Document:

SMITHTOWN
BANCORP, INC.

     

    Issuer

     

    and

     

    [________________________]

     

    Trustee

     

    
      
        

      

    

     

    Indenture

     

    Dated as
of _________________

    
       

      
        

      

    

     

    SENIOR
DEBT SECURITIES

     

    
      
        

      

    

     

    
      

      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    SMITHTOWN
BANCORP, INC.

     

    CERTAIN
SECTIONS OF THIS INDENTURE RELATING TO

    SECTIONS
310 THROUGH 318, INCLUSIVE, OF THE

    TRUST
INDENTURE ACT OF 1939:

    
      
        	
                Trust Indenture

              	 
      	 
      
	
                Act Section

              	 
      	
                Indenture Section

              
	
                §310(a)(1)

              	 
      	
                609

              
	
                (a)(2)

              	 
      	
                609

              
	
                (a)(3)

              	 
      	
                Not
      Applicable

              
	
                (a)(4)

              	 
      	
                Not
      Applicable

              
	
                (b)

              	 
      	
                608;
      610

              
	
                §311(a)

              	 
      	
                613

              
	
                (b)

              	 
      	
                613

              
	
                §312(a)

              	 
      	
                701;
      702

              
	
                (b)

              	 
      	
                702

              
	
                (c)

              	 
      	
                702

              
	
                §313(a)

              	 
      	
                703

              
	
                (b)

              	 
      	
                703

              
	
                (c)

              	 
      	
                703

              
	
                (d)

              	 
      	
                703

              
	
                §314(a)

              	 
      	
                704

              
	
                (a)(4)

              	 
      	
                1004

              
	
                (b)

              	 
      	
                Not
      Applicable

              
	
                (c)(1)

              	 
      	
                102

              
	
                (c)(2)

              	 
      	
                102

              
	
                (c)(3)

              	 
      	
                Not
      Applicable

              
	
                (d)

              	 
      	
                Not
      Applicable

              
	
                (e)

              	 
      	
                102

              
	
                §315(a)

              	 
      	
                601,
      603

              
	
                (b)

              	 
      	
                602

              
	
                (c)

              	 
      	
                601

              
	
                (d)

              	 
      	
                601

              
	
                (e)

              	 
      	
                514

              
	
                §316(a)

              	 
      	
                101

              
	
                (a)(1)(A)

              	 
      	
                502;
      512

              
	
                (a)(1)(B)

              	 
      	
                513

              
	
                (a)(2)

              	 
      	
                Not
      Applicable

              
	
                (b)

              	 
      	
                508

              
	
                (c)

              	 
      	
                104

              
	
                §317(a)(1)

              	 
      	
                503

              
	
                (a)(2)

              	 
      	
                504

              
	
                (b)

              	 
      	
                1003

              
	
                §318(a)

              	 
      	
                107

              

      

    

    

    
      
        

      

    

    
      	
              NOTE:

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

            

    

    
      
         

      

      
        -i-

        
          

        

      

      
         

      

    

    TABLE
OF CONTENTS

     

    
      
        
          
            
              	 
      	 
      	
                      Page

                    
	 
      	 
      	 
      
	
                      ARTICLE
      I

                    
	
                      DEFINITIONS
      AND OTHER PROVISIONS OF GENERAL APPLICATION

                    
	 
      	 
      	 
      
	
                      Section
      101.

                    	
                      Definitions

                    	
                      1

                    
	
                      Section
      102.

                    	
                      Compliance
      Certificates and Opinions

                    	
                      7

                    
	
                      Section
      103.

                    	
                      Form
      of Documents Delivered to Trustee

                    	
                      8

                    
	
                      Section
      104.

                    	
                      Acts
      of Holders; Record Dates

                    	
                      8

                    
	
                      Section
      105.

                    	
                      Notices,
      Etc., to Trustee and the Company

                    	
                      10

                    
	
                      Section
      106.

                    	
                      Notice
      to Holders; Waiver

                    	
                      10

                    
	
                      Section
      107.

                    	
                      Conflict
      with Trust Indenture Act

                    	
                      10

                    
	
                      Section
      108.

                    	
                      Effect
      of Headings and Table of Contents

                    	
                      11

                    
	
                      Section
      109.

                    	
                      Successors
      and Assigns

                    	
                      11

                    
	
                      Section
      110.

                    	
                      Separability
      Clause

                    	
                      11

                    
	
                      Section
      111.

                    	
                      Benefits
      of Indenture

                    	
                      11

                    
	
                      Section
      112.

                    	
                      Governing
      Law

                    	
                      11

                    
	
                      Section
      113.

                    	
                      Legal
      Holidays

                    	
                      11

                    
	
                      Section
      114.

                    	
                      Language
      of Notices, Etc.

                    	
                      11

                    
	
                      Section
      115.

                    	
                      Interest
      Limitation

                    	
                      12

                    
	
                      Section
      116.

                    	
                      No
      Personal Liability of Officers, Directors, Employees or
      Shareholders

                    	
                      12

                    
	 
      	 
      	 
      
	
                      ARTICLE
      II

                    
	
                      SECURITY
      FORMS

                    
	 
      	 
      	 
      
	
                      Section
      201.

                    	
                      Forms
      Generally

                    	
                      13

                    
	
                      Section
      202.

                    	
                      Form
      of Face of Security

                    	
                      13

                    
	
                      Section
      203.

                    	
                      Form
      of Reverse of Security

                    	
                      16

                    
	
                      Section
      204.

                    	
                      Global
      Securities

                    	
                      20

                    
	
                      Section
      205.

                    	
                      Form
      of Trustee's Certificate and Authorization

                    	
                      21

                    
	 
      	 
      	 
      
	
                      ARTICLE
      III

                    
	
                      THE
      SECURITIES

                    
	 
      	 
      	 
      
	
                      Section
      301.

                    	
                      Amount
      Unlimited; Issuable in Series

                    	
                      22

                    
	
                      Section
      302.

                    	
                      Denominations

                    	
                      25

                    
	
                      Section
      303.

                    	
                      Execution,
      Authentication, Delivery and Dating

                    	
                      25

                    
	
                      Section
      304.

                    	
                      Temporary
      Securities

                    	
                      27

                    
	
                      Section
      305.

                    	
                      Registration,
      Registration of Transfer and Exchange

                    	
                      28

                    
	
                      Section
      306.

                    	
                      Mutilated,
      Destroyed, Lost and Stolen Securities

                    	
                      29

                    
	
                      Section
      307.

                    	
                      Payment
      of Interest; Interest Rights Preserved

                    	
                      30

                    
	
                      Section
      308.

                    	
                      Persons
      Deemed Owners

                    	
                      31

                    
	
                      Section
      309.

                    	
                      Cancellation

                    	
                      32

                    
	
                      Section
      310.

                    	
                      Computation
      of Interest

                    	
                      32

                    
	
                      Section
      311.

                    	
                      CUSIP
      Numbers

                    	
                      32

                    

            

          

        

      

    

     

    
      
         

      

      
        -ii-

        
          

        

      

      
         

      

    

    

    TABLE
OF CONTENTS

    (continued)

     

    
      
        
          
            
              	 
      	 
      	
                      Page

                    
	 
      	 
      	 
      
	
                      ARTICLE
      IV

                    
	
                      SATISFACTION
      AND DISCHARGE

                    
	 
      	 
      	 
      
	
                      Section
      401.

                    	
                      Satisfaction
      and Discharge of Indenture

                    	
                      32

                    
	
                      Section
      402.

                    	
                      Application
      of Trust Money

                    	
                      33

                    
	 
      	 
      	 
      
	
                      ARTICLE
      V

                    
	
                      REMEDIES

                    
	 
      	 
      	 
      
	
                      Section
      501.

                    	
                      Events
      of Default

                    	
                      34

                    
	
                      Section
      502.

                    	
                      Acceleration
      of Maturity; Rescission and Annulment

                    	
                      35

                    
	
                      Section
      503.

                    	
                      Collection
      of Indebtedness and Suits for Enforcement by Trustee

                    	
                      35

                    
	
                      Section
      504.

                    	
                      Trustee
      May File Proofs of Claim

                    	
                      36

                    
	
                      Section
      505.

                    	
                      Trustee
      May Enforce Claims Without Possession of Securities

                    	
                      37

                    
	
                      Section
      506.

                    	
                      Application
      of Money Collected

                    	
                      37

                    
	
                      Section
      507.

                    	
                      Limitation
      on Suits

                    	
                      37

                    
	
                      Section
      508.

                    	
                      Unconditional
      Right of Holders to Receive Principal, Premium and
Interest

                    	
                      38

                    
	
                      Section
      509.

                    	
                      Restoration
      of Rights and Remedies

                    	
                      38

                    
	
                      Section
      510.

                    	
                      Rights
      and Remedies Cumulative

                    	
                      38

                    
	
                      Section
      511.

                    	
                      Delay
      or Omission Not Waiver

                    	
                      38

                    
	
                      Section
      512.

                    	
                      Control
      by Holders

                    	
                      39

                    
	
                      Section
      513.

                    	
                      Waiver
      of Past Defaults

                    	
                      39

                    
	
                      Section
      514.

                    	
                      Undertaking
      for Costs

                    	
                      39

                    
	 
      	 
      	 
      
	
                      ARTICLE
      VI

                    
	
                      THE
      TRUSTEE

                    
	 
      	 
      	 
      
	
                      Section
      601.

                    	
                      Certain
      Duties and Responsibilities

                    	
                      40

                    
	
                      Section
      602.

                    	
                      Notice
      of Defaults

                    	
                      41

                    
	
                      Section
      603.

                    	
                      Certain
      Rights of Trustee

                    	
                      41

                    
	
                      Section
      604.

                    	
                      Not
      Responsible for Recitals or Issuance of Securities

                    	
                      42

                    
	
                      Section
      605.

                    	
                      May
      Hold Securities

                    	
                      43

                    
	
                      Section
      606.

                    	
                      Money
      Held in Trust

                    	
                      43

                    
	
                      Section
      607.

                    	
                      Compensation
      and Reimbursement

                    	
                      43

                    
	
                      Section
      608.

                    	
                      Disqualification;
      Conflicting Interests

                    	
                      44

                    
	
                      Section
      609.

                    	
                      Corporate
      Trustee Required; Eligibility

                    	
                      44

                    
	
                      Section
      610.

                    	
                      Resignation
      and Removal; Appointment of Successor

                    	
                      44

                    
	
                      Section
      611.

                    	
                      Acceptance
      of Appointment by Successor

                    	
                      45

                    
	
                      Section
      612.

                    	
                      Merger,
      Conversion, Consolidation or Succession to Business

                    	
                      46

                    
	
                      Section
      613.

                    	
                      Preferential
      Collection of Claims Against the Company

                    	
                      47

                    
	
                      Section
      614.

                    	
                      Appointment
      of Authenticating Agent

                    	
                      47

                    

            

          

        

      

    

    
      
         

      

      
        -iii-

        
          

        

      

      
         

      

    

    

    TABLE
OF CONTENTS

    (continued)

     

    
      
        
          
            
              	 
      	 
      	
                      Page

                    
	 
      	 
      	 
      
	
                      ARTICLE
      VII

                    
	
                      HOLDERS'
      LISTS AND REPORTS BY TRUSTEE AND THE COMPANY

                    
	 
      	 
      	 
      
	
                      Section
      701.

                    	
                      The
      Company to Furnish Trustee Names and Addresses of Holders

                    	
                      48

                    
	
                      Section
      702.

                    	
                      Preservation
      of Information; Communications to Holders

                    	
                      49

                    
	
                      Section
      703.

                    	
                      Reports
      by Trustee

                    	
                      49

                    
	
                      Section
      704.

                    	
                      Reports
      by the Company

                    	
                      49

                    
	 
      	 
      	 
      
	
                      ARTICLE
      VIII

                    
	
                      CONSOLIDATION,
      MERGER, CONVEYANCE, TRANSFER OR LEASE

                    
	 
      	 
      	 
      
	
                      Section
      801.

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

                    	
                      50

                    
	
                      Section
      802.

                    	
                      Successor
      Substituted

                    	
                      50

                    
	 
      	 
      	 
      
	
                      ARTICLE
      IX

                    
	
                      SUPPLEMENTAL
      INDENTURES

                    
	 
      	 
      	 
      
	
                      Section
      901.

                    	
                      Supplemental
      Indentures Without Consent of Holders

                    	
                      51

                    
	
                      Section
      902.

                    	
                      Supplemental
      Indentures with Consent of Holders

                    	
                      52

                    
	
                      Section
      903.

                    	
                      Execution
      of Supplemental Indentures

                    	
                      52

                    
	
                      Section
      904.

                    	
                      Effect
      of Supplemental Indentures

                    	
                      53

                    
	
                      Section
      905.

                    	
                      Conformity
      with Trust Indenture Act

                    	
                      53

                    
	
                      Section
      906.

                    	
                      Reference
      in Securities to Supplemental Indentures

                    	
                      53

                    
	 
      	 
      	 
      
	
                      ARTICLE
      X

                    
	
                      COVENANTS

                    
	 
      	 
      	 
      
	
                      Section
      1001.

                    	
                      Payment
      of Principal, Premium and Interest

                    	
                      53

                    
	
                      Section
      1002.

                    	
                      Maintenance
      of Office or Agency

                    	
                      53

                    
	
                      Section
      1003.

                    	
                      Money
      for Securities Payments to Be Held in Trust

                    	
                      54

                    
	
                      Section
      1004.

                    	
                      Statement
      by Officers as to Default

                    	
                      55

                    
	
                      Section
      1005.

                    	
                      Waiver
      of Certain Covenants

                    	
                      55

                    
	 
      	 
      	 
      
	
                      ARTICLE
      XI

                    
	
                      REDEMPTION
      OF SECURITIES

                    
	 
      	 
      	 
      
	
                      Section
      1101.

                    	
                      Applicability
      of Article

                    	
                      56

                    
	
                      Section
      1102.

                    	
                      Election
      to Redeem; Notice to Trustee

                    	
                      56

                    
	
                      Section
      1103.

                    	
                      Selection
      by Trustee of Securities to be Redeemed

                    	
                      56

                    
	
                      Section
      1104.

                    	
                      Notice
      of Redemption

                    	
                      57

                    
	
                      Section
      1105.

                    	
                      Deposit
      of Redemption Price

                    	
                      57

                    
	
                      Section
      1106.

                    	
                      Securities
      Payable on Redemption Date

                    	
                      57

                    
	
                      Section
      1107.

                    	
                      Securities
      Redeemed in Part

                    	
                      58

                    

            

          

        

      

    

    

    
      
         

      

      
        -iv-

        
          

        

      

      
         

      

    

    TABLE
OF CONTENTS

    (continued)

     

    
      
        
          
            
              	 
      	 
      	
                      Page

                    
	 
      	 
      	 
      
	
                      ARTICLE
      XII

                    
	
                      SINKING
      FUNDS

                    
	 
      	 
      	 
      
	
                      Section
      1201.

                    	
                      Applicability
      of Article

                    	
                      58

                    
	
                      Section
      1202.

                    	
                      Satisfaction
      of Sinking Fund Payments with Securities

                    	
                      58

                    
	
                      Section
      1203.

                    	
                      Redemption
      of Securities for Sinking Fund

                    	
                      59

                    
	 
      	 
      	 
      
	
                      ARTICLE
      XIII

                    
	
                      DEFEASANCE

                    
	 
      	 
      	 
      
	
                      Section
      1301.

                    	
                      Applicability
      of Article

                    	
                      59

                    
	
                      Section
      1302.

                    	
                      Legal
      Defeasance

                    	
                      59

                    
	
                      Section
      1303.

                    	
                      Covenant
      Defeasance

                    	
                      61

                    
	
                      Section
      1304.

                    	
                      Application
      by Trustee of Funds Deposited for Payment of Securities

                    	
                      62

                    
	
                      Section
      1305.

                    	
                      Repayment
      to the Company

                    	
                      63

                    
	
                      Section
      1306.

                    	
                      Reinstatement

                    	
                      63

                    

            

          

        

      

    

    
      
         

      

      
        -v-

        
          

        

      

      
         

      

    

    INDENTURE
dated as of _________________, between SMITHTOWN BANCORP, INC., a New York
corporation (the "Company"), having its principal office at
______________________, New York, _______, and ______________________, a
_______________ corporation (the "Trustee"), having its principal office at
______________________.

     

    RECITALS
OF THE COMPANY

     

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

     

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

     

    This
Indenture is subject to the provisions of the Trust Indenture Act that are
required to be a part of this Indenture and, to the extent applicable, shall be
governed by such provisions.

     

    NOW,
THEREFORE, THIS INDENTURE WITNESSETH:

     

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

     

    ARTICLE
I

     

    DEFINITIONS
AND OTHER PROVISIONS OF GENERAL APPLICATION

     

    Section
101.          Definitions

     

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

     

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

     

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

     

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

    
      
         

      

      
         

        
          

        

      

      
         

      

    

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

     

    (5)           the
words "Article" and
"Section" refer to an
Article and Section, respectively, of this Indenture.

     

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

     

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

     

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

     

    "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.

     

    "Bankruptcy Law" means Title
11, U.S. Code, or any similar federal or state law for the relief of debtors or
the protection of creditors.

     

    "Board of Directors" means the
board of directors of the Company, or the executive or any other committee of
that board duly authorized to act in respect thereof.

     

    "Board Resolution" means a
copy of a resolution certified by the Corporate Secretary of the Company, the
principal financial officer of the Company or any other authorized officer of
the Company or a Person duly authorized by any of them, to have been duly
adopted by the Board of Directors and to be in full force and effect on the date
of such certification, and delivered to the Trustee.

     

    "Business Day", when used with
respect to any Place of Payment or other location, means, except as otherwise
provided as contemplated by Section 301 with respect to any series of
Securities, 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, executive order or regulation to
close.

     

    "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.

    
      
         

      

      
        -2-

        
          

        

      

      
         

      

    

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

     

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

     

    "Corporate Trust Office" means
the office of the Trustee at which at any particular time its corporate trust
business shall be principally administered, which at the date hereof is
_______________________.

     

    "Corporation" includes
corporations, associations, partnerships (general or limited), limited liability
companies, joint-stock companies and business trusts.

     

    "Covenant defeasance" has the
meaning specified in Section 1303.

     

    "Custodian" means any
receiver, trustee, assignee, liquidator or similar official under any Bankruptcy
Law.

     

    "Debt" means any debt for
money borrowed.

     

    "Default" means, with respect
to a series of Securities, 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.

     

    "Defaulted Interest" has the
meaning specified in Section 307.

     

    "Defeasance" has the meaning
specified in Section 1302.

     

    "Definitive Security" means a
Security other than a Global Security or a temporary Security.

     

    "Depositary" means, with
respect to Securities of any series issuable in whole or in part in the form of
one or more Global Securities, a clearing agency registered under the Exchange
Act that is designated to act as Depositary for such Securities as contemplated
by Section 301, until a successor Depositary shall have become such pursuant to
the applicable provisions of this Indenture, and thereafter shall mean or
include each Person which is then a Depositary hereunder, and if at any time
there is more than one such Person, shall be a collective reference to such
Persons.

     

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

     

    "Event of Default" has the
meaning specified in Section 501.

    
      
         

      

      
        -3-

        
          

        

      

      
         

      

    

    "Exchange Act" means the
Securities Exchange Act of 1934, as amended from time to time, and any statute
successor thereto.

     

    "Fiscal Year" means, with
respect to the Company, each 12-month period beginning on January 1 and ending
on December 31; provided, however, that, with respect
to a series of Securities, the first fiscal year will begin on the date such
series of Securities is authenticated and delivered under this Indenture. The
Company will notify the Trustee if its fiscal year changes.

     

    "Global Security" means a
Security in global form that evidences all or part of the Securities of any
series and is registered in the name of the Depositary for such Securities or a
nominee thereof.

     

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

     

    "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, including, for all purposes of this
instrument, and any such supplemental indenture, the provisions of the Trust
Indenture Act that are deemed to be a part of and govern this instrument and any
such supplemental indenture, respectively.  The term "Indenture" also
shall include the terms of particular series of Securities established as
contemplated by Section 301.

     

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

     

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

     

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

     

    "Notice of Default" means a
written notice of the kind specified in Section 501(3).

     

    "Officers' Certificate" of a
Person means a certificate signed by any two of the Chairman of the Board, the
Vice Chairman, the President or a Vice President of the Person, or if such
Person is a partnership, of its general partner, and delivered to the
Trustee.  One of the officers or such other Persons (as applicable)
signing an Officers' Certificate given pursuant to Section 1004 shall be the
principal executive, financial or accounting officer of the Person, or if such
Person is a partnership, of its general partner.

     

    "Opinion of Counsel" means a
written opinion of legal counsel, who may be an employee of or counsel for the
Company, which opinion shall comply with the provisions of Sections 102 and
103.  Such counsel shall be acceptable to the Trustee, whose
acceptance shall not be unreasonably withheld.

    
      
         

      

      
        -4-

        
          

        

      

      
         

      

    

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

     

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

     

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

     

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

     

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

     

    (iv)           Securities,
except to the extent provided in Sections 1302 and 1303, with respect to which
the Company has effected defeasance or covenant defeasance as provided in
Article XIII;

     

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

    
      
         

      

      
        -5-

        
          

        

      

      
         

      

    

    "Paying Agent" means any
Person authorized by the Company to pay the principal of or any premium or
interest on any Securities on behalf of the Company.

     

    "Periodic Offering" means an
offering of Securities of a series from time to time, the specific terms of
which Securities, including, without limitation, the rate or rates of interest
or formula for determining the rate or rates of interest thereon, if any, the
Stated Maturity or Stated Maturities thereof, the original issue date or dates
thereof, the redemption provisions, if any, with respect thereto, and any other
terms specified as contemplated by Section 301 with respect thereto, are to be
determined by the Company upon the issuance of such Securities.

     

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

     

    "Place of Payment", when used
with respect to the Securities of any series, means, unless otherwise
specifically provided for with respect to such series as contemplated by Section
301, the office or agency of the Company in _____________ and such other place
or places where, subject to the provisions of Section 1002, the principal of and
any premium and interest on the Securities of that series are payable as
specified as contemplated by Section 301.

     

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

     

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

     

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

     

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

     

    "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 305.

     

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

     

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

    
      
         

      

      
        -6-

        
          

        

      

      
         

      

    

    "Subsidiary" means, with
respect to any Person, any entity of which more than 50% of the total voting
power of the equity interests entitled, without regard to the occurrence of any
contingency, to vote in the election of directors, managers or trustees thereof;
or any partnership of which more than 50% of the partners' equity interests,
considering all partners' equity interests as a single class, is at the time
owned or controlled, directly or indirectly, by that Person or one or more of
the other Subsidiaries of that Person or combination thereof.

     

    "Trust Indenture Act" means
the Trust Indenture Act of 1939 as in force at the date as of which this
instrument was executed, except as otherwise provided in Section 905; provided, however, that if
the Trust Indenture Act of 1939 is amended after such date, "Trust Indenture
Act" means, to the extent required by any such amendment, the Trust Indenture
Act of 1939 as so amended.

     

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

     

    "U.S. Government Obligations"
means securities which are (i) direct obligations of the United States 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, the payment of which is unconditionally guaranteed as a full
faith and credit obligation by the United States, each of which are not callable
or redeemable at the option of the issuer thereof.

     

    "Vice President", when used
with respect to the Company, means any vice president of the Company, or when
used with respect to the Trustee, means any vice president of the
Trustee.

     

    Section
102.          Compliance Certificates and
Opinions

     

    Upon any
application or request by the Company to the Trustee to take or refrain from
taking any action under any provision of this Indenture, the Company shall
furnish to the Trustee an Officers' Certificate in form and substance reasonably
satisfactory to the Trustee stating that, in the opinion of the signers, all
conditions precedent and covenants, if any, provided for in this Indenture
relating to the proposed action have been complied with, and an Opinion of
Counsel in form and substance reasonably satisfactory to the Trustee stating
that, in the opinion of such counsel, all such conditions precedent have been
complied with.  Each such certificate or opinion shall be given in the
form of an Officers' Certificate, if to be given by officers of the Company, or
an Opinion of Counsel, if to be given by counsel, and shall comply with the
requirements of the Trust Indenture Act and any other requirements set forth in
this Indenture.

     

    Every
Officers' Certificate or Opinion of Counsel (except for certificates provided
for in Section 1004) shall include:

     

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

    
      
         

      

      
        -7-

        
          

        

      

      
         

      

    

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

     

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

     

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

     

    Section
103.          Form of Documents Delivered to
Trustee

     

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

     

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

     

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

     

    Section
104.          Acts of Holders; Record
Dates

     

    Any
request, demand, authorization, direction, notice, consent, waiver or other
action provided or permitted by this Indenture to be given or taken by Holders
may be embodied in and evidenced by one or more instruments of substantially
similar tenor signed (either physically or by means of a facsimile or an
electronic transmission, provided that such electronic
transmission is transmitted through the facilities of a Depositary) by such
Holders in person or by an agent duly appointed in writing; and, except as
herein otherwise expressly provided, such action shall become effective when
such instrument or instruments are delivered (either physically or by means of a
facsimile or an electronic transmission, provided that such electronic
transmission is transmitted through the facilities of a Depositary) to the
Trustee and, where it is hereby expressly required, to the
Company.  Such instrument or instruments (and the action embodied
therein and evidenced thereby) are herein sometimes referred to as the "Act" of
the Holders signing such instrument or instruments.  Proof of
execution of any such instrument or of a writing appointing any such agent shall
be sufficient for any purpose of this Indenture and (subject to Section 315 of
the Trust Indenture Act) conclusive in favor of the Trustee and the Company, if
made in the manner provided in this Section.

    
      
         

      

      
        -8-

        
          

        

      

      
         

      

    

    Without
limiting the generality of the foregoing, a Holder, including a Depositary that
is a Holder of a Global Security, may make, give or take, by a proxy or proxies,
duly appointed in writing, any request, demand, authorization, direction,
notice, consent, waiver or other action provided in this Indenture to be made,
given or taken by Holders, and a Depositary that is a Holder of a Global
Security may provide its proxy or proxies to the beneficial owners of interests
in any such Global Security.

     

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

     

    The
ownership, principal amount and serial numbers of Securities held by any Person,
and the date of commencement of such Person's holding the same, shall be proved
by the Security Register.

     

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

     

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

     

    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, but the Company shall have no obligation to do
so.  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.

    
      
         

      

      
        -9-

        
          

        

      

      
         

      

    

    Section
105.          Notices, Etc., to Trustee and the
Company

     

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

     

    (1)           the
Trustee by any Holder or by the Company shall be sufficient for every purpose
hereunder if made in writing and actually received by the Trustee at its office
at _________________________________, or at any other address previously
furnished in writing by the Trustee, or

     

    (2)           the
Company by the Trustee or by any Holder shall be sufficient for every purpose
hereunder (unless otherwise herein expressly provided) if in writing and mailed,
first-class postage prepaid, to the Company, addressed to it at
________________________________, New York, _______, to the attention of the
Corporate Secretary, or at any other address previously furnished in writing to
the Trustee by the Company.

     

    Section
106.          Notice to Holders;
Waiver

     

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

     

    Where
this Indenture provides for notice in any manner, such notice may be waived in
writing by the Person entitled to receive such notice, either before or after
the event, and such waiver shall be the equivalent of such
notice.  Waivers of notice by Holders shall be filed with the Trustee,
but such filing shall not be a condition precedent to the validity of any action
taken in reliance upon such waiver.

     

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

     

    Section
107.          Conflict with Trust Indenture
Act

     

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

     

    
      
         

      

      
        -10-

        
          

        

      

      
         

      

    

    Section
108.          Effect of Headings and Table of
Contents

     

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

     

    Section
109.          Successors and
Assigns

     

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

     

    Section
110.          Separability
Clause

     

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

     

    Section
111.          Benefits of
Indenture

     

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

     

    Section
112.          Governing Law

     

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

     

    Section
113.          Legal Holidays

     

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

     

    Section
114.          Language of Notices,
Etc.

     

    Any
request, demand, authorization, direction, notice, consent, waiver or Act
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.

    
      
         

      

      
        -11-

        
          

        

      

      
         

      

    

    Section
115.          Interest
Limitation

     

    It is the
intention of the Company to conform strictly to all applicable usury laws and
any subsequent revisions, repeals or judicial interpretations
thereof.  Accordingly, if the transactions contemplated hereby would
be usurious under any applicable law then, in that event, notwithstanding
anything to the contrary in the Securities or this Indenture, it is agreed as
follows:  (i) the aggregate of all consideration which
constitutes interest under applicable law with respect to a Security shall under
no circumstances exceed the maximum amount allowed by applicable law, and any
excess shall be credited to the principal amount of such Security (or, if the
principal amount of such Security shall have been paid in full, refunded to the
Company), to the extent permitted by applicable law; and (ii) in the event that
the maturity of any Security is accelerated or in the event of any redemption of
such Security, then such consideration that constitutes interest under
applicable law may never include more than the maximum amount allowed by
applicable law, and any excess shall be credited to the principal amount of such
Security (or, if the principal amount of such Security shall be paid in full,
refunded to the Company), to  the extent permitted by applicable
law.  All calculations made to compute the rate of interest with
respect to a Security for the purpose of determining whether such rate exceeds
the maximum amount allowed by applicable law shall be made, to the extent
permitted by such applicable law, by allocating and spreading during the period
of the full stated term of such Security all interest any time contracted for,
taken, reserved, charged or received by such Holder or by the Trustee on behalf
of any such Holder in connection therewith so that the amount or rate of
interest charged for any and all periods of time during the term of the Security
does not exceed the maximum amount or rate of interest allowed to be charged by
law during the relevant period of time.  Notwithstanding any of the
foregoing, if at any time applicable laws shall be changed so as to permit a
higher rate or amount of interest to be charged than that permitted prior to
such change, then unless prohibited by law, references in this Indenture or any
Security to "applicable law" when used in the context of determining the maximum
interest or rate of interest that can be charged shall be deemed to refer to
such applicable law as so amended to allow the greater amount or rate of
interest.

     

    The right
to accelerate maturity of any Security does not include the right to accelerate
any interest which has not otherwise accrued to the date of such acceleration,
provided, however, that the foregoing shall not prohibit the continuing accrual
after acceleration of interest in accordance with the terms of the Indenture and
such Security.

    Section
116.          No Personal Liability of Officers,
Directors, Employees or Shareholders

     

    Obligations
of the Company under this Indenture and the Securities hereunder are payable
only out of cash flow and assets of the Company. The Trustee, and each Holder of
a Security by its acceptance thereof, will be deemed to have agreed in this
Indenture that no director, officer, employee, or shareholder, as such, of the
Company, the Trustee, or any Affiliate of any of the foregoing entities shall
have any personal liability in respect of the obligations of the Company under
this Indenture or such Securities by reason of his, her or its
status.  The agreements set forth in this Section are part of the
consideration for the issuance of the Securities.

     

    
      
        
        

      

      
        -12-

        
          

        

      

      
        
        

      

    

     

    Section
117.          Applicability of
Depositary

     

    Notwithstanding
any other provision of this Indenture, so long as a series of Securities is a
Global Security, the parties hereto will be bound at all times by the applicable
procedures of the Depositary with respect to such series.

     

    ARTICLE
II

     

    SECURITY
FORMS

     

    Section
201.          Forms Generally

     

    The
Securities of each series shall be in substantially the form set forth in this
Article, or in such other form as shall be established by or pursuant to a Board
Resolution or in one or more indentures supplemental hereto, in each case with
such appropriate insertions, omissions, substitutions and other variations as
are required or permitted by this Indenture, and may have such letters, numbers
or other marks of identification and such legends or endorsements placed thereon
as may be required to comply with applicable laws or the rules of any securities
exchange or automated quotation system on which the Securities of such series
may be listed or traded or of any Depositary therefor or as may, consistently
herewith, be determined by the officers executing such Securities, as evidenced
by their execution of the Securities.  If the form of Securities of
any series is established by action taken pursuant to a Board Resolution, a copy
of an appropriate record of such action shall be certified by an authorized
officer or other authorized Person on behalf of the Company and delivered to the
Trustee at or prior to the delivery of the Company Order contemplated by Section
303 for the authentication and delivery of such Securities.  Any form
of Security approved by or pursuant to a Board Resolution must be acceptable as
to form by the Trustee, such acceptance to be evidenced by the Trustee's
authentication of Securities in that form.

     

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

     

    Section
202.          Form of Face of
Security

     

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

     

    [If a
Global Security,—insert legend required by Section 204 of the
Indenture]

     

    [If
applicable, insert—UNLESS THIS SECURITY IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW
YORK CORPORATION, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE
& CO.  OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT IS MADE TO CEDE
& CO.  OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY), ANY TRANSFER, PLEDGE OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL IN AS MUCH AS
THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.]

    
      
         

      

      
        -13-

        
          

        

      

      
         

      

    

    SMITHTOWN
BANCORP, INC.

     

    [TITLE OF
SECURITY]

     

    
      
        	
                NO.

              	
                U.S.$

              

      

    

    

    [CUSIP
No.
                  ]

     

    SMITHTOWN
BANCORP, INC., a New York corporation (herein called the "Company", which term
includes any successor Person under the Indenture hereinafter referred to), for
value received, hereby promises to pay to _____________, or registered assigns,
the principal sum of  _____________ United States Dollars [state other
currency] on _____________ [if the Security is to bear interest prior to
Maturity, insert (, and to pay interest thereon from _____________, or from the
most recent Interest Payment Date to which interest has been paid or duly
provided for, semi-annually on _____________ and _____________ in each year,
commencing _____________, at the rate of _____________% per annum, until the
principal hereof is paid or made available for payment)] [if applicable, insert
(, and at the rate of _____________% per annum on any overdue principal and
premium and on any overdue installment of interest)].  [If applicable,
insert (The amount of interest payable for any period shall be computed on the
basis of twelve 30-day months and a 360-day year. The amount of interest payable
for any partial period shall be computed on the basis of a 360-day year of
twelve 30-day months and the days elapsed in any partial month. In the event
that any date on which interest is payable on this Security is not a Business
Day, then a payment of the interest payable on such date will be made on the
next succeeding day which is a Business Day (and without any interest or other
payment in respect of any such delay) with the same force and effect as if made
on the date the payment was originally payable. A "Business Day" shall mean,
when used with respect to any Place of Payment, each Monday, Tuesday, Wednesday,
Thursday and Friday which is not a day on which banking institutions in that
Place of Payment are authorized or obligated by law, executive order or
regulation to close.)].  The interest so payable, and punctually paid
or duly provided for, on any Interest Payment Date will, as provided in such
Indenture, be paid to the Person in whose name this Security (or one or more
Predecessor Securities) is registered at the close of business on the Regular
Record Date for such interest, which shall be the _____________ or _____________
(whether or not a Business Day), as the case may be, next preceding such
Interest Payment Date.  Any such interest not so punctually paid or
duly provided for shall 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 of which 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 or automated quotation system on which
the Securities of this series may be listed or traded, and upon such notice as
may be required by such exchange or automated quotation system, all as more
fully provided in such Indenture.

    
      
         

      

      
        -14-

        
          

        

      

      
         

      

    

    [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, 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,
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.)]

     

    [If a
Global Security, insert (Payment of the principal of [(and premium, if any)] and
[if applicable, insert—any such] interest on this Security will be made by
transfer of immediately available funds to a bank account in _____________
designated by the Holder in such coin or currency of the United States of
America as at the time of payment is legal tender for payment of public and
private debts [state other currency].]

     

    [If a
Definitive Security, insert (Payment of the principal of [(and premium, if any)]
and [if applicable, insert—any such] interest on this Security will be made at
the office or agency of the Company maintained for that purpose in
_____________, [in such coin or currency of the United States of America as at
the time of payment is legal tender for payment of public and private debts]
[state other currency] [or subject to any laws or regulations applicable thereto
and to the right of the Company (as provided in the Indenture) to rescind the
designation of any such Paying Agent, at the [main] offices of _____________ in
_____________ and _____________ in _____________, or at such other offices or
agencies as the Company may designate, by [United States Dollar] [state other
currency] check drawn on, or transfer to a [United States Dollar] account
maintained by the payee with, a bank in _____________ (so long as the applicable
Paying Agent has received proper transfer instructions in writing at least
_____________ days prior to the payment date)] [if applicable, insert (; provided, however, that
payment of interest may be made at the option of the Company by [United States
Dollar] [state other currency] check mailed to the addresses of the Persons
entitled thereto as such addresses shall appear in the Security Register] [or by
transfer to a [United States Dollar] [state other currency] account maintained
by the payee with a bank in _____________ (so long as the applicable Paying
Agent has received proper transfer instructions in writing by the Record Date
prior to the applicable Interest Payment Date)].]

     

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

     

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

    
      
         

      

      
        -15-

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, the Company has caused this instrument to be duly
executed.

     

    
      
        
          
            
              
                
                  
                    
                      
                        	
                                Dated:

                              	 
      	 
      	 
      
	 
      	 
      	
                                SMITHTOWN
      BANCORP, INC.

                              
	 	 	 
	 
      	 
      	
                                By:

                              	 
      
	 
      	 
      	
                                Name:

                              
	 
      	 
      	
                                Title:

                              

                      

                    

                  

                

              

            

          

        

      

    

     

    Section
203.          Form of Reverse of
Security

     

    This
Security is one of a duly authorized issue of securities of the Company (the
"Securities"), issued and to be issued in one or more series under an Indenture
dated as of _____________, 2008 (the "Indenture"), between the Company and
[___________________] 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, obligations, 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.  As provided in the Indenture, the Securities may be issued
in one or more series, which different series may be issued in various aggregate
principal amounts, may mature at different times, may bear interest, if any, at
different rates, may be subject to different redemption provisions, if any, may
be subject to different sinking, purchase or analogous funds, if any, may be
subject to different covenants and Events of Default and may otherwise vary as
in the Indenture provided or permitted.  This Security is one of the
series designated on the face hereof [if applicable, insert—, limited in
aggregate principal amount to U.S.$_____________].

     

    [If
applicable, insert—The Securities of this series are subject to redemption upon
not less than 30 nor more than 60 days' notice by mail, [if applicable,
insert—(1) on  in any year commencing with the year _____________ and
ending with the year _____________ through operation of the sinking fund for
this series at a Redemption Price equal to 100% of the principal amount, and
(2)] at any time [if applicable, insert—on or after _____________], as a whole
or in part, at the election of the Company, at the following Redemption Prices
(expressed as percentages of the principal amount): If redeemed [if applicable,
insert—on or before _____________,_____________%, and if redeemed] during the
12-month period beginning _____________ of the years indicated,

    

    
      
        
          
            
              
                
                  	
                          Year

                        	 
      	
                          Redemption Price

                        	 
      	
                          Year

                        	 
      	
                          Redemption Price

                        	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      	 
      	 
      	 
      	 
      
	 	 	 	 	 	 	 	 

                

              

            

          

        

      

    

    

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

    
      
         

      

      
        -16-

        
          

        

      

      
         

      

    

    [If
applicable, insert—The Securities of this series are subject to redemption upon
not less than 30 nor more than 60 days' notice by mail, (1) on _____________ in
any year commencing with the year _____________ and ending with the year
_____________ through operation of the sinking fund for this series at the
Redemption Prices for redemption through operation of the sinking fund
(expressed as percentages of the principal amount) set forth in the table below,
and (2) at any time [if applicable, insert—on or after _____________], as a
whole or in part, at the election of the Company, at the Redemption Prices for
redemption otherwise than through operation of the sinking fund (expressed as
percentages of the principal amount) set forth in the table below: If redeemed
during the 12-month period beginning _____________ of the years
indicated,

     

    

    
      
        
          
            
              
                
                  
                    
                      
                        	
                                Year

                              	 	
                                Redemption Price for

                                Redemption Through

                                Operation of the Sinking

                                Fund

                              	 	
                                Redemption Price for

                                Redemption Otherwise Than

                                Through Operation

                                of the Sinking Fund

                              	 
	 
      	 	 
      	 	 
      	 
	 
      	 	 
      	 	 
      	 
	 
      	 	 
      	 	 
      	 

                      

                    

                  

                

              

            

          

        

      

    

    

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

     

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

     

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

     

    [If
applicable, insert—The Securities of this series are not redeemable prior to
Stated Maturity.]

    
      
         

      

      
        -17-

        
          

        

      

      
         

      

    

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

     

    [If the
Security is an Original Issue Discount Security, insert—If an Event of Default
with respect to Securities of this series shall occur and be continuing, an
amount of principal of the Securities of this series may be declared due and
payable in the manner and with the effect provided in the
Indenture.  Such amount shall be equal to—insert formula for
determining the amount.  Upon payment (1) of the amount of principal
so declared due and payable, and (2) of interest on any overdue principal and
overdue interest, 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 the consent of not
less than the Holders of a majority in aggregate principal amount of the
Outstanding Securities of all series to be affected (voting as one
class).  The Indenture also contains provisions permitting the Holders
of a majority in aggregate principal amount of the Outstanding Securities of all
affected series (voting as one class), on behalf of the Holders of all
Securities of such series, to waive compliance by the Company with certain
provisions of the Indenture.  The Indenture permits, with certain
exceptions as therein provided, the Holders of a majority in principal amount of
Securities of any series then Outstanding to waive past defaults under the
Indenture with respect to such series and their consequences.  Any
such consent or waiver by the Holder of this Security shall be conclusive and
binding upon such Holder and upon all future Holders of this Security and of any
Security issued upon the registration of transfer hereof or in exchange herefor
or in lieu hereof, whether or not notation of such consent or waiver is made
upon this Security.

     

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

     

    No
reference herein to the Indenture and no provision of this Security or of the
Indenture shall, without the consent of the Holder, alter or impair the
obligation of the Company, which is absolute and unconditional, to pay the
principal of and [any premium and] interest on this Security at the times,
place(s) and rate, and in the coin or currency, herein prescribed, except for
Section 115 of the Indenture (which limits interest to the maximum amount
permissible by law), the provisions of which are incorporated herein by
reference.

    
      
         

      

      
        -18-

        
          

        

      

      
         

      

    

    [If a
Global Security, insert—This Global Security or portion hereof may not be
exchanged for Definitive Securities of this series except in the limited
circumstances provided in the Indenture.

     

    The
holders of beneficial interests in this Global Security will not be entitled to
receive physical delivery of Definitive Securities except as described in the
Indenture and will not be considered the Holders thereof for any purpose under
the Indenture.]

     

    [If a
Definitive Security, insert—As provided in the Indenture and subject to certain
limitations therein set forth, the transfer of this Security is registerable in
the Security Register, upon surrender of this Security for registration of
transfer at the office or agency of the Company in [if applicable, insert —
any place where the principal of and any premium and interest on this Security
are payable] [if applicable, insert— _____________ [, or, 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 transfer
agent, at the [main] offices of _____________ in _____________ and in
_____________ or at such other offices or agencies as the Company may
designate]], 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 U.S.$  [state other currency] and any integral
multiple thereof.  As provided in the Indenture and subject to certain
limitations therein set forth, Securities of this series are exchangeable for a
like aggregate principal amount of Securities of this series and of like tenor
of a different authorized denomination, as requested by the Holder surrendering
the same.

     

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

     

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

     

    Obligations
of the Company under the Indenture and the Securities thereunder, including this
Security, are payable only out of cash flow and assets of the Company. The
Trustee, and each Holder of a Security by its acceptance hereof, will be deemed
to have agreed in the Indenture that no director, officer, employee, or
shareholder, as such, of the Company, the Trustee, or any Affiliate of any of
the foregoing entities shall have any personal liability in respect of the
obligations of the Company under the Indenture or such Securities by reason of
his, her or its status.

     

    
      
         

      

      
        -19-

        
          

        

      

      
         

      

    

    The
Indenture contains provisions that relieve the Company from the obligation to
comply with certain restrictive covenants in the Indenture and for satisfaction
and discharge at any time of the entire indebtedness upon compliance by the
Company with certain conditions set forth in the Indenture.

     

    This
Security shall be governed by and construed in accordance with the laws of the
state of New York.

     

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

     

    [If a
Definitive Security, insert as a separate page—

     

    FOR VALUE
RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
_____________________________________ (Please Print or Typewrite Name and
Address of Assignee) the within instrument of SMITHTOWN BANCORP, INC., and does
hereby irrevocably constitute and appoint ________________________ Attorney to
transfer said instrument on the books of the within-named Company, with full
power of substitution in the premises.

     

    Please
Insert Social Security or

    Other
Identifying Number of Assignee:

     

    

     

    
      
        
          
            	
                    Dated:

                  	 
      	 
      	 
      	
                     
      (Signature)

                  

          

        

      

    

     

    Signature
Guarantee:

     

    (Participant
in a Recognized Signature

    Guaranty
Medallion Program)

     

    NOTICE:  The
signature to this assignment must correspond with the name as written upon the
face of the within instrument in every particular, without alteration or
enlargement or any change whatever.]

     

    Section
204.          Global
Securities

     

    Every
Global Security authenticated and delivered hereunder shall bear a legend in
substantially the following form:

     

    THIS
SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER
REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE
THEREOF.  THIS SECURITY MAY NOT BE TRANSFERRED TO, OR REGISTERED OR
EXCHANGED FOR SECURITIES REGISTERED IN THE NAME OF, ANY PERSON OTHER THAN THE
DEPOSITARY OR A NOMINEE THEREOF AND NO SUCH TRANSFER MAY BE REGISTERED, EXCEPT
IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.  EVERY
SECURITY AUTHENTICATED AND DELIVERED UPON REGISTRATION OF TRANSFER OF, OR IN
EXCHANGE FOR OR IN LIEU OF, THIS SECURITY SHALL BE A GLOBAL SECURITY SUBJECT TO
THE FOREGOING, EXCEPT IN SUCH LIMITED CIRCUMSTANCES.

    
      
         

      

      
        -20-

        
          

        

      

      
         

      

    

    If
Securities of a series are issuable in whole or in part in the form of one or
more Global Securities, as contemplated by Section 301, then, notwithstanding
Clause (9) of Section 301 and the provisions of Section 302, any Global 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 or increased, as the case may be, to reflect
exchanges.  Any endorsement of a Global Security to reflect the
amount, or any reduction or increase in the amount, of Outstanding Securities
represented thereby shall be made in such manner and upon instructions given by
such Person or Persons as shall be specified therein or in a Company
Order.  Subject to the provisions of Sections 303, 304 and 305, the
Trustee shall deliver and redeliver any Global Security in the manner and upon
instructions given by the Person or Persons specified therein or in the
applicable Company Order.  Any instructions by the Company with
respect to endorsement or delivery or redelivery of a Global Security shall be
in a Company Order (which need not comply with Section 102 and need not be
accompanied by an Opinion of Counsel).

     

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

     

    Section
205.          Form of Trustee's Certificate and
Authorization

     

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

     

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

     

    
      
        
          
            	 
      	
                    [__________________________]

                  
	 
      	
                    As
      Trustee

                  
	 	 
	 
      	
                    By:

                  	 
      
	 
      	 
      	
                    Authorized
      Signatory

                  

          

        

      

    

    
      
         

      

      
        -21-

        
          

        

      

      
         

      

    

    ARTICLE
III

     

    THE
SECURITIES

     

    Section
301.          Amount Unlimited; Issuable in
Series

     

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

     

    The
Securities may be issued in one or more series.  There shall be
established in or pursuant to a Board Resolution (and, subject to Section 303,
to the extent established pursuant to rather than set forth in a Board
Resolution, in an Officers' Certificate or Company Order setting forth, or
determining the manner of, such establishment) or established in one or more
indentures supplemental hereto, prior to the issuance of Securities of any
series,

     

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

     

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

     

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

     

    (4)           the
date or dates on which the Securities will be issued and on which the principal
of, and premium, if any, on the Securities of the series is payable or the
method of determination thereof;

     

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

     

    (6)           the
place or places where, subject to the provisions of Section 1002, the principal
of and any premium and interest on Securities of the series shall be payable,
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;

     

    (7)           the
period or periods, if any, 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 or otherwise, if the Company is
to have that option;

    
      
         

      

      
        -22-

        
          

        

      

      
         

      

    

    (8)           the
obligation, if any, and the option, if any, of the Company to redeem, purchase
or repay Securities of the series pursuant to any sinking fund or analogous
provisions or upon the happening of a specified event 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, purchased or repaid, in whole or in part, pursuant to such
obligation;

     

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

     

    (10)         whether
payment of principal of and premium, if any, and interest, if any, on the
Securities of the series shall be without deduction for taxes, assessments or
governmental charges paid by Holders of the series;

     

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

     

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

     

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

     

    (14)         the
right, if any, of the Company to defer payments of interest by extending the
interest payment periods and specify the duration of such extension, the
Interest Payment Dates on which such interest shall be payable and whether and
under what circumstances additional interest on amounts deferred shall be
payable;

     

    (15)         if
other than the principal amount thereof, the portion of the principal amount of
Securities of the series which shall be payable upon declaration of acceleration
of the Maturity thereof pursuant to Section 502 or provable in bankruptcy
pursuant to Section 504 or the method of determination thereof;

     

    (16)         if
and as applicable, that the Securities of the series shall be issuable in whole
or in part in the form of one or more Global Securities (and whether in
temporary or permanent global form) and, in such case, the Depositary or
Depositaries for such Global Security or Global Securities and any circumstances
other than those set forth in Section 305 in which any such Global Security may
be transferred to, and registered and exchanged for Securities registered in the
name of, a Person other than the Depositary for such Global Security or a
nominee thereof and in which any such transfer may be
registered;

    
      
         

      

      
        -23-

        
          

        

      

      
         

      

    

    (17)         any
deletions from, modifications of or additions to the Events of Default set forth
in Section 501 or the covenants of the Company set forth in Article X pertaining
to the Securities of the series;

     

    (18)         if
and the terms and conditions upon which any Securities of the series may be
converted into or exchanged for securities, which may include, without
limitation, capital stock, of any class or series of the Company or any other
issuer;

     

    (19)         If
the amount of payments of principal of or any premium or interest on any
Securities of the series may be determined with reference to an index,
including, but not limited to an index based on a currency or currencies other
than that in which the Securities of that series are payable, or any other type
of index, the manner in which such amounts shall be determined;

     

    (20)         if
other than as provided in Sections 1302 and 1303, the terms and conditions upon
which and the manner in which such series of Securities may be defeased or
discharged;

     

    (21)         if
other than the Trustee, the identity of any other trustee, the Security
Registrar and any Paying Agent;

     

    (22)         any
restrictions or other provisions with respect to the transfer or exchange of the
Securities; and

     

    (23)         any
other terms of the Securities of the series (which terms shall not be
inconsistent with the provisions of this Indenture, except as permitted by
Section 901(3)).

     

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

     

    Any such
Board Resolution or Officers' Certificate referred to above with respect to
Securities of any series filed with the Trustee on or before the initial
issuance of the Securities of such series shall be incorporated herein by
reference with respect to Securities of such series and shall thereafter be
deemed to be a part of the Indenture for all purposes relating to Securities of
such series as fully as if such Board Resolution or Officers' Certificate were
set forth herein in full.

     

    All
Securities of any one series need not be issued at the same time and, unless
otherwise provided, a series may be reopened, without the consent of the
Holders, for increases in the aggregate principal amount of such series of
Securities and issuances of additional Securities of such series or for the
establishment of additional terms with respect to the Securities of such
series.

     

    
      
        
        

      

      
        -24-

        
          

        

      

      
        
        

      

    

    

      If any of
the terms of the series are established by action taken by or pursuant to a
Board Resolution, a copy of an appropriate record of such action shall be
certified by an authorized officer or other authorized person of the Company and
delivered to the Trustee at or prior to the delivery of the Officers'
Certificate setting forth, or providing the manner for determining, the terms of
the series.

       

      With
respect to Securities of a series subject to a Periodic Offering, such Board
Resolution or Officers' Certificate may provide general terms for Securities of
such series and provide either that the specific terms of particular Securities
of such series shall be specified in a Company Order, or that such terms shall
be determined by the Company, or one or more of the Company's agents designated
in an Officers' Certificate, in accordance with a Company Order.

       

      Section
302.        Denominations

       

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

       

      Section
303.        Execution, Authentication, Delivery
and Dating

       

      The
Securities shall be executed on behalf of the Company by the Chairman of the
Board, Vice Chairman, Chief Executive Officer, Chief Financial Officer,
President or any Vice President of the Company and need not be
attested.  The signature of any of these officers on the Securities
may be manual or facsimile.

       

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

       

      At any
time and from time to time after the execution and delivery of this Indenture,
the Company may deliver Securities of any series executed by the Company to the
Trustee for authentication, together with a Company Order for the authentication
and delivery of such Securities, and the Trustee in accordance with the Company
Order shall authenticate and deliver such Securities; provided, however, that in
the case of Securities offered in a Periodic Offering, the Trustee shall
authenticate and deliver such Securities from time to time in accordance with
such other procedures (including, without limitation, the receipt by the Trustee
of oral or electronic instructions from the Company or its duly authorized
agents, thereafter promptly confirmed in writing) acceptable to the Trustee as
may be specified by or pursuant to a Company Order delivered to the Trustee
prior to the time of the first authentication of Securities of such
series.  If the form or terms of the Securities of the series have
been established in or pursuant to one or more Board Resolutions as permitted by
Sections 201 and 301, in authenticating such Securities, and accepting the
additional responsibilities under this Indenture in relation to such Securities,
the Trustee shall be entitled to receive, in addition to any Officers'
Certificate and Opinion of Counsel required to be furnished to the Trustee
pursuant to Section 102, and (subject to Section 601) shall be fully protected
in relying upon, an Opinion of Counsel stating,

      
        
           

        

        
          -25-

          
            

          

        

        
           

        

      

       

      (1)           the
form and terms (or the manner of determining the terms) of such Securities have
been established by or pursuant to Board Resolution as permitted by Section 201,
that such form or forms have been established in conformity with the provisions
of this Indenture;

       

      (2)           if
the terms of such Securities have been, or in the case of Securities of a series
offered in a Periodic Offering, will be, established by or pursuant to a Board
Resolution as permitted by Section 301, that such terms have been, or in the
case of Securities of a series offered in a Periodic Offering, will be,
established in conformity with the provisions of this Indenture, subject, in the
case of Securities of a series offered in a Periodic Offering, to any conditions
specified in such Opinion of Counsel (which conditions are reasonably acceptable
to the Trustee);

       

      (3)           that
such Securities, when authenticated and delivered by the Trustee and issued by
the Company in the manner and subject to any conditions specified in such
Opinion of Counsel, which conditions are reasonably acceptable to the Trustee,
will constitute valid and legally binding obligations of the Company enforceable
in accordance with their terms, subject to bankruptcy, insolvency, fraudulent
transfer, reorganization, moratorium and similar laws of general applicability
relating to or affecting creditors' rights and to general equity principles and
entitled to the benefits of this Indenture, equally and ratably with all other
Securities, if any, of such series Outstanding; and

       

      (4)           such
other matters as the Trustee may reasonably request;

       

      and, if
the authentication and delivery relates to a new series of Securities created by
an indenture supplemental hereto, also stating that all conditions precedent to
the execution of the supplemental indenture with respect to that series of
Securities have been complied with, the Company has the power to execute and
deliver any such supplemental indenture and has taken all necessary action for
those purposes and any such supplemental indenture has been executed and
delivered and constitutes the legal, valid and binding obligation of the Company
enforceable in accordance with its terms (subject, as to enforcement of
remedies, to applicable bankruptcy, reorganization, insolvency, fraudulent
conveyance, moratorium or other laws and legal principles affecting creditors'
rights generally from time to time in effect and to general equitable
principles, whether applied in an action at law or in equity).

       

      If such
form or 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 otherwise in a manner
which is not reasonably acceptable to the Trustee.

       

      Notwithstanding
the provisions of Section 301 and of the preceding paragraph, if all Securities
of a series are not to be originally issued at one time, it shall not be
necessary to deliver the Officers' Certificate otherwise required pursuant to
Section 301 or the Company Order and Opinion of Counsel or Board Resolution or
supplemental indenture 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.

       

      
        
           

        

        
          -26-

          
            

          

        

        
           

        

      

       

      With
respect to Securities of a series not to be originally issued at one time, the
Trustee may rely upon the Opinion of Counsel and the other documents delivered
pursuant to Sections 201 and 301 and this Section, as applicable, in
connection with the first authentication of Securities of such series and any
subsequent request by the Company to the Trustee to authenticate Securities of
such series upon original issuance shall constitute a representation and
warranty by the Company that as of the date of such request, the statements made
in the Officers' Certificate shall be true and correct as if made on such
date.

       

      Each
Security shall be dated the date of its authentication.

       

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

       

      Section
304.        Temporary
Securities

       

      Pending
the preparation of Definitive Securities of any series, the Company may execute,
and upon receipt of the documents required by Section 303, together with a
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 of like series in lieu of which they are issued and with
such appropriate insertions, omissions, substitutions and other variations as
the officers executing such Securities may determine, as evidenced by their
execution of such Securities.

       

      If
temporary Securities of any series are issued, the Company will cause Definitive
Securities of that series to be prepared without unreasonable
delay.  After the preparation of Definitive Securities of such series,
the temporary Securities of such series shall be exchangeable for Definitive
Securities of such series upon surrender of the temporary Securities of such
series at the office or agency of the Company maintained pursuant to
Section 1002 for the purpose of exchanges of Securities of such series,
without charge to the Holder.  Upon surrender for cancellation of any
one or more temporary Securities of any series the Company shall execute and the
Trustee shall authenticate and deliver in exchange therefor one or more
Definitive Securities of the same series, of any authorized denominations and of
a like aggregate principal amount and tenor.  Until so exchanged the
temporary Securities of any series shall in all respects be entitled to the same
benefits under this Indenture as Definitive Securities of such series and
tenor.

      
        
           

        

        
          -27-

          
            

          

        

        
           

        

      

       

      Section
305.        Registration, Registration of
Transfer and Exchange

       

      The
Company shall cause to be kept at the Corporate Trust Office of the Trustee a
register (the register maintained in such office or in any other office or
agency of the Company in a Place of Payment being herein sometimes referred to
as the "Security Register") in which, subject to such reasonable regulations as
it may prescribe, the Company shall provide for the registration of Securities
and of transfers of Securities.  The Company shall, prior to the
issuance of any Securities hereunder, appoint the Trustee as the initial
"Security Registrar" for the purpose of registering Securities and transfers of
Securities as herein provided.  The Company may at any time replace
such Security Registrar, change such office or agency or act as its own Security
Registrar.  The Company will give prompt written notice to the Trustee
of any change of the Security Registrar or of the location of such office or
agency.  At all reasonable times the Security Register shall be
available for inspection by the Trustee.

       

      Upon
surrender for registration of transfer of any Security of any series at the
office or agency of the Company maintained pursuant to Section 1002 for such
purpose, the Company shall execute, and the Trustee shall authenticate and
deliver, in the name of the designated transferee or transferees, one or more
new Securities of the same series, of any authorized denominations and of a like
aggregate principal amount and tenor.

       

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

       

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

       

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

       

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

       

      Neither
the Trustee nor the Company shall be required (1) to issue, register the
transfer of or exchange Securities of any series (or of any series and specified
tenor, as the case may be) during a period beginning at the opening of business
15 days before the day of mailing of a notice of redemption of Securities of
that series selected for redemption under Section 1103 and ending at the close
of business on the day of such mailing, or (2) to register the transfer of or
exchange any Security so selected for redemption in whole or in part, except the
unredeemed portion of any Security being redeemed in part.

      
        
           

        

        
          -28-

          
            

          

        

        
           

        

      

       

      Notwithstanding
any other provision in this Indenture and except as otherwise specified as
contemplated by Section 301, no Global Security may be transferred to, or
registered or exchanged for Securities registered in the name of, any Person
other than the Depositary for such Global Security or any nominee thereof, and
no such transfer may be registered, except as provided in this
paragraph.  Every Security authenticated and delivered upon
registration or transfer of, or in exchange for or in lieu of, a Global Security
shall be a Global Security, except as provided in this paragraph.  If
(1) (A) the Depositary for a Global Security notifies the Company that it is
unwilling or unable to continue as Depositary for such Global Security or ceases
to be a clearing agency registered under the Exchange Act, and (B) a successor
Depositary is not appointed by the Company within 90 days, (2) an Event of
Default has occurred and is continuing with respect to the Securities of such
series and the Security Registrar has received a request from the Depositary to
issue certificated securities in lieu of all or a portion of the Global
Securities of such series (in which case the Company shall deliver certificated
securities within 30 days of such request) or (3) the Company determines in its
sole discretion that Securities of a series issued in global form shall no
longer be represented by a Global Security, then such Global Security may be
exchanged by such Depositary for Definitive Securities of the same series, of
any authorized denomination and of a like aggregate principal amount and tenor,
registered in the names of, and the transfer of such Global Security or portion
thereof may be registered to, such Persons as such Depositary shall
direct.

       

      Section
306.        Mutilated, Destroyed, Lost and
Stolen Securities

       

      If any
mutilated Security is surrendered to the Trustee, together with such security or
indemnity as may be required by the Company or the Trustee to save each of them
and any agent of either of them harmless, the Company shall execute and upon its
request the Trustee shall authenticate and deliver in exchange therefor a new
Security of the same series and of like tenor and principal amount and bearing a
number not contemporaneously Outstanding.

       

      If there
shall be delivered to the Company and the Trustee (1) evidence to their
satisfaction of the destruction, loss or theft of any Security and (2) such
security or indemnity as may be required by them to save each of them and any
agent of either of them harmless, then, in the absence of notice to the Company
or the Trustee that such Security has been acquired by a bona fide purchaser,
the Company shall execute and upon its request the Trustee shall authenticate
and deliver, in lieu of any such destroyed, lost or stolen Security, a new
Security of the same series and of like tenor and principal amount and bearing a
number not contemporaneously Outstanding.  If, after the delivery of
such new Security, a bona fide purchaser of the original Security in lieu of
which such new Security was issued presents for payment or registration such
original Security, the Trustee shall be entitled to recover such new Security
from the party to whom it was delivered or any party taking therefrom, except a
bona fide purchaser, and shall be entitled to recover upon the security or
indemnity provided therefor to the extent of any loss, damage, cost or expense
incurred by the Company and the Trustee in connection
therewith.

      
        
           

        

        
          -29-

          
            

          

        

        
           

        

      

       

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

       

      Upon the
issuance of any new Security under this Section, the Company may require the
payment of a sum sufficient to cover any tax or other governmental charge that
may be imposed in relation thereto and any other expenses (including the fees
and expenses of the Trustee) connected therewith.  Every new Security
of any series issued pursuant to this Section in exchange for any mutilated
Security or in lieu of any destroyed, lost or stolen Security shall constitute
an original additional contractual obligation of the Company, whether or not the
mutilated, destroyed, lost or stolen Security shall be at any time enforceable
by anyone, and shall be entitled to all the benefits of this Indenture equally
and proportionately with any and all other Securities of that series duly issued
hereunder.

       

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

       

      Section
307.        Payment of Interest; Interest Rights
Preserved

       

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

       

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

       

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

      
        
           

        

        
          -30-

          
            

          

        

        
           

        

      

       

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

       

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

       

      For each
series of Securities, the Company shall, prior to 10:30 a.m. (_____________
time) on each payment date for principal and premium, if any, and interest, if
any, deposit with the Trustee money in immediately available funds sufficient to
make cash payments due on the applicable payment date.

       

      Section
308.        Persons Deemed
Owners

       

      Except as
otherwise provided as contemplated by Section 301 with respect to any series of
Securities, prior to due presentment of a Security for registration of transfer,
the Company, the Trustee and any agent of the Company or the Trustee may treat
the Person in whose name such Security is registered as the owner of such
Security for the purpose of receiving payment of principal of and any premium
and (subject to Sections 305 and 307) any interest on such Security and for all
other purposes whatsoever, whether or not such Security is overdue, and neither
the Company, the Trustee nor any agent of the Company or the Trustee shall be
affected by notice to the contrary.

       

      No holder
of any beneficial interest in any Global Security held on its behalf by a
Depositary shall have any rights under this Indenture with respect to such
Global Security, and such Depositary may be treated by the Company, the Trustee
and any agent of the Company or the Trustee as the owner of such Global Security
for all purposes whatsoever.  None of the Company, the Trustee nor any
agent of the Company or the Trustee 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 Global Security or for maintaining,
supervising or reviewing any records relating to such beneficial ownership
interests.

      
        
           

        

        
          -31-

          
            

          

        

        
           

        

      

       

      Section
309.        Cancellation

       

      All
Securities surrendered for payment, redemption, registration of transfer or
exchange or for credit against any sinking fund payment shall, if surrendered to
any Person other than the Trustee, be delivered to the Trustee and shall be
promptly canceled by it.  The Company may at any time deliver to the
Trustee for cancellation any Securities previously authenticated and delivered
hereunder which the Company may have acquired in any manner whatsoever, and may
deliver to the Trustee (or to any other Person for delivery to the Trustee) for
cancellation any Securities previously authenticated hereunder which the Company
has not issued and sold, and all Securities so delivered shall be promptly
canceled by the Trustee.  No Securities shall be authenticated in lieu
of or in exchange for any Securities canceled as provided in this Section,
except as expressly permitted by this Indenture.  All canceled
Securities held by the Trustee shall be disposed of in accordance with its
customary procedures, and the Trustee shall thereafter, from time to time upon
written request, deliver to the Company a certificate with respect to such
disposition.

       

      Section
310.        Computation of
Interest

       

      Except as
otherwise specified as contemplated by Section 301 for Securities of any series,
interest on the Securities of each series shall be computed on the basis of a
360-day year of twelve 30-day months and interest on the Securities of each
series for any partial period shall be computed on the basis of a 360-day year
of twelve 30-day months and the number of days elapsed in any partial
month.

       

      Section
311.        CUSIP Numbers

       

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

       

      ARTICLE
IV

       

      SATISFACTION
AND DISCHARGE

       

      Section
401.        Satisfaction and Discharge of
Indenture

       

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

      
        
           

        

        
          -32-

          
            

          

        

        
           

        

      

       

      (1)           either

       

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

       

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

       

      (i)           have
become due and payable,

       

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

       

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

       

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

       

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

       

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

       

      Notwithstanding
the satisfaction and discharge of this Indenture with respect to Securities of
any series, (i) the obligations of the Company to the Trustee under Section 607,
the obligations of the Trustee to any Authenticating Agent under Section 614 and
the right of the Trustee to resign under Section 610 shall survive, and (ii) if
money shall have been deposited with the Trustee pursuant to subclause (B) of
Clause (1) of this Section, the obligations of the Company and/or the Trustee
under Sections 402, 606, 701 and 1002 and the last paragraph of Section 1003
shall survive.

       

      Section
402.        Application of Trust
Money

       

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

      
        
           

        

        
          -33-

          
            

          

        

        
           

        

      

       

      ARTICLE
V

       

      REMEDIES

       

      Section
501.        Events of
Default

       

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

       

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

       

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

       

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

       

      (4)           the
Company pursuant to or within the meaning of any Bankruptcy Law
(A) commences a voluntary case, (B) consents to the entry of any order for
relief against it in an involuntary case, (C) consents to the appointment of a
Custodian of it or for all or substantially all of its property, or
(D) makes a general assignment for the benefit of its creditors;
or

       

      (5)           a
court of competent jurisdiction enters an order or decree under any Bankruptcy
Law that (A) is for relief against the Company in an involuntary case, (B)
appoints a Custodian of the Company or for all or substantially all of its
property, or (C) orders the liquidation of the Company; and the order or decree
remains unstayed and in effect for 90 days; or

       

      (6)           any
other Event of Default provided as contemplated by Section 301 with respect to
Securities of that series.

      
        
           

        

        
          -34-

          
            

          

        

        
           

        

      

       

      Section
502.        Acceleration of Maturity; Rescission
and Annulment

       

      If an
Event of Default with respect to Securities of any series at the time
Outstanding occurs and is continuing, then in every such case the Trustee or
Holders of not less than 25% in principal amount of the Outstanding Securities
of that series may declare the principal amount of (or, if any of 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)
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,
Holders of a majority in principal amount of the Outstanding Securities of that
series, by written notice to the Company and the Trustee, may rescind and annul
such declaration and its consequences if

       

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

       

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

       

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

       

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

       

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

       

      and

       

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

       

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

       

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

       

      The
Company covenants that if

       

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

      
        
           

        

        
          -35-

          
            

          

        

        
           

        

      

       

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

       

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

       

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

       

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

       

      Section
504.        Trustee May File Proofs of
Claim

       

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

       

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

      
        
           

        

        
          -36-

          
            

          

        

        
           

        

      

       

      Section
505.        Trustee May Enforce Claims Without
Possession of Securities

       

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

       

      Section
506.        Application of Money
Collected

       

      Any money
or property collected or to be applied 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 or property on account of
principal or any premium or interest, upon presentation of the Securities and
the notation thereon of the payment if only partially paid and upon surrender
thereof if fully paid:

       

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

       

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

       

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

       

      Section
507.        Limitation on
Suits

       

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

       

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

       

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

       

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

       

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

      
        
           

        

        
          -37-

          
            

          

        

        
           

        

      

       

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

       

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

       

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

       

      Notwithstanding
any other provision in this Indenture, the Holder of any Security shall have the
right, which is absolute and unconditional, to receive payment of the principal
of and any premium and (subject to Sections 305 and 307) interest on such
Security on the respective Stated Maturity expressed in such Security (or, in
the case of redemption, on the Redemption Date) and to institute suit for the
enforcement of any such payment, and such rights shall not be impaired without
the consent of such Holder.

       

      Section
509.        Restoration of Rights and
Remedies

       

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

       

      Section
510.        Rights and Remedies
Cumulative

       

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

       

      Section
511.        Delay or Omission Not
Waiver

       

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

      
        
           

        

        
          -38-

          
            

          

        

        
           

        

      

       

      Section
512.        Control by
Holders

       

      Subject
to the provisions of Section 603, Holders of a majority in aggregate 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, however,
that

       

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

       

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

       

      (3)           subject
to the provisions of Section 601, the Trustee shall have the right to decline to
follow any such direction if the Trustee in good faith shall determine that the
proceeding so directed would involve the Trustee in personal liability or would
otherwise be contrary to applicable law.

       

      Section
513.        Waiver of Past
Defaults

       

      Holders
of a majority in aggregate principal amount of the Outstanding Securities of any
series may on behalf of Holders of all the Securities of such series waive any
past default hereunder with respect to such series and its consequences,
except

       

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

       

      (2)           a
default in respect of a covenant or provision hereof which under Article IX
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
514.        Undertaking for
Costs

       

      In any
suit for the enforcement of any right or remedy under this Indenture, or in any
suit against the Trustee for any action taken, suffered or omitted by it as
Trustee, a court may require any party litigant in such suit to file an
undertaking to pay the costs of such suit, and may assess costs against any such
party litigant, in the manner and to the extent provided in the Trust Indenture
Act; provided, however,
that neither this Section nor the Trust Indenture Act shall be deemed to
authorize any court to require such an undertaking or to make such an assessment
in any suit instituted by the Trustee, in 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 to which the suit relates, or in any
suit instituted by any Holder for the enforcement of the payment of the
principal of (or premium, if any) or interest on any Security on or after the
respective Stated Maturity expressed by such Security (or, in the case of
redemption or repayment, on or after the Redemption Date).

      
        
           

        

        
          -39-

          
            

          

        

        
           

        

      

       

      ARTICLE
VI

       

      THE
TRUSTEE

       

      Section
601.        Certain Duties and
Responsibilities

       

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

       

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

       

       
(2)           in the
absence of bad faith on its part, the Trustee may, with respect to Securities of
such series, 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 conforming to the requirements of this Indenture; but
in the case of any such certificates or opinions which by any provision hereof
are specifically required to be furnished to the Trustee, the Trustee
shall  be under a duty to examine the same to determine whether or not
they conform on their face to the requirements of this Indenture.

       

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

       

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

       

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

       

       
(2)           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;

       

       
(3)           the Trustee
shall not be liable with respect to any action taken or omitted to be taken by
it in good faith in accordance with the direction of the Holders or a majority
in principal amount of the Outstanding Securities of any series 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

      
        
           

        

        
          -40-

          
            

          

        

        
           

        

      

       

       
(4)           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
602.        Notice of
Defaults

       

      If a
Default occurs and is continuing with respect to the Securities of any series,
the Trustee shall, within 90 days after it occurs, transmit, in the manner and
to the extent provided in Section 313(c) of the Trust Indenture Act, notice of
all uncured or unwaived Defaults known to it; provided, however, that,
except in the case of a Default in payment on the Securities of any series, the
Trustee shall be protected in withholding the notice if and so long as the board
of directors, the executive committee or a trust committee of directors or
responsible officers of the Trustee determine in good faith that withholding
such notice is in the interests of Holders of Securities of such series; provided, further, however,
that, in the case of any default or breach of the character specified in Section
501(3) with respect to the Securities of such series, no such notice to Holders
shall be given until at least 90 days after the occurrence thereof.

       

      The
Trustee shall not be deemed to have notice or be charged with knowledge of any
Default, except a Default under Sections 501(1) or 501(2) herein, unless the
Trustee shall have received from the Company or from any Holder written notice
thereof at its Corporate Trust Office, and such notice references the Securities
in this Indenture. In the absence of any such notice, the Trustee may
conclusively assume that no such Default exists.

       

      Section
603.        Certain Rights of
Trustee

       

      Subject
to the provisions of Section 601:

       

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

       

      (2)           any
request, direction, order or demand of the Company mentioned herein shall be
sufficiently evidenced by a Company Request or Company Order (or in the case of
a Periodic Offering, as agreed in procedures set forth in a Company Order
pursuant to Section 303) and any resolution of the Board of Directors shall be
sufficiently evidenced by a Board Resolution;

      
        
           

        

        
          -41-

          
            

          

        

        
           

        

      

       

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

       

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

       

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

       

      (6)           the
Trustee shall not be bound to make any investigation into the facts or matters
stated in any resolution, certificate, statement, instrument, opinion, report,
notice, request, direction, consent, order, bond, debenture, note, other
evidence of indebtedness or other paper or document, but the Trustee, in its
discretion, may, without obligation to do so, make such further inquiry or
investigation into such facts or matters as it may see fit; and, if the Trustee
shall determine to make such further inquiry or investigation, it shall be
entitled to examine the books, records and premises of the Company, personally
or by agent or attorney;

       

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

       

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

       

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

       

      Section
604.        Not Responsible for Recitals or
Issuance of Securities

       

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

      
        
           

        

        
          -42-

          
            

          

        

        
           

        

      

       

      Section
605.        May Hold
Securities

       

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

       

      Section
606.        Money Held in
Trust

       

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

       

      Section
607.        Compensation and
Reimbursement

       

      The
Company agrees:

       

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

       

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

       

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

       

      The
obligations of the Company under this Section to compensate the Trustee and to
pay or reimburse the Trustee for expenses, disbursements and advances shall
constitute additional indebtedness hereunder.

       

      Without
limiting any rights available to the Trustee under applicable law, when the
Trustee incurs expenses or renders services in connection with an Event of
Default specified in Section 501(4) or Section 501(5), the expenses (including
the reasonable charges and expenses of its counsel) and the compensation for
such services are intended to constitute expenses of administration under any
applicable Bankruptcy Law.

       

      The
provisions of this Section shall survive the satisfaction and discharge of this
Indenture and the defeasance of the Securities.

       

      
        
           

        

        
          -43-

          
            

          

        

        
           

        

      

       

      Section
608.        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 the provisions of,
the Trust Indenture Act and this Indenture.

       

      Section
609.        Corporate Trustee Required;
Eligibility

       

      There
shall at all times be one or more Trustees hereunder with respect to the
Securities of each series, at least one of which shall be a Person that is
eligible pursuant to the Trust Indenture Act to act as such and has a combined
capital and surplus required by the Trust Indenture Act.  If such
Person publishes reports of condition at least annually, pursuant to law or to
the requirements of a supervising or examining authority, then for the purposes
of this Section, the combined capital and surplus of such Person shall be deemed
to be its combined capital and surplus as set forth in its most recent report of
condition so published.  If at any time the Trustee shall cease to be
eligible in accordance with the provisions of this Section, it shall resign
immediately in the manner and with the effect hereinafter specified in this
Article.

       

      Section
610.        Resignation and Removal; Appointment
of Successor

       

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

       

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

       

      The
Trustee may be removed at any time with respect to the Securities of any series
by Act of the Holders of a majority in principal amount of the Outstanding
Securities of such series, delivered to the Trustee and to the
Company.  If an instrument of acceptance by a successor Trustee shall
not have been delivered to the Trustee within 30 days after the giving of such
notice of removal, the removed Trustee may petition any court of competent
jurisdiction for the appointment of a successor Trustee.

       

      If at any
time:

       

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

       

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

      
        
           

        

        
          -44-

          
            

          

        

        
           

        

      

       

      (3)           the
Trustee shall become incapable of acting or shall be adjudged a bankrupt or
insolvent or a receiver of the Trustee or of its property shall be appointed or
any public officer shall take charge or control of the Trustee or of its
property or affairs for the purpose of rehabilitation, conservation or
liquidation, then, in any such case, (A) the Company, acting pursuant to the
authority of a Board Resolution, may remove the Trustee with respect to all
Securities, or (B) subject to Section 514, any Holder who has been a bona fide
Holder of a Security for at least six months may, on behalf of himself and all
others similarly situated, petition any court of competent jurisdiction for the
removal of the Trustee with respect to all Securities and the appointment of a
successor Trustee or Trustees.

       

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

       

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

       

      Section
611.        Acceptance of Appointment by
Successor

       

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

      
        
           

        

        
          -45-

          
            

          

        

        
           

        

      

       

      (2)           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 (A) 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, (B) 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 (C) 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 as 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, upon payment
of its charges, 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.

       

      (3)           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
(1) or (2) of this Section, as the case may be.

       

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

       

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

       

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

      
        
           

        

        
          -46-

          
            

          

        

        
           

        

      

       

      Section
613.        Preferential Collection of Claims
Against the Company

       

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

       

      Section
614.        Appointment of Authenticating
Agent

       

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

       

      Any
corporation into which an Authenticating Agent may be merged or converted or
with which it may be consolidated, or any corporation resulting from any merger,
conversion or consolidation to which such Authenticating Agent shall be a party,
or any corporation succeeding to all or substantially all of 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. 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.

       

      
        
           

        

        
          -47-

          
            

          

        

        
           

        

      

       

      Except
with respect to an Authenticating Agent appointed at the request of the Company,
the Trustee 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.

       

      
        
          
            
              
                	 
      	
                        [_________________________]

                      
	 
      	
                        As
      Trustee

                      
	 
      	 
      	 
      
	
                        Date:
      ________________

                      	
                        By:

                      	   
      
	 
      	 
      	
                        As
      Authenticating Agent

                      
	 
      	 
      	 
      
	 
      	
                        By:

                      	 
        
	 
      	 
      	
                        Authorized
      Signatory

                      

              

            

          

        

      

       

      ARTICLE
VII

       

      HOLDERS'
LISTS AND REPORTS BY TRUSTEE AND THE COMPANY

       

      Section
701.        The Company to Furnish Trustee Names
and Addresses of Holders

       

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

       

      (1)           semi-annually,
not later than each Interest Payment Date in each year, a list for each series
of Securities, in such form as the Trustee may reasonably require, of the names
and addresses of the Holders of Securities of such series as of the preceding
Regular Record Date, and

       

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

       

      
        
           

        

        
          -48-

          
            

          

        

        
           

        

      

       

      provided, however, that if
and so long as the Trustee shall be the Security Registrar for Securities of a
series, no such list need be furnished with respect to such series of
Securities.

       

      Section
702.        Preservation of Information;
Communications to Holders

       

      The
Trustee shall comply with the obligations imposed upon it pursuant to Section
312 of the Trust Indenture Act.

       

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

       

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

       

      Section
703.        Reports by
Trustee

       

      As
promptly as practicable after each May 15 beginning with the May 15 following
the date of this Indenture, and in any event prior to July 15 in each year, the
Trustee shall mail to each Holder a brief report dated as of May 15 that
complies with Trust Indenture Act Section 313(a). The Trustee also shall comply
with Trust Indenture Act Section 313(b). Prior to delivery to the Holders, the
Trustee shall deliver to the Company a copy of any report it delivers to Holders
pursuant to this Section 703; provided, however, that no recourse may
be taken against the Trustee for its failure to deliver a copy of such report to
the Company prior to its delivery of the report to the Holders.

       

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

       

      Section
704.        Reports by the
Company

       

      The
Company shall file with the Trustee and the Commission, and transmit to Holders,
in accordance with rules and regulations prescribed from time to time by the
Commission, such 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.

       

      
        
           

        

        
          -49-

          
            

          

        

        
           

        

      

       

      ARTICLE
VIII

       

      CONSOLIDATION,
MERGER, CONVEYANCE, TRANSFER OR LEASE

       

      Section
801.        The Company May Consolidate, Etc.,
Only on Certain Terms

       

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

       

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

       

      (2)           immediately
after giving effect to such transaction and treating any indebtedness which
becomes an obligation of the Company or 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;

       

      (3)           if,
as a result of any such consolidation or merger or such conveyance, transfer or
lease, properties or assets of the Company would become subject to a mortgage,
pledge, lien, security interest or other encumbrance which would not be
permitted by this Indenture, the Company or such successor Person, as the case
may be, shall take such steps as shall be necessary effectively to secure the
Securities equally and ratably with (or prior to) all indebtedness secured
thereby; and

       

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

       

      Section
802.        Successor
Substituted

       

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

      
        
           

        

        
          -50-

          
            

          

        

        
           

        

      

       

      ARTICLE
IX

       

      SUPPLEMENTAL
INDENTURES

       

      Section
901.        Supplemental Indentures Without
Consent of Holders

       

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

       

      (1)           to
evidence the succession of another Person to the Company under this Indenture
and the Securities and the assumption by such successor Person of the
obligations of the Company hereunder;

       

      (2)           to
add covenants and Events of Default for the benefit of the Holders of all or any
series of such Securities or to surrender any right or power conferred by this
Indenture upon the Company or to make any change that does not adversely affect
the legal rights hereunder of any Holder in any material respect;

       

      (3)           to
add to, change or eliminate any of the provisions of this Indenture, provided that any such
addition, change or elimination shall become effective only after there are no
such Securities of any series entitled to the benefit of such provision
outstanding;

       

      (4)           to
establish the forms or terms of the Securities of any series issued
hereunder;

       

      (5)           to
cure any ambiguity or correct any defect or inconsistency in this
Indenture;

       

      (6)           to
evidence the acceptance of appointment by a successor Trustee with respect to
one or more series of Securities or otherwise;

       

      (7)           to
qualify this Indenture under the Trust Indenture Act;

       

      (8)           to
provide for uncertificated securities in addition to certificated
securities;

       

      (9)           to
supplement any provisions of this Indenture necessary to permit or facilitate
the defeasance and discharge of any series of Securities, provided that such action
does not adversely affect the interests of the Holders of Securities of such
series or any other series;  and

       

      (10)           to
comply with the rules or regulations of any securities exchange or automated
quotation system on which any of the Securities may be listed or
traded.

      
        
           

        

        
          -51-

          
            

          

        

        
           

        

      

       

      Section
902.        Supplemental Indentures with Consent
of Holders

       

      With the
consent of the Holders of not less than a majority in aggregate principal amount
of all Outstanding Securities affected by such supplemental indenture (voting as
one class), the Company 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 modifying in any manner the rights of Holders of Securities of
such series under this Indenture; provided that the Company and
the Trustee may not, without the consent of the Holder of each Outstanding
Security affected thereby,

       

      (1)           change
the Stated Maturity of the principal of, or any installment of principal of or
interest, if any, on, any Security, or reduce the principal amount thereof or
premium, if any, on or the rate of interest thereon or alter the method of
computation of interest;

       

      (2)           reduce
the percentage in principal amount of Securities required for any such
supplemental indenture or for any waiver provided for in this
Indenture;

       

      (3)           change
the Company's obligation to maintain an office or agency for payment of
Securities and the other matters specified herein;

       

      (4)           impair
the right to institute suit for the enforcement of any payment of principal of,
premium, if any, or interest on, any Security; or

       

      (5)           modify
any of the provisions of this Indenture relating to the execution of
supplemental indentures with the consent of Holders of Securities which are
discussed in this Section or modify any provisions relating to the waiver by
Holders of Securities of past defaults and covenants, except to increase any
required percentage or to provide that other provisions of this Indenture cannot
be modified or waived without the consent of the Holder of each Outstanding
Security affected thereby.

       

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

       

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

       

      Section
903.        Execution of Supplemental
Indentures

       

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

       

      
        
           

        

        
          -52-

          
            

          

        

        
           

        

      

       

      Section
904.        Effect of Supplemental
Indentures

       

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

       

      Section
905.        Conformity with Trust Indenture
Act

       

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

       

      Section
906.        Reference in Securities to
Supplemental Indentures

       

      Securities
of any series authenticated and delivered after the execution of any
supplemental indenture pursuant to this Article may, and shall if required by
the Trustee, bear a notation in form approved by the Trustee as to any matter
provided for in such supplemental indenture.  If the Company shall so
determine, new Securities of any series so modified as to conform, in the
opinion of the Trustee and the Company, to any such supplemental indenture may
be prepared and executed by the Company and authenticated and delivered by the
Trustee in exchange for Outstanding Securities of such
series.  Failure to make a notation or issue a new Security shall not
affect the validity and effect of any amendment, supplement or
waiver.

       

      ARTICLE
X

       

      COVENANTS

       

      Section
1001.      Payment of Principal, Premium and
Interest

       

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

       

      Section
1002.      Maintenance of Office or
Agency

       

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

      
        
           

        

        
          -53-

          
            

          

        

        
           

        

      

       

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

       

      Except as
otherwise specified with respect to a series of Securities as contemplated by
Section 301, the Company hereby initially designates as the Place of Payment for
each series of Securities to be the Corporate Trust Office of the Trustee, and
initially appoints the Trustee as Paying Agent at its office at
__________________________________, as the Company's office or agency for each
such purpose in such city.

       

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

       

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

       

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

       

      The
Company will cause each Paying Agent for any series of Securities other than the
Trustee to execute and deliver to the Trustee an instrument in which such Paying
Agent shall agree with the Trustee, subject to the provisions of this Section,
that such Paying Agent will (1) 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 or otherwise disposed of as herein provided;
(2) give the Trustee notice of any default by the Company (or any other obligor
upon the Securities of that series) in the making of any payment of principal
(and premium, if any) or interest, if any, on the Securities of that series; and
(3) during the continuance of any such default, upon the written request of the
Trustee, forthwith pay to the Trustee all sums held in trust by such Paying
Agent for payment in respect of the Securities of that series.

       

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

      
        
           

        

        
          -54-

          
            

          

        

        
           

        

      

       

      Any money
deposited with the Trustee or any Paying Agent in trust for the payment of the
principal of or any premium or interest on any Security of any series and
remaining unclaimed for two years after such principal, premium or interest has
become due and payable shall be paid to the state which escheat laws control and
the Trustee or any Paying Agent shall be discharged from such trust; and the
Holder of such Security shall thereafter, as an unsecured general creditor, look
only to the state which escheat laws control 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
payment, may at the expense of the Company cause to be published once, in an
Authorized Newspaper, notice that such money remains unclaimed and that, after a
date specified therein, which shall not be less than 30 days from the date of
such publication, any unclaimed balance of such money then remaining will be
paid to the state whose escheat laws control.

       

      Section
1004.        Statement by Officers as to
Default

       

      The
Company will deliver to the Trustee, within 150 days after the end of each
Fiscal Year of the Company ending after the date hereof, an Officers'
Certificate, stating whether or not to the best knowledge of the signer or
signers thereof the Company is in default in the performance and observance of
any of the terms, provisions and conditions of this Indenture (without regard to
any period of grace or requirement of notice provided hereunder) and, if the
Company shall be in default, specifying all such defaults and the nature and
status thereof of which they may have knowledge.

       

      Section
1005.        Waiver of Certain
Covenants

       

      The
Company may omit in any particular instance to comply with any term, provision
or condition set forth in Sections 1002 through 1004 with respect to the
Securities of any series if before the time for such compliance Holders of at
least a majority in aggregate principal amount of the Outstanding Securities of
all affected series (voting as one class) shall, by Act of such Holders, either
waive such compliance in such instance or generally waive compliance with such
term, provision or condition, but no such waiver shall extend to or affect such
term, provision or condition except to the extent so expressly waived, and,
until such waiver shall become effective, the obligations of the Company and the
duties of the Trustee in respect of any such term, provision or condition shall
remain in full force and effect.

       

      A waiver
which changes or eliminates any term, provision or condition 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 term, provision or condition,
shall be deemed not to affect the rights under this Indenture of the Holders of
Securities of any other series.

      
        
           

        

        
          -55-

          
            

          

        

        
           

        

      

    

     

    ARTICLE
XI

     

    REDEMPTION
OF SECURITIES

     

    Section
1101.  Applicability of
Article

     

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

     

    Section
1102.  Election to
Redeem; Notice to Trustee

     

    The
election of the Company to redeem any Securities shall be evidenced by 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, not less than
35 nor more than 60 days prior to the Redemption Date fixed by the Company
(unless a shorter notice shall be satisfactory to the Trustee), notify the
Trustee of such Redemption Date, of the principal amount of Securities of such
series to be redeemed and, if applicable, of the tenor of the Securities to be
redeemed.  In the case of any redemption of Securities (1) prior to
the expiration of any restriction on such redemption provided in the terms of
such Securities or elsewhere in this Indenture, or (2) pursuant to an election
of the Company which is subject to a condition specified in the terms of such
Securities, the Company shall furnish the Trustee with an Officers' Certificate
evidencing compliance with such restriction or condition.

     

    Section
1103.  Selection by
Trustee of Securities to be Redeemed

     

    If less
than all the Securities of any series are to be redeemed (unless all the
Securities of such series and of a specified tenor are to be redeemed), the
particular Securities to be redeemed shall be selected not more than 35 days
prior to the Redemption Date by the Trustee, from the Outstanding Securities of
such series not previously called for redemption, on a pro rata basis or by any
other method which the Trustee deems fair and appropriate and which complies
with any securities exchange or other applicable requirements for redemption of
portions (equal to the minimum authorized denomination for Securities of that
series or any integral multiple thereof) of the principal amount of Securities
of such series of a denomination larger than the minimum authorized denomination
for Securities of that series.

     

    The
Trustee shall promptly notify the Company 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.

     

    
      
        
        

      

      
        -56-

        
          

        

      

      
        
        

      

    

     

    Section
1104.  Notice of
Redemption

     

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

     

    All
notices of redemption shall state:

     

    (1)           the
Redemption Date,

     

    (2)           the
Redemption Price,

     

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

     

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

     

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

     

    (6)           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.

     

    Section
1105.  Deposit of
Redemption Price

     

    On or
prior to 10:30 a.m. (Eastern Daylight Savings time) on any Redemption Date, the
Company shall deposit with the Trustee or with a Paying Agent (or, if the
Company is acting as its own Paying Agent, segregate and hold in trust as
provided in Section 1003) an amount of money sufficient to pay the Redemption
Price of, and (except if the Redemption Date shall be an Interest Payment Date)
accrued interest on, all the Securities which are to be redeemed on that
date.

     

    Section
1106.  Securities Payable
on Redemption Date

     

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

     

    
      
        
        

      

      
        -57-

        
          

        

      

      
        
        

      

    

     

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

     

    Section
1107.  Securities
Redeemed in Part

     

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

     

    ARTICLE
XII

     

    SINKING
FUNDS

     

    Section
1201.  Applicability of
Article

     

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

     

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

     

    Section
1202.  Satisfaction of
Sinking Fund Payments with Securities

     

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

     

    
      
        
        

      

      
        -58-

        
          

        

      

      
        
        

      

    

     

    Section
1203.  Redemption of
Securities for Sinking Fund

     

    Not less
than 45 days prior to each sinking fund payment date for any series of
Securities (unless a shorter period shall be satisfactory to the Trustee), 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 1202 and
stating the basis for such credit and that such Securities have not been
previously so credited, 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 1103 and cause
notice of the redemption thereof to be given in the name of and at the expense
of the Company in the manner provided in Section 1104.  Such notice
having been duly given, the redemption of such Securities shall be made upon the
terms and in the manner stated in Sections 1106 and 1107.

     

    ARTICLE
XIII

     

    DEFEASANCE

     

    Section
1301.  Applicability of
Article

     

    The
provisions of this Article shall be applicable to each series of Securities
except as otherwise specified as contemplated by Section 301 for Securities of
such series.

     

    Section
1302.  Legal
Defeasance

     

    In
addition to discharge of the Indenture pursuant to Section 401, the Company
shall be deemed to have paid and discharged the entire indebtedness on all the
Securities of such a series on the 91st day after the date of the deposit
referred to in Clause (1) below, and the provisions of this Indenture with
respect to the Securities of such series shall no longer be in effect (except as
to (i) rights of registration of transfer and exchange of Securities of such
series and the Company's right of optional redemption, if any, (ii) substitution
of mutilated, destroyed, lost or stolen Securities, (iii) rights of Holders of
Securities to receive payments of principal thereof and interest thereon, upon
the original stated due dates therefor or on the specified redemption dates
therefor (but not upon acceleration), and remaining rights of the holders to
receive mandatory sinking fund payments, if any, (iv) the rights, obligations,
duties and immunities of the Trustee hereunder, and the Company's obligations in
connection therewith (including, but not limited to, Section 607), (v) the
rights, if any, to convert or exchange the Securities of such series, (vi) the
rights of Holders of Securities of such series as beneficiaries hereof with
respect to the property so deposited with the Trustee payable to all or any of
them, and (vii) the obligations of the Company under Section 1002), and the
Trustee, at the expense of the Company, shall, upon a Company Request, execute
proper instruments acknowledging the same, if the conditions set forth below are
satisfied (hereinafter, "defeasance"):

     

    
      
        
        

      

      
        -59-

        
          

        

      

      
        
        

      

    

     

    (1)           The
Company has irrevocably deposited or caused to be deposited with the Trustee as
trust funds in trust, for the purposes of making the following payments,
specifically pledged as security for, and dedicated solely to, the benefit of
Holders of the Securities of such series (A) cash in an amount, or (B) in the
case of any series of Securities the payments on which may only be made in legal
coin or currency of the United States, U.S. Government Obligations, maturing as
to principal and interest at such times and in such amounts as will insure the
availability of cash, or (C) a combination thereof, certified to be sufficient,
in the opinion of a nationally recognized firm of independent public accountants
expressed in a written certification thereof delivered to the Trustee, to pay
(i) the principal and interest and premium, if any, on all Securities of such
series on each date that such principal, interest or premium, if any, is due and
payable or on any Redemption Date established pursuant to Clause (3) below, and
(ii) any mandatory sinking fund payments on the dates on which such payments are
due and payable in accordance with the terms of the Indenture and the Securities
of such series;

     

    (2)           The
Company has delivered to the Trustee an Opinion of Counsel based on the fact
that (A) the Company has received from, or there has been published by, the
Internal Revenue Service a ruling, or (B) since the date hereof, there has been
a change in the applicable federal income tax law, in either case to the effect
that, and such opinion shall confirm that, 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;

     

    (3)           If
the Securities are to be redeemed prior to Stated Maturity (other than from
mandatory sinking fund payments or analogous payments), notice of such
redemption shall have been duly given pursuant to this Indenture or provision
therefor satisfactory to the Trustee shall have been made;

     

    (4)           No
Event of Default or event which with notice or lapse of time or both would
become an Event of Default shall have occurred and be continuing on the date of
such deposit;

     

    (5)           Such
defeasance shall not cause the Trustee to have a conflicting interest within the
meaning of the Trust Indenture Act (assuming all Securities are in default
within the meaning of such Act);

     

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

     

    (7)           Such
defeasance shall not result in the trust arising from such deposit constituting
an investment company within the meaning of the Investment Company Act of 1940,
as amended, unless such trust shall be registered under such Act or exempt from
registration thereunder; and

     

    
      
        
        

      

      
        -60-

        
          

        

      

      
        
        

      

    

     

    (8)           The
Company has delivered to the Trustee an Officers' Certificate and an Opinion of
Counsel, each stating that all conditions precedent provided for relating to the
defeasance contemplated by this provision have been complied with.

     

    For this
purpose, such defeasance means that the Company and any other obligor upon the
Securities of such series shall be deemed to have paid and discharged the entire
debt represented by the Securities of such series, which shall thereafter be
deemed to be "Outstanding" only for the
purposes of Section 1304 and the rights and obligations referred to in Clauses
(i) through (vii), inclusive, of the first paragraph of this Section, and to
have satisfied all its other obligations under the Securities of such series and
this Indenture insofar as the Securities of such series are
concerned.

     

    Section
1303.  Covenant
Defeasance

     

    The
Company and any other obligor shall be released on the 91st day after the date
of the deposit referred to in Clause (1) below from its obligations under
Sections 704 and 801 with respect to the Securities of any series on and after
the date the conditions set forth below are satisfied (hereinafter, "covenant defeasance"), and
the Securities of such series shall thereafter be deemed to be not "Outstanding" for the purposes
of any request, demand, authorization, direction, notice, waiver, consent or
declaration or other action or Act of Holders (and the consequences of any
thereof) in connection with such covenants, but shall continue to be deemed
Outstanding for all other purposes hereunder.  For this purpose, such
covenant defeasance means that, with respect to the Securities of such series,
the Company may omit to comply with and shall have no liability in respect of
any term, condition or limitation set forth in any such Section, whether
directly or indirectly by reason of any reference elsewhere herein to such
Section or by reason of any reference in such Section to any other provision
herein or in any other document and such omission to comply shall not constitute
a Default or an Event of Default under Section 501, but, except as specified
above, the remainder of this Indenture and the Securities of such series shall
be unaffected thereby.  The following shall be the conditions to
application of this Section 1303:

     

    (1)           The
Company has irrevocably deposited or caused to be deposited with the Trustee as
trust funds in trust for the purpose of making the following payments,
specifically pledged as security for, and dedicated solely to, the benefit of
Holders of the Securities of such series, (A) cash in an amount, or (B) in the
case of any series of Securities the payments on which may only be made in legal
coin or currency of the United States, U.S. Government Obligations, maturing as
to principal and interest at such times and in such amounts as will insure the
availability of cash, or (C) a combination thereof, sufficient, in the opinion
of a nationally recognized firm of independent public accountants expressed in a
written certification thereof delivered to the Trustee, to pay (i) the principal
and interest and premium, if any, on all Securities of such series on each date
that such principal, interest or premium, if any, is due and payable or on any
Redemption Date established pursuant to Clause (2) below, and (ii) any mandatory
sinking fund payments on the day on which such payments are due and payable in
accordance with the terms of the Indenture and the Securities of such
series;

     

    (2)           If
the Securities are to be redeemed prior to Stated Maturity (other than from
mandatory sinking fund payments or analogous payments), notice of such
redemption shall have been duly given pursuant to this Indenture or provision
therefor satisfactory to the Trustee shall have been made;

     

    
      
        
        

      

      
        -61-

        
          

        

      

      
        
        

      

    

     

    (3)           No
Event of Default or event which with notice or lapse of time or both would
become an Event of Default shall have occurred and be continuing on the date of
such deposit;

     

    (4)           The
Company has delivered to the Trustee an Opinion of Counsel which shall confirm
that 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 and covenant
defeasance and will be subject to federal income tax on the same amount and in
the same manner and at the same time as would have been the case if such deposit
and covenant defeasance had not occurred;

     

    (5)           Such
covenant defeasance shall not cause the Trustee to have a conflicting interest
within the meaning of the Trust Indenture Act (assuming all Securities are in
default within the meaning of such Act);

     

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

     

    (7)           Such
covenant defeasance shall not result in the trust arising from such deposit
constituting an investment company within the meaning of the Investment Company
Act of 1940, as amended, unless such trust shall be registered under such Act or
exempt from registration thereunder; and

     

    (8)           The
Company has delivered to the Trustee an Officers' Certificate and Opinion of
Counsel stating that all conditions precedent provided for relating to the
covenant defeasance contemplated by this provision have been complied
with.

     

    Section
1304.  Application by
Trustee of Funds Deposited for Payment of Securities

     

    Subject
to the provisions of the last paragraph of Section 1003, all moneys or U.S.
Government Obligations deposited with the Trustee pursuant to Section 1302 or
1303 (and all funds earned on such moneys or U.S. Government Obligations) shall
be held in trust and applied by it to the payment, either directly or through
any Paying Agent (including the Company acting as its own Paying Agent), to
Holders of the particular Securities of such series for the payment or
redemption of which such moneys have been deposited with the Trustee, of all
sums due and to become due thereon for principal and interest; but such money
need not be segregated from other funds except to the extent required by
law.  Subject to Sections 1302 and 1303, the Trustee shall promptly
pay to the Company upon Company Order any moneys held by it at any time, which,
in the opinion of a nationally recognized firm of independent public accountants
expressed in a written certification delivered to the Trustee, are in excess of
the amounts required to effect the defeasance with respect to the Outstanding
Securities in question.

     

    
      
        
        

      

      
        -62-

        
          

        

      

      
        
        

      

    

     

    Section
1305.  Repayment to the
Company

     

    The
Trustee and any Paying Agent promptly shall pay or return to the Company upon
Company Request any money and U.S. Government Obligations held by them at any
time that are not required for the payment of the principal of and any interest
on the Securities of any series for which money or U.S. Government Obligations
have been deposited pursuant to Section 1302 or 1303, which, in the opinion of a
nationally recognized firm of independent public accountants expressed in a
written certification delivered to the Trustee, are in excess of the amounts
required to effect the defeasance with respect to the Outstanding Securities in
question.

     

    The
provisions of the last paragraph of Section 1003 shall apply to any money held
by the Trustee or any Paying Agent under this Article that remains unclaimed for
two years after the Maturity of any series of Securities for which money or U.S.
Government Obligations have been deposited pursuant to Section 1302 or
1303.

     

    Section
1306.  Reinstatement

     

    If the
Trustee or the Paying Agent is unable to apply any money or U. S. Government
Obligations in accordance with this Article by reason of any legal proceeding or
by reason of any order or judgment of any court or governmental authority
enjoining, restraining or otherwise prohibiting such application, the
obligations of the Company under this Indenture and the Securities of the
applicable series shall be revived and reinstated as though no deposit had
occurred pursuant to this Indenture until such time as the Trustee or the Paying
Agent is permitted to apply all such money or U. S. Government Obligations in
accordance with this Article; provided, however, that if
the Company has made any payment of principal of or interest on any Securities
of such series because of the reinstatement of its obligations, the Company
shall be subrogated to the rights of Holders of such Securities to receive such
payment from the money or U.S. Government Obligations held by the Trustee or the
Paying Agent

     

    [Remainder of Page Intentionally Left
Blank]

     

    
      
        
        

      

      
        -63-

        
          

        

      

      
        
        

      

    

    IN
WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly
executed in multiple counterparts, each of which so executed shall be deemed to
be an original, but all of which shall together constitute but one and the same
instrument, all as of the day and year first above written.

     

    
      
        
          
            
              
                
                  
                    
                      	 
      	
                              SMITHTOWN
      BANCORP, INC.

                            
	 	 
	 
      	
                              By:

                            	 
      
	 
      	
                              Name:

                            
	 
      	
                              Title:

                            
	 
      	 
      
	 
      	
                              [_________________________________]

                            
	 
      	 
      	 
      
	 
      	
                              By:

                            	 
      
	 
      	
                              Name:

                            
	 
      	
                              Title:SMITHTOWN
BANCORP, INC.

     

    Issuer

     

    and

     

    [____________________]

     

    Trustee

     

    
      
        

      

    

     

    Indenture

     

    Dated as
of _______________

     

    
      

    

     

    SUBORDINATED
DEBT SECURITIES

     

    
      

    

     

    
      

      

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    SMITHTOWN
BANCORP, INC.

     

    CERTAIN
SECTIONS OF THIS INDENTURE RELATING TO

    SECTIONS
310 THROUGH 318, INCLUSIVE, OF THE

    TRUST
INDENTURE ACT OF 1939:

     

    
      
        
          	
                  Trust Indenture

                	 
      
	
                  Act Section 

                	
                  Indenture Section

                
	
                  §310(a)(1)

                	
                  609

                
	
                  (a)(2)

                	
                  609

                
	
                  (a)(3)

                	
                  Not
      Applicable

                
	
                  (a)(4)

                	
                  Not
      Applicable

                
	
                  (b)

                	
                  608;
      610

                
	
                  §311(a)

                	
                  613

                
	
                  (b)

                	
                  613

                
	
                  §312(a)

                	
                  701;
      702

                
	
                  (b)

                	
                  702

                
	
                  (c)

                	
                  702

                
	
                  §313(a)

                	
                  703

                
	
                  (b)

                	
                  703

                
	
                  (c)

                	
                  703

                
	
                  (d)

                	
                  703

                
	
                  §314(a)

                	
                  704

                
	
                  (a)(4)

                	
                  1004

                
	
                  (b)

                	
                  Not
      Applicable

                
	
                  (c)(1)

                	
                  102

                
	
                  (c)(2)

                	
                  102

                
	
                  (c)(3)

                	
                  Not
      Applicable

                
	
                  (d)

                	
                  Not
      Applicable

                
	
                  (e)

                	
                  102

                
	
                  §315(a)

                	
                  601,
      603

                
	
                  (b)

                	
                  602

                
	
                  (c)

                	
                  601

                
	
                  (d)

                	
                  601

                
	
                  (e)

                	
                  514

                
	
                  §316(a)

                	
                  101

                
	
                  (a)(1)(A)

                	
                  502;
      512

                
	
                  (a)(1)(B)

                	
                  513

                
	
                  (a)(2)

                	
                  Not
      Applicable

                
	
                  (b)

                	
                  508

                
	
                  (c)

                	
                  104

                
	
                  §317(a)(1)

                	
                  503

                
	
                  (a)(2)

                	
                  504

                
	
                  (b)

                	
                  1003

                
	
                  §318(a)

                	
                  107

                

        

      

    

    
       

      
        

      

    

    
      
        	
                NOTE: 

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

              

      

    

    
      
         

      

      
        -i-

        
          

        

      

      
         

      

    

    

    TABLE
OF CONTENTS

    

    
      
        
          
            	 
      	 
      	
                    Page

                  
	 
      	 
      	 
      
	
                    ARTICLE
      I

                  
	
                    DEFINITIONS
      AND OTHER PROVISIONS OF GENERAL APPLICATION

                  
	 
      
	
                    Section
      101.

                  	
                    Definitions

                  	
                    1

                  
	
                    Section
      102.

                  	
                    Compliance
      Certificates and Opinions

                  	
                    7

                  
	
                    Section
      103.

                  	
                    Form
      of Documents Delivered to Trustee

                  	
                    8

                  
	
                    Section
      104.

                  	
                    Acts
      of Holders; Record Dates

                  	
                    8

                  
	
                    Section
      105.

                  	
                    Notices,
      Etc., to Trustee and the Company

                  	
                    10

                  
	
                    Section
      106.

                  	
                    Notice
      to Holders; Waiver

                  	
                    10

                  
	
                    Section
      107.

                  	
                    Conflict
      with Trust Indenture Act

                  	
                    10

                  
	
                    Section
      108.

                  	
                    Effect
      of Headings and Table of Contents

                  	
                    11

                  
	
                    Section
      109.

                  	
                    Successors
      and Assigns

                  	
                    11

                  
	
                    Section
      110.

                  	
                    Separability
      Clause

                  	
                    11

                  
	
                    Section
      111.

                  	
                    Benefits
      of Indenture

                  	
                    11

                  
	
                    Section
      112.

                  	
                    Governing
      Law

                  	
                    11

                  
	
                    Section
      113.

                  	
                    Legal
      Holidays

                  	
                    11

                  
	
                    Section
      114.

                  	
                    Language
      of Notices, Etc.

                  	
                    11

                  
	
                    Section
      115.

                  	
                    Interest
      Limitation

                  	
                    12

                  
	
                    Section
      116.

                  	
                    No
      Personal Liability of Officers, Directors, Employees or
      Shareholders

                  	
                    12

                  
	 
      	 
      	 
      
	
                    ARTICLE
      II

                  
	
                    SECURITY
      FORMS

                  
	 
      	 
      	 
      
	
                    Section
      201.

                  	
                    Forms
      Generally

                  	
                    13

                  
	
                    Section
      202.

                  	
                    Form
      of Face of Security

                  	
                    13

                  
	
                    Section
      203.

                  	
                    Form
      of Reverse of Security

                  	
                    16

                  
	
                    Section
      204.

                  	
                    Global
      Securities

                  	
                    20

                  
	
                    Section
      205.

                  	
                    Form
      of Trustee's Certificate and Authorization

                  	
                    21

                  
	 
      	 
      	 
      
	
                    ARTICLE
      III

                  
	
                    THE
      SECURITIES

                  
	 
      	 
      	 
      
	
                    Section
      301.

                  	
                    Amount
      Unlimited; Issuable in Series

                  	
                    22

                  
	
                    Section
      302.

                  	
                    Denominations

                  	
                    25

                  
	
                    Section
      303.

                  	
                    Execution,
      Authentication, Delivery and Dating

                  	
                    25

                  
	
                    Section
      304.

                  	
                    Temporary
      Securities

                  	
                    27

                  
	
                    Section
      305.

                  	
                    Registration,
      Registration of Transfer and Exchange

                  	
                    28

                  
	
                    Section
      306.

                  	
                    Mutilated,
      Destroyed, Lost and Stolen Securities

                  	
                    29

                  
	
                    Section
      307.

                  	
                    Payment
      of Interest; Interest Rights Preserved

                  	
                    30

                  
	
                    Section
      308.

                  	
                    Persons
      Deemed Owners

                  	
                    31

                  
	
                    Section
      309.

                  	
                    Cancellation

                  	
                    32

                  
	
                    Section
      310.

                  	
                    Computation
      of Interest

                  	
                    32

                  
	
                    Section
      311.

                  	
                    CUSIP
      Numbers

                  	
                    32

                  

          

        

      

    

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

    TABLE
OF CONTENTS

    (continued)

     

    
      
        
          	 
      	 
      	
                  Page

                
	 
      	 
      	 
      
	
                  ARTICLE
      IV

                
	
                  SATISFACTION
      AND DISCHARGE

                
	 
      	 
      	 
      
	
                  Section
      401.

                	
                  Satisfaction
      and Discharge of Indenture

                	
                  32

                
	
                  Section
      402.

                	
                  Application
      of Trust Money

                	
                  33

                
	 
      	 
      	 
      
	
                  ARTICLE
      V

                
	
                  REMEDIES

                
	 
      	 
      	 
      
	
                  Section
      501.

                	
                  Events
      of Default

                	
                  34

                
	
                  Section
      502.

                	
                  Acceleration
      of Maturity; Rescission and Annulment

                	
                  35

                
	
                  Section
      503.

                	
                  Collection
      of Indebtedness and Suits for Enforcement by Trustee

                	
                  35

                
	
                  Section
      504.

                	
                  Trustee
      May File Proofs of Claim

                	
                  36

                
	
                  Section
      505.

                	
                  Trustee
      May Enforce Claims Without Possession of Securities

                	
                  37

                
	
                  Section
      506.

                	
                  Application
      of Money Collected

                	
                  37

                
	
                  Section
      507.

                	
                  Limitation
      on Suits

                	
                  37

                
	
                  Section
      508.

                	
                  Unconditional
      Right of Holders to Receive Principal, Premium and
Interest

                	
                  38

                
	
                  Section
      509.

                	
                  Restoration
      of Rights and Remedies

                	
                  38

                
	
                  Section
      510.

                	
                  Rights
      and Remedies Cumulative

                	
                  38

                
	
                  Section
      511.

                	
                  Delay
      or Omission Not Waiver

                	
                  39

                
	
                  Section
      512.

                	
                  Control
      by Holders

                	
                  39

                
	
                  Section
      513.

                	
                  Waiver
      of Past Defaults

                	
                  39

                
	
                  Section
      514.

                	
                  Undertaking
      for Costs

                	
                  40

                
	 
      	 
      	 
      
	
                  ARTICLE
      VI

                
	
                  THE
      TRUSTEE

                
	 
      	 
      	 
      
	
                  Section
      601.

                	
                  Certain
      Duties and Responsibilities

                	
                  40

                
	
                  Section
      602.

                	
                  Notice
      of Defaults

                	
                  41

                
	
                  Section
      603.

                	
                  Certain
      Rights of Trustee

                	
                  41

                
	
                  Section
      604.

                	
                  Not
      Responsible for Recitals or Issuance of Securities

                	
                  43

                
	
                  Section
      605.

                	
                  May
      Hold Securities

                	
                  43

                
	
                  Section
      606.

                	
                  Money
      Held in Trust

                	
                  43

                
	
                  Section
      607.

                	
                  Compensation
      and Reimbursement

                	
                  43

                
	
                  Section
      608.

                	
                  Disqualification;
      Conflicting Interests

                	
                  44

                
	
                  Section
      609.

                	
                  Corporate
      Trustee Required; Eligibility

                	
                  44

                
	
                  Section
      610.

                	
                  Resignation
      and Removal; Appointment of Successor

                	
                  44

                
	
                  Section
      611.

                	
                  Acceptance
      of Appointment by Successor

                	
                  46

                
	
                  Section
      612.

                	
                  Merger,
      Conversion, Consolidation or Succession to Business

                	
                  47

                
	
                  Section
      613.

                	
                  Preferential
      Collection of Claims Against the Company

                	
                  47

                
	
                  Section
      614.

                	
                  Appointment
      of Authenticating Agent

                	
                  47

                

        

      

    

    
      
         

      

      
        -iii-

        
          

        

      

      
         

      

    

    TABLE
OF CONTENTS

    (continued)

     

    
      
        
          	 
      	 
      	
                  Page

                
	 
      	 
      	 
      
	
                  ARTICLE
      VII

                
	
                  HOLDERS'
      LISTS AND REPORTS BY TRUSTEE AND THE COMPANY

                
	 
      	 
      	 
      
	
                  Section
      701.

                	
                  The
      Company to Furnish Trustee Names and Addresses of Holders

                	
                  48

                
	
                  Section
      702.

                	
                  Preservation
      of Information; Communications to Holders

                	
                  49

                
	
                  Section
      703.

                	
                  Reports
      by Trustee

                	
                  49

                
	
                  Section
      704.

                	
                  Reports
      by the Company

                	
                  49

                
	 
      	 
      	 
      
	
                  ARTICLE
      VIII

                
	
                  CONSOLIDATION,
      MERGER, CONVEYANCE, TRANSFER OR LEASE

                
	 
      	 
      	 
      
	
                  Section
      801.

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

                	
                  50

                
	
                  Section
      802.

                	
                  Successor
      Substituted

                	
                  50

                
	 
      	 
      	 
      
	
                  ARTICLE
      IX

                
	
                  SUPPLEMENTAL
      INDENTURES

                
	 
      	 
      	 
      
	
                  Section
      901.

                	
                  Supplemental
      Indentures Without Consent of Holders

                	
                  51

                
	
                  Section
      902.

                	
                  Supplemental
      Indentures with Consent of Holders

                	
                  52

                
	
                  Section
      903.

                	
                  Execution
      of Supplemental Indentures

                	
                  53

                
	
                  Section
      904.

                	
                  Effect
      of Supplemental Indentures

                	
                  53

                
	
                  Section
      905.

                	
                  Conformity
      with Trust Indenture Act

                	
                  53

                
	
                  Section
      906.

                	
                  Reference
      in Securities to Supplemental Indentures

                	
                  53

                
	 
      	 
      	 
      
	
                  ARTICLE
      X

                
	
                  COVENANTS

                
	 
      	 
      	 
      
	
                  Section
      1001.

                	
                  Payment
      of Principal, Premium and Interest

                	
                  53

                
	
                  Section
      1002.

                	
                  Maintenance
      of Office or Agency

                	
                  53

                
	
                  Section
      1003.

                	
                  Money
      for Securities Payments to Be Held in Trust

                	
                  54

                
	
                  Section
      1004.

                	
                  Statement
      by Officers as to Default

                	
                  55

                
	 
      	 
      	 
      
	
                  ARTICLE
      XI

                
	
                  REDEMPTION
      OF SECURITIES

                
	 
      	 
      	 
      
	
                  Section
      1101.

                	
                  Applicability
      of Article

                	
                  56

                
	
                  Section
      1102.

                	
                  Election
      to Redeem; Notice to Trustee

                	
                  56

                
	
                  Section
      1103.

                	
                  Selection
      by Trustee of Securities to be Redeemed

                	
                  56

                
	
                  Section
      1104.

                	
                  Notice
      of Redemption

                	
                  57

                
	
                  Section
      1105.

                	
                  Deposit
      of Redemption Price

                	
                  57

                
	
                  Section
      1106.

                	
                  Securities
      Payable on Redemption Date

                	
                  57

                
	
                  Section
      1107.

                	
                  Securities
      Redeemed in Part

                	
                  58

                

        

      

    

    
      
         

      

      
        -iv-

        
          

        

      

      
         

      

    

    

    TABLE
OF CONTENTS

    (continued)

     

    
      
        
          	 
      	 
      	
                  Page

                
	 
      	 
      	 
      
	
                  ARTICLE
      XII

                
	
                  SINKING
      FUNDS

                
	 
      	 
      	 
      
	
                  Section
      1201.

                	
                  Applicability
      of Article

                	
                  58

                
	
                  Section
      1202.

                	
                  Satisfaction
      of Sinking Fund Payments with Securities

                	
                  58

                
	
                  Section
      1203.

                	
                  Redemption
      of Securities for Sinking Fund

                	
                  59

                
	 
      	 
      	 
      
	
                  ARTICLE
      XIII

                
	
                  DEFEASANCE

                
	 
      	 
      	 
      
	
                  Section
      1301.

                	
                  Applicability
      of Article

                	
                  59

                
	
                  Section
      1302.

                	
                  Legal
      Defeasance

                	
                  59

                
	
                  Section
      1303.

                	
                  Covenant
      Defeasance

                	
                  61

                
	
                  Section
      1304.

                	
                  Application
      by Trustee of Funds Deposited for Payment of Securities

                	
                  62

                
	
                  Section
      1305.

                	
                  Repayment
      to the Company

                	
                  63

                
	
                  Section
      1306.

                	
                  Reinstatement

                	
                  63

                
	 
      	 
      	 
      
	
                  ARTICLE
      XIV

                
	
                  SUBORDINATION
      OF SECURITIES

                
	 
      	 
      	 
      
	
                  Section
      1401.

                	
                  Securities
      Subordinated to Senior Debt

                	
                  63

                

        

      

    

    
      
         

      

      
        -v-

        
          

        

      

      
         

      

    

    INDENTURE
dated as of _________________, between SMITHTOWN BANCORP, INC., a New York
corporation (the "Company"), having its principal office at _______________, New
York, ___________, and [_____________], a ____________ corporation (the
"Trustee"), having its principal office at ___________________.

     

    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 (the "Securities"), to be
issued in one or more series as provided in this Indenture.

     

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

     

    This
Indenture is subject to the provisions of the Trust Indenture Act that are
required to be a part of this Indenture and, to the extent applicable, shall be
governed by such provisions.

     

    NOW,
THEREFORE, THIS INDENTURE WITNESSETH:

     

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

     

    ARTICLE
I

     

    DEFINITIONS
AND OTHER PROVISIONS OF GENERAL APPLICATION

     

    
      	
              Section
      101.

            	
              Definitions

            

    

     

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

     

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

     

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

     

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

    
      
         

      

      
        
        

        
          

        

      

      
         

      

    

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

     

    (5)           the
words "Article" and
"Section" refer to an
Article and Section, respectively, of this Indenture.

     

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

     

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

     

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

     

    "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.

     

    "Bankruptcy Law" means Title
11, U.S. Code, or any similar federal or state law for the relief of debtors or
the protection of creditors.

     

    "Board of Directors" means the
board of directors of the Company, or the executive or any other committee of
that board duly authorized to act in respect thereof.

     

    "Board Resolution" means a
copy of a resolution certified by the Corporate Secretary of the Company, the
principal financial officer of the Company or any other authorized officer of
the Company or a Person duly authorized by any of them, to have been duly
adopted by the Board of Directors and to be in full force and effect on the date
of such certification, and delivered to the Trustee.

     

    "Business Day", when used with
respect to any Place of Payment or other location, means, except as otherwise
provided as contemplated by Section 301 with respect to any series of
Securities, 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, executive order or regulation to
close.

     

    "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.

    
      
         

      

      
        -2-

        
          

        

      

      
         

      

    

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

     

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

     

    "Corporate Trust Office" means
the office of the Trustee at which at any particular time its corporate trust
business shall be principally administered, which at the date hereof is
_______________________.

     

    "Corporation" includes
corporations, associations, partnerships (general or limited), limited liability
companies, joint-stock companies and business trusts.

     

    "Covenant defeasance" has the
meaning specified in Section 1303.

     

    "Custodian" means any
receiver, trustee, assignee, liquidator or similar official under any Bankruptcy
Law.

     

    "Debt" means any debt for
money borrowed.

     

    "Default" means, with respect
to a series of Securities, 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.

     

    "Defaulted Interest" has the
meaning specified in Section 307.

     

    "Defeasance" has the meaning
specified in Section 1302.

     

    "Definitive Security" means a
Security other than a Global Security or a temporary Security.

     

    "Depositary" means, with
respect to Securities of any series issuable in whole or in part in the form of
one or more Global Securities, a clearing agency registered under the Exchange
Act that is designated to act as Depositary for such Securities as contemplated
by Section 301, until a successor Depositary shall have become such pursuant to
the applicable provisions of this Indenture, and thereafter shall mean or
include each Person which is then a Depositary hereunder, and if at any time
there is more than one such Person, shall be a collective reference to such
Persons.

     

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

     

    "Event of Default" has the
meaning specified in Section 501.

    
      
         

      

      
        -3-

        
          

        

      

      
         

      

    

    "Exchange Act" means the
Securities Exchange Act of 1934, as amended from time to time, and any statute
successor thereto.

     

    "Fiscal Year" means, with
respect to the Company, each 12-month period beginning on January 1 and ending
on December 31; provided, however, that, with respect
to a series of Securities, the first fiscal year will begin on the date such
series of Securities is authenticated and delivered under this Indenture. The
Company will notify the Trustee if its fiscal year changes.

     

    "Global Security" means a
Security in global form that evidences all or part of the Securities of any
series and is registered in the name of the Depositary for such Securities or a
nominee thereof.

     

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

     

    "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, including, for all purposes of this
instrument, and any such supplemental indenture, the provisions of the Trust
Indenture Act that are deemed to be a part of and govern this instrument and any
such supplemental indenture, respectively.  The term "Indenture" also
shall include the terms of particular series of Securities established as
contemplated by Section 301.

     

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

     

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

     

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

     

    "Notice of Default" means a
written notice of the kind specified in Section 501(3).

     

    "Officers' Certificate" of a
Person means a certificate signed by any two of the Chairman of the Board, the
Vice Chairman, the President or a Vice President of the Person, or if such
Person is a partnership, of its general partner, and delivered to the
Trustee.  One of the officers or such other Persons (as applicable)
signing an Officers' Certificate given pursuant to Section 1004 shall be the
principal executive, financial or accounting officer of the Person, or if such
Person is a partnership, of its general partner.

     

    "Opinion of Counsel" means a
written opinion of legal counsel, who may be an employee of or counsel for the
Company, which opinion shall comply with the provisions of Sections 102 and
103.  Such counsel shall be acceptable to the Trustee, whose
acceptance shall not be unreasonably withheld.

    
      
         

      

      
        -4-

        
          

        

      

      
         

      

    

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

     

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

     

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

     

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

     

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

     

    (iv)      
  Securities, except to the extent provided in Sections 1302 and 1303,
with respect to which the Company has effected defeasance or covenant defeasance
as provided in Article XIII;

     

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

    
      
         

      

      
        -5-

        
          

        

      

      
         

      

    

    "Paying Agent" means any
Person authorized by the Company to pay the principal of or any premium or
interest on any Securities on behalf of the Company.

     

    "Periodic Offering" means an
offering of Securities of a series from time to time, the specific terms of
which Securities, including, without limitation, the rate or rates of interest
or formula for determining the rate or rates of interest thereon, if any, the
Stated Maturity or Stated Maturities thereof, the original issue date or dates
thereof, the redemption provisions, if any, with respect thereto, and any other
terms specified as contemplated by Section 301 with respect thereto, are to be
determined by the Company upon the issuance of such Securities.

     

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

     

    "Place of Payment", when used
with respect to the Securities of any series, means, unless otherwise
specifically provided for with respect to such series as contemplated by Section
301, the office or agency of the Company in _____________ and such other place
or places where, subject to the provisions of Section 1002, the principal of and
any premium and interest on the Securities of that series are payable as
specified as contemplated by Section 301.

     

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

     

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

     

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

     

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

     

    "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 305.

     

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

     

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

     

    
      
         

      

      
        -6-

        
          

        

      

      
         

      

    

    "Subsidiary" means, with
respect to any Person, any entity of which more than 50% of the total voting
power of the equity interests entitled, without regard to the occurrence of any
contingency, to vote in the election of directors, managers or trustees thereof;
or any partnership of which more than 50% of the partners' equity interests,
considering all partners' equity interests as a single class, is at the time
owned or controlled, directly or indirectly, by that Person or one or more of
the other Subsidiaries of that Person or combination thereof.

     

    "Trust Indenture Act" means
the Trust Indenture Act of 1939 as in force at the date as of which this
instrument was executed, except as otherwise provided in Section 905; provided, however, that if
the Trust Indenture Act of 1939 is amended after such date, "Trust Indenture
Act" means, to the extent required by any such amendment, the Trust Indenture
Act of 1939 as so amended.

     

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

     

    "U.S. Government Obligations"
means securities which are (i) direct obligations of the United States 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, the payment of which is unconditionally guaranteed as a full
faith and credit obligation by the United States, each of which are not callable
or redeemable at the option of the issuer thereof.

     

    "Vice President", when used
with respect to the Company, means any vice president of the Company, or when
used with respect to the Trustee, means any vice president of the
Trustee.

     

    
      	
              Section
      102.

            	
              Compliance Certificates and
      Opinions

            

    

     

    Upon any
application or request by the Company to the Trustee to take or refrain from
taking any action under any provision of this Indenture, the Company shall
furnish to the Trustee an Officers' Certificate in form and substance reasonably
satisfactory to the Trustee stating that, in the opinion of the signers, all
conditions precedent and covenants, if any, provided for in this Indenture
relating to the proposed action have been complied with, and an Opinion of
Counsel in form and substance reasonably satisfactory to the Trustee stating
that, in the opinion of such counsel, all such conditions precedent have been
complied with.  Each such certificate or opinion shall be given in the
form of an Officers' Certificate, if to be given by officers of the Company, or
an Opinion of Counsel, if to be given by counsel, and shall comply with the
requirements of the Trust Indenture Act and any other requirements set forth in
this Indenture.

     

    Every
Officers' Certificate or Opinion of Counsel (except for certificates provided
for in Section 1004) shall include:

     

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

    
      
         

      

      
        -7-

        
          

        

      

      
         

      

    

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

     

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

     

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

     

    
      	
              Section
      103.

            	
              Form of Documents Delivered to
      Trustee

            

    

     

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

     

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

     

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

     

    
      	
              Section
      104.

            	
              Acts of Holders; Record
      Dates

            

    

     

    Any
request, demand, authorization, direction, notice, consent, waiver or other
action provided or permitted by this Indenture to be given or taken by Holders
may be embodied in and evidenced by one or more instruments of substantially
similar tenor signed (either physically or by means of a facsimile or an
electronic transmission, provided that such electronic
transmission is transmitted through the facilities of a Depositary) by such
Holders in person or by an agent duly appointed in writing; and, except as
herein otherwise expressly provided, such action shall become effective when
such instrument or instruments are delivered (either physically or by means of a
facsimile or an electronic transmission, provided that such electronic
transmission is transmitted through the facilities of a Depositary) to the
Trustee and, where it is hereby expressly required, to the
Company.  Such instrument or instruments (and the action embodied
therein and evidenced thereby) are herein sometimes referred to as the "Act" of
the Holders signing such instrument or instruments.  Proof of
execution of any such instrument or of a writing appointing any such agent shall
be sufficient for any purpose of this Indenture and (subject to Section 315 of
the Trust Indenture Act) conclusive in favor of the Trustee and the Company, if
made in the manner provided in this Section.

    
      
         

      

      
        -8-

        
          

        

      

      
         

      

    

    Without
limiting the generality of the foregoing, a Holder, including a Depositary that
is a Holder of a Global Security, may make, give or take, by a proxy or proxies,
duly appointed in writing, any request, demand, authorization, direction,
notice, consent, waiver or other action provided in this Indenture to be made,
given or taken by Holders, and a Depositary that is a Holder of a Global
Security may provide its proxy or proxies to the beneficial owners of interests
in any such Global Security.

     

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

     

    The
ownership, principal amount and serial numbers of Securities held by any Person,
and the date of commencement of such Person's holding the same, shall be proved
by the Security Register.

     

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

     

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

     

    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, but the Company shall have no obligation to do
so.  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.

    
      
         

      

      
        -9-

        
          

        

      

      
         

      

    

    
      	
              Section
      105.

            	
              Notices, Etc., to Trustee and
      the Company

            

    

     

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

     

    (1)           the
Trustee by any Holder or by the Company shall be sufficient for every purpose
hereunder if made in writing and actually received by the Trustee at its office
at _______________________________, or at any other address previously furnished
in writing by the Trustee, or

     

    (2)           the
Company by the Trustee or by any Holder shall be sufficient for every purpose
hereunder (unless otherwise herein expressly provided) if in writing and mailed,
first-class postage prepaid, to the Company, addressed to it at
______________________________, New York, ________, to the attention of the
Corporate Secretary, or at any other address previously furnished in writing to
the Trustee by the Company.

     

    
      	
              Section
      106.

            	
              Notice to Holders;
      Waiver

            

    

     

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

     

    Where
this Indenture provides for notice in any manner, such notice may be waived in
writing by the Person entitled to receive such notice, either before or after
the event, and such waiver shall be the equivalent of such
notice.  Waivers of notice by Holders shall be filed with the Trustee,
but such filing shall not be a condition precedent to the validity of any action
taken in reliance upon such waiver.

     

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

     

    
      	
              Section
      107.

            	
              Conflict with Trust Indenture
      Act

            

    

     

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

    
      
         

      

      
        -10-

        
          

        

      

      
         

      

    

    
      	
              Section
      108.

            	
              Effect of Headings and Table
      of Contents

            

    

     

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

     

    
      	
              Section
      109.

            	
              Successors and
      Assigns

            

    

     

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

     

    
      	
              Section
      110.

            	
              Separability
      Clause

            

    

     

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

     

    
      	
              Section
      111.

            	
              Benefits of
      Indenture

            

    

     

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

     

    
      	
              Section
      112.

            	
              Governing
      Law

            

    

     

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

     

    
      	
              Section
      113.

            	
              Legal
      Holidays

            

    

     

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

     

    
      	
              Section
      114.

            	
              Language of Notices,
      Etc.

            

    

     

    Any
request, demand, authorization, direction, notice, consent, waiver or Act
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.

    
      
         

      

      
        -11-

        
          

        

      

      
         

      

    

    
      	
              Section
      115.

            	
              Interest
      Limitation

            

    

     

    It is the
intention of the Company to conform strictly to all applicable usury laws and
any subsequent revisions, repeals or judicial interpretations
thereof.  Accordingly, if the transactions contemplated hereby would
be usurious under any applicable law then, in that event, notwithstanding
anything to the contrary in the Securities or this Indenture, it is agreed as
follows:  (i) the aggregate of all consideration which
constitutes interest under applicable law with respect to a Security shall under
no circumstances exceed the maximum amount allowed by applicable law, and any
excess shall be credited to the principal amount of such Security (or, if the
principal amount of such Security shall have been paid in full, refunded to the
Company), to the extent permitted by applicable law; and (ii) in the event that
the maturity of any Security is accelerated or in the event of any redemption of
such Security, then such consideration that constitutes interest under
applicable law may never include more than the maximum amount allowed by
applicable law, and any excess shall be credited to the principal amount of such
Security (or, if the principal amount of such Security shall be paid in full,
refunded to the Company), to  the extent permitted by applicable
law.  All calculations made to compute the rate of interest with
respect to a Security for the purpose of determining whether such rate exceeds
the maximum amount allowed by applicable law shall be made, to the extent
permitted by such applicable law, by allocating and spreading during the period
of the full stated term of such Security all interest any time contracted for,
taken, reserved, charged or received by such Holder or by the Trustee on behalf
of any such Holder in connection therewith so that the amount or rate of
interest charged for any and all periods of time during the term of the Security
does not exceed the maximum amount or rate of interest allowed to be charged by
law during the relevant period of time.  Notwithstanding any of the
foregoing, if at any time applicable laws shall be changed so as to permit a
higher rate or amount of interest to be charged than that permitted prior to
such change, then unless prohibited by law, references in this Indenture or any
Security to "applicable law" when used in the context of determining the maximum
interest or rate of interest that can be charged shall be deemed to refer to
such applicable law as so amended to allow the greater amount or rate of
interest.

     

    The right
to accelerate maturity of any Security does not include the right to accelerate
any interest which has not otherwise accrued to the date of such acceleration,
provided, however, that the foregoing shall not prohibit the continuing accrual
after acceleration of interest in accordance with the terms of the Indenture and
such Security.

     

    
      	
              Section
      116.

            	
              No Personal Liability of
      Officers, Directors, Employees or
  Shareholders

            

    

     

    Obligations
of the Company under this Indenture and the Securities hereunder are payable
only out of cash flow and assets of the Company. The Trustee, and each Holder of
a Security by its acceptance thereof, will be deemed to have agreed in this
Indenture that no director, officer, employee, or shareholder, as such, of the
Company, the Trustee, or any Affiliate of any of the foregoing entities shall
have any personal liability in respect of the obligations of the Company under
this Indenture or such Securities by reason of his, her or its
status.  The agreements set forth in this Section are part of the
consideration for the issuance of the Securities.

    
      
         

      

      
        -12-

        
          

        

      

      
         

      

    

    
      	
              Section
      117.

            	
              Applicability of
      Depositary

            

    

     

    Notwithstanding
any other provision of this Indenture, so long as a series of Securities is a
Global Security, the parties hereto will be bound at all times by the applicable
procedures of the Depositary with respect to such series.

     

    ARTICLE
II

     

    SECURITY
FORMS

     

    
      	
              Section
      201.

            	
              Forms
      Generally

            

    

     

    The
Securities of each series shall be in substantially the form set forth in this
Article, or in such other form as shall be established by or pursuant to a Board
Resolution or in one or more indentures supplemental hereto, in each case with
such appropriate insertions, omissions, substitutions and other variations as
are required or permitted by this Indenture, and may have such letters, numbers
or other marks of identification and such legends or endorsements placed thereon
as may be required to comply with applicable laws or the rules of any securities
exchange or automated quotation system on which the Securities of such series
may be listed or traded or of any Depositary therefor or as may, consistently
herewith, be determined by the officers executing such Securities, as evidenced
by their execution of the Securities.  If the form of Securities of
any series is established by action taken pursuant to a Board Resolution, a copy
of an appropriate record of such action shall be certified by an authorized
officer or other authorized Person on behalf of the Company and delivered to the
Trustee at or prior to the delivery of the Company Order contemplated by Section
303 for the authentication and delivery of such Securities.  Any form
of Security approved by or pursuant to a Board Resolution must be acceptable as
to form by the Trustee, such acceptance to be evidenced by the Trustee's
authentication of Securities in that form.

     

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

     

    
      	
              Section
      202.

            	
              Form of Face of
      Security

            

    

     

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

     

    [If a
Global Security, insert legend required by Section 204 of the
Indenture]

     

    [If
applicable, insert—UNLESS THIS SECURITY IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW
YORK CORPORATION, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE
& CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL IN AS MUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]

    
      
         

      

      
        -13-

        
          

        

      

      
         

      

    

    SMITHTOWN
BANCORP, INC.

     

    [TITLE OF
SECURITY]

     

    
      
        	
                NO.

              	
                U.S.$

              
	
                [CUSIP
      No.        ]

              	
                 

              

      

    

     

    SMITHTOWN
BANCORP, INC., a New York corporation (herein called the "Company", which term
includes any successor Person under the Indenture hereinafter referred to), for
value received, hereby promises to pay to _____________, or registered assigns,
the principal sum of _____________ United States Dollars [state other currency]
on _____________ [if the Security is to bear interest prior to Maturity,
insert—, and to pay interest thereon from _____________, or from the most recent
Interest Payment Date to which interest has been paid or duly provided for,
semi-annually on _____________ and _____________ in each year, commencing
_____________, at the rate of _____________% per annum, until the principal
hereof is paid or made available for payment [if applicable, insert—, and at the
rate of _____________% per annum on any overdue principal and premium and on any
overdue installment of interest].  [If applicable, insert — The amount
of interest payable for any period shall be computed on the basis of twelve
30-day months and a 360-day year. The amount of interest payable for any partial
period shall be computed on the basis of a 360-day year of twelve 30-day months
and the days elapsed in any partial month. In the event that any date on which
interest is payable on this Security is not a Business Day, then a payment of
the interest payable on such date will be made on the next succeeding day which
is a Business Day (and without any interest or other payment in respect of any
such delay) with the same force and effect as if made on the date the payment
was originally payable. A "Business Day" shall mean, when used with respect to
any Place of Payment, each Monday, Tuesday, Wednesday, Thursday and Friday which
is not a day on which banking institutions in that Place of Payment are
authorized or obligated by law, executive order or regulation to close.] The
interest so payable, and punctually paid or duly provided for, on any Interest
Payment Date will, as provided in such Indenture, be paid to the Person in whose
name this Security (or one or more Predecessor Securities) is registered at the
close of business on the Regular Record Date for such interest, which shall be
the _____________ or _____________  (whether or not a Business Day),
as the case may be, next preceding such Interest Payment Date.  Any
such interest not so punctually paid or duly provided for shall 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 of
which 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
or automated quotation system on which the Securities of this series may be
listed or traded, and upon such notice as may be required by such exchange or
automated quotation system, all as more fully provided in such
Indenture].

    
      
         

      

      
        -14-

        
          

        

      

      
         

      

    

    [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, 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,
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.]

     

    [If a
Global Security, insert—Payment of the principal of [(and premium, if any)] and
[if applicable, insert—any such] interest on this Security will be made by
transfer of immediately available funds to a bank account in _____________
designated by the Holder in such coin or currency of the United States of
America as at the time of payment is legal tender for payment of public and
private debts [state other currency].]

     

    [If a
Definitive Security, insert—Payment of the principal of [(and premium, if any)]
and [if applicable, insert—any such] interest on this Security will be made at
the office or agency of the Company maintained for that purpose in
_____________, [in such coin or currency of the United States of America as at
the time of payment is legal tender for payment of public and private debts]
[state other currency] [or subject to any laws or regulations applicable thereto
and to the right of the Company (as provided in the Indenture) to rescind the
designation of any such Paying Agent, at the [main] offices of
_____________  in _____________ and _____________ in _____________, or
at such other offices or agencies as the Company may designate, by [United
States Dollar] [state other currency] check drawn on, or transfer to a [United
States Dollar] account maintained by the payee with, a bank in _____________ (so
long as the applicable Paying Agent has received proper transfer instructions in
writing at least _____________ days prior to the payment date)] [if applicable,
insert—; provided,
however, that payment of interest may be made at the option of the
Company by [United States Dollar] [state other currency] check mailed to the
addresses of the Persons entitled thereto as such addresses shall appear in the
Security Register] [or by transfer to a [United States Dollar] [state other
currency] account maintained by the payee with a bank in _____________ [state
other Place of Payment] (so long as the applicable Paying Agent has received
proper transfer instructions in writing by the Record Date prior to the
applicable Interest Payment Date)].]

     

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

     

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

    
      
         

      

      
        -15-

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, the Company has caused this instrument to be duly
executed.

     

    Dated:__________________

    
      
        	
                SMITHTOWN
      BANCORP, INC.

              
	 
      	 
      
	
                By:

              	 
      
	
                Name:   

              	 
      
	
                Title:

              	 
      

      

    

    

    
      	
              Section
      203.

            	
              Form
      of Reverse of Security

            

    

    

    This
Security is one of a duly authorized issue of securities of the Company (the
"Securities"), issued and to be issued in one or more series under an Indenture
dated as of _____________, 2008 (the "Indenture"), between the Company and
[__________________], 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, obligations, duties and immunities thereunder of
the Company, the Trustee, the Holders of the Senior Debt and the Holders of the
Securities and of the terms upon which the Securities are, and are to be,
authenticated and delivered.  As provided in the Indenture, the
Securities may be issued in one or more series, which different series may be
issued in various aggregate principal amounts, may mature at different times,
may bear interest, if any, at different rates, may be subject to different
redemption provisions, if any, may be subject to different sinking, purchase or
analogous funds, if any, may be subject to different covenants and Events of
Default and may otherwise vary as in the Indenture provided or
permitted.  This Security is one of the series designated on the face
hereof [if applicable, insert—, limited in aggregate principal amount to U.S.$
_____________].

     

    [If
applicable, insert—The Securities of this series are subject to redemption upon
not less than 30 nor more than 60 days' notice by mail, [if applicable,
insert—(1) on  in any year commencing with the year _____________ and
ending with the year _____________ through operation of the sinking fund for
this series at a Redemption Price equal to 100% of the principal amount, and
(2)] at any time [if applicable, insert—on or after _____________], as a whole
or in part, at the election of the Company, at the following Redemption Prices
(expressed as percentages of the principal amount): If redeemed [if applicable,
insert—on or before _____________, ____%, and if redeemed] during the 12-month
period beginning _____________ of the years indicated,

    

    
      
        
          
            
              
                
                  	
                          Year

                        	 	
                          Redemption Price

                        	 	
                          Year

                        	 	
                          Redemption Price

                        
	 
      	 	 
      	 	 
      	 	 
      
	 
      	 	 
      	 	 
      	 	 
      
	 
      	 	 
      	 	 
      	 	 
      

                

              

            

          

        

      

    

    

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

    
      
         

      

      
        -16-

        
          

        

      

      
         

      

    

    [If
applicable, insert—The Securities of this series are subject to redemption upon
not less than 30 nor more than 60 days' notice by mail, (1) on _____________ in
any year commencing with the year _____________  and ending with the
year _____________ through operation of the sinking fund for this series at the
Redemption Prices for redemption through operation of the sinking fund
(expressed as percentages of the principal amount) set forth in the table below,
and (2) at any time [if applicable, insert—on or after _____________], as a
whole or in part, at the election of the Company, at the Redemption Prices for
redemption otherwise than through operation of the sinking fund (expressed as
percentages of the principal amount) set forth in the table below: If redeemed
during the 12-month period beginning _____________ of the years
indicated,

     

    
      
        
          
            
              	
                      Year

                    	 	
                      Redemption Price for

                      Redemption Through Operation

                      of the Sinking Fund

                    	 	
                      Redemption Price for Redemption

                      Otherwise Than Through Operation of

                      the Sinking Fund

                    
	 
      	 	 
      	 	 
      
	 
      	 	 
      	 	 
      
	 
      	 	 
      	 	 
      

            

          

        

      

    

    

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

     

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

     

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

     

    [If
applicable, insert—The Securities of this series are not redeemable prior to
Stated Maturity.]

    
      
         

      

      
        -17-

        
          

        

      

      
         

      

    

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

     

    [If the
Security is an Original Issue Discount Security, insert—If an Event of Default
with respect to Securities of this series shall occur and be continuing, an
amount of principal of the Securities of this series may be declared due and
payable in the manner and with the effect provided in the
Indenture.  Such amount shall be equal to—insert formula for
determining the amount.  Upon payment (1) of the amount of principal
so declared due and payable, and (2) of interest on any overdue principal and
overdue interest, 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 the consent of not
less than the Holders of a majority in aggregate principal amount of the
Outstanding Securities of all series to be affected (voting as one
class).  The Indenture also contains provisions permitting the Holders
of a majority in aggregate principal amount of the Outstanding Securities of all
affected series (voting as one class), on behalf of the Holders of all
Securities of such series, to waive compliance by the Company with certain
provisions of the Indenture.  The Indenture permits, with certain
exceptions as therein provided, the Holders of a majority in principal amount of
Securities of any series then Outstanding to waive past defaults under the
Indenture with respect to such series and their consequences.  Any
such consent or waiver by the Holder of this Security shall be conclusive and
binding upon such Holder and upon all future Holders of this Security and of any
Security issued upon the registration of transfer hereof or in exchange herefor
or in lieu hereof, whether or not notation of such consent or waiver is made
upon this Security.

     

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

     

    No
reference herein to the Indenture and no provision of this Security or of the
Indenture shall, without the consent of the Holder, alter or impair the
obligation of the Company, which is absolute and unconditional, to pay the
principal of and [any premium and] interest on this Security at the times,
place(s) and rate, and in the coin or currency, herein prescribed, except for
Section 115 of the Indenture (which limits interest to the maximum amount
permissible by law), the provisions of which are incorporated herein by
reference.

    
      
         

      

      
        -18-

        
          

        

      

      
         

      

    

    [If a
Global Security, insert—This Global Security or portion hereof may not be
exchanged for Definitive Securities of this series except in the limited
circumstances provided in the Indenture.

     

    The
holders of beneficial interests in this Global Security will not be entitled to
receive physical delivery of Definitive Securities except as described in the
Indenture and will not be considered the Holders thereof for any purpose under
the Indenture.]

     

    [If a
Definitive Security, insert—As provided in the Indenture and subject to certain
limitations therein set forth, the transfer of this Security is registerable in
the Security Register, upon surrender of this Security for registration of
transfer at the office or agency of the Company in [if applicable, insert —
any place where the principal of and any premium and interest on this Security
are payable] [if applicable, insert— _____________ [, or, 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 transfer
agent, at the [main] offices of _____________ in _____________ and in
_____________ or at such other offices or agencies as the Company may
designate]], 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 U.S.$ [state other currency] and any integral multiple
thereof.  As provided in the Indenture and subject to certain
limitations therein set forth, Securities of this series are exchangeable for a
like aggregate principal amount of Securities of this series and of like tenor
of a different authorized denomination, as requested by the Holder surrendering
the same.

     

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

     

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

     

    This
Security is subordinated in right of payment to Senior Debt, to the extent
provided in the Indenture.

    
      
         

      

      
        -19-

        
          

        

      

      
         

      

    

    Obligations
of the Company under the Indenture and the Securities thereunder, including this
Security, are payable only out of cash flow and assets of the Company. The
Trustee, and each Holder of a Security by its acceptance hereof, will be deemed
to have agreed in the Indenture that no director, officer, employee, or
shareholder, as such, of the Company, the Trustee, or any Affiliate of any of
the foregoing entities shall have any personal liability in respect of the
obligations of the Company under the Indenture or such Securities by reason of
his, her or its status.

     

    The
Indenture contains provisions that relieve the Company from the obligation to
comply with certain restrictive covenants in the Indenture and for satisfaction
and discharge at any time of the entire indebtedness upon compliance by the
Company with certain conditions set forth in the Indenture.

     

    This
Security shall be governed by and construed in accordance with the laws of the
state of New York.

     

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

     

    [If a
Definitive Security, insert as a separate page—

     

    FOR VALUE
RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
_______________________ (Please Print or Typewrite Name and Address of Assignee)
the within instrument of SMITHTOWN BANCORP, INC., and does hereby irrevocably
constitute and appoint __________________________ Attorney to transfer said
instrument on the books of the within-named Company, with full power of
substitution in the premises.

     

    Please
Insert Social Security or

    Other
Identifying Number of Assignee:

     

    
      
        
          
            	
                    Dated:

                  	 
      	 
      	 
      	 
      	 
      	
                    (Signature)

                  

          

        

      

    

     

    Signature
Guarantee:

    (Participant
in a Recognized Signature

    Guaranty
Medallion Program)

     

    NOTICE:  The
signature to this assignment must correspond with the name as written upon the
face of the within instrument in every particular, without alteration or
enlargement or any change whatever.]

     

    
      	
              Section
      204.

            	
              Global
      Securities

            

    

     

    Every
Global Security authenticated and delivered hereunder shall bear a legend in
substantially the following form:

    
      
         

      

      
        -20-

        
          

        

      

      
         

      

    

    THIS
SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER
REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE
THEREOF.  THIS SECURITY MAY NOT BE TRANSFERRED TO, OR REGISTERED OR
EXCHANGED FOR SECURITIES REGISTERED IN THE NAME OF, ANY PERSON OTHER THAN THE
DEPOSITARY OR A NOMINEE THEREOF AND NO SUCH TRANSFER MAY BE REGISTERED, EXCEPT
IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.  EVERY
SECURITY AUTHENTICATED AND DELIVERED UPON REGISTRATION OF TRANSFER OF, OR IN
EXCHANGE FOR OR IN LIEU OF, THIS SECURITY SHALL BE A GLOBAL SECURITY SUBJECT TO
THE FOREGOING, EXCEPT IN SUCH LIMITED CIRCUMSTANCES.

     

    If
Securities of a series are issuable in whole or in part in the form of one or
more Global Securities, as contemplated by Section 301, then, notwithstanding
Clause (9) of Section 301 and the provisions of Section 302, any Global 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 or increased, as the case may be, to reflect
exchanges.  Any endorsement of a Global Security to reflect the
amount, or any reduction or increase in the amount, of Outstanding Securities
represented thereby shall be made in such manner and upon instructions given by
such Person or Persons as shall be specified therein or in a Company
Order.  Subject to the provisions of Sections 303, 304 and 305, the
Trustee shall deliver and redeliver any Global Security in the manner and upon
instructions given by the Person or Persons specified therein or in the
applicable Company Order.  Any instructions by the Company with
respect to endorsement or delivery or redelivery of a Global Security shall be
in a Company Order (which need not comply with Section 102 and need not be
accompanied by an Opinion of Counsel).

     

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

     

    
      	
              Section
      205.

            	
              Form
      of Trustee's Certificate and
Authorization

            

    

     

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

     

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

     

    
      
        
          
            
              	
                      [__________________________]

                    
	
                      As
      Trustee

                    
	 
      
	

                      By:  

                    	 
	 
      	
                      Authorized
      Signatory

                    

            

          

        

      

    

    
      
         

      

      
        -21-

        
          

        

      

      
         

      

    

    ARTICLE
III

    

    THE
SECURITIES

     

    
      	
              Section
      301.

            	
              Amount
      Unlimited; Issuable in Series

            

    

     

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

     

    The
Securities may be issued in one or more series.  There shall be
established in or pursuant to a Board Resolution (and, subject to Section 303,
to the extent established pursuant to rather than set forth in a Board
Resolution, in an Officers' Certificate or Company Order setting forth, or
determining the manner of, such establishment) or established in one or more
indentures supplemental hereto, prior to the issuance of Securities of any
series,

     

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

    

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

    

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

    

    (4)           the
date or dates on which the Securities will be issued and on which the principal
of, and premium, if any, on the Securities of the series is payable or the
method of determination thereof;

    

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

    

    (6)           the
place or places where, subject to the provisions of Section 1002, the principal
of and any premium and interest on Securities of the series shall be payable,
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;

    

    (7)           the
period or periods, if any, 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 or otherwise, if the Company is
to have that option;

    
      
         

      

      
        -22-

        
          

        

      

      
         

      

    

    (8)           the
obligation, if any, and the option, if any, of the Company to redeem, purchase
or repay Securities of the series pursuant to any sinking fund or analogous
provisions or upon the happening of a specified event 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, purchased or repaid, in whole or in part, pursuant to such
obligation;

    

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

    

    (10)         whether
payment of principal of and premium, if any, and interest, if any, on the
Securities of the series shall be without deduction for taxes, assessments or
governmental charges paid by Holders of the series;

    

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

    

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

    

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

    

    (14)         the
right, if any, of the Company to defer payments of interest by extending the
interest payment periods and specify the duration of such extension, the
Interest Payment Dates on which such interest shall be payable and whether and
under what circumstances additional interest on amounts deferred shall be
payable;

    

    (15)         if
other than the principal amount thereof, the portion of the principal amount of
Securities of the series which shall be payable upon declaration of acceleration
of the Maturity thereof pursuant to Section 502 or provable in bankruptcy
pursuant to Section 504 or the method of determination thereof;

    

    (16)         if
and as applicable, that the Securities of the series shall be issuable in whole
or in part in the form of one or more Global Securities (and whether in
temporary or permanent global form) and, in such case, the Depositary or
Depositaries for such Global Security or Global Securities and any circumstances
other than those set forth in Section 305 in which any such Global Security may
be transferred to, and registered and exchanged for Securities registered in the
name of, a Person other than the Depositary for such Global Security or a
nominee thereof and in which any such transfer may be
registered;

    
      
         

      

      
        -23-

        
          

        

      

      
         

      

    

    (17)         any
deletions from, modifications of or additions to the Events of Default set forth
in Section 501 or the covenants of the Company set forth in Article X pertaining
to the Securities of the series;

    

    (18)         if
and the terms and conditions upon which any Securities of the series may be
converted into or exchanged for securities, which may include, without
limitation, capital stock, of any class or series of the Company or any other
issuer;

    

    (19)         if
the amount of payments of principal of or any premium or interest on any
Securities of the series may be determined with reference to an index,
including, but not limited to an index based on a currency or currencies other
than that in which the Securities of that series are payable, or any other type
of index, the manner in which such amounts shall be determined;

    

    (20)         if
other than as provided in Sections 1302 and 1303, the terms and conditions upon
which and the manner in which such series of Securities may be defeased or
discharged;

    

    (21)         if
other than the Trustee, the identity of any other trustee, the Security
Registrar and any Paying Agent;

    

    (22)         any
restrictions or other provisions with respect to the transfer or exchange of the
Securities; and

    

    (23)         any
other terms of the Securities of the series (which terms shall not be
inconsistent with the provisions of this Indenture, except as permitted by
Section 901(3)).

     

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

     

    Any such
Board Resolution or Officers' Certificate referred to above with respect to
Securities of any series filed with the Trustee on or before the initial
issuance of the Securities of such series shall be incorporated herein by
reference with respect to Securities of such series and shall thereafter be
deemed to be a part of the Indenture for all purposes relating to Securities of
such series as fully as if such Board Resolution or Officers' Certificate were
set forth herein in full.

     

    All
Securities of any one series need not be issued at the same time and, unless
otherwise provided, a series may be reopened, without the consent of the
Holders, for increases in the aggregate principal amount of such series of
Securities and issuances of additional Securities of such series or for the
establishment of additional terms with respect to the Securities of such
series.

    
      
         

      

      
        -24-

        
          

        

      

      
         

      

    

    If any of
the terms of the series are established by action taken by or pursuant to a
Board Resolution, a copy of an appropriate record of such action shall be
certified by an authorized officer or other authorized person of the Company and
delivered to the Trustee at or prior to the delivery of the Officers'
Certificate setting forth, or providing the manner for determining, the terms of
the series.

     

    With
respect to Securities of a series subject to a Periodic Offering, such Board
Resolution or Officers' Certificate may provide general terms for Securities of
such series and provide either that the specific terms of particular Securities
of such series shall be specified in a Company Order, or that such terms shall
be determined by the Company, or one or more of the Company's agents designated
in an Officers' Certificate, in accordance with a Company Order.

     

    
      	
              Section
      302.

            	
              Denominations

            

    

     

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

     

    
      	
              Section
      303.

            	
              Execution,
      Authentication, Delivery and Dating

            

    

     

    The
Securities shall be executed on behalf of the Company by the Chairman of the
Board, Vice Chairman, Chief Executive Officer, Chief Financial Officer,
President or any Vice President of the Company and need not be
attested.  The signature of any of these officers on the Securities
may be manual or facsimile.

     

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

     

    At any
time and from time to time after the execution and delivery of this Indenture,
the Company may deliver Securities of any series executed by the Company to the
Trustee for authentication, together with a Company Order for the authentication
and delivery of such Securities, and the Trustee in accordance with the Company
Order shall authenticate and deliver such Securities; provided, however, that in
the case of Securities offered in a Periodic Offering, the Trustee shall
authenticate and deliver such Securities from time to time in accordance with
such other procedures (including, without limitation, the receipt by the Trustee
of oral or electronic instructions from the Company or its duly authorized
agents, thereafter promptly confirmed in writing) acceptable to the Trustee as
may be specified by or pursuant to a Company Order delivered to the Trustee
prior to the time of the first authentication of Securities of such
series.  If the form or terms of the Securities of the series have
been established in or pursuant to one or more Board Resolutions as permitted by
Sections 201 and 301, in authenticating such Securities, and accepting the
additional responsibilities under this Indenture in relation to such Securities,
the Trustee shall be entitled to receive, in addition to any Officers'
Certificate and Opinion of Counsel required to be furnished to the Trustee
pursuant to Section 102, and (subject to Section 601) shall be fully protected
in relying upon, an Opinion of Counsel stating,

    
      
         

      

      
        -25-

        
          

        

      

      
         

      

    

    (1)           the
form and terms (or the manner of determining the terms) of such Securities have
been established by or pursuant to Board Resolution as permitted by Section 201,
that such form or forms have been established in conformity with the provisions
of this Indenture;

    

    (2)           if
the terms of such Securities have been, or in the case of Securities of a series
offered in a Periodic Offering, will be, established by or pursuant to a Board
Resolution as permitted by Section 301, that such terms have been, or in the
case of Securities of a series offered in a Periodic Offering, will be,
established in conformity with the provisions of this Indenture, subject, in the
case of Securities of a series offered in a Periodic Offering, to any conditions
specified in such Opinion of Counsel (which conditions are reasonably acceptable
to the Trustee);

    

    (3)           that
such Securities, when authenticated and delivered by the Trustee and issued by
the Company in the manner and subject to any conditions specified in such
Opinion of Counsel, which conditions are reasonably acceptable to the Trustee,
will constitute valid and legally binding obligations of the Company enforceable
in accordance with their terms, subject to bankruptcy, insolvency, fraudulent
transfer, reorganization, moratorium and similar laws of general applicability
relating to or affecting creditors' rights and to general equity principles and
entitled to the benefits of this Indenture, equally and ratably with all other
Securities, if any, of such series Outstanding; and

    

    (4)           such
other matters as the Trustee may reasonably request;

     

    and, if
the authentication and delivery relates to a new series of Securities created by
an indenture supplemental hereto, also stating that all conditions precedent to
the execution of the supplemental indenture with respect to that series of
Securities have been complied with, the Company has the power to execute and
deliver any such supplemental indenture and has taken all necessary action for
those purposes and any such supplemental indenture has been executed and
delivered and constitutes the legal, valid and binding obligation of the Company
enforceable in accordance with its terms (subject, as to enforcement of
remedies, to applicable bankruptcy, reorganization, insolvency, fraudulent
conveyance, moratorium or other laws and legal principles affecting creditors'
rights generally from time to time in effect and to general equitable
principles, whether applied in an action at law or in equity).

     

    If such
form or 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 otherwise in a manner
which is not reasonably acceptable to the Trustee.

     

    Notwithstanding
the provisions of Section 301 and of the preceding paragraph, if all Securities
of a series are not to be originally issued at one time, it shall not be
necessary to deliver the Officers' Certificate otherwise required pursuant to
Section 301 or the Company Order and Opinion of Counsel or Board Resolution or
supplemental indenture 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.

    
      
         

      

      
        -26-

        
          

        

      

      
         

      

    

    With
respect to Securities of a series not to be originally issued at one time, the
Trustee may rely upon the Opinion of Counsel and the other documents delivered
pursuant to Sections 201 and 301 and this Section, as applicable, in
connection with the first authentication of Securities of such series and any
subsequent request by the Company to the Trustee to authenticate Securities of
such series upon original issuance shall constitute a representation and
warranty by the Company that as of the date of such request, the statements made
in the Officers' Certificate shall be true and correct as if made on such
date.

     

    Each
Security shall be dated the date of its authentication.

     

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

     

    
      	
              Section
      304.

            	
              Temporary
      Securities

            

    

     

    Pending
the preparation of Definitive Securities of any series, the Company may execute,
and upon receipt of the documents required by Section 303, together with a
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 of like series in lieu of which they are issued and with
such appropriate insertions, omissions, substitutions and other variations as
the officers executing such Securities may determine, as evidenced by their
execution of such Securities.

     

    If
temporary Securities of any series are issued, the Company will cause Definitive
Securities of that series to be prepared without unreasonable
delay.  After the preparation of Definitive Securities of such series,
the temporary Securities of such series shall be exchangeable for Definitive
Securities of such series upon surrender of the temporary Securities of such
series at the office or agency of the Company maintained pursuant to
Section 1002 for the purpose of exchanges of Securities of such series,
without charge to the Holder.  Upon surrender for cancellation of any
one or more temporary Securities of any series the Company shall execute and the
Trustee shall authenticate and deliver in exchange therefor one or more
Definitive Securities of the same series, of any authorized denominations and of
a like aggregate principal amount and tenor.  Until so exchanged the
temporary Securities of any series shall in all respects be entitled to the same
benefits under this Indenture as Definitive Securities of such series and
tenor.

    
      
         

      

      
        -27-

        
          

        

      

      
         

      

    

    
      	
              Section
      305.

            	
              Registration,
      Registration of Transfer and
Exchange

            

    

     

    The
Company shall cause to be kept at the Corporate Trust Office of the Trustee a
register (the register maintained in such office or in any other office or
agency of the Company in a Place of Payment being herein sometimes referred to
as the "Security Register") in which, subject to such reasonable regulations as
it may prescribe, the Company shall provide for the registration of Securities
and of transfers of Securities.  The Company shall, prior to the
issuance of any Securities hereunder, appoint the Trustee as the initial
"Security Registrar" for the purpose of registering Securities and transfers of
Securities as herein provided.  The Company may at any time replace
such Security Registrar, change such office or agency or act as its own Security
Registrar.  The Company will give prompt written notice to the Trustee
of any change of the Security Registrar or of the location of such office or
agency.  At all reasonable times the Security Register shall be
available for inspection by the Trustee.

     

    Upon
surrender for registration of transfer of any Security of any series at the
office or agency of the Company maintained pursuant to Section 1002 for such
purpose, the Company shall execute, and the Trustee shall authenticate and
deliver, in the name of the designated transferee or transferees, one or more
new Securities of the same series, of any authorized denominations and of a like
aggregate principal amount and tenor.

     

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

     

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

     

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

     

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

     

    Neither
the Trustee nor the Company shall be required (1) to issue, register the
transfer of or exchange Securities of any series (or of any series and specified
tenor, as the case may be) during a period beginning at the opening of business
15 days before the day of mailing of a notice of redemption of Securities of
that series selected for redemption under Section 1103 and ending at the close
of business on the day of such mailing, or (2) to register the transfer of or
exchange any Security so selected for redemption in whole or in part, except the
unredeemed portion of any Security being redeemed in part.

    
      
         

      

      
        -28-

        
          

        

      

      
         

      

    

    Notwithstanding
any other provision in this Indenture and except as otherwise specified as
contemplated by Section 301, no Global Security may be transferred to, or
registered or exchanged for Securities registered in the name of, any Person
other than the Depositary for such Global Security or any nominee thereof, and
no such transfer may be registered, except as provided in this
paragraph.  Every Security authenticated and delivered upon
registration or transfer of, or in exchange for or in lieu of, a Global Security
shall be a Global Security, except as provided in this paragraph.  If
(1) (A) the Depositary for a Global Security notifies the Company that it is
unwilling or unable to continue as Depositary for such Global Security or ceases
to be a clearing agency registered under the Exchange Act, and (B) a successor
Depositary is not appointed by the Company within 90 days, (2) an Event of
Default has occurred and is continuing with respect to the Securities of such
series and the Security Registrar has received a request from the Depositary to
issue certificated securities in lieu of all or a portion of the Global
Securities of such series (in which case the Company shall deliver certificated
securities within 30 days of such request) or (3) the Company determines in its
sole discretion that Securities of a series issued in global form shall no
longer be represented by a Global Security, then such Global Security may be
exchanged by such Depositary for Definitive Securities of the same series, of
any authorized denomination and of a like aggregate principal amount and tenor,
registered in the names of, and the transfer of such Global Security or portion
thereof may be registered to, such Persons as such Depositary shall
direct.

     

    
      	
              Section
      306.

            	
              Mutilated,
      Destroyed, Lost and Stolen
Securities

            

    

     

    If any
mutilated Security is surrendered to the Trustee, together with such security or
indemnity as may be required by the Company or the Trustee to save each of them
and any agent of either of them harmless, the Company shall execute and upon its
request the Trustee shall authenticate and deliver in exchange therefor a new
Security of the same series and of like tenor and principal amount and bearing a
number not contemporaneously Outstanding.

     

    If there
shall be delivered to the Company and the Trustee (1) evidence to their
satisfaction of the destruction, loss or theft of any Security and (2) such
security or indemnity as may be required by them to save each of them and any
agent of either of them harmless, then, in the absence of notice to the Company
or the Trustee that such Security has been acquired by a bona fide purchaser,
the Company shall execute and upon its request the Trustee shall authenticate
and deliver, in lieu of any such destroyed, lost or stolen Security, a new
Security of the same series and of like tenor and principal amount and bearing a
number not contemporaneously Outstanding.  If, after the delivery of
such new Security, a bona fide purchaser of the original Security in lieu of
which such new Security was issued presents for payment or registration such
original Security, the Trustee shall be entitled to recover such new Security
from the party to whom it was delivered or any party taking therefrom, except a
bona fide purchaser, and shall be entitled to recover upon the security or
indemnity provided therefor to the extent of any loss, damage, cost or expense
incurred by the Company and the Trustee in connection
therewith.

    
      
         

      

      
        -29-

        
          

        

      

      
         

      

    

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

     

    Upon the
issuance of any new Security under this Section, the Company may require the
payment of a sum sufficient to cover any tax or other governmental charge that
may be imposed in relation thereto and any other expenses (including the fees
and expenses of the Trustee) connected therewith.  Every new Security
of any series issued pursuant to this Section in exchange for any mutilated
Security or in lieu of any destroyed, lost or stolen Security shall constitute
an original additional contractual obligation of the Company, whether or not the
mutilated, destroyed, lost or stolen Security shall be at any time enforceable
by anyone, and shall be entitled to all the benefits of this Indenture equally
and proportionately with any and all other Securities of that series duly issued
hereunder.

     

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

     

    
      	
              Section
      307.

            	
              Payment
      of Interest; Interest Rights
Preserved

            

    

     

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

     

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

     

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

     

    
      
        
        

      

      
        -30-

        
          

        

      

      
        
        

      

    

     

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

     

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

     

    For each
series of Securities, the Company shall, prior to 10:30 a.m. (_____________
time) on each payment date for principal and premium, if any, and interest, if
any, deposit with the Trustee money in immediately available funds sufficient to
make cash payments due on the applicable payment date.

     

    
      	
              Section
      308.

            	
              Persons
      Deemed Owners

            

    

     

    Except as
otherwise provided as contemplated by Section 301 with respect to any series of
Securities, prior to due presentment of a Security for registration of transfer,
the Company, the Trustee and any agent of the Company or the Trustee may treat
the Person in whose name such Security is registered as the owner of such
Security for the purpose of receiving payment of principal of and any premium
and (subject to Sections 305 and 307) any interest on such Security and for all
other purposes whatsoever, whether or not such Security is overdue, and neither
the Company, the Trustee nor any agent of the Company or the Trustee shall be
affected by notice to the contrary.

     

    No holder
of any beneficial interest in any Global Security held on its behalf by a
Depositary shall have any rights under this Indenture with respect to such
Global Security, and such Depositary may be treated by the Company, the Trustee
and any agent of the Company or the Trustee as the owner of such Global Security
for all purposes whatsoever.  None of the Company, the Trustee nor any
agent of the Company or the Trustee 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 Global Security or for maintaining,
supervising or reviewing any records relating to such beneficial ownership
interests.

    
      
         

      

      
        -31-

        
          

        

      

      
         

      

    

    
      	
              Section
      309.

            	
              Cancellation

            

    

     

    All
Securities surrendered for payment, redemption, registration of transfer or
exchange or for credit against any sinking fund payment shall, if surrendered to
any Person other than the Trustee, be delivered to the Trustee and shall be
promptly canceled by it.  The Company may at any time deliver to the
Trustee for cancellation any Securities previously authenticated and delivered
hereunder which the Company may have acquired in any manner whatsoever, and may
deliver to the Trustee (or to any other Person for delivery to the Trustee) for
cancellation any Securities previously authenticated hereunder which the Company
has not issued and sold, and all Securities so delivered shall be promptly
canceled by the Trustee.  No Securities shall be authenticated in lieu
of or in exchange for any Securities canceled as provided in this Section,
except as expressly permitted by this Indenture.  All canceled
Securities held by the Trustee shall be disposed of in accordance with its
customary procedures, and the Trustee shall thereafter, from time to time upon
written request, deliver to the Company a certificate with respect to such
disposition.

     

    
      	
              Section
      310.

            	
              Computation
      of Interest

            

    

     

    Except as
otherwise specified as contemplated by Section 301 for Securities of any series,
interest on the Securities of each series shall be computed on the basis of a
360-day year of twelve 30-day months and interest on the Securities of each
series for any partial period shall be computed on the basis of a 360-day year
of twelve 30-day months and the number of days elapsed in any partial
month.

     

    
      	
              Section
      311.

            	
              CUSIP
      Numbers

            

    

     

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

     

    ARTICLE
IV

     

    SATISFACTION
AND DISCHARGE

     

    
      	
              Section
      401.

            	
              Satisfaction
      and Discharge of Indenture

            

    

     

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

    
      
         

      

      
        -32-

        
          

        

      

      
         

      

    

    (1)          either

    

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

    

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

    

    (i)           have
become due and payable,

    

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

    

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

     

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

    

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

    

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

     

    Notwithstanding
the satisfaction and discharge of this Indenture with respect to Securities of
any series, (i) the obligations of the Company to the Trustee under Section 607,
the obligations of the Trustee to any Authenticating Agent under Section 614 and
the right of the Trustee to resign under Section 610 shall survive, and (ii) if
money shall have been deposited with the Trustee pursuant to subclause (B) of
Clause (1) of this Section, the obligations of the Company and/or the Trustee
under Sections 402, 606, 701 and 1002 and the last paragraph of Section 1003
shall survive.

    

    
      	
              Section
      402.

            	
              Application
      of Trust Money

            

    

     

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

    
      
         

      

      
        -33-

        
          

        

      

      
         

      

    

    ARTICLE
V

     

    REMEDIES

     

    
      	
              Section
      501.

            	
              Events
      of Default

            

    

     

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

     

    (1)           default
in the payment of any interest upon any Security of that series when it becomes
due and payable, and continuance of such default for a period of 30 days
(whether or not such payment is prohibited by the provisions of Article XIV
hereof); or

    

    (2)           default
in the payment of the principal of (or premium, if any, on) any Security of that
series at its Maturity (whether or not such payment is prohibited by the
provisions of Article XIV hereof); or

    

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

    

    (4)           the
Company pursuant to or within the meaning of any Bankruptcy Law
(A) commences a voluntary case, (B) consents to the entry of any order for
relief against it in an involuntary case, (C) consents to the appointment of a
Custodian of it or for all or substantially all of its property, or
(D) makes a general assignment for the benefit of its creditors;
or

     

    (5)           a
court of competent jurisdiction enters an order or decree under any Bankruptcy
Law that (A) is for relief against the Company in an involuntary case, (B)
appoints a Custodian of the Company or for all or substantially all of its
property, or (C) orders the liquidation of the Company; and the order or decree
remains unstayed and in effect for 90 days; or

    

    (6)           any
other Event of Default provided as contemplated by Section 301 with respect to
Securities of that series.

    
      
         

      

      
        -34-

        
          

        

      

      
         

      

    

    
      	
              Section
      502.

            	
              Acceleration
      of Maturity; Rescission and
Annulment

            

    

     

    If an
Event of Default with respect to Securities of any series at the time
Outstanding occurs and is continuing, then in every such case the Trustee or
Holders of not less than 25% in principal amount of the Outstanding Securities
of that series may declare the principal amount of (or, if any of 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)
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,
Holders of a majority in principal amount of the Outstanding Securities of that
series, by written notice to the Company and the Trustee, may rescind and annul
such declaration and its consequences if

     

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

    

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

    

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

    

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

    

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

     

    and

    

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

     

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

    

    
      	
              Section
      503.

            	
              Collection
      of Indebtedness and Suits for Enforcement by
  Trustee

            

    

     

    The
Company covenants that if

    
      
         

      

      
        -35-

        
          

        

      

      
         

      

    

    (1)           default
is made in the payment of any interest on any Security when such interest
becomes due and payable and such default continues for a period of 30 days
(whether or not such payment is prohibited by the provisions of Article XIV
hereof), or

     

    (2)           default
is made in the payment of the principal of (or premium, if any, on) any Security
at the Maturity thereof (whether or not such payment is prohibited by the
provisions of Article XIV hereof),

     

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

     

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

     

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

     

    
      	
              Section
      504.

            	
              Trustee
      May File Proofs of Claim

            

    

     

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

    
      
         

      

      
        -36-

        
          

        

      

      
         

      

    

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

     

    
      	
              Section
      505.

            	
              Trustee
      May Enforce Claims Without Possession of
  Securities

            

    

     

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

     

    
      	
              Section
      506.

            	
              Application
      of Money Collected

            

    

     

    Any money
or property collected or to be applied 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 or property on account of
principal or any premium or interest, upon presentation of the Securities and
the notation thereon of the payment if only partially paid and upon surrender
thereof if fully paid:

     

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

     

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

     

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

     

    
      	
              Section
      507.

            	
              Limitation
      on Suits

            

    

     

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

     

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

    

    (2)           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;

    
      
         

      

      
        -37-

        
          

        

      

      
         

      

    

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

    

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

    

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

     

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

     

    
      	
              Section
      508.

            	
              Unconditional
      Right of Holders to Receive Principal, Premium and
  Interest

            

    

     

    Notwithstanding
any other provision in this Indenture, the Holder of any Security shall have the
right, which is absolute and unconditional, to receive payment of the principal
of and any premium and (subject to Sections 305 and 307) interest on such
Security on the respective Stated Maturity expressed in such Security (or, in
the case of redemption, on the Redemption Date) and to institute suit for the
enforcement of any such payment, and such rights shall not be impaired without
the consent of such Holder.

     

    
      	
              Section
      509.

            	
              Restoration
      of Rights and Remedies

            

    

     

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

     

    
      	
              Section
      510.

            	
              Rights
      and Remedies Cumulative

            

    

     

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

    
      
         

      

      
        -38-

        
          

        

      

      
         

      

    

    
      	
              Section
      511.

            	
              Delay
      or Omission Not Waiver

            

    

     

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

     

    
      	
              Section
      512.

            	
              Control
      by Holders

            

    

     

    Subject
to the provisions of Section 603, Holders of a majority in aggregate 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, however,
that

    

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

    

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

    

    (3)           subject
to the provisions of Section 601, the Trustee shall have the right to decline to
follow any such direction if the Trustee in good faith shall determine that the
proceeding so directed would involve the Trustee in personal liability or would
otherwise be contrary to applicable law.

    

    
      	
              Section
      513.

            	
              Waiver
      of Past Defaults

            

    

     

    Holders
of a majority in aggregate principal amount of the Outstanding Securities of any
series may on behalf of Holders of all the Securities of such series waive any
past default hereunder with respect to such series and its consequences,
except

    

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

    

    (2)           a
default in respect of a covenant or provision hereof which under Article IX
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.

    
      
         

      

      
        -39-

        
          

        

      

      
         

      

    

    
      	
              Section
      514.

            	
              Undertaking
      for Costs

            

    

     

    In any
suit for the enforcement of any right or remedy under this Indenture, or in any
suit against the Trustee for any action taken, suffered or omitted by it as
Trustee, a court may require any party litigant in such suit to file an
undertaking to pay the costs of such suit, and may assess costs against any such
party litigant, in the manner and to the extent provided in the Trust Indenture
Act; provided, however,
that neither this Section nor the Trust Indenture Act shall be deemed to
authorize any court to require such an undertaking or to make such an assessment
in any suit instituted by the Trustee, in 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 to which the suit relates, or in any
suit instituted by any Holder for the enforcement of the payment of the
principal of (or premium, if any) or interest on any Security on or after the
respective Stated Maturity expressed by such Security (or, in the case of
redemption or repayment, on or after the Redemption Date).

     

    ARTICLE
VI

     

    THE
TRUSTEE

     

    
      	
              Section
      601.

            	
              Certain
      Duties and Responsibilities

            

    

    

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

    

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

    

    (2)           in
the absence of bad faith on its part, the Trustee may, with respect to
Securities of such series, 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 conforming to the requirements of this
Indenture; but in the case of any such certificates or opinions which by any
provision hereof are specifically required to be furnished to the Trustee, the
Trustee shall  be under a duty to examine the same to determine
whether or not they conform on their face to the requirements of this
Indenture.

    

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

    

    (c)          No
provisions 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

    
      
         

      

      
        -40-

        
          

        

      

      
         

      

    

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

    

    (2)           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;

    

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

    

    (4)           no
provision of this Indenture shall require the Trustee to expend or risk its own
funds or otherwise incur any 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
      602.

            	
              Notice
      of Defaults

            

    

     

    If a
Default occurs and is continuing with respect to the Securities of any series,
the Trustee shall, within 90 days after it occurs, transmit, in the manner and
to the extent provided in Section 313(c) of the Trust Indenture Act, notice of
all uncured or unwaived Defaults known to it; provided, however, that,
except in the case of a Default in payment on the Securities of any series, the
Trustee shall be protected in withholding the notice if and so long as the board
of directors, the executive committee or a trust committee of directors or
responsible officers of the Trustee determine in good faith that withholding
such notice is in the interests of Holders of Securities of such series; provided, further, however,
that, in the case of any default or breach of the character specified in Section
501(3) with respect to the Securities of such series, no such notice to Holders
shall be given until at least 90 days after the occurrence thereof.

     

    The
Trustee shall not be deemed to have notice or be charged with knowledge of any
Default, except a Default under Sections 501(1) or 501(2) herein, unless the
Trustee shall have received from the Company or from any Holder written notice
thereof at its Corporate Trust Office, and such notice references the Securities
in this Indenture. In the absence of any such notice, the Trustee may
conclusively assume that no such Default exists.

     

    
      	
              Section
      603.

            	
              Certain
      Rights of Trustee

            

    

     

    Subject
to the provisions of Section 601:

    
      
         

      

      
        -41-

        
          

        

      

      
         

      

    

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

    

    (2)           any
request, direction, order or demand of the Company mentioned herein shall be
sufficiently evidenced by a Company Request or Company Order (or in the case of
a Periodic Offering, as agreed in procedures set forth in a Company Order
pursuant to Section 303) and any resolution of the Board of Directors shall be
sufficiently evidenced by a Board Resolution;

    

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

    

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

    

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

    

    (6)           the
Trustee shall not be bound to make any investigation into the facts or matters
stated in any resolution, certificate, statement, instrument, opinion, report,
notice, request, direction, consent, order, bond, debenture, note, other
evidence of indebtedness or other paper or document, but the Trustee, in its
discretion, may, without obligation to do so, make such further inquiry or
investigation into such facts or matters as it may see fit; and, if the Trustee
shall determine to make such further inquiry or investigation, it shall be
entitled to examine the books, records and premises of the Company, personally
or by agent or attorney;

    

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

    

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

    
      
         

      

      
        -42-

        
          

        

      

      
         

      

    

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

    

    
      	
              Section
      604.

            	
              Not
      Responsible for Recitals or Issuance of
  Securities

            

    

     

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

     

    
      	
              Section
      605.

            	
              May
      Hold Securities

            

    

     

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

     

    
      	
              Section
      606.

            	
              Money
      Held in Trust

            

    

     

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

     

    
      	
              Section
      607.

            	
              Compensation
      and Reimbursement

            

    

     

    The
Company agrees:

     

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

    

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

    

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

    
      
         

      

      
        -43-

        
          

        

      

      
         

      

    

    The
obligations of the Company under this Section to compensate the Trustee and to
pay or reimburse the Trustee for expenses, disbursements and advances shall
constitute additional indebtedness hereunder.

     

    Without
limiting any rights available to the Trustee under applicable law, when the
Trustee incurs expenses or renders services in connection with an Event of
Default specified in Section 501(4) or Section 501(5), the expenses (including
the reasonable charges and expenses of its counsel) and the compensation for
such services are intended to constitute expenses of administration under any
applicable Bankruptcy Law.

     

    The
provisions of this Section shall survive the satisfaction and discharge of this
Indenture and the defeasance of the Securities.

     

    
      	
              Section
      608.

            	
              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 the provisions of,
the Trust Indenture Act and this Indenture.

     

    
      	
              Section
      609.

            	
              Corporate
      Trustee Required; Eligibility

            

    

     

    There
shall at all times be one or more Trustees hereunder with respect to the
Securities of each series, at least one of which shall be a Person that is
eligible pursuant to the Trust Indenture Act to act as such and has a combined
capital and surplus required by the Trust Indenture Act.  If such
Person publishes reports of condition at least annually, pursuant to law or to
the requirements of a supervising or examining authority, then for the purposes
of this Section, the combined capital and surplus of such Person shall be deemed
to be its combined capital and surplus as set forth in its most recent report of
condition so published.  If at any time the Trustee shall cease to be
eligible in accordance with the provisions of this Section, it shall resign
immediately in the manner and with the effect hereinafter specified in this
Article.

     

    
      	
              Section
      610.

            	
              Resignation
      and Removal; Appointment of
Successor

            

    

     

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

     

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

     

    The
Trustee may be removed at any time with respect to the Securities of any series
by Act of the Holders of a majority in principal amount of the Outstanding
Securities of such series, delivered to the Trustee and to the
Company.  If an instrument of acceptance by a successor Trustee shall
not have been delivered to the Trustee within 30 days after the giving of such
notice of removal, the removed Trustee may petition any court of competent
jurisdiction for the appointment of a successor Trustee.

    
      
         

      

      
        -44-

        
          

        

      

      
         

      

    

    If at any
time:

     

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

     

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

     

    (3)           the
Trustee shall become incapable of acting or shall be adjudged a bankrupt or
insolvent or a receiver of the Trustee or of its property shall be appointed or
any public officer shall take charge or control of the Trustee or of its
property or affairs for the purpose of rehabilitation, conservation or
liquidation, then, in any such case, (A) the Company, acting pursuant to the
authority of a Board Resolution, may remove the Trustee with respect to all
Securities, or (B) subject to Section 514, any Holder who has been a bona fide
Holder of a Security for at least six months may, on behalf of himself and all
others similarly situated, petition any court of competent jurisdiction for the
removal of the Trustee with respect to all Securities and the appointment of a
successor Trustee or Trustees.

     

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

     

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

    
      
         

      

      
        -45-

        
          

        

      

      
         

      

    

    
      	
              Section
      611.

            	
              Acceptance of Appointment by
      Successor

            

    

     

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

     

    (2)           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 (A) 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, (B) 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 (C) 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 as 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, upon payment
of its charges, 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.

     

    (3)           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
(1) or (2) of this Section, as the case may be.

     

    (4)           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.

    
      
         

      

      
        -46-

        
          

        

      

      
         

      

    

    
      	
              Section
      612.

            	
              Merger, Conversion,
      Consolidation or Succession to
Business

            

    

     

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

     

    
      	
              Section
      613.

            	
              Preferential Collection of
      Claims Against the Company

            

    

     

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

     

    
      	
              Section
      614.

            	
              Appointment of Authenticating
      Agent

            

    

     

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

    
      
         

      

      
        -47-

        
          

        

      

      
         

      

    

    Any
corporation into which an Authenticating Agent may be merged or converted or
with which it may be consolidated, or any corporation resulting from any merger,
conversion or consolidation to which such Authenticating Agent shall be a party,
or any corporation succeeding to all or substantially all of 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. 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.

     

    Except
with respect to an Authenticating Agent appointed at the request of the Company,
the Trustee 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.

     

    
      
        
          
            	 
      	 
      	 
      	
                    [_____________________]

                  
	 
      	 
      	 
      	
                    As
      Trustee

                  
	 	 	 	 	 
	
                    Date:

                  	 
      	 
      	
                    By:

                  	 
      
	 
      	 
      	 
      	 
      	
                    As
      Authenticating Agent

                  
	 
      	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	
                    By:

                  	 
      
	 
      	 
      	 
      	 
      	
                    Authorized
      Signatory

                  

          

        

      

    

     

    ARTICLE
VII

     

    HOLDERS'
LISTS AND REPORTS BY TRUSTEE AND THE COMPANY

     

    
      	
              Section
      701.

            	
              The Company to Furnish Trustee
      Names and Addresses of
Holders

            

    

     

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

    
      
         

      

      
        -48-

        
          

        

      

      
         

      

    

    (1)           semi-annually,
not later than each Interest Payment Date in each year, a list for each series
of Securities, in such form as the Trustee may reasonably require, of the names
and addresses of the Holders of Securities of such series as of the preceding
Regular Record Date, and

     

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

     

    provided, however, that if
and so long as the Trustee shall be the Security Registrar for Securities of a
series, no such list need be furnished with respect to such series of
Securities.

     

    
      	
              Section
      702.

            	
              Preservation of Information;
      Communications to Holders

            

    

     

    The
Trustee shall comply with the obligations imposed upon it pursuant to Section
312 of the Trust Indenture Act.

     

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

     

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

     

    
      	
              Section
      703.

            	
              Reports by
      Trustee

            

    

     

    As
promptly as practicable after each May 15 beginning with the May 15 following
the date of this Indenture, and in any event prior to July 15 in each year, the
Trustee shall mail to each Holder a brief report dated as of May 15 that
complies with Trust Indenture Act Section 313(a). The Trustee also shall comply
with Trust Indenture Act Section 313(b). Prior to delivery to the Holders, the
Trustee shall deliver to the Company a copy of any report it delivers to Holders
pursuant to this Section 703; provided, however, that no recourse may
be taken against the Trustee for its failure to deliver a copy of such report to
the Company prior to its delivery of the report to the Holders.

     

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

     

    
      	
              Section
      704.

            	
              Reports by the
      Company

            

    

     

    The
Company shall file with the Trustee and the Commission, and transmit to Holders,
in accordance with rules and regulations prescribed from time to time by the
Commission, such 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.

    
      
         

      

      
        -49-

        
          

        

      

      
         

      

    

    ARTICLE
VIII

     

    CONSOLIDATION,
MERGER, CONVEYANCE, TRANSFER OR LEASE

     

    
      	
              Section
      801.

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

            

    

     

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

     

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

     

    (2)           immediately
after giving effect to such transaction and treating any indebtedness which
becomes an obligation of the Company or 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;

     

    (3)           if,
as a result of any such consolidation or merger or such conveyance, transfer or
lease, properties or assets of the Company would become subject to a mortgage,
pledge, lien, security interest or other encumbrance which would not be
permitted by this Indenture, the Company or such successor Person, as the case
may be, shall take such steps as shall be necessary effectively to secure the
Securities equally and ratably with (or prior to) all indebtedness secured
thereby; and

     

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

     

    
      	
              Section
      802.

            	
              Successor
      Substituted

            

    

     

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

    
      
         

      

      
        -50-

        
          

        

      

      
         

      

    

    ARTICLE
IX

     

    SUPPLEMENTAL
INDENTURES

     

    
      	
              Section
      901.

            	
              Supplemental Indentures
      Without Consent of Holders

            

    

     

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

     

    (1)           to
evidence the succession of another Person to the Company under this Indenture
and the Securities and the assumption by such successor Person of the
obligations of the Company hereunder;

     

    (2)           to
add covenants and Events of Default for the benefit of the Holders of all or any
series of such Securities or to surrender any right or power conferred by this
Indenture upon the Company or to make any change that does not adversely affect
the legal rights hereunder of any Holder in any material respect;

     

    (3)           to
add to, change or eliminate any of the provisions of this Indenture, provided that any such
addition, change or elimination shall become effective only after there are no
such Securities of any series entitled to the benefit of such provision
outstanding;

     

    (4)           to
establish the forms or terms of the Securities of any series issued
hereunder;

     

    (5)           to
cure any ambiguity or correct any defect or inconsistency in this
Indenture;

     

    (6)           to
evidence the acceptance of appointment by a successor Trustee with respect to
one or more series of Securities or otherwise;

     

    (7)           to
qualify this Indenture under the Trust Indenture Act;

     

    (8)           to
provide for uncertificated securities in addition to certificated
securities;

     

    (9)           to
supplement any provisions of this Indenture necessary to permit or facilitate
the defeasance and discharge of any series of Securities, provided that such action
does not adversely affect the interests of the Holders of Securities of such
series or any other series;  and

     

    (10)         to
comply with the rules or regulations of any securities exchange or automated
quotation system on which any of the Securities may be listed or
traded.

    
      
         

      

      
        -51-

        
          

        

      

      
         

      

    

    
      	
              Section
      902.

            	
              Supplemental Indentures with
      Consent of Holders

            

    

     

    With the
consent of the Holders of not less than a majority in aggregate principal amount
of all Outstanding Securities affected by such supplemental indenture (voting as
one class), the Company 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 modifying in any manner the rights of Holders of Securities of
such series under this Indenture; provided that the Company and
the Trustee may not, without the consent of the Holder of each Outstanding
Security affected thereby,

     

    (1)           change
the Stated Maturity of the principal of, or any installment of principal of or
interest, if any, on, any Security, or reduce the principal amount thereof or
premium, if any, on or the rate of interest thereon or adversely affect any
right to convert or exchange any Security into any other security, or alter the
method of computation of interest;

     

    (2)           reduce
the percentage in principal amount of Securities required for any such
supplemental indenture or for any waiver provided for in this
Indenture;

     

    (3)           change
the Company's obligation to maintain an office or agency for payment of
Securities and the other matters specified herein;

     

    (4)           impair
the right to institute suit for the enforcement of any payment of principal of,
premium, if any, or interest on, any Security;

     

    (5)           modify
the provisions of this Indenture with respect to the subordination of any
Security in a manner adverse to the Holder thereof; or

     

    (6)           modify
any of the provisions of this Indenture relating to the execution of
supplemental indentures with the consent of Holders of Securities which are
discussed in this Section or modify any provisions relating to the waiver by
Holders of Securities of past defaults and covenants, except to increase any
required percentage or to provide that other provisions of this Indenture cannot
be modified or waived without the consent of the Holder of each Outstanding
Security affected thereby.

     

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

     

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

    
      
         

      

      
        -52-

        
          

        

      

      
         

      

    

    
      	
              Section
      903.

            	
              Execution of Supplemental
      Indentures

            

    

     

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

     

    
      	
              Section
      904.

            	
              Effect of Supplemental
      Indentures

            

    

     

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

     

    
      	
              Section
      905.

            	
              Conformity with Trust
      Indenture Act

            

    

     

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

     

    
      	
              Section
      906.

            	
              Reference in Securities to
      Supplemental Indentures

            

    

     

    Securities
of any series authenticated and delivered after the execution of any
supplemental indenture pursuant to this Article may, and shall if required by
the Trustee, bear a notation in form approved by the Trustee as to any matter
provided for in such supplemental indenture.  If the Company shall so
determine, new Securities of any series so modified as to conform, in the
opinion of the Trustee and the Company, to any such supplemental indenture may
be prepared and executed by the Company and authenticated and delivered by the
Trustee in exchange for Outstanding Securities of such
series.  Failure to make a notation or issue a new Security shall not
affect the validity and effect of any amendment, supplement or
waiver.

     

    ARTICLE
X

     

    COVENANTS

     

    
      	
              Section
      1001.

            	
              Payment of Principal, Premium
      and Interest

            

    

     

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

     

    
      	
              Section
      1002.

            	
              Maintenance of Office or
      Agency

            

    

     

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

     

    
      
         

      

      
        -53-

        
          

        

      

      
         

      

    

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

     

    Except as
otherwise specified with respect to a series of Securities as contemplated by
Section 301, the Company hereby initially designates as the Place of Payment for
each series of Securities to be the Corporate Trust Office of the Trustee, and
initially appoints the Trustee as Paying Agent at its office at
_________________________, as the Company's office or agency for each such
purpose in such city.

     

    
      	
              Section
      1003.

            	
              Money for Securities Payments
      to Be Held in Trust

            

    

     

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

     

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

     

    The
Company will cause each Paying Agent for any series of Securities other than the
Trustee to execute and deliver to the Trustee an instrument in which such Paying
Agent shall agree with the Trustee, subject to the provisions of this Section,
that such Paying Agent will (1) 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 or otherwise disposed of as herein provided;
(2) give the Trustee notice of any default by the Company (or any other obligor
upon the Securities of that series) in the making of any payment of principal
(and premium, if any) or interest, if any, on the Securities of that series; and
(3) during the continuance of any such default, upon the written request of the
Trustee, forthwith pay to the Trustee all sums held in trust by such Paying
Agent for payment in respect of the Securities of that series.

    
      
         

      

      
        -54-

        
          

        

      

      
         

      

    

    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 in trust for the payment of the
principal of or any premium or interest on any Security of any series and
remaining unclaimed for two years after such principal, premium or interest has
become due and payable shall be paid to the state which escheat laws control and
the Trustee or any Paying Agent shall be discharged from such trust; and the
Holder of such Security shall thereafter, as an unsecured general creditor, look
only to the state which escheat laws control 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
payment, may at the expense of the Company cause to be published once, in an
Authorized Newspaper, notice that such money remains unclaimed and that, after a
date specified therein, which shall not be less than 30 days from the date of
such publication, any unclaimed balance of such money then remaining will be
paid to the state whose escheat laws control.

     

    
      	
              Section
      1004.

            	
              Statement by Officers as to
      Default

            

    

     

    The
Company will deliver to the Trustee, within 150 days after the end of each
Fiscal Year of the Company ending after the date hereof, an Officers'
Certificate, stating whether or not to the best knowledge of the signer or
signers thereof the Company is in default in the performance and observance of
any of the terms, provisions and conditions of this Indenture (without regard to
any period of grace or requirement of notice provided hereunder) and, if the
Company shall be in default, specifying all such defaults and the nature and
status thereof of which they may have knowledge.

     

    
      	
              Section
      1005.

            	
              Waiver of Certain
      Covenants

            

    

     

    The
Company may omit in any particular instance to comply with any term, provision
or condition set forth in Sections 1002 through 1004 with respect to the
Securities of any series if before the time for such compliance Holders of at
least a majority in aggregate principal amount of the Outstanding Securities of
all affected series (voting as one class) shall, by Act of such Holders, either
waive such compliance in such instance or generally waive compliance with such
term, provision or condition, but no such waiver shall extend to or affect such
term, provision or condition except to the extent so expressly waived, and,
until such waiver shall become effective, the obligations of the Company and the
duties of the Trustee in respect of any such term, provision or condition shall
remain in full force and effect.

     

    A waiver
which changes or eliminates any term, provision or condition 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 term, provision or condition,
shall be deemed not to affect the rights under this Indenture of the Holders of
Securities of any other series.

    
      
         

      

      
        -55-

        
          

        

      

      
         

      

    

    ARTICLE
XI

     

    REDEMPTION
OF SECURITIES

     

    
      	
              Section
      1101.

            	
              Applicability of
      Article

            

    

     

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

     

    
      	
              Section
      1102.

            	
              Election to Redeem; Notice to
      Trustee

            

    

     

    The
election of the Company to redeem any Securities shall be evidenced by 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, not less than
35 nor more than 60 days prior to the Redemption Date fixed by the Company
(unless a shorter notice shall be satisfactory to the Trustee), notify the
Trustee of such Redemption Date, of the principal amount of Securities of such
series to be redeemed and, if applicable, of the tenor of the Securities to be
redeemed.  In the case of any redemption of Securities (1) prior to
the expiration of any restriction on such redemption provided in the terms of
such Securities or elsewhere in this Indenture, or (2) pursuant to an election
of the Company which is subject to a condition specified in the terms of such
Securities, the Company shall furnish the Trustee with an Officers' Certificate
evidencing compliance with such restriction or condition.

     

    
      	
              Section
      1103.

            	
              Selection by Trustee of
      Securities to be Redeemed

            

    

     

    If less
than all the Securities of any series are to be redeemed (unless all the
Securities of such series and of a specified tenor are to be redeemed), the
particular Securities to be redeemed shall be selected not more than 35 days
prior to the Redemption Date by the Trustee, from the Outstanding Securities of
such series not previously called for redemption, on a pro rata basis or by any
other method which the Trustee deems fair and appropriate and which complies
with any securities exchange or other applicable requirements for redemption of
portions (equal to the minimum authorized denomination for Securities of that
series or any integral multiple thereof) of the principal amount of Securities
of such series of a denomination larger than the minimum authorized denomination
for Securities of that series.

     

    The
Trustee shall promptly notify the Company 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.

    
      
         

      

      
        -56-

        
          

        

      

      
         

      

    

    
      	
              Section
      1104.

            	
              Notice of
      Redemption

            

    

     

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

     

    All
notices of redemption shall state:

     

    (1)           the
Redemption Date,

     

    (2)           the
Redemption Price,

     

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

     

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

     

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

     

    (6)           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.

     

    
      	
              Section
      1105.

            	
              Deposit of Redemption
      Price

            

    

     

    On or
prior to 10:30 a.m. (Eastern Daylight Savings time) on any Redemption Date, the
Company shall deposit with the Trustee or with a Paying Agent (or, if the
Company is acting as its own Paying Agent, segregate and hold in trust as
provided in Section 1003) an amount of money sufficient to pay the Redemption
Price of, and (except if the Redemption Date shall be an Interest Payment Date)
accrued interest on, all the Securities which are to be redeemed on that
date.

     

    
      	
              Section
      1106.

            	
              Securities Payable on
      Redemption Date

            

    

     

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

    
      
         

      

      
        -57-

        
          

        

      

      
         

      

    

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

     

    
      	
              Section
      1107.

            	
              Securities Redeemed in
      Part

            

    

     

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

     

    ARTICLE
XII

     

    SINKING
FUNDS

     

    
      	
              Section
      1201.

            	
              Applicability of
      Article

            

    

     

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

     

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

     

    
      	
              Section
      1202.

            	
              Satisfaction of Sinking Fund
      Payments with Securities

            

    

     

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

    
      
         

      

      
        -58-

        
          

        

      

      
         

      

    

    
      	
              Section
      1203.

            	
              Redemption of Securities for
      Sinking Fund

            

    

     

    Not less
than 45 days prior to each sinking fund payment date for any series of
Securities (unless a shorter period shall be satisfactory to the Trustee), 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 1202 and
stating the basis for such credit and that such Securities have not been
previously so credited, 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 1103 and cause
notice of the redemption thereof to be given in the name of and at the expense
of the Company in the manner provided in Section 1104.  Such notice
having been duly given, the redemption of such Securities shall be made upon the
terms and in the manner stated in Sections 1106 and 1107.

     

    ARTICLE
XIII

     

    DEFEASANCE

     

    
      	
              Section
      1301.

            	
              Applicability of
      Article

            

    

     

    The
provisions of this Article shall be applicable to each series of Securities
except as otherwise specified as contemplated by Section 301 for Securities of
such series.

     

    
      	
              Section
      1302.

            	
              Legal
      Defeasance

            

    

     

    In
addition to discharge of the Indenture pursuant to Section 401, the Company
shall be deemed to have paid and discharged the entire indebtedness on all the
Securities of such a series on the 91st day after the date of the deposit
referred to in Clause (1) below, and the provisions of this Indenture with
respect to the Securities of such series shall no longer be in effect (except as
to (i) rights of registration of transfer and exchange of Securities of such
series and the Company's right of optional redemption, if any, (ii) substitution
of mutilated, destroyed, lost or stolen Securities, (iii) rights of Holders of
Securities to receive payments of principal thereof and interest thereon, upon
the original stated due dates therefor or on the specified redemption dates
therefor (but not upon acceleration), and remaining rights of the holders to
receive mandatory sinking fund payments, if any, (iv) the rights, obligations,
duties and immunities of the Trustee hereunder, and the Company's obligations in
connection therewith (including, but not limited to, Section 607), (v) the
rights, if any, to convert or exchange the Securities of such series, (vi) the
rights of Holders of Securities of such series as beneficiaries hereof with
respect to the property so deposited with the Trustee payable to all or any of
them, and (vii) the obligations of the Company under Section 1002), and the
Trustee, at the expense of the Company, shall, upon a Company Request, execute
proper instruments acknowledging the same, if the conditions set forth below are
satisfied (hereinafter, "defeasance"):

    
      
         

      

      
        -59-

        
          

        

      

      
         

      

    

    (1)           The
Company has irrevocably deposited or caused to be deposited with the Trustee as
trust funds in trust, for the purposes of making the following payments,
specifically pledged as security for, and dedicated solely to, the benefit of
Holders of the Securities of such series (A) cash in an amount, or (B) in the
case of any series of Securities the payments on which may only be made in legal
coin or currency of the United States, U.S. Government Obligations, maturing as
to principal and interest at such times and in such amounts as will insure the
availability of cash, or (C) a combination thereof, certified to be sufficient,
in the opinion of a nationally recognized firm of independent public accountants
expressed in a written certification thereof delivered to the Trustee, to pay
(i) the principal and interest and premium, if any, on all Securities of such
series on each date that such principal, interest or premium, if any, is due and
payable or on any Redemption Date established pursuant to Clause (3) below, and
(ii) any mandatory sinking fund payments on the dates on which such payments are
due and payable in accordance with the terms of the Indenture and the Securities
of such series;

     

    (2)           The
Company has delivered to the Trustee an Opinion of Counsel based on the fact
that (A) the Company has received from, or there has been published by, the
Internal Revenue Service a ruling, or (B) since the date hereof, there has been
a change in the applicable federal income tax law, in either case to the effect
that, and such opinion shall confirm that, 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;

     

    (3)           If
the Securities are to be redeemed prior to Stated Maturity (other than from
mandatory sinking fund payments or analogous payments), notice of such
redemption shall have been duly given pursuant to this Indenture or provision
therefor satisfactory to the Trustee shall have been made;

     

    (4)           No
Event of Default or event which with notice or lapse of time or both would
become an Event of Default shall have occurred and be continuing on the date of
such deposit;

     

    (5)           Such
defeasance shall not cause the Trustee to have a conflicting interest within the
meaning of the Trust Indenture Act (assuming all Securities are in default
within the meaning of such Act);

     

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

     

    (7)           Such
defeasance shall not result in the trust arising from such deposit constituting
an investment company within the meaning of the Investment Company Act of 1940,
as amended, unless such trust shall be registered under such Act or exempt from
registration thereunder; and

    
      
         

      

      
        -60-

        
          

        

      

      
         

      

    

    (8)           The
Company has delivered to the Trustee an Officers' Certificate and an Opinion of
Counsel, each stating that all conditions precedent provided for relating to the
defeasance contemplated by this provision have been complied with.

     

    For this
purpose, such defeasance means that the Company and any other obligor upon the
Securities of such series shall be deemed to have paid and discharged the entire
debt represented by the Securities of such series, which shall thereafter be
deemed to be "Outstanding" only for the
purposes of Section 1304 and the rights and obligations referred to in Clauses
(i) through (vii), inclusive, of the first paragraph of this Section, and to
have satisfied all its other obligations under the Securities of such series and
this Indenture insofar as the Securities of such series are
concerned.

     

    
      	
              Section
      1303.

            	
              Covenant
      Defeasance

            

    

     

    The
Company and any other obligor shall be released on the 91st day after the date
of the deposit referred to in Clause (1) below from its obligations under
Sections 704 and 801 with respect to the Securities of any series on and after
the date the conditions set forth below are satisfied (hereinafter, "covenant defeasance"), and
the Securities of such series shall thereafter be deemed to be not "Outstanding" for the purposes
of any request, demand, authorization, direction, notice, waiver, consent or
declaration or other action or Act of Holders (and the consequences of any
thereof) in connection with such covenants, but shall continue to be deemed
Outstanding for all other purposes hereunder.  For this purpose, such
covenant defeasance means that, with respect to the Securities of such series,
the Company may omit to comply with and shall have no liability in respect of
any term, condition or limitation set forth in any such Section, whether
directly or indirectly by reason of any reference elsewhere herein to such
Section or by reason of any reference in such Section to any other provision
herein or in any other document and such omission to comply shall not constitute
a Default or an Event of Default under Section 501, but, except as specified
above, the remainder of this Indenture and the Securities of such series shall
be unaffected thereby.  The following shall be the conditions to
application of this Section 1303:

     

    (1)           The
Company has irrevocably deposited or caused to be deposited with the Trustee as
trust funds in trust for the purpose of making the following payments,
specifically pledged as security for, and dedicated solely to, the benefit of
Holders of the Securities of such series, (A) cash in an amount, or (B) in the
case of any series of Securities the payments on which may only be made in legal
coin or currency of the United States, U.S. Government Obligations, maturing as
to principal and interest at such times and in such amounts as will insure the
availability of cash, or (C) a combination thereof, sufficient, in the opinion
of a nationally recognized firm of independent public accountants expressed in a
written certification thereof delivered to the Trustee, to pay (i) the principal
and interest and premium, if any, on all Securities of such series on each date
that such principal, interest or premium, if any, is due and payable or on any
Redemption Date established pursuant to Clause (2) below, and (ii) any mandatory
sinking fund payments on the day on which such payments are due and payable in
accordance with the terms of the Indenture and the Securities of such
series;

     

    (2)           If
the Securities are to be redeemed prior to Stated Maturity (other than from
mandatory sinking fund payments or analogous payments), notice of such
redemption shall have been duly given pursuant to this Indenture or provision
therefor satisfactory to the Trustee shall have been made;

    
      
         

      

      
        -61-

        
          

        

      

      
         

      

    

    (3)           No
Event of Default or event which with notice or lapse of time or both would
become an Event of Default shall have occurred and be continuing on the date of
such deposit;

     

    (4)           The
Company has delivered to the Trustee an Opinion of Counsel which shall confirm
that 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 and covenant
defeasance and will be subject to federal income tax on the same amount and in
the same manner and at the same time as would have been the case if such deposit
and covenant defeasance had not occurred;

     

    (5)           Such
covenant defeasance shall not cause the Trustee to have a conflicting interest
within the meaning of the Trust Indenture Act (assuming all Securities are in
default within the meaning of such Act);

     

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

     

    (7)           Such
covenant defeasance shall not result in the trust arising from such deposit
constituting an investment company within the meaning of the Investment Company
Act of 1940, as amended, unless such trust shall be registered under such Act or
exempt from registration thereunder; and

     

    (8)           The
Company has delivered to the Trustee an Officers' Certificate and Opinion of
Counsel stating that all conditions precedent provided for relating to the
covenant defeasance contemplated by this provision have been complied
with.

     

    
      	
              Section
      1304.

            	
              Application by Trustee of
      Funds Deposited for Payment of
Securities

            

    

     

    Subject
to the provisions of the last paragraph of Section 1003, all moneys or U.S.
Government Obligations deposited with the Trustee pursuant to Section 1302 or
1303 (and all funds earned on such moneys or U.S. Government Obligations) shall
be held in trust and applied by it to the payment, either directly or through
any Paying Agent (including the Company acting as its own Paying Agent), to
Holders of the particular Securities of such series for the payment or
redemption of which such moneys have been deposited with the Trustee, of all
sums due and to become due thereon for principal and interest; but such money
need not be segregated from other funds except to the extent required by
law.  Subject to Sections 1302 and 1303, the Trustee shall promptly
pay to the Company upon Company Order any moneys held by it at any time, which,
in the opinion of a nationally recognized firm of independent public accountants
expressed in a written certification delivered to the Trustee, are in excess of
the amounts required to effect the defeasance with respect to the Outstanding
Securities in question.

    
      
         

      

      
        -62-

        
          

        

      

      
         

      

    

    
      	
              Section
      1305.

            	
              Repayment to the
      Company

            

    

     

    The
Trustee and any Paying Agent promptly shall pay or return to the Company upon
Company Request any money and U.S. Government Obligations held by them at any
time that are not required for the payment of the principal of and any interest
on the Securities of any series for which money or U.S. Government Obligations
have been deposited pursuant to Section 1302 or 1303, which, in the opinion of a
nationally recognized firm of independent public accountants expressed in a
written certification delivered to the Trustee, are in excess of the amounts
required to effect the defeasance with respect to the Outstanding Securities in
question.

     

    The
provisions of the last paragraph of Section 1003 shall apply to any money held
by the Trustee or any Paying Agent under this Article that remains unclaimed for
two years after the Maturity of any series of Securities for which money or U.S.
Government Obligations have been deposited pursuant to Section 1302 or
1303.

     

    
      	
              Section
      1306.

            	
              Reinstatement

            

    

     

    If the
Trustee or the Paying Agent is unable to apply any money or U. S. Government
Obligations in accordance with this Article by reason of any legal proceeding or
by reason of any order or judgment of any court or governmental authority
enjoining, restraining or otherwise prohibiting such application, the
obligations of the Company under this Indenture and the Securities of the
applicable series shall be revived and reinstated as though no deposit had
occurred pursuant to this Indenture until such time as the Trustee or the Paying
Agent is permitted to apply all such money or U. S. Government Obligations in
accordance with this Article; provided, however, that if
the Company has made any payment of principal of or interest on any Securities
of such series because of the reinstatement of its obligations, the Company
shall be subrogated to the rights of Holders of such Securities to receive such
payment from the money or U.S. Government Obligations held by the Trustee or the
Paying Agent.

     

    ARTICLE
XIV

     

    SUBORDINATION
OF SECURITIES

     

    
      	
              Section
      1401.

            	
              Securities Subordinated to
      Senior Debt

            

    

     

    The
payment by the Company of the principal of, premium, if any, and interest, if
any, on any series of Securities issued hereunder shall be subordinated to the
extent set forth in an indenture supplemental hereto relating to such
Securities.

    
      
         

      

      
        -63-

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly
executed in multiple counterparts, each of which so executed shall be deemed to
be an original, but all of which shall together constitute but one and the same
instrument, all as of the day and year first above written.

     

    
      
        
          
            
              
                
                  	
                          SMITHTOWN
      BANCORP, INC.

                        
	 	 
	
                          By:

                        	 
      
	
                          Name:

                        
	
                          Title:

                        
	 
      
	
                          [________________________________]

                        
	 
      	 
      
	
                          By:

                        	 
      
	
                          Name:

                        
	
                          Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00163-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00163-of-00352.parquet"}]]