Document:

Exhibit 10.14

 

KALA PHARMACEUTICALS, INC.

 

INDEMNIFICATION AGREEMENT

 

THIS INDEMNIFICATION AGREEMENT (the “Agreement”) is made and entered into as of [·], 20[·] between Kala Pharmaceuticals, Inc., a Delaware corporation (the “Company”), and [                     ] (“Indemnitee”).

 

WITNESSETH THAT:

 

WHEREAS, highly competent persons have become more reluctant to serve corporations as directors, officers or in other capacities unless they are provided with adequate protection through insurance or adequate indemnification against inordinate risks of claims and actions against them arising out of their service to and activities on behalf of the corporation;

 

WHEREAS, the Board of Directors of the Company (the “Board”) has determined that, in order to attract and retain qualified individuals to serve on the Board or in other capacities, the Company will attempt to maintain on an ongoing basis, at its sole expense, liability insurance to protect persons serving the Company and its subsidiaries from certain liabilities.  Although the furnishing of such insurance has been a customary and widespread practice among United States-based corporations and other business enterprises, the Company believes that, given current market conditions and trends, such insurance may be available to it in the future only at higher premiums and with more exclusions.  At the same time, directors, officers, and other persons in service to corporations or business enterprises are being increasingly subjected to expensive and time-consuming litigation relating to, among other things, matters that traditionally would have been brought only against the Company or business enterprise itself.  The Certificate of Incorporation of the Company requires indemnification of the officers and directors of the Company.  Indemnitee may also be entitled to indemnification pursuant to the General Corporation Law of the State of Delaware (“DGCL”).  The Certificate of Incorporation and the DGCL expressly provide that the indemnification provisions set forth therein are not exclusive, and thereby contemplate that contracts may be entered into between the Company and members of the Board, officers and other persons with respect to indemnification;

 

WHEREAS, the uncertainties relating to such insurance and to indemnification have increased the difficulty of attracting and retaining such persons;

 

WHEREAS, the Board has determined that the increased difficulty in attracting and retaining such persons is detrimental to the best interests of the Company’s stockholders and that the Company should act to assure such persons that there will be increased certainty of such protection in the future;

 

WHEREAS, it is reasonable, prudent and necessary for the Company contractually to obligate itself to indemnify, and to advance expenses on behalf of, such persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company free from undue concern that they will not be so indemnified;

 

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WHEREAS, this Agreement is a supplement to and in furtherance of the indemnification provisions of the Certificate of Incorporation of the Company and any resolutions adopted pursuant thereto, and  shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder;

 

WHEREAS, Indemnitee does not regard the protection available under the Certificate of Incorporation of the Company and insurance as adequate in the present circumstances, and may not be willing to serve the Company as [an officer][a director] without adequate protection, and the Company desires Indemnitee to serve in such capacity.  Indemnitee is willing to serve, continue to serve and to take on additional service for or on behalf of the Company on the condition that he be so indemnified; [and] [.]

 

[WHEREAS, Indemnitee may have certain rights to indemnification and/or insurance provided by [Name of Fund]  (or an affiliate thereof or any respective successor or assignee thereto) which Indemnitee and [Name of Fund]  (or an affiliate thereof or any respective successor or assignee thereto, as applicable) intend to be secondary to the primary obligation of the Company to indemnify Indemnitee as provided herein, with the Company’s acknowledgement and agreement to the foregoing being a material condition to Indemnitee’s willingness to serve on the Board.]

 

NOW, THEREFORE, in consideration of Indemnitee’s agreement to serve as [a director][an officer] after the date hereof, the parties hereto agree as follows:

 

1.                                      Indemnity of Indemnitee.  The Company hereby agrees to hold harmless and indemnify Indemnitee to the fullest extent permitted by applicable law, as such may be amended from time to time.  In furtherance of the foregoing indemnification, and without limiting the generality thereof:

 

(a)                                 Proceedings Other Than Proceedings by or in the Right of the Company.  Indemnitee shall be entitled to the rights of indemnification provided in this Section 1(a) if, by reason of his or her Corporate Status (as hereinafter defined), the Indemnitee is, or is threatened to be made, a party to or participant in any Proceeding (as hereinafter defined) other than a Proceeding by or in the right of the Company.  Pursuant to this Section 1(a), Indemnitee shall be indemnified against all Expenses (as hereinafter defined), judgments, penalties, fines and amounts paid in settlement actually and reasonably incurred by him, or on his behalf, in connection with such Proceeding or any claim, issue or matter therein, to the fullest extent permitted by applicable law.

 

(b)                                 Proceedings by or in the Right of the Company.  Indemnitee shall be entitled to the rights of indemnification provided in this Section 1(b) if, by reason of his or her Corporate Status, the Indemnitee is, or is threatened to be made, a party to or participant in any Proceeding brought by or in the right of the Company.  Pursuant to this Section 1(b), Indemnitee shall be indemnified against all Expenses actually and reasonably incurred by the Indemnitee, or on the Indemnitee’s behalf, in connection with such Proceeding to the fullest extent permitted by applicable law; provided, however, if applicable law so provides, no indemnification against

 

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such Expenses shall be made in respect of any claim, issue or matter in such Proceeding as to which Indemnitee shall have been adjudged to be liable to the Company unless and to the extent that the Court of Chancery of the State of Delaware shall determine upon application that despite such adjudication of liability but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnification.

 

(c)                                  Indemnification for Expenses of a Party Who is Wholly or Partly Successful.  Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is, by reason of his Corporate Status, a party to and is successful, on the merits or otherwise, in any Proceeding, he shall be indemnified to the maximum extent permitted by law, as such may be amended from time to time, against all Expenses actually and reasonably incurred by him or on his behalf in connection therewith.  If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred by him or on his behalf in connection with each successfully resolved claim, issue or matter.  For purposes of this Section 1(c) and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter.

 

2.                                      Additional Indemnity.  In addition to, and without regard to any limitations on, the indemnification provided for in Section 1 of this Agreement, the Company shall and hereby does indemnify and hold harmless Indemnitee against all Expenses, judgments, penalties, fines and amounts paid in settlement actually and reasonably incurred by him or on his behalf if, by reason of his Corporate Status, he is, or is threatened to be made, a party to or participant in any Proceeding (including a Proceeding by or in the right of the Company), including, without limitation, all liability arising out of the negligence or active or passive wrongdoing of Indemnitee.  The only limitation that shall exist upon the Company’s obligations pursuant to this Agreement shall be that the Company shall not be obligated to make any payment to Indemnitee that is finally determined (under the procedures, and subject to the presumptions, set forth in Sections 6 and 7 hereof) to be unlawful.

 

3.                                      Contribution.

 

(a)                                 Whether or not the indemnification provided in Sections 1 and 2 hereof is available, in respect of any threatened, pending or completed action, suit or proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding), to the fullest extent permitted under applicable law, the Company shall pay, in the first instance, the entire amount of any judgment or settlement of such action, suit or proceeding without requiring Indemnitee to contribute to such payment and the Company hereby waives and relinquishes any right of contribution it may have against Indemnitee.  The Company shall not enter into any settlement of any action, suit or proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding) unless such settlement provides for a full and final release of all claims asserted against Indemnitee.

 

(b)                                 Without diminishing or impairing the obligations of the Company set forth in the preceding subparagraph, if, for any reason, Indemnitee shall elect or be required to pay all or any portion of any judgment or settlement in any threatened, pending or completed

 

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action, suit or proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding), to the fullest extent permitted under applicable law, the Company shall contribute to the amount of expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement actually and reasonably incurred and paid or payable by Indemnitee in proportion to the relative benefits received by the Company and all officers, directors or employees of the Company, other than Indemnitee, who are jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding), on the one hand, and Indemnitee, on the other hand, from the transaction from which such action, suit or proceeding  arose; provided, however, that the proportion determined on the basis of relative benefits may, to the extent necessary to conform to applicable law, be further adjusted by reference to the relative fault of the Company and all officers, directors or employees of the Company other than Indemnitee who are jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding), on the one hand, and Indemnitee, on the other hand, in connection with the events that resulted in such expenses, judgments, fines or settlement amounts, as well as any other equitable considerations which the law may require to be considered.  The relative fault of the Company and all officers, directors or employees of the Company, other than Indemnitee, who are jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding), on the one hand, and Indemnitee, on the other hand, shall be determined by reference to, among other things, the degree to which their actions were motivated by intent to gain personal profit or advantage, the degree to which their liability is primary or secondary and the degree to which their conduct is active or passive.

 

(c)                                  To the fullest extent permitted under applicable law, the Company hereby agrees to fully indemnify and hold Indemnitee harmless from any claims of contribution which may be brought by officers, directors or employees of the Company, other than Indemnitee, who may be jointly liable with Indemnitee.

 

(d)                                 To the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by Indemnitee, whether for judgments, fines, penalties, excise taxes, amounts paid or to be paid in settlement and/or for Expenses, in connection with any claim relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in light of all of the circumstances of such Proceeding in order to reflect (i) the relative benefits received by the Company and Indemnitee as a result of the event(s) and/or transaction(s) giving cause to such Proceeding; and/or (ii) the relative fault of the Company (and its directors, officers, employees and agents) and Indemnitee in connection with such event(s) and/or transaction(s).

 

4.                                      Indemnification for Expenses of a Witness.  Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is, by reason of his Corporate Status, a witness in any Proceeding to which Indemnitee is not a party, he shall be indemnified against all Expenses actually and reasonably incurred by him or on his behalf in connection therewith.

 

5.                                      Advancement of Expenses.  Notwithstanding any other provision of this Agreement, the Company shall advance, to the extent not prohibited by law, all Expenses incurred or reasonably anticipated to be incurred, by or on behalf of Indemnitee in connection with any Proceeding by reason of Indemnitee’s Corporate Status within twenty (20) days after

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the receipt  by the Company of a statement or statements from Indemnitee requesting such advance or advances from time to time, whether prior to or after final disposition of such Proceeding.  Such statement or statements shall reasonably evidence each of the Expenses incurred or reasonably anticipated to be incurred by Indemnitee for which he seeks advancement and shall include or be preceded or accompanied by an undertaking by or on behalf of Indemnitee to repay any Expenses advanced if it shall ultimately be determined by a court of competent jurisdiction that Indemnitee is not entitled to be indemnified against such Expenses.  Advances shall be made without regard to Indemnitee’s ability to repay Expenses and without regard to Indemnitee’s ultimate entitlement to indemnification under the other provisions of this Agreement.  Any advances and undertakings to repay pursuant to this Section 5 shall be  unsecured and interest free.  This Section 5 shall not apply to any claim made by Indemnitee for which indemnity is excluded pursuant to Section 9.

 

6.                                      Procedures and Presumptions for Determination of Entitlement to Indemnification.  It is the intent of this Agreement to secure for Indemnitee rights of indemnity that are as favorable as may be permitted under applicable law, including, without limitation, the DGCL and public policy of the State of Delaware.  Accordingly, the parties agree that the following procedures and presumptions shall apply in the event of any question as to whether Indemnitee is entitled to indemnification under this Agreement:

 

(a)                                 Promptly after receipt by Indemnitee of notice of the commencement of any Proceeding, Indemnitee shall submit to the Company a written request, including therein or therewith such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification.  The Secretary of the Company shall, promptly upon receipt of such a request for indemnification, advise the Board of Directors in writing that Indemnitee has requested indemnification.

 

(b)                                 Upon written request by Indemnitee for indemnification pursuant to the first sentence of Section 6(a) hereof, a determination with respect to Indemnitee’s entitlement thereto shall be made in the specific case by one of the following four methods, which shall be at the election of the Board (1) by a majority vote of the disinterested directors, even though less than a quorum, (2) by a committee of disinterested directors designated by a majority vote of the disinterested directors, even though less than a quorum, (3) if there are no disinterested directors or if the disinterested directors so direct, by independent legal counsel in a written opinion to the Board, a copy of which shall be delivered to the Indemnitee, or (4) if so directed by the Board, by the stockholders of the Company.  For purposes hereof, disinterested directors are those members of the Board who are not parties to the action, suit or proceeding in respect of which indemnification is sought by Indemnitee.  Notwithstanding anything to the contrary in this Section 6(b), upon written request by Indemnitee for indemnification following a Change in Control, a determination with respect to Indemnitees entitlement thereto shall be made in the specific case by Independent Counsel.

 

A “Change in Control” shall be deemed to occur upon the earliest to occur after the date of this Agreement of any of the following events:

 

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(i)  Acquisition of Stock by Third Party.  Any Person (as defined below) is or becomes the Beneficial Owner (as defined below), directly or indirectly, of securities of the Company  representing thirty five percent (35%) or more of the combined voting power of the Company’s then outstanding securities;

 

(ii)  Change in Board.  During any period of two (2) consecutive years (not including any period prior to the execution of this Agreement), individuals who at the beginning of such period constitute the Board, and any new director (other than a director designated by a person who has entered into an agreement with the Company to effect a transaction described in Sections 6(a)(i), 6(a)(iii) or 6(a)(iv)) whose election by the Board or nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved, cease for any reason to constitute a least a majority of the members of the Board;

 

(iii)  Corporate Transactions.  The effective date of a merger or consolidation of the Company with any other entity, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) more than fifty one percent (51%) of the combined voting power of the voting securities of the surviving entity outstanding immediately after such merger or consolidation and with the power to elect at least a majority of the Board or other governing body of such surviving entity;

 

(iv)  Liquidation.  The approval by the stockholders of the Company of a complete liquidation of the Company or an agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets; and

 

(v)  Other Events.  There occurs any other event of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or a response to any similar item on any similar schedule or form) promulgated under the Exchange Act (as defined below), whether or not the Company is then subject to such reporting requirement.

 

For purposes of this Section 6(b), the following terms shall have the following meanings:

 

(1)                                 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.

 

(2)                                 “Person” shall have the meaning as set forth in Sections 13(d) and 14(d) of the Exchange Act; provided, however, that Person shall exclude (i) the Company, (ii) any trustee or other fiduciary holding securities under an employee benefit plan of the Company and (iii) any corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company.

 

(3)                                 “Beneficial Owner” shall have the meaning given to such term in Rule 13d-3 under the Exchange Act; provided, however, that Beneficial Owner shall exclude any Person otherwise becoming a Beneficial Owner by reason of the stockholders of the Company approving a merger of the Company with another entity.

 

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(c)                                  If the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 6(b) hereof, the Independent Counsel shall be selected as provided in this Section 6(c).  The Independent Counsel shall be selected by the Board.  Indemnitee may, within ten (10) days after such written notice of selection shall have been given, deliver to the Company a written objection to such selection; provided, however, that such objection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of “Independent Counsel” as defined in Section 13 of this Agreement, and the objection shall set forth with particularity the factual basis of such assertion.  Absent a proper and timely objection, the person so selected shall act as Independent Counsel.  If a written objection is made and substantiated, the Independent Counsel selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court has determined that such objection is without merit.  If, within twenty (20) days after submission by Indemnitee of a written request for indemnification pursuant to Section 6(a) hereof, no Independent Counsel shall have been selected and not objected to, either the Company or Indemnitee may petition the Court of Chancery of the State of Delaware or other court of competent jurisdiction for resolution of any objection which shall have been made by the Indemnitee to the Company’s selection of Independent Counsel and/or for the appointment as Independent Counsel of a person selected by the court or by such other person as the court shall designate, and the person with respect to whom all objections are so resolved or the person so appointed shall act as Independent Counsel under Section 6(b) hereof.  The Company shall pay any and all reasonable fees and expenses of Independent Counsel incurred by such Independent Counsel in connection with acting pursuant to Section 6(b) hereof, and the Company shall pay all reasonable fees and expenses incident to the procedures of this Section 6(c), regardless of the manner in which such Independent Counsel was selected or appointed.

 

(d)                                 In making a determination with respect to entitlement to indemnification hereunder, the person or persons or entity making such determination shall presume that Indemnitee is entitled to indemnification under this Agreement.  Anyone seeking to overcome this presumption shall have the burden of proof and the burden of persuasion by clear and convincing evidence.  Neither the failure of the Company (including by its directors or Independent Counsel) to have made a determination prior to the commencement of any action pursuant to this Agreement that indemnification is proper in the circumstances because Indemnitee has met the applicable standard of conduct, nor an actual determination by the Company (including by its directors or Independent Counsel) that Indemnitee has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that Indemnitee has not met the applicable standard of conduct.

 

(e)                                  To the maximum extent permitted by applicable law, Indemnitee shall be deemed to have acted in good faith if Indemnitee’s action is based on the records or books of account of the Enterprise (as hereinafter defined), including financial statements, or on information supplied to Indemnitee by the officers of the Enterprise in the course of their duties, or on the advice of legal counsel for the Enterprise or on information or records given or reports made to the Enterprise by an independent certified public accountant or by an appraiser or other expert selected with reasonable care by the Enterprise.  In addition, the knowledge and/or actions, or failure to act, of any director, officer, agent or employee of the Enterprise shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement.  Whether or not the foregoing provisions of this Section 6(e) are satisfied, it shall in

 

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any event be presumed that Indemnitee has at all times acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the Company.  Anyone seeking to overcome  this presumption shall have the burden of proof and the burden of persuasion by clear and convincing evidence.

 

(f)                                   If the person, persons or entity empowered or selected under Section 6 to determine whether Indemnitee is entitled to indemnification shall not have made a determination within sixty (60) days after receipt by the Company of the request therefor, the requisite determination of entitlement to indemnification shall be deemed to have been made and Indemnitee shall be entitled to such indemnification absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law; provided, however, that such sixty (60) day period may be extended for a reasonable time, not to exceed an additional thirty (30) days, if the person, persons or entity making such determination with respect to entitlement to indemnification in good faith requires such additional time to obtain or evaluate documentation and/or information relating thereto; and provided further, that the foregoing provisions of this Section 6(f) shall not apply if the determination of entitlement to indemnification is to be made by the stockholders pursuant to Section 6(b) of this Agreement and if (A) within fifteen (15) days after receipt by the Company of the request for such determination, the Board or the Disinterested Directors, if appropriate, resolve to submit such determination to the stockholders for their consideration at an annual meeting thereof to be held within seventy five (75) days after such receipt and such determination is made thereat, or (B) a special meeting of stockholders is called within fifteen (15) days after such receipt for the purpose of making such determination, such meeting is held for such purpose within sixty (60) days after having been so called and such determination is made thereat.

 

(g)                                  Indemnitee shall cooperate with the person, persons or entity making such determination with respect to Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination.  Any Independent Counsel, member of the Board or stockholder of the Company shall act reasonably and in good faith in making a determination regarding the Indemnitee’s entitlement to indemnification under this Agreement.  Any costs or expenses (including attorneys’ fees and disbursements) incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement to indemnification) and the Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom.

 

(h)                                 The Company acknowledges that a settlement or other disposition short of final judgment may be successful if it permits a party to avoid expense, delay, distraction, disruption and uncertainty.  In the event that any action, claim or proceeding to which Indemnitee is a party is resolved in any manner other than by adverse judgment against Indemnitee (including, without limitation, settlement of such action, claim or proceeding with or without payment of money or other consideration) it shall be presumed that Indemnitee has been successful on the merits or otherwise in such action, suit or proceeding; provided, however, that

 

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Indemnitee shall not be entitled to indemnification under this Agreement with respect to any settlement (other than with respect to a Proceeding by or in the right of the Company) unless the Company shall have consented to such settlement, which consent shall not be unreasonably withheld.  Anyone seeking  to overcome this presumption shall have the burden of proof and the burden of persuasion by clear and convincing evidence.

 

(i)                                     The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in accordance with the applicable standard of conduct.

 

(j)                                    The Company will be entitled to participate in the Proceeding at its own expense.

 

7.                                      Remedies of Indemnitee.

 

(a)                                 In the event that (i) a determination is made by the Company or Independent Counsel that Indemnitee is not entitled to indemnification under this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 5 of this Agreement, (iii) payment of indemnification is not made pursuant to this Agreement within thirty (30) days after receipt by the Company of a written request therefor, or (iv) in the event the Company or any other person takes or threatens to take any action to declare this Agreement void or unenforceable, or institutes any litigation or other action or Proceeding designed to deny, or to recover from, Indemnitee the benefits provided or intended to be provided to Indemnitee hereunder, Indemnitee shall be entitled to an adjudication in an appropriate court of the State of Delaware, or in any other court of competent jurisdiction, of Indemnitee’s entitlement to such indemnification.  Alternatively, Indemnitee, at his option, may seek an award in arbitration to be conducted by a single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association.  Indemnitee shall commence such proceeding or award in arbitration, as applicable, seeking an adjudication within 180 days following the date on which Indemnitee first has the right to commence such proceeding pursuant to this Section 7(a).  The Company shall not oppose Indemnitee’s right to seek any such adjudication.

 

(b)                                 In the event that a determination shall have been made by the Company or Independent Counsel that Indemnitee is not entitled to indemnification, any judicial proceeding commenced pursuant to this Section 7 shall be conducted in all respects as a de novo trial on the merits, and Indemnitee shall not be prejudiced by reason of the adverse determination.

 

(c)                                  If a determination shall have been made by the Company or Independent Counsel that Indemnitee is entitled to indemnification, the Company shall be bound by such determination in any judicial proceeding commenced pursuant to this Section 7, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s misstatement not materially misleading in connection with the application for indemnification, or (ii) a prohibition of such indemnification under applicable law.

 

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(d)                                 In the event that Indemnitee, pursuant to this Section 7, seeks a judicial adjudication of his rights under, or to recover damages for breach of, this Agreement, or to recover under any directors’ and officers’ liability insurance policies maintained by the Company, the Company shall pay on his behalf, in advance, any and all expenses (of the types described in the definition of Expenses in Section 13 of this Agreement) actually and reasonably incurred by him in such judicial adjudication, regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification, advancement of expenses or insurance recovery.

 

(e)                                  The Company shall be precluded from asserting in any judicial proceeding commenced pursuant to this Section 7 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court that the Company is bound by all the provisions of this Agreement.  The Company shall indemnify Indemnitee against any and all Expenses and, if requested by Indemnitee, shall (within ten (10) days after receipt by the Company of a written request therefor) advance, to the extent not prohibited by law, such expenses to Indemnitee, which are incurred or reasonably expected to be incurred by Indemnitee in connection with any action brought by Indemnitee for indemnification or advance of Expenses from the Company under this Agreement or under any directors’ and officers’ liability insurance policies maintained by the Company, regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification, advancement of Expenses or insurance recovery, as the case may be.

 

(f)                                   Notwithstanding anything in this Agreement to the contrary, no determination as to entitlement to indemnification under this Agreement shall be required to be made prior to the final disposition of the Proceeding.

 

8.                                      Non-Exclusivity; Survival of Rights; Insurance; Subrogation.

 

(a)                                 The rights of indemnification and the right to receive advancement of Expenses as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled under applicable law, the certificate of incorporation of the Company, the By-laws of the Company, any agreement, a vote of stockholders, a resolution of directors or otherwise.  No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in his Corporate Status prior to such amendment, alteration or repeal.  To the extent that a change in the DGCL, whether by statute or judicial decision, permits greater indemnification or advancement than would be afforded currently under the Certificate of Incorporation, the By-laws and this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change.  No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy shall 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 right or remedy.

 

(b)                                 So long as Indemnitee maintains his Corporate Status and thereafter so long as Indemnitee may be subject to any possible Proceeding, the Company shall

 

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maintain directors and officers insurance in full force and effect in reasonable amounts from reputable insurers unless the Company determines in good faith that such insurance is not reasonably available, that the premium costs are disproportionate to coverage amounts or that the insurance is so limited by exclusions that it provides an insufficient benefit.  To the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, employees, or agents or fiduciaries of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise that such person serves at the request of the Company, Indemnitee shall be covered in its capacity as such by such policy or policies in accordance with its or their terms to the maximum extent of the coverage available for any director, officer, employee, agent or fiduciary, as applicable, under such policy or policies.  If, at the time of the receipt of a notice of a claim pursuant to the terms hereof, the Company has director and officer liability insurance in effect, the Company shall give prompt notice of the commencement of such proceeding to the insurers in accordance with the procedures set forth in the respective policies.  The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of such proceeding in accordance with the terms of such policies.

 

(c)                                  [The Company hereby acknowledges that Indemnitee may have certain rights to indemnification, advancement of expenses and/or insurance provided by [Name of Fund] (or an affiliate thereof or any respective successor or assignee thereto) (collectively, the “Fund Indemnitors”).  The Company hereby agrees (i) that it is the indemnitor of first resort (i.e., its obligations to Indemnitee are primary and any obligation of the Fund Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities incurred by Indemnitee are secondary), (ii) that it shall be required to advance the full amount of expenses incurred by Indemnitee and shall be liable for the full amount of all Expenses, judgments, penalties, fines and amounts paid in settlement to the extent legally permitted and as required by the terms of this Agreement and the Certificate of Incorporation or By-laws of the Company (or any other agreement between the Company and Indemnitee), without regard to any rights Indemnitee may have against the Fund Indemnitors, and, (iii) that it irrevocably waives, relinquishes and releases the Fund Indemnitors from any and all claims against the Fund Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof.  The Company further agrees that no advancement or payment by the Fund Indemnitors on behalf of Indemnitee with respect to any claim for which Indemnitee has sought indemnification from the Company shall affect the foregoing and the Fund Indemnitors shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery of Indemnitee against the Company.  The Company and Indemnitee agree that the Fund Indemnitors are express third party beneficiaries of the terms of this Section 8(c).]

 

(d)                                 [Except as provided in paragraph (c) above,] in the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee (other than against the Fund Indemnitors), who shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to enforce such rights.

 

(e)                                  [Except as provided in paragraph (c) above,] the Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable

 

11

 

hereunder if and to the extent that Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement or otherwise.  In the event the Company makes any indemnification payments to Indemnitee and Indemnitee is subsequently reimbursed from  the proceeds of insurance, Indemnitee shall promptly refund such indemnification payments to the Company to the extent of such insurance reimbursement.

 

(f)                                   [Except as provided in paragraph (c) above,] the Company’s obligation to indemnify or advance Expenses hereunder to Indemnitee who is or was serving at the request of the Company as a director, officer, employee or agent of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise shall be reduced by any amount Indemnitee has actually received as indemnification or advancement of expenses from or on behalf of or with respect to such other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise.

 

9.                                      Exception to Right of Indemnification.  Notwithstanding any provision in this Agreement [but subject to Section 8(c), however], the Company shall not be obligated under this Agreement to indemnify Indemnitee in connection with any claim made against Indemnitee:

 

(a)                                 for which payment has actually been made to or on behalf of Indemnitee under any insurance policy or other indemnity provision, except with respect to any excess beyond the amount paid under any insurance policy or other indemnity provision; or

 

(b)                                 for an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within the meaning of Section 16(b) of the Securities Exchange Act of 1934, as amended, or similar provisions of state statutory law or common law; or

 

(c)                                  except as provided in Section 7(e), in connection with any Proceeding (or any part of any Proceeding) initiated by Indemnitee, including, without limitation, any Proceeding (or any part of any Proceeding) initiated by Indemnitee against the Company or its directors, officers, employees or other indemnitees, unless (i) the Board specifically authorized Indemnitee to bring the Proceeding (or part of Proceeding, as applicable) prior to its initiation or (ii) the Company provides the indemnification, in its sole discretion, pursuant to the powers vested in the Company under applicable law.

 

10.                               Duration of Agreement.  All agreements and obligations of the Company contained herein shall continue during the period Indemnitee is [an officer][a director] of the Company (or is or was serving at the request of the Company as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise) and shall continue thereafter so long as Indemnitee shall be subject to any Proceeding (or any proceeding commenced under Section 7 hereof) by reason of his Corporate Status, whether or not he is acting or serving in any such capacity at the time any liability or expense is incurred for which indemnification can be provided under this Agreement.  This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective successors (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business or assets of the Company), assigns, spouses, heirs, executors and personal and legal representatives.

 

12

 

11.                               Enforcement.

 

(a)                                 The Company expressly confirms and agrees that it has entered into this Agreement and assumes the obligations imposed on it hereby in order to induce Indemnitee to serve as [an officer][a director] of the Company, and the Company acknowledges that Indemnitee is relying upon this Agreement in serving as [an officer][a director] of the Company.

 

(b)                                 This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof.

 

12.                               Definitions.  For purposes of this Agreement:

 

(a)                                 “Corporate Status” describes the status of a person who is or was a director, officer, employee, agent or fiduciary of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise that such person is or was serving at the express written request of the Company.

 

(b)                                 “Disinterested Director” means a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification is sought by Indemnitee.

 

(c)                                  “Enterprise” shall mean the Company and any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise that Indemnitee is or was serving at the express written request of the Company as a director, officer, employee, agent or fiduciary.

 

(d)                                 “Expenses” shall include all reasonable attorneys’ fees, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees and all other reasonable disbursements or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, participating, or being or preparing to be a witness in a Proceeding.  Expenses also shall include Expenses incurred in connection with any appeal resulting from any Proceeding, including without limitation the premium, security for, and other costs relating to any cost bond, supersede as bond, or other appeal bond or its equivalent and, for purposes of Section 7(e) only, Expenses incurred by Indemnitee in connection with the interpretation, enforcement or defense of Indemnitee’s rights under this Agreement by litigation or otherwise, and amounts paid in settlement by Indemnitee with respect to a Proceeding.  Expenses, however, shall not include amounts paid in settlement by indemnitee or the amount of judgments or fines against Indemnitee.

 

(e)                                  “Independent Counsel” means a law firm, or a member of a law firm, or a solo practitioner, with recognized expertise in matters of Delaware corporation law and neither presently is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any matter material to either such party (other than with respect to matters concerning Indemnitee under this Agreement, or of other indemnitees under similar

 

13

 

indemnification agreements), or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder.  Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then  prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement.

 

(f)                                   “Proceeding” includes any threatened, pending or completed action,  suit, arbitration, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether brought by or in the right of the Company or otherwise and whether civil, criminal, administrative or investigative, in which Indemnitee was, is or will be involved as a party or otherwise, by reason of his Corporate Status, by reason of any action taken by him or of any inaction on his part while acting in his Corporate Status; in each case whether or not he is acting or serving in any such capacity at the time any liability or expense is incurred for which indemnification can be provided under this Agreement; including one pending on or before the date of this Agreement, but excluding one initiated by an Indemnitee pursuant to Section 7 of this Agreement to enforce his rights under this Agreement and any others prohibited hereunder.

 

13.                               Severability.  The invalidity of unenforceability of any provision hereof shall in no way affect the validity or enforceability of any other provision.  Without limiting the generality of the foregoing, this Agreement is intended to confer upon Indemnitee indemnification rights to the fullest extent permitted by applicable laws.  In the event any provision hereof conflicts with any applicable law, such provision shall be deemed modified, consistent with the aforementioned intent, to the extent necessary to resolve such conflict.

 

14.                               Modification and Waiver.  No supplement, modification, termination or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto.  No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver.

 

15.                               Notice By Indemnitee.  Indemnitee agrees promptly to notify the Company in writing upon being served with or otherwise receiving any summons, citation, subpoena, complaint, indictment, information or other document relating to any Proceeding or matter which may be subject to indemnification covered hereunder.  The failure to so notify the Company shall not relieve the Company of any obligation which it may have to Indemnitee under this Agreement or otherwise unless and only to the extent that such failure or delay materially prejudices the Company.

 

16.                               Notices.  All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively given: (a) upon personal delivery to the party to be notified, (b) when sent by facsimile with automatic confirmation by the transmitting machine showing the proper number of pages were transmitted without error if sent during normal business hours of the recipient, and if not during normal business hours, then on the next Business Day, (c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after deposit with a nationally

 

14

 

recognized overnight courier, specifying next day delivery, with written verification of receipt.  All communications shall be sent:

 

(a)                                 To Indemnitee at the address set forth below Indemnitee signature hereto.

 

(b)                                 To the Company at:

 

Kala Pharmaceuticals, Inc.
  100 Beaver Street, Suite 201

Waltham, MA 02453

Attention: President

 

or to such other address as may have been furnished to Indemnitee by the Company or to the Company by Indemnitee, as the case may be.  For purposes of this Agreement, “Business Day” shall mean any day that is not a Saturday, Sunday or other day on which commercial banks located in the State of New York are authorized or required to be closed.

 

17.                               Counterparts.  This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same Agreement. This Agreement may also be executed and delivered by facsimile signature and in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

 

18.                               Headings.  The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof.

 

19.                               Governing Law and Consent to Jurisdiction.  This Agreement, the performance of this Agreement and any and all matters arising directly or indirectly herefrom or therefrom, and the legal relations among the parties shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules.  The Company and Indemnitee hereby irrevocably and unconditionally (i) agree that any action or proceeding arising out of or in connection with this Agreement shall be brought only in the Chancery Court of the State of Delaware (the “Delaware Court”), and not in any other state or federal court in the United States of America or any court in any other country, (ii) consent to submit to the exclusive jurisdiction of the Delaware Court for purposes of any action or proceeding arising out of or in connection with this Agreement, (iii) as with respect to the Company, irrevocably appoint, to the extent such party is not otherwise subject to service of process in the State of Delaware, Corporation Trust Company, 1209 Orange Street, Wilmington, DE 19801 as its agent in the State of Delaware as such party’s agent for acceptance of legal process in connection with any such action or proceeding against such party with the same legal force and validity as if served upon such party personally within the State of Delaware, (iv) waive any objection to the laying of venue of any such action or proceeding in the Delaware Court, and (v) waive, and agree not to plead or to make, any claim that any such action or proceeding brought in the Delaware Court has been brought in an improper or inconvenient forum.

 

SIGNATURE PAGE TO FOLLOW

 

15

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement and as of the day and year first above written.

 

 

	
 
    	
KALA PHARMACEUTICALS, INC.
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
INDEMNITEE
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Name
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
c/o [Name of Fund]
    
	
 
    	
[Address]
    

 

16Exhibit 4.2

FORM OF SUBORDINATED
INDENTURE 

 

 

 

 

 

CAMPBELL SOUP COMPANY

INDENTURE 

Dated as
of               
, 2017 

WELLS FARGO BANK,
NATIONAL ASSOCIATION, 

Trustee 

 

 

 

 

 

 

 

TABLE OF CONTENTS

		      	 	      	Page
			 		
	ARTICLE 1
	Definitions and Other Provisions of General Application		1
	 	 	 
	Section 1.01.		Definitions		1
	Section 1.02.		Compliance Certificates and
      Opinions		10
	Section 1.03.		Form of Documents Delivered to
      Trustee		11
	Section 1.04.		Acts of Holders		11
	Section 1.05.		Notices, Etc., to Trustee and
      Company		14
	Section 1.06.		Notice to Holders; Waiver		15
	Section 1.07.		Language of Notices, Etc.		15
	Section 1.08.		Conflict with Trust Indenture
    Act		15
	Section 1.09.		Effect of Headings and Table of
      Contents		16
	Section 1.10.		Successors and Assigns		16
	Section 1.11.		Separability Clause		16
	Section 1.12.		Benefits of Indenture		16
	Section 1.13.		Governing Law		16
	Section 1.14.		Legal Holidays		17
	Section 1.15.		Immunity of Incorporators, Shareholders,
      Officers, Directors and Employees		17
			 		
	ARTICLE 2
	Security Forms		18
	 		
	Section 2.01.		Forms Generally		18
	Section 2.02.		Form of Trustee’s Certificate of
      Authentication		18
	Section 2.03.		Securities in Global Form		19
	Section 2.04.		Form of Legend for Book-Entry
      Securities		20
			 		
	ARTICLE 3
	The Securities		20
	 		
	Section 3.01.		Amount Unlimited; Issuable in
      Series		20
	Section 3.02.		Denominations		23
	Section 3.03.		Execution, Authentication, Delivery and
      Dating		23
	Section 3.04.		Temporary Securities		25
	Section 3.05.		Registration, Registration of Transfer and
      Exchange		27
	Section 3.06.		Mutilated, Destroyed, Lost and Stolen
      Securities		31
	Section 3.07.		Payment of Interest; Interest Rights
      Preserved		32
	Section 3.08.		Persons Deemed Owners		34
	Section 3.09.		Cancellation		35
	Section 3.10.		Computation of Interest		35
	Section 3.11.		Electronic Security Issuance		35
	Section 3.12.		CUSIP Numbers		35

i 

	ARTICLE 4
	Satisfaction and Discharge	      	36
	 	 	 
	Section 4.01.	      	Satisfaction and Discharge of
      Indenture		36
	Section 4.02.		Application of Trust Money		37
	Section 4.03.		Discharge and Defeasance of Securities of
      any Series		37
			 		
	ARTICLE 5
	Remedies				39
			 		
	Section 5.01.		Events of Default		39
	Section 5.02.		Acceleration of Maturity; Rescission and
      Annulment		40
	Section 5.03.		Collection of Indebtedness and Suits for Enforcement by
      Trustee		41
	Section 5.04.		Trustee May File Proof of
Claim		42
	Section 5.05.		Trustee May Enforce Claims Without Possession of Securities or
      Coupons		42
	Section 5.06.		Application of Money Collected		43
	Section 5.07.		Limitation on Suits		43
	Section 5.08.		Unconditional Right of Holders to Receive
      Principal, Premium and Interest		44
	Section 5.09.		Restoration of Rights and Remedies		44
	Section 5.10.		Rights and Remedies		44
	Section 5.11.		Delay or Omission Not Waiver		44
	Section 5.12.		Control by Holders		44
	Section 5.13.		Waiver of Past Defaults		45
	Section 5.14.		Undertaking For Costs		45
	Section 5.15.		Waiver of Stay or Extension Laws		45
			 		
	ARTICLE 6
	The Trustee		46
	 		
	Section 6.01.		Certain Duties and
      Responsibilities		46
	Section 6.02.		Notice of Defaults		47
	Section 6.03.		Certain Rights of Trustee		47
	Section 6.04.		Not Responsible for Recitals or Issuance of
Securities		49
	Section 6.05.		May Hold Securities		49
	Section 6.06.		Money Held in Trust		49
	Section 6.07.		Compensation and Reimbursement		49
	Section 6.08.		Disqualification; Conflicting Interests		50
	Section 6.09.		Corporate Trustee Required;
      Eligibility		50
	Section 6.10.		Resignation and Removal; Appointment of Successor		50
	Section 6.11.		Acceptance of Appointment by
      Successor		52
	Section 6.12.		Merger, Conversion, Consolidation or Succession to
      Business		53
	Section 6.13.		Preferential Collection of Claims Against
      Company		53
	Section 6.14.		Appointment of Authenticating Agent		53

ii 

	ARTICLE 7
	Holders’ Lists and Reports by Trustee and Company	      	55
	 	 	 
	Section 7.01.	      	Company to Furnish Trustee Names and
      Addresses of Holders of Registered Securities		55
	Section 7.02.		Preservation of Information; Communications to
Holders		55
	Section 7.03.		Reports by Trustee		56
	Section 7.04.		Reports by Company		57
			 		
	ARTICLE 8
	Consolidation, Merger, Conveyance, Transfer or Lease		58
	 		
	Section 8.01.		Company May Consolidate, Etc., Only on
      Certain Terms		58
	Section 8.02.		Successor Substituted		58
			 		
	ARTICLE 9
	Supplemental Indentures		59
	 		
	Section 9.01.		Supplemental Indentures Without Consent of
      Holders		59
	Section 9.02.		Supplemental Indentures With Consent of Holders		60
	Section 9.03.		Execution of Supplemental
      Indentures		61
	Section 9.04.		Effect of Supplemental Indentures		61
	Section 9.05.		Conformity with Trust Indenture
      Act		62
	Section 9.06.		Reference in Securities to Supplemental Indentures		62
			 		
	ARTICLE 10
	Subordination		62
	 		
	Section 10.01.		Agreement to Subordinate		62
	Section 10.02.		Liquidation; Dissolution; Bankruptcy		62
	Section 10.03.		Default on Designated Senior
    Debt		63
	Section 10.04.		Acceleration of Securities		63
	Section 10.05.		When Distribution Must Be Paid
      Over		64
	Section 10.06.		Notice by Company		64
	Section 10.07.		Subrogation		64
	Section 10.08.		Relative Rights		64
	Section 10.09.		Subordination May Not Be
    Impaired		65
	Section 10.10.		Distribution or Notice to Representative		65
	Section 10.11.		Reliance on Judicial Order or
      Certificate		65
	Section 10.12.		Rights of Trustee and Paying Agent		65
	Section 10.13.		Authorization to Effect
      Subordination		66
	Section 10.14.		Amendments		66
			 		
	ARTICLE 11
	Covenants		66
	 		
	Section 11.01.		Payment of Principal, Premium and
      Interest		66
	Section 11.02.		Maintenance of Office or Agency		67

iii 

	Section 11.03.	      	Money For Security Payments to Be Held in
      Trust	      	68
	Section 11.04.		Restrictions on Secured Debt		70
	Section 11.05.		Restrictions on Sales and
      Leasebacks		71
	Section 11.06.		Statement as to Compliance		72
	Section 11.07.		Corporate Existence		73
	Section 11.08.		Waiver of Certain Covenants		73
	Section 11.09.		Additional Amounts		73
	Section 11.10.		Calculation of Original Issue Discount		74
			 		
	ARTICLE 12
	Redemption of Securities		74
	 		
	Section 12.01.		Applicability of This Article		74
	Section 12.02.		Election to Redeem; Notice to Trustee		74
	Section 12.03.		Selection by Trustee of Securities to be
      Redeemed		75
	Section 12.04.		Notice of Redemption		75
	Section 12.05.		Deposit of Redemption Price		76
	Section 12.06.		Securities Payable on Redemption Date		76
	Section 12.07.		Securities Redeemed in Part		77
	ARTICLE 13
	Sinking Funds		77
	 		
	Section 13.01.		Applicability of Article		77
	Section 13.02.		Satisfaction of Sinking Fund Payments with
      Securities		78
	Section 13.03.		Redemption of Securities for Sinking Fund		78
			 		
	ARTICLE 14
	Meetings of Holders of Securities		78
	 		
	Section 14.01.		Purposes for which Meetings may be
      Called		78
	Section 14.02.		Call, Notice and Place of Meetings		78
	Section 14.03.		Persons Entitled to Vote at
      Meetings		79
	Section 14.04.		Quorum; Action		79
	Section 14.05.		Determination of Voting Rights; Conduct and
      Adjournment of Meetings		80
	Section 14.06.		Counting Votes and Recording Action of Meetings		81
	Section 14.07.		U.S.A. Patriot Act		81

iv 

INDENTURE, dated as of                     , 2017, from CAMPBELL SOUP COMPANY, a New Jersey corporation (hereinafter
called the “Company”) having its
principal office at Campbell Place, Camden, New Jersey 08101-0391 to WELLS FARGO
BANK, NATIONAL ASSOCIATION, a national banking corporation (hereinafter 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 subordinated
debentures, notes or other evidences of indebtedness (hereinafter called the
“Securities”), to be issued in one or more series as in this
Indenture provided. 

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

NOW,
THEREFORE, THIS INDENTURE WITNESSETH: 

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

ARTICLE 1 
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: 

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

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

(c)
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 which are generally accepted in the United States at the date or time
of such computation; and 

(d)
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. 

Certain terms, used principally in Article 6, are defined in that
Article. 

“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.

“Attributable
Debt” means, as to any particular
lease under which any Person is at the time liable and at any date as of which
the amount thereof is to be determined, the total net amount of rent required to
be paid by such Person under such lease during the remaining primary term
thereof, discounted from the respective due dates thereof to such date at the
actual percentage rate inherent in such arrangement as determined in good faith
by the Company. The net amount of rent required to be paid under any such lease
for any such period shall be the aggregate amount of the rent payable by the
lessee with respect to such period after excluding amounts required to be paid
on account of maintenance and repairs, insurance, taxes, assessments, water
rates and similar charges. In the case of any lease which is terminable by the
lessee upon the payment of a penalty, such net amount shall also include the
amount of such penalty, but no rent shall be considered as required to be paid
under such lease subsequent to the first date upon which it may be so
terminated. 

“Authenticating
Agent” means any Person
authorized by the Trustee pursuant to Section 6.14 to act on behalf of the
Trustee to authenticate Securities of one or more series. 

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

“Authorized
Officer”, when used with respect
to the Company, means the Chairman of the Board, the Vice Chairman of the Board, the President, the
chief financial officer, the chief legal officer, the Treasurer, a Deputy
Treasurer, an Assistant Treasurer, the Controller, an Assistant Controller, the
Secretary or an Assistant Secretary of the Company. 

“Bearer
Security” means any Security
substantially in the form for Bearer Securities set forth in Exhibit B or
established pursuant to Section 2.01 which is payable to bearer. 

2

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

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

“Book-Entry
Security” means a Security
bearing the legend specified in Section 2.04, evidencing all or part of a series
of Securities, issued to the Depository for such series or its nominee, and
registered in the name of such Depository or such nominee. Book-Entry Securities
shall not be deemed to be Securities in global form for purposes of Sections
2.01 and 2.03 and Article 3 of the Indenture. 

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

“Capital
Stock”, as applied to the stock
of any corporation, means the capital stock of every class whether now or
hereafter authorized, regardless of whether such capital stock shall be limited
to a fixed sum or percentage with respect to the rights of the holders thereof
to participate in dividends and in the distribution of assets upon the voluntary
or involuntary liquidation, dissolution or winding up of such corporation.

“Clearstream” means
Clearstream Banking, société anonyme, or its successor. 

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

“Common
Depository” has the meaning
specified in Section 3.04. 

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

“Company
Request” and “Company Order” mean, respectively, a written request or order
signed in the name of the Company by two Authorized Officers of the Company, and
delivered to the Trustee. 

“Consolidated Net
Assets” means total assets after
deducting therefrom all current liabilities as set forth on the most recent
balance sheet of the Company and its consolidated subsidiaries and computed in
accordance with generally accepted accounting principles. 

3

“Corporate Trust
Office” means the designated
office of the Trustee at which at any time its corporate trust business shall be
administered, which office at the date hereof is located at 150 East 42nd
Street, 40th Floor, New York, New York 10017, Attention: Corporate Trust
Services – Administrator for Campbell Soup Company, or such other address as the
Trustee may designate from time to time by notice to the Holders and the
Company, or the designated corporate trust office of any successor Trustee (or
such other address as such successor Trustee may designate from time to time by
notice to the Holders and the Company). 

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

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

“Depository” means with respect to the Securities of any
series issuable or issued in whole or in part in the form of one or more
Book-Entry Securities, the clearing agency registered under the Exchange Act,
specified for that purpose contemplated by Section 3.01. 

“Designated Senior
Debt” means: 

(1)
any indebtedness outstanding under a credit agreement for Senior Debt or any
other indebtedness for money borrowed that is issued as a replacement or a
refinancing of either of such debt facilities; and 

(2)
any other Senior Debt the principal amount of which is $25.0 million or more and
that has been designated by the Company in an Officers’ Certificate to the
Trustee as “Designated Senior Debt.” 

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

“Euroclear” means the operator of the Euroclear System.

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

“Exchange
Act” means the Securities
Exchange Act of 1934, as amended, and as it may be further amended from time to
time. 

“Exchange
Date” has the meaning specified
in Section 3.04. 

“Funded
Debt” means (i) all indebtedness
for money borrowed having a maturity of more than 12 months from the date as of
which the determination is made or having a maturity of 12 months or less but by
its terms being renewable or extendible beyond 12 months from such date at the
option of the borrower and (ii) rental obligations payable more than 12 months
from such date under leases which are capitalized in accordance with generally
accepted accounting principles (such rental obligations to be included as Funded
Debt at the amount so capitalized and to be included for the purposes of the
definition of Consolidated Net Assets both as an asset and as Funded Debt at the
amount so capitalized).  

4

“Holder” means in the case of a Registered Security the
Person in whose name the Security is registered in the Security Register and in
the case of a Bearer Security, or any related coupon, the bearer thereof.

“Indenture” means this instrument as originally executed or
as it may from time to time be supplemented or amended by one or more indentures
supplemental hereto entered into pursuant to the applicable provisions hereof
and shall include the terms of a 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. 

“Judgment
Currency” has the meaning
specified in Section 1.14. 

“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.

“New York Business
Day” means any day which is not a
Saturday, Sunday, or a day on which commercial banking institutions are
authorized or obligated by law, regulation or executive order to be closed in
the City of New York. 

“Officers’
Certificate” means a certificate
signed by two Authorized Officers of the Company and delivered to the Trustee.

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

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

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

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

(ii) Such Securities or portions thereof for whose
payment or redemption (a) money in the necessary amount has been theretofore
deposited in trust with the Trustee or any Paying Agent (other than the Company)
or set aside and segregated in trust by the Company (if the Company shall act as
its own Paying Agent) for the Holders of such Securities and any coupons
appertaining thereto or (b) U.S. Government Obligations as contemplated by
Section 4.03 in the necessary amount have been theretofore deposited in
satisfaction of the requirements of Section 4.03 with the Trustee (or another
trustee satisfying the requirements of Section 6.09) in trust for the Holders of
such Securities and any coupons thereto appertaining in accordance with Section
4.02; 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  

5

(iii) Such 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 such
Outstanding Securities have given any request, demand, authorization direction,
notice, consent or waiver hereunder or whether a quorum is present at a meeting
of Holders of such Securities, (i) the principal amount of an Original Issue
Discount Security that shall be deemed to be Outstanding shall be the amount of
the principal thereof that would be due and payable as of the date of such
determination upon acceleration of the Stated Maturity thereof pursuant to
Section 5.02, (ii) the principal amount of Securities denominated in more than
one currency (including composite currencies) shall be the U.S. Dollar
equivalent (determined, unless otherwise provided as contemplated by Section
3.01, on the basis of the spot rate of exchange, on the date of such
determination, for any currency other than Dollars as determined by the Company
or by an authorized exchange rate agent and evidenced to the Trustee by an
Officers’ Certificate) of the principal amount (or, in the case of an Original
Issue Discount Security, the U.S. Dollar equivalent on the date of such
determination of the amount determined as provided in (i) above) of such
Securities, and (iii) Securities owned by the Company or any other obligor upon
the Securities or any Affiliate of the Company or 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, or upon any such
determination as to the presence of a quorum 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 such other obligor. For purposes of clause (ii) above, an
exchange rate agent may be authorized in advance or from time to time by the
Company, and may be the Trustee. Any such determination by the Company or by any
such exchange rate agent shall be conclusive and binding on all Holders of
Securities and related coupons, if any, and the Trustee, and neither the Company
nor such exchange rate agent shall be liable therefor in the absence of willful
misconduct; and  

6

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

“Person” means any individual, corporation, 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 any series of Securities or any coupons, means the place or places where,
subject to the provisions of Section 11.02, the principal of (and premium, if
any) and interest, if any, 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 or
the Security to which the mutilated, destroyed, lost or stolen coupon
appertains, as the case may be, shall be deemed to evidence the same debt as the
mutilated, destroyed, lost or stolen Security or the Security to which the
mutilated, destroyed, lost or stolen coupon appertains, as the case may be.

“Principal
Property” means (a) any
manufacturing or processing plant or warehouse owned at the date hereof or
hereafter acquired by the Company or any Restricted Subsidiary of the Company
which is located within the United States of America and the gross book value
(including related land and improvements thereon and all machinery and equipment
included therein without deduction of any depreciation reserves) of which on the
date as of which the determination is being made exceeds 2% of Consolidated Net
Assets, other than (i) any property which in the opinion of the Board of
Directors is not of material importance to the total business conducted by the
Company as an entirety or (ii) any portion of a particular property which is
similarly found not to be of material importance to the use or operation of such
property. 

“Realty
Subsidiary” means a Subsidiary of
the Company engaged primarily in the development and sale or financing of real
property. 

“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 or in such Security (including any premium with
respect thereto). 

7

“Registered
Security” means any Security
substantially in the form for Registered Securities set forth in Exhibit A or established pursuant to
Section 2.01 which is registered in the Security Register. 

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

“Representative” means the
indenture trustee or other trustee, agent or representative for any Senior Debt.

“Required
Currency” has the meaning
specified in Section 1.14. 

“Responsible
Officer”, when used with respect
to the Trustee, means any officer within the corporate trust department of the
Trustee (or any successor group of the Trustee) including any vice president,
assistant vice president, assistant treasurer, assistant secretary or any other
officer or assistant officer of the Trustee customarily performing functions
similar to those performed by the persons who at the time shall be such
officers, respectively, or to whom any corporate trust matter is referred at the
Trustee’s principal Corporate Trust Office because of his knowledge of and
familiarity with the particular subject. 

“Restricted
Subsidiary” means a Subsidiary of
the Company (i) substantially all the property of which is located, or
substantially all the business of which is carried on, within the United States
of America and (ii) which owns a Principal Property, but does not include a
Realty Subsidiary. 

“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
Debt” means: 

(1)
the Company’s obligations for money borrowed including without limitation the
Designated Senior Debt; 

(2)
indebtedness of the Company evidenced by bonds, debentures, notes or similar
instruments; 

(3)
obligations of the Company associated with derivative products including but not
limited to securities contracts, foreign currency exchange contracts, swap
agreements (including interest rate and foreign exchange rate swap agreements),
cap agreements, floor agreements, collar agreements, interest rate agreements,
foreign exchange rate agreements, options, commodity futures contracts,
commodity option contracts and similar financial instruments; and 

8

(4)
debt of others described in the preceding clauses that the Company has
guaranteed or for which the Company is otherwise liable, 

in
each case unless, in any case, in the instrument creating or evidencing any such
indebtedness or obligation, or pursuant to which the same is outstanding, it is
provided that such indebtedness or obligation is not superior in right of
payment to the Securities or to other debt that is pari passu with or subordinate to the Securities. 

Notwithstanding anything to the contrary in the preceding, Senior Debt
will not include: 

(1)
any liability for federal, state, local or other taxes owed or owing by the
Company; 

(2)
any intercompany indebtedness of the Company, any Subsidiary or any of their
respective Affiliates; 

(3)
any trade payables; or 

(4)
indebtedness which is classified as non-recourse in accordance with GAAP or any
unsecured claim arising in respect thereof by reason of the application of
section 1111(b)(1) of the Bankruptcy Reform Act of 1978, as amended. 

“Special Record
Date” for the payment of any
Defaulted Interest on the Registered
Securities of any series means a date fixed by the Trustee pursuant to Section
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 or a coupon representing such
installment of interest as the fixed date on which the principal of such
Security or such installment of principal or interest is due and payable.

“Subsidiary” means any corporation more than 50% of the
outstanding Voting Stock of which at the time of determination is owned,
directly or indirectly, by the Company and/or one or more other Subsidiaries.

“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.

“Trust Indenture
Act” means the Trust Indenture
Act of 1939, as amended, and as it may be further amended from time to time.

9

“United
States” means the United States
of America (including the States and the District of Columbia), its territories
and possessions and other areas subject to its jurisdiction. 

“United States
Alien” means any Person who, for
United States Federal income tax purposes, is a foreign corporation, a
non-resident alien individual, a non-resident alien fiduciary of a foreign
estate or trust, or a foreign partnership one or more of the members of which
is, for United States Federal income tax purposes, a foreign corporation, a
nonresident alien individual or non-resident alien fiduciary of a foreign estate
or trust. 

“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 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 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. 

“Voting
Stock” means Capital Stock of a
corporation of the class or classes having general voting power under ordinary
circumstances to elect at least a majority of the board of directors, managers
or trustees of such corporation (irrespective of whether or not at the time
stock of any other class or classes shall have or might have voting power upon
the occurrence of any contingency). 

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 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: 

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

10

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

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

(d)
a statement as to whether, in the opinion of each such individual, 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
the matters upon which his certificate or opinion is based are erroneous.

Any
such certificate or Opinion of Counsel may be based, insofar as it relates to
factual matters, upon a certificate or opinion of, or representations by, an
Authorized Officer or Authorized 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. If Securities of a series
are issuable as Bearer Securities, any request, demand, authorization,
direction, notice, consent, waiver or other action provided by this Indenture to
be given or taken by Holders of such series may, alternatively, be embodied in
and evidenced by the record of Holders of Securities of such series voting in
favor thereof, either in person or by proxies duly appointed in writing, at any
meeting of Holders of Securities of such series duly called and held in
accordance with the provisions of Article 14, or a combination of such
instruments and any such record. Except as herein otherwise expressly provided,
such action shall become effective when such instrument or instruments or
record, or both, are delivered to the Trustee and, where it is hereby expressly
required, to the Company. Such instrument or instruments and any such record
(and the action embodied therein and evidenced thereby) are herein sometimes
referred to as the “Act” of the Holders signing such instrument or instruments
or so voting at any such meeting. Proof of execution of any such instrument or
of a writing appointing any such agent or proxy, or of the holding by any Person
of a Security, shall be sufficient for any purpose of this Indenture and
(subject to Section 6.01) conclusive in favor of the Trustee and the Company and
any agent of the Company, if made in the manner provided in this Section. The
record of any meeting of Holders of Securities shall be proved in the manner
provided in Section 14.06. 

11

(b)
The fact and date of the execution by any Person of any such instrument or
writing may be proved by the affidavit of a witness of such execution or by a
certificate of any notary public or other officer authorized by law to take
acknowledgments of deeds, certifying that the individual signing such instrument
or writing acknowledged to him the execution thereof. Where such execution is by
an officer of a corporation or association or a member of a partnership, or an
official of a public or governmental body, on behalf of such corporation,
association, partnership or public or governmental body or by a fiduciary, such
certificate or affidavit shall also constitute sufficient proof of his
authority. The fact and date of the execution by any Person of any such
instrument or writing, or the authority of the Person executing the same, may
also be proved in any other manlier which shall be satisfactory to the Trustee.

(c)
The principal amount and serial numbers of Registered Securities held by any
Person, and the date of holding the same, shall be proved by the Security
Register. 

(d)
The principal amount and serial numbers of Bearer Securities held by any Person,
and the date of holding the same, may be proved by the production of such Bearer
Securities or by a certificate executed, by any trust company, bank, banker or
other depositary, as depositary, wherever situated, if such certificate shall be
satisfactory to the Trustee, showing that at the date therein mentioned such
Person had on deposit with such depositary, or exhibited to it, the Bearer
Securities therein described; or such facts may be proved by the certificate or
affidavit of the Person holding such Bearer Securities, if such certificate or
affidavit shall be satisfactory to the Trustee. The Trustee and the Company may
assume that such ownership of any Bearer Security continues until (i) another
certificate or affidavit bearing a later date issued in respect of the same
Bearer Security is produced, or (ii) such Bearer Security is produced to the
Trustee by some other Person, or (iii) such Bearer Security is surrendered in
exchange for a Registered Security, or (iv) such Bearer Security is no longer
Outstanding. The principal amount and serial numbers of Bearer Securities held
by any Person, and the date of holding the same, may also be proved in any other
manner which shall be satisfactory to the Trustee. 

(e)
Any request, demand, authorization, direction, notice, consent, waiver or other
action by 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 or suffered to be done by the Trustee or the Company in reliance
thereon, whether or not notation of such action is made upon such Security.
 

12

(f)
With respect to the Securities of any Series, upon receipt by the Trustee of (i)
any written notice directing the time, method or place of conducting any
proceeding or exercising any trust or power pursuant to Section 5.12 with
respect to Securities of such series or (ii) any written demand, request or
notice with respect to any matter of which the Holders of Securities of such
series are entitled to act under this Indenture, in each case from Holders of
less than, or proxies representing less than, the requisite principal amount of
Outstanding Securities of such series entitled to give such demand, request or
notice, the Trustee shall promptly notify the Company in writing that it has
received such demand, request or notice, and the Company shall establish a
record date for determining Holders of Outstanding Securities of such series
entitled to join in such demand, request or notice, which record date shall be
the close of business on the day the Trustee received such demand, request or
notice. The Holders on such record date, or their duly designated proxies, and
only such Persons, shall be entitled to join in such demand, request or notice
whether or not such Holders remain Holders after such record date;
provided, however, that unless the
Holders of the requisite principal amount of Outstanding Securities of such
series shall have joined in such demand, request or notice prior to the day
which is the ninetieth day after such record date, such demand, request or
notice shall automatically and without further action by any Holder be canceled
and of no further effect. Nothing in this paragraph shall prevent a Holder, or a
proxy of a Holder, from giving, (i) after the expiration of such 90-day period,
a new demand, request or notice identical to a demand, request or notice which
has been cancelled pursuant to the proviso to the preceding sentence or (ii)
during any such 90-day period, a new demand, request or notice which has been
cancelled pursuant to the proviso to the preceding sentence or (iii) during any
such 90-day period, a new demand, request or notice contrary to or different
from such demand, request or notice, in any of which events a new record date
shall be established pursuant to the provisions of this clause. 

(g)
The Company may set any day as the record date for the purpose of determining
the Holders of Outstanding Securities of any series entitled to give or take any
request, demand, authorization, direction, notice, consent, waiver or other
action provided or permitted by this Indenture to be given or taken by Holders
of Securities of such series. With regard to any record date set pursuant to
this paragraph, the Holders of Outstanding Securities of the relevant series on
such record date (or their duly appointed agents), and only such Persons, shall
be entitled to give or take the relevant action, whether or not such Holders
remain Holders after such record date. With regard to any action that may be
given or taken hereunder only by Holders of a requisite principal amount of
Outstanding Securities of any series (or their duly appointed agents) and for
which a record date is set pursuant to this paragraph, the Company may, at its
option, set an expiration date after which no such action purported to be given
or taken by any Holder shall be effective hereunder unless given or taken on or
prior to such expiration date by Holders of the requisite principal amount of
Outstanding Securities of such series on such date (or their duly appointed
agents). On or prior to any expiration date set pursuant to this paragraph, the
Company may, on one or more occasions at its option, extend such date to any
later date. Nothing in this paragraph shall prevent any Holder (or any duly
appointed agent thereof) from giving or taking, after any expiration date, any
action identical to, or, at any time, contrary to or different from, any action,
given or taken, or purported to have been given or taken, hereunder by a Holder
on or prior to such date, in which event the Company may set a record date in
respect thereof pursuant to this paragraph. Notwithstanding the foregoing or the
Trust Indenture Act, the Company shall not set a record date for, and the
provisions of this paragraph shall not apply with respect to, any action to be
given or taken by Holders pursuant to Section 5.01, 5.02 or 5.12. 

13

Section 1.05. Notices,
Etc., to Trustee and Company. Any
request, demand, authorization, direction, notice, consent, waiver or Act of
Holders or other document provided or permitted by this Indenture to be made
upon, given or furnished to, or filed with, 

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

(b)
the Company by the Trustee or by any Holder shall be sufficient for every
purpose hereunder (unless otherwise herein expressly provided) if in writing and
mailed, first-class postage prepaid, to the Company addressed to it at the
address of its principal office specified in the first paragraph of this
instrument, to the attention of the Corporate Secretary or at any other address
previously furnished in writing to the Trustee by the Company; provided, however, that such instrument will be considered properly
given if submitted by facsimile. 

Notwithstanding the foregoing, the Trustee agrees to accept and act upon
instructions or directions pursuant to this Indenture sent by unsecured e-mail,
facsimile transmission or other similar unsecured electronic methods;
provided, however, that (a) the
party providing such written instructions, subsequent to such transmission of
written instructions, shall provide the originally executed instructions or
directions to the Trustee in a timely manner, and (b) such originally executed
instructions or directions shall be signed by an authorized representative of
the party providing such instructions or directions. If the party elects to give
the Trustee e-mail or facsimile instructions (or instructions by a similar
electronic method) and the Trustee in its discretion elects to act upon such
instructions, the Trustee’s understanding of such instructions shall be deemed
controlling. The Trustee shall not be liable for any losses, costs or expenses
arising directly or indirectly from the Trustee’s reliance upon and compliance
with such instructions notwithstanding such instructions conflict or are
inconsistent with a subsequent written instruction. The party providing
electronic instructions agrees to assume all risks arising out of the use of
such electronic methods to submit instructions and directions to the Trustee,
including without limitation the risk of the Trustee acting on unauthorized
instructions, and the risk or interception and misuse by third parties.

14

Section 1.06. Notice to
Holders; Waiver. Except as
otherwise expressly provided herein, where this Indenture provides for notice to
Holders of any event, 

(a) such notice shall be sufficiently
given to Holders of Registered Securities if in writing and mailed, first-class
postage prepaid, to each Holder of a Registered Security 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; 

(b)
such notice shall be sufficiently given to Holders of Bearer Securities if
published in an Authorized Newspaper in the City of New York and in such other
city or cities as may be specified in such Securities on a Business Day at least
once, the first such publication to be not earlier than the earliest date, and
not later than the latest date, prescribed for the giving of such notice.

If,
by reason of the suspension of regular mail service, it shall be impracticable
to mail notice of any event to Holders of Registered Securities when such notice
is required to be given pursuant to any provision of this Indenture, then such
manner of giving such notice as shall be acceptable to the Trustee shall
constitute sufficient giving of such notice. In any case where notice to Holders
of Registered Securities is given by mail, neither the failure to mail such
notice, nor any defect in any notice so mailed, to any particular Holder of a
Registered Security shall affect the sufficiency of such notice with respect to
other Holders of Registered Securities or the sufficiency of any notice with
respect to Holders of Bearer Securities given as provided herein. 

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

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. 

Section 1.07. Language of
Notices, Etc. Any request,
demand, authorization, direction, notice, consent, waiver, Act of Holders or
other document required or permitted under this Indenture shall be in the
English language, except that any published notice may be in an official
language of the country of publication. 

Section 1.08. Conflict with
Trust Indenture Act. If any
provision hereof limits, qualifies or conflicts with another provision hereof
which is required to be included in this Indenture by any of the provisions of
the Trust Indenture Act, such required provision shall control. 

15

Section 1.09. 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 1.10. Successors
and Assigns. All covenants and
agreements in this Indenture by the Company shall bind its successors and
assigns, whether so expressed or not. 

Section 1.11. Separability
Clause. In case any provision in
this Indenture or the Securities or coupons 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 1.12. Benefits of
Indenture. Nothing in this
Indenture or the Securities or coupons, expressed or implied, shall give to any
Person, other than the parties hereto, their successors hereunder and the
Holders of Securities or coupons, any benefit or any legal or equitable right,
remedy or claim under this Indenture. 

Section 1.13. Governing
Law. This Indenture and the
Securities and any coupons shall be governed by and construed in accordance with
the laws of the State of New York without giving effect to the conflicts of laws
provisions thereof. EACH OF THE COMPANY, THE HOLDERS 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. Any legal suit, action or proceeding
arising out of or based upon this Indenture or the transactions contemplated
hereby may be instituted in the federal courts of the United States of America
located in the City of New York or the courts of the State of New York in each
case located in the City of New York (collectively, the “Specified Courts”), and
each party irrevocably submits to the non-exclusive jurisdiction of such courts
in any such suit, action or proceeding. Service of any process, summons, notice
or document by mail (to the extent allowed under any applicable statute or rule
of court) to such party’s address set forth herein shall be effective service of
process for any suit, action or other proceeding brought in any such court. The
Company, the Trustee and the Holders (by their acceptance of the Securities)
each hereby irrevocably and unconditionally waive any objection to the laying of
venue of any suit, action or other proceeding in the Specified Courts and
irrevocably and unconditionally waive and agree not to plead or claim any such
suit, action or other proceeding has been brought in an inconvenient forum.

16

Section 1.14. Legal
Holidays. In any case where any
Interest Payment Date, Redemption Date, sinking fund payment date or Stated
Maturity or Maturity of any Security shall not be a Business Day at any Place of
Payment, then (notwithstanding any other provision of this Indenture or of the
Securities or coupons other than a provision in the Securities of any series
which specifically states that such provision shall apply in lieu of this
Section) payment of principal (and premium, if any) or interest, if any, need
not be made at such Place of Payment on such date, but may be made on the next
succeeding Business Day at such Place of Payment with the same force and
effect as if made on the Interest Payment Date or Redemption Date, or at the
Stated Maturity or Maturity, provided that no interest
shall accrue on the amount so payable for the period from and after such
Interest Payment Date, Redemption Date, Stated Maturity or Maturity, as the case
may be to such succeeding business day. Judgment Currency. The
Company agrees, to the fullest extent that it may effectively do so under
applicable law, that (a) if for the purpose of obtaining judgment in any court
it is necessary to convert the sum due on the Securities of any series from the
currency in which such sum is payable in accordance with the terms of such
Securities (the “Required
Currency”) into a currency in
which a judgment will be rendered (the “Judgment Currency”), the
rate of exchange used shall be the rate at which in accordance with normal
banking procedures the Trustee could purchase in the City of New York the
Required Currency with the Judgment Currency on the New York Business Day
preceding that on which a final unappealable judgment is rendered and (b) its
obligations under this Indenture to make payments in the Required Currency (i)
shall not be discharged or satisfied by any tender, or any recovery pursuant to
any judgment (whether or not entered in accordance with subsection (a)), in any
currency other than the Required Currency, except to the extent that such tender
or recovery shall result in the actual receipt, by the payee, of the full amount
of the Required Currency expressed to be payable in respect of such payments,
(ii) shall be enforceable as an alternative or additional cause of action for
the purpose of recovering in the Required Currency the amount, if any, by which
such actual receipt shall fall short of the full amount of the Required Currency
so expressed to be payable and (iii) shall not be affected by judgment being
obtained for any other sum due under this Indenture. 

Section 1.15. Immunity of
Incorporators, Shareholders, Officers, Directors and Employees. (a) No recourse under or upon any obligation,
covenant or agreement of this Indenture, or of any Security, or for any claim
based thereon or otherwise in respect thereof, shall be had against any
incorporator, shareholder, officer, director or employee, as such, past, present
or future, of the Company or of any successor corporation, either directly or
through the Company, whether by virtue of any constitution, statute or rule of
law, or by the enforcement of any assessment or penalty or otherwise; it being
expressly understood that this Indenture and the obligations issued hereunder
are solely corporate obligations of the Company, and that no such personal
liability whatever shall attach to, or is or shall be incurred by, the
incorporators, shareholders, officers, directors or employees, as such, of the
Company or of any successor corporation, or any of them, because of the creation
of the indebtedness hereby authorized, or under or by reason of the obligations
or agreements contained in this Indenture or in any of the Securities or implied
therefrom; and that any and all such personal liability, either at common law or
in equity or by constitution or statute, of, and any and all such rights and
claims against, every such incorporator, shareholder, officer, director or
employee, as such, because of the creation of the indebtedness hereby
authorized, or under or by reason of the obligations or agreements contained in
this Indenture or in any of the Securities or implied therefrom, are hereby
expressly waived and released as a condition of, and as a consideration for, the
execution of this Indenture and the issue of such Securities. 

(b)
All payments of interest and other amounts, if any, to be made by the Trustee
hereunder shall be made only from the money deposited with the Trustee and only
to the extent that the Trustee shall have sufficient income or proceeds to make
such payments in accordance with the terms of this Indenture, and each Holder
hereof, by its acceptance of a Security, agrees that it will look solely to the
income and proceeds deposited by the Company with the Trustee to the extent
available for distribution to the Holder thereof as provided and that the
Trustee is not personally liable in any manner to the Holder hereof for any
amounts payable or any liability under this Indenture of any Security.
 

17

ARTICLE 2 
Security Forms

Section 2.01. Forms
Generally. The Registered
Securities, if any, of each series and the Bearer Securities, if any, of each
series and related coupons, if any, shall be in substantially the form set forth
in Exhibit A and Exhibit B to this Indenture, respectively, or in such other
form (including temporary or permanent global form) as shall be established in
one or more indentures supplemental hereto or approved from time to time by or
pursuant to a Board Resolution in accordance with Section 3.01, in each case
with such appropriate insertions, omissions, substitutions and other variations
as are required or permitted by this Indenture and may have such letters,
numbers or other marks of identification and such legends or endorsements placed
thereon as may be required to comply with the rules of any securities exchange
or as may, consistently herewith, be determined by the officers executing such
Securities and coupons, if any, as evidenced by their execution of the
Securities and coupons, if any. If the forms of Securities and coupons, if any,
of any series (or the form of any such temporary or permanent global Security)
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 Company Order contemplated by Section 3.03 for the
authentication and delivery of such Securities or coupons (or any such temporary
or permanent global Security). 

Unless otherwise provided as contemplated by Section 3.01 with respect to
any series of Securities, the Securities of each series shall be issuable in
registered form without coupons. If so provided as contemplated by Section 3.01,
the Securities of a series also shall be issuable in bearer form, with interest
coupons, if any, attached. 

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

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

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

18

	WELLS FARGO BANK, NATIONAL
	ASSOCIATION, as Trustee
	 	 
		 
	By:     	
		Authorized Signatory

Section 2.03. Securities in
Global Form. If Securities of a
series are issuable in global form, as specified as contemplated by Section
3.01, then, notwithstanding clause (h) of Section 3.01 and the provisions of
Section 3.02, any such Security shall represent such of the Outstanding
Securities of such series as shall be specified therein and may provide that it
shall represent the aggregate amount of Outstanding Securities from time to time
endorsed thereon and that the aggregate amount of Outstanding Securities
represented thereby may from time to time be reduced to reflect exchanges. Any
endorsement of a Security in global form to reflect the amount, or any decrease
in the amount, of Outstanding Securities represented thereby shall be made by
the Trustee in such manner and upon instructions given by such Person or Persons
as shall be specified therein or in the Company Order to be delivered to the
Trustee pursuant to Section 3.03 or 3.04. Subject to the provisions of Section
3.03 and, if applicable, Section 3.04, the Trustee shall deliver and redeliver
any Security in permanent global form in the manner and upon instructions given
by the Person or Persons specified therein or in the applicable Company Order.
If a Company Order pursuant to Section 3.03 or 3.04 has been, or simultaneously
is, delivered, any instructions by the Company with respect to endorsement or
delivery or redelivery of a Security in global form shall be in writing but need
not comply with Section 1.02 and need not be accompanied by an Opinion of
Counsel. 

The
provisions of the last sentence of Section 3.03 shall apply to any Security
represented by a Security in global form if such Security was never issued and
sold by the Company, and the Company delivers to the Trustee the Security in
global form together with written instructions in the form of an Officers’
Certificate upon which the Trustee may conclusively rely, and which need not be
accompanied by an Opinion of Counsel, with regard to the reduction in the
principal amount of Securities represented thereby, together with the Officers’
Certificate contemplated by the last sentence of Section 3.03. 

Notwithstanding the provisions of Sections 2.01 and 3.07, payment of
principal of (and premium, if any) and interest, if any, on any Security in
permanent global form shall be made to the Person in whose name such Security is
registered in the Trustee’s Security Register. 

Notwithstanding the provisions of Section 3.08, the Company, the Trustee
and any agent of the Company and the Trustee shall treat as the Holder a Person
in whose name such Security is registered in the Trustee’s Security Register or,
in the case of a permanent global Security in bearer form, a Person specified in
a written statement of Euroclear or Clearstream, which is produced to the
Trustee by such Person. 

19

Section 2.04. Form of
Legend for Book-Entry Securities.
Any Book-Entry Security authenticated and delivered hereunder shall bear a
legend in substantially the following form: 

If a
Book-Entry Security – “This Security is a Book-Entry Security within the meaning
of the Indenture hereinafter referred to and is registered in the name of a
Depository or a nominee of a Depository. This Security is exchangeable for
Securities registered in the name of a Person other than the Depository or its
nominee only in the limited circumstances described in the Indenture, and no
transfer of this Security (other than a transfer of this Security as a whole by
the Depository to a nominee of the Depository or by a nominee of the Depository
to the Depository or another nominee of the Depository) may be registered except
in such limited circumstances.” 

ARTICLE 3 

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, and, subject to Section 3.03, set forth in an
Officers’ Certificate, or established in one or more indentures supplemental
hereto, prior to the issuance of Securities of any series, 

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

(b)
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 Sections
3.04, 3.05, 3.06, 9.06 or 12.07 and except for any Securities which, pursuant to
Section 3.03 are deemed never to have been authenticated and delivered
hereunder); 

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

(d)
the rate or rates (which may be fixed or floating) 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 Registered
Securities on any Interest Payment Date or the formula or method by which such
rate or rates, or date or dates may be determined; 

(e)
the place or places where, subject to the provisions of Section 11.02, the
principal of (and premium, if any) and interest, if any, on Securities of the
series shall be payable, any Registered Securities of the series may be
surrendered for registration of transfer, Securities of the series may be
surrendered for exchange and notices and demands to or upon the Company in
respect of the Securities of the series and this Indenture may be served;

20

(f)
the period or periods within which, the price or prices at which and the terms
and conditions upon which Securities of the series may be redeemed, in whole or
in part, at the option of the Company; 

(g)
the obligation, if any, of the Company to redeem or purchase 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 or purchased, in whole or in part, pursuant to such obligation;

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

(i)
if other than the principal amount thereof, the portion of the principal amount
of Securities of the series which shall be payable upon declaration of
acceleration of the Stated Maturity thereof pursuant to Section 5.02;

(j)
any paying agents, transfer agents, registrars or any other agents with respect
to the Securities of the series; 

(k)
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; 

(l)
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 or currencies, including composite currencies,
other than that or those in which such Securities are stated to be payable, the
coin or currency or currencies, including composite currencies, in which payment
of the principal of (and premium, if any), or interest, if any, on Securities of
such series as to which such election is made shall be payable, and the period
or periods within which, and the terms and conditions upon which, such election
may be made; 

(m)
if such Securities are to be denominated in more than one currency, including
composite currencies, the basis of determining the equivalent price in the
currency of the United States (if other than as set forth in the definition of
Outstanding) for purposes of determining the voting rights of Holders of such
Securities under this Indenture; 

21

(n)
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, the manner in which such amounts
shall be determined; 

(o)
whether Securities of the series are to be issuable as Registered Securities,
Bearer Securities or both, whether any Securities of the series are to be
issuable initially in temporary global form and whether any Securities of the
series are to be issuable in permanent global form and, if so, whether
beneficial owners of interests in any such permanent global Security may
exchange such interests for Securities of such series and of like tenor of any
authorized form and denomination and the circumstances under which any such
exchanges may occur, if other than in the manner provided in Section 3.05;

(p)
the applicability of Section 4.03 of this Indenture to the Securities of such
series; 

(q)
any deletions from, modifications of or additions to the Events of Default or
covenants of the Company with respect to Securities of the series, whether or
not such Events of Default or covenants are consistent with the Events of
Default or covenants, as the case may be, set forth herein; 

(r)
whether the Securities of the series shall be issued upon original issuance in
whole or in part in the form of one or more Book-Entry Securities and, in such
case (a) the Depository with respect to such Book-Entry Security or Securities;
and (b) the circumstances under which any such Book-Entry Security may be
exchanged for Securities registered in the name of, and any transfer of such
Book-Entry Security may be registered to, a Person other than such Depository or
its nominee, if other than as set forth in Section 3.05;

(s)
any addition to, deletion from, change in or modification to the subordination
provisions of this Indenture relating to the Securities of that series
(including the provisions of Article
10), or different subordination provisions, including a different definition of
“Senior Debt” or “Designated Senior Debt,” will apply to Securities of such
series; and

(t)
any other terms of or provisions applicable to the series (which terms and
provisions shall not be inconsistent with the provisions of this Indenture).

All
Securities of any one series and any coupons appertaining thereto shall be
substantially identical except, in the case of Registered Securities, as to
denomination and except in the case of any series of Securities, as may
otherwise be provided in or pursuant to such Board Resolution referred to above
and (subject to Section 3.03) set forth in such Officers’ Certificate or in any
such indenture supplemental hereto. All Securities of one series need not be
issued at the same time and, unless otherwise provided, a series may be reopened
for issuances of additional Securities of such series. Securities may differ
between series in respect of any matters. 

22

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 such series.

Section 3.02. Denominations. Unless
otherwise provided as contemplated by Section 3.01 with respect to the
Securities of any series, any Registered Securities of such series shall be
issuable in denominations of $1,000 and any integral multiple thereof and any
Bearer Securities of such series shall be issuable in the denomination of
$5,000. 

Section 3.03. Execution,
Authentication, Delivery and Dating. The Securities shall be executed on behalf of the Company by its
chairman of the board, its president, its chief financial officer, its treasurer
or its deputy treasurer, attested by its secretary or one of its assistant
secretaries. The signature of any of these officers on the Securities may be
manual or facsimile. Coupons shall bear the facsimile signature of the
treasurer, deputy treasurer or any assistant treasurer of the Company.

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

At
any time and from time to time after the execution and delivery of this
Indenture, the Company may deliver
Securities of any series, together with any coupons appertaining thereto,
executed by the Company to the Trustee for authentication, together with a
Company Order for the authentication and delivery of such Securities, and the
Trustee in accordance with the Company Order shall authenticate and deliver such
Securities; provided, however, that, in connection with its original issuance, no Bearer Security
shall be mailed or otherwise delivered to any location in the United States; and
provided, further, that a Bearer
Security may be delivered in connection with its original issuance only if the
Person entitled to receive such Bearer Security shall have furnished a
certificate in the form set forth in Exhibit C-1 to this Indenture, dated no
earlier than 15 days prior to the earlier of the date on which such Bearer
Security is delivered and the date on which any temporary global Security first
becomes exchangeable for such Bearer Security in accordance with the terms of
such temporary global Security and this Indenture. If any Security shall be
represented by a permanent global Bearer Security, then, for purposes of this
Section and Section 3.04, the notation of a beneficial owner’s interest therein
upon original issuance of such Security or upon exchange of a portion of a
temporary global Security shall be deemed to be delivery in connection with its
original issuance of such beneficial owner’s interest in such permanent global
Security. Except as permitted by Section 3.06 the Trustee shall not authenticate
and deliver any Bearer Security unless all appurtenant coupons for interest then
matured have been detached and cancelled. 

23

If the forms or terms of the
Securities of the series and any related coupons have been established in or
pursuant to one or more Board Resolutions as permitted by Sections 2.01 and
3.01, in authenticating such Securities, and accepting the additional
responsibilities under this Indenture in relation to such Securities, the
Trustee shall receive, and (subject to Section 6.01) shall be fully protected in
relying upon, an Opinion of Counsel stating: 

(a) if the forms of such
Securities and any coupons have been established by or pursuant to a Board
Resolution as permitted by Section 2.01, that such forms have been established
in conformity with the provisions of this Indenture; 

(b) if the terms of such
Securities and any coupons have been established by or pursuant to a Board
Resolution as permitted by Section 3.01, that such terms have been established
in conformity with the provisions of this Indenture; 

(c) that all conditions
precedent in the Indenture to the issuance and authentication of the Securities
have been complied with by the Company; and 

(d) that such Securities,
together with any coupons appertaining thereto, when authenticated and delivered
by the Trustee and issued by the Company in the manner and subject to customary
qualifications specified in such Opinion of Counsel, will constitute valid and
legally binding obligations of the Company, enforceable in accordance with their
terms, subject, as to enforcement to bankruptcy, insolvency, reorganization and
other laws of general applicability relating to or affecting the enforcement of
creditors’ rights and to general equity principles. If such forms 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 will otherwise affect the Trustee in a manner which is not
reasonably acceptable to the Trustee. 

Notwithstanding the provisions
of Section 3.01 and of the preceding paragraph, if all Securities of a series
are not to be originally issued at one time, it shall not be necessary to
deliver the Officers’ Certificate otherwise required pursuant to Section 3.01 or
the Company Order and Opinion of Counsel otherwise required pursuant to such
preceding paragraph at or prior to the time of authentication of each Security
of such series if such documents are delivered at or prior to the authentication
upon original issuance of the first Security of such series to be issued.

A Company Order delivered in
the circumstances set forth in the preceding paragraph may provide that
Securities which are the subject thereof will be authenticated and delivered by
the Trustee on original issue from time to time upon the written order of
persons designated in such Company Order, and that such persons are authorized
to determine, consistent with the Officers’ Certificate referred to in Section
3.01 or any applicable supplemental indenture, such terms and conditions of said
Securities as are specified in such Company Order, provided the foregoing
procedure is acceptable to the Trustee. 

24

Each
Registered Security shall be dated the date of its authentication. Each Bearer
Security of a series shall be dated as of the date of the initial issuance of
Securities of such series. 

No
Security or any related coupon shall be entitled to any benefit under this
Indenture or be valid or obligatory for any purpose unless there appears on such
Security, or the Security to which such coupon appertains, 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 that such Security and any related
coupon are entitled to the benefits of this Indenture. Notwithstanding the foregoing, if any Security
shall have been authenticated and delivered hereunder but never issued and sold
by the Company, and the Company shall deliver such Security to the Trustee for
cancellation as provided in Section 3.09 together with an Officers’ Certificate
(which need not be accompanied by an Opinion of Counsel) stating that such
Security has never been issued and sold by the Company, for all purposes of this
Indenture such Security shall be deemed never to have been authenticated and
delivered hereunder and shall never be entitled to the benefits of this
Indenture. 

Section 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, in registered
form or, if authorized, in bearer form with one or more coupons or without
coupons, and with such appropriate insertions, omissions, substitutions and
other variations as the officers executing such Securities may determine, as
evidenced by their execution of such Securities. In the case of Bearer
Securities of any series, such temporary Securities may be in global form,
representing all of the Outstanding Bearer Securities of such series. A
temporary Bearer Security shall be delivered only in compliance with the
conditions set forth in Section 3.03. 

Except in the case of temporary Securities in global form (which shall be
exchanged in accordance with the provisions of the following paragraphs), 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 maintained pursuant to Section 11.02 in a Place of Payment for that
series, without charge to the Holder. Upon surrender for cancellation of any one
or more temporary Securities of any series (accompanied by any unmatured coupons
appertaining thereto) the Company shall execute and the Trustee shall
authenticate and deliver in exchange therefor a like aggregate principal amount
of definitive Securities of the same series and of like tenor of authorized
denominations; provided, however, that no definitive Bearer Security shall be delivered in exchange for a
temporary Registered Security; and provided, further, that a definitive Bearer Security shall be delivered in exchange for a
temporary Bearer Security only in compliance with the conditions set forth in
Section 3.03. 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.

25

If
temporary Securities of any series are issued in global form, any such temporary
global Security shall, unless otherwise provided therein, be delivered to the
London office of a depository or common depository (the “Common Depository”), for the benefit of Euroclear and Clearstream,
for credit to the respective accounts of the beneficial owners of such
Securities (or to such other accounts as they may direct). 

Without unnecessary delay but in any event not later than the date
specified in, or determined pursuant to the terms of, any such temporary global
Security of a series (the “Exchange
Date”), the Company shall deliver
to the Trustee definitive Securities of such series in aggregate principal
amount equal to the principal amount of such temporary global Security, executed
by the Company. On or after the Exchange Date, such temporary global Security
shall be surrendered by the Common Depository to the Trustee, as the Company’s
agent for such purpose, to be exchanged, in whole or from time to time in part,
for definitive Securities of such series without charge and the Trustee shall
authenticate and deliver, in exchange for each portion of such temporary global
Security, a like aggregate principal amount of definitive Securities of the same
series of authorized denominations and of like tenor as the portion of such
temporary global Security to be exchanged; provided, however, that, unless otherwise specified in such
temporary global Security, upon such presentation by the Common Depository, such
temporary global Security is accompanied by a certificate dated the Exchange
Date or a subsequent date and signed by Euroclear as to the portion of such
temporary global Security held for its account then to be exchanged and a
certificate dated the Exchange Date or a subsequent date and signed by
Clearstream as to the portion of such temporary global Security held for its
account then to be exchanged, each in the form set forth in Exhibit C.2 to this
Indenture. The definitive Securities to be delivered in exchange for any such
temporary global Security shall be in bearer form, registered form, permanent
global bearer form or permanent global registered form, or any combination
thereof, as specified as contemplated by Section 3.01, and, if any combination
thereof is so specified, as requested by the beneficial owner thereof;
provided, however, that definitive
Bearer Securities shall be delivered in exchange for a portion of a temporary
global Security only in compliance with the requirements of Section 3.03.

Unless otherwise specified in such temporary global Security, the
interest of a beneficial owner of Securities of a series in a temporary global
Security shall be exchanged for definitive Securities of the same series and of
like tenor following the Exchange Date when the account holder instructs
Euroclear or Clearstream, as the case may be, to request such exchange on his
behalf and delivers to Euroclear or Clearstream, as the case may be, a
certificate in the form set forth in Exhibit C.1 to this Indenture, dated no
earlier than 15 days prior to the Exchange Date, copies of which certificate
shall be available from the offices of Euroclear and Clearstream, the Trustee
and each Paying Agent. Unless otherwise specified in such temporary global
Security, any such exchange shall be made free of charge to the beneficial
owners of such temporary global Security, except that a Person receiving
definitive Securities must bear the cost of insurance, postage, transportation
and the like in the event that such Person does not take delivery of such
definitive Securities in person at the offices of Euroclear or Clearstream.
Definitive Securities in bearer form to be delivered in exchange for any portion
of a temporary global Security shall be delivered only outside the United
States. 

26

Until exchanged in full as hereinabove provided, the temporary Securities
of any series shall in all respects be entitled to the same benefits under this
Indenture as definitive Securities of the same series and of like tenor
authenticated and delivered hereunder, except that, unless otherwise specified
as contemplated by Section 3.01, interest payable on a temporary global Security
on an Interest Payment Date for Securities of such series occurring prior to the
applicable Exchange Date shall be payable to Euroclear and Clearstream on such
Interest Payment Date upon delivery by Euroclear and Clearstream to the Trustee
of a certificate or certificates in the form set forth in Exhibit C.3 to this
Indenture, for credit without further interest on or after such Interest Payment
Date to the respective accounts of the Persons who are the beneficial owners of
such temporary global Security on such Interest Payment Date and who have each
delivered to Euroclear or Clearstream, the case may be, a certificate in the
form set forth in Exhibit C.4 to this Indenture. Any interest so received by
Euroclear and Clearstream and not paid as herein provided shall be returned to
the Trustee immediately prior to the expiration of two years after such Interest
Payment Date in order to be repaid to the Company in accordance with Section
11.03. 

Section 3.05. Registration,
Registration of Transfer and Exchange. The Company shall cause to be kept at the Corporate Trust Office of the
Trustee a register (the register maintained in such office and in any other
office or agency to be maintained by the Company in accordance with Section
11.02 being herein sometimes collectively referred to as the “Security Register”) in which, subject to such reasonable
regulations as it may prescribe, the Company shall provide for the registration
of Registered Securities and of transfers of Registered Securities. The Trustee
is hereby appointed “Security Registrar” for the purpose of registering
Registered Securities and transfers of Registered Securities as herein provided.

Upon
due surrender for registration of transfer of any Registered Security of any
series at the office or agency maintained pursuant to Section 11.02 for such
purpose 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 Registered Securities of the same
series, of any authorized denominations and of a like aggregate principal amount
and tenor. 

At
the option of the Holder, Registered Securities of any series may be exchanged
for other Registered Securities of the same series, of any authorized
denominations and of a like aggregate principal amount and tenor, upon surrender
of the Securities to be exchanged at such office or agency. Bearer Securities
may not be issued in exchange for Registered Securities. 

27

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

Notwithstanding the foregoing, except as otherwise specified as
contemplated by Section 3.01, any permanent global Security shall be
exchangeable only as provided in this paragraph. If the beneficial owners of
interest in a permanent global Security are entitled to exchange such interests
for Securities of such series and of like tenor and principal amount of another
authorized form and denomination, as specified as contemplated by Section 3.01,
then without unnecessary delay but in any event not later than the earliest date
on which such interests may be so exchanged, the Company shall deliver to the
Trustee definitive Securities of that series in aggregate principal amount equal
to the principal amount of such permanent global Security, executed by the
Company. On or after the earliest date on which such interests may be so
exchanged, such permanent global Security shall be surrendered by the Common
Depository or such other depositary as shall be specified in the Company Order
with respect thereto to the Trustee as the Company’s agent for such purpose, to
be exchanged, in whole or from time to time in part, for definitive Securities
of the same series without charge and the Trustee shall authenticate and
deliver, in exchange for each portion of such permanent global Security, a like
aggregate principal amount of definitive Securities of the same series of
authorized denominations and of like tenor as the portion of such permanent
global Security to be exchanged which, unless the Securities of the series are
not issuable both as Bearer Securities and as Registered Securities, as
specified as contemplated by Section 3.01, shall be in the form of Bearer
Securities or Registered Securities, or any combination thereof, as shall be
specified by the beneficial owner thereof, provided, however, that no such exchanges may occur during a period
beginning at the opening of business 15 days before any selection of Securities
of that series to be redeemed and ending on the relevant Redemption Date; and
provided, further, that no Bearer
Security delivered in exchange for a portion of a permanent global Security (or,
if specified as contemplated by Section 3.01, in exchange for Registered
Securities) shall be mailed or otherwise delivered to any location in the United
States. Promptly following any such exchange in part and any endorsement thereon
to reflect the amount represented by such exchange, such permanent global
Security shall be returned by the Trustee to the Common Depository or such other
depositary or Common Depository referred to above in accordance with the
instructions of the Company referred to above. If a Registered Security is
issued in exchange for any portion of a permanent global Security after the
close of business at the office or agency where such exchange occurs on (i) any
Regular Record Date and before the opening of business at such office or agency
on the relevant Interest Payment Date, or (ii) any Special Record Date and
before the opening of business at such office or agency on the related proposed
date for payment of Defaulted Interest, interest or Defaulted Interest, as the
case may be, will not be payable on such Interest Payment Date or proposed date
for payment, as the case may be, in respect of such Registered Security, but
will be payable on such Interest Payment Date or proposed date for payment, as
the case may be, only to the Person to whom interest in respect of such portion
of such permanent global Security is payable in accordance with the provisions
of this Indenture. 

28

Notwithstanding the foregoing and except as otherwise specified or
contemplated by Section 3.01, any Book-Entry Security shall be exchangeable
pursuant to this Section 3.05 or Sections 3.04, 9.06 and 12.07 for Securities
registered in the name of, and a transfer of a Book-Entry Security or any series
may be registered to, any Person other than the Depository for such Security or
its nominee only if (i) such Depository notifies the Company that it is
unwilling or unable to continue as Depository for such Book-Entry Security or if
at any time such Depository ceases to be a clearing agency registered under the
Exchange Act, (ii) the Company executes and delivers to the Trustee a Company
Order that such Book-Entry Security shall be so exchangeable and the transfer
thereof so registrable or (iii) there shall have occurred and be continuing an
Event of Default, or an event which after notice or lapse of time would be an
Event of Default, with respect to the Securities of such series. Upon the
occurrence in respect of any Book-Entry Security of any series of any one or
more of the conditions specified in clauses (i), (ii) or (iii) of the preceding
sentence or such other conditions as may be specified as contemplated by Section
3.01 for such series, such Book-Entry Security may be exchanged for Securities
registered in the names of, and the transfer of such Book-Entry Security may be
registered to, such Persons (including Persons other than the Depository with
respect to such series and its nominees) as such Depository shall direct.
Notwithstanding any other provision of this Indenture, any Security
authenticated and delivered upon registration of transfer of, or in exchange
for, or in lieu of, any Book-Entry Security shall also be a Book-Entry Security
and shall bear the legend specified in Section 2.04 except for any Security
authenticated and delivered in exchange for, or upon registration of transfer
of, Book-Entry Security pursuant to the preceding sentence. 

29

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

Every Registered Security presented or surrendered for registration of
transfer or for exchange shall (if so required by the Company or the Trustee or
any transfer agent) be duly endorsed, or be accompanied by a written instrument
of transfer in form satisfactory to the Company, the Trustee and the Security
Registrar or any transfer agent 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 Sections Section 3.04, 9.06 and 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 any selection of Securities of that series to be redeemed and ending
at the close of business on (A) if Securities of the series are issuable only as
Registered Securities, the day of the mailing of the relevant notice of
redemption and (B) if Securities of the series are issuable as Bearer
Securities, the day of the first publication of the relevant notice of
redemption or, if Securities of the series are also issuable as Registered
Securities and there is no publication, the mailing of the relevant notice of
redemption, (ii) to register the transfer of or exchange any Registered Security
so selected for redemption in whole or in part, except the unredeemed portion of
any Security being redeemed in part, or (iii) to exchange any Bearer Security so
selected for redemption except that such a Bearer Security may be exchanged for
a Registered Security of that series and like tenor, provided that such Registered Security shall be simultaneously surrendered for
redemption. 

Notwithstanding anything in this Indenture or in the terms of a Security
to the contrary, the exchange of Bearer Securities for Registered Securities
will be subject to satisfaction of the provisions of the United States Federal
income tax laws in effect at the time of such exchange. None of the Company, the
Trustee or any Authenticating Agent of the Company or the Trustee (any of which,
other than the Company, shall rely on an Officers’ Certificate and an Opinion of
Counsel) shall be required to exchange any Bearer Security for a Registered
Security if as a result thereof and in the Company’s reasonable judgment, the
Company would incur adverse consequences under then applicable United States
Federal income laws. No Registered Security may be exchanged for a Bearer
Security. 

30

Each
Holder of a Security agrees to indemnify the Company 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. 

Section 3.06. Mutilated,
Destroyed, Lost and Stolen Securities. If any mutilated Security or a Security with a mutilated coupon
appertaining thereto is surrendered to the Trustee, the Company shall execute,
and the Trustee shall authenticate and deliver in exchange therefor, a new
Security of the same series and of like tenor and principal amount and bearing a
number not contemporaneously outstanding, with coupons corresponding to the
coupons, if any, appertaining to the surrendered Security. 

If
there shall have been delivered to the Company and the Trustee (i) evidence to
their satisfaction of the destruction, loss or theft of any Security or coupon,
and (ii) such security or indemnity as may be required by them to save each of
them harmless, then, in the absence of notice to the Company or the Trustee that
such Security or coupon has been acquired by a bona fide purchaser, the Company shall execute and upon its written request the
Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or
stolen Security or in exchange for the Security to which a destroyed, lost or
stolen coupon appertains (with all appurtenant coupons not destroyed, lost or
stolen), a new Security of the same series and of like tenor and principal
amount and bearing a number not contemporaneously outstanding, with coupons
corresponding to the coupons, if any, appertaining to such destroyed, lost or
stolen Security or to the Security to which such destroyed, lost or stolen
coupon appertains. 

In
case any such mutilated, destroyed, lost or stolen Security or coupon has become
or is about to become due and payable, the Company in its discretion may,
instead of issuing a new Security, pay such Security or coupon; provided
however, that principal of (and premium, if any) and interest, if any, on Bearer
Securities shall, except as otherwise provided in Section 11.02, be payable only
at an office or agency located outside the United States; and provided, further, that, unless otherwise specified as contemplated
by Section 3.01 with respect to any series of Securities, interest on Bearer
Securities (but not any additional amounts payable as provided in Section
11.09), shall be payable only upon presentation and surrender of the coupons
appertaining thereto. 

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

31

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

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

Section 3.07. Payment of
Interest; Interest Rights Preserved. Unless otherwise specified as contemplated by Section 3.01 with respect
to any series of Securities, interest on any Registered 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; provided, however, that each installment of interest on any Registered Security may at the
Company’s option be paid by (i) mailing a check for such interest, payable to
the Person entitled thereto pursuant to Section 3.08, to the address of such
Person as it appears on the Security Register or (ii) transfer to an account
maintained by such Person inside the United States; provided, however, that if payment is to be made pursuant to (ii)
above, the Trustee shall have received written wire instructions by no later
than the Regular Record Date preceding such Interest Payment Date. 

Unless otherwise provided as contemplated by Section 3.01, every
permanent global Security or Book-Entry Security will provide that interest, if
any, payable on any Interest Payment Date will be paid to The Depository Trust
Company, Euroclear and or Clearstream, as the case may be, with respect to that
portion of such permanent global Security held for its account by Cede & Co.
or the Common Depository, as the case may be, for the purpose of permitting such
party to credit the interest received by it in respect of such permanent global
Security or Book-Entry Security to the accounts of the beneficial owners
thereof. 

Unless otherwise specified as contemplated by Section 3.01 with respect
to any series of Securities, any interest due on Bearer Securities on or before
Maturity shall be payable only upon presentation and surrender of the several
coupons for such interest installments as are evidenced thereby as severally
mature. 

Notwithstanding the foregoing and unless otherwise provided as
contemplated by Section 3.01 with respect to the Securities of any series,
payment of interest may be made, in the case of a Bearer Security, by transfer
to an account maintained by the payee with a bank located outside the United
States upon surrender of the coupon for such payment. 

32

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

Any
interest on any Registered 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 (a) or (b) below. 

(a)
The Company may elect to make payment of any Defaulted Interest to the Persons
in whose names the Registered Securities of such series (or their respective
Predecessor Securities) are registered at the close of business on a Special
Record Date for the payment of such Defaulted Interest, which shall be fixed in
the following manner. The Company shall notify the Trustee in writing of the
amount of Defaulted Interest proposed to be paid on each Registered Security of
such series and the date of the proposed payment, 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 (i) to
be mailed, first-class postage prepaid, to each Holder of Registered Securities
of such series at his address as it appears in the Security Register, not less
than 10 days prior to such Special Record Date, and (ii) with respect to Bearer
Securities of such series, to be published as provided for in Section 1.06. The
Trustee may, in addition, in the name and at the expense of the Company, cause a
similar notice to be published at least once in a newspaper published in the
English language customarily published on each Business Day and of general
circulation in the Borough of Manhattan, the City of New York, but such
publication shall not be a condition precedent to the establishment of such
Special Record Date. Notice of the proposed payment of such Defaulted Interest
and the Special Record Date therefor having been mailed as aforesaid, such
Defaulted Interest shall be paid to the Persons in whose names the Registered
Securities of such series (or their respective Predecessor Securities) are
registered at the close of business on such Special Record Date and shall no
longer be payable pursuant to the following clause (b). 

33

(b)
The Company may make payment of any Defaulted Interest on the Registered
Securities of any series in any other lawful manner not inconsistent with the
requirements of any securities exchange on which such Securities may be listed,
and upon such notice as may be required by such exchange, if, after notice is
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 and Section 3.05,
each Security delivered under this Indenture upon registration of transfer of or
in exchange for or in lieu of any other Security shall carry the rights to
interest accrued and unpaid, and to accrue, which were carried by such other
Security. 

Section 3.08. Persons
Deemed Owners. Prior to due
presentment of a Registered Security
for registration of transfer, the Company, the Trustee and any agent of the
Company or the Trustee may treat the Person in whose name such Registered
Security is registered as the owner of such Registered Security for the purpose
of receiving payment of principal of (and premium, if any) and (subject to
Sections 3.05 and 3.07) interest, if any, on such Security and for all other
purposes whatsoever, whether or not such Security be overdue, and neither the
Company, the Trustee nor any agent of the Company or the Trustee shall be
affected by notice to the contrary. 

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

Except as provided in Section 3.05, owners of beneficial interests in a
Book-Entry Security shall not be entitled to have Securities represented by such
Book-Entry Security registered in their names, shall not receive or be entitled
to receive physical delivery of Securities in certificated form and shall not be
considered the Holders thereof for any purpose under this Indenture. Members or
participants in the Depository shall have no rights under this Indenture with
respect to any Book-Entry Security held on their behalf by the Depository, and
such Depository may be treated by the Company, the Trustee and any agent of the
Company or the Trustee as the Holder of such Book-Entry Security under this
Indenture. Notwithstanding the foregoing, with respect to any Book-Entry
Security, nothing herein shall prevent the Company, the Trustee, or any agent of
the Company or the Trustee, from giving effect to any written certification,
proxy or other authorization furnished by the Depository, as a Holder, with
respect to such Book-Entry Security or impair, as between the Depository and
owners of beneficial interests in such Book-Entry Security, the operation of
customary practices governing the exercise of the rights of the Depository (or
its nominee) as Holder of such Book-Entry Security. 

34

None
of the Company, the Trustee, any Paying Agent or the Security Registrar will
have any responsibility or liability for any aspect of the records relating to
or payments made on account of beneficial ownership interests of a Book-Entry
Security or for maintaining, supervising or reviewing any records relating to
such beneficial ownership interests or for the delivery to any member of or
participants in the Depository of any notice permitted or required to be given
to the Holders of the Securities under this Indenture. 

Section 3.09. Cancellation. All
Securities and coupons 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 such Securities and coupons shall be promptly cancelled by the Trustee. 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,
except as expressly permitted by this Indenture. All cancelled Securities and
coupons held by the Trustee shall be destroyed by the Trustee unless other
instructions are furnished to the Trustee by a Company Order. 

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

Section 3.10. Computation
of Interest. Except as otherwise
specified as contemplated by Section 3.01 for the Securities of any series,
interest, if any 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. Electronic
Security Issuance. The Securities
may, pursuant to a Board Resolution and Officers’ Certificate complying with
Section 3.01 hereof, be issued by means of an electronic issuance system. Any
such Security issuance instructions may specify the name, address and taxpayer
identification number of the Holder, the principal amount and Maturity of the
Security, the interest rate to be borne by the Security and any other terms not
inconsistent with such Board Resolution and Officers’ Certificate. Nothing in this Section 3.11 shall be construed as
prohibiting the Company from issuing Securities by any means not inconsistent
with the provisions of this Indenture. 

Section 3.12. 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 a
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. 

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ARTICLE 4 
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 any surviving rights of registration
of transfer or exchange of Securities of such series herein expressly provided
for the form of Security for such series and any right to receive additional
amounts, as provided in Section 11.09), and the Trustee, at the expense of the
Company, shall execute proper instruments acknowledging satisfaction and
discharge of this Indenture as to such series: when 

(a)
either 

(i) all Securities of such series theretofore
authenticated and delivered and all coupons, if any, appertaining thereto (other
than (A) coupons appertaining to Bearer Securities surrendered for exchange for
Registered Securities and maturing after such exchange, whose surrender is not
required or has been waived as provided in Section 3.05, (B) Securities of such
series and coupons appertaining thereto which have been destroyed, lost or
stolen and which have been replaced or paid as provided in Section 3.06, (C)
coupons appertaining to Securities of such series called for redemption and
maturing after the relevant Redemption Date, whose surrender has been waived as
provided in Section 12.06 and (D) Securities of such series and coupons
appertaining thereto 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 11.03) have
been delivered to the Trustee for cancellation; or 

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

(A) have become due and payable, or 

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

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

36

(b)
the Company has paid or caused to be paid all other sums payable hereunder by
the Company with respect to such series; and 

(c)
the Company has delivered to the Trustee an Officers’ Certificate and an Opinion
of Counsel, each stating that, with respect to such series, 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 with
respect to such series, the obligations of the Company to the Trustee with
respect to such series under Section 6.07, and, if money shall have been
deposited with the Trustee pursuant to subclause (ii) of clause (a) of this
Section, the obligations of the Trustee under Section 4.02 and the last
paragraph of Section 11.03, shall survive. 

Section 4.02. Application
of Trust Money. Subject to the
provisions of the last paragraph of Section 11.03, all money deposited with the
Trustee pursuant to Section 4.01 and all money and U.S. Government Obligations
deposited with the Trustee (or a successor trustee satisfying the requirements
of Section 6.09) pursuant to Section 4.03 shall be held in trust and shall be
applied by it, in accordance with the provisions of the series of Securities and
this Indenture, to the payment, either directly or through any Paying Agent as
the Trustee may determine, to the Persons entitled thereto, of all sums due and
to become due thereon in respect of the principal of (and premium, if any) and
interest, if any, on the Securities for which payment such money has been
deposited with the Trustee or to make mandatory sinking fund payments or
analogous payments as contemplated by Section 4.03. 

Section 4.03. Discharge and
Defeasance of Securities of any Series. If this Section 4.03 is specified, as contemplated by Section 3.01, to
be applicable to the Securities of any series, then, notwithstanding the
provisions of Section 4.01, the Company shall be deemed to have paid and
discharged the entire indebtedness on all the Outstanding Securities of any such
series on the 91st day after the date of the deposit referred to in subparagraph
(d) hereof, 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 upon Company Request, execute proper instruments
acknowledging the same), except as to: 

(a)
the rights of Holders of Securities of such series 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, if any, on the Outstanding Securities of such series on the Stated
Maturity of such principal or installment of principal or interest and (ii) any
mandatory sinking fund payments or analogous payments applicable to the
Securities of such series on the day on which such payments are due and payable
in accordance with the terms of this Indenture and such Securities; and

37

(b)
the rights, powers, trusts, duties and immunities of the Trustee hereunder with
respect to such series, including those set forth in Section 6.07; and

(c)
either (i) if this Section 4.03(c)(i) is specified, as contemplated by Section
3.01, to be applicable to the Securities of any series, the Company’s
obligations with respect to the Securities of such series under Sections 3.04,
3.05, 3.06, 11.02 and 11.03; or, alternatively, (ii) if this Section 4.03(c)(ii)
is specified, as contemplated by Section 3.01, to be applicable to the
Securities of any series, the Company’s obligations with respect to such
Securities under Sections 3.04, 3.05, 3.06, Section 11.01, 11.02 and 11.03;

provided that, the following conditions shall have been
satisfied: 

(d)
the Company shall have irrevocably deposited or caused to be deposited (in
accordance with Section 4.02) with the Trustee (or another trustee satisfying
the requirements of Section 6.09) 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, with reference to this Section 4.03 (i) money in an
amount, or (ii) U.S. Government Obligations which through the payment of
interest and principal in respect thereof in accordance with their terms will
provide not later than one Business Day before the due date of any payment
referred to in clause (A) or (B) of this subparagraph (d) money in an amount, or
(iii) a combination thereof, sufficient, in the opinion of a nationally
recognized 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, if any, on the Outstanding Securities of such
series 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 or analogous payments applicable to the Securities of such series on
the day on which such payments are due and payable in accordance with the terms
of this Indenture and of such Securities; 

(e)
such deposit shall not cause the Trustee with respect to the Securities of such
series to have a conflicting interest as defined in Section 6.08 or for purposes
of the Trust Indenture Act with respect to the Securities of any series;

(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)
if this Section 4.03(g) is specified, as contemplated by Section 3.01, to be
applicable to the Securities of any series, such provision would not cause any
Outstanding Securities of such series then listed on the New York Stock Exchange
or other nationally recognized securities exchange to be de-listed as a result
thereof; 

38

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

(i)
if this Section 4.03(i) is specified, as contemplated by Section 3.01, to be
applicable to the Securities of any series, the Company has delivered to the
Trustee an Opinion of Counsel to the effect that, based upon applicable Federal
income tax law or a ruling published by the Internal Revenue Service (which
opinion, for the purposes contemplated by Section 4.03(c)(i), must be based on a
change in applicable Federal income tax law after the date of this Indenture or
a ruling published by the Internal Revenue Service after the date of this
Indenture), the Holders of the Securities of such series 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; and

(j)
the Company has delivered to the Trustee an Officers’ Certificate and an Opinion
of Counsel, each stating that all conditions precedent relating to the
defeasance contemplated by this Section have been complied with. 

ARTICLE 5 
Remedies

Section 5.01. Events of
Default. “Event of Default”, wherever used herein with respect to Securities
of any series, means any one of the following events (whatever the reason for
such Event of Default and whether it shall be voluntary or involuntary or be
effected by operation of law or pursuant to any judgment, decree or order of any
court or any order, rule or regulation of any administrative or governmental
body): 

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

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

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

(d)
default in the performance or breach of any covenant or warranty of the Company
in this Indenture (other than a covenant or warranty a default in whose
performance or whose breach is elsewhere in this Section specifically dealt with
or which has expressly been included in this Indenture solely for the benefit of
a particular series of Securities other than that series) and continuance of
such default or breach for a period of 90 days after there has been given, by
registered or certified mail, to the Company by the Trustee or to the Company
and the Trustee by the Holders of at least 25% in principal amount of the
Outstanding Securities of that series a written notice specifying such default
or breach and requiring it to be remedied and stating that such notice is a
“Notice of Default” hereunder; or

39

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

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

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

Section 5.02. Acceleration
of Maturity; Rescission and Annulment. If an Event of Default with respect to Securities of any series at the
time Outstanding occurs and is continuing, then and in any 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 of such Securities as may be specified in the terms
thereof) 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. 

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 

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

(i) all overdue installments of interest on all
Securities of that series, 

40

(ii) 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, if any, thereon at the rate or rates
prescribed therefor in such Securities, 

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

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

(b)
all Events of Default with respect to Securities of that series, other than the
nonpayment 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 

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

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

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

If
the Company fails to pay such amounts forthwith upon such demand, the Trustee,
in its own name and as trustee of an express trust, may institute a judicial
proceeding for the collection of the sums so due and unpaid, may prosecute such
proceeding to judgment or final decree and may enforce the same against the
Company or any other obligor upon such 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 any other obligor upon such Securities, wherever
situated. 

41

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

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

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

and
any receiver, assignee, custodian, trustee, liquidator, sequestrator or other
similar official in any such judicial proceeding is hereby authorized by each
Holder of Securities and coupons to make such payments to the Trustee and, in
the event that the Trustee shall consent to the making of such payments directly
to the Holders of Securities and coupons, to pay to the Trustee any amount due
to it for the reasonable compensation, expenses, disbursements and advances of
the Trustee, its agents and counsel, and any other amounts due the Trustee under
Section 6.07. 

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

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

42

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, if any, upon presentation of the Securities or coupons or both and the
notation thereon of the payment if only partially paid and upon surrender
thereof if fully paid: 

First: To the payment of all amounts due the Trustee under Section 6.07;

Second: To the payment of then due and unpaid for principal of (and
premium, if any) and interest, if any, on the Securities and coupons 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 and coupons for principal (and premium, if any) and
interest, if any, respectively; and 

Third: The balance, if any, to the Company. 

Section 5.07. Limitation on
Suits. No Holder of any Security
of any series or any related coupons 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

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

(b)
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; 

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

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

(e)
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 Holders of Securities of such series 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 such
Holders of, or to obtain or to seek to obtain priority or preference over any
other 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. 

43

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 or coupon shall have the right, which is
absolute and unconditional, to receive payment of the principal of (and premium,
if any) and (subject to Sections 3.05 and 3.07) interest, if any, on such
security or payment of such coupon on the Stated Maturity or Maturities
expressed in such Security or coupon (or, in the case of redemption, on the
Redemption Date) and to institute suit for the enforcement of any such payment
and such rights shall not be impaired without the consent of such Holder.

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

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

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

Section 5.12. Control by
Holders. Subject to Section
6.03(e), the Holders of a majority in principal amount of the Outstanding
Securities of any series shall have the right to direct the time, method and
place of conducting any proceeding for any remedy available to the Trustee, or
exercising any trust or power conferred on the Trustee, with respect to the
Securities of such series, provided that 

44

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

(b)
the Trustee may take any other action deemed proper by the Trustee 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 and any
related coupons waive any past default hereunder with respect to the Securities
of such series and its consequences, except a default: 

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

(b)
with respect to a covenant or provision hereof which under Article 9 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 or coupon by his acceptance
thereof shall be deemed to have agreed, that any court may in its discretion
require, in any suit for the enforcement of any right or remedy under this
Indenture, or in any suit against the Trustee for any action taken, suffered or
omitted by it as Trustee, the filing by any party litigant in such suit of an
undertaking to pay the costs of such suit, and that such court may in its
discretion assess reasonable costs, including reasonable attorneys’ fees,
against any party litigant in such suit, having due regard for the merits and
good faith of the claims or defenses made by such party litigant; but the
provisions of this Section shall not apply to any suit instituted by the
Trustee, or 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 of any Security or coupon
for the enforcement of the payment of the principal of (or premium, if any) or
interest, if any, on any Security or the payment of any coupon on or after the
Stated Maturity or Maturities expressed in such Security or coupon (or, in the
case of redemption, on or after the Redemption Date). 

Section 5.15. Waiver of
Stay or Extension Laws. The
Company covenants (to the extent that it may lawfully do so) that it will not at
any time insist upon, or plead, or in any manner whatsoever claim or take the
benefit or advantage of, any stay or extension law wherever enacted, now or at
any time hereafter in force, which may affect the covenants or the performance
of this Indenture; and the Company (to the extent that it may lawfully do so)
hereby expressly waives all benefit or advantage of any such law, and covenants
that it will not hinder, delay or impede the execution of any power herein
granted to the Trustee, but will suffer and permit the execution of every such
power as though no such law had been enacted. 

45

ARTICLE 6 
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, 

(i) 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 the Trustee shall not be liable except for the
performance of such duties and obligations as are specifically set forth in this
Indenture, and no implied covenants or obligations shall be read into this
Indenture against the Trustee; and 

(ii) in the absence of willful misconduct 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 provisions
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 man
would exercise or use under the circumstances in the conduct of his 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 

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

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

(iii) the Trustee shall not be liable with respect
to any action taken, suffered 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 

46

(iv) no provision of this Indenture shall require
the Trustee to expend or risk its own funds or otherwise incur any financial
liability in the performance of any of its duties hereunder or in the exercise
of any of its rights or powers, 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. 

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 in the manner and to the extent provided in
Section 7.03(c), 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, if any, 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 and so long as it 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(d) with respect to Securities of such series, no such notice to Holders
shall be given until at least 60 days after the occurrence thereof. For the
purpose of this Section, the term “default” means any event which is, or after
notice or lapse of time or both would become, an Event of Default with respect
to Securities of such series. 

Section 6.03. Certain
Rights of Trustee. Except as
otherwise provided in Section 6.01: 

(a)
the Trustee may rely and shall be protected in acting or refraining from acting
upon any resolution, certificate, statement, instrument, opinion, report,
notice, request, direction, consent, order, bond, debenture, note, coupon, 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 or as otherwise expressly
provided herein 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 willful misconduct on its part,
rely upon an Officers’ Certificate and such Officers’ Certificate, in the
absence of negligence or willful misconduct on the part of the Trustee, shall be
full warrant to the Trustee for any action taken, suffered or omitted by it
under the provisions of this Indenture upon the faith thereof; 

47

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

(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 of Securities of any series or
related coupons shall have offered to the Trustee security or indemnity against
the 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, calculation or
quotation, instrument, opinion, report, notice, request, direction, consent,
order, bond, debenture, note, coupon, other evidence of indebtedness or other
paper or document, but the Trustee 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; 

(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 by the Trustee to
act hereunder; and 

(k)
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.

48

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 or the coupons, except that
the Trustee represents that it is duly authorized to execute and deliver this
Indenture, authenticate the Securities and perform its obligations hereunder and
that the statements made by it in its Statements of Eligibility on Form T-1
supplied to the Company are true and accurate. The Trustee or any Authenticating
Agent 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
or coupons and, subject to Sections 6.08 and 6.13, may otherwise deal with 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
and Reimbursement. The Company
agrees: 

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

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

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

49

The
obligations of the Company under this Section shall constitute additional
indebtedness hereunder and shall survive the satisfaction and discharges of this
Indenture. Such additional indebtedness shall be a senior claim to that of the
Securities upon all property and funds held or collected by the Trustee as such,
except funds held in trust for the benefit of the Holders of particular
Securities, and the Securities are hereby subordinated to such senior claim.

When
the Trustee incurs expenses or renders services after an Event of Default
specified in Section 5.01(e) or (f) occurs, the expenses and the compensation
for the services (including the fees and expenses of its agents and counsel) are
intended to constitute expenses of administration under any Bankruptcy Law.

Section 6.08. Disqualification; Conflicting Interests. If the Trustee has or shall acquire a
conflicting interest within the meaning of the Trust Indenture Act, the Trustee
shall either eliminate such interest or resign, to the extent and in the manner
provided by, and subject to Section 310(b) of the Trust Indenture Act and this
Indenture. 

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 or
of any State or the District of Columbia, authorized under such laws to exercise
corporate trust powers, having a combined capital and surplus of at least
$50,000,000, subject to supervision or examination by Federal, State or District
of Columbia authority and having its Corporate Trust Office in the Borough of
Manhattan, the City of New York. If such corporation publishes reports of
condition at least annually, pursuant to law or to the requirements of the
aforesaid supervising or examining authority, then for the purposes of this
Section, the combined capital and surplus of such corporation shall be deemed to
be its combined capital and surplus as set forth in its most recent report of
condition so published. If at any time the Trustee shall cease to be eligible in
accordance with the provisions of this Section, it shall resign immediately in
the manner and with the effect hereinafter specified in this Article.

Section 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 under 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 petition any court of competent
jurisdiction for the appointment of a successor Trustee with respect to the
Securities of such series. 

50

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

(d)
If at any time: 

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

(ii) 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 

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

then, in any such case, (i)
the Company by 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. 

The
Company may also remove the Trustee with or without cause if the Company so
notifies the Trustee six months in advance and if no Event of Default occurs
during the six-month period. 

(e)
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 Trustee appointed by the Company. If no successor
Trustee with respect to the Securities of any series shall have been so
appointed by the Company or the Holders of Securities of that series and
accepted appointment in the manner required by Section 6.11, any Holder of a
Security who has been a bona fide Holder of a Security of such series for at
least six months, subject to Section 5.14, 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.

51

(f)
The Company shall give notice of each resignation and each removal of the
Trustee with respect to the Securities of any series and each appointment of a
successor Trustee with respect to the Securities of any series in the manner
provided in Section 1.06. Each notice shall include the name of the successor
Trustee with respect to the Securities of such series and the address of its
Corporate Trust Office. 

Section 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 request of the Company or the
successor Trustee, such retiring Trustee shall, upon payment of the charges due
it pursuant to Section 6.07, execute and deliver an instrument transferring to
such successor Trustee all the rights, powers and trusts of the retiring
Trustee, and shall duly assign, transfer and deliver to such successor Trustee
all property and money held by such retiring Trustee hereunder. 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. 

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

52

(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, 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 of
the corporate trust business of the Trustee, shall be the successor of the
Trustee hereunder, provided such corporation shall be otherwise qualified and
eligible under this Article, without the execution or filing of any paper or any
further act on the part of any of the parties hereto. In a 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. If and when the Trustee shall be or become a creditor of the Company
(or any other obligor upon the Securities), the Trustee shall be subject to the
provisions of the Trust Indenture Act regarding the collection of claims against
the Company (or any such other obligor). A Trustee who has resigned or been
removed shall be subject to Section 311(a) of the Trust Indenture Act to the
extent provided therein. 

Section 6.14. Appointment
of Authenticating Agent. The
Trustee may appoint an Authenticating Agent or Agents with respect to one or
more series of Securities which shall be authorized to act on behalf of the
Trustee to authenticate Securities of such series issued upon original issue or
upon exchange, registration of transfer or partial redemption thereof or
pursuant to Section 3.06, and Securities so authenticated shall be entitled to
the benefits of this Indenture and shall be valid and obligatory for all
purposes as if authenticated by the Trustee hereunder. Wherever reference is
made in this Indenture to the authentication and delivery of Securities by the
Trustee or the Trustee’s certificate of authentication such reference shall be
deemed to include authentication and delivery on behalf of the Trustee by an
Authenticating Agent and a certificate of authentication executed on behalf of
the Trustee by an Authenticating Agent. Each Authenticating Agent shall be
acceptable to the Company. If such Authenticating Agent publishes reports of
condition at least annually, pursuant to law or to the requirements of said
supervising or examining authority, then for the purposes of this Section, the
combined capital and surplus of such Authenticating Agent shall be deemed to be
its combined capital and surplus as set forth in its most recent report of
condition so published. If at any time an Authenticating Agent shall cease to be
eligible in accordance with the provisions of this Section, such Authenticating
Agent shall resign immediately in the manner and with the effect specified in
this Section.

53

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

An
Authenticating Agent may resign at any time by giving written notice thereof to
the Trustee and to the Company. The Trustee may at any time terminate the agency
of an Authenticating Agent by giving written notice thereof to such
Authenticating Agent and to the Company. Upon receiving such a notice of
resignation or upon such a termination, or in case at any time such
Authenticating Agent shall cease to be eligible in accordance with the
provisions of this Section, the Trustee may appoint a successor Authenticating
Agent which shall be acceptable to the Company and shall promptly give notice of
such appointment to all Holders of Securities pursuant to Section 1.06. Any
successor Authenticating Agent upon acceptance of its appointment hereunder
shall become vested with all the rights, powers and duties of its predecessor
hereunder with like effect as if originally named as an Authenticating Agent. No
successor Authenticating Agent shall be appointed unless eligible under the
provisions of this Section. 

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

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

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

	WELLS FARGO BANK, NATIONAL
	ASSOCIATION, as Trustee
	 
	 
	By:     	 
		Authenticating Agent
	 
	 
	By:	
		Authorized Signatory

54

If
the Trustee does not have an office capable of authenticating Securities upon
original issuance located in a Place of Payment where the Company wishes to have
Securities of such series authenticated upon original issuance, the Trustee, if
so requested by the Company in writing (which writing need not comply with
Section 102 and need not be accompanied by an Opinion of Counsel), shall appoint
(at the expense of the Company) in accordance with this Section an
Authenticating Agent having an office in a Place of Payment designated by the
Company with respect to such series of Securities. 

ARTICLE 7 
Holders’ Lists and Reports by Trustee and Company

Section 7.01. Company to
Furnish Trustee Names and Addresses of Holders of Registered
Securities. The Company will
furnish or cause to be furnished to the Trustee with respect to the Registered
Securities of each series: 

(a)
semi-annually, not more than fifteen 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 15 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 of such Registered Securities as of such
Regular Record Date or such semiannual 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 Trustee shall preserve, in as current a form as is reasonably
practicable, the names and addresses of Holders of Registered Securities (a)
contained in the most recent list furnished to the Trustee as provided in
Section 7.01, (b) received by the Trustee in its capacity as Security Registrar
(or Paying Agent, if so acting) and (c) filed with it during the two preceding
years pursuant to Section 7.03(c). The Trustee may destroy any list furnished
to it as provided in Section 7.01 upon receipt of a new list so furnished.

55

(b)
If three or more Holders of Securities of any series (hereinafter 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 of
Securities of such series with respect to their rights under this Indenture or
under the Securities of such series 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 of Registered Securities of such series 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 of Registered Securities of such series 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 of Registered Securities of such series whose name and
address appears 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, 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 interests of the Holders of Registered
Securities of such series 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 of
Registered Securities of such series 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 or coupons, by receiving and holding the same, agrees
with the Company and the Trustee that neither the Company nor the Trustee, nor
any agent of the Company or the Trustee shall be held accountable by reason of
the disclosure of any such information as to the names and addresses of the
Holders of Registered Securities 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). 

Section 7.03. Reports by
Trustee. (a) The Trustee shall
transmit to Holders such reports concerning the Trustee and its actions under
this Indenture as may be required pursuant to the Trust Indenture Act at the
times and in the manner provided pursuant thereto. If required by Section 313(a)
of the Trust Indenture Act, the Trustee shall, within 60 days after each
September 1 following the date of this Indenture deliver to Holders a report,
dated as of such September 1, which complies with the provisions of such Section
313(a).

56

(b)
The Trustee shall comply with Sections 313(b) and 313(c) of the Trust Indenture
Act. 

(c)
A copy of such report shall, at the time of such transmission to the Holders of
Securities, be filed by the Trustee with the Company, with each securities
exchange upon which any of the Securities are listed (if so listed) and also
with the Commission. The Company agrees to notify the Trustee when any
Securities become listed on any stock exchange or market center. 

Section 7.04. Reports by
Company. The Company will:

(a)
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 Exchange Act; or, if the Company is not
required to file information, documents or reports pursuant to either of said
Sections, then it will file with the Trustee and the Commission, in accordance
with rules and regulations prescribed from time to time by the Commission, such
of the supplementary and periodic information, documents and reports which may
be required pursuant to Section 13 of the Exchange Act 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; provided that the Company shall be deemed to have filed with the Trustee any
annual report, information, document or other report that the Company shall have
filed with the Commission that is publicly available via the Commission’s
Electronic Data Gathering, Analysis and Retrieval (EDGAR) system or any
successor thereto; provided
further that the Trustee shall
have no obligation whatsoever to determine whether or not such information,
documents or reports have been filed pursuant to the EDGAR system (or its
successor). 

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

(c)
transmit by mail to all Holders, within 30 days after the filing thereof with
the Trustee, in the manner and to the extent provided in Section 7.03(c) with
respect to reports pursuant to Section 7.03(a), such summaries of any
information, documents and reports required to be filed by the Company pursuant
to paragraphs (a) and (b) of this Section as may be required by rules and
regulations prescribed from time to time by the Commission. 

57

Delivery of such reports, information and documents referenced above 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
compliance with any of its covenants hereunder (as to which the Trustee is
entitled to rely exclusively on Officers’ Certificates). 

ARTICLE 8 
Consolidation, Merger,  Conveyance, Transfer or Lease

Section 8.01. Company May
Consolidate, Etc., Only on Certain Terms.

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

(a)
the Person formed by such consolidation or into which the Company is merged or
the Person which acquires by sale, conveyance, transfer or lease the properties
and assets of the Company substantially as an entirety shall expressly assume,
by an indenture supplemental hereto, executed and delivered to the Trustee, in
form satisfactory to the Trustee, the due and punctual payment of the principal
of (and premium, if any) and interest, if any (including all additional amounts,
if any, payable pursuant to Section 11.09), on all the Securities and the
performance of every covenant of this Indenture on the part of the Company to be
performed or observed; 

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

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

Section 8.02. Successor
Substituted. Upon any
consolidation or merger by the Company with or into any other Person, or any
sale, conveyance, transfer or lease by the Company of the properties and assets
of the Company substantially as an entirety to any Person in accordance with
Section 8.01, the successor Person formed by such consolidation or into which
the Company is merged or to which such sale, conveyance, transfer or lease is
made shall succeed to, and be substituted for, and may exercise every right and
power of, the Company under this Indenture with the same effect as if such
successor Person had been named as the Company herein; and thereafter, the
Company (which term shall for this purpose mean the Person named as the
“Company” in the first paragraph of this Indenture or any successor Person which
shall theretofore become such in the manner described in Section 8.01) shall be
discharged from all obligations and covenants under this Indenture and the
Securities and coupons, and may be dissolved and liquidated. 

58

ARTICLE 9 
Supplemental Indentures

Section 9.01. Supplemental
Indentures Without Consent of Holders. Without the consent of any Holder of Securities, the Company, when
authorized by or pursuant to a Board Resolution, and the Trustee, at any time
and from time to time, may enter into one or more indentures supplemental
hereto, in form satisfactory to the Trustee, for any of the following purposes:

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

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

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

(d)
to add to or change any of the provisions of this Indenture to provide that
Bearer Securities may be registrable as to principal, to change or eliminate any
restrictions on the payment of principal (or premium, if any) or interest, if
any, on Bearer Securities, to permit Bearer Securities to be issued for Bearer
Securities of other authorized denominations or to permit the issuance of
Securities in uncertificated form, provided that any such action shall not
adversely affect the interests of the Holders of Securities of any series or any
related coupons in any material respect; or 

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

(f)
to secure the Securities and related coupons; or 

(g)
to establish the form or terms of Securities of any series and related coupons
as permitted by Section 2.01 and 3.01; or 

(h)
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/or to
add 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); or

59

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

(j)
to conform the text of this Indenture or any Security issued hereunder to any
provision of the registration statement (including any prospectus, prospectus
supplement or free writing prospectus filed with the Commission pursuant
thereto) pursuant to which Securities were or may be sold to the extent such
provision in the registration statement (including any prospectus, prospectus
supplement or free writing prospectus filed with the Commission pursuant
thereto) was intended to be a verbatim recitation of a provision in this
Indenture or such Securities, as set forth in an Officers’ Certificate.

Section 9.02. Supplemental
Indentures With Consent of Holders. With the consent of the Holders of not less than a majority in
principal amount of the Outstanding Securities of each series affected by such
supplemental indenture, by Act of said Holders delivered to the Company and the
Trustee, the Company, when authorized by a Board Resolution, and the Trustee may
enter into an indenture or indentures supplemental hereto for the purpose of
adding any provisions to or changing in any manner or eliminating any of the
provisions of this Indenture or of modifying in any manner the rights of the
Holders of Securities of such series and any related coupons under this
Indenture; provided, however, that no such supplemental indenture shall, without the consent of the
Holder of each Outstanding Security affected thereby: 

(a)
change the Stated Maturity of the principal of, or any installment of principal
of or any interest on, any Security, or reduce the principal amount thereof or
any rate of interest thereon or any premium payable upon the redemption thereof,
or change any obligation of the Company to pay additional amounts pursuant to
Section 11.09 (except as contemplated by Section 8.01(a) and permitted by
Section 9.01(a)), or reduce the amount of the principal of an Original Issue
Discount Security that would be due and payable upon a declaration of
acceleration of the Stated Maturity thereof pursuant to Section 5.02, or change
the method in which amounts of payments of principal or any interest thereon are
determined, or change any Place of Payment, or change the coin or currency in
which any Security or any premium or any interest thereon is payable, or impair
the right to institute suit for the enforcement of any such payment on or after
the Stated Maturity thereof (or, in the case of redemption, on or after the
Redemption Date); or 

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

60

(c)
modify any of the provisions of this Section, Section 5.13 or Section 11.08,
except to increase any such percentage or to provide that certain other
provisions of this Indenture cannot be modified or waived without the consent of
the Holder of each Outstanding Security affected thereby, provided, however, that this clause shall not be deemed to require
the consent of any Holder of a Security or coupon with respect to changes in the
references to “the Trustee” and concomitant changes in this Section and Section
11.08, or the deletion of this proviso, in accordance with the requirements of
Section 6.11(b) and Section 9.01(h); or 

(d)
change any obligation of the Company to maintain an office or agency in the
places and for the purposes specified in Section 11.02. 

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

provided, however, that
any amendment to, or waiver of, the provisions of this Indenture relating to
subordination of Securities of any series that materially adversely affects the
rights of the Holders of such Securities will be subject to Section 10.14.

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

Section 9.03. Execution of
Supplemental Indentures. In
executing, or accepting the additional trusts created by, any supplemental
indenture permitted by this Article or the modifications thereby of the trusts
created by this Indenture, the Trustee shall be entitled to receive, and
(subject to Section 6.01) shall be fully protected in relying upon, an Officers’
Certificate and Opinion of Counsel stating that the execution of such
supplemental indenture is authorized or permitted by this Indenture, and that
such supplemental indenture, when executed and delivered by the Company, will
constitute a valid and binding obligation of the Company enforceable in
accordance with its terms. The Trustee may, but shall not be obligated to, enter
into any such supplemental indenture which affects the Trustee’s own rights,
duties or immunities under this Indenture or otherwise. 

Section 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 and of any
coupons appertaining thereto shall be bound thereby. 

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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 acceptable to 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 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 10 
Subordination

Section 10.01. Agreement to
Subordinate. Except as otherwise
provided in a supplemental indenture or pursuant to Section 3.1, the Company
agrees, and each Holder by accepting a Security agrees, that the indebtedness
evidenced by the Securities is subordinated in right of payment, to the extent
and in the manner provided in this Article 10, to the prior payment in full of
all amounts due and payable in respect of all Senior Debt and that the
subordination is for the benefit of the holders of Senior Debt. 

Section 10.02. Liquidation;
Dissolution; Bankruptcy. Upon any
distribution to creditors of the Company in a liquidation or dissolution of the
Company, or in a bankruptcy, reorganization, insolvency, receivership,
arrangement, adjustment, composition or similar proceeding relating to the
Company or its property, in an assignment for the benefit of creditors or any
marshaling of an Company’s assets and liabilities: 

(a)
holders of Senior Debt will be entitled to receive payment in full of all
principal, interest, penalties, fees, indemnifications, reimbursements, damages
and other liabilities payable under the documentation governing any indebtedness
due in respect of such Senior Debt (including interest after the commencement of
any bankruptcy proceeding at the rate specified in the applicable Senior Debt),
or provision shall be made for such payment in cash or cash equivalents or
otherwise in a manner satisfactory to the holders of such Senior Debt, before
the Holders will be entitled to receive any payment or distribution of any kind,
whether in cash, property or securities with respect to the Securities; and

(b)
until all principal, interest, penalties, fees, indemnifications,
reimbursements, damages and other liabilities payable under the documentation
governing any indebtedness due with respect to Senior Debt (as provided in
clause (i) above) are paid in full, any payment or distribution to which Holders
would be entitled but for this Article 10 will be made to holders of Senior
Debt, as their interests may appear. 

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Section 10.03. Default on
Designated Senior Debt.

(a)
The Company may not make any payment or distribution to the Trustee or any
Holder in respect of principal, interest, penalties, fees, indemnifications,
reimbursements, damages and other liabilities payable under the documentation
governing any indebtedness due with respect to the Securities and may not
acquire from the Trustee or any Holder any Securities for cash or property until
all principal and other principal, interest, penalties, fees, indemnifications,
reimbursements, damages and other liabilities payable under the documentation
governing any indebtedness due with respect to the Senior Debt have been paid in
full if: 

(i)
a payment default on any Designated Senior Debt occurs and is continuing; or

(ii)
any other default occurs and is continuing on any series of Designated Senior
Debt that permits holders of that series of Designated Senior Debt to accelerate
its maturity and the Trustee receives a written notice of such default (a “Payment Blockage
Notice”) from the Company or the
holders of any Designated Senior Debt. If the Trustee receives any such Payment
Blockage Notice, no subsequent Payment Blockage Notice will be effective for
purposes of this Section 10.03 unless and until at least 360 days have elapsed
since the delivery of the immediately prior Payment Blockage Notice. 

No
nonpayment default that existed or was continuing on the date of delivery of any
Payment Blockage Notice to the Trustee may be, or may be made, the basis for a
subsequent Payment Blockage Notice unless such default has been cured or waived
for a period of not less than 90 days. 

(b)
The Company may and will resume payments on and distributions in respect of the
Securities and may acquire them upon the earlier of: 

(i)
in the case of a payment default on any Designated Senior Debt, upon the date
upon which such default is cured or waived, and 

(ii)
in the case of any other default on any Designated Senior Debt in respect of
which the Trustee has received a Payment Blockage Notice, upon the earlier of
the date on which such nonpayment default is cured or waived or ceases to exist
and 179 days after the date on which the applicable Payment Blockage Notice is
received, unless the maturity of any Designated Senior Debt has been
accelerated, 

if this Article 10 otherwise
permits such payment, distribution or acquisition at the time of such payment,
distribution or acquisition. 

Section 10.04. Acceleration
of Securities. If payment of the
Securities is accelerated because of an Event of Default, the Company will
promptly notify holders of Senior Debt of the acceleration. 

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Section 10.05. When
Distribution Must Be Paid Over.
In the event that the Trustee or any Holder of the Securities receives any
payment of any obligations with respect to the Securities at a time when the
payment is prohibited by Section 10.03 hereof and a Responsible Officer or the
Holder, as applicable, has actual knowledge that the payment is prohibited by
Section 10.03 hereof, such payment will be held by the Trustee or such Holder,
in trust for the benefit of, and will be paid forthwith over and delivered, upon
written request, to, the holders of Senior Debt as their interests may appear,
their Representative under the agreement, indenture or other document (if any)
pursuant to which Senior Debt may have been issued, as their respective
interests may appear, the trustee in bankruptcy, receiver, liquidating trustee
or custodian for application to the payment of all obligations with respect to
Senior Debt remaining unpaid to the extent necessary to pay such obligations in
full in accordance with their terms, after giving effect to any concurrent
payment or distribution to or for the holders of Senior Debt. 

With
respect to the holders of Senior Debt, the Trustee undertakes to perform or to
observe only those obligations or covenants on the part of the Trustee as are
specifically set forth in this Article 10, and no implied covenants or
obligations with respect to the holders of Senior Debt will be read into this
Indenture against the Trustee. The Trustee will not be deemed to owe any
fiduciary duty to the holders of Senior Debt, and will not be liable to any such
holders if the Trustee pays over or distributes to or on behalf of Holders or
the Company or any other Person money or assets to which any holders of Senior
Debt are then entitled by virtue of this Article 10, except if such payment is
made as a result of the willful misconduct or gross negligence of the Trustee.

Section 10.06. Notice by
Company. The Company will
promptly notify the Trustee and the Paying Agent of any facts known to the
Company that would cause a payment of any obligations with respect to the
Securities to violate this Article 10 or would prohibit the making of any
payment to or by the Trustee in respect of the Securities, but failure to give
such notice will not affect the subordination of the Securities to the Senior
Debt as provided in this Article 10. 

Section 10.07. Subrogation. Until the
Securities are paid in full, Holders will be subrogated (equally and ratably
with all other indebtedness pari
passu with the Securities) to the
rights of holders of Senior Debt to receive distributions applicable to Senior
Debt to the extent that distributions otherwise payable to the Holders have been
applied to the payment of Senior Debt. A distribution made under this Article 10
to holders of Senior Debt that otherwise would have been made to Holders is not,
as between the Company and Holders, a payment by the Company on the Securities.

Section 10.08. Relative
Rights. This Article 10 defines
the relative rights of Holders and holders of Senior Debt. Nothing in this
Indenture will: 

(a)
affect the relative rights of Holders and creditors of the Company other than
their rights in relation to holders of Senior Debt; 

64

(b)
prevent the Trustee or any Holder from exercising its available remedies upon a
Default or Event of Default, subject to the rights of holders and owners of
Senior Debt to receive distributions and payments otherwise payable to Holders;
or 

(c)
prevent the redemption of the Securities pursuant to and in accordance with, the
provisions of Section 12.04. 

Section 10.09. Subordination May Not Be Impaired. No right of any present or future holder of Senior Debt to enforce the
subordination of the indebtedness evidenced by the Securities may be impaired by
any act or failure to act by the Company, any such holder or any Holder or by
the failure of the Company or any Holder to comply with this Indenture,
regardless of any knowledge thereof that any such holder may have or be
otherwise charged with. 

Section 10.10. Distribution
or Notice to Representative.
Whenever a distribution is to be made or a notice given to holders of Senior
Debt, the distribution may be made and the notice given to their representative.

Section 10.11. Reliance on
Judicial Order or Certificate.
Upon any payment or distribution of assets of the Company referred to in this
Article 10, the Trustee and the Holders will be entitled to conclusively rely
upon any order or decree made by any court of competent jurisdiction or upon any
certificate of such Representative or of the liquidating trustee or agent or
other Person making any distribution to the Trustee or to the Holders for the
purpose of ascertaining the Persons entitled to participate in such
distribution, the holders of the Senior Debt 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 10.

Section 10.12. Rights of
Trustee and Paying Agent.
Notwithstanding the provisions of this Article 10 or any other provision of this
Indenture, the Trustee will not be charged with knowledge of the existence of
any facts that would prohibit the making of any payment or distribution by the
Trustee, and the Trustee and the Paying Agent may continue to make payments on
the Securities, unless a Responsible Officer of the Trustee has received at its
Corporate Trust Office at least five Business Days prior to the date of such
payment written notice of facts that would cause the payment of any obligations
with respect to the Securities to violate this Article 10 and prior to the
receipt of any such written notice, the Trustee shall be entitled in all
respects to assume that no such facts exist; provided, however, that if a Responsible Officer of the Trustee
shall not have received, at least three Business Days prior to the date upon
which by the terms hereof any such money may become payable for any purpose
(including, without limitation, the payment of the principal amount, issue
price, Redemption Price, purchase price, Change in Control Purchase Price or
interest, if any and in each case to the extent applicable, as the case may be,
in respect of the Securities), the notice with respect to such money provided
for in this Article 10, then, anything herein contained to the contrary
notwithstanding, the Trustee shall have full power and authority to receive such
money and to apply the same to the purpose for which such money was received and
shall not be affected by any notice to the contrary which may be received by it
within three Business Days prior to
such date. Only the Company or a Representative may give the notice. Nothing in
this Article 10 will impair the claims of, or payments to, the Trustee under or
pursuant to Section 7.06 hereof. 

65

Subject to the provisions of Section 7.01, the Trustee shall be entitled
to conclusively rely on the delivery to it of a written notice by a
Representative to establish that a notice has been given by a holder of Senior
Debt (or a trustee or agent on behalf of any such holder). In the event that the
Trustee determines in good faith that further evidence is required with respect
to the right of Representative to participate in any payment or distribution
pursuant to this Article 10, the Trustee may request such Person to furnish
evidence to the reasonable satisfaction of the Trustee as to the amount of
Senior Debt held by the Representative, the extent to which the Representative
is entitled to participate in such payment or distribution and any other facts
pertinent to the rights of such Person under this Article 10, and if such
evidence is not furnished, the Trustee may defer any payment which it may be
required to make for the benefit of the Representative pursuant to the terms of
this Indenture pending judicial determination as to the rights of such Person to
receive such payment. 

The
Trustee in its individual or any other capacity may hold Senior Debt with the
same rights as set forth in this Article 10 as it would have if it were not
Trustee. Any agent of the Trustee may do the same with like rights. 

Section 10.13. Authorization to Effect Subordination. Each Holder, by the
Holder’s acceptance of a Note, authorizes and directs the Trustee on such
Holder’s behalf to take such action as may be necessary or appropriate to
effectuate the subordination as provided in this Article 10, and appoints the
Trustee to act as such Holder’s attorney-in-fact for any and all such purposes.
If the Trustee does not file a proper proof of claim or proof of debt in the
form required in any proceeding referred to in Section 6.09 hereof at least 30
days before the expiration of the time to file such claim, the Representatives
are hereby authorized to file an appropriate claim for and on behalf of the
Holders. 

Section 10.14. Amendments. Any amendment
to, or waiver of, the provisions of this Article 10 that adversely affects the
rights of the Holders of Securities of a series will require the consent of the
Holders of at least 75% in aggregate principal amount of Securities of such
series then outstanding. 

ARTICLE 11 
Covenants

Section 11.01. 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, if any, on the Securities of that series in accordance with the terms
of such series of Securities, any coupons appertaining thereto and this
Indenture. Unless otherwise specified as contemplated by Section 3.01 with
respect to any series of Securities, any interest due on Bearer Securities on or
before Maturity shall be payable only upon presentation and surrender of the several coupons for such interest
installments as are evidenced thereby as they severally mature.

66

Section 11.02. Maintenance
of Office or Agency. If
Securities of a series are issuable as or exchangeable for Registered
Securities, the Company will maintain in each Place of Payment for such series
an office or agency where Securities of that series may be presented or
surrendered for payment where Securities of that series may be surrendered for
registration of transfer or exchange and where notices and demands to or upon
the Company with respect to the Securities of that series and this Indenture may
be served, any one or more of which offices or agencies may be the same for one
or more series of Securities. 

If
Securities of a series are issuable as Bearer Securities, the Company will
maintain (a) in the Borough of Manhattan, the City of New York, an office or
agency where any Registered Securities of that series may be presented or
surrendered for payment, where any Registered Securities of that series may be
surrendered for registration of transfer, where Securities of that series may be
surrendered for exchange, where notices and demands to or upon the Company in
respect of the Securities of that series and this Indenture may be served and
where Bearer Securities of that series and related coupons may be presented or
surrendered for payment in the circumstances described in the following
paragraph (and not otherwise), (b) subject to any laws or regulations applicable
thereto, in a Place of Payment for that series which is located outside the
United States, an office or agency where Bearer Securities of that series, and
related coupons may be presented and surrendered for payment (including payment
of any additional amounts payable on Securities of that series pursuant to
Section 11.09); provided, however, that if the Securities of that series are listed on the International
Stock Exchange of the United Kingdom and the Republic of Ireland Limited, the
Luxembourg Stock Exchange or any other stock exchange located outside the United
States and such securities exchange shall so require, the Company will maintain
a Paying Agent for the Securities of that series in London, Luxembourg or any
other required city located outside the United States, as the case may be, so
long as the Securities of that series are listed on such exchange, and (c)
subject to any laws or regulations applicable thereto, in a Place of Payment for
that series located outside the United States an office or agency where any
Registered Securities of that series may be surrendered for registration of
transfer, where Securities of that series may be surrendered for exchange and
where notices and demands to or upon the Company in respect of the Securities of
that series and this Indenture may be served. 

The
Company will give prompt written notice to the Trustee and prompt notice to the
Holders of Securities of such series, as provided in Section 1.06 of the
location, and of any change in the location, of any such office or agency. If at
any time the Company shall fail to maintain any such required office or agency
in respect of any series of Securities or shall fail to furnish the Trustee with
the address thereof, such presentations, surrenders, notices and demands may be
made or served at the Corporate Trust Office of the Trustee, except that Bearer
Securities of that series and the related coupons may be presented and
surrendered for payment (including payment of any additional amounts payable on
Bearer Securities of that series pursuant to Section 11.09) at any Place of
Payment for such series located outside the United States and the Company hereby
appoints the Trustee its agent to receive all such presentations, surrenders,
notices and demands.

67

No
payment of principal, premium or interest on Bearer Securities shall be made at
any office or agency of the Company in the United States or by check mailed to
any address in the United States or by transfer to an account maintained with a
bank located in the United States; provided, however, that, if the Securities of a series are denominated and payable in
Dollars, payment of principal of and any premium and interest on any Bearer
Security (including any additional amounts payable on Securities of such series
pursuant to Section 11.09) and payment of any coupon related thereto shall be
made at the office of the Company’s Paying Agent in the United States, if (but
only if) payment in Dollars of the full amount of such principal, premium,
interest or additional amounts, the case may be, at all offices or agencies
outside the United States maintained for the purpose by the Company in
accordance with this Indenture is illegal or effectively precluded by exchange
controls or other similar restrictions. 

The
Company may also from time to time designate one or more other offices or
agencies (in or outside any Place of Payment) where the Securities of one or
more series and any related coupons 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 for Securities of any series and
related coupons 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 11.03. Money For
Security 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, if any, on any of the Securities
of that series, segregate and hold in trust for the benefit of the Persons
entitled thereto a sum sufficient to pay the principal (and premium, if any) or
interest, if any, so becoming due until such sums shall be paid to such Persons
or otherwise disposed of as herein provided and will promptly notify the Trustee
of its action or failure so to act. 

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

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The
Company will cause each Paying Agent for any series of Securities other than the
Trustee to execute and deliver to the Trustee an instrument in which such Paying
Agent shall agree with the Trustee, subject to the provisions of this Section,
that such Paying Agent will: 

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

(b)
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, if any, on the Securities of that series; and

(c)
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, if any, on any Security of any series or the payment of any related
coupon and remaining unclaimed for two years after such principal (and premium,
if any) or interest, if any, has become due and payable shall, unless otherwise
required by mandatory provisions of applicable escheat, or abandoned or
unclaimed property law, 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 or any coupon appertaining thereto shall thereafter, as an unsecured
general creditor, look only to the Company for payment thereof, and all
liability of the Trustee or such Paying Agent with respect to such trust money,
and all liability of the Company as trustee thereof, shall thereupon cease;
provided, however, that the Trustee
or such Paying Agent, before being required to make any such repayment, may at
the expense of the Company cause to be published once, in an Authorized
Newspaper in each Place of Payment, notice that such money remains unclaimed and
that, after a date specified therein, which shall not be less than 30 days from
the date of such publication, any unclaimed balance of such money then remaining
will unless otherwise required by mandatory provisions of applicable escheat, or
abandoned or unclaimed property law, be repaid to the Company. 

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Section 11.04. Restrictions
on Secured Debt. The Company
covenants and agrees for the benefit of each series of Securities, other than
any series established by or pursuant to a Board Resolution or in one or more
supplemental indentures hereto which specifically provides otherwise, that it
will not itself, and will not permit any Restricted Subsidiary to, incur,
issue, assume, or guarantee any loans, whether or not evidenced by negotiable
instruments or securities, or any notes, bonds, debentures or other similar
evidences of indebtedness for money borrowed (loans, and notes, bonds,
debentures or other similar evidences of indebtedness for money borrowed being
hereinafter in this Section 11.04 called “Debt”), secured after the date hereof
by pledge of, or mortgage or lien on, any Principal Property of the Company or
any Restricted Subsidiary or any shares of Capital Stock of or Debt of any,
Restricted Subsidiary (mortgages, pledges and liens being hereinafter in this
Section 11.04 called “Mortgage” or “Mortgages”), without effectively providing
that the Securities other than Securities of a series not entitled to the
benefits of this covenant (together with, if the Company shall so determine, any
other Debt of the Company or such Restricted Subsidiary then existing or
thereafter created which is not subordinate to the Securities) shall be secured
equally and ratably with (or, at the option of the Company, prior to) such
secured Debt, so long as such secured Debt shall be so secured, unless, after
giving effect thereto, the aggregate amount of all such secured Debt plus all
Attributable Debt of the Company and its Restricted Subsidiaries with respect to
sale and leaseback transactions to which Section 11.05 is applicable would not
exceed 10% of Consolidated Net Assets; provided, however, that this Section 11.04 shall not apply to, and there shall be excluded
from secured Debt in any computation under this Section 11.04, Debt secured by:

(a)
Mortgages on property of, or on any shares of Capital Stock of or Debt of, any
corporation existing at the time such corporation becomes a Restricted
Subsidiary; 

(b)
Mortgages in favor of the Company or any Restricted Subsidiary; 

(c)
Mortgages in favor of any governmental body to secure progress, advance or other
payments pursuant to any contract or provision of any statute; 

(d)
Mortgages on property, shares of Capital Stock or Debt existing at the time of
acquisition thereof (including acquisition through merger or consolidation) or
to secure the payment of all or any part of the purchase price thereof or
construction thereon or to secure any Debt incurred prior to, at the time of, or
within 180 days after the later of the acquisition of such property, shares of
Capital Stock or Debt or the completion of construction for the purpose of
financing all or any part of the purchase price thereof or construction thereon;

(e)
Mortgages securing obligations issued by a State, territory or possession of the
United States, any political subdivision of any of the foregoing, or the
District of Columbia, or any instrumentality of any of the foregoing to finance
the acquisition or construction of property, and on which the interest is not,
in the opinion of tax counsel of recognized standing or in accordance with a
ruling issued by the Internal Revenue Service, includible in gross income of the
holder by reason of Section 103(a) of the Internal Revenue Code (or any
successor to such provision) as in effect at the time of the issuance of such
obligations; 

70

(f)
Mechanics’, materialmen’s, carriers’ or other like liens arising in the ordinary
course of business (including construction of facilities) in respect of
obligations which are not due or which are being contested in good faith;

(g)
Any mortgage arising by reason of deposits with, or the giving of any form of
security to, any governmental agency or any body created or approved by law or
governmental regulations which is required by law or governmental regulation as
a condition to the transaction of any business, or the exercise of any
privilege, franchise or license; 

(h)
Mortgages for taxes, assessments or governmental charges or levies not yet
delinquent, or mortgages for taxes, assessments or governmental charges or
levies already delinquent but the validity of which is being contested in good
faith; 

(i)
Mortgages (including judgment liens) arising in connection with legal
proceedings so long as such proceedings are being contested in good faith and,
in the case of judgment liens, execution thereon is stayed; and 

(j)
Any extension, renewal or replacement (or successive extensions, renewals or
replacements), as a whole or in part, of any Mortgage referred to in the
foregoing clauses (a) to (i), inclusive; provided, however, that such extension, renewal or replacement Mortgage shall be limited
to all or part of the same property, shares of Capital Stock or Debt that
secured the Mortgage extended, renewed or replaced (plus improvements on such
property). 

Section 11.05. Restrictions
on Sales and Leasebacks. The
Company covenants and agrees for the benefit of each series of Securities, other
than any series established by or pursuant to a Board Resolution or in one or
more supplemental indentures hereto which specifically provides otherwise, that
it will not itself, and will not permit any Restricted Subsidiary to, enter into
any transaction after the date hereof with any bank, insurance company or other
lender or investor, or to which any such bank, company, lender or investor is a
party, providing for the leasing by the Company or a Restricted Subsidiary of
any Principal Property which has been or is to be sold or transferred by the
Company or such Restricted Subsidiary to such bank, company, lender or investor,
or to any person to whom funds have been or are to be advanced by such bank,
company, lender or investor on the Security of such Principal Property (herein
referred to as a “sale and leaseback transaction”) unless, after giving effect
thereto, the aggregate amount of all Attributable Debt with respect to all such
transactions plus all secured Debt to which Section 11.04 is applicable would
not exceed 10% of Consolidated Net Assets. This covenant shall not apply to, and
there shall be excluded from Attributable Debt in any computation under this
Section 11.05, Attributable Debt with respect to any sale and leaseback
transaction if: 

(a)
the lease in such sale and leaseback transaction is for a period, including
renewal rights, of not in excess of five years; or 

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(b)
the Company or a Restricted Subsidiary, within 180 days after the sale or
transfer shall have been made by the Company or by a Restricted Subsidiary
applies an amount equal to the greater of the net proceeds of the sale of the
Principal Property leased pursuant to such arrangement or the fair market value
of the Principal Property so leased at the time of entering into such
arrangement (as determined in any manner approved by the Board of Directors) to
(i) the retirement of the Securities or other Funded Debt of the Company ranking
on a parity with or senior to the Securities, or the retirement of the
securities or other Funded Debt of a Restricted Subsidiary; provided, however, that the amount to be applied to the retirement
of such Funded Debt of the Company or a Restricted Subsidiary shall be reduced
by (x) the principal amount of any Securities (or other notes or debentures
constituting such Funded Debt) delivered within such 180-day period to the
Trustee or other applicable trustee for retirement and cancellation and (y) the
principal amount of such Funded Debt, other than items referred to in the
preceding clause (x), voluntarily retired by the Company or a Restricted
Subsidiary within 180 days after such sale; and provided, further, that, notwithstanding the foregoing, no
retirement referred to in this clause (i) may be effected by payment at maturity
or pursuant to any mandatory sinking fund payment or any mandatory prepayment
provision, or (ii) the purchase of other property which will constitute a
Principal Property having a fair market value, in the opinion of the Board of
Directors, at least equal to the fair market value of the Principal Property
leased in such sale and leaseback transaction; or 

(c)
such sale and leaseback transaction is entered into prior to, at the time of, or
within 180 days after the later of the acquisition of the Principal Property or
the completion of construction thereon; or 

(d)
the lease in such sale and leaseback transaction secures or relates to
obligations issued by a State, territory or possession of the United States, or
any political subdivision of any of the foregoing, the District of Columbia, or
any instrumentality of any of the foregoing to finance the acquisition or
construction of property, and on which the interest is not, in the opinion of
tax counsel of recognized standing or in accordance with a ruling issued by the
Internal Revenue Service, includible in gross income of the holder by reason of
Section 103(a) of the Internal Revenue Code (or other successor to such
provision) as in effect at the time of the issuance of such obligations; or

(e)
such sale and leaseback transaction is entered into between the Company and a
Restricted Subsidiary or between Restricted Subsidiaries. 

Section 11.06. Statement as
to Compliance. The Company will
deliver to the Trustee, within 120 days after the end of each fiscal year of the
Company ending after the date of the first issuance of Securities hereunder, an
Officers’ Certificate, stating, as to each signer thereof, that 

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

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(b)
to the best of his knowledge, based on such review, the Company is not in
default in the fulfillment of any of its obligations under this Indenture, or
specifying each such default known to him and the nature and status thereof.

The
Company shall, so long as any of the Securities are outstanding, deliver to a
Responsible Officer of the Trustee, within five (5) Business days after the
chief financial officer, the Treasurer, or the Controller obtains actual
knowledge of any Default or Event of Default, an Officers’ Certificate
specifying such Default or Event of Default. 

Section 11.07. Corporate
Existence. Subject to Article 8,
the Company will do or cause to be done all things necessary to preserve and
keep in full force and effect its corporate existence. 

Section 11.08. Waiver of
Certain Covenants. The Company
may omit in any particular instance to comply with any term, provision, covenant
or condition set forth in Sections 11.04 and 11.05, inclusive, if before the
time for such compliance the Holders of at least a majority in principal amount
of the Outstanding Securities of each series shall, by Act of such Holders,
either waive such compliance in such instance or generally waive compliance with
such term, provision, covenant or condition, but no such waiver shall extend to
or affect such term, provision, covenant or condition except to the extent so
expressly waived, and, until such waiver shall become effective, the obligations
of the Company and the duties of the Trustee with respect to any such term,
provision, covenant or condition shall remain in full force and effect.

Section 11.09. Additional
Amounts. If the Securities of a
series provide for the payment of additional amounts, the Company will pay to
the Holder of any Security of such series or any coupon appertaining thereto
additional amounts as provided therein. Whenever in this Indenture there is
mentioned, in any context, the payment of the principal of or any premium or
interest on, or in respect of, any Security of any series or payment of any
related coupon or the net proceeds received on the sale or exchange of any
Security of any series, such mention shall be deemed to include mention of the
payment of additional amounts provided for in this Section to the extent that,
in such context, additional amounts are, were or would be payable in respect
thereof pursuant to the provisions of this Section and express mention of the
payment of additional amounts (if applicable) in any provisions hereof shall not
be construed as excluding additional amounts in those provisions hereof where
such express mention is not made. 

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If
the Securities of a series provide for the payment of additional amounts, at
least 10 days prior to the first Interest Payment Date with respect to that
series of Securities (or if the Securities of that series will not bear interest
prior to Maturity, the first day on which a payment of principal and any premium
is made), and at least 10 days prior to each date of payment of principal and
any premium or interest if there has been any change with respect to the matters
set forth in the below-mentioned Officers’ Certificate, the Company will furnish
the Trustee and the Company’s principal Paying Agent or Paying Agents, if other
than the Trustee, with an Officers’ Certificate instructing the Trustee and such
Paying Agent or Paying Agents whether such payment of principal of and any
premium or interest on the Securities of that series shall be made to Holders of
Securities of that series or any related coupons who are United States
Aliens without withholding for or on account of any tax, assessment or other
governmental charge described in the Securities of that series. If any such
withholding shall be required, then such Officers’ Certificate shall specify by
country the amount, if any, required to be withheld on such payments to such
Holders of Securities or coupons and the Company will pay to the Trustee or such
Paying Agent the additional amounts required by this Section. The Company
covenants to indemnify the Trustee and any Paying Agent for, and to hold them
harmless against, any loss, liability or expense incurred without negligence or
willful misconduct on their part arising out of or in connection with actions
taken or omitted by any of them in reliance on any Officers’ Certificate
furnished pursuant to this Section. 

Section 11.10. Calculation
of Original Issue Discount. If
any series is issued with Original Issue Discount, the Company shall file with
the Trustee promptly at the end of each calendar year or 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.

ARTICLE 12 
Redemption of Securities

Section 12.01. Applicability of This 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 60 days prior
to the Redemption Date fixed by the Company (unless a shorter notice shall be
satisfactory to the Trustee), notify the Trustee of such Redemption Date and of
the principal amount of Securities of such series to be redeemed and the
redemption price for such Securities, 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 (i) prior to the expiration of any
restriction on such redemption provided in the terms of such Securities or
elsewhere in this Indenture, or (ii) pursuant to an election of the Company
which is subject to a condition or computation specified in the terms of such
Securities, the Company shall furnish the Trustee with an Officers’ Certificate
evidencing compliance with such restriction, condition or computation.

In
the event that any election by the Company necessitates the retention of any
agent by the Trustee, the Company agrees that such retention shall be at the
sole expense of the Company. 

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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 lot or by such other method
as the Trustee shall deem fair and appropriate (and in accordance with the
procedures of the Depository) and which may provide for the selection for
redemption of portions (equal to the minimum authorized denomination for
Securities of that series or any integral multiple thereof) of the principal
amount of Securities of such series of a denomination larger than the minimum
authorized denomination for Securities of that series or of portions of the
principal amount of global Securities of such 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. Notice of redemption
shall be given in the manner provided in Section 1.06 not less than 30 and not
more than 60 days prior to the Redemption Date, to the Holders of Securities to
be redeemed. 

All
notices of redemption shall include the CUSIP number and state:

(a) the
Redemption Date; 

(b)
the Redemption Price and any accrued interest; 

(c)
if less than all 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; 

(d)
that on the Redemption Date the Redemption Price, and any accrued interest
thereon will become due and payable upon each such Security to be redeemed and
that interest thereon shall cease to accrue from and after said date;

(e)
the place or places where such Securities are, together in the case of Bearer
Securities with all coupons appertaining thereto, if any, maturing after the
Redemption Date, to be surrendered for payment of the Redemption Price and any
accrued interest thereon; 

(f)
if such be the case, that the installment of interest on Registered Securities
whose Stated Maturity is the Redemption Date is payable to the Persons in whose
names such Registered Securities are registered at the close of business on the
Regular Record Date immediately preceding the Redemption Date; and 

75

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

Notice of redemption of Securities to be redeemed shall be given by the
Company or, at the Company’s request, by the Trustee in the name and at the
expense of the Company. In the event that the Company shall request that the
Trustee send out a notice of redemption on its behalf, it shall make such
request and provide the form of the notice of redemption to the Trustee at least
5 Business Days before such notice of redemption is to be sent. 

Section 12.05. Deposit of
Redemption Price. Prior to the
opening of business on any Redemption Date, the Company shall deposit with the
Trustee or with a Paying Agent (or, if the Company is acting as its own Paying
Agent, segregate and hold in trust as provided in Section 11.03) an amount of
money sufficient to pay the Redemption Price of, and (except if the Redemption
Date shall be an Interest Payment Date) any 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 any 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 and the coupons for such interest appertaining to any Bearer Securities
so to be redeemed, except to the extent provided below, shall be void. Upon
surrender of any such Securities for redemption in accordance with said notice,
such Securities shall be paid by the Company at the Redemption Price, together
with any accrued interest to the Redemption Date; provided, however, that any installments of interest on Bearer
Securities whose Stated Maturity is on or prior to the Redemption Date shall be
payable only at an office or agency located outside the United States (except as
otherwise provided in Section 11.02) and, unless otherwise specified as
contemplated by Section 3.01, only upon presentation and surrender of coupons
for such interest, and provided, further, that, unless otherwise specified as contemplated by Section 3.01,
installments of interest on Registered Securities whose Stated Maturity is on or
prior to the Redemption Date shall be payable to the Holders of such Securities,
or one or more Predecessor Securities, registered as such at the close of
business on the relevant Record Dates according to their terms and the
provisions of Section 3.07. 

If
any Bearer Security which is to be redeemed in whole or in part (as set forth in
Section 12.07), surrendered for redemption shall not be accompanied by all
appurtenant coupons maturing after the Redemption Date, such Security may be
paid after deducting from the Redemption Price an amount equal to the face
amount of all such missing coupons, or the surrender of such missing coupon or
coupons may be waived by the Company or jointly by the Company and the Trustee
if there be furnished to them such security or indemnity as they may require to
save each of them and any Paying Agent harmless. If thereafter Holder shall
surrender to the Trustee or any Paying Agent any such missing coupon in respect
of which a deduction shall have been made from the Redemption Price, such Holder
shall be entitled to receive the amount so deducted; provided, however, that interest represented by coupons shall be
payable only upon presentation and surrender of those coupons at an office or
agency located outside of the United States except as otherwise provided in
Section 11.02. 

76

If
the Company shall default in the payment of the Redemption Price and accrued
interest on any Security called for redemption, the principal (and premium, if
any) of such Security shall, until paid or until payment is provided for in
accordance herewith, bear interest for the Redemption Date at the rate, if any,
prescribed therefor in the Security. So long as it is known to the Trustee that
an Event of Default is continuing hereunder, 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 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
monies theretofore or thereafter received by the Trustee shall, during the
continuance of such Event of Default, be deemed to have been collected under
Article 5 and held for the payment of all such Securities. In case such Event of
Default shall have been waived as provided in Section 5.13 or the default cured
on or before the sixtieth day preceding the Redemption Date, such monies shall
hereafter 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 any 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) together, in the case of Bearer Securities, with all
coupons appertaining thereto maturing after the Redemption Date and the Company
shall execute and the Trustee shall authenticate and deliver to the Holder of
such Security without service charge, a new Security or Securities of the same
series and of like tenor, of any authorized denomination as requested by the
Holder, in an aggregate principal amount equal to and in exchange for the
unredeemed portion of the principal of the Security so surrendered. 

ARTICLE 13 
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 the 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 the Securities of any series is herein referred to as an “optional
sinking fund payment”. If provided for by the terms of the 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 made on the Securities
of a series shall be applied to the redemption of the Securities of such series
as provided for by the terms of the Securities of such series.

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Section 13.02. Satisfaction
of Sinking Fund Payments with Securities. The Company (a) may deliver Outstanding Securities of a series (other
than any previously called for redemption), together in the case of any Bearer
Securities of such series with all unmatured coupons appertaining thereto and
(b) may apply as a credit the 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 Securities; 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 or such other shorter period as may be acceptable to the
Trustee prior to each sinking fund payment date for any series of Securities,
the Company will deliver to the Trustee an Officers’ Certificate specifying the
amount of the next ensuing sinking fund payment for that series pursuant to the
terms of that series, the portion thereof, if any, which is to be satisfied by
payment of cash 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
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 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
12.06 and 12.07. 

ARTICLE 14 
Meetings of Holders of Securities

Section 14.01. Purposes for
which Meetings may be Called. If
any Securities of a series are issuable as Bearer Securities, a meeting of
Holders of Securities of such series may be called at any time and from time to
time pursuant to this Article to make, give or take any request, demand,
authorization direction, notice, consent, waiver or other action provided by
this Indenture to be made, given or taken by Holders of Securities of such
series. 

Section 14.02. Call, Notice
and Place of Meetings. (a) The
Trustee may at any time call a meeting of Holders of Securities of any series
issuable as Bearer Securities or as Bearer Securities and Registered Securities
for any purpose specified in Section 14.01, to be held at such time and at such
place in the Borough of Manhattan, the City of New York, or in London as the
Trustee shall determine. Notice of every meeting of Holders of Securities of any
series, setting forth the time and the place of such meeting and in general
terms the action proposed to be taken at such meeting, shall be given, in the
manner provided in Section 1.06, not less than 21 nor more than 180 days prior
to the date fixed for the meeting. 

78

(b)
In case at any time the Company, pursuant to a Board Resolution, or the Holders
of at least 10% in principal amount of the Outstanding Securities of any series
issuable as Bearer Securities or as Bearer Securities and Registered Securities
shall have requested the Trustee to call a meeting of the Holders of Securities
of such series for any purpose specified in Section 14.01, by written request
setting forth in reasonable detail the action proposed to be taken at the
meeting, and the Trustee shall not have made the first publication of the notice
of such meeting within 21 days after receipt of such request or shall not
thereafter proceed to cause the meeting to be held as provided herein, then the
Company or the Holders of Securities of such series in the amount above
specified, as the case may be, may determine the time and the place in the
Borough of Manhattan, the City of New York, or in London for such meeting and
may call such meeting for such purposes by giving notice thereof as provided in
subsection (a) of this Section. 

Section 14.03. Persons
Entitled to Vote at Meetings. To
be entitled to vote at any meeting of Holders of Securities of any series, a
Person shall be (a) a Holder of one or more Outstanding Securities of such
series, or (b) a Person appointed by an instrument in writing as proxy for a
Holder or Holders of one or more Outstanding Securities of such series by such
Holder or Holders. The only Persons who shall be entitled to be present or to
speak at any meeting of Holders of Securities of any series shall be the Persons
entitled to vote at such meeting and their counsel, any representatives of the
Trustee and its counsel and any representatives of the Company and its counsel.

Section 14.04. Quorum;
Action. The Persons entitled to
vote a majority in principal amount of the Outstanding Securities of a series
shall constitute a quorum for a meeting of Holders of Securities of such series;
provided, however, that if any
action is to be taken at such meeting with respect to a consent or waiver which
this Indenture or the terms of such series expressly provides may be given by
the Holders of not less than a specified percentage of the principal amount of
the Outstanding Securities of a series, the Persons entitled to vote such
specified percentage in principal amount of the Outstanding Securities of such
series shall constitute a quorum. In the absence of a quorum within 30 minutes
of the time appointed for any such meeting, the meeting shall, if convened at
the request of Holders of Securities of such series, be dissolved. In any other
case the meeting may be adjourned for a period of not less than 10 days as
determined by the chairman of the meeting prior to the adjournment of such
meeting. In the absence of a quorum at any such adjourned meeting, such
adjourned meeting may be further adjourned for a period of not less than 10 days
as determined by the chairman of the meeting prior to the adjournment of such
adjourned meeting. Notice of the reconvening of any adjourned meeting shall be
given as provided in Section 14.02(a), except that such notice need be given
only once not less than five days prior to the date on which the meeting is
scheduled to be reconvened. Notice of the reconvening of an adjourned meeting
shall state expressly the percentage, as provided above, of the principal amount
of the Outstanding Securities of such series which shall constitute a quorum.

79

Except as limited by the proviso to Section 9.02, any resolution
presented to a meeting or adjourned meeting duly reconvened at which a quorum is
present as aforesaid may be adopted by the affirmative vote of the Holders of a
majority in principal amount of the Outstanding Securities of that series;
provided, however, that, except as
limited by the proviso to Section 9.02, any resolution with respect to any
request, demand, authorization, direction, notice, consent, waiver or other
action which this Indenture or the terms of such series expressly provides may
be made, given or taken by the Holders of a specified percentage in principal
amount of the Outstanding Securities of a series may be adopted at a meeting or
an adjourned meeting duly reconvened and at which a quorum is present as
aforesaid by the affirmative vote of the Holders of such specified percentage in
principal amount of the Outstanding Securities of that series. 

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

Section 14.05. Determination of Voting Rights; Conduct and Adjournment of
Meetings. (a) Notwithstanding any
other provisions of this Indenture, the Trustee may make such reasonable
regulations as it may deem advisable for any meeting of Holders of Securities of
a series in regard to proof of the holding of Securities of such series and of
the appointment of proxies and in regard to the appointment and duties of
inspectors of votes, the submission and examination of proxies, certificates and
other evidence of the right to vote, and such other matters concerning the
conduct of the meeting as it shall deem appropriate. Except as otherwise
permitted or required by any such regulations, the holding of Securities shall
be proved in the manner specified in Section 1.04 and the appointment of any
proxy shall be proved in the manner specified in Section 1.04 or by having the
signature of the person executing the proxy witnessed or guaranteed by any trust
company, bank or banker authorized by Section 1.04 to certify to the holding of
Bearer Securities. Such regulations may provide that written instruments
appointing proxies, regular on their face, may be presumed valid and genuine
without the proof specified in Section 1.04 or other proof. 

(b)
The Trustee shall, by an instrument in writing, appoint, a temporary chairman of
the meeting, unless the meeting shall have been called by the Company or by
Holders of Securities as provided in Section 14.02(b), in which case the Company
or the Holders of Securities of the series calling the meeting, as the case may
be, shall in like manner appoint a temporary chairman. A permanent chairman and
a permanent secretary of the meeting shall be elected by vote of the Persons
entitled to vote a majority in principal amount of the Outstanding Securities of
such series represented at the meeting. 

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

80

(d)
Any meeting of Holders of Securities of any series duly called pursuant to
Section 14.02 at which a quorum is present may be adjourned from time to time by
Persons entitled to vote a majority in principal amount of the Outstanding
Securities of such series represented at the meeting; and the meeting may be
held as so adjourned without further notice. 

Section 14.06. Counting
Votes and Recording Action of Meetings. The vote upon any resolution submitted to any meeting of Holders of
Securities of any series shall be by written ballots on which shall be
subscribed the signatures of the Holders of Securities of such series or of
their representatives by proxy and the principal amounts and serial numbers of
the Outstanding Securities of such series held or represented by them. The
permanent chairman of the meeting shall appoint two inspectors of votes who
shall count all votes cast at the meeting for or against any resolution and who
shall make and file with the secretary of the meeting their verified written
reports in duplicate of all votes cast at the meeting. A record, at least in
duplicate, of the proceedings of each meeting of Holders of Securities of any
series shall be prepared by the secretary of the meeting and there shall be
attached to said record the original reports of the inspectors of votes on any
vote by ballot taken thereat and affidavits by one, or more persons having
knowledge of the facts setting forth a copy of the notice of the meeting and
showing that said notice was given as provided in Section 14.02 and, if
applicable, Section 14.04. Each copy shall be signed and verified by the
affidavits of the permanent chairman and secretary of the meeting and one such
copy shall be delivered to the Company, and another to the Trustee to be
preserved by the Trustee, the latter to have attached thereto the ballots voted
at the meeting. Any record so signed and verified shall be conclusive evidence
of the matters therein stated. 

Section 14.07. U.S.A.
Patriot Act. The parties hereto
acknowledge that in accordance with Section 326 of the U.S.A. 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
reasonably request in order for the Trustee to satisfy the requirements of the
U.S.A. Patriot Act. 

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. 

Section 14.08. 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. 

81

IN
WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly
executed, and their respective corporate seals to be hereunto affixed and at
attested, all as of the day and year first above written. 

	CAMPBELL SOUP COMPANY
		 
		 
	By:	
		Name:
		Title:
		 
	By:	
		Name:
		Title:
		 
		 
	WELLS FARGO BANK, NATIONAL
	ASSOCIATION, as Trustee
		 
		 
	By:     	
	 	Name:
		Title:

EXHIBIT A 

[FORM OF REGISTERED
SECURITY]1

[Form of Face of
Security] 

[If an Original Issue Discount
Security, insert any legend required by the Internal Revenue Code and the
Regulations thereunder.] 

[If a Book-Entry Security – “THIS SECURITY IS A BOOK-ENTRY SECURITY WITHIN
THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE
NAME OF A DEPOSITORY OR A NOMINEE OF A DEPOSITORY. THIS SECURITY IS EXCHANGEABLE
FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITORY OR ITS
NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO
TRANSFER OF THIS SECURITY (OTHER THAN A TRANSFER OF THIS SECURITY AS A WHOLE BY
THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY
TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY) MAY BE REGISTERED EXCEPT
IN SUCH LIMITED CIRCUMSTANCES.”] 

CAMPBELL SOUP COMPANY

[TITLE OF SECURITY] 

	No.
      [R-]  	                      
    		[U.S.$]	                
    
	 	 		CUSIP
      No. 	
		 		ISIN
      No.	

[If the Security is to bear
interest at a fixed rate, insert
– CAMPBELL SOUP COMPANY, a corporation duly organized and existing under the
laws of New Jersey (herein called the “Company”, which term
includes any successor Person under the Indenture referred to on the reverse
hereof), for value received, hereby promises to pay to Cede & Co. or
registered assigns, the principal sum of [—] U.S. DOLLARS ($[—]) on [—] and to
pay interest thereon from [—], or from the most recent Interest Payment Date to
which interest has been paid or duly provided for as set forth in the Indenture,
semi-annually in arrears on [—] and [—] in each year (each an “Interest Payment Date”), commencing on [—] at the rate of [—]% per
annum, until the principal hereof is paid or made available for payment as set
forth in the Indenture. The interest so payable, and punctually paid or duly
provided for as set forth in the Indenture, on any Interest Payment Date will,
as provided in such Indenture, be paid to the Holder in whose name this Security
(or one or more Predecessor Securities) is registered at the close of business
on the Regular Record Date for such interest, which shall be the [—] or [—]
(whether or not a Business Day) preceding such Interest Payment Date.]

____________________

1 To be completed and supplemented to reflect the terms of any
series of Securities. 

A-1 

[If the Security is to bear
interest at a floating rate, insert – CAMPBELL SOUP COMPANY, a corporation duly organized and existing under
the laws of New Jersey (herein called the “Company”, which term includes any successor Person under the Indenture referred
to on the reverse hereof), for value received, hereby promises to pay to Cede
& Co. or registered assigns, the principal sum of [—] U.S. DOLLARS ($[—]) on
[—] (the “Final Maturity
Date”) or any earlier Redemption
Date fixed in accordance with the terms of this Security as to the principal
repayable on such date. In addition, the Company promises to pay interest on
principal amount quarterly in arrears on [—], [—], [—], and [—] (each a
“Interest Payment
Date”), commencing on [—],
subject to the Business Day Convention, and until the outstanding principal
amount of this Security is fully repaid or duly provided for as set forth in the
Indenture. Interest payable on any Interest Payment Date, the Final Maturity
Date or, if applicable, any Redemption Date shall be the amount accrued from,
and including, the immediately preceding Interest Payment Date in respect of
which interest has been paid or duly provided for as set forth in the Indenture
(or from [—], if no interest has been paid or duly provided for as set forth in
the Indenture) to, but excluding, such Interest Payment Date, Final Maturity
Date, or Redemption Date, as the case may be. If the Final Maturity Date or, if
applicable, the Redemption Date is not a New York Business Day, the payment of
principal and interest shall be made on the next following New York Business
Day, and no further interest shall accrue in respect of the delay in such
payment. This Security shall cease to bear interest upon, and no interest shall
be payable in respect of, the earlier of the Final Maturity Date and, if
applicable, the Redemption Date, unless the Company defaults in making payment
in full of all amounts due on any such date. 

The
interest rate for the period beginning on, and including, [—] and ending on, but
not including, the earlier of the first Interest Payment Date or, if applicable,
the Redemption Date (the “Initial
Interest Period”) shall be [—]%.
The interest rate for each Interest Period subsequent to the Initial Interest
Period shall be the three-month U.S. dollar London Interbank Offered Rate
(“LIBOR”), as determined on the applicable Interest
Determination Date by the Calculation Agent in accordance with the provisions of
the Indenture, plus [—] basis points (0.[—]%). The interest so payable, and
punctually paid or duly provided for as set forth in the Indenture, on any
Interest Payment Date will, as provided in such Indenture, be paid to the Holder
in whose name this Security (or one or more Predecessor Securities) is
registered at the close of business on the fifteenth calendar day prior to such
Interest Payment Date (whether or not a New York Business Day), each a Regular
Record Date with respect to this Security. 

“Business Day
Convention” means if any Interest
Payment Date (other than the Final Maturity Date or, if applicable, the
Redemption Date) is not a New York Business Day, then such Interest Payment Date
shall be postponed to the next succeeding New York Business Day unless that New
York Business Day is in the next succeeding calendar month, in which case the
Interest Payment Date shall be the immediately preceding New York Business Day.
If any such Interest Payment Date (other than the Final Maturity Date or, if
applicable, the Redemption Date) is postponed or brought forward as described in
the preceding sentence, the interest amount shall be adjusted accordingly and
the Holder shall be entitled to more or less interest, respectively. 

A-2 

“Calculation
Agent” means [Wells Fargo Bank,
National Association], or any other successor appointed from time to time by the
Company acting as calculation agent in respect of this Security. 

“Designated LIBOR
Page” means (1) the Reuters
screen “LIBOR01” or such other page as may replace the Reuters screen “LIBOR01”
on that service or (2) if, on any Interest Determination Date, the three-month
U.S. dollar LIBOR does not appear or is not available on such date on the
designated Reuters screen described in clause (1) of this definition, the
designated LIBOR page shall be Bloomberg L.P. page “BBAM” or such other page as
may replace Bloomberg L.P. page “BBAM” on that service. 

“Interest Determination
Date” means, for each Interest
Reset Date, the second London Business Day preceding such Interest Reset Date.

“Interest
Period” means the period
beginning on, and including an Interest Payment Date and ending on, but not
including, the following Interest Payment Date, except that the final Interest
Period shall be the period beginning on, and including, the Interest Payment
Date immediately preceding the Final Maturity Date or the Redemption Date (if
such Redemption Date occurs subsequent to the first Interest Payment Date) in
respect of such Security, and ending on, but not including, the Final Maturity
Date or such Redemption Date. 

“Interest Reset
Date” means, for each Interest
Period other than the Initial Interest Period, the first day of such Interest
Period. 

“London Business
Day” means any day which is not a
Saturday, Sunday, or a day on which commercial banking institutions are
authorized or obligated by law, regulation or executive order to be closed in
London.] 

Except as otherwise provided in the Indenture, any such interest not so
punctually paid or duly provided for as set forth in the Indenture will
forthwith cease to be payable to the Holder on such Regular Record Date and may
either be paid to the Person in whose name this Security (or one or more
Predecessor Securities) is registered at the close of business on a Special
Record Date for the payment of such Defaulted Interest to be fixed by the
Trustee, notice whereof shall be given to Holders of Securities of this series
not less than 10 days prior to such Special Record Date, or be paid at any time
in any other lawful manner not inconsistent with the requirements of any
securities exchange on which the Securities of this series may be listed, and
upon such notice as may be required by such exchange, all as more fully provided
in said Indenture. 

Payment of principal of (and premium, if any) and interest on this
Security may be made at the office or agency of the Company maintained for that
purpose in New York, New York. 

[If the Security is to bear
interest at a fixed rate and is to be optionally redeemable by the Company at a
“make-whole” premium, insert – At
any time and from time to time, the Securities of this series shall be
redeemable, in whole or in part, at the Company’s option, at a Redemption Price
equal to the greater of (i) 100% of the principal amount of such Securities, or
(ii) as determined by a Quotation Agent, the sum of the present values of the
remaining scheduled payments of principal and interest thereon (not including
any portion of such payments of interest accrued as of the Redemption Date)
discounted to the Redemption Date on a semi-annual basis (assuming a 360-day
year consisting of twelve 30-day months) at the Adjusted Treasury Rate plus [—]
basis points; plus accrued interest on such Securities to, but excluding, the
Redemption Date. 

A-3 

Notice of any such redemption shall be given by mail to Holders of the
Securities to be redeemed, not less than 30 days nor more than 60 days prior to
the Redemption Date, all as provided in the Indenture. 

On
and after the Redemption Date for the Securities or any portion thereof called
for redemption, as applicable, interest shall cease to accrue on such Securities
or any portion thereof called for redemption, unless the Company defaults in the
payment of the Redemption Price and accrued interest, if any. On or before the
Redemption Date for such Securities or any portion thereof called for
redemption, the Company shall deposit with the Trustee or a Paying Agent, funds
sufficient to pay the Redemption Price of such Securities to be redeemed on the
Redemption Date, and (except if the Redemption Date shall be an Interest Payment
Date) accrued interest, if any. 

If
less than all of the Securities of this series are to be redeemed, the
Depository shall select the Securities to be redeemed in accordance with its
operational arrangements. If the Securities are not Global Notes held by the
Depository, the Securities to be redeemed shall be selected by the Trustee by
such method as the Trustee deems fair and appropriate; provided, however, that in no event shall Securities of a principal
amount of $2,000 or less be redeemed in part. 

“Adjusted Treasury
Rate” means, with respect to any
Redemption Date, the rate per annum equal to the semi-annual equivalent yield to
maturity of the Comparable Treasury Issue, assuming a price for the Comparable
Treasury Issue (expressed as a percentage of its principal amount) equal to the
Comparable Treasury Price for such Redemption Date. 

“Comparable Treasury
Issue” means the United States
Treasury security selected by a Quotation Agent as having a maturity comparable
to the remaining term of the Securities to be redeemed that would be utilized,
at the time of selection and in accordance with customary financial practice, in
pricing new issues of corporate debt securities of comparable maturity to the
remaining term of such Securities. 

“Comparable Treasury
Price” means, with respect to any
Redemption Date, (1) the average of the Reference Treasury Dealer Quotations for
such Redemption Date, after excluding the highest and lowest such Reference
Treasury Dealer Quotations, or (2) if the Company obtains fewer than three such
Reference Treasury Dealer Quotations, the average of all such Reference Treasury
Dealer Quotations. 

“Quotation
Agent” means the Reference
Treasury Dealer appointed by the Company. 

A-4 

“Reference Treasury
Dealer” means (1) [—], [—] and
[—] and their respective successors; provided, however, that if any of the foregoing shall cease to be a primary U.S.
Government securities dealer in the State of New York or the State of
Connecticut (a “Primary Treasury
Dealer”), the Company shall
substitute therefor another Primary Treasury Dealer; and (2) any other Primary
Treasury Dealer selected by the Company. 

“Reference Treasury Dealer
Quotations” means, with respect
to each Reference Treasury Dealer and any Redemption Date, the average, as
determined by the Company, of the bid and asked prices for the Comparable
Treasury Issue (expressed in each case as a percentage of its principal amount)
quoted in writing to the Company by such Reference Treasury Dealer at 5:00 p.m.
on the third New York Business Day preceding such Redemption Date.] 

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

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

A-5 

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

Dated:

	CAMPBELL SOUP COMPANY
		 
		 
	By:       	
	 	Name:
		Title:
		 
	By:	 
		Name:
		Title:

	[seal]
	 
	Attest:
	 
	 
	Name:
	Title:

A-6 

TRUSTEE’S CERTIFICATE OF
AUTHENTICATION 

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

	WELLS FARGO BANK, NATIONAL
	ASSOCIATION, as Trustee
		 
		 
	By:     	 
	 	Authorized Signatory

A-7 

[REVERSE OF SECURITY]

This
Security is one of a duly authorized issue of securities of the Company (herein
called the “Securities”), issued and
to be issued in one or more series under an indenture, dated as
of              
, 2017 (the “Indenture”), between the
Company and Wells Fargo Bank, National Association, a national banking
association, as trustee (the “Trustee,” which term includes any successor trustee under
the Indenture), to which Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights, limitations
of rights, duties and immunities thereunder of the Company, the Trustee and the
Holders of the Securities and of the terms upon which the Securities are, and
are to be, authenticated and delivered. This Security is one of the series
designated on the face hereof. 

[The
Securities of this series are subject to optional redemption, as further
described in the Indenture and on the face hereof. There is no mandatory
redemption applicable to the Securities of this series.] 

[The
Securities of this series are not entitled to the benefit of, or subject to, any
sinking fund.] 

If
an Event of Default with respect to Securities of this series shall occur and be
continuing, the principal of the Securities of this series may be declared due
and payable in the manner and with the effect provided in the Indenture. Upon
payment (i) of the amount of principal so declared due and payable and (ii) of
interest on any overdue principal and overdue interest (in each case to the
extent that the payment of such interest shall be legally enforceable), all of
the Company’s obligations in respect of the payment of the principal of and
interest, if any, on the Securities of this series shall terminate. 

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

Payment of principal, interest, penalties, fees, indemnifications,
reimbursements, damages and other liabilities payable under the documentation
governing any indebtedness due with respect to this Security is subordinated to
the prior payment of Senior Debt on the terms provided in the Indenture.

A-8 

As
set forth in, and subject to, the provisions of the Indenture, no Holder of any
Security of this series will have any right to institute any proceeding with
respect to the Indenture or for any remedy thereunder, unless such Holder shall
have previously given to the Trustee written notice of a continuing Event of
Default with respect to this series, the Holders of not less than 25% in
principal amount of the Outstanding Securities of this series shall have made
written request, and offered reasonable indemnity, to the Trustee to institute
such proceeding as Trustee, and the Trustee shall not have received from the
Holders of a majority in principal amount of the Outstanding Securities of this
series a direction inconsistent with such request and shall have failed to
institute such proceedings within 60 days; provided, however, that such limitations do not apply to a suit
instituted by the Holder hereof for the enforcement of payment of the principal
of (and premium, if any) or interest on this Security on or after the respective
due dates expressed herein. 

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

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

The
Securities of this series are issuable only in registered form, without coupons,
in denominations of $2,000 and any integral multiple of $1,000 in excess of
$2,000. As provided in the Indenture and subject to certain limitations therein
set forth, Securities of this series are exchangeable for a like aggregate
principal amount of Securities of this series and of like tenor of a different
authorized denomination, as requested by the Holder surrendering the same.

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

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

A-9 

The
Indenture and the Securities shall be governed by and construed in accordance
with the laws of the State of New York, without giving effect to the conflicts
of laws provisions thereof. 

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

A-10 

EXHIBIT B

[FORM OF BEARER SECURITY
AND
FORM OF RELATED COUPON]2 
[Form
of Face of Security] 

ANY
UNITED STATES PERSON WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO LIMITATIONS
UNDER THE UNITED STATES INCOME TAX LAWS, INCLUDING THE LIMITATIONS PROVIDED IN
SECTIONS 165(j) AND 1287(a) OF THE INTERNAL REVENUE CODE [If an Original Issue Discount Security, insert any
legend required by the Internal Revenue Code and the Regulations
thereunder.] 

	Campbell Soup Company
	 
	No.
      B	                   
    		[U.S.$	                     	]

CAMPBELL SOUP COMPANY, a corporation duly organized and existing under
the laws of New Jersey (herein called the “Company”, which term includes any successor Person under the Indenture referred
to on the reverse hereof), for value received, hereby promises to pay to bearer
upon presentation and surrender of this Security the principal sum
of             
[United States dollars]
on             
[if the Security is
interest-bearing, insert –, and
to pay interest thereon, from the date hereof, [semi-annually in arrears
on             
and             
in each year] [annually in arrears
on             
in each year], commencing , 20     , at the rate
of     % per annum, until the principal hereof is paid or
made available for payment [if
applicable, insert –, and (to the
extent that the payment of such interest shall be legally enforceable) at the
rate of      % per annum on any overdue principal and
premium and on any overdue installment of interest)]. 

[If the Security is not to
bear interest prior to Maturity. insert – The principal of this Security shall not bear interest except in the
case of a default in payment of principal upon acceleration, upon redemption or
at Stated Maturity, and in such case the overdue principal of this Security
shall bear interest at the rate of % per annum (to the extent that the payment
of such interest shall be legally enforceable), which shall accrue from the date
of such default in payment to the date payment of such principal has been made
or duly provided for. Interest on any overdue principal shall be payable on
demand. Any such interest on any overdue principal that is not so paid on demand
shall bear interest at the rate of % per annum (to the extent that the payment
of such interest shall be legally enforceable), which shall accrue from the date
of such demand for payment to the date payment of such interest has been made or
duly provided for, and such interest shall also be payable on demand.] Such
payments [(including premium, if any)] shall be made, subject to any laws or
regulations applicable thereto and to the right of the Company (limited as
provided in the Indenture) to rescind the designation of any such Paying Agent,
at the [main] office of        
in        
,        
in         ,
in        
,        
in         and
in         , or at such other offices or
agencies outside the United States (as defined below) as the Company may
designate, at the option of the Holder, by [United States dollar] check drawn on a bank in the City of New York or
by transfer of [United States dollars] to an account maintained by the payee
with a bank located outside the United States. [If the Security is interest-bearing,
insert – Interest on this
Security due on or before Maturity shall be payable only upon presentation and
surrender at such an office or agency of the interest coupons hereto attached as
they severally mature.] No payment of principal[, or] [premium] [or interest)]
on this Security shall be made at any office or agency of the Company in the
United States or by check mailed to any address in the United States or by
transfer to an account maintained with a bank located in the United States
[if Security is denominated and
payable in United Sates dollars, insert –; provided, however, that payment of principal of [(and premium, if any)] and [any] interest
on this Security (including any additional amounts which may be payable as
provided below) shall be made at the office of the Company’s Paying Agent in the
United States of America, if (but only if) payment in United States dollars of
the full amount of such principal[, premium] [, interest] or additional amounts,
as the case may be, at all offices or agencies outside the United States
maintained for the purpose by the Company in accordance with the Indenture is
illegal or effectively precluded by exchange controls or other similar
restrictions, as determined by the Company). 

____________________

2 To be completed and supplemented to reflect the terms of any
series of Securities. 

B-1 

The
Company will pay to the Holder of this Security [if the Security is interest-bearing
insert – or any coupon
appertaining hereto] who is a United States Alien (as defined below) such
additional amounts as may be necessary in order that [If the Security is
interest-bearing, insert – every net payment of the principal of [(and premium
if any)] and interest on this Security] [if the Security is not to bear interest prior to Maturity,
insert – (i) the net payment of
principal of (and interest on overdue principal, if any, on) this Security and
(ii) the net proceeds from the sale or exchange of this Security, including, in
each case, amounts received in respect of original issue discount), after
deduction or withholding for or on account of any present or future tax,
assessment or other governmental charge imposed by the United States or any
political subdivision or taxing authority thereof or therein upon or as a result
of such payment [if the Security is not to bear interest prior to Maturity,
insert – or as a result of such sale or exchange], will not be less than the
amount provided for in this Security [if the Security is interest-bearing, insert – or in such coupons] to be then due and payable
[if the Security is not to bear
interest prior to Maturity, insert – or, in the case of a sale or exchange, the amount of the net proceeds
from the sale or exchange before any such tax, assessment or other governmental
charge]; provided, however, that the
foregoing obligation to pay additional amounts will not apply to any one or more
of the following: 

(a) any tax, assessment or other governmental
charge which would not have been so imposed but for (i) the existence of any
present or former connection between such Holder (or between a fiduciary,
settlor, beneficiary or member of, or possessor of a power over, such Holder, if
such Holder is an estate, a trust or a partnership) and the United States,
including, without limitation, such Holder (or such fiduciary, settlor,
beneficiary, member or possessor) being or having been a citizen or resident or
treated as a resident thereof, or being or having been engaged in trade or
business or present therein, or having or having had a permanent establishment
therein, or (ii) such Holder’s present or former status as a personal holding
company, a foreign personal holding company, a controlled foreign corporation
for United States tax purposes or a corporation which accumulates earnings to
avoid United States federal income tax; 

B-2 

(b) any tax, assessment or other governmental
charge imposed [if the Security is
interest-bearing, insert – on
interest received by a Person holding, actually or constructively, 10% or more
of the total combined voting power of all classes of stock of the Company
entitled to vote)] [if the
Security is not to bear interest prior to Maturity, insert – by reason of such Holder’s past or present
status as the actual or constructive owner of 10% or more of the total combined
voting power of all classes of stock of the Company entitled to vote];

(c) any tax, assessment or other governmental
charge which would not have been imposed but for the failure to comply with any
certification, identification or other reporting requirements concerning the
nationality, residence, identity or connection with the United States of the
Holder or beneficial owner of this Security [if the Security is interest-bearing,
insert – or any coupon
appertaining hereto], if compliance is required by statute or by regulation of
the United States Treasury Department as a precondition to exemption from such
tax, assessment or other governmental charge; 

(d) any estate inheritance, gift, sales, transfer,
personal property or any similar tax, assessment or governmental charge;

(e) any tax, assessment or other governmental
charge which is payable otherwise than, by deduction or withholding from
payments of [if the Security is
interest-bearing, insert –
principal of [(and premium, if any)] or interest on this Security.]
[If the Security is not to bear
interest prior to Maturity, insert – principal of (or interest on overdue principal, if any, on) this
Security or from payments from the proceeds of a sale or exchange of this
Security]; or 

(f) any tax, assessment or other governmental
charge which would not have been so imposed but for the presentation by the
Holder of this Security [if
Security is interest-bearing insert – or any coupon appertaining hereto] for payment on a date more than 15
days after the date on which such payment became due and payable or the date on
which payment thereof is duly provided for, whichever occurs later, 

nor will additional amounts be
paid with respect to any payment of [if the Security is interest-bearing insert – principal of [(and premium, if any)] or
interest on this Security] [if the
Security is not to bear interest prior to Maturity, insert – principal of (or interest on overdue principal,
if any, on) this Security or of the proceeds of any sale or exchange of this
Security to any United States Alien who is a fiduciary or partnership or other
than the sole beneficial owner of any such payment to the extent that a
beneficiary or settlor with respect to such fiduciary, a member of such a
partnership or the beneficial owner would not have been entitled to the
additional amounts had such beneficiary, settlor, member or beneficial owner
been the Holder of this Security [If the Security is interest-bearing insert – or any coupon appertaining hereto]. The term
“United States
Alien” means any Person who, for United States federal
income tax purposes, is a foreign corporation, a non-resident alien individual,
a nonresident alien fiduciary of a foreign estate or trust, or a foreign
partnership one or more of the members of which is, for United States federal
income tax purposes, a foreign corporation, a non-resident alien individual or a
non-resident alien fiduciary of a foreign estate or trust, and the term
“United States” means the United States of America (including
the States and the District of Columbia), its territories, its possessions and
other areas subject to its jurisdiction. 

B-3 

[Notwithstanding the foregoing, if and so long as a certification
identification or other reporting requirement referred to in the [fourth]
[fifth] paragraph on the reverse hereof would be fully satisfied by payment of a
backup withholding tax or similar charge, the Company may elect, by so stating
in the Determination Notice (as defined in such paragraph), to have the
provisions of this paragraph apply in lieu of the provisions of such paragraph.
In such event, the Company will pay as additional amounts such amounts as may be
necessary so that every net payment made following the effective date of such
requirements outside the United States by the Company or any of its Paying
Agents of principal [(and premiums, if any)] [if the Security is interest-bearing,
insert – or interest] due in
respect of any Bearer Security [if
the Security is interest bearing, insert – or any coupon] of which the beneficial owner is a United States Alien
(but without any requirement that the nationality, residence or identity of such
beneficial owner be disclosed to the Company, any Paying Agent or any
governmental authority), after deduction or withholding for or on account of
such backup withholding tax or similar charge other than a backup withholding
tax or similar charge which is (i) the result of a certification, identification
or other reporting requirement described in the second parenthetical clause of
such paragraph, or (ii) imposed as a result of the fact that the Company or any
of its Paying Agents has actual knowledge that the beneficial owner of such
Bearer Security [if the Security is interest-bearing, insert – or coupon] is
within the category of Persons described in clause (a) of the [third] paragraph
of this Security, or (iii) imposed as a result of presentation of such Bearer
Security [if the Security is
interest-bearing insert – or
coupon) for payment more than 15 days after the date on which such payment
becomes due and payable or on which payment thereof is duly provided for,
whichever occurs later, will not be less than the amount provided for in such
Bearer Security [if the Security
is interest-bearing, insert – or
coupon) to be then due and payable.] 

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

Unless the certificate of authentication hereon has been executed by the
Trustee referred to on the reverse hereof, directly or through an authenticating
agent, by manual signature of an authorized signatory, neither this Security,
nor any coupon appertaining hereto, shall be entitled to any benefit under the
Indenture or be valid or obligatory for any purpose. 

B-4 

IN
WITNESS WHEREOF, the Company has caused this instrument to be duly executed
under its corporate seal and coupons bearing the facsimile signature of [its
Treasurer] [one of its Assistant Treasurers] to be annexed hereto. 

Dated as
of                 
20

	CAMPBELL SOUP COMPANY
	 
	  
	By:     	 

	Attest:
	 
	 

B-5 

[Form of Reverse of
Security] 

This
Security is one of a duly authorized issue of securities of the Company (herein
called the “Securities”), issued and
to be issued in one or more series under an Indenture, dated as
of              
, 2017 (herein called the “Indenture”), between the
Company and Wells Fargo Bank, National Association, as Trustee (herein called
the “Trustee”, which term includes any successor trustee under the Indenture), to
which Indenture and all indentures supplemental thereto reference is hereby made
for a statement of the respective rights, limitations of rights, duties and
immunities thereunder of the Company, the Trustee and the Holders of the
Securities and any coupons appertaining thereto and of the terms upon which the
Securities are, and are to be, authenticated and delivered. This Security is one
of the series designated on the face hereof [, limited in aggregate principal
amount to
[U.S.$]              
.. The Securities of this series are issuable as Bearer Securities, with interest
coupons attached, in the denomination of
[U.S.$]              
[, and as Registered Securities, without coupons, in denominations of
[U.S.$]              
and any integral multiple thereof]. [As provided in the Indenture and subject to
certain limitations therein set forth, Bearer Securities and Registered
Securities of this series are exchangeable for a like aggregate principal amount
of Registered Securities of this series and of like tenor of any authorized
denominations, as requested by the Holder surrendering the same, upon surrender
of the Security or Securities to be exchanged, with all unmatured coupons and
all matured coupons in default thereto appertaining, at any office or agency
described below where Registered Securities of this series may be presented for
registration of transfer, provided, however, that Bearer Securities surrendered in exchange for Registered
Securities between a Record Date and the relevant Interest Payment Date shall be
surrendered without the coupon relating to such Interest Payment Date. Bearer
Securities may not be issued in exchange for Registered Securities.] 

[If
applicable, insert – The Securities of this series are subject to redemption
[(1)) [if applicable, insert – on
(1)              
in any year commencing with the year and ending with the
year              
through operation of the sinking fund for this series at a Redemption Price
equal to [100% of the principal amount] [or insert formula for determining the amount], and (2)] [If applicable insert – at any time [on or
after              
, 20        ), as a whole or in
part, at the election of the Company, at the following Redemption Prices (expressed as percentages of the
principal amount): If redeemed [or
before             
,             
%, and if redeemed] during the 12-month period
beginning             
of the years indicated, 

	Year	    
    	Redemption
      Price	    
    	Year	    
    	Redemption
      Price
		 	 	 	 	 	 

and
thereafter at a Redemption Price equal to      % of the
principal amount,] [and (            )]
(under the circumstances described in the next [two] succeeding paragraph[s] at
a Redemption Price equal to [100% of the principal amount] [or insert formula for determining the amount] [if the Security is interest-bearing, insert – , together in the case of any such redemption
[if applicable
insert – (whether through
operation of the sinking fund or otherwise)] with accrued interest to the
Redemption Date; provided, however, that interest installments on this Security whose Stated Maturity is on
or prior to such Redemption Date will be payable only upon presentation and
surrender of coupons for such interest (at an office or agency located outside
the United States, except as herein provided otherwise)].]

B-6 

[If applicable,
insert – The Securities of this
series are subject to redemption (1)
on             
in any year commencing with the
year             
and ending with the year through operation of the sinking fund for this series
at the Redemption Prices for redemption through operation of the sinking fund
(expressed as percentages of the principal amount) set forth in the table below,
and (2) at any time [on or
after             
, 20      ], as a whole or in part, at the
election of the Company, at the Redemption Prices for redemption otherwise than
through operation of the sinking fund (expressed as percentages of the principal
amount) set forth in the table below: If redeemed during the 12-month period
beginning of the years indicated. 

		      		      	Redemption Price for
	 	 	Redemption Price for		Redemption Otherwise Than
	 	 	Redemption Through		Through Operation of the
	Year		Operation of the Sinking
      Fund	 	Sinking Fund
	
       

       
				

and
thereafter at a Redemption Price equal to % of the principal amount, and (3)
under the circumstances described in the next [two] succeeding paragraph[s] at a
Redemption Price equal to 100% of the principal amount [or insert formula for determining the
amount] [if the Security is interest-bearing
insert – , together in the case
of any such redemption (whether through operation of the sinking fund or
otherwise) with accrued interest to the Redemption Date; provided, however, that interest installments on this Security
whose Stated Maturity is on or prior to such Redemption Date will be payable
only upon presentation and surrender of coupons for such interest (at an office
or agency located outside the United States, except as herein provided
otherwise)].] 

[Partial redemption must be in an amount not less than [U.S. $5,000]
principal amount of Securities.] [Notwithstanding the foregoing, the Company may
not, prior
to             
, redeem any Securities of this series as contemplated by Clause [(2)] above as
a part of, or in anticipation of, any refunding operation by the application,
directly or indirectly, of moneys borrowed having an interest cost to the
Company (calculated in accordance with generally accepted financial practice) of
less than % per annum.] 

[The
Securities may be redeemed, as a whole but not in part, at the option of the
Company, at a Redemption Price [equal to 100% of their principal amount]
[determined as set forth in the preceding paragraph]. [ If the Security is interest-bearing,
insert – , together with interest accrued to the date fixed
for redemption,] if, as a result of any amendment to, or change in, the laws or
regulations of the United States or any political subdivision or taxing
authority thereof or therein affecting taxation, or any amendment to or change
in an official interpretation or application of such laws or regulations, which
amendment or change is effective on or after , 20 , the Company will become
obligated to pay additional amounts (as described on the face hereof)
[if the Security is
interest-bearing, insert – on the
next succeeding Interest Payment Date] [if the Security is not to bear interest prior to Maturity,
insert – at Maturity or upon the
sale or exchange of any Security] at the time such notice is given, such
obligation to pay such additional amounts remains in effect. 

B-7 

[If applicable,
insert – In addition, if the
Company determines, based upon a written opinion of independent counsel, that
any payment made outside the United States by the Company or any of its Paying
Agents of the full amount of principal [(, premium, if any)] or interest due
with respect to any Bearer Security or coupon would, under any present or future
laws or regulations of the United States, be subject to any certification,
identification or other reporting requirement of any kind, the effect of which
requirement is the disclosure to the Company, any Paying Agent or any
governmental authority of the nationality, residence or identity of a beneficial
owner of such Bearer Security or coupon who is a United States Alien (as defined
on the face hereof) (other than such a requirement (a) which would not be
applicable to a payment made by the Company or any one of its Paying Agents (i)
directly to the beneficial owner or (ii) to any custodian, nominee or other
agent of the beneficial owner, or (b) which can be satisfied by the custodian,
nominee or other agent certifying that the beneficial owner is a United States
Alien, provided in each case referred to in clauses (a) (ii) and (b) that
payment by such custodian, nominee or other agent of such beneficial owner is
not otherwise subject to any such requirement), the Company at its election will
either (x) redeem the Securities as a whole but not in part, at a Redemption
Price [equal to 100% of their principal amount,] [determined as set forth in the
next preceding paragraph,] together with interest accrued to the date fixed for
redemption, or (y) if and so long as the conditions of the [third] paragraph on
the face of this Security are satisfied, pay the additional amounts specified in
such paragraph. The Company will make such determination and election and notify
the Trustee thereof as soon as practicable, and the Trustee will promptly give
notice of such determination in the manner provided below (the “Determination Notice”), in each case stating the effective date of
such certification, identification or other reporting requirement, whether the
Company will redeem the Securities or will pay the additional amounts specified
in such paragraph and (if applicable) the last date by which the redemption of
the Securities must take place. If the Company elects to redeem the Securities,
such redemption shall take place on such date, not later than one year after
publication of the Determination Notice, as the Company elects by notice to the
Trustee at least [60] days before such date, unless shorter notice is acceptable
to the Trustee. Notwithstanding the foregoing, the Company will not so redeem
the Securities if the Company, based upon an opinion of independent counsel,
subsequently determines, not less than [30] days prior to the date fixed for
redemption, that subsequent payments would not be subject to any such
requirement, in which case the Company will notify the Trustee, which will
promptly give notice of that determination in the manner provided below, and any
earlier redemption notice will thereupon be revoked and of no further effect. If the Company elects as provided in
clause (y) above to pay additional amounts, and as long as the Company is
obligated to pay such additional amounts, the Company may subsequently redeem
the Securities, at any time, as a whole but not in part, at a Redemption Price
[equal to 100% of their principal amount] [determined as set forth in the next
preceding paragraph,] together with interest accrued to the date fixed for
redemption, but without reduction for applicable United States withholding
taxes.] 

B-8 

[If applicable,
insert – In addition, if the
Company determines, based upon a written opinion of independent counsel, that
any payment made outside the United States by the Company or any of its Paying
Agents of the full amount due with respect to any Bearer Security would, under
any present or future laws or regulations of the United States, be subject to
any certification, identification or other reporting requirement of any kind,
the effect of which requirement is the disclosure to the Company, any Paying
Agent or any governmental authority of the nationality, residence or identity of
a beneficial owner of such Bearer Security who is a United States Alien (as
defined on the face hereof) (other than such a requirement (a) which would not
be applicable to a payment made by the Company or any one of its Paying Agents
(i) directly to the beneficial owner or (ii) to any custodian, nominee or other
agent of the beneficial owner, or (b) which can be satisfied by the custodian,
nominee or other agent certifying to the effect that such beneficial owner is a
United States Alien, provided in each case referred to in clauses (a)(ii) and
(b) that payment by such custodian, nominee or other agent of such beneficial
owner is not otherwise subject to any such requirement), the Company at its
election will either (x) permit any Holder of a Bearer Security to present such
Bearer Security for redemption within 90 days of notice of such redemption, at a
Redemption Price determined as set forth in the next preceding paragraph, or (y)
if and so long as the conditions of the [fifth] paragraph on the face of this
Security are satisfied, pay the additional amounts specified in such paragraph.
The Company will make such determination and election and notify the Trustee
thereof as soon as practicable, and the Trustee will promptly give notice of
such determination in the manner provided below (the “Determination Notice”), in each case stating the effective date of
such certification, identification or other reporting requirement, whether the
Company has elected to permit redemption of the Bearer Securities or to pay the
additional amounts specified in such paragraph and (if applicable) the last day
by which the Company may publish any notice of redemption. If the Company elects
to permit redemption of the Bearer Securities, notice of the redemption will be
given not more than 268 days following the Determination Notice and will specify
the date fixed for redemption. The Bearer Securities will be redeemed on the day
97 days after notice of the redemption has been given. Notwithstanding the
foregoing, the Company will not permit redemption of the Bearer Securities if
the Company, based upon an opinion of independent counsel, subsequently
determines, not less than 30 days prior to the date fixed for redemption, that
no payment would be subject to any such requirement, in which case the Company
will promptly notify the Trustee, which will promptly give notice of that
determination in the manner described below, and any earlier redemption notice
will thereupon be revoked and of no further effect.] 

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

B-9 

[Notice of redemption will be given by publication in an Authorized
Newspaper in the City of New York and, if the Securities of this series are then
listed on [The Stock Exchange of the United Kingdom and the Republic of Ireland]
[the Luxembourg Stock Exchange] [or] any [other] stock exchange located outside
the United States and such stock exchange shall so require, in [London]
[Luxembourg] [or] in any [other] required city outside the United States or, if
not practicable, elsewhere in Europe, [and by mail to Holders of Registered
Securities] not less than 30 nor more than 60 days prior to the date fixed for
redemption, all as provided in the Indenture.] 

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

The
Indenture permits, with certain exceptions as therein provided, the amendment
thereof and the modification of the rights and obligations of the Company and
the rights of the Holders of the Securities of each series to be affected
[if the Securities of the series
are interest-bearing insert – and
any related coupons] under the Indenture at any time by the Company and the
Trustee with the consent of the Holders of a majority in principal amount of the
Securities at the time Outstanding of each series to be affected. The Indenture
also contains provisions permitting the Holders of specified percentages in
principal amount of the Securities of each series at the time Outstanding (with
each series voting as a separate class in certain other cases specified in the
Indenture or with all series voting as one class, in certain other cases
specified in the Indenture), on behalf of the Holders of all Securities of such
series [if the Securities of the
series are interest-bearing, insert – and any related coupons], to waive compliance by the Company with
certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences. Any such consent or waiver by the Holder of
this Security shall be conclusive and binding upon such Holder and upon all
future Holders of this Security and any coupon appertaining hereto and of any
Security issued in exchange herefor or in lieu hereof, whether or not notation
of such consent or waiver is made upon this Security. 

Payment of principal, interest, penalties, fees, indemnifications,
reimbursements, damages and other liabilities payable under the documentation
governing any indebtedness due with respect
to this Security is subordinated to the prior payment of Senior Debt on the
terms provided in the Indenture. 

B-10 

As
set forth in, and subject to, the provisions of the Indenture, no Holder of any
Security of this series [if the
Security is interest-bearing, insert – or any related coupon] will have any right to institute any proceeding
with respect to the Indenture or for any remedy thereunder, unless such Holder
shall have previously given to the Trustee written notice of a continuing Event
of Default with respect to this series, the Holders of not less than 25% in
principal amount of the Outstanding Securities of this series shall have made
written request, and offered reasonable indemnity, to the Trustee to institute
such proceeding as trustee, and the Trustee shall not have received from the
Holders of a majority in principal amount of the Outstanding Securities of this
series a direction inconsistent with such request and shall have failed to
institute such proceeding within 60 days; provided, however, that such limitations do not apply to a suit instituted by the Holder
hereof [if the Security is
interest-bearing insert – or any
related coupon] for the enforcement of payment of the principal of [(and
premium, if any)] or [any] interest on this Security [if the Security is interest-bearing,
insert - or payment of such
coupon] on or after the respective due dates expressed herein [if the Security is interest-bearing,
insert -or in such coupon].

No
reference herein to the Indenture and no provision of this Security or of the
Indenture shall alter or impair the obligation of the Company, which is absolute
and unconditional, to pay the principal of [(and premium, if any)] and [any]
interest (including additional amounts, as described on the face hereof) on this
Security at the times, places and rate, and in the coin or currency, herein
prescribed. 

Title to [Bearer] Securities and coupons shall pass by delivery. [As
provided in the Indenture and subject to certain limitations therein set forth,
the transfer of Registered Securities is registrable in the Security Register,
upon surrender of a Registered Security for registration of transfer at the
[Corporate Trust Office of the Trustee or such other] office or agency of the
Company in any place where the principal of (premium, if any) and interest, if
any, on such Security are payable, duly endorsed by, or accompanied by a written
instrument of transfer in form satisfactory to the Company and the Security
Registrar duly executed by, the Holder thereof or his attorney duly authorized
in writing, and thereupon one or more new [Registered] Securities of this series
and of like tenor, of authorized denominations and for the same aggregate
principal amount, will be issued to the designated transferee or transferees.]

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

The
Company, the Trustee and any agent of the Company or the Trustee may treat the
bearer of a Bearer Security of any series [if the Securities of the series are
interest-bearing, insert - and
any coupon appertaining thereto] [, and prior to due presentment of a Registered
Security for registration of transfer, the Company, the Trustee and any agent of
the Company or the Trustee may treat the Person in whose name such Security is
registered,] as the owner thereof for all
purposes, whether or not such Security. [if the Securities of the series are interest-bearing
insert – or such coupon] is
overdue, and neither the Company, the Trustee nor any such agent shall be
affected by notice to the contrary. 

B-11 

The
Indenture, the Securities and any coupons appertaining thereto shall be governed
by and construed in accordance with the laws of the State of New York without
giving effect to the conflicts of laws provisions thereof. All terms used in
this Security which are defined in the Indenture shall have the meanings
assigned to them in the Indenture. 

[Form of Face of Coupon]

ANY
UNITED STATES PERSON WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO LIMITATIONS
UNDER THE UNITED STATES INCOME TAX LAWS, INCLUDING THE LIMITATIONS PROVIDED IN
SECTIONS 165(j) AND 1287(a) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

		    
	[R-]	                     
    
		 	          
    	

	CAMPBELL SOUP COMPANY	    
	[U.S.$]	                     
    
			           	

		    
	Due	                     
    
			          
    	

____________________

Unless the Security to which this coupon appertaining shall have been
called for previous redemption and payment thereof duly provided for on the date
set forth hereon. CAMPBELL SOUP COMPANY (herein called the “Company”) will pay to bearer, upon surrender hereof, the amount shown hereon
(together with any additional amounts in respect thereof which the Company may
be required to pay according to the terms of said Security and the Indenture
referred to therein) [at the initial Paying Agents set out on the reverse hereof
or at such other offices or agencies (which, except as otherwise provided in the
Security to which this coupon appertaining, shall be located outside the United
States of America (including the States and the District of Columbia), its
territories, its possessions and other areas subject to its jurisdiction (the
“United States”)) as the Company may designate from time to
time,] at the option of the Holder, by [United States dollar check] drawn on a
bank in the City of New York or by transfer of [United States dollars] to an
account maintained by the payee with a bank located outside the United States,
being [one year’s] interest then payable on said Security. 

	CAMPBELL SOUP COMPANY
		 
	 	
	By:
           	

B-12 

	[Reverse of Coupon]3
	 
	
	 
	 
	  
	 

 

 

 

 

 

 

 

____________________

3 Insert names and addresses of Initial Paying Agents located
outside the United States. 

B-13 

EXHIBIT C-1

[FORM OF CERTIFICATE TO
BE GIVEN BY
PERSON ENTITLED TO RECEIVE BEARER SECURITY] 

CERTIFICATE

Whenever any provision of this Indenture or the forms of Security
contemplates that certification be given by a Person entitled to receive a
Bearer Security, such certification shall be provided substantially in the form
of the following certificate, with only such changes as shall be approved by the
Company: 

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

This
is to certify that the above-captioned Security is not being acquired by or on
behalf of a United States person, or for offer to resell or for resale to a
United States person or any person inside the United States, or, if a beneficial
interest in the Security is being acquired by a United States person, that such
person is a financial institution within the meaning of Section
l.165-12(c)(1)(v) of the United States Treasury Regulations or is acquiring
through such a financial institution, and in either case that the Security is
held by a financial institution that has agreed in writing to comply with the
requirements of Section 165(j)(3)(A), (B) or (C) of the Internal Revenue Code of
1986, as amended, and the regulations thereunder and is not purchasing for offer
to resell or for resale inside the United States. If this certificate is being
provided by a clearing organization, it is based on statements provided to it by
its member organizations. As used herein, “United States” means the United States of America (including
the States and the District of Columbia), its territories and possessions and
other areas subject to its jurisdiction, and “United States person” means any citizen or resident of the United
States, any corporation, partnership or other entity created or organized in or
under the laws of the United States or any political subdivision thereof and any
estate or trust the income of which is subject to United States Federal income
taxation regardless of its source. If the undersigned is a dealer, the
undersigned agrees to obtain a similar certificate from each person entitled to
delivery of any of the above-captioned Securities in bearer form purchased from
it; provided, however, that, if the
undersigned has actual knowledge that the information contained in such a
certificate is false (and, absent documentary evidence that the beneficial owner
of such Security is not a United States person, the undersigned will be, deemed
to have actual knowledge that such beneficial owner, other than a financial
institution described above, is a United States person if the undersigned has a
United States address for such beneficial owner), the undersigned will not
deliver a Security in temporary or definitive bearer form to the person who
signed such certificate notwithstanding the delivery of such certificate to the
undersigned. 

We
undertake to advise you by telex if the above statement as to beneficial
ownership is not correct on the date of delivery of the above-captioned
Securities in bearer form as to all of such Securities. 

C-1-1 

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

	Dated:                       
      , 20	 

C-1-2 

EXHIBIT C-2

[FORM OF CERTIFICATE TO
BE GIVEN BY EUROCLEAR AND
CLEARSTREAM IN CONNECTION WITH THE EXCHANGE OF A
PORTION 
OF A TEMPORARY
GLOBAL SECURITY 

Whenever any provision of this Indenture or the forms of Security
contemplates that certification be given by Euroclear or Clearstream in
connection with the exchange of a portion of a temporary global Security, such
certification shall be provided substantially in the form of the following
certificate, with only such changes as shall be approved by the Company:]

CERTIFICATE 

____________________

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

This
is to certify with respect to U.S. $[—] principal amount of the above-captioned
Securities (i) that we have received from each of the persons appearing in our
records as persons entitled to a portion of such principal amount (our
“Qualified Account
Holders”) a certificate with
respect to such portion substantially in the form attached hereto, and (ii) that
we are not submitting herewith for exchange any portion of the temporary global
Security representing the above-captioned Securities excepted in such
certificates. 

We
further certify that as of the date hereof we have not received any notification
from any of our Qualified Account Holders to the effect that the statements made
by such Qualified Account Holders with respect to any portion of the Principal
amount submitted herewith for exchange are no longer true and cannot be relied
upon as of the date hereof. 

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

	Dated:                       
      , 20
	[To be dated no earlier
      than
	the Exchange
    Date]

	[EUROCLEAR BANK S.A./N.V., as
	Operator of the Euroclear System]
	[CLEARSTREAM BANKING, SOCIETE
	ANONYME]
	 
	 
	By:      	 

C-2-1 

EXHIBIT C-3

[FORM OF CERTIFICATE TO
BE GIVEN BY EUROCLEAR AND
CLEARSTREAM TO OBTAIN INTEREST PRIOR TO AN EXCHANGE
DATE 

Whenever any provision of this indenture or the forms of Security
contemplates that certification be given by Euroclear or Clearstream to obtain
interest prior to an Exchange Date, such certification shall be provided
substantially in the form of the following certificate, with only such changes
as shall be approved by the Company:] 

CERTIFICATE 

[Insert title or
sufficient description of Securities] 

We
confirm that the interest payable on the Interest Payment Date on
[Insert Date] will be paid to each of the persons appearing in
our records as being entitled to interest payable on such date from whom we have
received a written certification, dated not earlier than such Interest Payment
Date, substantially in the form attached hereto. We undertake to retain
certificates received from our member organizations in connection herewith for
four years from the end of the calendar year in which such certificates are
received. 

We
undertake that any interest received by us and not paid as provided above shall
be returned to the Trustee for the above Securities immediately prior to the
expiration of two years after such Interest Payment Date in order to be repaid
by such Trustee to the above issuer at the end of two years after such Interest
Payment Date. 

Dated:                       
, 20
[To be dated on or after
the relevant Interest
Payment Date]

	[EUROCLEAR BANK
      S.A./N.V., as
	Operator of the
      Euroclear System]
	[CLEARSTREAM
      BANKING, SOCIETE
	ANONYME]
	
	
	By:      
    	 

C-3-1

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