 this subsection shall not be construed to limit the effect of Subsection (a)
 of this Section 6.01;

 
	
  

 	
  

 
	
  

 	
           (2)
 the Trustee shall not be liable for any error or judgment made in good faith
 by a Responsible Officer, unless it shall be proved that the Trustee was
 negligent in ascertaining the pertinent facts;

 

33

	
  

 	
  

 
	
  

 	
           (3)
 the Trustee shall not be liable with respect to any action taken or omitted
 to be taken by it in good faith in accordance with the direction of the
 Holders of a majority in principal amount of the Outstanding Securities of
 any series, determined as provided in Section 5.12 relating to the time,
 method and place of conducting any proceeding for any remedy available to the
 Trustee, or exercising any trust or power conferred upon the Trustee, under
 this Indenture with respect to the Securities of such series; and

 
	
  

 	
  

 
	
  

 	
           (4)
 no provision of this Indenture shall require the Trustee to expend or risk
 its own funds or otherwise incur any 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.

 

                    (d)
Whether or not therein expressly so provided, every provision of this Indenture
relating to the conduct or affecting the liability of or affording protection
to the Trustee shall be subject to the provisions of this Section 6.01.

          Section
6.02. 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 by mail to all Holders of Securities of such series, as their
names and addresses appear in the Security Register, notice of such default
hereunder actually known to a Responsible Officer of 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 on any Security of such series or in the payment of any
sinking fund installment with respect to Securities of such series, the Trustee
shall be protected in withholding such notice if the Trustee in good faith
determines that the withholding of such notice is in the interest of the
Holders of Securities of such series; and provided, further, that
in the case of any default of the character specified in Section 5.01(4) with
respect to Securities of such series, no such notice to Holders shall be given
until at least 30 days after the occurrence thereof. For the purpose of this
Section 6.02, the term “default” means any event which is, or after notice or
lapse of time or both would become, an Event of Default with respect to
Securities of such series.

          Section
6.03. Certain Rights of Trustee. Subject to the provisions of Section
6.01:

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

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

                    (c)
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 

34

hereunder, the
Trustee (unless other evidence be herein specifically prescribed) may, in the
absence of bad faith on its part, conclusively rely upon an Officers’
Certificate;

                    (d)
the Trustee may consult with counsel of its selection 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;

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

                    (f)
the Trustee shall not be bound to make any investigation into the facts or
matters stated in any resolution, certificate, statement, instrument, opinion,
report, notice, request, direction, consent, order, bond, debenture, note,
other evidence of indebtedness or other paper or document, but the Trustee, in
its discretion, may make such further inquiry or investigation into such facts
or matters as it may see fit, and, if the Trustee shall determine to make such
further inquiry or investigation, it shall be entitled to examine the books,
records and premises of the Company, personally or by agent or attorney and
shall incur no liability or additional liability of any kind by reason of such
inquiry or investigation;

                    
(g) the Trustee may execute any of the trusts or powers hereunder or perform
any duties hereunder either directly or by or through agents or attorneys 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;

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

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

                    
(j) the rights, privileges, protections, immunities and benefits given to the
Trustee, including, without limitation, its right to be indemnified, are
extended to, and shall be enforceable by, the Trustee in each of its capacities
hereunder, and each agent, custodian and other Person employed to act
hereunder;

                    
(k) the Trustee may request that the Company deliver an Officers’ Certificate
setting forth the names of individuals and/or titles of officers authorized at
such time to take specified actions pursuant to this Indenture, which Officers’
Certificate may be signed by any 

35

person
authorized to sign an Officers’ Certificate, including any person specified as
so authorized in any such certificate previously delivered and not superseded;

                    
(l) the Trustee shall not be required to give any bond or surety in respect of
the performance of its powers and duties hereunder;

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

                    
(n) the Trustee may request that the Company deliver a certificate setting
forth the names of individuals and/or titles of officers authorized at such
time to take specified actions pursuant to this Indenture. 

          Section
6.04. Not Responsible for Recitals or Issuance of Securities. The
recitals contained herein and in the Securities, except the Trustee’s
certificates of authentication, shall be taken as the statements of the
Company, and the Trustee assumes no responsibility for their correctness. The
Trustee makes no representations as to the validity or sufficiency of this
Indenture or of the Securities. The Trustee shall not be accountable for the
use or application by the Company of Securities or the proceeds thereof.

          Section
6.05. May Hold Securities. The Trustee, any Paying Agent, any Security
Registrar or any other agent of the Company, in its individual or any other
capacity, may become the owner or pledgee of Securities and, subject to
Sections 6.08 and 6.12, may otherwise deal with, and collect obligations owed to
it by, the Company with the same rights it would have if it were not Trustee,
Paying Agent, Security Registrar or such other agent.

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

          Section
6.07. Compensation, Reimbursement and Indemnification. The Company
agrees:

	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

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

 

36

	
  

 	
  

 
	
  

 	
           (3)
 to indemnify each of the Trustee and any predecessor Trustee for, and to hold
 it harmless against, any loss, liability or expense, arising out of or in
 connection with the acceptance or administration of the trust or trusts
 hereunder and the performance of its duties hereunder, including the costs
 and expenses of defending itself against any claim (whether asserted by the
 Company, the Guarantor, a Holder or any other Person) or liability in
 connection with the exercise or performance of any of its powers or duties
 hereunder, except to the extent any such loss, liability or expense is due to
 its own negligence or bad faith.

 

          To
ensure the performance of the obligations of the Company hereunder, the Trustee
shall have a senior claim to which the Securities are hereby made subordinate
upon all property and funds held or collected by the Trustee as such, except
property and funds held in trust for the payment of principal of, premium, if
any, or interest on particular Securities.

          When
the Trustee incurs expenses or renders services in connection with an Event of
Default specified in Section 5.01, the expenses (including the reasonable
charges and expenses of its counsel) and the compensation for the services are
intended to constitute expenses of administration under any applicable federal
or state bankruptcy, insolvency or other similar law.

          The
provisions of this Section 6.07 shall survive the termination of this
Indenture.

          Section
6.08. Disqualification; Conflicting Interests. The Trustee shall comply
with the terms of Section 3.10(b) of the Trust Indenture Act.

          Section
6.09. Corporate Trustee Required; Eligibility. There shall at all times
be a Trustee hereunder which shall be a corporation organized and doing
business under the laws of the United States of America, any State thereof or
the District of Columbia, authorized under such laws to exercise corporate
trust powers having (or, in the case of the subsidiary of a bank holding
company that guarantees the obligations of the Trustee under this Indenture,
such holding company’s parent shall have) a combined capital and surplus of at
least $50,000,000 subject to supervision or examination by federal or state
authority. If such corporation or holding company parent publishes reports of
condition at least annually, pursuant to law or the requirements of said
supervising or examining authority, then for the purposes of this Section 6.09,
the combined capital and surplus of such corporation or holding company parent
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 6.09, it shall
resign immediately in the manner and with the effect hereinafter specified in
this article.

          Section
6.10. 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 6.11.

                    (b)
The Trustee may resign at any time with respect to the Securities of one or
more series by giving written notice thereof to the Company. If the instrument
of acceptance by a successor Trustee required by Section 6.11 shall not have
been delivered to the Trustee within 

37

30 days after
the giving of such notice of resignation, the resigning Trustee may, at the
expense of the Company, petition any court of competent jurisdiction for the
appointment of a successor Trustee with respect to the Securities of such
series. If the acceptance of appointment is substantially contemporaneous with
the resignation, then the notice called for by the first sentence of this
subsection may be combined with the instrument called for by Section 6.11.

                    (c)
The Trustee, upon 30 days’ notice, may be removed at any time with respect to
the Securities of any series by Act of the Holders of a majority in principal
amount of the Outstanding Securities of such series delivered to the Trustee
and to the Company.

                    (d)
If an instrument of acceptance by a successor Trustee shall not have been
delivered to the Trustee within 30 days after the giving of such notice of
removal, the Trustee being removed may, at the expense of the Company, petition
any court of competent jurisdiction for the appointment of a successor Trustee
with respect to the Securities of such series.

                    (e)
If at any time:

	
  

 	
  

 
	
  

 	
           (1)
 the Trustee shall fail to comply with Section 6.08 after written request
 therefor by the Company or by any Holder who has been a bona fide Holder of a
 Security for at least six months, 

 
	
  

 	
  

 
	
  

 	
           (2)
 the Trustee shall cease to be eligible under Section 6.09 and shall fail to
 resign after written request therefor by the Company or by any such Holder,
 or

 
	
  

 	
  

 
	
  

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

 

then, in any
such case, upon 30 day’s notice, (i) the Company by a Board Resolution may
remove the Trustee with respect to all Securities, or (ii) subject to Section
5.14, any Holder who has been a bona fide Holder of a Security for at least six
months may, on behalf of himself and all others similarly situated, petition
any court of competent jurisdiction for the removal of the Trustee with respect
to all Securities and the appointment of a successor Trustee or Trustees.

                    (f)
The Company also may remove the Trustee with or without cause if the Company so
notifies the Trustee 30 days in advance and if no Default occurs or is continuing
during the 30-day period.

                    (g)
If the Trustee shall resign, be removed or become incapable of acting, or if a
vacancy shall occur in the office of Trustee for any cause, with respect to the
Securities of one or more series, the Company, by a Board Resolution, shall
promptly appoint a successor Trustee or Trustees with respect to the Securities
of that or those series (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) and shall comply with the applicable
requirements of Section 6.11. 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 

38

Holders of a
majority in principal amount of the Outstanding Securities of such series
delivered to the Company and the retiring Trustee, the successor Trustee so
appointed shall, forthwith upon its acceptance of such appointment in
accordance with the applicable requirements of Section 6.11, become the
successor Trustee with respect to the Securities of such series and to that
extent supersede the successor appointed by the Company. If no successor
Trustee with respect to the Securities of any series shall have been so
appointed by the Company or the Holders and accepted appointment in the manner
required by Section 6.11, any Holder who has been a bona fide Holder of a
Security of such series for at least six months may, on behalf of himself and
all others similarly situated, petition any court of competent jurisdiction for
the appointment of a successor Trustee with respect to the Securities of such
series.

                    (h)
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 by mailing
written notice of such event by first-class mail, postage prepaid, to all
Holders of Securities of such series as their names and addresses appear in the
Security Register. 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. The Trustee shall have no liability or responsibility for the
actions or inaction of any successor Trustee.

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

                    (b)
In case of the appointment hereunder of a successor Trustee with respect to the
Securities of one or more (but not all) series, the Company, the Guarantor, 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 

39

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, at the expense of the
Company, duly assign, transfer and deliver to such successor Trustee all
property and money held by such retiring Trustee hereunder with respect to the
Securities of that or those series to which the appointment of such successor
Trustee relates.

                    (c)
Upon request of any such successor Trustee, the Company shall execute any and
all instruments for more fully and certainly vesting in and confirming to such
successor Trustee all such rights, powers and trusts referred to in paragraph
(a) or (b) of this Section 6.11, 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
6.12. Merger, Conversion, Consolidation or Succession to Business. Any
corporation into which the Trustee may be merged or converted or with which it
may be consolidated, or any corporation resulting from any merger, conversion
or consolidation to which the Trustee shall be a party, or any corporation
succeeding to all or substantially all the corporate trust business of the
Trustee (including the administration of this Indenture), shall be the
successor of the Trustee hereunder, provided such corporation shall be
otherwise qualified and eligible under this article, without the execution or
filing of any paper or any further act on the part of any of the parties
hereto. In case any Securities shall have been authenticated, but not
delivered, by the Trustee then in office, any successor by merger, conversion
or consolidation to such authenticating Trustee may adopt such authentication
and deliver the Securities so authenticated with the same effect as if such
successor Trustee had itself authenticated such Securities.

          Section
6.13. Preferential Collection of Claims Against Company or Guarantor. If
and when the Trustee shall be or become a creditor of the Company (or any other
obligor upon the Securities) or the Guarantor, the Trustee shall be subject to
the provisions of the Trust Indenture Act regarding the collection of claims
against the Company (or any such other obligor) or the Guarantor. A trustee who
has resigned or been removed shall be subject to the Trust Indenture Act
Section 311(a) to the extent provided therein.

ARTICLE VII

HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND
COMPANY

          Section
7.01. Company to Furnish Trustee Names and Addresses of Holders. The
Company will furnish or cause to be furnished to the Trustee and Security
Registrar (if not the Trustee) with respect to the Securities of each series

40

                    (a)
semi-annually, not more than 15 days after each Regular Record Date, or, in the
case of any series of Securities on which semi-annual interest is not payable,
not more than fifteen days after such semi-annual dates as may be specified by
the Trustee, a list, in such form as the Trustee may reasonably require, of the
names and addresses of the Holders as of such Regular Record Date or such
semi-annual date, as the case may be, and

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

provided, however, that so long as the
Trustee is the Security Registrar, no such list need be furnished.

          Section
7.02. Preservation of Information; Communications to Holders.

                    (a)
The Security Registrar shall preserve, in as current a form as is reasonably
practicable, the names and addresses of Holders contained in the most recent
list furnished by the Company as provided in Section 7.01. The Trustee may
destroy any list furnished to it as provided in Section 7.01 upon receipt of a
new list so furnished.

                    (b)
If three or more Holders (herein referred to as “applicants”) apply in writing
to the Trustee, and furnish to the Trustee reasonable proof that each such
applicant has owned a Security for a period of at least six months preceding
the date of such application, and such application states that the applicants’
desire to communicate with other Holders with respect to their rights under
this Indenture or under the Securities and is accompanied by a copy of the form
of proxy or other communication which such applicants propose to transmit, then
the Trustee shall, within five Business Days after the receipt of such
application, at its election, either

	
  

 	
  

 
	
  

 	
           (i)
 afford such applicants access to the information preserved at the time by the
 Trustee in accordance with Section 7.02(a), or

 
	
  

 	
  

 
	
  

 	
           (ii)
 inform such applicants as to the approximate number of Holders whose names
 and addresses appear in the information preserved at the time by the Trustee
 in accordance with Section 7.02(a), and as to the approximate cost of mailing
 to such Holders the form of proxy or other communication, if any, specified
 in such application.

 

          If
the Trustee shall elect not to afford such applicants access to such
information, the Trustee shall, upon the written request of such applicants,
mail to each Holder whose name and address appear in the information preserved
at the time by the Trustee in accordance with Section 7.02(a) a copy of the
form of proxy or other communication which is specified in such request, with
reasonable promptness after a tender to the Trustee of the material to be
mailed and of payment by such requesting Holders, or provision for the payment,
of the reasonable expenses of mailing, unless within five days after such
tender the Trustee shall mail to such applicants and file with the Commission,
together with a copy of the material to be mailed, a written statement to the
effect that, in the opinion of the Trustee, such mailing would be contrary to
the best interest of the Holders or would be in violation of applicable law.
Such written statement shall 

41

specify the
basis of such opinion. If the Commission, after opportunity for a hearing upon
the objections specified in the written statement so filed, shall enter an
order refusing to sustain any of such objections or if, after the entry of an
order sustaining one or more of such objections, the Commission shall find,
after notice and opportunity for hearing, that all the objections so sustained
have been met and shall enter an order so declaring, the Trustee shall mail
copies of such material to all such Holders with reasonable promptness after
the entry of such order and the renewal of such tender; otherwise the Trustee
shall be relieved of any obligation or duty to such applicants respecting their
application.

                    (c)
Every Holder of Securities, by receiving and holding the same, agrees with the
Company, the Guarantor and the Trustee that none of the Company, the Guarantor,
the Trustee or any agent thereof shall be held accountable by reason of the
disclosure of any such information as to the names and addresses of the Holders
in accordance with Section 7.02(b), 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 Section
7.02(b).

                    (d)
Subject to Sections 7.02(a), 7.02(b), 7.02(c) and 6.01, if the Company or any
other person (other than the Trustee) shall desire to communicate with Holders
of Securities to solicit or obtain from them any proxy, consent, authorization,
waiver, approval of a plan of reorganization, arrangement or readjustment or
other action (“Holder Action”), the Trustee shall have no duty to
participate in such communication or solicitation or the processing of
responses in any manner except (i) to furnish the rules and regulations and to
perform the functions referred to in Section 1.04 and (ii) to receive (A) the
instruments evidencing the Holder Action together with (B) the Officers’
Certificate and Opinion of Counsel referred to below. The Company hereby
covenants that any and all communications and solicitations distributed by it
in connection with any Holder Action will comply in all material respects with
applicable law, including, without limitation, applicable law concerning
adequacy of disclosure. The Trustee shall have no responsibility for the accuracy
or completeness of any materials circulated to solicit any Holder Action or for
any related communications or for the compliance thereof with applicable law.
No Holder Action shall become effective until the Trustee shall have received
from the Company or other person who solicited the Holder Action the
instruments evidencing such Holder Action (x) (in the case of Holder Action
solicited by the Company or the representative of the Company’s estate if the
Company is the debtor in any bankruptcy or other insolvency proceeding) an
Officers’ Certificate and (y) (in all cases) an Opinion of Counsel, each
specifying the Holder Action taken and stating that such Holder Action has been
duly and validly taken in compliance with this Indenture in all material respects.
Such Officers’ Certificate, if any, shall also certify that (after giving
effect to such Holder Action) no Event of Default or event or condition which,
with notice or lapse of time or both, would become an Event of Default has
occurred and is continuing or has not been waived.

                    (e)
The Depositary may grant proxies and otherwise authorize its participants which
own the Global Securities to give or take any Act which a Holder is entitled to
take under this Indenture; provided, however, that the Depositary
has delivered a list of such participants to the Trustee.

          Section
7.03. Reports by Trustee.

42

                    (a)
Within 60 days after September 30 of each year commencing with the first
September 30 following the date of this Indenture, the Trustee shall transmit
by mail to all Holders, as their names and addresses appear in the Security
Register, a brief report dated as of such September 30, to the extent required
by Section 3.13(a) of the Trust Indenture Act.

                    (b)
The Trustee shall comply with Sections 3.13(b) and 3.13(c) of the Trust
Indenture Act.

                    (c)
A copy of each such report shall, at the time of such transmission to Holders,
be filed by the Trustee with the Commission and with the Company. The Company will promptly notify the Trustee
in writing when any Securities are listed on any stock exchange, or of any
delisting thereof.

          Section
7.04. Reports.

	
  

 	
  

 
	
  

 	
 The Company
 shall:

 
	
  

 	
  

 
	
  

 	
           (1)
 file with the Trustee, within 15 days after the Company is required to file
 the same with the Commission, copies of the annual reports and of the information,
 documents and other reports (or copies of such portions of any of the
 foregoing as the Commission may from time to time by rules and regulations
 prescribe) which the Company may be required to file with the Commission
 pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of
 1934, as amended (provided that availability of such reports on a website
 maintained by the Commission shall be deemed to fulfill this requirement);
 or, if the Company is not required to file information, documents or reports
 pursuant to either of said sections, then it shall 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; and

 
	
  

 	
  

 
	
  

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

 

          For
so long as the Guarantor remains a guarantor under this Indenture, or if at any
time any other direct or indirect parent company of the Company is a guarantor
of the Securities, the reports, information and other documents required to be
filed and furnished pursuant to this Section 7.04 may, at the option of the
Company, be filed by and be those of the Guarantor or such other parent, as
applicable, rather than the Company.

          Delivery
of such reports, information and documents to the Trustee is for informational
purposes only and the Trustee’s receipt of such shall not constitute
constructive notice of any information contained therein or determinable from
information contained therein, including the 

43

Company’s or
the Guarantor’s compliance with any of its covenants hereunder (as to which the
Trustee is entitled to rely exclusively on Officers’ Certificates).

ARTICLE VIII

SUCCESSOR CORPORATION

          Section
8.01. When Company or Guarantor May Merge or Transfer Assets. (a) The Company shall not (1) consolidate
with or merge with or into any other Person (other than the Guarantor) or
convey, transfer, sell or lease its properties and assets substantially as an
entirety to any Person (other than the Guarantor), (2) permit any Person (other
than the Guarantor) to consolidate with or merge into the Company, or (3)
permit any Person (other than the Guarantor) to convey, transfer, sell or lease
that Person’s properties and assets substantially as an entirety to the
Company, unless:

	
  

 	
  

 
	
  

 	
           (i)
 in the case of (1) and (2) above, either (x) the Company shall be the
 surviving person or (y) 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, transfer or lease the properties and assets of the
 Company substantially as an entirety is an entity organized and existing
 under the laws of the United States of America (including any State thereof
 or the District of Columbia), the United Kingdom, Ireland, the Cayman
 Islands, Bermuda or any country which is a member of the Organisation for
 Economic Co-operation and Development or the European Union and shall
 expressly assume, by an indenture supplemental hereto, executed and delivered
 to the Trustee in form reasonably satisfactory to the Trustee, all of the
 obligations of the Company under the Securities and this Indenture;

 
	
  

 	
  

 
	
  

 	
           (ii)
 immediately after giving effect to such transaction, no Event of Default, and
 no event that, after notice or lapse of time or both, would become an Event
 of Default, shall have occurred and be continuing; and

 
	
  

 	
  

 
	
  

 	
           (iii)
 the Company shall have delivered to the Trustee an Officers’ Certificate
 stating that such consolidation, merger, conveyance, transfer, sale or lease
 and, if a supplemental indenture is required in connection with such
 transaction, such supplemental indenture, comply with this Section 8.01 and that all
 conditions precedent herein provided for relating to such transaction have
 been satisfied.

 

                    (b)
The Guarantor shall not (1) consolidate with or merge with or into any other
Person (other than the Company) or convey, transfer, sell or lease its
properties and assets substantially as an entirety to any Person (other than
the Company), (2) permit any Person (other than the Company) to consolidate
with or merge into the Guarantor, or (3) permit any Person to convey, transfer,
sell or lease that Person’s properties and assets substantially as an entirety
to the Guarantor, unless:

44

	
  

 	
  

 
	
  

 	
           (i)
 in the case of (1) and (2) above, either (x) the Guarantor shall be the
 surviving person or (y) the Person (if other than the Guarantor) formed by
 such consolidation or into which the Guarantor is merged or the Person which
 acquires by conveyance, transfer or lease the properties and assets of the
 Guarantor substantially as an entirety is an entity organized and existing under
 the laws of the United States of America (including any State thereof or the
 District of Columbia), the United Kingdom, Ireland, the Cayman Islands,
 Bermuda or any country which is a member of the Organisation for Economic
 Co-operation and Development or the European Union and shall expressly
 assume, by an indenture supplemental hereto, executed and delivered to the
 Trustee in form reasonably satisfactory to the Trustee, all of the
 obligations of the Guarantor under the Securities and this Indenture;

 
	
  

 	
  

 
	
  

 	
           (ii)
 immediately after giving effect to such transaction, no Event of Default, and
 no event that, after notice or lapse of time or both, would become an Event
 of Default, shall have occurred and be continuing; and

 
	
  

 	
  

 
	
  

 	
           (iii)
 the Guarantor shall have delivered to the Trustee an Officers’ Certificate
 stating that such consolidation, merger, conveyance, transfer, sale or lease
 and, if a supplemental indenture is required in connection with such
 transaction, such supplemental indenture, comply with this Section 8.01 and that all
 conditions precedent herein provided for relating to such transaction have
 been satisfied.

 

                    (c)
The successor Person formed by such consolidation or into which the Company or the Guarantor is merged or the
successor Person to which such conveyance, transfer, sale or lease is made
shall succeed to, and be substituted for, and may exercise every right and
power of, the Company or the Guarantor, as the case may be, under this
Indenture with the same effect as if such successor had been named as the
Company or Guarantor, respectively, herein; and thereafter, the Company or the
Guarantor, as the case may be, shall be discharged from all obligations and
covenants under this Indenture and the Securities. Subject to Section 9.03, the Company, the Guarantor, the Trustee and the
successor Person shall enter into a supplemental indenture to evidence the
succession and substitution of such successor Person and such discharge and
release of the Company or the Guarantor. 

ARTICLE IX

AMENDMENTS & SUPPLEMENTAL INDENTURES

          Section
9.01. Amendments or Supplemental Indentures Without Consent of Holders. The Company and the Guarantor, when
authorized by Board Resolutions, and the Trustee, at any time and from time to
time, may amend or supplement this Indenture or the Securities or waive any
provision of this Indenture or the Securities without the consent of any
Holder, so long as such changes or waivers, other than those in clause (2), do
not materially and adversely affect the interests of the Holder:

                    (1)
to cure any ambiguity, omission, defect or inconsistency;

45

	
  

 	
  

 
	
  

 	
           (2)
 to make any modifications or amendments that do not, in the good faith
 opinion of the Company’s or the Guarantor’s Board of Directors and the
 Trustee, adversely affect the interests of the Holders in any material
 respect, provided that any amendment or supplement conforming this
 Indenture, as applied to a series of Securities, to the terms described in
 the prospectus (including any prospectus supplement) pursuant to which the
 Securities were initially sold shall be deemed not to adversely affect the
 interest of Holders; 

 
	
  

 	
  

 
	
  

 	
           (3)
 to provide for the assumption of the Company’s or the Guarantor’s obligations
 under this Indenture by a successor upon any merger, consolidation or asset
 transfer as permitted by and in compliance with Article VIII of this Indenture;

 
	
  

 	
  

 
	
  

 	
           (4)
 to provide any security for or additional guarantees of the Securities;

 
	
  

 	
  

 
	
  

 	
           (5)
 to add Events of Default with respect to the Securities; 

 
	
  

 	
  

 
	
  

 	
           (6)
 to add covenants for the benefit of the Holders or to surrender any right or
 power conferred upon the Company or the Guarantor by this Indenture;

 
	
  

 	
  

 
	
  

 	
           (7)
 to make any change necessary to comply with the Trust Indenture Act, or any
 amendment thereto, or to comply with any requirement of the Commission in
 connection with the qualification of this Indenture under the Trust Indenture
 Act; 

 
	
  

 	
  

 
	
  

 	
           (8)
 to provide for uncertificated Securities in addition to or in place of
 certificated Securities or to provide for bearer Securities; 

 
	
  

 	
  

 
	
  

 	
           (9)
 to add to or change any of the provisions of this Indenture to such extent as
 shall be necessary to permit or facilitate the issuance of Securities in
 bearer form, registrable or not registrable as to principal, and with or
 without interest coupons;

 
	
  

 	
  

 
	
  

 	
           (10)
 to change or eliminate any of the provisions of this Indenture, provided,
 however, 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; 

 
	
  

 	
  

 
	
  

 	
           (11)
 to establish the form or terms of Securities of any series as permitted by
 Sections 2.01 and 3.01; or

 
	
  

 	
  

 
	
  

 	
           (12)
 to evidence and provide for the acceptance of appointment hereunder by a
 successor Trustee with respect to the Securities of one or more series and to
 add to or change any of the provisions of this Indenture as shall be
 necessary to provide for or facilitate the administration of the trusts
 hereunder by more than one Trustee, pursuant to the requirements of Section 6.11(b).

 

          Section
9.02. Amendments or Supplemental Indentures with Consent of Holders. With the written consent of the Holders of
not less than a majority in aggregate principal amount of the Securities at the
time Outstanding of all series affected by such amendment or supplement (taken
together as one class), the Company and the Guarantor, when authorized by a
Board

46

Resolution,
and the Trustee, at any time and from time to time, may amend or supplement
this Indenture or the Securities.
However, without the consent of each Holder affected, an amendment of or
a supplement to this Indenture or the Securities may not:

	
  

 	
  

 
	
  

 	
           (1)
 change the Stated Maturity of the principal of, or premium, if any, or any
 installment of interest with respect to the Securities;

 
	
  

 	
  

 
	
  

 	
           (2)
 reduce the principal amount of, or the rate of interest on, or any premium
 payable upon the redemption of, the Securities;

 
	
  

 	
  

 
	
  

 	
           (3)
 change the currency of payment of principal of or interest on the Securities;

 
	
  

 	
  

 
	
  

 	
           (4)
 change the redemption provisions, if any, of any Securities in any manner
 adverse to the Holders of such Securities;

 
	
  

 	
  

 
	
  

 	
           (5)
 impair the right to institute suit for the enforcement of any payment on or
 with respect to the Securities;

 
	
  

 	
  

 
	
  

 	
           (6)
 reduce the above-stated percentage of Holders of the Securities of any series
 necessary to modify or amend this Indenture;

 
	
  

 	
  

 
	
  

 	
           (7)
 if the Securities are convertible or exchangeable, adversely affect the right
 to convert or exchange the Securities in accordance with the provisions of
 this Indenture;

 
	
  

 	
  

 
	
  

 	
           (8)
 release the Guarantor from any of its obligations under the Guarantee, except
 in accordance with the terms of this Indenture;

 
	
  

 	
  

 
	
  

 	
           (9)
 modify or change any provision of this Indenture or the related definitions
 affecting the ranking of the Securities or the Guarantee in any manner which
 adversely affects the Holders; or

 
	
  

 	
  

 
	
  

 	
           (10)
 modify the foregoing requirements or reduce the percentage of Outstanding
 Securities necessary to waive any covenant or past default.

 

          It
shall not be necessary for any Act of the Holders under this Section 9.02 to approve the
particular form of any proposed amendment or supplemental indenture, but it
shall be sufficient if such Act approves the substance thereof.

          After
an amendment or supplemental indenture under this Section 9.02 becomes effective, the
Company shall mail to each Holder a notice briefly describing the amendment or
supplemental indenture.

          An
amendment or 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.

47

          Section
9.03. Execution of Supplemental Indentures. The Trustee shall sign any supplemental indenture authorized
pursuant to this article if the amendment contained therein does not adversely
affect the rights, duties, liabilities or immunities of the Trustee. If it does, the Trustee may, but need not,
sign such supplemental indenture. In
executing, or accepting the additional trusts created by, any supplemental
indenture permitted by this article or the modifications thereby of the trusts
created by this Indenture, the Trustee shall receive, and (subject to Section 6.01) shall
be fully protected in relying upon, an Officers’ Certificate and an Opinion of
Counsel stating that the execution of such supplemental indenture is authorized
or permitted by this Indenture and that this Indenture as amended by such
supplemental indenture is the valid, binding and enforceable obligation of the
Company and Guarantor in accordance with its terms.

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

          Section
9.05. 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
9.06. 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 X

COVENANTS

          Section
10.01. Payment of Principal, Premium and Interest. The Company covenants and agrees for the
benefit of each series of Securities that it will duly and punctually pay the principal
of (and premium, if any) and interest on the Securities of that series in
accordance with the terms of the Securities and this Indenture. At the option of the Company, payment of
principal (and premium, if any) and interest may be made by wire transfer or
(subject to collection) by check mailed to the address of the Person entitled
thereto at such address as shall appear in the Security Register.

          Section
10.02. Maintenance of Office or Agency.
The Company will maintain in each Place of Payment for any series of
Securities an office or agency where Securities of that series may be presented
or surrendered for registration of transfer or exchange and where notices and
demands to or upon the Company in respect of the Securities of that series and
this Indenture 

48

may be served.
The Company hereby initially appoints the Trustee its office or agency for each
of said purposes. The Company will give
prompt written notice to the Trustee of the location, and any change in the location,
of such office or agency. If at any
time the Company shall fail to maintain any such required office or agency or
shall fail to furnish the Trustee with the address thereof, such presentations,
surrenders, notices and demands may be made or served at the Corporate Trust
Office of the Trustee, and the Company hereby appoints the Trustee as its agent
to receive all such presentations, surrenders, notices and demands.

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

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

          Whenever
the Company shall have one or more Paying Agents for any series of Securities,
it will, on or prior to each due date of the principal of (and premium, if any)
or interest on any Securities of that series, deposit with a Paying Agent a sum
sufficient to pay the principal (and premium, if any) or interest 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 will cause each Paying Agent for any series of Securities other than
the Trustee to execute and deliver to the Trustee an instrument in which such
Paying Agent shall agree with the Trustee, subject to the provisions of this Section 10.03,
that such Paying Agent will:

	
  

 	
  

 
	
  

 	
           (1)
 hold all sums held by it for the payment on the principal of (and premium, if
 any) or interest on Securities of that series in trust for the benefit of the
 Persons entitled thereto until such sums shall be paid to such Persons or
 otherwise disposed of as herein provided;

 
	
  

 	
  

 
	
  

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

 

49

	
  

 	
  

 
	
  

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

 

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

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

          The
Company shall have no obligation to make payment of principal of (or premium,
if any) or interest on any Security in immediately available funds, except that
if the Company shall have received original payment for Securities in
immediately available funds it shall make available immediately available funds
for payment of the principal of such Securities.

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

          Section 10.05. Maintenance of Properties.
The Company will use its reasonable efforts to cause all material
properties used or useful in the conduct of its business to be maintained and
kept in good condition, repair and working order (subject to wear and tear) and
supplied with all necessary material equipment and will use its reasonable
efforts to cause to be made all necessary material repairs, renewals,
replacements, betterments and improvements thereof, all as in the judgment of
the Company may be necessary so that the business carried on in connection
therewith may be properly and advantageously conducted at all times; provided,
however, that 

50

nothing in this Section 10.05 shall prevent the Company from discontinuing the operation or
maintenance of any of such properties if such discontinuance is, in the
judgment of the Company, desirable in the conduct of its business and not
disadvantageous in any material respect to the Holders.

          Section
10.06. Statement by Officers as to Default. The Company will deliver to the Trustee, within 120 days after
the end of each fiscal year of the Company ending after the date hereof, a
certificate of the principal executive officer, principal financial officer or
principal accounting officer of the Company stating whether or not to the best
knowledge of the signers thereof the Company or the Guarantor are in default in
the performance and observance of any of the terms, provisions and conditions
of this Indenture, and if the Company or the Guarantor shall be in default,
specifying all such defaults and the nature and status thereof of which they
may have knowledge.

          Section
10.07. Waiver of Certain Covenants.
The Company and the Guarantor may omit in any particular instance to
comply with any term, provision or condition set forth in this Article X if, before or
after the time for such compliance, the Holders of at least a majority in
principal amount of the Outstanding Securities (taken together as one class)
shall, by Act of such Holders, either waive such compliance in such instance or
generally waive compliance with 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 Guarantor and the duties of the Trustee
in respect of any such term, provision or condition shall remain in full force
and effect.

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

ARTICLE XI

THE GUARANTEE

                    Section
11.01. Unconditional Guarantee.

                    (a)
The Guarantor does hereby fully and unconditionally guarantee to the Holders of
the Securities of each series all payments of principal, premium, if any, and
interest on such Securities when due, in accordance with the provisions of such
series of Securities and this Indenture.

                    (b)
The Guarantor hereby waives notice of acceptance of the Guarantee and of
default of performance by the Company, and hereby agrees that payment under the
Guarantee shall be subject to no condition other than the giving of a written
request for payment stating the fact of default of performance, in the manner
provided in Section 1.05 of this Indenture.
The Guarantee is a guarantee of payment and not of collection.

51

                    (c)
The obligations of the Guarantor under the Guarantee shall in no way be
impaired by: (i) any extension, amendment, modification or renewal of the
Securities of the relevant series; (ii) any waiver of any Event of Default,
extension of time or failure to enforce any of the provisions of the Securities
of the relevant series or the Indenture; or (iii) any extension, moratorium or
other relief granted to the Company pursuant to any applicable law or statute.

                    (d)
The Guarantor shall be obligated to make payment under the Guarantee, for the
benefit of the Holders of each series of Securities, in the same manner in
which the Company is obligated to make payments on such series of Securities.

                    (e)
Subject to clause (f) below, the Guarantor hereby agrees that:

	
  

 	
  

 
	
  

 	
                     (i)
 each series of Securities will be paid strictly in accordance with the terms
 of such series of Securities and the Indenture, regardless of the value,
 genuineness, validity, regularity or enforceability of such series of
 Securities and the Indenture, and of any law, regulation or order now or hereafter
 in effect in any jurisdiction affecting any of such terms or the rights of
 the Trustee with respect thereto, to the fullest extent permitted by law; and

 
	
  

 	
  

 
	
  

 	
                     (ii)
 the liability of the Guarantor to the extent herein set forth shall be
 absolute and unconditional, not subject to any reduction, limitation,
 impairment, termination, defense, offset, counterclaim, or recoupment
 whatsoever (all of which are hereby expressly waived by the Guarantor),
 whether by reason of any claim of any character whatsoever, including,
 without limitation, any claim of waiver, release, surrender, alteration or
 compromise, or by reason of any liability at any time to the Guarantor or
 otherwise, whether based upon any obligations or any other agreement or otherwise,
 and howsoever arising, whether out of action or inaction or otherwise and
 whether resulting from default, willful misconduct, negligence or otherwise,
 and without limiting the foregoing, irrespective of:

 

	
  

 	
  

 
	
  

 	
                     (1)
 any lack of validity or enforceability of any agreement or instrument
 relating to the Securities of the relevant series;

 
	
  

 	
  

 
	
  

 	
                     (2)
 any change in the time, manner or place of payment under, or in any other
 term in respect of, all or any Securities of the relevant series, or any
 other amendment or waiver of or consent to any departure from any other
 agreement relating to such series of Securities;

 
	
  

 	
  

 
	
  

 	
                     (3)
 any increase in, addition to, exchange or release of, or nonperfection of any
 lien on or security interest in, any collateral, or any release or amendment
 or waiver of or consent to any departure from or failure to enforce any other
 guarantee, for all or any Securities of the relevant series;

 
	
  

 	
  

 
	
  

 	
                     (4)
 any other circumstance that might otherwise constitute a defense available
 to, or a discharge of, the Company in respect the Securities of the relevant
 series;

 

52

	
  

 	
  

 
	
  

 	
                     (5)
 the absence of any action on the part of the Trustee to obtain payment under
 the Securities of the relevant series or the Indenture from the Company;

 
	
  

 	
  

 
	
  

 	
                     (6)
 any insolvency, bankruptcy, reorganization or dissolution, or any similar
 proceeding of or in respect of the Company, including, without limitation, rejection
 of the Securities of the relevant series in such bankruptcy; or

 
	
  

 	
  

 
	
  

 	
                     (7)
 the absence of notice or any delay in any action to enforce any provision of
 the Securities of the relevant series or the Indenture or to exercise any right
 or remedy against the Guarantor or the Company, whether under the Indenture,
 the Securities of the relevant series or any agreement or any indulgence,
 compromise or extension granted.

 

                    (f)
Notwithstanding anything to the contrary in the Guarantee, the Guarantor does
not waive any defense that would be available to the Company based on a breach,
default or misrepresentation by the Trustee, or failure of any condition to the
Company’s obligations under the Indenture or the illegality of any provision of
the Indenture.

                    (g)
The Guarantor further agrees that, to the extent that the Company or the
Guarantor makes a payment or payments to the Trustee, which payment or payments
or any part thereof are subsequently invalidated, declared to be fraudulent or
preferential, set aside and/or repaid to the Company or the Guarantor or their
respective estate, trustee, receiver or any other party under any bankruptcy
laws, state or federal law, common law or equitable cause, then to the extent
of such payment or repayment, the Guarantee and the advances or part thereof
which have been paid, reduced or satisfied by such amount shall be reinstated
and continued in full force and effect as of the date such initial payment,
reduction or satisfaction occurred.

                    Section
11.02. Guarantee for the Benefit of the Holders. The Guarantee contained in this Indenture is
entered into by the Guarantor for the benefit of the Holders from time to time
of the Securities. Such provisions
shall not be deemed to create any right, or to be in whole or in part for the
benefit, of any Person other than the Trustee, the Guarantor, the Holders from
time to time of the Securities and their permitted successors and assigns.

                    Section
11.03. Waiver of Subrogation.
The Guarantor shall be subrogated to all rights of the Holders of the
Securities and the Trustee against the Company pursuant to the provisions of
the Guarantee; provided,
however, that the
Guarantor shall not be entitled to enforce, or to receive any payments arising
out of or based upon, such right of subrogation until the principal of (and
premium, if any) or interest on the Securities of the relevant series issued
under the Indenture shall have been paid in full.

                    Section
11.04. No Suspension of Remedies.
Nothing contained in this Article XI shall limit the right of the
Trustee or the Holders of the Securities to take any action pursuant to Article
V of this Indenture or to pursue any other rights or remedies under the
Indenture or under applicable law. 

                    Section
11.05. Termination. The
Guarantee shall remain in full force and effect and shall be binding on the
Guarantor, its successors and assigns until the entire principal of and 

53

interest and
any premium on the Securities shall have been paid in full or otherwise
discharged in accordance with the provisions of this Indenture. 

ARTICLE XII

REDEMPTION OF SECURITIES

          Section
12.01. 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 3.01 for Securities of any series) in
accordance with this article.

          Section
12.02. Election to Redeem; Notice to Trustee. The election of the Company to redeem any Securities shall be
evidenced by a Board Resolution. In
case of any redemption at the election of the Company of less than all the
Securities of any series, the Company shall, at least 45 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,
such notice to be accompanied by a written statement signed by an authorized
officer of the Company stating that no defaults in the payment of interest or
Events of Default with respect to the Securities of that series have occurred
(which have not been waived or cured).
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 an Officers’
Certificate evidencing compliance with such restriction.

          Section
12.03. Selection by Trustee of Securities to Be Redeemed. If less than all the Securities of any
series 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 not previously called for redemption, by
such method as the Trustee shall deem fair and appropriate, subject to the
customary procedures of the Depositary, and which may provide for the selection
or 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 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 Securities redeemed or to be redeemed only in part, to the portion of
the principal amount of such Securities which has been or is to be redeemed.

          Section
12.04. Notice of Redemption. The
Company shall give a notice of redemption by first-class mail, postage prepaid,
mailed not less than 45 nor more than 60 days prior to the Redemption Date, to
each Holder of Securities to be redeemed, at his address appearing in the 

54

Security
Register. Any notice which is mailed in the manner herein provided shall be
conclusively presumed to have been duly given, whether or not such Holder
receives the notice. Failure to give
notice by mail, or any defect in the notice to any such Holder in respect of
any Security, shall not affect the validity of the proceedings for the redemption
of any other Security.

          All
notices of redemption shall state:

	
  

 	
  

 
	
  

 	
           (1)
 the Redemption Date,

 
	
  

 	
  

 
	
  

 	
           (2)
 the Redemption Price and any accrued interest,

 
	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

 	
           (5)
 the place or places where such Securities are to be surrendered for payment
 of the Redemption Price and any accrued interest,

 
	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

 	
           (7)
 the CUSIP number and, if applicable, the ISIN number, of the Securities being
 redeemed.

 

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

          Section
12.05. 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 Paying Agent (or, if the Company is acting
as its own Paying Agent, segregate and hold in trust as provided in Section 10.03) an
amount of money, in funds immediately available on the due date, sufficient to
pay the Redemption Price of, and (except if the Redemption Date shall be an
Interest Payment Date) accrued interest on, all the Securities which are to be
redeemed on that date.

          Section
12.06. 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 together with accrued
interest thereon, and from and after such date (unless the Company shall
default in the payment of the Redemption Price and accrued interest) such
Securities shall cease to bear interest.
Upon surrender of any such Security for redemption in accordance with
said notice, such Security shall be paid by the Company at the Redemption
Price, together with accrued interest to the Redemption Date; provided, however,
that installments of interest whose Stated Maturity is on the Redemption Date
shall be payable to the Holders of such Securities, or one or more 

55

Predecessor
Securities, registered as such at the close of business on the relevant Record
Dates according to their terms and the provisions of Section 3.07.

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

          The
Trustee shall not redeem any Securities of any series pursuant to this article
(unless all Outstanding Securities of such series are to be redeemed) or mail
or give any notice of redemption of Securities during the continuance of an
Event of Default hereunder known to the Trustee with respect to such series,
except that, where the mailing of notice of redemption of any Securities shall
theretofore have been made, the Trustee shall redeem or cause to be redeemed
such Securities, provided that it shall have received from the Company a
sum sufficient for such redemption.
Except as aforesaid, any moneys theretofore or thereafter received by
the Trustee shall, during the continuance of such Event of Default, be deemed
to have been collected under Article V and held for the payment of all such Securities
of such series. In case such Event of
Default shall have been waived as provided in Section 5.13 or the default cured on or
before the sixtieth day preceding the Redemption Date, such moneys shall
thereafter be applied in accordance with the provisions of this article.

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

ARTICLE XIII

SINKING FUNDS

          Section
13.01. 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 3.01 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 Securities of any series is herein referred to as an “Optional
Sinking Fund Payment.” If provided for by the terms of Securities of any
series, the cash amount of any sinking fund payment may be subject to reduction
as provided in Section 13.02. 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.

56

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

          Section
13.03. Redemption of Securities for Sinking Fund. Not less than 60 days prior to each sinking fund
payment date for any series of Securities, the Company (1) will deliver to the
Trustee an Officers’ Certificate (A) stating that no defaults in the payment of
interest or Events of Default with respect to Securities of that series have
occurred (which have not been waived or cured), (B) specifying the amount of
the next ensuing sinking fund payment for that series pursuant to the terms of
Securities of that series, (C) stating whether or not the Company intends to
exercise its right, if any, to make an Optional Sinking Fund Payment with
respect to such series on the next ensuing sinking fund payment date and, if
so, specifying the amount of such Optional Sinking Fund Payment and (D)
specifying the portion of such sinking fund payment, if any, which is to be
satisfied by payment of cash and the portion thereof, if any, which is to be
satisfied by delivering and crediting Securities of that series pursuant to Section 13.02
and (2) will also deliver to the Trustee any Securities to be so delivered. Not less than 30 days before each such
sinking fund payment date, the Trustee shall select the Securities of such
series to be redeemed upon such sinking fund payment date in the manner
specified in Section 12.03 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 12.04. Such notice having been duly given, the
redemption of such Securities shall be made upon the terms and in the manner
stated in Sections 12.05, 12.06 and 12.07. Failure
of the Company, on or before any such 60th day, to deliver such Officers’
Certificate and Securities specified in this Section 13.03, if any, shall not constitute a
default but shall constitute, on and as of such date, the irrevocable election
of the Company (a) that the Mandatory Sinking Fund Payment for such series due
on the next succeeding sinking fund payment date shall be paid entirely in cash
without the option to deliver or credit Securities of such series in respect
thereof and (b) that the Company will make no Optional Sinking Fund Payment
with respect to Securities of such series as provided in this article.

          The
Trustee shall not redeem or cause to be redeemed any Security of a series with
sinking fund moneys or mail any notice of redemption of Securities of such
series by operation of the sinking fund during the continuance of a default in
payment of interest on such Securities or of any Event of Default with respect
to such series except that, where the mailing of notice of redemption of any
Securities shall theretofore have been made, the Trustee shall redeem or cause
to be redeemed such Securities, provided that it shall have received
from the Company a sum sufficient for such redemption. Except as aforesaid, any moneys in the
sinking fund for such series at the time when any such default or Event of
Default shall occur, and any moneys thereafter paid into the sinking fund,
shall, during the continuance of such default or Event of Default, be deemed to
have been collected under Article V and held for the payment of all such 

57

Securities of such series. In case such Event of Default shall have been waived as provided
in Section 5.13 or the default cured on or before the 60th day preceding the sinking fund
payment date, such moneys shall thereafter be applied on the next succeeding
sinking fund payment date in accordance with this Section 13.03 to the redemption of such
Securities.

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

 [Remainder of page intentionally blank]

58

          IN
WITNESS WHEREOF, each party hereto has executed this Indenture as of the day
and year first before written.

	
  

 	
  

 	
  

 
	
  

 	
 XL GROUP
 LTD.

 
	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
  

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
 Name:

 
	
  

 	
  

 	
 Title:

 

59

	
  

 	
  

 
	
  

 	
 SIGNED AND
 DELIVERED AS A DEED FOR AND ON BEHALF OF

 
	
  

 	
  

 
	
  

 	
 XL GROUP PLC

 
	
  

 	
 as Guarantor

 
	
  

 	
  

 
	
  

 	
 BY ITS
 LAWFULLY APPOINTED ATTORNEY

 
	
  

 	
  

 
	
  

 	

 

 
	
  

 	
 Name:

 
	
  

 	
 Title:

 
	
  

 	
  

 
	
  

 	
 IN THE
 PRESENCE OF

 
	
  

 	
  

 
	
  

 	
 Witness

 
	
  

 	
  

 
	
  

 	

 

 
	
  

 	
 Name:

 
	
  

 	
 Address:

 

60

	
  

 	
  

 	
  

 
	
  

 	
 WELLS FARGO
 BANK, NATIONAL ASSOCIATION,

 
	
  

 	
 as Trustee

 
	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
  

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
 Name:

 
	
  

 	
  

 	
 Title:

 

61Exhibit 4.17

XL GROUP LTD.

as Issuer

XL GROUP PLC

as Guarantor

WELLS FARGO BANK, NATIONAL ASSOCIATION

as Trustee

	
  

 
	

 

 
	
  

 
	
 INDENTURE

 
	
  

 
	
 Dated as of [______]

 
	
  

 
	

 

 

Subordinated Debt Securities

          Reconciliation and tie between Trust
Indenture Act of 1939 and Indenture.

	
  

 	
  

 	
  

 	
  

 
	
 TRUST
 INDENTURE ACT SECTION

 	
  

 	
 INDENTURE
 SECTION

 
	

 

 	
  

 	

 

 
	
  

 	
  

 	
  

 	
  

 
	
 ss.310(a)

 	
  

 	
  

 	
 6.09

 
	
 (b)

 	
  

 	
  

 	
 6.08, 6.10

 
	
 (c)

 	
  

 	
  

 	
 Not
 Applicable

 
	
 ss.311(a)

 	
  

 	
  

 	
 6.13

 
	
 (b)

 	
  

 	
  

 	
 6.13

 
	
 (c)

 	
  

 	
  

 	
 Not
 Applicable

 
	
 ss.312(a)

 	
  

 	
  

 	
 7.01,
 7.02(a)

 
	
 (b)

 	
  

 	
  

 	
 7.02(b)

 
	
 (c)

 	
  

 	
  

 	
 7.02(c)

 
	
 ss.313(a)

 	
  

 	
  

 	
 7.03(a)

 
	
 (b)

 	
  

 	
  

 	
 7.03(b)

 
	
 (c)

 	
  

 	
  

 	
 7.03(b)

 
	
 (d)

 	
  

 	
  

 	
 7.03(c)

 
	
 ss.314(a)

 	
  

 	
  

 	
 7.04

 
	
 (b)

 	
  

 	
  

 	
 Not
 Applicable

 
	
 (c)

 	
  

 	
  

 	
 1.02

 
	
 (d)

 	
  

 	
  

 	
 Not
 Applicable

 
	
 (e)

 	
  

 	
  

 	
 1.02

 
	
 (f)

 	
  

 	
  

 	
 Not
 Applicable

 
	
 ss.315(a)

 	
  

 	
  

 	
 6.01

 
	
 (b)

 	
  

 	
  

 	
 6.02,
 7.03(b)

 
	
 (c)

 	
  

 	
  

 	
 6.01(b)

 
	
 (d)

 	
  

 	
  

 	
 6.01(c)

 
	
 (e)

 	
  

 	
  

 	
 5.14

 
	
 ss.316(a)

 	
 (1)

 	
  

 	
 5.12, 5.13

 
	
 (b)

 	
  

 	
  

 	
 5.08

 
	
 (c)

 	
  

 	
  

 	
 1.04(d)

 
	
 ss.317(a)

 	
 (1)

 	
  

 	
 5.03

 
	
 (b)

 	
  

 	
  

 	
 5.04

 
	
 (c)

 	
  

 	
  

 	
 10.03

 
	
 ss.318(a)

 	
  

 	
  

 	
 1.07

 
	
  

 	
  

 	
  

 	
  

 

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

TABLE OF CONTENTS

	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 Page

 
	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE I

 
	
 DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 1.01.

 	
 Definitions

 	
  

 	
 1

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 1.02.

 	
 Compliance
 Certificates and Opinions

 	
  

 	
 8

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 1.03.

 	
 Form of
 Documents Delivered to Trustee

 	
  

 	
 8

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 1.04.

 	
 Acts of
 Holders

 	
  

 	
 9

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 1.05.

 	
 Notices,
 Etc., to Trustee, the Company and the Guarantor

 	
  

 	
 10

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 1.06.

 	
 Notice to
 Holders; Waiver

 	
  

 	
 10

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 1.07.

 	
 Conflict
 with Trust Indenture Act

 	
  

 	
 10

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 1.08.

 	
 Effect of
 Headings and Table of Contents

 	
  

 	
 11

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 1.09.

 	
 Successors
 and Assigns

 	
  

 	
 11

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 1.10.

 	
 Separability
 Clause

 	
  

 	
 11

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 1.11.

 	
 Benefits of
 Indenture

 	
  

 	
 11

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 1.12.

 	
 Governing
 Law; Waiver of Jury Trial

 	
  

 	
 11

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 1.13.

 	
 Legal
 Holidays

 	
  

 	
 11

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 1.14.

 	
 References
 to Currency

 	
  

 	
 11

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 1.15.

 	
 Force
 Majeure

 	
  

 	
 11

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 1.16.

 	
 USA PATRIOT
 Act

 	
  

 	
 12

 
	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE II

 
	
 SECURITY FORMS

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 2.01.

 	
 Forms
 Generally

 	
  

 	
 12

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 2.02.

 	
 Form of
 Trustee’s Certificate of Authentication

 	
  

 	
 12

 
	
  

 	
  

 	
  

 	
  

 
	
 Section 2.03.

 	
 Securities
 Issuable in the Form of a Global Security

 	
  

 	
 13

 
	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE III

 
	
 THE SECURITIES

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 3.01.

 	
 Amount
 Unlimited; Issuable in Series

 	
  

 	
 14

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 3.02.

 	
 Denominations

 	
  

 	
 17

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 3.03.

 	
 Execution,
 Authentication, Delivery and Dating

 	
  

 	
 17

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 3.04.

 	
 Temporary
 Securities

 	
  

 	
 18

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 3.05.

 	
 Registration,
 Registration of Transfer and Exchange

 	
  

 	
 18

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 3.06.

 	
 Mutilated,
 Destroyed, Lost and Stolen Securities

 	
  

 	
 20

 

-i-

TABLE OF CONTENTS
(continued)

	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 Page

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 3.07.

 	
 Payment of
 Interest; Interest Rights Preserved

 	
  

 	
 20

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 3.08.

 	
 Persons
 Deemed Owners

 	
  

 	
 21

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 3.09.

 	
 Cancellation

 	
  

 	
 22

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 3.10.

 	
 Computation
 of Interest

 	
  

 	
 22

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 3.11.

 	
 CUSIP
 Numbers

 	
  

 	
 22

 
	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE IV

 
	
 SATISFACTION AND DISCHARGE

 
	
  

 	
  

 	
  

 	
  

 
	
 Section 4.01.

 	
 Satisfaction
 and Discharge of Indenture

 	
  

 	
 22

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 4.02.

 	
 Application
 of Trust Funds; Indemnification

 	
  

 	
 23

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 4.03.

 	
 Defeasance
 and Discharge of Indenture

 	
  

 	
 24

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 4.04.

 	
 Defeasance
 of Certain Obligations

 	
  

 	
 25

 
	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE V

 
	
 REMEDIES

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 5.01.

 	
 Events of
 Default

 	
  

 	
 27

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 5.02.

 	
 Acceleration
 of Maturity; Rescission and Annulment

 	
  

 	
 28

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 5.03.

 	
 Collection
 of Indebtedness and Suits For Enforcement By Trustee

 	
  

 	
 29

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 5.04.

 	
 Trustee May
 File Proofs of Claim

 	
  

 	
 30

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 5.05.

 	
 Trustee May
 Enforce Claims Without Possession of Securities

 	
  

 	
 30

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 5.06.

 	
 Application
 of Money Collected

 	
  

 	
 30

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 5.07.

 	
 Limitation
 on Suits

 	
  

 	
 31

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 5.08.

 	
 Unconditional
 Right of Holders to Receive Principal, Premium and Interest

 	
  

 	
 31

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 5.09.

 	
 Restoration
 of Rights and Remedies

 	
  

 	
 32

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 5.10.

 	
 Rights and
 Remedies Cumulative

 	
  

 	
 32

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 5.11.

 	
 Delay or
 Omission Not Waiver

 	
  

 	
 32

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 5.12.

 	
 Control by
 Holders

 	
  

 	
 32

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 5.13.

 	
 Waiver of
 Past Defaults

 	
  

 	
 32

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 5.14.

 	
 Undertaking
 for Costs

 	
  

 	
 33

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 5.15.

 	
 Waiver of
 Stay or Extension Laws

 	
  

 	
 33

 
	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE VI

 
	
 THE TRUSTEE

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 6.01.

 	
 Certain
 Duties and Responsibilities

 	
  

 	
 34

 

-ii-

TABLE OF CONTENTS
(continued)

	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 Page

 
	
  

 	
  

 	
  

 	
  

 
	
 Section 6.02.

 	
 Notice of
 Defaults

 	
  

 	
 35

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 6.03.

 	
 Certain
 Rights of Trustee

 	
  

 	
 35

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 6.04.

 	
 Not
 Responsible for Recitals or Issuance of Securities

 	
  

 	
 37

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 6.05.

 	
 May Hold
 Securities

 	
  

 	
 37

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 6.06.

 	
 Money Held
 in Trust

 	
  

 	
 37

 
	
  

 	
  

 	
  

 	
  

 
	
 Section 6.07.

 	
 Compensation,
 Reimbursement and Indemnification

 	
  

 	
 37

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 6.08.

 	
 Disqualification;
 Conflicting Interests

 	
  

 	
 38

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 6.09.

 	
 Corporate
 Trustee Required; Eligibility

 	
  

 	
 38

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 6.10.

 	
 Resignation
 and Removal; Appointment of Successor

 	
  

 	
 38

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 6.11.

 	
 Acceptance
 of Appointment by Successor

 	
  

 	
 40

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 6.12.

 	
 Merger,
 Conversion, Consolidation or Succession to Business

 	
  

 	
 41

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 6.13.

 	
 Preferential
 Collection of Claims Against Company or Guarantor

 	
  

 	
 41

 
	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE VII

 
	
 HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 7.01.

 	
 Company to
 Furnish Trustee Names and Addresses of Holders

 	
  

 	
 41

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 7.02.

 	
 Preservation
 of Information; Communications to Holders

 	
  

 	
 42

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 7.03.

 	
 Reports by
 Trustee

 	
  

 	
 43

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 7.04.

 	
 Reports

 	
  

 	
 44

 
	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE VIII

 
	
 SUCCESSOR CORPORATION

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 8.01.

 	
 When Company
 or Guarantor May Merge or Transfer Assets

 	
  

 	
 44

 
	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE IX

 
	
 AMENDMENTS & SUPPLEMENTAL INDENTURES

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 9.01.

 	
 Amendments
 or Supplemental Indentures Without Consent of Holders

 	
  

 	
 46

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 9.02.

 	
 Amendments
 or Supplemental Indentures with Consent of Holders

 	
  

 	
 47

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 9.03.

 	
 Execution of
 Supplemental Indentures

 	
  

 	
 48

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 9.04.

 	
 Effect of
 Supplemental Indentures

 	
  

 	
 49

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 9.05.

 	
 Conformity
 with Trust Indenture Act

 	
  

 	
 49

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 9.06.

 	
 Reference in
 Securities to Supplemental Indentures

 	
  

 	
 49

 
	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE X

 
	
 COVENANTS

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 10.01.

 	
 Payment of
 Principal, Premium and Interest

 	
  

 	
 49

 

-iii-

TABLE OF CONTENTS
(continued)

	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 Page

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 10.02.

 	
 Maintenance
 of Office or Agency

 	
  

 	
 49

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 10.03.

 	
 Money for
 Securities; Payments to Be Held in Trust

 	
  

 	
 50

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 10.04.

 	
 Corporate
 Existence

 	
  

 	
 51

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 10.05.

 	
 Maintenance
 of Properties

 	
  

 	
 51

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 10.06.

 	
 Statement by
 Officers as to Default

 	
  

 	
 51

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 10.07.

 	
 Waiver of
 Certain Covenants

 	
  

 	
 52

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 10.08.

 	
 Calculation
 of Original Issue Discount

 	
  

 	
 52

 
	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE XI

 
	
 THE GUARANTEE

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 11.01.

 	
 Unconditional
 Guarantee

 	
  

 	
 52

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 11.02.

 	
 Guarantee
 for the Benefit of the Holders

 	
  

 	
 54

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 11.03.

 	
 Waiver of
 Subrogation

 	
  

 	
 54

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 11.04.

 	
 No
 Suspension of Remedies

 	
  

 	
 54

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 11.05.

 	
 Termination

 	
  

 	
 54

 
	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE XII

 
	
 REDEMPTION OF SECURITIES

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 12.01.

 	
 Applicability
 of Article

 	
  

 	
 54

 
	
  

 	
  

 	
  

 	
  

 
	
 Section 12.02.

 	
 Election to
 Redeem; Notice to Trustee

 	
  

 	
 54

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 12.03.

 	
 Selection by
 Trustee of Securities to Be Redeemed

 	
  

 	
 55

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 12.04.

 	
 Notice of
 Redemption

 	
  

 	
 55

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 12.05.

 	
 Deposit of
 Redemption Price

 	
  

 	
 56

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 12.06.

 	
 Securities Payable
 on Redemption Date

 	
  

 	
 56

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 12.07.

 	
 Securities
 Redeemed in Part

 	
  

 	
 57

 
	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE XIII

 
	
 SINKING FUNDS

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 13.01.

 	
 Applicability
 of Article

 	
  

 	
 57

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 13.02.

 	
 Satisfaction
 of Sinking Fund Payments with Securities

 	
  

 	
 57

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 13.03.

 	
 Redemption
 of Securities for Sinking Fund

 	
  

 	
 57

 
	
 ARTICLE XIV

 
	
 SUBORDINATION

 
	
  

 	
  

 	
  

 	
  

 
	
 Section 14.01.

 	
 Agreement to Subordinate

 	
  

 	
 58

 
	
  

 	
  

 	
  

 	
  

 
	
 Section 14.02.

 	
 Default on Senior Indebtedness

 	
  

 	
 59

 

-iv-

TABLE OF CONTENTS
(continued)

	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 Page

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 14.03.

 	
 Liquidation;
 Dissolution; Bankruptcy

 	
  

 	
 60

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 14.04.

 	
 Subrogation

 	
  

 	
 61

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 14.05.

 	
 Trustee to
 Effectuate Subordination

 	
  

 	
 62

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 14.06.

 	
 Notice by
 the Company

 	
  

 	
 62

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 14.07.

 	
 Rights of
 The Trustee; Holders of Senior Indebtedness

 	
  

 	
 63

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 14.08.

 	
 Subordination
 May Not be Impaired

 	
  

 	
 63

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 14.09.

 	
 Article
 Applicable to Paying Agents

 	
  

 	
 64

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 14.10.

 	
 Defeasance
 of This Article

 	
  

 	
 64

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 14.11.

 	
 Subordination
 Language to be Included in Securities

 	
  

 	
 64

 
	
  

 	
  

 	
  

 	
  

 
	
 Section
 14.12.

 	
 Trustee Not
 Fiduciary for Holders of Senior Indebtedness

 	
  

 	
 64

 

-v-

          INDENTURE,
dated as of [_____], among XL Group Ltd., a Cayman Islands exempted company
(herein called the “Company” or the “Issuer”), having its
principal office at XL House, One Bermudiana Road, Hamilton, HM 08, Bermuda, XL
Group plc, an Irish public limited company (herein called the “Guarantor”),
having its principal office at No. 1 Hatch Street Upper, 4th Floor, Dublin 2,
Ireland and Wells Fargo Bank, National Association, a national banking
association, as trustee hereunder (herein called the “Trustee”).

RECITALS OF THE COMPANY

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

          The
Guarantor has duly authorized the execution and delivery of this Indenture to
provide for its Guarantee of the Securities as in this Indenture provided. 

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

NOW, THEREFORE, THIS INDENTURE WITNESSETH:

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

ARTICLE I

DEFINITIONS AND OTHER PROVISIONS OF

GENERAL APPLICATION

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

	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

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

 

	
  

 	
  

 
	
  

 	
           (4)
 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)
 all references used herein to the male gender shall include the female
 gender.

 

          “Act”
when used with respect to any Holder, has the meaning specified in Section 1.04.

          “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.

          “Board
of Directors” when used with reference to the Company or the Guarantor
means either the board of directors of the Company or the Guarantor, as the
case may be, or any duly authorized committee of such board duly authorized to
act hereunder.

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

          “Business
Day” means, with respect to any Securities, a day that in the City of New
York or in any Place of Payment is not a day on which banking institutions are
authorized by law or regulation to close.

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

          “Certificated
Securities” means Securities that are in registered definitive form.

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

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

          “Company
Request” or “Company Order” means a written request or order signed
in the name of the Company by its chairman of the board, a vice chairman, its
president or a vice 

2

president, and by its treasurer, an assistant treasurer,
its secretary or an assistant secretary, and delivered to the Trustee.

          “Corporate
Trust Office” means the principal office of the Trustee at which at any
particular time the trust created by this Indenture shall be administered,
which office, at the time of the execution of this Indenture, is located at 45
Broadway, 14th Floor, New York, New York 10006, or any office of
Trustee or any successor Trustee as may be designated in writing.

          “Covenant
Defeasance” has the meaning specified in Section 4.04.

          “Defaulted
Interest” has the meaning specified in Section 3.07.

          “Depositary”
means, unless otherwise specified by the Company pursuant to either Section
2.03 or 3.01, with respect to Securities of any series issuable or issued as a
Global Security, The Depository Trust Company, New York, New York, or any
successor thereto registered under the Securities Exchange Act of 1934, as
amended, or other applicable statute or regulation.

          “Guarantee”
means the guarantee of the Company’s obligations under a given series of
Securities by the Guarantor as provided in Article XI of this Indenture. 

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

          “Event
of Default” has the meaning specified in Section 5.01.

          “Global
Security” means a Security issued to evidence all or a part of any series
of Securities which is executed by the Company and authenticated and delivered
by the Trustee to the Depositary or its custodian or pursuant to the
Depositary’s instruction, all in accordance with this Indenture and pursuant to
a Company Order, which shall be registered in the name of the Depositary or its
nominee.

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

          “Holder
Action” has the meaning specified in Section 7.02(d).

          “Indenture”
means this instrument as originally executed or as it may from time to time be
supplemented or amended by one or more amendments or 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 3.01.

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

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

3

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

          
“Mandatory Sinking Fund Payment” has the meaning specified in Section
13.01.

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

          “Officers’
Certificate” means a certificate signed by the chairman of the board, the
president or a vice president, and by the treasurer, an assistant treasurer,
the secretary or an assistant secretary of the Company, and delivered to the
Trustee.

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

          “Optional
Sinking Fund Payment” has the meaning specified in Section 13.01.

          “Original
Issue Discount Security” means any Security which provides for an amount
less than the principal amount thereof to be due and payable upon a declaration
of acceleration of the Maturity thereof pursuant to Section 5.02.

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

	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

 	
           (iii)
 Securities which have been paid pursuant to Section 3.06 or in exchange for
 or in lieu of which other Securities have been authenticated and delivered
 pursuant to this Indenture, other than any such Securities in respect of
 which there shall have been presented to the Trustee proof satisfactory to it
 that such Securities are held by a bona fide purchaser in whose hands such
 Securities are valid obligations of the Company;

 

provided, however, that in determining
whether the Holders of the requisite principal amount of the Outstanding
Securities have given any request, demand, authorization, direction, notice,

4

consent or
waiver hereunder, Securities owned by the Company or any other obligor upon the
Securities or any Affiliate of the Company or of such other obligor shall be
disregarded and deemed not to be Outstanding, except that, in determining
whether the Trustee shall be protected in relying upon any such request,
demand, authorization, direction, notice, consent 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 so to act with respect to such Securities
and that the pledgee is not the Company or any other obligor upon the
Securities or any Affiliate of the Company or of such other obligor. In case of
a dispute as to such right, any decision by the Trustee shall be full
protection to the Trustee. Upon request of the Trustee, the Company shall
furnish to the Trustee promptly an Officers’ Certificate listing and
identifying all Securities, if any, known by the Company to be owned or held by
or for the account of any of the above-described persons; and, subject to
Section 6.01, the Trustee shall be entitled to accept such Officers’
Certificate as conclusive evidence of the facts therein set forth and of the
fact that all Securities not listed therein are Outstanding for the purposes of
any such determination.

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

          “Payment Blockage Notice” has the meaning specified in Section 14.02(b).

          “Payment Blockage Period” has the meaning specified in Section 14.02(b).

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

          “Place
of Payment,” when used with respect to the Securities of any series, means
the place or places where the principal of (and premium, if any) and interest
on the Securities of that series are payable as specified as contemplated by
Section 3.01.

          “Predecessor
Security” of any particular Security means every previous Security
evidencing all or a portion of the same debt as that evidenced by such
particular Security; and, for the purposes of this definition, any Security
authenticated and delivered under Section 3.06 in exchange for or in lieu of a
mutilated, destroyed, lost or stolen Security shall be deemed to evidence the
same debt as the mutilated, destroyed, lost or stolen Security.

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

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

          “Regular
Record Date” for the interest payable on any Interest Payment Date on the
Securities of any series means the date specified for that purpose as
contemplated by Section 3.01.

5

          “Responsible
Officer” shall mean, when used with respect to the Trustee, any officer
within the corporate trust department of the Trustee, including any vice
president, assistant vice president, assistant secretary, assistant treasurer,
trust officer or any other officer of the Trustee who customarily performs
functions similar to those performed by the Persons who at the time shall be such
officers, respectively, or to whom any corporate trust matter is referred
because of such Person’s knowledge of and familiarity with the particular
subject and who shall have direct responsibility for the administration of this
Indenture.

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

          “Security
Register” and “Security Registrar” have the respective meanings
specified in Section 3.05.

          “Senior
Indebtedness,” unless otherwise specified in one or more indentures
supplemental hereto or approved pursuant to a Board Resolution in accordance
with Section 3.01, means, with respect to the Company, (i) the principal
(including redemption payments), premium, if any, interest and other payment
obligations in respect of (A) indebtedness of the Company for money borrowed and
(B) indebtedness evidenced by securities, debentures, bonds, notes or other
similar instruments issued by the Company, including any such securities issued
under any deed, indenture or other instrument to which the Company is a party
(including, for the avoidance of doubt, indentures pursuant to which
subordinated debentures have been or may be issued); (ii) all capital lease
obligations of the Company; (iii) all obligations of the Company issued or
assumed as the deferred purchase price of property, all conditional sale
obligations of the Company, all hedging agreements and agreements of a similar
nature thereto and all agreements relating to any such agreements, and all
obligations of the Company under any title retention agreement (but excluding
trade accounts payable arising in the ordinary course of business); (iv) all
obligations of the Company for reimbursement on any letter of credit, banker’s
acceptance, security purchase facility or similar credit transaction; (v) all
obligations of the type referred to in clauses (i) through (iv) above of other
Persons for the payment of which the Company is responsible or liable as
obligor, guarantor or otherwise; (vi) all obligations of the type referred to in
clauses (i) through (v) above of other Persons secured by any lien on any
property or asset of the Company (whether or not such obligation is assumed by
the Company) and (vii) any deferrals, amendments, renewals, extensions,
modifications and refundings of all obligations of the type referred to in
clauses (i) through (vi) above, in each case whether or not contingent and
whether outstanding at the date hereof or thereafter incurred, except, in each
case, for the Securities and any such other indebtedness or deferral, amendment,
renewal, extension, modification or refunding that contains express terms, or is
issued under a deed, indenture or other instrument, which contains express
terms, providing that it is subordinate to or ranks pari passu with the
Securities. Such Senior Indebtedness shall continue to be Senior Indebtedness
and be entitled to the benefits of the subordination provisions of this
Indenture irrespective of any amendment, modification or waiver of any term of
such Senior Indebtedness and notwithstanding that no express written
subordination agreement may have been entered into between the holders of such
Senior Indebtedness and the Trustee or any of the Holders.

          “Special
Record Date” for the payment of any Defaulted Interest means a date fixed
by the Trustee pursuant to Section 3.07.

6

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

          “Subsidiary”
means, with respect to any Person:

	
  

 	
  

 
	
  

 	
           (1)
 any corporation or company a majority of whose Capital Stock with voting
 power, under ordinary circumstances, to elect directors is, at the date of
 determination, directly or indirectly, owned by such Person (a “subsidiary”),
 by one or more subsidiaries of such Person or by such Person and one or more
 subsidiaries of such Person;

 
	
  

 	
  

 
	
  

 	
           (2)
 a partnership in which such Person or a subsidiary of such Person is, at the
 date of determination, a general partner of such partnership; or

 
	
  

 	
  

 
	
  

 	
           (3)
 any partnership, limited liability company or other Person in which such
 Person, a subsidiary of such Person or such Person and one or more
 subsidiaries of such Person, directly or indirectly, at the date of
 determination, has (x) at least a majority ownership interest or (y) the
 power to elect or appoint or direct the election or appointment of the
 managing partner or member of such Person or, if applicable, a majority of
 the directors or other governing body of such Person.

 

          “Trust
Indenture Act” means the Trust Indenture Act of 1939, as amended, and in
force at the date as of which this instrument was executed, except as provided
in Section 9.05.

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

          “U.S.
Government Obligations” means securities which are (i) direct obligations
of the United States of America for the payment of which its full faith and
credit is pledged or (ii) obligations of a Person controlled or supervised by
and acting as an agency or instrumentality of the United
States of America the payment of which is unconditionally guaranteed as to the
timely payment of principal and interest as a full faith and credit obligation
by the United States of America, 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 which is a member of the
Federal Reserve System and having a combined capital and surplus of at least
$50,000,000 as custodian with respect to any such obligation evidenced by such
depository receipt or a specific payment of interest on or principal of any
such 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 obligation set forth in (i) or (ii) above or the specific
payment of interest on or principal of such obligation evidenced by such
depository receipt.

7

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

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

	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

 	
           (3)
 a statement that, in the opinion of each such Person, such Person 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 Person, such condition
 or covenant has been complied with.

 

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

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

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

8

          Section
1.04. 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 may be embodied in and evidenced by one or more
instruments of substantially similar tenor signed by such Holders in person or
by an agent duly appointed in writing; and, except as herein otherwise
expressly provided, such action shall become effective when such instrument or
instruments are received by the Trustee and, where it is hereby expressly
required, to the Company. Such instrument or instruments (and the action
embodied therein and evidenced thereby) are herein sometimes referred to as the
“Act” of the Holders signing such instrument or instruments. Proof of execution
of any such instrument or of a writing appointing any such agent shall be
sufficient for any purpose of this Indenture and (subject to Section 6.01)
conclusive in favor of the Trustee, the Company and the Guarantor, if made in the
manner provided in this Section 1.04. 

                    (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 accordance with such reasonable rules and regulations as
may be prescribed by the Trustee or in any reasonable manner which the Trustee
deems sufficient. 

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

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

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

9

          Section
1.05. Notices, Etc., to Trustee, the Company and the Guarantor. 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, the
 Company or the Guarantor shall be sufficient for every purpose hereunder if
 made, given, furnished or filed in writing (including a facsimile
 transmission) to or with the Trustee at its Corporate Trust Office,
 Attention: Corporate Trust Services – Administrator – XL Group PLC, 

 
	
  

 	
  

 
	
  

 	
           (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 (including a facsimile transmission)
 and mailed, first-class postage prepaid, to the Company, addressed to it at
 the address of its principal office specified in the first paragraph of this
 instrument or at any other address previously furnished in writing to the
 Trustee by the Company, to the attention of the secretary of the Company, or 

 
	
  

 	
  

 
	
  

 	
           (3) the Guarantor by the Trustee or by
 any Holder shall be sufficient for every purpose hereunder (unless otherwise
 herein expressly provided) if in writing (including a facsimile transmission)
 and mailed, first-class postage prepaid, to the Guarantor, addressed to it at
 the address of its principal office specified in the first paragraph of this
 instrument or at any other address previously furnished in writing to the
 Trustee by the Guarantor, to the attention of the general counsel of the
 Guarantor. 

 

          Section
1.06. Notice
to Holders; Waiver. Where this Indenture provides for notice to Holders of
any event, such notice shall be sufficiently given (unless otherwise herein
expressly provided) if in writing and mailed, first-class postage prepaid, to
each Holder affected by such event, at his address as it appears in the
Security Register, not later than the latest date, and not earlier than the
earliest date, prescribed for the giving of such notice hereunder. In any case
where notice to Holders is given by mail, neither the failure to mail such
notice, nor any defect in any notice so mailed, to any particular Holder shall
affect the sufficiency of such notice with respect to other Holders. Where this
Indenture provides for notice in any manner, such notice may be waived in
writing by the Person entitled to receive such notice, either before or after
the event, and such waiver shall be the equivalent of such notice. Waivers of
notice by Holders shall be filed with the Trustee, but such filing shall not be
a condition precedent to the validity of any action taken in reliance upon such
waiver. 

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

          Section
1.07. Conflict
with Trust Indenture Act. If any provision hereof limits, qualifies or
conflicts with another provision which is required or deemed to be included in
this Indenture by any of the provisions of the Trust Indenture Act, such
required or deemed provision shall control. 

10

          Section
1.08. 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
1.09. Successors
and Assigns. All covenants and agreements in this Indenture by the Company
and the Guarantor shall bind their successors and assigns, whether so expressed
or not. 

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

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

          Section
1.12. Governing
Law; Waiver of Jury Trial. This Indenture and the Securities shall be
governed by and construed in accordance with the laws of the State of New York,
and for all purposes will be construed in accordance with the laws of said
State without giving effect to principles of conflicts of laws of such State. 

          EACH
OF THE COMPANY, THE GUARANTOR AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY
IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE
SECURITIES OR THE TRANSACTION CONTEMPLATED HEREBY. 

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

          Section
1.14. References to Currency. All references in this Indenture to “dollars” or “$” are to
the currency of the United States of America. 

          Section
1.15. Force Majeure. In no event shall the Trustee be responsible or liable for any
failure or delay in the performance of its obligations hereunder arising out of
or caused by, directly or indirectly, forces beyond its control, including,
without limitation, strikes, work stoppages, accidents, acts of war or
terrorism, civil or military disturbances, nuclear or natural catastrophes or
acts of God, and interruptions, loss or malfunctions of utilities,
communications or computer (software and hardware) services; it being
understood that the Trustee shall use reasonable efforts which are consistent
with accepted practices in the banking industry to resume performance as soon
as practicable under the circumstances. 

11

          Section
1.16. USA PATRIOT Act. The parties hereto acknowledge that in accordance with Section
326 of the USA PATRIOT Act, the Trustee, like all financial institutions and in
order to help fight the funding of terrorism and money laundering, is required
to obtain, verify, and record information that identifies each person or legal
entity that establishes a relationship or opens an account with the Trustee. The
parties to this Indenture agree that they will provide the Trustee with such
information as it may request in order for the Trustee to satisfy the
requirements of the USA PATRIOT Act. 

ARTICLE II

SECURITY FORMS

          Section
2.01. Forms Generally. The Securities of each series shall be in substantially the
forms established in one or more indentures supplemental hereto or approved
from time to time by or pursuant to a Board Resolution of the Company in
accordance with Section 3.01, in each case with such appropriate insertions,
omissions, substitutions and other variations as are required or permitted by
this Indenture and any indenture supplemental hereto, and may have such
letters, numbers or other marks of identification and such legends or endorsements
placed thereon as may be required to comply with the rules of any securities
exchange or securities regulatory authority or as may, consistently herewith,
be determined by the officers executing such Securities, as evidenced by their
execution of the Securities. If the form of Securities of any series is
established by action taken pursuant to a Board Resolution, a copy of an
appropriate record of such action shall be certified by the secretary or an
assistant secretary of the Company and delivered to the Trustee at or prior to
the delivery of the Company Order contemplated by Section 3.03 for the
authentication and delivery of such Securities. 

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

          Section
2.02. Form
of Trustee’s Certificate of Authentication. The Trustee’s certificate of
authentication required by this article shall be in substantially the form set
forth below: 

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

	
  

 	
  

 
	
  

 	
 WELLS FARGO
 BANK, NATIONAL ASSOCIATION,

 
	
  

 	
 as Trustee

 
	
  

 	
  

 
	
  

 	
 By:

 
	
  

 	
  

 
	
  

 	

 

 
	
  

 	
 Authorized Signatory

 

12

          Section
2.03. Securities Issuable in the Form of a Global Security. 

                    (a) If the Issuer shall establish
pursuant to Sections 2.01 and 3.01 that the Securities of a particular series
are to be issued in whole or in part in the form of one or more Global
Securities, then the Issuer shall execute and the Trustee shall, in accordance
with Section 3.03 and the Company Order delivered to the Trustee thereunder,
authenticate and deliver, such Global Security or Securities, which (i) shall
represent, and shall be denominated in an amount equal to the aggregate
principal amount of, the Outstanding Securities of such series to be
represented by such Global Security or Securities, (ii) shall be registered in
the name of the Depositary for such Global Security or Securities or its
nominee, (iii) shall be delivered by the Trustee to the Depositary or its
custodian or pursuant to the Depositary’s instruction and (iv) shall bear a
legend substantially to the following effect: “UNLESS AND UNTIL IT IS EXCHANGED
IN WHOLE OR IN PART FOR THE INDIVIDUAL SECURITIES REPRESENTED HEREBY, THIS
GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE (I) BY THE DEPOSITARY
TO A NOMINEE OF THE DEPOSITARY OR (II) BY A NOMINEE OF THE DEPOSITARY OR THE
DEPOSITARY TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.
UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) TO THE ISSUER OR
ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND
ANY PAYMENT IS MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED
OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.” 

                    (b) Notwithstanding any other provision
of this Section 2.03 or of Section 3.05, unless the terms of a Global Security
expressly permit such Global Security to be exchanged in whole or in part for
individual Securities, a Global Security may be transferred, in whole but not
in part and in the manner provided in Section 3.05, only to another nominee of
the Depositary for such Global Security, or to a successor Depositary for such
Global Security selected or approved by the Issuer or to a nominee of such
successor Depositary. 

                    (c) (i) If at any time the Depositary
for a Global Security notifies the Issuer that it is unwilling or unable to
continue as Depositary for such Global Security or if at any time the
Depositary for the Securities for such series shall no longer be eligible or in
good standing under the Securities Exchange Act of 1934, as amended, or other
applicable statute or regulation, the Issuer shall appoint a successor
Depositary with respect to such Global Security. If a successor Depositary for
such Global Security is not appointed by the Issuer within 90 days after the
Issuer receives such notice or becomes aware of such ineligibility, the Issuer
will execute a Company Order for the authentication and delivery of individual
Securities of such series in exchange for such Global Security, and the
Trustee, upon receipt of such Company Order, will authenticate and deliver
individual Securities of such series of like tenor and terms in definitive form
in an aggregate principal amount equal to the principal amount of the Global
Security in exchange for such Global Security. 

13

	
  

 	
  

 
	
  

 	
           (ii) If an Event of Default shall have
 occurred and be continuing or an event shall have occurred which with the
 giving of notice or lapse of time or both would constitute an Event of
 Default with respect to the Securities represented by such Global Security,
 the Trustee, upon receipt of a Company Order for the authentication and
 delivery of individual Securities of such series in exchange for such Global
 Security, will authenticate and deliver individual Securities of such series
 of like tenor and terms in definitive form in an aggregate principal amount
 equal to the principal amount of the Global Security in exchange for such
 Global Security. 

 
	
  

 	
  

 
	
  

 	
           (iii) If specified by the Issuer
 pursuant to Section 3.01 with respect to Securities issued or issuable in the
 form of a Global Security, the Depositary for such Global Security may
 surrender such Global Security in exchange in whole or in part for individual
 Securities of such series of like tenor and terms in definitive form on such
 terms as are acceptable to the Issuer and such Depositary. Thereupon the
 Issuer shall execute, and the Trustee shall authenticate and deliver, without
 service charge, (1) to each Person specified by such Depositary a new
 Security or Securities of the same series of like tenor and terms in
 definitive form and of any authorized denomination of $2,000 and any integral
 multiple of $1,000 in excess thereof as requested by such Person in aggregate
 principal amount equal to and in exchange for such Person’s beneficial
 interest in the Global Security; and (2) to such Depositary a new Global
 Security of like tenor and terms and in a denomination equal to the
 difference, if any, between the principal amount of the surrendered Global
 Security and the aggregate principal amount of individual Securities
 delivered to Holders thereof. 

 
	
  

 	
  

 
	
  

 	
           (iv) In any exchange provided for in
 any of the preceding three paragraphs, the Issuer will execute and the
 Trustee will authenticate and deliver individual Securities in definitive
 registered form in authorized denominations of $2,000 and any integral
 multiple of $1,000 in excess thereof. Upon the exchange of a Global Security
 for individual Securities, such Global Security shall be cancelled by the
 Trustee. Securities issued in exchange for a Global Security pursuant to this
 Section 2.03 shall be registered in such names and in such authorized
 denominations as the Depositary for such Global Security, pursuant to instructions
 from its direct or indirect participants or otherwise, shall instruct the
 Trustee. The Trustee shall deliver such Securities to the persons in whose
 names such Securities are so registered. 

 

ARTICLE III

THE SECURITIES

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

          The
Securities may be issued in one or more series. There shall be established in
or pursuant to a Board Resolution of the Company and set forth in an Officers’
Certificate of the 

14

Company, or
established in one or more indentures supplemental hereto, prior to the
issuance of Securities of any series, 

	
  

 	
  

 
	
  

 	
           (1) any limit upon the aggregate
 principal amount of the Securities of the series which may be authenticated
 and delivered under this Indenture (except for Securities authenticated and
 delivered upon registration of transfer of, or in exchange for, or in lieu
 of, other Securities of the series pursuant to Section 2.03, 3.04, 3.05,
 3.06, 9.06 or 12.07); 

 
	
  

 	
  

 
	
  

 	
           (2) the issue price, expressed as a
 percentage of the aggregate principal amount; 

 
	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

 	
           (6) the period of periods within
 which, the price or prices or ratios at which and the terms and conditions
 upon which Securities of the series may be redeemed, converted or exchanged,
 in whole or in part; 

 
	
  

 	
  

 
	
  

 	
           (7) if other than denominations of
 $2,000 and any integral multiple of $1,000 in excess thereof, the
 denominations in which Securities of the series shall be issuable; 

 
	
  

 	
  

 
	
  

 	
           (8)
 if other than the full principal amount, the portion of the principal amount
 of Securities of the series which will be payable upon declaration of
 acceleration or provable in bankruptcy; 

 
	
  

 	
  

 
	
  

 	
           (9) any events of default not set
 forth in this Indenture; 

 
	
  

 	
  

 
	
  

 	
           (10) the currency or currencies,
 including composite currencies, in which payment of the principal of (and
 premium, if any) and interest, if any, on such Securities shall be payable
 (if other than the currency of the United States of America), which unless
 otherwise specified shall be the currency of the United States of America as
 at the time of payment is legal tender for payment of public or private
 debts; 

 
	
  

 	
  

 
	
  

 	
           (11) if the principal of (and premium,
 if any), or interest, if any, on such Securities are to be payable, at the
 election of the Company or any Holder thereof, in a coin or currency other
 than that in which such Securities are stated to be payable, then the 

 

15

	
  

 	
  

 
	
  

 	
 period or
 periods within which, and the terms and conditions upon which, such election
 may be made; 

 
	
  

 	
  

 
	
  

 	
           (12) whether interest will be payable
 in cash or additional Securities at the Company’s or the Holders’ option and
 the terms and conditions upon which the election may be made; 

 
	
  

 	
  

 
	
  

 	
           (13) if such Securities are to be
 denominated in a currency or currencies, including composite currencies,
 other than the currency of the United States of America, the equivalent price
 in the currency of the United States of America for purposes of determining
 the voting rights of Holders of such Securities as Outstanding Securities
 under this Indenture; 

 
	
  

 	
  

 
	
  

 	
           (14) if the amount of payments of
 principal of (and premium, if any), or portions thereof, or interest, if any,
 on such Securities may be determined with reference to an index, formula or
 other method based on a coin or currency other than that in which such
 Securities are stated to be payable, the manner in which such amounts shall
 be determined; 

 
	
  

 	
  

 
	
  

 	
           (15) any restrictive covenants or other
 material terms relating to the offered debt securities, which covenants and
 terms shall not be inconsistent with the provisions of this Indenture; 

 
	
  

 	
  

 
	
  

 	
           (16) whether the Securities of the
 series shall be issued in whole or in part in the form of a Global Security
 or Securities; the terms and conditions, if any, upon which such Global
 Security or Securities may be exchanged in whole or in part for other
 individual Securities; and the Depositary for such Global Security or
 Securities; 

 
	
  

 	
  

 
	
  

 	
           (17) if other than as set forth in this
 Indenture, any terms with respect to subordination of such Securities,
 including, without limitation, the definition of “Senior Indebtedness”; 

 
	
  

 	
  

 
	
  

 	
           (18) any listing of such Securities on
 any securities exchange; 

 
	
  

 	
  

 
	
  

 	
           (19) additional or alternative
 provisions, if any, related to defeasance and discharge of the offered debt
 securities; 

 
	
  

 	
  

 
	
  

 	
           (20) the applicability of any
 additional guarantees; 

 
	
  

 	
  

 
	
  

 	
           (21) if convertible or exchangeable for
 other securities, the terms on which such Securities are convertible or
 exchangeable, including the initial conversion or exchange price, the
 conversion or exchange period, any events requiring an adjustment of the
 applicable conversion or exchange price and any requirements relating to the
 reservation of securities for purposes of conversion in the case of
 convertible securities; 

 
	
  

 	
  

 
	
  

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

 

16

	
  

 	
  

 
	
  

 	
           (23) each initial Place of Payment; and
 

 
	
  

 	
  

 
	
  

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

 

          All
Securities of any one series shall be substantially identical except as to denomination
and except as may otherwise be provided in or pursuant to such Board Resolution
and set forth in such Officers’ Certificate or in any such indenture
supplemental hereto. 

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

          Section
3.02. Denominations.
The Securities of each series shall be issuable in registered form without
coupons in such denominations as shall be specified as contemplated by Section
3.01. In the absence of any such provisions with respect to the Securities of
any series, the Securities of such series shall be issuable in denominations of
$2,000 and any integral multiple of $1,000 in excess thereof. 

          Section
3.03. Execution,
Authentication, Delivery and Dating. The Securities shall be executed on
behalf of the Company by any two of the following individuals: any member of
its Board of Directors, its president, treasurer, any of its corporate
secretaries, assistant secretary or any of its vice presidents. The signature
of any of these individuals on the Securities may be manual, facsimile or
electronic (including “.pdf” format). 

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

          At
any time and from time to time after the execution and delivery of this
Indenture, the Company may deliver Securities of any series executed by the
Company to the Trustee for authentication, together with a Company Order for
the authentication and delivery of such Securities, and the Trustee, in
accordance with the Company Order, shall authenticate and deliver such
Securities. If the form or terms of the Securities of the series have been established
in or pursuant to one or more Board Resolutions as permitted by Sections 2.01
and 3.01, or by one or more indentures supplemental hereto as provided by
Section 9.01, in authenticating such Securities, and accepting the additional
responsibilities under this Indenture in relation to such Securities, the
Trustee shall be entitled to receive, and (subject to Section 6.01) shall be
fully protected in relying upon, an Opinion of Counsel stating, 

                    (a) that such form has been established
in conformity with the provisions of this Indenture; 

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

17

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

                    (d) that all laws and requirements in
respect of the execution and delivery by the Company of the Securities have
been complied with; and 

                    (e) the items set forth in Section 1.02
hereof and such other matters as the Trustee may reasonably request. 

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

          Each
Security shall be dated the date of its authentication unless otherwise
provided by the terms established and contemplated by Section 3.01. 

          No
Security shall be entitled to any benefit under this Indenture or be valid or
obligatory for any purpose unless there appears on such Security a certificate
of authentication substantially in the form provided for herein executed by the
Trustee by manual signature, and such certificate upon any Security shall be
conclusive evidence, and the only evidence, that such Security has been duly
authenticated and delivered hereunder and is entitled to the benefits of this
Indenture. 

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

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

          Section
3.05. Registration,
Registration of Transfer and Exchange. The Company shall cause to be kept
at one of its offices or agencies maintained pursuant to Section 10.02 or at 

18

the office of
the Security Registrar a register (the register maintained in such office and
in any other office or agency of the Company in a Place of Payment being herein
sometimes collectively referred to as the “Security Register”) in which,
subject to Section 2.03 and to such reasonable regulations as it may prescribe,
the Company shall provide for the registration of Securities and of transfers
of Securities. The Trustee initially is hereby appointed “Security Registrar”
for the purpose of registering Securities and transfers of Securities as herein
provided. The Company may act as Security Registrar and may change or appoint a
Security Registrar without prior notice to Holders or to the Trustee. 

          Subject
to Section 2.03, upon surrender for registration of transfer of any Security of
any series at the office or agency in a Place of Payment for that series, the
Company shall execute, and the Trustee shall authenticate and deliver, in the
name of the designated transferee or transferees, one or more new Securities of
the same series, of any authorized denominations and of a like aggregate
principal amount and tenor. 

          Subject
to Section 2.03, at the option of the Holder, Securities of any series may be
exchanged for other Securities of the same series, of any authorized
denominations and of a like aggregate principal amount and tenor, upon
surrender of the Securities to be exchanged at such office or agency. Whenever
any Securities are so surrendered for exchange, the Company shall execute, and
the Trustee shall authenticate and deliver, the Securities which the Holder
making the exchange is entitled to receive. 

          Subject
to Section 2.03, 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. 

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

          No
service charge shall be made for any registration of transfer or exchange of
Securities, but the Company may require payment of a sum sufficient to cover
any tax or other governmental charge that may be imposed in connection with any
registration of transfer or exchange of Securities, other than exchanges
pursuant to Section 2.03, 3.04, 9.06 or 12.07 not involving any transfer. 

          The
Company shall not be required (i) to issue, register the transfer of or
exchange Securities of any series during a period beginning at the opening of
business 15 days before the day of the mailing of a notice of redemption of
Securities of that series selected for redemption (under Section 12.03) and
ending at the close of business on the day of such mailing, or (ii) to register
the transfer of or exchange any Security so selected for redemption in whole or
in part, except the unredeemed portion of any Security being redeemed in part. 

          Each
Holder of a Security agrees to indemnify the Company, the Guarantor and the
Trustee against any liability that may result from the transfer, exchange or
assignment of such 

19

Holder’s
Security in violation of any provision of this Indenture and/or applicable
United States federal or state securities law. 

          The
Trustee shall have no obligation or duty to monitor, determine or inquire as to
compliance with any restrictions on transfer imposed under this Indenture or
under applicable law with respect to any transfer of any interest in any
Security (including any transfers between or among depositary participants or
beneficial owners of interests in any Global Security) other than to require
delivery of such certificates and other documentation or evidence as are
expressly required by, and to do so if and when expressly required by the terms
of, this Indenture, and to examine the same to determine substantial compliance
as to form with the express requirements hereof. 

          Neither
the Trustee nor any agent shall have any responsibility for any actions taken
or not taken by the Depositary. 

          Section
3.06. Mutilated,
Destroyed, Lost and Stolen Securities. If there shall be delivered to the
Company and the Trustee (i)(A) any mutilated Security or (B) evidence to their
satisfaction of the destruction, loss or theft of any Security and (ii) such
security or indemnity as may be required by them to hold each of them and any
agent of either of them harmless, then, in the absence of notice to the Company
or the Trustee that such Security has been acquired by a bona fide purchaser,
the Company shall execute and upon its written request the Trustee shall
authenticate and deliver, in lieu of any such destroyed, lost or stolen
Security or in exchange for such mutilated Security, a new Security of the same
series and of like tenor and principal amount and bearing a number not
contemporaneously outstanding. 

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

          Upon
the issuance of any new Security under this Section 3.06, 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, which shall include any
attorney’s fees and expenses) connected therewith. 

          Every
new Security of any series issued pursuant to this Section 3.06 in lieu of any
destroyed, lost or stolen Security or in exchange for such mutilated Security,
shall constitute an original additional contractual obligation of the Company,
whether or not the mutilated, destroyed, lost or stolen Security shall be at
any time enforceable by anyone, and shall be entitled to all the benefits of
this Indenture equally and proportionately with any and all other Securities of
that series duly issued hereunder. 

          The
provisions of this Section 3.06 are exclusive and shall preclude (to the extent
lawful) all other rights and remedies with respect to the replacement or
payment of mutilated, destroyed, lost or stolen Securities. 

          Section
3.07. Payment
of Interest; Interest Rights Preserved. Interest on any Security which is
payable, and is punctually paid or duly provided for, on any Interest Payment
Date shall 

20

be paid to the Person in whose name that Security (or one or more Predecessor Securities) is
registered at the close of business on the Regular Record Date for such interest. 

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

	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

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

 

          Subject
to the foregoing provisions of this Section 3.07, each Security lawfully
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. 

21

          Section
3.08. Persons Deemed Owners. Subject to Section 2.03, the Company, the Guarantor, the
Trustee and any agent of the Company, the Guarantor or the Trustee may treat
the Person in whose name such Security is registered as the owner of such
Security for the purpose of receiving payment of principal of (and premium, if
any) and (subject to Section 3.07) interest on such Security and for all other
purposes whatsoever, whether or not such Security be overdue, and none of the
Company, the Guarantor, the Trustee or any agent of the Company, the Guarantor
or the Trustee shall be affected by notice to the contrary. 

          Section
3.09. Cancellation.
All Securities surrendered for payment, redemption, registration of transfer or
exchange or for credit against any sinking fund payment shall, if surrendered
to any Person other than the Trustee, be delivered to the Trustee and shall be
promptly cancelled by it. The Company may at any time deliver to the Trustee
for cancellation any Securities previously authenticated and delivered
hereunder which the Company may have acquired in any manner whatsoever, and all
Securities so delivered shall be promptly cancelled by the Trustee. No
Securities shall be authenticated in lieu of or in exchange for any Securities
cancelled as provided in this Section 3.09, except as expressly permitted by
this Indenture. The Trustee shall dispose of cancelled Securities in accordance
with its customary procedures and deliver evidence of such destruction, at the
request of, and at the expense of, the Company. 

          Section
3.10. Computation of Interest. Except as otherwise specified as contemplated by Section 3.01
for the Securities of any series, interest on the Securities of each series
shall be computed on the basis of a 360-day year of twelve 30-day months. 

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

ARTICLE IV

SATISFACTION AND DISCHARGE

          Section
4.01. Satisfaction
and Discharge of Indenture. This Indenture shall upon Company Request cease
to be of further effect with respect to any series of Securities (except as to
(i) any surviving rights of registration of transfer or exchange of Securities
herein expressly provided for, (ii) rights hereunder of Holders to receive
payments of principal of, and premium, if any, and interest on, Securities, and
other rights, duties and obligations of the Holders as beneficiaries hereof
with respect to the amounts, if any, so deposited with the Trustee, (iii)
remaining obligations of the Company to make Mandatory Sinking Fund Payments
and (iv) the rights, obligations and immunities of the Trustee hereunder), and
the Trustee, at the expense of the Company, shall execute proper instruments
acknowledging satisfaction and discharge of this Indenture with respect to any
series of Securities, when: 

22

	
  

 	
  

 	
  

 
	
  

 	
 (1) either 

 

	
  

 	
  

 	
  

 
	
  

 	
 (a)

 	
 all
 Securities of such series theretofore authenticated and delivered (other than
 (i) Securities of such series which have been mutilated, destroyed, lost or
 stolen and which have been replaced or paid as provided in Section 3.06 and
 (ii) Securities 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 10.03) have been delivered to the Trustee for cancellation; or 

 
	
  

 	
  

 	
  

 
	
  

 	
 (b)

 	
 all such
 Securities not theretofore delivered to the Trustee for cancellation 

 

	
  

 	
  

 
	
  

 	
                     (i) have become due and payable, 

 
	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

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

 

	
  

 	
  

 
	
  

 	
 and the
 Company, in the case of (i), (ii) or (iii) above, has deposited or caused to
 be deposited with the Trustee as trust funds in trust (i) money in dollars in
 an amount (or if the Securities are denominated in any currency other than
 dollars, an amount of the applicable currency), (ii) U.S. Government
 Obligations which through the payment of interest and principal in respect
 thereof in accordance with their terms will provide, not later than one day
 before the due date of any payment referred to in this subparagraph, money in
 an amount, or (iii) a combination thereof, sufficient, in the opinion of a nationally
 recognized investment banking firm or firm of independent certified public
 accountants expressed in a written certification thereof delivered to the
 Trustee, to pay and discharge the entire indebtedness on such Securities not
 theretofore delivered to the Trustee for cancellation, for principal (and
 premium, if any) and interest to the date of such deposit (in the case of
 Securities which have become due and payable) or to the Stated Maturity or
 Redemption Date, as the case may be; 

 
	
  

 	
  

 
	
  

 	
           (2) if all series of Securities are
 being discharged, the Company has paid or caused to be paid all other sums
 payable hereunder by the Company; and 

 
	
  

 	
  

 
	
  

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

 

          Notwithstanding
the satisfaction and discharge of this Indenture, the obligations of the Company
to the Trustee under Section 6.07, and, if money shall have been deposited with
the 

23

Trustee
pursuant to Subclause (1)(b) of this Section 4.01, the obligations of the
Trustee under Section 4.02 and the next to last paragraph of Section 10.03,
shall survive. 

          Section
4.02. Application of Trust Funds; Indemnification. (a) Subject to the provisions of the next
to last paragraph of Section 10.03, all money and U.S. Government Obligations
deposited with the Trustee pursuant to Section 4.01, 4.03 or 4.04 and all money
received by the Trustee in respect of U.S. Government Obligations deposited
with the Trustee pursuant to Section 4.01, 4.03 or 4.04 shall be held in trust
and applied by it, in accordance with the provisions of the Securities and this
Indenture, to the payment, either directly or through any Paying Agent
(including the Company acting as its own Paying Agent), to the Persons entitled
thereto, of the principal (and premium, if any) and interest for whose payment
such money has been deposited with or received by the Trustee or to make
Mandatory Sinking Fund Payments or analogous payments as contemplated by
Section 4.03 or 4.04, but such money need not be segregated from other funds
except to the extent required by law. 

                    (b) The Company shall pay and shall
indemnify the Trustee against any tax, fee or other charge imposed on or
assessed against U.S. Government Obligations deposited pursuant to Section
4.01, 4.03 or 4.04, or the interest and principal received in respect of such
obligations other than any payable by or on behalf of Holders. 

                    (c) The Trustee shall deliver or pay to
the Company from time to time upon Company Request, any U.S. Government
Obligations or money held by it as provided in Section 4.01, 4.03 or 4.04
which, in the opinion of a nationally recognized investment banking firm or
firm of independent certified public accountants expressed in a written
certification thereof delivered to the Trustee, are then in excess of the
amount thereof which then would have been required to be deposited for the
purpose for which such obligations or money were deposited or received. 

          Section
4.03. Defeasance
and Discharge of Indenture. The Company shall be deemed to have paid and
discharged the entire indebtedness on all the Outstanding Securities on the
91st day after the date of the deposit referred to in subparagraph (d) of this
Section 4.03, and the provisions of this Indenture, as it relates to such
Outstanding Securities, shall no longer be in effect (and the Trustee, at the
expense of the Company, shall at Company Request, execute proper instruments
acknowledging the same), except as to: 

                    (a) the rights of Holders of Securities
to receive, from the trust funds described in subparagraph (d) hereof, (i)
payment of the principal of (and premium, if any) and each installment of
principal of (and premium, if any) or interest on the Outstanding Securities on
the Stated Maturity of such principal or installment of principal or interest
and (ii) the benefit of any Mandatory Sinking Fund Payments applicable to the Securities
on the day on which such payments are due and payable in accordance with the
terms of this Indenture and the Securities; 

                    (b) the Company’s obligations with
respect to such Securities under Sections 3.05, 3.06, 10.02 and 10.03; and 

                    (c) the obligations of the Company to
the Trustee under Section 6.07; 

provided that the following conditions shall
have been satisfied: 

24

                    (d) the Company has or caused to be
irrevocably deposited (except as provided in Section 4.02) with the Trustee as
trust funds in trust, specifically pledged as security for, and dedicated
solely to, the benefit of the Holders of the Securities, (i) money in dollars
in an amount (or if the Securities are denominated in any currency other than
dollars, an amount of the applicable currency), (ii) U.S. Government
Obligations which through the payment of interest and principal in respect
thereof in accordance with their terms will provide, not later than one day
before the due date of any payment referred to in clause (A) or (B) of this
subparagraph, money in an amount, or (iii) a combination thereof, sufficient,
in the opinion of a nationally recognized investment banking firm or firm of
independent certified public accountants expressed in a written certification
thereof delivered to the Trustee, to pay and discharge (A) the principal of
(and premium, if any) and each installment of principal of (and premium, if
any) and interest on the Outstanding Securities on the Stated Maturity of such
principal or installment of principal or interest or on the applicable
Redemption Date and (B) any Mandatory Sinking Fund Payments applicable to the
Securities on the day on which such payments are due and payable in accordance
with the terms of this Indenture and of the Securities; 

                    (e) such deposit shall not cause the
Trustee with respect to the Securities to have a conflicting interest for
purposes of the Trust Indenture Act with respect to the Securities; 

                    (f) such deposit will not result in a
breach or violation of, or constitute a default under, any applicable laws,
this Indenture or any other agreement or instrument to which the Company is a
party or by which it is bound; 

                    (g) no Event of Default or event which
with notice or lapse of time would become an Event of Default with respect to
the Securities shall have occurred and be continuing on the date of such
deposit or during the period ending on the 91st day after such date; 

                    (h) the Company has delivered to the
Trustee an Officers’ Certificate as to solvency and the absence of any intent
of preferring the Holders over any other creditors of the Company; and 

                    (i) if the deposit referred to in
subparagraph (d) of this Section 4.03 is to be made on or prior to one year
from the Stated Maturity for payment of principal of the Outstanding
Securities, the Company has delivered to the Trustee an Opinion of Counsel with
no material qualifications, or a favorable ruling of the Internal Revenue
Service, in either case to the effect that Holders of the Securities will not
recognize income, gain or loss for federal income tax purposes as a result of
such deposit, defeasance and discharge and will be subject to federal income
tax on the same amount and in the same manner and at the same times, as would
have been the case if such deposit, defeasance and discharge had not occurred. 

          Section
4.04. Defeasance
of Certain Obligations. If this Section 4.04 is specified to be applicable
to Securities of any series, the Company and the Guarantor may omit to comply
with any term, provision or condition set forth in the sections of this
Indenture or such Security with respect to the Securities of that series (“Covenant
Defeasance”) if: 

	
  

 	
  

 
	
  

 	
           (1) with reference to this Section
 4.04, the Company has deposited or caused to be irrevocably deposited with
 the Trustee as trust funds in trust, specifically pledged as 

 

25

	
  

 	
  

 
	
  

 	
 security
 for, and dedicated solely to, the benefit of the Holders of the Securities of
 that series, (i) money in dollars in an amount (or if the Securities are
 denominated in any currency other than dollars, an amount of the applicable
 currency), or (ii) U.S. Government Obligations which through the payment of
 interest and principal in respect thereof in accordance with their terms will
 provide not later than one day before the due date of any payment referred to
 in clause (A) or (B) of this subparagraph money in an amount, or (iii) a combination
 thereof, sufficient, in the opinion of a nationally recognized investment
 banking firm or firm of independent certified public accountants expressed in
 a written certification thereof delivered to the Trustee, to pay and
 discharge (A) the principal of (and premium, if any) and each installment of
 principal (and premium, if any) and interest on the Outstanding Securities of
 that series on the Stated Maturity of such principal or installment of
 principal or interest and (B) any Mandatory Sinking Fund Payments or
 analogous payments applicable to Securities of such series on the day on
 which such payments are due and payable in accordance with the terms of this
 Indenture and of such Securities; 

 
	
  

 	
  

 
	
  

 	
           (2) such deposit shall not cause the
 Trustee with respect to the Securities of that series to have a conflicting
 interest for purposes of the Trust Indenture Act with respect to the
 Securities of any series; 

 
	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

 	
           (4) the Company has delivered to the
 Trustee an Officers’ Certificate as to solvency and the absence of any intent
 of preferring the Holders over any other creditors of the Company; 

 
	
  

 	
  

 
	
  

 	
           (5) if the deposit referred to in
 subparagraph (1) of this Section 4.04 is to be made on or prior to one year
 from the Stated Maturity for payment of principal of the Outstanding
 Securities, the Company has delivered to the Trustee an Opinion of Counsel
 with no material qualifications, or a favorable ruling of the Internal
 Revenue Service, in either case to the effect that Holders of the Securities
 will not recognize income, gain or loss for federal income tax purposes as a
 result of such deposit and defeasance of certain obligations and will be
 subject to federal income tax on the same amount and in the same manner and
 at the same times, as would have been the case if such deposit and defeasance
 had not occurred; and 

 
	
  

 	
  

 
	
  

 	
           (6) 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 defeasance contemplated
 by this Section 4.04 have been complied with. 

 

          In
the event the Company effects Covenant Defeasance with respect to any
Securities and such Securities are declared due and payable because of the
occurrence of any Event of Default, other than an Event of Default with respect
to any covenant as to which there has been Covenant Defeasance, the U.S.
Government Obligations on deposit with the Trustee will be sufficient to pay
amounts due on such Securities at the time of the Stated Maturity but may not
be sufficient 

26

to pay amounts
due on such Securities at the time of the acceleration resulting from such
Event of Default. 

ARTICLE V 

REMEDIES 

          Section
5.01. Events
of Default.

          “Event
of Default” (except as otherwise specified or contemplated by Section 3.01
for Securities of any series) wherever used herein with respect to Securities
of any series, means any one of the following events: 

	
  

 	
  

 
	
  

 	
           (1) default in the payment of any
 interest upon any Security of that series when it becomes due and payable,
 and continuance of such default for a period of 60 days; 

 
	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

 	
           (4) default in the performance, or
 breach, of any material covenant or warranty of the Company in this Indenture
 (other than a covenant or warranty a default in whose performance or whose
 breach is elsewhere in this Section 5.01 specifically dealt with or which has
 expressly been included in this Indenture solely for the benefit of series of
 Securities other than that series) and continuance of such 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, 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; 

 
	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

 	
           (6) the commencement by the Company or
 the Guarantor of a voluntary case or proceeding under any applicable
 bankruptcy, insolvency, reorganization or other similar law or of any other
 case or proceeding to be adjudicated a bankrupt or insolvent, 

 

27

	
  

 	
  

 
	
  

 	
 or the
 consent by it to the entry of a decree or order for relief in respect of the
 Company or the Guarantor, as the case may be, in an involuntary case or
 proceeding under any applicable bankruptcy, insolvency, reorganization or
 other similar law or to the commencement of any bankruptcy or insolvency case
 or proceeding against it, or the filing by it of a petition or answer or
 consent seeking reorganization or relief under any applicable law, or the
 consent by it to the filing of such petition or to the appointment of or
 taking possession by a custodian, receiver, liquidator, assignee, trustee,
 sequestrator or similar official of the Company or the Guarantor of any
 substantial part of its property, or the making by it of an assignment for
 the benefit of creditors, or the admission by it in writing of its inability
 to pay its debts generally as they become due and its willingness to have a
 case commenced against it or to seek an order for relief under any applicable
 bankruptcy, insolvency or other similar law or the taking of corporate action
 by the Company or the Guarantor in furtherance of any such action; 

 
	
  

 	
  

 
	
  

 	
           (7) the Guarantee being declared null
 and void in a judicial proceeding or ceasing to be in full force and effect,
 or the Guarantor denying or disaffirming its obligations under this Indenture
 or the Guarantee other than by reason of the termination of this Indenture of
 the release of such Guarantee in accordance with this Indenture; or 

 
	
  

 	
  

 
	
  

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

 

          Section
5.02. Acceleration
of Maturity; Rescission and Annulment. If an Event of Default (other than
an Event of Default resulting from bankruptcy, insolvency or reorganization)
with respect to Securities of any series at the time Outstanding occurs and is
continuing, then in every such case the Trustee or the Holders of not less than
25% in principal amount of the Outstanding Securities of that series may
declare the principal amount (or, if the Securities of that series are Original
Issue Discount Securities, such portion of the principal amount as may be
specified in the terms of that series) of all of 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 Holders), and upon any such declaration such
principal amount (or specified amount) shall become immediately due and
payable. 

          In
the case of an Event of Default resulting from bankruptcy, insolvency or
reorganization, which occurs and is continuing with respect to Securities of
any series at the time Outstanding, then all unpaid principal of and accrued
interest on all such Outstanding Securities of that series shall become
immediately due and payable without any notice or other action on the part of
the Trustee or the Holders of any Securities of such series. 

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

	
  

 	
  

 
	
  

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

 

28

	
  

 	
  

 	
  

 
	
  

 	
 (a)

 	
 all overdue
 interest (including Defaulted Interest) on all Securities of that series, 

 
	
  

 	
  

 	
  

 
	
  

 	
 (b)

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

 
	
  

 	
  

 	
  

 
	
  

 	
 (c)

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

 
	
  

 	
  

 	
  

 
	
  

 	
 (d)

 	
 all sums
 paid or advanced by the Trustee and any predecessor Trustee hereunder and all
 sums due the Trustee and any predecessor Trustee under Section 6.07; and 

 

	
  

 	
  

 
	
  

 	
           (2) all Events of Default with respect
 to Securities of that series, other than the non-payment of the principal of
 Securities of that series which have become due solely by such declaration of
 acceleration, have been cured or waived as provided in Section 5.13. 

 

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

          Section
5.03. Collection
of Indebtedness and Suits For Enforcement By Trustee. The Company covenants
that if 

	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

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

 

the Company
will, upon demand of the Trustee, pay to it, for the benefit of the Holders of
such Securities, the whole amount then due and payable on such Securities for
principal (and premium, if any) and interest and, to the extent that payment of
such interest shall be legally enforceable, interest on any overdue principal
(and premium, if any) and on any overdue interest, at the rate or rates
prescribed therefor in such Securities, and, in addition thereto, such further
amount as shall be sufficient to cover the costs and expenses of collection,
including all amounts due the Trustee and any predecessor Trustee under Section
6.07. 

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

29

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

          Section
5.04. 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 shall then be due and payable as therein expressed or by
declaration or otherwise and irrespective of whether the Trustee shall have
made any demand on the Company for the payment of overdue principal or
interest) shall be entitled and empowered by intervention in such proceeding or
otherwise: 

	
  

 	
  

 
	
  

 	
           (1) to file and prove a claim for the
 whole amount of principal (and premium, if any) and interest owing and unpaid
 in respect of the Securities and to file such other papers or documents as
 may be necessary or advisable in order to have the claims of the Trustee
 (including any claim for the reasonable compensation, expenses, disbursements
 and advances of the Trustee, its agents and counsel) and of the Holders
 allowed in such judicial proceeding, and 

 
	
  

 	
  

 
	
  

 	
           (2)
 to collect and receive any moneys or other property payable or deliverable on
 any such claims and to distribute the same; 

 

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

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

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

30

          Section
5.06. 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, upon presentation of the Securities
and the notation thereon of the payment if only partially paid and upon
surrender thereof if fully paid: 

	
  

 	
  

 
	
  

 	
           FIRST:
 To the payment of all amounts due the Trustee (including its agents and
 counsel) and each predecessor Trustee hereunder; 

 
	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

 	
           THIRD:
 To the Company or the Guarantor, as applicable. 

 

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

	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

 	
           (3) such Holder or Holders have
 offered to the Trustee indemnity satisfactory to it 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 (it being further
 understood that the Trustee does not have an affirmative duty to ascertain
 whether or not such actions or forbearances are unduly prejudicial to such
 Holders), or to obtain or to seek to obtain priority or preference over any
 other of such Holders or to enforce any right under this Indenture, except in
 the manner herein provided and for the equal and ratable benefit of all such
 Holders. 

 

          Section
5.08. Unconditional
Right of Holders to Receive Principal, Premium and Interest.
Notwithstanding any other provision in this Indenture, the Holder of any
Security shall 

31

have the
right, which is absolute and unconditional, to receive payment of the principal
of (and premium, if any) and (subject to Section 3.07) interest on such
Security on the Stated Maturity or Maturities expressed in such Security (or,
in the case of redemption, on the Redemption Date) and to institute suit for
the enforcement of any such payment, and such rights shall not be impaired
without the consent of such Holder. 

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

          Section
5.10. Rights
and Remedies Cumulative. Except as otherwise provided with respect to the
replacement or payment of mutilated, destroyed, lost or stolen Securities in
the last paragraph of Section 3.06, no right or remedy herein conferred upon or
reserved to the Trustee or to the Holders is intended to be exclusive of any
other right or remedy, and every right and remedy shall, to the extent
permitted by law, be cumulative and in addition to every other right and remedy
given hereunder or now or hereafter existing at law or in equity or otherwise.
The assertion or employment of any right or remedy hereunder, or otherwise,
shall not prevent the concurrent assertion or employment of any other
appropriate right or remedy. 

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

          Section
5.12. Control
by Holders. The Holders of a majority in principal amount of the
Outstanding Securities of any series (or if more than one series is affected
thereby, of all series so affected, voting as a single class) 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, expose the Trustee to
 personal liability or be unduly prejudicial to Holders not joining therein,
 and 

 
	
  

 	
  

 
	
  

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

 

          Nothing
in this Indenture shall impair the right of the Trustee to take any other
action which is not inconsistent with such direction. 

32

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

	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

 	
           (2) in respect of a covenant or
 provision hereof which under this Indenture 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 impair any right consequent thereon. 

          Section
5.14. Undertaking
for Costs. All parties to this Indenture agree, and each Holder of any
Security by his acceptance thereof shall be deemed to have agreed, that any
court may in its discretion require, in any suit for the enforcement of any
right or remedy under this Indenture, or in any suit against the Trustee for
any action taken, suffered or omitted by it as Trustee, the filing by any party
litigant in such suit of an undertaking to pay the costs of such suit, and that
such court may in its discretion assess reasonable costs, including reasonable
attorneys’ fees and expenses, against any party litigant in such suit, having
due regard to the merits and good faith of the claims or defenses made by such
party litigant; but the provisions of this Section 5.14 shall not apply to any
suit instituted by the Company or the Guarantor, to any suit instituted by the
Trustee, to any suit instituted by any Holder, or group of Holders, holding in
the aggregate more than 10% in principal amount of the Outstanding Securities
of any series, or to any suit instituted by any Holder for the enforcement of
the payment of the principal of (or premium, if any) or interest on any
Securities on or after the Stated Maturity or Maturities expressed in such
Security (or, in the case of redemption, on or after the Redemption Date). This
Section 5.14 shall be in lieu of Section 315(e) of the Trust Indenture Act and
such Section 315(e) is hereby expressly excluded from this Indenture, as
permitted by the Trust Indenture Act. 

          Section
5.15. Waiver
of Stay or Extension Laws. The Company and the Guarantor each 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 each of the Company and the Guarantor (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. 

33

ARTICLE VI

THE TRUSTEE

          Section
6.01. Certain Duties and Responsibilities.

                    (a)
Except during the continuance of an Event of Default with respect to the
Securities of any series,

	
  

 	
  

 
	
  

 	
           (1)
 the Trustee undertakes to perform such duties and only such duties as are
 specifically set forth in this Indenture with respect to such series, and no
 implied covenants or obligations shall be read into this Indenture against
 the Trustee; and

 
	
  

 	
  

 
	
  

 	
           (2)
 in the absence of bad faith on its part, the Trustee may conclusively rely,
 as to the truth of the statements and the correctness of the opinions
 expressed therein, upon certificates or opinions furnished to the Trustee and
 conforming to the requirements of this Indenture; but in the case of any such
 certificates or opinions which by any provision hereof are specifically
 required to be furnished to the Trustee, the Trustee shall be under a duty to
 examine the same to determine whether or not they conform to the requirements
 of this Indenture.

 

                    (b)
In case an Event of Default has occurred with respect to Securities of any
series and is continuing, the Trustee shall exercise such of the rights and
powers vested in it by this Indenture with respect to such series of
Securities, and use the same degree of care and skill in their exercise, as a
prudent person would exercise or use under the circumstances in the conduct of
his or her own affairs.

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

	
  

 	
  

 
	
  

 	
           (1)
 this subsection shall not be construed to limit the effect of Subsection (a)
 of this Section 6.01;

 
	
  

 	
  

 
	
  

 	
           (2)
 the Trustee shall not be liable for any error or judgment made in good faith
 by a Responsible Officer, unless it shall be proved that the Trustee was
 negligent in ascertaining the pertinent facts;

 
	
  

 	
  

 
	
  

 	
           (3)
 the Trustee shall not be liable with respect to any action taken or omitted
 to be taken by it in good faith in accordance with the direction of the
 Holders of a majority in principal amount of the Outstanding Securities of
 any series, determined as provided in Section 5.12 relating to the time,
 method and place of conducting any proceeding for any remedy available to the
 Trustee, or exercising any trust or power conferred upon the Trustee, under
 this Indenture with respect to the Securities of such series; and

 
	
  

 	
  

 
	
  

 	
           (4)
 no provision of this Indenture shall require the Trustee to expend or risk
 its own funds or otherwise incur any liability in the performance of any of
 its duties

 

34

	
  

 	
  

 
	
  

 	
 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.

 

                    (d)
Whether or not therein expressly so provided, every provision of this Indenture
relating to the conduct or affecting the liability of or affording protection
to the Trustee shall be subject to the provisions of this Section 6.01.

          Section
6.02. 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 by mail to all Holders of Securities of such series, as their
names and addresses appear in the Security Register, notice of such default
hereunder actually known to a Responsible Officer of 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 on any Security of such series or in the payment of any sinking
fund installment with respect to Securities of such series, the Trustee shall
be protected in withholding such notice if the Trustee in good faith determines
that the withholding of such notice is in the interest of the Holders of
Securities of such series; and provided, further, that in the
case of any default of the character specified in Section 5.01(4) with respect
to Securities of such series, no such notice to Holders shall be given until at
least 30 days after the occurrence thereof. For the purpose of this Section
6.02, the term “default” means any event which is, or after notice or lapse of
time or both would become, an Event of Default with respect to Securities of
such series.

          Section
6.03. Certain Rights of Trustee. Subject to the provisions of Section
6.01:

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

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

                    (c)
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,
conclusively rely upon an Officers’ Certificate;

                    (d)
the Trustee may consult with counsel of its selection 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;

                    (e)
the Trustee shall be under no obligation to exercise any of the rights or
powers vested in it by this Indenture at the request or direction of any of the
Holders pursuant to this Indenture, unless such Holders shall have offered to
the Trustee security or indemnity

35

satisfactory
to it against any costs, expenses and liabilities which might be incurred by it
in compliance with such request or direction;

                    (f)
the Trustee shall not be bound to make any investigation into the facts or
matters stated in any resolution, certificate, statement, instrument, opinion,
report, notice, request, direction, consent, order, bond, debenture, note,
other evidence of indebtedness or other paper or document, but the Trustee, in
its discretion, may make such further inquiry or investigation into such facts
or matters as it may see fit, and, if the Trustee shall determine to make such
further inquiry or investigation, it shall be entitled to examine the books,
records and premises of the Company, personally or by agent or attorney and
shall incur no liability or additional liability of any kind by reason of such
inquiry or investigation;

                    (g)
the Trustee may execute any of the trusts or powers hereunder or perform any
duties hereunder either directly or by or through agents or attorneys 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;

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

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

                    (j)
the rights, privileges, protections, immunities and benefits given to the
Trustee, including, without limitation, its right to be indemnified, are
extended to, and shall be enforceable by, the Trustee in each of its capacities
hereunder, and each agent, custodian and other Person employed to act
hereunder;

                    (k)
the Trustee may request that the Company deliver an Officers’ Certificate
setting forth the names of individuals and/or titles of officers authorized at
such time to take specified actions pursuant to this Indenture, which Officers’
Certificate may be signed by any person authorized to sign an Officers’
Certificate, including any person specified as so authorized in any such
certificate previously delivered and not superseded;

                    (l)
the Trustee shall not be required to give any bond or surety in respect of the
performance of its powers and duties hereunder;

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

36

                    (n)
the Trustee may request that the Company deliver a certificate setting forth
the names of individuals and/or titles of officers authorized at such time to
take specified actions pursuant to this Indenture. 

          Section
6.04. Not Responsible for Recitals or Issuance of Securities. The
recitals contained herein and in the Securities, except the Trustee’s
certificates of authentication, shall be taken as the statements of the
Company, and the Trustee assumes no responsibility for their correctness. The
Trustee makes no representations as to the validity or sufficiency of this
Indenture or of the Securities. The Trustee shall not be accountable for the
use or application by the Company of Securities or the proceeds thereof.

          Section
6.05. May Hold Securities. The Trustee, any Paying Agent, any Security
Registrar or any other agent of the Company, in its individual or any other
capacity, may become the owner or pledgee of Securities and, subject to
Sections 6.08 and 6.12, may otherwise deal with, and collect obligations owed
to it by, the Company with the same rights it would have if it were not
Trustee, Paying Agent, Security Registrar or such other agent.

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

          Section
6.07. Compensation, Reimbursement and Indemnification. The Company
agrees:

	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

 	
           (3)
 to indemnify each of the Trustee and any predecessor Trustee for, and to hold
 it harmless against, any loss, liability or expense, arising out of or in
 connection with the acceptance or administration of the trust or trusts
 hereunder and the performance of its duties hereunder, including the costs
 and expenses of defending itself against any claim (whether asserted by the
 Company, the Guarantor, a Holder or any other Person) or liability in
 connection with the exercise or performance of any of its powers or duties
 hereunder, except to the extent any such loss, liability or expense is due to
 its own negligence or bad faith.

 

          To
ensure the performance of the obligations of the Company hereunder, the Trustee
shall have a senior claim to which the Securities are hereby made subordinate
upon all property

37

and funds held
or collected by the Trustee as such, except property and funds held in trust
for the payment of principal of, premium, if any, or interest on particular
Securities.

          When
the Trustee incurs expenses or renders services in connection with an Event of
Default specified in Section 5.01, the expenses (including the reasonable
charges and expenses of its counsel) and the compensation for the services are
intended to constitute expenses of administration under any applicable federal
or state bankruptcy, insolvency or other similar law.

          The
provisions of this Section 6.07 shall survive the termination of this
Indenture.

          Section
6.08. Disqualification; Conflicting Interests. The Trustee shall comply
with the terms of Section 3.10(b) of the Trust Indenture Act.

          Section
6.09. Corporate Trustee Required; Eligibility. There shall at all times
be a Trustee hereunder which shall be a corporation organized and doing
business under the laws of the United States of America, any State thereof or
the District of Columbia, authorized under such laws to exercise corporate
trust powers having (or, in the case of the subsidiary of a bank holding
company that guarantees the obligations of the Trustee under this Indenture,
such holding company’s parent shall have) a combined capital and surplus of at
least $50,000,000 subject to supervision or examination by federal or state
authority. If such corporation or holding company parent publishes reports of
condition at least annually, pursuant to law or the requirements of said
supervising or examining authority, then for the purposes of this Section 6.09,
the combined capital and surplus of such corporation or holding company parent
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 6.09, it shall
resign immediately in the manner and with the effect hereinafter specified in
this article.

          Section
6.10. 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 6.11.

                    (b)
The Trustee may resign at any time with respect to the Securities of one or
more series by giving written notice thereof to the Company. If the instrument
of acceptance by a successor Trustee required by Section 6.11 shall not have
been delivered to the Trustee within 30 days after the giving of such notice of
resignation, the resigning Trustee may, at the expense of the Company, petition
any court of competent jurisdiction for the appointment of a successor Trustee
with respect to the Securities of such series. If the acceptance of appointment
is substantially contemporaneous with the resignation, then the notice called
for by the first sentence of this subsection may be combined with the
instrument called for by Section 6.11.

                    (c)
The Trustee, upon 30 days’ notice, may be removed at any time with respect to
the Securities of any series by Act of the Holders of a majority in principal
amount of the Outstanding Securities of such series delivered to the Trustee
and to the Company.

                    (d)
If an instrument of acceptance by a successor Trustee shall not have been
delivered to the Trustee within 30 days after the giving of such notice of
removal, the Trustee

38

being removed
may, at the expense of the Company, petition any court of competent
jurisdiction for the appointment of a successor Trustee with respect to the
Securities of such series.

                    (e)
If at any time:

	
  

 	
  

 
	
  

 	
           (1)
 the Trustee shall fail to comply with Section 6.08 after written request
 therefor by the Company or by any Holder who has been a bona fide Holder of a
 Security for at least six months, 

 
	
  

 	
  

 
	
  

 	
           (2)
 the Trustee shall cease to be eligible under Section 6.09 and shall fail to resign
 after written request therefor by the Company or by any such Holder, or

 
	
  

 	
  

 
	
  

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

 

then, in any
such case, upon 30 day’s notice, (i) the Company by a Board Resolution may
remove the Trustee with respect to all Securities, or (ii) subject to Section
5.14, any Holder who has been a bona fide Holder of a Security for at least six
months may, on behalf of himself and all others similarly situated, petition
any court of competent jurisdiction for the removal of the Trustee with respect
to all Securities and the appointment of a successor Trustee or Trustees.

                    (f)
The Company also may remove the Trustee with or without cause if the Company so
notifies the Trustee 30 days in advance and if no Default occurs or is
continuing during the 30-day period.

                    (g)
If the Trustee shall resign, be removed or become incapable of acting, or if a
vacancy shall occur in the office of Trustee for any cause, with respect to the
Securities of one or more series, the Company, by a Board Resolution, shall
promptly appoint a successor Trustee or Trustees with respect to the Securities
of that or those series (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) and shall comply with the applicable
requirements of Section 6.11. If, within one year after such resignation,
removal or incapability, or the occurrence of such vacancy, a successor Trustee
with respect to the Securities of any series shall be appointed by Act of the
Holders of a majority in principal amount of the Outstanding Securities of such
series delivered to the Company and the retiring Trustee, the successor Trustee
so appointed shall, forthwith upon its acceptance of such appointment in
accordance with the applicable requirements of Section 6.11, become the
successor Trustee with respect to the Securities of such series and to that
extent supersede the successor appointed by the Company. If no successor
Trustee with respect to the Securities of any series shall have been so
appointed by the Company or the Holders and accepted appointment in the manner
required by Section 6.11, any Holder who has been a bona fide Holder of a
Security of such series for at least six months may, on behalf of himself and
all others similarly situated, petition any court of competent jurisdiction for
the appointment of a successor Trustee with respect to the Securities of such
series.

39

                    (h)
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 by mailing
written notice of such event by first-class mail, postage prepaid, to all
Holders of Securities of such series as their names and addresses appear in the
Security Register. 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. The Trustee shall have no liability or responsibility for the
actions or inaction of any successor Trustee.

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

                    (b)
In case of the appointment hereunder of a successor Trustee with respect to the
Securities of one or more (but not all) series, the Company, the Guarantor, 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, at the expense of the Company, 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.

40

                    (c)
Upon request of any such successor Trustee, the Company shall execute any and
all instruments for more fully and certainly vesting in and confirming to such
successor Trustee all such rights, powers and trusts referred to in paragraph
(a) or (b) of this Section 6.11, 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
6.12. Merger, Conversion, Consolidation or Succession to Business. Any
corporation into which the Trustee may be merged or converted or with which it
may be consolidated, or any corporation resulting from any merger, conversion
or consolidation to which the Trustee shall be a party, or any corporation
succeeding to all or substantially all the corporate trust business of the
Trustee (including the administration of this Indenture), shall be the
successor of the Trustee hereunder, provided such corporation shall be
otherwise qualified and eligible under this article, without the execution or
filing of any paper or any further act on the part of any of the parties
hereto. In case any Securities shall have been authenticated, but not
delivered, by the Trustee then in office, any successor by merger, conversion
or consolidation to such authenticating Trustee may adopt such authentication
and deliver the Securities so authenticated with the same effect as if such
successor Trustee had itself authenticated such Securities.

          Section
6.13. Preferential Collection of Claims Against Company or Guarantor. If
and when the Trustee shall be or become a creditor of the Company (or any other
obligor upon the Securities) or the Guarantor, the Trustee shall be subject to
the provisions of the Trust Indenture Act regarding the collection of claims
against the Company (or any such other obligor) or the Guarantor. A trustee who
has resigned or been removed shall be subject to the Trust Indenture Act
Section 311(a) to the extent provided therein.

ARTICLE VII

HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY

          Section
7.01. Company to Furnish Trustee Names and Addresses of Holders. The Company
will furnish or cause to be furnished to the Trustee and Security Registrar (if
not the Trustee) with respect to the Securities of each series

                    (a)
semi-annually, not more than 15 days after each Regular Record Date, or, in the
case of any series of Securities on which semi-annual interest is not payable,
not more than fifteen days after such semi-annual dates as may be specified by
the Trustee, a list, in such form as the Trustee may reasonably require, of the
names and addresses of the Holders as of such Regular Record Date or such
semi-annual date, as the case may be, and

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

provided, however, that so long as the
Trustee is the Security Registrar, no such list need be furnished.

41

          Section
7.02. Preservation of Information; Communications to Holders.

                    (a)
The Security Registrar shall preserve, in as current a form as is reasonably
practicable, the names and addresses of Holders contained in the most recent
list furnished by the Company as provided in Section 7.01. The Trustee may
destroy any list furnished to it as provided in Section 7.01 upon receipt of a
new list so furnished.

                    (b)
If three or more Holders (herein referred to as “applicants”) apply in writing
to the Trustee, and furnish to the Trustee reasonable proof that each such
applicant has owned a Security for a period of at least six months preceding
the date of such application, and such application states that the applicants’
desire to communicate with other Holders with respect to their rights under
this Indenture or under the Securities and is accompanied by a copy of the form
of proxy or other communication which such applicants propose to transmit, then
the Trustee shall, within five Business Days after the receipt of such
application, at its election, either

	
  

 	
  

 
	
  

 	
           (i)
 afford such applicants access to the information preserved at the time by the
 Trustee in accordance with Section 7.02(a), or

 
	
  

 	
  

 
	
  

 	
           (ii)
 inform such applicants as to the approximate number of Holders whose names
 and addresses appear in the information preserved at the time by the Trustee
 in accordance with Section 7.02(a), and as to the approximate cost of mailing
 to such Holders the form of proxy or other communication, if any, specified
 in such application.

 

          If
the Trustee shall elect not to afford such applicants access to such
information, the Trustee shall, upon the written request of such applicants,
mail to each Holder whose name and address appear in the information preserved
at the time by the Trustee in accordance with Section 7.02(a) a copy of the
form of proxy or other communication which is specified in such request, with
reasonable promptness after a tender to the Trustee of the material to be
mailed and of payment by such requesting Holders, or provision for the payment,
of the reasonable expenses of mailing, unless within five days after such
tender the Trustee shall mail to such applicants and file with the Commission,
together with a copy of the material to be mailed, a written statement to the
effect that, in the opinion of the Trustee, such mailing would be contrary to
the best interest of the Holders or would be in violation of applicable law.
Such written statement shall specify the basis of such opinion. If the
Commission, after opportunity for a hearing upon the objections specified in
the written statement so filed, shall enter an order refusing to sustain any of
such objections or if, after the entry of an order sustaining one or more of
such objections, the Commission shall find, after notice and opportunity for
hearing, that all the objections so sustained have been met and shall enter an
order so declaring, the Trustee shall mail copies of such material to all such
Holders with reasonable promptness after the entry of such order and the
renewal of such tender; otherwise the Trustee shall be relieved of any
obligation or duty to such applicants respecting their application.

                    (c)
Every Holder of Securities, by receiving and holding the same, agrees with the
Company, the Guarantor and the Trustee that none of the Company, the Guarantor,
the Trustee or any agent thereof shall be held accountable by reason of the
disclosure of any such

42

information as
to the names and addresses of the Holders in accordance with Section 7.02(b),
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 Section 7.02(b).

                    (d)
Subject to Sections 7.02(a), 7.02(b), 7.02(c) and 6.01, if the Company or any
other person (other than the Trustee) shall desire to communicate with Holders
of Securities to solicit or obtain from them any proxy, consent, authorization,
waiver, approval of a plan of reorganization, arrangement or readjustment or
other action (“Holder Action”), the Trustee shall have no duty to
participate in such communication or solicitation or the processing of
responses in any manner except (i) to furnish the rules and regulations and to
perform the functions referred to in Section 1.04 and (ii) to receive (A) the
instruments evidencing the Holder Action together with (B) the Officers’
Certificate and Opinion of Counsel referred to below. The Company hereby
covenants that any and all communications and solicitations distributed by it
in connection with any Holder Action will comply in all material respects with
applicable law, including, without limitation, applicable law concerning
adequacy of disclosure. The Trustee shall have no responsibility for the
accuracy or completeness of any materials circulated to solicit any Holder
Action or for any related communications or for the compliance thereof with
applicable law. No Holder Action shall become effective until the Trustee shall
have received from the Company or other person who solicited the Holder Action
the instruments evidencing such Holder Action (x) (in the case of Holder Action
solicited by the Company or the representative of the Company’s estate if the
Company is the debtor in any bankruptcy or other insolvency proceeding) an
Officers’ Certificate and (y) (in all cases) an Opinion of Counsel, each
specifying the Holder Action taken and stating that such Holder Action has been
duly and validly taken in compliance with this Indenture in all material
respects. Such Officers’ Certificate, if any, shall also certify that (after
giving effect to such Holder Action) no Event of Default or event or condition
which, with notice or lapse of time or both, would become an Event of Default
has occurred and is continuing or has not been waived.

                    (e)
The Depositary may grant proxies and otherwise authorize its participants which
own the Global Securities to give or take any Act which a Holder is entitled to
take under this Indenture; provided, however, that the Depositary
has delivered a list of such participants to the Trustee.

          Section
7.03. Reports by Trustee.

                    (a)
Within 60 days after September 30 of each year commencing with the first
September 30 following the date of this Indenture, the Trustee shall transmit
by mail to all Holders, as their names and addresses appear in the Security
Register, a brief report dated as of such September 30, to the extent required
by Section 3.13(a) of the Trust Indenture Act.

                    (b)
The Trustee shall comply with Sections 3.13(b) and 3.13(c) of the Trust
Indenture Act.

                    (c)
A copy of each such report shall, at the time of such transmission to Holders,
be filed by the Trustee with the Commission and with the Company. The Company

43

will promptly
notify the Trustee in writing when any Securities are listed on any stock
exchange, or of any delisting thereof. 

          Section 7.04. Reports.

          The Company shall: 

	
  

 	
  

 
	
  

 	
           (1)
 file with the Trustee, within 15 days after the Company is required to file
 the same with the Commission, copies of the annual reports and of the
 information, documents and other reports (or copies of such portions of any
 of the foregoing as the Commission may from time to time by rules and
 regulations prescribe) which the Company may be required to file with the
 Commission pursuant to Section 13 or Section 15(d) of the Securities Exchange
 Act of 1934, as amended (provided that availability of such reports on a
 website maintained by the Commission shall be deemed to fulfill this
 requirement); or, if the Company is not required to file information,
 documents or reports pursuant to either of said sections, then it shall 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; and 

 
	
  

 	
  

 
	
  

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

 

          For
so long as the Guarantor remains a guarantor under this Indenture, or if at any
time any other direct or indirect parent company of the Company is a guarantor
of the Securities, the reports, information and other documents required to be
filed and furnished pursuant to this Section 7.04 may, at the option of the
Company, be filed by and be those of the Guarantor or such other parent, as
applicable, rather than the Company. 

          Delivery
of such reports, information and documents to the Trustee is for informational
purposes only and the Trustee’s receipt of such shall not constitute
constructive notice of any information contained therein or determinable from
information contained therein, including the Company’s or the Guarantor’s
compliance with any of its covenants hereunder (as to which the Trustee is
entitled to rely exclusively on Officers’ Certificates). 

ARTICLE VIII

SUCCESSOR CORPORATION

          Section
8.01. When Company or Guarantor May Merge or Transfer Assets. (a) The
Company shall not (1) consolidate with or merge with or into any other Person
(other than the Guarantor) or convey, transfer, sell or lease its properties
and assets substantially as an entirety to any Person (other than the
Guarantor), (2) permit any Person (other than the Guarantor) to 

44

consolidate
with or merge into the Company, or (3) permit any Person (other than the
Guarantor) to convey, transfer, sell or lease that Person’s properties and
assets substantially as an entirety to the Company, unless: 

	
  

 	
  

 
	
  

 	
           (i)
 in the case of (1) and (2) above, either (x) the Company shall be the
 surviving person or (y) 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, transfer or lease the properties and assets of the
 Company substantially as an entirety is an entity organized and existing
 under the laws of the United States of America (including any State thereof
 or the District of Columbia), the United Kingdom, Ireland, the Cayman Islands,
 Bermuda or any country which is a member of the Organisation for Economic
 Co-operation and Development or the European Union and shall expressly
 assume, by an indenture supplemental hereto, executed and delivered to the
 Trustee in form reasonably satisfactory to the Trustee, all of the
 obligations of the Company under the Securities and this Indenture; 

 
	
  

 	
  

 
	
  

 	
           (ii)
 immediately after giving effect to such transaction, no Event of Default, and
 no event that, after notice or lapse of time or both, would become an Event
 of Default, shall have occurred and be continuing; and 

 
	
  

 	
  

 
	
  

 	
           (iii)
 the Company shall have delivered to the Trustee an Officers’ Certificate
 stating that such consolidation, merger, conveyance, transfer, sale or lease
 and, if a supplemental indenture is required in connection with such
 transaction, such supplemental indenture, comply with this Section 8.01 and
 that all conditions precedent herein provided for relating to such
 transaction have been satisfied. 

 

                    (b)
The Guarantor shall not (1) consolidate with or merge with or into any other
Person (other than the Company) or convey, transfer, sell or lease its
properties and assets substantially as an entirety to any Person (other than
the Company), (2) permit any Person (other than the Company) to consolidate
with or merge into the Guarantor, or (3) permit any Person to convey, transfer,
sell or lease that Person’s properties and assets substantially as an entirety
to the Guarantor, unless: 

	
  

 	
  

 
	
  

 	
           (i)
 in the case of (1) and (2) above, either (x) the Guarantor shall be the
 surviving person or (y) the Person (if other than the Guarantor) formed by
 such consolidation or into which the Guarantor is merged or the Person which
 acquires by conveyance, transfer or lease the properties and assets of the
 Guarantor substantially as an entirety is an entity organized and existing
 under the laws of the United States of America (including any State thereof
 or the District of Columbia), the United Kingdom, Ireland, the Cayman
 Islands, Bermuda or any country which is a member of the Organisation for
 Economic Co-operation and Development or the European Union and shall
 expressly assume, by an indenture supplemental hereto, executed and delivered
 to the Trustee in form reasonably satisfactory to the Trustee, all of the
 obligations of the Guarantor under the Securities and this Indenture; 

 

45

	
  

 	
  

 
	
  

 	
           (ii)
 immediately after giving effect to such transaction, no Event of Default, and
 no event that, after notice or lapse of time or both, would become an Event
 of Default, shall have occurred and be continuing; and 

 
	
  

 	
  

 
	
  

 	
           (iii)
 the Guarantor shall have delivered to the Trustee an Officers’ Certificate
 stating that such consolidation, merger, conveyance, transfer, sale or lease
 and, if a supplemental indenture is required in connection with such
 transaction, such supplemental indenture, comply with this Section 8.01 and
 that all conditions precedent herein provided for relating to such
 transaction have been satisfied. 

 

                    (c)
The successor Person formed by such consolidation or into which the Company or
the Guarantor is merged or the successor Person to which such conveyance,
transfer, sale or lease is made shall succeed to, and be substituted for, and
may exercise every right and power of, the Company or the Guarantor, as the
case may be, under this Indenture with the same effect as if such successor had
been named as the Company or Guarantor, respectively, herein; and thereafter,
the Company or the Guarantor, as the case may be, shall be discharged from all
obligations and covenants under this Indenture and the Securities. Subject to
Section 9.03, the Company, the Guarantor, the Trustee and the successor Person
shall enter into a supplemental indenture to evidence the succession and
substitution of such successor Person and such discharge and release of the
Company or the Guarantor. 

ARTICLE IX

AMENDMENTS & SUPPLEMENTAL INDENTURES

          Section
9.01. Amendments or Supplemental Indentures Without Consent of Holders.
The Company and the Guarantor, when authorized by Board Resolutions, and the
Trustee, at any time and from time to time, may amend or supplement this
Indenture or the Securities or waive any provision of this Indenture or the
Securities without the consent of any Holder, so long as such changes or
waivers, other than those in clause (2), do not materially and adversely affect
the interests of the Holder: 

	
  

 	
  

 
	
  

 	
           (1)
 to cure any ambiguity, omission, defect or inconsistency; 

 
	
  

 	
  

 
	
  

 	
           (2)
 to make any modifications or amendments that do not, in the good faith
 opinion of the Company’s or the Guarantor’s Board of Directors and the
 Trustee, adversely affect the interests of the Holders in any material
 respect, provided that any amendment or supplement conforming this Indenture,
 as applied to a series of Securities, to the terms described in the
 prospectus (including any prospectus supplement) pursuant to which the
 Securities were initially sold shall be deemed not to adversely affect the
 interest of Holders; 

 
	
  

 	
  

 
	
  

 	
           (3)
 to provide for the assumption of the Company’s or the Guarantor’s obligations
 under this Indenture by a successor upon any merger, consolidation or asset
 transfer as permitted by and in compliance with Article VIII of this
 Indenture; 

 
	
  

 	
  

 
	
  

 	
           (4)
 to provide any security for or additional guarantees of the Securities; 

 

46

	
  

 	
  

 
	
  

 	
           (5)
 to add Events of Default with respect to the Securities; 

 
	
  

 	
  

 
	
  

 	
           (6)
 to add covenants for the benefit of the Holders or to surrender any right or
 power conferred upon the Company or the Guarantor by this Indenture; 

 
	
  

 	
  

 
	
  

 	
           (7)
 to make any change necessary to comply with the Trust Indenture Act, or any
 amendment thereto, or to comply with any requirement of the Commission in
 connection with the qualification of this Indenture under the Trust Indenture
 Act; 

 
	
  

 	
  

 
	
  

 	
           (8)
 to provide for uncertificated Securities in addition to or in place of
 certificated Securities or to provide for bearer Securities; 

 
	
  

 	
  

 
	
  

 	
           (9)
 to add to or change any of the provisions of this Indenture to such extent as
 shall be necessary to permit or facilitate the issuance of Securities in
 bearer form, registrable or not registrable as to principal, and with or
 without interest coupons; 

 
	
  

 	
  

 
	
  

 	
           (10)
 to change or eliminate any of the provisions of this Indenture, provided,
 however, 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; 

 
	
  

 	
  

 
	
  

 	
           (11)
 to establish the form or terms of Securities of any series as permitted by
 Sections 2.01 and 3.01; or 

 
	
  

 	
  

 
	
  

 	
           (12)
 to evidence and provide for the acceptance of appointment hereunder by a
 successor Trustee with respect to the Securities of one or more series and to
 add to or change any of the provisions of this Indenture as shall be
 necessary to provide for or facilitate the administration of the trusts
 hereunder by more than one Trustee, pursuant to the requirements of Section
 6.11(b). 

 

          Section
9.02. Amendments or Supplemental Indentures with Consent of Holders.
With the written consent of the Holders of not less than a majority in
aggregate principal amount of the Securities at the time Outstanding of all
series affected by such amendment or supplement (taken together as one class),
the Company and the Guarantor, when authorized by a Board Resolution, and the
Trustee, at any time and from time to time, may amend or supplement this
Indenture or the Securities. However, without the consent of each Holder
affected, an amendment of or a supplement to this Indenture or the Securities
may not: 

	
  

 	
  

 
	
  

 	
           (1)
 change the Stated Maturity of the principal of, or premium, if any, or any
 installment of interest with respect to the Securities; 

 
	
  

 	
  

 
	
  

 	
           (2)
 reduce the principal amount of, or the rate of interest on, or any premium
 payable upon the redemption of, the Securities; 

 
	
  

 	
  

 
	
  

 	
           (3)
 change the currency of payment of principal of or interest on the Securities;
 

 

47

	
  

 	
  

 
	
  

 	
           (4)
 change the redemption provisions, if any, of any Securities in any manner
 adverse to the Holders of such Securities; 

 
	
  

 	
  

 
	
  

 	
           (5)
 impair the right to institute suit for the enforcement of any payment on or
 with respect to the Securities; 

 
	
  

 	
  

 
	
  

 	
           (6)
 reduce the above-stated percentage of Holders of the Securities of any series
 necessary to modify or amend this Indenture; 

 
	
  

 	
  

 
	
  

 	
           (7)
 if the Securities are convertible or exchangeable, adversely affect the right
 to convert or exchange the Securities in accordance with the provisions of
 this Indenture; 

 
	
  

 	
  

 
	
  

 	
           (8)
 release the Guarantor from any of its obligations under the Guarantee, except
 in accordance with the terms of this Indenture; 

 
	
  

 	
  

 
	
  

 	
           (9)
 modify or change the subordination provisions hereof in any manner which
 adversely affects the Holders; or 

 
	
  

 	
  

 
	
  

 	
           (10)
 modify the foregoing requirements or reduce the percentage of Outstanding
 Securities necessary to waive any covenant or past default. 

 

          It
shall not be necessary for any Act of the Holders under this Section 9.02 to
approve the particular form of any proposed amendment or supplemental
indenture, but it shall be sufficient if such Act approves the substance
thereof. 

          After
an amendment or supplemental indenture under this Section 9.02 becomes
effective, the Company shall mail to each Holder a notice briefly describing the
amendment or supplemental indenture. 

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

          Section
9.03. Execution of Supplemental Indentures. The Trustee shall sign any
supplemental indenture authorized pursuant to this article if the amendment
contained therein does not adversely affect the rights, duties, liabilities or
immunities of the Trustee. If it does, the Trustee may, but need not, sign such
supplemental indenture. In executing, or accepting the additional trusts
created by, any supplemental indenture permitted by this article or the
modifications thereby of the trusts created by this Indenture, the Trustee
shall receive, and (subject to Section 6.01) shall be fully protected in
relying upon, an Officers’ Certificate and an Opinion of Counsel stating that
the execution of such supplemental indenture is authorized or permitted by this
Indenture and that this Indenture as amended by such supplemental indenture is
the valid, binding and enforceable obligation of the Company and Guarantor in
accordance with its terms. 

48

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

          Section
9.05. 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
9.06. 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 X

COVENANTS

          Section
10.01. Payment of Principal, Premium and Interest. The Company covenants
and agrees for the benefit of each series of Securities that it will duly and
punctually pay the principal of (and premium, if any) and interest on the
Securities of that series in accordance with the terms of the Securities and
this Indenture. At the option of the Company, payment of principal (and
premium, if any) and interest may be made by wire transfer or (subject to
collection) by check mailed to the address of the Person entitled thereto at
such address as shall appear in the Security Register. 

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

          The
Company may also from time to time designate one or more other offices or
agencies where the Securities of one or more series may be presented or
surrendered for any or all such purposes and may from time to time rescind such
designations; provided, however, that no such designation or rescission shall
in any manner relieve the Company of its obligation to maintain 

49

an office or
agency in each Place of Payment for Securities of any series for such purposes.
The Company will give prompt written notice to the Trustee of any such
designation or rescission and of any change in the location of any such other
office or agency. 

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

          Whenever
the Company shall have one or more Paying Agents for any series of Securities,
it will, on or prior to each due date of the principal of (and premium, if any)
or interest on any Securities of that series, deposit with a Paying Agent a sum
sufficient to pay the principal (and premium, if any) or interest 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 will cause each Paying Agent for any series of Securities other than
the Trustee to execute and deliver to the Trustee an instrument in which such
Paying Agent shall agree with the Trustee, subject to the provisions of this
Section 10.03, that such Paying Agent will: 

	
  

 	
  

 
	
  

 	
           (1)
 hold all sums held by it for the payment on the principal of (and premium, if
 any) or interest on Securities of that series in trust for the benefit of the
 Persons entitled thereto until such sums shall be paid to such Persons or
 otherwise disposed of as herein provided; 

 
	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

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

 

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

          Any
money deposited with the Trustee or any Paying Agent, or then held by the
Company, in trust for the payment of the principal of (and premium, if any) or
interest on any 

50

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

          The
Company shall have no obligation to make payment of principal of (or premium,
if any) or interest on any Security in immediately available funds, except that
if the Company shall have received original payment for Securities in
immediately available funds it shall make available immediately available funds
for payment of the principal of such Securities. 

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

          Section
10.05. Maintenance of Properties. The Company will use its reasonable
efforts to cause all material properties used or useful in the conduct of its
business to be maintained and kept in good condition, repair and working order
(subject to wear and tear) and supplied with all necessary material equipment
and will use its reasonable efforts to cause to be made all necessary material
repairs, renewals, replacements, betterments and improvements thereof, all as
in the judgment of the Company may be necessary so that the business carried on
in connection therewith may be properly and advantageously conducted at all
times; provided, however, that nothing in this Section 10.05 shall prevent the
Company from discontinuing the operation or maintenance of any of such
properties if such discontinuance is, in the judgment of the Company, desirable
in the conduct of its business and not disadvantageous in any material respect
to the Holders. 

          Section
10.06. Statement by Officers as to Default. The Company will deliver to
the Trustee, within 120 days after the end of each fiscal year of the Company
ending after the date hereof, a certificate of the principal executive officer,
principal financial officer or principal accounting officer of the Company
stating whether or not to the best knowledge of the signers thereof the Company
or the Guarantor are in default in the performance and observance of any of the
terms, provisions and conditions of this Indenture, and if the Company or the
Guarantor shall be in default, specifying all such defaults and the nature and
status thereof of which they may have knowledge. 

51

          Section
10.07. Waiver of Certain Covenants. The Company and the Guarantor may
omit in any particular instance to comply with any term, provision or condition
set forth in this Article X if, before or after the time for such compliance, the
Holders of at least a majority in principal amount of the Outstanding
Securities (taken together as one class) shall, by Act of such Holders, either
waive such compliance in such instance or generally waive compliance with 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 Guarantor and the duties of the Trustee in respect of any such term,
provision or condition shall remain in full force and effect. 

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

ARTICLE XI 

THE GUARANTEE 

                    Section
11.01. Unconditional Guarantee.

                    (a)
The Guarantor does hereby fully and unconditionally guarantee to the Holders of
the Securities of each series all payments of principal, premium, if any, and
interest on such Securities when due, in accordance with the provisions of such
series of Securities and this Indenture. This Guarantee shall be made on a
subordinated basis, with the terms of such subordination in respect of each
series of Securities issued hereunder to be set forth in a supplemental
indenture hereto. 

                    (b)
The Guarantor hereby waives notice of acceptance of the Guarantee and of
default of performance by the Company, and hereby agrees that payment under the
Guarantee shall be subject to no condition other than the giving of a written
request for payment stating the fact of default of performance, in the manner
provided in Section 1.05 of this Indenture. The Guarantee is a guarantee of
payment and not of collection. 

                    (c)
The obligations of the Guarantor under the Guarantee shall in no way be
impaired by: (i) any extension, amendment, modification or renewal of the
Securities of the relevant series; (ii) any waiver of any Event of Default,
extension of time or failure to enforce any of the provisions of the Securities
of the relevant series or the Indenture; or (iii) any extension, moratorium or
other relief granted to the Company pursuant to any applicable law or statute. 

                    (d)
The Guarantor shall be obligated to make payment under the Guarantee, for the
benefit of the Holders of each series of Securities, in the same manner in
which the Company is obligated to make payments on such series of Securities. 

                    (e)
Subject to clause (f) below, the Guarantor hereby agrees that: 

52

                    (i)
each series of Securities will be paid strictly in accordance with the terms of
such series of Securities and the Indenture, regardless of the value,
genuineness, validity, regularity or enforceability of such series of
Securities and the Indenture, and of any law, regulation or order now or
hereafter in effect in any jurisdiction affecting any of such terms or the
rights of the Trustee with respect thereto, to the fullest extent permitted by
law; and 

                    (ii)
the liability of the Guarantor to the extent herein set forth shall be absolute
and unconditional, not subject to any reduction, limitation, impairment,
termination, defense, offset, counterclaim, or recoupment whatsoever (all of
which are hereby expressly waived by the Guarantor), whether by reason of any
claim of any character whatsoever, including, without limitation, any claim of
waiver, release, surrender, alteration or compromise, or by reason of any
liability at any time to the Guarantor or otherwise, whether based upon any
obligations or any other agreement or otherwise, and howsoever arising, whether
out of action or inaction or otherwise and whether resulting from default,
willful misconduct, negligence or otherwise, and without limiting the
foregoing, irrespective of: 

	
  

 	
  

 
	
  

 	
                     (1)
 any lack of validity or enforceability of any agreement or instrument
 relating to the Securities of the relevant series; 

 
	
  

 	
  

 
	
  

 	
                     (2)
 any change in the time, manner or place of payment under, or in any other
 term in respect of, all or any Securities of the relevant series, or any
 other amendment or waiver of or consent to any departure from any other
 agreement relating to such series of Securities; 

 
	
  

 	
  

 
	
  

 	
                     (3)
 any increase in, addition to, exchange or release of, or nonperfection of any
 lien on or security interest in, any collateral, or any release or amendment
 or waiver of or consent to any departure from or failure to enforce any other
 guarantee, for all or any Securities of the relevant series; 

 
	
  

 	
  

 
	
  

 	
                     (4)
 any other circumstance that might otherwise constitute a defense available
 to, or a discharge of, the Company in respect the Securities of the relevant
 series; 

 
	
  

 	
  

 
	
  

 	
                     (5)
 the absence of any action on the part of the Trustee to obtain payment under
 the Securities of the relevant series or the Indenture from the Company; 

 
	
  

 	
  

 
	
  

 	
                     (6)
 any insolvency, bankruptcy, reorganization or dissolution, or any similar
 proceeding of or in respect of the Company, including, without limitation,
 rejection of the Securities of the relevant series in such bankruptcy; or 

 
	
  

 	
  

 
	
  

 	
                     (7)
 the absence of notice or any delay in any action to enforce any provision of
 the Securities of the relevant series or the Indenture or to exercise any
 right or remedy against the Guarantor or the Company, whether under the
 Indenture, the Securities of the relevant series or any agreement or any
 indulgence, compromise or extension granted. 

 

53

                    (f)
Notwithstanding anything to the contrary in the Guarantee, the Guarantor does
not waive any defense that would be available to the Company based on a breach,
default or misrepresentation by the Trustee, or failure of any condition to the
Company’s obligations under the Indenture or the illegality of any provision of
the Indenture.

                    (g)
The Guarantor further agrees that, to the extent that the Company or the
Guarantor makes a payment or payments to the Trustee, which payment or payments
or any part thereof are subsequently invalidated, declared to be fraudulent or
preferential, set aside and/or repaid to the Company or the Guarantor or their
respective estate, trustee, receiver or any other party under any bankruptcy
laws, state or federal law, common law or equitable cause, then to the extent
of such payment or repayment, the Guarantee and the advances or part thereof
which have been paid, reduced or satisfied by such amount shall be reinstated
and continued in full force and effect as of the date such initial payment,
reduction or satisfaction occurred.

                    Section
11.02. Guarantee for the Benefit of the Holders. The Guarantee contained
in this Indenture is entered into by the Guarantor for the benefit of the
Holders from time to time of the Securities. Such provisions shall not be
deemed to create any right, or to be in whole or in part for the benefit, of
any Person other than the Trustee, the Guarantor, the Holders from time to time
of the Securities and their permitted successors and assigns.

                    Section
11.03. Waiver of Subrogation. The Guarantor shall be subrogated to all
rights of the Holders of the Securities and the Trustee against the Company
pursuant to the provisions of the Guarantee; provided, however,
that the Guarantor shall not be entitled to enforce, or to receive any payments
arising out of or based upon, such right of subrogation until the principal of
(and premium, if any) or interest on the Securities of the relevant series
issued under the Indenture shall have been paid in full.

                    Section
11.04. No Suspension of Remedies. Nothing contained in this Article XI
shall limit the right of the Trustee or the Holders of the Securities to take
any action pursuant to Article V of this Indenture or to pursue any other
rights or remedies under the Indenture or under applicable law. 

                    Section
11.05. Termination. The Guarantee shall remain in full force and effect
and shall be binding on the Guarantor, its successors and assigns until the
entire principal of and interest and any premium on the Securities shall have
been paid in full or otherwise discharged in accordance with the provisions of
this Indenture. 

ARTICLE XII

REDEMPTION OF SECURITIES

          Section
12.01. 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 3.01
for Securities of any series) in accordance with this article.

          Section
12.02. Election to Redeem; Notice to Trustee. The election of the
Company to redeem any Securities shall be evidenced by a Board Resolution. In
case of any redemption at 

54

the election
of the Company of less than all the Securities of any series, the Company
shall, at least 45 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, such notice to be accompanied by a
written statement signed by an authorized officer of the Company stating that
no defaults in the payment of interest or Events of Default with respect to the
Securities of that series have occurred (which have not been waived or cured).
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 an Officers’
Certificate evidencing compliance with such restriction.

          Section
12.03. Selection by Trustee of Securities to Be Redeemed. If less than
all the Securities of any series 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 not
previously called for redemption, by such method as the Trustee shall deem fair
and appropriate, subject to the customary procedures of the Depositary, and
which may provide for the selection or 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 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 Securities redeemed or to be redeemed only in part, to the portion of
the principal amount of such Securities which has been or is to be redeemed.

          Section
12.04. Notice of Redemption. The Company shall give a notice of
redemption by first-class mail, postage prepaid, mailed not less than 45 nor
more than 60 days prior to the Redemption Date, to each Holder of Securities to
be redeemed, at his address appearing in the Security Register. Any notice
which is mailed in the manner herein provided shall be conclusively presumed to
have been duly given, whether or not such Holder receives the notice. Failure
to give notice by mail, or any defect in the notice to any such Holder in
respect of any Security, shall not affect the validity of the proceedings for
the redemption of any other Security.

          All
notices of redemption shall state:

	
  

 	
  

 
	
  

 	
           (1)
 the Redemption Date,

 
	
  

 	
  

 
	
  

 	
           (2)
 the Redemption Price and any accrued interest,

 
	
  

 	
  

 
	
  

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

 

55

	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

 	
           (5)
 the place or places where such Securities are to be surrendered for payment
 of the Redemption Price and any accrued interest,

 
	
  

 	
  

 
	
  

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

 
	
  

 	
  

 
	
  

 	
           (7)
 the CUSIP number and, if applicable, the ISIN number, of the Securities being
 redeemed.

 

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

          Section
12.05. 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 Paying
Agent (or, if the Company is acting as its own Paying Agent, segregate and hold
in trust as provided in Section 10.03) an amount of money, in funds immediately
available on the due date, sufficient to pay the Redemption Price of, and
(except if the Redemption Date shall be an Interest Payment Date) accrued interest
on, all the Securities which are to be redeemed on that date.

          Section
12.06. 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 together with accrued interest thereon, and from and after such date
(unless the Company shall default in the payment of the Redemption Price and
accrued interest) such Securities shall cease to bear interest. Upon surrender
of any such Security for redemption in accordance with said notice, such
Security shall be paid by the Company at the Redemption Price, together with
accrued interest to the Redemption Date; provided, however, that
installments of interest whose Stated Maturity is on 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 3.07.

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

          The
Trustee shall not redeem any Securities of any series pursuant to this article
(unless all Outstanding Securities of such series are to be redeemed) or mail
or give any notice of redemption of Securities during the continuance of an
Event of Default hereunder known to the Trustee with respect to such series,
except that, where the mailing of notice of redemption of any Securities shall
theretofore have been made, the Trustee shall redeem or cause to be redeemed
such Securities, provided that it shall have received from the Company a
sum sufficient for such redemption. Except as aforesaid, any moneys theretofore
or thereafter received by the Trustee shall, during the continuance of such
Event of Default, be deemed to have been collected under 

56

Article V and
held for the payment of all such Securities of such series. In case such Event
of Default shall have been waived as provided in Section 5.13 or the default
cured on or before the sixtieth day preceding the Redemption Date, such moneys
shall thereafter be applied in accordance with the provisions of this article.

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

ARTICLE XIII

SINKING FUNDS

          Section
13.01. 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 3.01 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 Securities of any series is herein referred to as an “Optional
Sinking Fund Payment.” If provided for by the terms of Securities of any
series, the cash amount of any sinking fund payment may be subject to reduction
as provided in Section 13.02. 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
13.02. Satisfaction of Sinking Fund Payments with Securities. The
Company (1) may deliver Outstanding Securities of a series (other than any
previously called for redemption) and (2) may apply as credit Securities of a
series which have been redeemed either at the election of the Company pursuant
to the terms of such Securities or through the application of permitted
Optional Sinking Fund Payments pursuant to the terms of such Securities, in
each case in satisfaction of all or any part of any sinking fund payment with
respect to the Securities of such series required to be made pursuant to the
terms of such Securities as provided for by the terms of such series; provided
that such Securities have not been previously so credited. Such Securities
shall be received and credited for such purpose by the Trustee at the
Redemption Price specified in such Securities for redemption through operation
of the sinking fund and the amount of such sinking fund payment shall be
reduced accordingly.

          Section
13.03. Redemption of Securities for Sinking Fund. Not less than 60 days
prior to each sinking fund payment date for any series of Securities, the
Company (1) will deliver to the Trustee an Officers’ Certificate (A) stating
that no defaults in the payment of interest or Events of Default with respect
to Securities of that series have occurred (which have not been 

57

waived or
cured), (B) specifying the amount of the next ensuing sinking fund payment for
that series pursuant to the terms of Securities of that series, (C) stating
whether or not the Company intends to exercise its right, if any, to make an
Optional Sinking Fund Payment with respect to such series on the next ensuing
sinking fund payment date and, if so, specifying the amount of such Optional
Sinking Fund Payment and (D) specifying the portion of such sinking fund
payment, if any, which is to be satisfied by payment of cash and the portion
thereof, if any, which is to be satisfied by delivering and crediting
Securities of that series pursuant to Section 13.02 and (2) will also deliver
to the Trustee any Securities to be so delivered. Not less than 30 days before
each such sinking fund payment date, the Trustee shall select the Securities of
such series to be redeemed upon such sinking fund payment date in the manner
specified in Section 12.03 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 12.04. Such notice having been duly given, the redemption of such
Securities shall be made upon the terms and in the manner stated in Sections
12.05, 12.06 and 12.07. Failure of the Company, on or before any such 60th day,
to deliver such Officers’ Certificate and Securities specified in this Section
13.03, if any, shall not constitute a default but shall constitute, on and as
of such date, the irrevocable election of the Company (a) that the Mandatory
Sinking Fund Payment for such series due on the next succeeding sinking fund
payment date shall be paid entirely in cash without the option to deliver or
credit Securities of such series in respect thereof and (b) that the Company
will make no Optional Sinking Fund Payment with respect to Securities of such
series as provided in this article.

          The
Trustee shall not redeem or cause to be redeemed any Security of a series with
sinking fund moneys or mail any notice of redemption of Securities of such
series by operation of the sinking fund during the continuance of a default in
payment of interest on such Securities or of any Event of Default with respect
to such series except that, where the mailing of notice of redemption of any
Securities shall theretofore have been made, the Trustee shall redeem or cause
to be redeemed such Securities, provided that it shall have received
from the Company a sum sufficient for such redemption. Except as aforesaid, any
moneys in the sinking fund for such series at the time when any such default or
Event of Default shall occur, and any moneys thereafter paid into the sinking
fund, shall, during the continuance of such default or Event of Default, be
deemed to have been collected under Article V and held for the payment of all
such Securities of such series. In case such Event of Default shall have been
waived as provided in Section 5.13 or the default cured on or before the 60th
day preceding the sinking fund payment date, such moneys shall thereafter be
applied on the next succeeding sinking fund payment date in accordance with
this Section 13.03 to the redemption of such Securities.

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

ARTICLE XIV

SUBORDINATION

          Section
14.01. Agreement to Subordinate.

58

                    (a)
The Company covenants and agrees, and each Holder of Securities issued
hereunder by such Holder’s acceptance thereof likewise covenants and agrees,
that (except as otherwise specified as contemplated by Section 3.01 for
Securities of any series) all Securities shall be issued subject to the
provisions of this article; and each Holder of a Security, whether upon
original issue or upon transfer or assignment thereof, accepts and agrees to be
bound by such provisions. 

                    (b)
The payment by the Company of the principal of, and interest on, the Securities
issued hereunder shall, to the extent and in the manner hereinafter set forth,
be subordinated and junior in right of payment to the prior payment in full of
all Senior Indebtedness of the Company, whether outstanding at the date of this
Indenture or thereafter incurred. 

                    (c)
No provision of this article shall prevent the occurrence of any default or
Event of Default hereunder.

          Section
14.02. Default on Senior Indebtedness.

                    (a)
No direct or indirect payment by or on behalf of the Company of principal of,
premium, if any, or interest on the Securities, whether pursuant to the terms
of the Securities or upon acceleration, by way of repurchase, redemption,
defeasance or otherwise, will be made if, at the time of such payment, there
exists a default in the payment when due of all or any portion of the
obligations under or in respect of any Senior Indebtedness, whether at
maturity, on account of mandatory redemption or prepayment, acceleration or
otherwise, and such default shall not have been cured or waived or the benefits
of this sentence waived by or on of the holders of Senior Indebtedness. 

                    (b)
In addition, during the continuance of any non-payment default or non-payment
event of default with respect to any Senior Indebtedness pursuant to which the
maturity thereof may be accelerated, and upon receipt by the Trustee of written
notice (a “Payment Blockage Notice”) from a holder or holders of such Senior
Indebtedness or the trustee or agent acting on behalf of such Senior
Indebtedness, then, unless and until such default or event of default has been cured
or waived or has ceased to exist or such Senior Indebtedness has been
discharged or repaid in full in cash, or the requisite holders of such Senior
Indebtedness have otherwise agreed in writing, no payment of any kind or
character with respect to any principal of or interest on or distribution will
be made by or on behalf of the Company on account of or with respect to the
Securities, during a period (a “Payment Blockage Period”) commencing on the
date of receipt of such Payment Blockage Notice by the Trustee and ending 179
days thereafter.

                    (c)
Notwithstanding anything herein to the contrary, (x) in no event will a Payment
Blockage Period extend beyond 179 days from the date the Payment Blockage
Notice in respect thereof was given and (y) there must be 180 days in any
360-day period during which no Payment Blockage Period is in effect. Not more
than one Payment Blockage Period may be commenced with respect to the
Securities during any period of 360 consecutive days. No default or event of
default that existed or was continuing on the date of commencement of any
Payment Blockage Period with respect to the Senior Indebtedness initiating such
Payment Blockage Period may be, or be made, the basis for the commencement of
any other Payment Blockage 

59

Period by the
holder or holders of such Senior Indebtedness or the trustee or agent acting on
behalf of such Senior Indebtedness, whether or not within a period of 360
consecutive days, unless such default or event of default has been cured or
waived for a period of not less than 90 consecutive days. 

                    (d)
In the event that, notwithstanding the foregoing, any payment shall be received
by the Trustee when such payment is prohibited by the preceding paragraph of
this Section 13.02, such payment shall be held in trust for the benefit of, and
shall be paid over or delivered to, the holders of Senior Indebtedness or their
respective representatives, or to the trustee or trustees under any indenture
pursuant to which any instruments evidencing such Senior Indebtedness may have
been issued, as their respective interests may appear, as calculated by the
Company, to the extent necessary to pay such Senior Indebtedness in full, in
cash, after giving effect to any concurrent payment or distribution to or for
the benefit of the holders of such Senior Indebtedness, before any payment or
distribution is made to the Holders or to the Trustee. 

          Section
14.03. Liquidation; Dissolution; Bankruptcy.

                    (a)
Upon any distribution of assets of the Company of any kind or character,
whether in cash, property or securities, to creditors upon any total or partial
dissolution, winding-up, liquidation or reorganization of the Company, whether
voluntary or involuntary, assignment for the benefit of creditors or
marshalling of the Company’s assets, or in bankruptcy, insolvency, receivership
or other similar proceedings, whether voluntary or involuntary, all principal,
premium, if any, and interest due or to become due to all Senior Indebtedness
of the Company shall first be paid in full in cash, or such payment duly
provided for to the satisfaction of the holders of the Senior Indebtedness,
before the Holders are entitled to receive or retain any payment; and upon any
such dissolution or winding-up or liquidation or reorganization, any payment by
the Company, or distribution of assets of the Company of any kind or character
whether in cash, property or securities, which the Holders or the Trustee would
be entitled to receive from the Company, except for the provisions of this
article, shall be paid by the Company or by any receiver, trustee in
bankruptcy, liquidating trustee, agent or other Person making such payment or
distribution, or by the Holders or by the Trustee under this Indenture if
received by them or it, directly to the holders of Senior Indebtedness of the
Company or their respective representatives, or to the trustee or trustees
under any indenture pursuant to which any instruments evidencing such Senior
Indebtedness may have been issued, as their respective interests may appear, as
calculated by the Company, to the extent necessary to pay such Senior
Indebtedness in full in cash, or such payment duly provided for to the
satisfaction of the holders of the Senior Indebtedness, after giving effect to
any concurrent payment or distribution to or for the benefit of the holders of
such Senior Indebtedness, before any payment or distribution is made to the
Holders or to the Trustee. 

                    (b)
In the event that, notwithstanding the foregoing, any payment or distribution
of assets of the Company of any kind or character, whether in cash, property or
securities, prohibited by the foregoing, shall be received by the Trustee
before all Senior Indebtedness of the Company is paid in full, or provision is
made for such payment in money in accordance with its terms, such payment or
distribution shall be held in trust for the benefit of, and shall be paid over
or delivered to, the holders of such Senior Indebtedness or their respective
representatives, or to the trustee or trustees under any indenture pursuant to
which any 

60

instruments
evidencing such Senior Indebtedness may have been issued, as their respective
interests may appear, as calculated by the Company, to the extent necessary to
pay such Senior Indebtedness in full, in cash, after giving effect to any
concurrent payment or distribution to or for the benefit of the holders of such
Senior Indebtedness, before any payment or distribution is made to the Holders
or to the Trustee. 

                    (c)
For purposes of this article, the words “cash, property or securities” shall
not be deemed to include shares of stock of the Company as reorganized or
readjusted, or securities of the Company or any other corporation provided for
by a plan of reorganization or readjustment, the payment of which is
subordinated at least to the extent provided in this article with respect to
the Securities to the payment of all Senior Indebtedness of the Company that
may at the time be outstanding; provided, however, that (i) such Senior
Indebtedness is assumed by the new corporation, if any, resulting from any such
reorganization or readjustment, and (ii) the rights of the holders of such
Senior Indebtedness are not, without the consent of such holders, altered by
such reorganization or readjustment. The amalgamation or consolidation of the
Company with, or the merger of the Company into, another corporation or the
liquidation or dissolution of the Company following the conveyance or transfer
of its properties or assets substantially as an entirety, to another
corporation upon the terms and conditions provided for in Article Eight of this
Indenture shall not be deemed a dissolution, winding-up, liquidation or
reorganization for the purposes of this Section 14.03 if such other corporation
shall, as part of such amalgamation, consolidation, merger, conveyance or
transfer, comply with the conditions stated in Article Eight of this Indenture.
Nothing in Section 14.02 or in this Section 14.03 shall apply to claims of, or
payments to, the Trustee under or pursuant to Section 6.07 of this Indenture. 

                    (d)
If the Trustee or any Holder of Securities does not file a proper claim or
proof of debt in the form required in any proceeding referred to above prior to
30 days before the expiration of the time to file such claim in such
proceeding, then the holder of any Senior Indebtedness is hereby authorized,
and has the right, to file an appropriate claim or claims for or on behalf of
such Holder of Securities. 

          Section
14.04. Subrogation.

                    (a)
Subject to the payment in full of all Senior Indebtedness of the Company then
outstanding, the rights of the Holders shall be subrogated to the rights of the
holders of such Senior Indebtedness to receive payments or distributions of
cash, property or securities of the Company applicable to such Senior
Indebtedness until the principal of and interest on the Securities shall be
paid in full; and, for the purposes of such subrogation, no payments or
distributions to the holders of such Senior Indebtedness of any cash, property
or securities to which the Holders or the Trustee would be entitled except for
the provisions of this article, and no payment over pursuant to the provisions
of this article to or for the benefit of the holders of such Senior
Indebtedness by Holders or the Trustee, shall, as between the Company, its
creditors other than holders of Senior Indebtedness of the Company, and the
Holders, be deemed to be a payment by the Company to or on account of such
Senior Indebtedness. It is understood that the provisions of this article are
and are intended solely for the purposes of defining the relative rights of the
Holders, on the one hand, and the holders of such Senior Indebtedness, on the
other hand. 

61

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

                    (c)
Upon any payment or distribution of assets of the Company referred to in this
article, the Trustee, subject to the provisions of Section 6.01 of this
Indenture, and the Holders shall be entitled to rely conclusively upon any
order or decree made by any court of competent jurisdiction in which such
dissolution, winding-up, liquidation or reorganization proceedings are pending,
or a certificate of the receiver, trustee in bankruptcy, liquidation trustee,
agent or other Person making such payment or distribution, delivered to the
Trustee or the Holders, for the purposes of ascertaining the Persons entitled
to participate in such distribution, the holders of Senior Indebtedness and
other indebtedness of the Company the amount thereof or payable thereon, the
amount or amounts paid or distributed thereon and all other facts pertinent
thereto or to this article.

          Section
14.05. Trustee to Effectuate Subordination. Each Holder of Securities by
such Holder’s acceptance thereof authorizes and directs the Trustee on such
Holder’s behalf to take such action as may be necessary or appropriate to
effectuate the subordination provided in this article and appoints the Trustee
such Holder’s attorney-in-fact for any and all such purposes. 

          Section
14.06. Notice by the Company.

                    (a)
The Company shall give prompt written notice to a Responsible Officer of the
Trustee of any fact known to the Company that would prohibit the making of any
payment of monies to or by the Trustee in respect of the Securities pursuant to
the provisions of this article. Notwithstanding the provisions of this article
or any other provision of this Indenture, the Trustee shall not be charged with
knowledge of the existence of any facts that would prohibit the making of any
payment of monies to or by the Trustee in respect of the Securities pursuant to
the provisions of this article, unless and until a Responsible Officer of the
Trustee shall have received written notice thereof from the Company or a Holder
or holders of Senior Indebtedness or from any representative or trustee
therefor; and before the receipt of any such written notice, the Trustee,
subject to the provisions of Section 6.01 of this Indenture, shall be entitled
in all respects to assume that no such facts exist; provided, however, that if
the Trustee shall not have received the notice provided for in this Section
14.06 at least two Business Days prior to the date upon which by the terms hereof
any money may become payable for any purpose (including, without limitation,
the payment of the principal of or interest on any Security), then, anything
herein contained to the contrary notwithstanding, the Trustee shall have full
power and authority to receive such money and to apply the same to the purposes
for which such money was 

62

received, and
shall not be affected by any notice to the contrary that may be received by it
within two Business Days prior to such date. 

                    (b)
The Trustee, subject to the provisions of Section 6.01 of this Indenture, shall
be entitled to conclusively rely on the delivery to it of a written notice by a
Person representing himself to be a holder of Senior Indebtedness of the
Company (or a trustee or representative on behalf of such holder), to establish
that such notice has been given by a holder of such Senior Indebtedness or a
trustee or representative on behalf of any such holder or holders. In the event
that the Trustee determines in good faith that further evidence is required
with respect to the right of any Person as a holder of such Senior Indebtedness
to participate in any payment or distribution pursuant to this article, the
Trustee may request such Person to furnish evidence to the reasonable
satisfaction of the Trustee as to the amount of such Senior Indebtedness held
by such Person, the extent to which such Person is entitled to participate in
such payment or distribution and any other facts pertinent to the rights of
such Person under this article and, if such evidence is not furnished, the
Trustee may defer any payment to such Person pending judicial determination as
to the right of such Person to receive such payment.

          Section
14.07. Rights of The Trustee; Holders of Senior Indebtedness.

                    (a)
The Trustee in its individual capacity shall be entitled to all the rights set
forth in this article in respect of any Senior Indebtedness at any time held by
it, to the same extent as any other holder of Senior Indebtedness, and nothing
in this Indenture shall deprive the Trustee of any of its rights as such
holder.

                    (b)
With respect to the holders of Senior Indebtedness of the Company, the Trustee
undertakes to perform or to observe only such of its covenants and obligations
as are specifically set forth in this article and no implied covenants or
obligations with respect to the holders of such Senior Indebtedness shall be
read into this Indenture against the Trustee. The Trustee shall not be deemed to
owe any fiduciary duty to the holders of such Senior Indebtedness and, subject
to the provisions of Section 6.01 of this Indenture, the Trustee shall not be
liable to any holder of such Senior Indebtedness if it shall pay over or
deliver to Holders, the Company or any other Person money or assets to which
any holder of such Senior Indebtedness shall be entitled by virtue of this
article or otherwise.

          Section
14.08. Subordination May Not be Impaired.

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

                    (b)
Without in any way limiting the generality of the foregoing paragraph, the
holders of Senior Indebtedness of the Company may, at any time and from time to
time, without the consent of or notice to the Trustee or the Holders, without
incurring responsibility to the Holders and without impairing or releasing the
subordination provided in this article or the 

63

obligations
hereunder of the Holders to the holders of such Senior Indebtedness, do any one
or more of the following: (i) change the manner, place or terms of payment or
extend the time of payment of, or renew or alter, such Senior Indebtedness, or
otherwise amend or supplement in any manner such Senior Indebtedness or any
instrument evidencing the same or any agreement under which such Senior
Indebtedness is outstanding; (ii) sell, exchange, release or otherwise deal
with any property pledged, mortgaged or otherwise securing such Senior
Indebtedness; (iii) release any Person liable in any manner for the collection
of such Senior Indebtedness; and (iv) exercise or refrain from exercising or
waive any rights against the Company and any other Person. 

                    (c)
Each present and future holder of Senior Indebtedness shall be entitled to the
benefit of the provisions of this article notwithstanding that such holder is
not a party to this Indenture. 

          Section
14.09. Article Applicable to Paying Agents. In case at any time any
Paying Agent other than the Trustee shall have been appointed by the Company
and be then acting hereunder, the term “Trustee” as used in this article shall
in such case (unless the context otherwise requires) be construed as extending
to and including such Paying Agent within its meaning as fully for all intents
and purposes as if such Paying Agent were named in this article in addition to
or in place of the Trustee; provided, however, that this Section 14.09 shall
not apply to the Company or any Affiliate of the Company if it or such
Affiliate acts as Paying Agent. 

          Section
14.10. Defeasance of This Article. Notwithstanding anything contained
herein to the contrary, payments from cash or the proceeds of United States
Government Obligations held in trust under Article Four hereof by the Trustee
(or other qualifying trustee) and which were deposited in accordance with the
terms of Article Four hereof and not in violation of Section 14.02 hereof for
the payment of principal of and interest on the Securities shall not be
subordinated to the prior payment of any Senior Indebtedness or subject to the
restrictions set forth in this article, and none of the Holders shall be
obligated to pay over any such amount to the Company or any holder of Senior
Indebtedness or any other creditor of the Company. 

          Section
14.11. Subordination Language to be Included in Securities. Each
Security shall contain a subordination provision which will be substantially in
the following form: 

                    “The
Securities are subordinated in right of payment, in the manner and to the
extent set forth in the Indenture, to the prior payment in full of all Senior
Indebtedness (as defined in the Indenture, or as set forth in one or more
indentures supplemental hereto, a Board Resolution in accordance with Section
3.01 of the Indenture or in this Security). Each Holder by accepting a Security
agrees to such subordination and authorizes the Trustee to give it affect.” 

          Section
14.12. Trustee Not Fiduciary for Holders of Senior Indebtedness. The
Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior
Indebtedness and shall not be liable to any such holders if the Trustee shall
in good faith mistakenly pay over or distribute to Holders of Securities or to
the Company or to any other person cash, property or securities to which any
holders of Senior Indebtedness shall be entitled by virtue of this Article or
otherwise. With respect to the holders of Senior Indebtedness, the Trustee
undertakes to perform or to 

64

observe only such of its
covenants or obligations as are specifically set forth in this Article and no
implied covenants or obligations with respect to holders of Senior Indebtedness
shall be read into this Indenture against the Trustee. 

 [Remainder of page intentionally blank]

65

          IN
WITNESS WHEREOF, each party hereto has executed this Indenture as of the day
and year first before written. 

	
  

 	
  

 	
  

 
	
  

 	
 XL GROUP LTD.

 
	
  

 	
  

 
	
  

 	
 By:

 	
  

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
 Name:

 
	
  

 	
  

 	
 Title:

 

66

	
  

 	
  

 
	
  

 	
 SIGNED AND DELIVERED AS A
 DEED FOR AND ON BEHALF OF

 
	
  

 	
  

 
	
  

 	
 XL GROUP PLC

 
	
  

 	
 as Guarantor

 
	
  

 	
  

 
	
  

 	
 BY ITS LAWFULLY APPOINTED
 ATTORNEY

 
	
  

 	
  

 
	
  

 	

 

 
	
  

 	
 Name:

 
	
  

 	
 Title:

 
	
  

 	
  

 
	
  

 	
 IN THE PRESENCE OF

 
	
  

 	
  

 
	
  

 	
 Witness

 
	
  

 	
  

 
	
  

 	

 

 
	
  

 	
 Name:

 
	
  

 	
 Address:

 

67

	
  

 	
  

 	
  

 
	
  

 	
 WELLS FARGO BANK, NATIONAL
 ASSOCIATION,

 
	
  

 	
 as Trustee

 
	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
  

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
 Name:

 
	
  

 	
  

 	
 Title:

 

68

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