Document:

EX-10(B)

 

Exhibit 10(b)

FOURTH AMENDMENT TO PRIVATE LABEL

BUSINESS CREDIT PROGRAM AGREEMENT

     This Fourth Amendment to Private Label Business Credit Program Agreement (“Amendment”)
is made effective as of the ___day of September 2006, by and between LESCO, Inc., an Ohio
corporation (“LESCO”), LESCO Services, Inc., an Ohio corporation (“LSI”), AIM Lawn & Garden
Products, Inc., an Ohio corporation (“AIM”), and LESCO Technologies, LLC, a Nevada limited
liability company (“LTLLC” and together with LESCO, LSI and AIM, the “LESCO Parties”), on
the one hand, and GE Capital Financial Inc., a Utah industrial loan corporation (“Bank”), on the
other, and amends that certain Private Label Business Credit Program Agreement, dated December 16,
2003, by and among Bank and the LESCO Parties (as the same has been and may further be amended from
time to time, the “Agreement”).

RECITALS:

     WHEREAS, Bank and the LESCO Parties desire to amend the provisions of the Agreement relating
to the financial covenant set forth therein in conjunction with the replacement of LESCO’s working
capital credit facility.

     NOW THEREFORE, in consideration of the following terms and conditions, and for good and
valuable consideration the receipt and sufficiency of which is acknowledged, the LESCO Parties and
Bank agree as follows:

I. AMENDMENTS TO AGREEMENT

     (a) Amendment to Section 6.7(c). Section 6.7(c) of the Agreement is hereby amended by
deleting the existing Section 6.7(c) in its entirety and replacing it with the following:

(c)(i) LESCO will satisfy the applicable financial covenant set forth on Schedule
6.7(c) (as determined in accordance with clause (ii) below). Within forty five (45)
days after the end of each fiscal quarter, and ninety (90) days after the end of each
fiscal year of LESCO, LESCO will deliver to Bank a written certification by the
chief financial officer of LESCO certifying that for such quarter LESCO is in
compliance with the applicable financial covenant set forth in Schedule 6.7(c) or,
if not, providing a reasonably detailed explanation as to the reasons for and the
status of LESCO’s non-compliance. Each such certificate shall set forth in a manner
reasonably acceptable to Bank the calculation of such compliance (including, in any
case in which Available Borrowing Capacity (as such term is defined in Schedule
6.7(c)) is at issue pursuant to Paragraph (I) of Schedule 6.7(c), the borrowing base
certificate (or similar instrument) upon which such certification is based).

(ii) For the calendar quarter ending on June 30, 2007, if LESCO has at least Ten
Million Dollars ($10,000,000) of “unrestricted cash on hand” (including
“unrestricted cash equivalents” in the form of certificates of deposit, negotiable
instruments or securities subject to immediate sale), then, for the duration of the
Term the “applicable financial covenant” referred to in clause (i) above shall be

 

 

that set forth in Paragraph (I) of Schedule 6.7(c). If, on the other hand, LESCO
has not met the minimum cash requirement set forth in the preceding sentence as of
June 30, 2007, then, for the duration of the Term the “applicable financial
covenant” shall be that set forth in Paragraph (II) of Schedule 6.7(c). For
purposes of clarity, “unrestricted cash on hand” and “unrestricted cash equivalents”
means cash or cash equivalents available to the LESCO Parties and with respect to
which there do not exist any applicable use restrictions (including, without
limitation, under the Working Capital Credit Facility).

     (b) Amendment to Schedule 6.7(c). Schedule 6.7(c) of the Agreement is hereby deleted in its
entirety and replaced with the revised Schedule 6.7(c) attached hereto.

II. ADDITIONAL PROVISIONS

     (a) Within fifteen (15) days after the effective date of this Amendment, LESCO shall pay to
Bank Thirty-Two Thousand Five Hundred Dollars ($32,500). Upon the receipt of such amount, Bank
shall allocate Twenty Five Thousand Dollars ($25,000) to the Marketing Fund for use in connection
with the implementation costs of the marketing plans developed by the parties pursuant to Section
5.1 of the Agreement. Bank shall be entitled to retain the remaining Seven Thousand Five Hundred
Dollars ($7,500) for its own account.

     (b) The provisions of Section 6.7(c) of the Agreement (as hereby amended by clause I.(a)
above) to the contrary notwithstanding, for the calendar quarters ending September 30, 2006,
December 31, 2006 and March 31, 2007, Bank hereby acknowledges and agrees that LESCO shall not be
required to comply with the provisions of such Section (or the related financial covenant set forth
in Schedule 6.7(c)).

III. GENERAL

     (a) Definitions. Capitalized terms used in this Amendment, unless defined herein, shall have
the meanings specified in the Agreement.

     (b) Authority for Amendment. The execution, delivery and performance of this Amendment has
been duly authorized by all requisite corporate action on the part of the LESCO Parties and Bank
and upon execution by each party, will constitute a legal, binding obligation thereof.

     (c) Effect of Amendment. Except as specifically amended hereby, the Agreement, and all terms
contained therein, remains in full force and effect. The Agreement, as amended by this Amendment,
constitutes the entire understanding of the parties with respect to the subject matter hereof.

     (d) Binding Effect; Severability. Each reference herein to a party hereto shall be deemed to
include its successors and assigns, all of whom shall be bound by this Amendment and in whose favor
the provisions of this Amendment shall inure. In case any one or more of the provisions contained
in this Amendment shall be invalid, illegal or unenforceable in any respect, the validity, legality
and enforceability of the remaining provisions contained herein shall not in any way be affected or
impaired thereby.

2

 

     (e) Further Assurances. The parties hereto agree to execute such other documents and
instruments and to do such other and further things as may be necessary or desirable for the
execution and implementation of this Amendment and the consummation of the transactions
contemplated hereby and thereby.

     (f) Governing Law. This Amendment shall be governed by and construed in accordance with the
laws of the State of Utah.

     (g) Counterparts. This Amendment may be executed in counterparts, each of which shall
constitute an original, but all of which, when taken together, shall constitute but one agreement.
Transmission by facsimile of an executed counterpart of this Amendment shall be deemed to
constitute due and sufficient delivery of such counterpart; provided however, that
the parties hereby agree to deliver to each other an original of such counterpart promptly after
delivery of the facsimile.

     (h) Effective Date of Amendment. This Amendment shall become effective as of the effective
date set forth below when executed and delivered by the parties hereto.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

3

 

     IN WITNESS WHEREOF, the LESCO Parties and Bank have caused this Amendment to be executed by their
respective duly authorized officers as of the date set forth below.

EFFECTIVE DATE: September 26, 2006

	 	 	 
	BANK:

	GE CAPITAL FINANCIAL INC.

	By:
	 	/s/ G.A. Laufer
	 

	 	 
	Name:
	 	Gregory Laufer 
	 

	 	 
	Title:
	 	EVP
	 

	 	 

	LESCO:

	LESCO, INC.

	By:
	 	/s/ Michael A. Weisbarth 
	 

	 	 
	Name:
	 	Michael A. Weisbarth 
	 

	 	 
	Its:
	 	V.P., CFO and Treasurer 
	 

	 	 

	LESCO SERVICES, INC.

	By:
	 	/s/ Michael A. Weisbarth 
	 

	 	 
	Name:
	 	Michael A. Weisbarth 
	 

	 	 
	Its:
	 	V.P., CFO and Treasurer 
	 

	 	 

	LESCO TECHNOLOGIES, LLC

	By:
	 	/s/ Michael A. Weisbarth 
	 

	 	 
	Name:
	 	Michael A. Weisbarth 
	 

	 	 
	Its:
	 	V.P., CFO and Treasurer 
	 

	 	 

	AIM LAWN & GARDEN PRODUCTS, INC.

	By:
	 	/s/ Michael A. Weisbarth 
	 

	 	 
	Name:
	 	Michael A. Weisbarth 
	 

	 	 
	Its:
	 	V.P., CFO and Treasurer 
	 

	 	 

4

 

SCHEDULE 6.7(c)

To

Business Credit Program Agreement

LESCO Financial Covenants

From the Program Commencement Date until the expiration or earlier termination of the Term, LESCO
shall satisfy and perform in the manner set forth below either the financial covenant set forth in
Paragraph (I) below or the financial covenant set forth in Paragraph (II) below (in each case,
pursuant to the provisions of clause (ii) of Section 6.7(c)) and report its compliance therewith in
the manner set forth in clause (i) of Section 6.7(c):

(I) Minimum Availability; Fixed Charge Coverage Ratio. At the end of each fiscal quarter
of LESCO, LESCO, on a consolidated basis, shall have Available Borrowing Capacity of not less than
Ten Million Dollars ($10,000,000); provided that, if for any fiscal quarter, LESCO fails to
satisfy the Available Borrowing Capacity requirement, then LESCO shall satisfy the Fixed Charge
Covenant Ratio set forth in Paragraph (II) below. LESCO acknowledges and agrees that, if, as of
the end of any fiscal quarter, it is not party to a valid and binding Working Capital Credit
Facility, the financial covenant in Paragraph (II) below shall apply.

(II) Fixed Charge Coverage Ratio. At the end of each fiscal quarter of LESCO, LESCO, on a
consolidated basis, shall maintain a Fixed Charge Coverage Ratio for the immediately preceding four
fiscal quarters, of not less than 1.00 to 1.00. The costs and expenses incurred by LESCO in
connection with the negotiation and implementation of its Working Capital Credit Facility with
National City Business Credit, as agent, National City Bank, as issuer, and the other lenders
signatory thereto, dated on or about September 27, 2006, shall not be taken into account in
calculating the Fixed Charge Coverage ratio for the fiscal quarter(s) in which such charges occur.

As used in this Schedule, the following terms shall have the following meanings:

“Available Borrowing Capacity” means, as of any date and for any given amount, the
unqualified right of LESCO to draw such amount on its Working Capital Credit Facility as of such
date.

“Capital Expenditures” shall mean any expenditure made or liability incurred which is,
determined in accordance with GAAP, treated as a capital expenditure and not as an expense item for
the year in which it was made or incurred, as the case may be.

“Earnings Before Interest and Taxes” shall mean for any fiscal period the sum of (i)
net income (or loss) of the LESCO Parties determined on a consolidated basis for such period
(excluding extraordinary gains and extraordinary non-cash losses) in accordance with GAAP, (ii)
plus all interest expense of the LESCO Parties determined on a consolidated basis for such
period in accordance with GAAP and (iii) plus all charges against or minus credits
to income of the LESCO Parties for federal, state and local taxes determined on a consolidated
basis for such period in accordance with GAAP.

“EBITDA” shall mean for any fiscal period the sum of (i) Earnings Before Interest and Taxes
for

5

 

such period, (ii) plus depreciation expenses of the LESCO Parties determined on a
consolidated basis for such period, and (iii) plus amortization expenses of the LESCO
Parties determined on a consolidated basis for such period in accordance with GAAP.

“Fixed Charge Coverage Ratio” shall mean and include, with respect to any fiscal period,
the ratio of (a) EBITDA minus Capital Expenditures that were not specifically funded by
Indebtedness (other than advances under the Working Capital Credit Facility (but excluding letter
of credit obligations thereunder)) of the LESCO Parties on a consolidated basis with respect to
such period, minus cash taxes paid by the LESCO Parties on a consolidated basis with
respect to such period minus cash dividends and cash distributions of the LESCO Parties on
a consolidated basis with respect to such period (provided that such dividends or distributions
shall be consistent with any then existing Working Capital Credit Facility) to (b) Fixed Charges.

“Fixed Charges” shall mean, with respect to any fiscal period, the sum of (a) cash interest
expense of the LESCO Parties determined on a consolidated basis with respect to such period in
accordance with GAAP, plus (b) scheduled principal payments on Indebtedness of the LESCO
Parties on a consolidated basis with respect to such period (for the avoidance of doubt, Fixed
Charges shall not include any payment on advances under the Working Capital Credit Facility).

“GAAP” means Generally Accepted Accounting Principles in effect from time to time in
the United States, consistently applied.

“Indebtedness” of a person at a particular date shall mean all obligations of such person
which in accordance with GAAP would be classified upon a balance sheet as liabilities (except
capital stock and surplus earned or otherwise) and in any event, without limitation by reason of
enumeration, shall include all hedging obligations (e.g. swap contract and similar obligations),
indebtedness, debt and other similar monetary obligations of such person whether direct or
guaranteed, and all premiums, if any, due at the required prepayment dates of such indebtedness,
and all indebtedness secured by a lien on assets owned by such person, whether or not such
indebtedness actually shall have been created, assumed or incurred by such person. Any
indebtedness of such person resulting from the acquisition by such person of any assets subject to
any lien shall be deemed, for the purposes hereof, to be the equivalent of the creation, assumption
and incurring of the indebtedness secured thereby, whether or not actually so created, assumed or
incurred.

“Working Capital Credit Facility” means the Revolving Credit and Security Agreement by and
among LESCO and those of its affiliates signatory thereto, on the one hand, and National City
Business Credit, National City Bank and certain other lenders signatory thereto from time to time,
on the other. Working Capital Credit Facility shall also mean any working capital line or facility
entered into by LESCO and any of its affiliates which replaces the credit facility referred to in
the preceding sentence.

6Unassociated Document

    

     

    Exhibit
      4.1

     

    

     

     

     

    

     

    NELNET,
      INC.

     

    

    to

    

    DEUTSCHE
      BANK TRUST COMPANY AMERICAS,

    

    as
      Trustee

    
 

    

    INDENTURE

     

     

     

    

     

    Dated
      as of September
      27, 2006

     

     

    Subordinated
      Debt Securities

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

      CROSS-REFERENCE
        TABLE

       

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

       

      dated
        as
        of
                                    ,
        .

       

      

        
          	
                  TIA

                	
                  Indenture

                
	
                  Section 

                	
                  Section    

                

        

        

        
          	
                  310(a)

                	
                  6.09

                
	
                  (b)

                	
                  6.08,
                    6.10

                
	
                  (c)

                	
                  Not
                    Applicable

                
	
                  311(a)

                	
                  6.13

                
	
                  (b)

                	
                  6.13

                
	
                  (c)

                	
                  Not
                    Applicable

                
	
                  312(a)

                	
                  7.01,
                    7.02(a)

                
	
                  (b)

                	
                  7.02(b)

                
	
                  (c)

                	
                  7.02(c)

                
	
                  313(a)

                	
                  7.03(a)

                
	
                  (b)

                	
                  7.03(b)

                
	
                  (c)

                	
                  7.03(b)

                
	
                  (d)

                	
                  7.03(c)

                
	
                  314(a)

                	
                  7.04

                
	
                  (b)

                	
                  Not
                    Applicable

                
	
                  (c)

                	
                  1.02

                
	
                  (d)

                	
                  Not
                    Applicable

                
	
                  (e)

                	
                  1.02

                
	
                  (f)

                	
                  Not
                    Applicable

                
	
                  315(a)

                	
                  6.01

                
	
                  (b)

                	
                  6.02,
                    7.03(b)

                
	
                  (c)

                	
                  6.01(b)

                
	
                  (d)

                	
                  6.01(c)

                
	
                  (e)

                	
                  5.14

                
	
                  316(a)(1)

                	
                  5.12,
                    5.13

                
	
                  (b)

                	
                  5.08

                
	
                  (c)

                	
                  1.04(d)

                
	
                  317(a)(1)

                	
                  5.03

                
	
                  (a)(2)

                	
                  5.04

                
	
                  (b)

                	
                  10.03

                
	
                  318(a)

                	
                  1.07

                

        

      

       

       

      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
                  1.01

              	
                Definitions

              	
                1

              
	
                Section
                  1.02

              	
                Compliance
                  Certificates and Opinions.

              	
                9

              
	
                Section
                  1.03

              	
                Form
                  of Documents Delivered to Trustee.

              	
                10

              
	
                Section
                  1.04

              	
                Acts
                  of Holders. 

              	
                10

              
	
                Section
                  1.05

              	
                Notices,
                  Etc., to Trustee and Company.

              	
                11

              
	
                Section
                  1.06

              	
                Notice
                  to Holders; Waiver.

              	
                12

              
	
                Section
                  1.07

              	
                Conflict
                  with Trust Indenture Act.

              	
                12

              
	
                Section
                  1.08

              	
                Effect
                  of Headings and Table of Contents.

              	
                12

              
	
                Section
                  1.09

              	
                Successors
                  and Assigns.

              	
                12

              
	
                Section
                  1.10

              	
                Separability
                  Clause.

              	
                12

              
	
                Section
                  1.11

              	
                Benefits
                  of Indenture.

              	
                13

              
	
                Section
                  1.12

              	
                GOVERNING
                  LAW.

              	
                13

              
	
                Section
                  1.13

              	
                Legal
                  Holidays.

              	
                13

              

      

       

      ARTICLE
        II

      SECURITY
        FORMS 

       

      
        	
                Section
                  2.01

              	
                Forms
                  Generally.

              	
                13

              
	
                Section
                  2.02

              	
                Form
                  of Trustee’s Certificate of Authentication.

              	
                14

              
	
                Section
                  2.03

              	
                Securities
                  Issuable in the Form of a Global Security.

              	
                14

              

      

       

      ARTICLE
        III

      THE
        SECURITIES 

       

      
        	
                Section
                  3.01

              	
                Amount
                  Unlimited; Issuable in Series.

              	
                17

              
	
                Section
                  3.02

              	
                Denominations.

              	
                19

              
	
                Section
                  3.03

              	
                Execution,
                  Authentication, Delivery and Dating.

              	
                20

              
	
                Section
                  3.04

              	
                Temporary
                  Securities.

              	
                21

              
	
                Section
                  3.05

              	
                Registration,
                  Registration of Transfer and Exchange.

              	
                21

              
	
                Section
                  3.06

              	
                Mutilated,
                  Destroyed, Lost and Stolen Securities.

              	
                23

              
	
                Section
                  3.07

              	
                Payment
                  of Interest; Interest Rights Preserved.

              	
                23

              
	
                Section
                  3.08

              	
                Persons
                  Deemed Owners.

              	
                24

              
	 	 	 
	
                Section
                  3.09

              	
                Cancellation.

              	
                25

              
	
                Section
                  3.10

              	
                Computation
                  of Interest.

              	
                25

              
	
                Section
                  3.11

              	
                CUSIP
                  and ISIN Numbers.

              	
                25

              

      

       

       

      
        
          
          

        

        
          -ii-

          
            

          

        

        
          
          

        

      

       

      ARTICLE
        IV

      SATISFACTION
        AND DISCHARGE 

       

      
        	
                Section
                  4.01

              	
                Satisfaction
                  and Discharge of Indenture.

              	
                25

              
	
                Section
                  4.02

              	
                Application
                  of Trust Funds; Indemnification.

              	
                27

              
	
                Section
                  4.03

              	
                Legal
                  Defeasance and Discharge of Indenture.

              	
                28

              
	
                Section
                  4.04

              	
                Defeasance
                  of Certain Obligations.

              	
                29

              

      

       

      ARTICLE
        V

      REMEDIES 

       

      
        	
                Section
                  5.01

              	
                Events
                  of Default.

              	
                31

              
	
                Section
                  5.02

              	
                Acceleration
                  of Maturity: Rescission and Annulment.

              	
                32

              
	
                Section
                  5.03

              	
                Collection
                  of Indebtedness and Suits for Enforcement by Trustee.

              	
                33

              
	
                Section
                  5.04

              	
                Trustee
                  May File Proofs of Claim.

              	
                34

              
	
                Section
                  5.05

              	
                Trustee
                  May Enforce Claims Without Possession of Securities.

              	
                35

              
	
                Section
                  5.06

              	
                Application
                  of Money Collected.

              	
                35

              
	
                Section
                  5.07

              	
                Limitation
                  on Suits.

              	
                35

              
	
                Section
                  5.08

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

              	
                36

              
	
                Section
                  5.09

              	
                Restoration
                  of Rights and Remedies.

              	
                36

              
	
                Section
                  5.10

              	
                Rights
                  and Remedies Cumulative.

              	
                36

              
	
                Section
                  5.11

              	
                Delay
                  or Omission Not Waiver.

              	
                37

              
	
                Section
                  5.12

              	
                Control
                  by Holders.

              	
                37

              
	
                Section
                  5.13

              	
                Waiver
                  of Past Defaults.

              	
                37

              
	
                Section
                  5.14

              	
                Undertaking
                  for Costs.

              	
                38

              
	
                Section
                  5.15

              	
                Waiver
                  of Stay or Extension Laws.

              	
                38

              

      

       

      ARTICLE
        VI

      THE
        TRUSTEE 

       

      
        	
                Section
                  6.01

              	
                Certain
                  Duties and Responsibilities.

              	
                38

              
	
                Section
                  6.02

              	
                Notice
                  of Defaults.

              	
                40

              
	
                Section
                  6.03

              	
                Certain
                  Rights of Trustee.

              	
                40

              
	
                Section
                  6.04

              	
                Not
                  Responsible for Recitals or Issuance of Securities.

              	
                41

              
	
                Section
                  6.05

              	
                May
                  Hold Securities.

              	
                42

              
	
                Section
                  6.06

              	
                Money
                  Held in Trust.

              	
                42

              
	
                Section
                  6.07

              	
                Compensation
                  and Reimbursement.

              	
                42

              
	
                Section
                  6.08

              	
                Disqualification;
                  Conflicting Interests.

              	
                43

              
	
                Section
                  6.09

              	
                Corporate
                  Trustee Required; Eligibility.

              	
                43

              
	 	 	 
	
                Section
                  6.10

              	
                Resignation
                  and Removal; Appointment of Successor.

              	
                43

              
	
                Section
                  6.11

              	
                Acceptance
                  of Appointment by Successor.

              	
                45

              
	
                Section
                  6.12

              	
                Merger,
                  Conversion, Consolidation or Succession to Business.

              	
                46

              
	
                Section
                  6.13

              	
                Preferential
                  Collection of Claims Against Company.

              	
                46

              

      

       

       

      
        
          
          

        

        
          -iii-

          
            

          

        

        
          
          

        

      

       

      ARTICLE
        VII

      HOLDERS’
        LISTS AND REPORTS BY TRUSTEE AND COMPANY 

       

      
        	
                Section
                  7.01

              	
                Company
                  to Furnish Trustee Names and Addresses of Holders.

              	
                46

              
	
                Section
                  7.02

              	
                Preservation
                  of Information; Communications to Holders.

              	
                47

              
	
                Section
                  7.03

              	
                Reports
                  by Trustee.

              	
                49

              
	
                Section
                  7.04

              	
                Reports
                  by Company.

              	
                49

              

      

       

      ARTICLE
        VIII

      SUCCESSOR
        CORPORATION 

       

      
        	
                Section
                  8.01

              	
                When
                  Company May Merge or Transfer Assets.

              	
                50

              

      

       

      ARTICLE
        IX

      AMENDMENTS
        AND SUPPLEMENTAL INDENTURES

       

      
        	
                Section
                  9.01

              	
                Amendments
                  or Supplemental Indentures without Consent of Holders.

              	
                51

              
	
                Section
                  9.02

              	
                Amendments
                  or Supplemental Indentures with Consent of Holders.

              	
                52

              
	
                Section
                  9.03

              	
                Execution
                  of Supplemental Indentures.

              	
                53

              
	
                Section
                  9.04

              	
                Effect
                  of Supplemental Indentures.

              	
                53

              
	
                Section
                  9.05

              	
                Conformity
                  with Trust Indenture Act.

              	
                53

              
	
                Section
                  9.06

              	
                Reference
                  in Securities to Supplemental Indentures.

              	
                53

              

      

       

      ARTICLE
        X

      COVENANTS 

       

      
        	
                Section
                  10.01

              	
                Payment
                  of Principal, Premium and Interest.

              	
                54

              
	
                Section
                  10.02

              	
                Maintenance
                  of Office or Agency.

              	
                54

              
	
                Section
                  10.03

              	
                Money
                  for Securities; Payments to Be Held in Trust.

              	
                54

              
	
                Section
                  10.04

              	
                Corporate
                  Existence.

              	
                56

              
	
                Section
                  10.05

              	
                Maintenance
                  of Properties.

              	
                56

              
	
                Section
                  10.06

              	
                Statement
                  by Officers as to Default.

              	
                57

              
	
                Section
                  10.07

              	
                Waiver
                  of Certain Covenants.

              	
                57

              

      

       

      ARTICLE
        XI

      REDEMPTION
        OF SECURITIES

       

      
        	
                Section
                  11.01

              	
                Applicability
                  of Article.

              	
                57

              
	
                Section
                  11.02

              	
                Election
                  to Redeem; Notice to Trustee.

              	
                57

              
	
                Section
                  11.03

              	
                Selection
                  by Trustee of Securities to Be Redeemed.

              	
                58

              
	
                Section
                  11.04

              	
                Notice
                  of Redemption.

              	
                58

              
	
                Section
                  11.05

              	
                Deposit
                  of Redemption Price.

              	
                59

              
	
                Section
                  11.06

              	
                Securities
                  Payable on Redemption Date.

              	
                59

              
	
                Section
                  11.07

              	
                Securities
                  Redeemed in Part.

              	
                60

              

      

       

       

      
        
          
          

        

        
          -iv-

          
            

          

        

        
          
          

        

      

       

      ARTICLE
        XII

      SINKING
        FUNDS

       

      
        	
                Section
                  12.01

              	
                Applicability
                  of Article.

              	
                60

              
	
                Section
                  12.02

              	
                Satisfaction
                  of Sinking Fund Payments with Securities.

              	
                61

              
	
                Section
                  12.03

              	
                Redemption
                  of Securities for Sinking Fund.

              	
                61

              

      

       

      ARTICLE
        XIII

      SUBORDINATION

       

      
        	
                Section
                  13.01

              	
                Agreement
                  to Subordinate.

              	
                62

              
	
                Section
                  13.02

              	
                Default
                  on Senior Indebtedness.

              	
                62

              
	
                Section
                  13.03

              	
                Liquidation;
                  Dissolution; Bankruptcy.

              	
                64

              
	
                Section
                  13.04

              	
                Subrogation.

              	
                65

              
	
                Section
                  13.05

              	
                Trustee
                  to Effectuate Subordination.

              	
                66

              
	
                Section
                  13.06

              	
                Notice
                  by the Company.

              	
                66

              
	
                Section
                  13.07

              	
                Rights
                  of the Trustee; Holders of Senior Indebtedness.

              	
                67

              
	
                Section
                  13.08

              	
                Subordination
                  May Not Be Impaired.

              	
                67

              
	
                Section
                  13.09

              	
                Article
                  Applicable to Paying Agents.

              	
                68

              
	
                Section
                  13.10

              	
                Defeasance
                  of This Article.

              	
                68

              
	
                Section
                  13.11

              	
                Subordination
                  Language to Be Included in Securities.

              	
                68

              

      

      

    

    
 

    
      
        
        

      

      
        -v-

        
          

        

      

      
        
        

      

    

    INDENTURE,
      dated as of September 27, 2006, between Nelnet, Inc., a Nebraska corporation
      (herein called the “Company”), having its principal office at 121 South 13th
      Street, Suite 201, Lincoln, Nebraska 68508, and Deutsche Bank Trust Company
      Americas, a New York state banking corporation, as trustee hereunder (herein
      called the “Trustee”).

     

    RECITALS
      OF THE COMPANY

     

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

     

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

     

    NOW,
      THEREFORE, THIS INDENTURE WITNESSETH:

     

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

     

    ARTICLE
      I

     

    DEFINITIONS
      AND OTHER PROVISIONS

     

    OF
      GENERAL APPLICATION

     

    
      	Section
              1.01  	
              Definitions.

            

    

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

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

     

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

     

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

     

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

     

    “applicants”
has
      the
      meaning specified in Section 7.02.

     

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

     

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

     

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

     

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

     

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

     

    “Class
      A Common Stock”
means
      the shares of Class A common stock, $0.01 par value per share, of the Company
      existing on the date of this Indenture or any shares of Capital Stock of the
      Company into which such shares of Class A Common Stock shall be reclassified
      or
      changed.

     

    “Class
      B Common Stock”
means
      the shares of Class B common stock, $0.01 par value per share, of the Company
      existing on the date of this Indenture or any other shares 

     

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

    of
      Capital
      Stock of the Company into which such shares of Class B Common Stock shall be
      reclassified or changed.

     

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

     

    “Common
      Stock”
means
      the Class A Common Stock and the Class B Common Stock.

     

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

     

    “Company
      Request”
or
      “Company
      Order”
means
      a
      written request or order signed in the name of the Company by its chairman
      of
      the Board of Directors, a co-chief executive officer, the vice chairman of
      the
      Board of Directors, its president or a vice president, and by its treasurer,
      an
      assistant treasurer, its secretary or an assistant secretary, and delivered
      to
      the Trustee.

     

    “Corporate
      Trust Office”
means
      the office of the Trustee at which at any particular time the trust created
      by
      this Indenture shall be administered, which office, at the time of the execution
      of this Indenture, is located, c/o Deutsche Bank National Trust Company, at
      25
      DeForest Avenue, Second Floor, MS SUM01-0105, Summit, New Jersey
      07901.

     

    “Default
      Notice”
has
      the
      meaning specified in Section 13.02(b).

     

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

     

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

     

    “Designated
      Senior Indebtedness”
means
      any Senior Indebtedness of the Company permitted to be incurred under this
      Indenture the principal amount of which is $20.0 million or more at the time
      of
      the designation of such Senior Indebtedness as “Designated Senior Indebtedness”
by the Company in a written instrument delivered to the Trustee.

     

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

     

    “Exchange
      Act”
means
      the United States Securities Exchange Act of 1934, as amended, and rules and
      regulations promulgated by the Commission thereunder.

     

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

    

     

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

     

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

     

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

     

    “Indenture”
means
      this instrument as originally executed or as it may from time to time be
      supplemented or amended by one or more amendments or indentures supplemental
      hereto entered into pursuant to the applicable provisions hereof and shall
      include the terms of particular series of Securities established as contemplated
      by Section 3.01.

     

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

     

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

     

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

     

    “Officers’
      Certificate”
means
      a
      certificate signed by the chairman of the Board of Directors, the vice-chairman
      of the Board of Directors, a co-chief executive officer, the president or a
      vice
      president, and by the treasurer, an assistant treasurer, the secretary or an
      assistant secretary, of the Company, and delivered to the Trustee.

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

    

    

     

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

     

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

     

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

     

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

     

    “Payment
      Blockage Notice”
has
      the
      meaning specified in Section 13.02(b).

     

    “Payment
      Blockage Period”
has
      the
      meaning specified in Section 13.02(b).

     

    “Permitted
      Junior Securities”
      means:

     

    (1) the
      Company’s Capital Stock; or

     

    
      
        
        

      

      
        -5-

        
          

        

      

      
        
        

      

    

    

     

    (2) debt
      securities issued pursuant to a confirmed plan of reorganization that are
      subordinated in right of payment to all Senior Indebtedness and any debt
      securities issued in exchange for Senior Indebtedness to substantially the
      same
      extent as, or to a greater extent than, the Securities are subordinated to
      the
      Senior Indebtedness under this Indenture.

     

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

     

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

     

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

     

    “Preferred
      Stock”
means
      the shares of preferred stock, par value $0.01 per share, of the Company
      existing on the date of this Indenture or any shares of Capital Stock of the
      Company into which such shares of Preferred Stock shall be reclassified or
      changed.

     

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

     

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

     

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

     

    “Responsible
      Officer,”
when
      used with respect to the Trustee, means any officer of the Trustee assigned
      by
      the Trustee to administer its corporate trust matters with respect to this
      Indenture (which, for the avoidance of doubt, includes without limitation,
      any
      supplemental indenture hereto). 

     

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

     

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

     

    
      
        
        

      

      
        -6-

        
          

        

      

      
        
        

      

    

    

     

    “Senior
      Indebtedness,”
unless
      otherwise specified in one or more indentures supplemental hereto or approved
      pursuant to a Board Resolution in accordance with Section 3.01, means, with
      respect to the Company:

     

    (i) the
      principal (including redemption payments), premium, if any, interest and other
      payment obligations in respect of (A) indebtedness of the Company for money
      borrowed and (B) indebtedness evidenced by securities, debentures, bonds, notes
      or other similar instruments issued by the Company, including any such
      securities issued under any deed, indenture or other instrument to which the
      Company is a party (including, for the avoidance of doubt, indentures pursuant
      to which subordinated debentures have been or may be issued);

     

    (ii) all
      capital lease obligations of the Company;

     

    (iii) all
      obligations of the Company issued or assumed as the deferred purchase price
      of
      property, all conditional sale obligations of the Company, all hedging
      agreements and agreements of a similar nature thereto and all agreements
      relating to any such agreements, and all obligations of the Company under any
      title retention agreement (but excluding trade accounts payable arising in
      the
      ordinary course of business);

     

    (iv) all
      obligations of the Company for reimbursement on any letter of credit, banker’s
      acceptance, security purchase facility or similar credit
      transaction;

     

    (v) all
      obligations of the type referred to in clauses (i) through (iv) above of other
      Persons for the payment of which the Company is responsible or liable as
      obligor, guarantor or otherwise; 

     

    (vi) all
      obligations of the type referred to in clauses (i) through (v) above of other
      Persons secured by any lien on any property or asset of the Company (whether
      or
      not such obligation is assumed by the Company); and

     

    (vii) any
      deferrals, amendments, renewals, extensions, modifications and refundings of
      all
      obligations of the type referred to in clauses (i) through (vi) above, in each
      case whether or not contingent and whether outstanding at the date hereof or
      thereafter incurred, 

     

    except,
      in
      each case, for the Securities and any such other indebtedness or deferral,
      amendment, renewal, extension, modification or refunding that contains express
      terms, or is issued under a deed, indenture or other instrument that contains
      express terms, providing that it is subordinate to or ranks pari
      passu
      with the
      Securities.

     

    Such
      Senior Indebtedness shall continue to be Senior Indebtedness and be entitled
      to
      the benefits of the subordination provisions of this Indenture irrespective
      of
      any amendment, modification or waiver of any term of such Senior Indebtedness
      and notwith

     

    
      
        
        

      

      
        -7-

        
          

        

      

      
        
        

      

    

    standing
      that no express written subordination agreement may have been entered into
      between the holders of such Senior Indebtedness and the Trustee or any of the
      Holders. 

     

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

     

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

     

    “Subsidiary”
means,
      with respect to any Person:

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        -8-

        
          

        

      

      
        
        

      

    

    tion
      by
      the United States of America, which, in either case, are not callable or
      redeemable at the option of the issuer thereof, and shall also include a
      depository receipt issued by a bank or trust company which is a member of the
      Federal Reserve System and having a combined capital and surplus of at least
      $50,000,000 as custodian with respect to any such obligation evidenced by such
      depository receipt or a specific payment of interest on or principal of any
      such
      obligation held by such custodian for the account of the holder of a depository
      receipt; provided,
      however,
      that
      (except as required by law) such custodian is not authorized to make any
      deduction from the amount payable to the holder of such depository receipt
      from
      any amount received by the custodian in respect of the obligation set forth
      in
      (i) or (ii) above or the specific payment of interest on or principal of such
      obligation evidenced by such depository receipt.

     

    
      	Section
              1.02  	
              Compliance
                Certificates and Opinions.

            

    

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        -9-

        
          

        

      

      
        
        

      

    

    

     

    
      	Section
              1.03  	
              Form
                of Documents Delivered to Trustee.

            

    

     

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

     

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

     

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

     

    
      	Section
              1.04  	
              Acts
                of Holders.

            

    

     

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

     

    (b)  The
      fact
      and date of the execution of any such instrument or writing, or the authority
      of
      the Person executing the same, may be proved in accordance with such reasonable
      rules and regulations as may be prescribed by the Trustee or in any reasonable
      manner which the Trustee deems sufficient.

     

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

     

    
      
        
        

      

      
        -10-

        
          

        

      

      
        
        

      

    

    

     

    (d)  If
      the
      Company shall solicit from the Holders any request, demand, authorization,
      direction, notice, consent, waiver or other Act, the Company may, at its option,
      by or pursuant to a Board Resolution, fix in advance a record date for the
      determination of Holders entitled to give such request, demand, authorization,
      direction, notice, consent, waiver or other Act, but the Company shall have
      no
      obligation to do so. Notwithstanding Trust Indenture Act Section 3.16(c), such
      record date shall be the record date specified in or pursuant to such Board
      Resolution, which shall be a date not earlier than the date 30 days prior to
      the
      first solicitation of Holders generally in connection therewith and not later
      than the date such solicitation is completed. If such a record date is fixed,
      such request, demand, authorization, direction, notice, consent, waiver or
      other
      Act may be given before or after such record date, but only the Holders of
      record at the close of business on such record date shall be deemed to be
      Holders for the purposes of determining whether Holders of the requisite
      proportion of Outstanding Securities shall be computed as of such record date;
      provided,
      however,
      that no
      such authorization, agreement or consent by such Holders on such record date
      shall be deemed effective unless it shall become effective pursuant to the
      provisions of this Indenture not later than eleven months after the record
      date.

     

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

     

    
      	Section
              1.05  	
              Notices,
                Etc., to Trustee and Company.

            

    

     

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

     

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

     

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

     

    
      
        
        

      

      
        -11-

        
          

        

      

      
        
        

      

    

    

     

    
      	Section
              1.06  	
              Notice
                to Holders; Waiver.

            

    

     

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

     

    If
      the
      Company mails a notice to Holders, it shall mail a copy of such notice to the
      Trustee at the same time.

     

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

     

    
      	Section
              1.07  	
              Conflict
                with Trust Indenture Act.

            

    

     

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

     

    
      	Section
              1.08  	
              Effect
                of Headings and Table of Contents.

            

    

     

    The
      article and section headings herein and the table of contents are for
      convenience only and shall not affect the construction hereof. 

     

    
      	Section
              1.09  	
              Successors
                and Assigns.

            

    

     

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

     

    
      	Section
              1.10  	
              Separability
                Clause.

            

    

     

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

     

    
      
        
        

      

      
        -12-

        
          

        

      

      
        
        

      

    

    

     

    
      	Section
              1.11  	
              Benefits
                of Indenture.

            

    

     

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

     

    
      	Section
              1.12  	
              GOVERNING
                LAW.

            

    

     

    THIS
      INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
      WITH THE LAWS OF THE STATE OF NEW YORK. 

     

    
      	Section
              1.13  	
              Legal
                Holidays.

            

    

     

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

     

    ARTICLE
      II

     

    SECURITY
      FORMS

     

    
      	Section
              2.01  	
              Forms
                Generally.

            

    

     

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

     

    
      
        
        

      

      
        -13-

        
          

        

      

      
        
        

      

    

    

     

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

     

    
      	Section
              2.02  	
              Form
                of Trustee’s Certificate of Authentication.

            

    

     

    The
      Trustee’s certificate of authentication required by this article shall be in
      substantially the form set forth below. 

     

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

     

    DEUTSCHE
      BANK TRUST COMPANY AMERICAS,

    as
      Trustee

     

    

    By ___________________________________

                         
      Authorized Signatory”

     

     

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

            

    

     

    (a) If
      the
      Company shall establish pursuant to Sections 201 and 301 that the Securities
      of
      a particular series are to be issued in whole or in part in the form of one
      or
      more Global Securities, then the Company shall execute and the Trustee shall,
      in
      accordance with Section 3.03 and the Company Order delivered to the Trustee
      thereunder, authenticate and deliver, such Global Security or Securities,
      which:

     

    (i) shall
      represent, and shall be denominated in an amount equal to the aggregate
      principal amount of, the Outstanding Securities of such series to be represented
      by such Global Security or Securities;

     

    (ii) shall
      be
      registered in the name of the Depositary for such Global Security or Securities
      or its nominee;

     

    (iii) shall
      be
      delivered by the Trustee to the Depositary or its custodian or pursuant to
      the
      Depositary’s instruction; and

     

    (iv) shall
      bear
      a legend substantially to the following effect:

     

    “UNLESS
      AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR THE INDIVIDUAL SECURITIES
      REPRESENTED HEREBY, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A
      WHOLE (I) BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR (II) BY A NOMINEE
      OF THE DEPOSITARY OR THE 

     

    
      
        
        

      

      
        -14-

        
          

        

      

      
        
        

      

    

    DEPOSITARY
      TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS
      THIS
      CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST
      COMPANY (55 WATER STREET, NEW YORK, NEW YORK) TO THE ISSUER OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY CERTIFICATE ISSUED IS
      REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN
      AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS
      MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
      OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF,
      CEDE & CO., HAS AN INTEREST HEREIN.”

     

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

     

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

     

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

     

    
      
        
        

      

      
        -15-

        
          

        

      

      
        
        

      

    

    gregate
      principal amount equal to the principal amount of the Global Security in
      exchange for such Global Security.

     

    (iii) The
      Company may at any time and in its sole discretion determine that the Securities
      of any series issued or issuable in the form of one or more Global Securities
      shall no longer be represented by such Global Security or Securities. In such
      event the Company will execute, and the Trustee, upon receipt of a Company
      Order
      for the authentication and delivery of Certificated Securities of such series
      in
      exchange in whole or in part for such Global Security, will authenticate and
      deliver Certificated Securities of such series of like tenor and terms in
      definitive form in an aggregate principal amount equal to the principal amount
      of such Global Security or Securities representing such series to be so
      exchanged for such Global Security or Securities. 

     

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

     

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

     

    
      
        
        

      

      
        -16-

        
          

        

      

      
        
        

      

    

    

     

    ARTICLE
      III

     

    THE
      SECURITIES

     

    
      	Section
              3.01  	
              Amount
                Unlimited; Issuable in Series.

            

    

     

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

     

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

     

    (1)  any
      limit
      upon the aggregate principal amount of the Securities of the series which may
      be
      authenticated and delivered under this Indenture (except for Securities
      authenticated and delivered upon registration of transfer of, or in exchange
      for, or in lieu of, other Securities of the series pursuant to Section 2.03,
      3.04, 3.05, 3.06, 9.06 or 11.07);

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        -17-

        
          

        

      

      
        
        

      

    

    

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        -18-

        
          

        

      

      
        
        

      

    

    

     

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

     

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

     

    (19)  additional
      or alternative provisions, if any, related to defeasance and discharge of such
      Securities;

     

    (20)  the
      applicability of any guarantees; 

     

    (21)  if
      convertible into shares of Common Stock or Preferred Stock, the terms on which
      such Securities are convertible, including the initial conversion price, the
      conversion period, any events requiring an adjustment of the applicable
      conversion price and any requirements relating to the reservation of such shares
      of Common Stock or Preferred Stock for purposes of conversion;

     

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

     

    (23)  each
      initial Place of Payment; and

     

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

     

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

     

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

     

    
      	Section
              3.02  	
              Denominations.

            

    

     

    The
      Securities of each series shall be issuable in registered form without coupons
      in such denominations as shall be specified as contemplated by Section 3.01.
      In
      the absence of ay such provisions 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.

     

    
      
        
        

      

      
        -19-

        
          

        

      

      
        
        

      

    

    

     

    
      	Section
              3.03  	
              Execution,
                Authentication, Delivery and Dating.

            

    

     

    The
      Securities shall be executed on behalf of the Company by its chairman of the
      Board of Directors, the vice chairman of the Board of Directors, a co-chief
      executive officer, its president or one of its vice presidents, under its
      corporate seal reproduced thereon attested by its secretary or one of its
      assistant secretaries. The signature of any of these officers on the Securities
      may be manual or facsimile. 

     

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

     

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

     

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

     

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

     

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

     

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

     

    (e) such
      other
      matters as the Trustee may reasonably request.

     

    
      
        
        

      

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

     

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

     

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

     

    
      	Section
              3.04  	
              Temporary
                Securities.

            

    

     

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

     

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

     

    
      	Section
              3.05  	
              Registration,
                Registration of Transfer and Exchange.

            

    

     

    The
      Company shall cause to be kept at one of its offices or agencies maintained
      pursuant to Section 10.02 or at 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 Section 2.03 and to such
      reasonable regulations as it may prescribe, the Company shall pro-

     

    
      
        
        

      

      
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    vide
      for
      the registration of Securities and of transfers of Securities. The Trustee
      initially is hereby appointed “Security Registrar” for the purpose of
      registering Securities and transfers of Securities as herein provided. The
      Company may act as Security Registrar and may change or appoint a Security
      Registrar without prior notice to Holders or to the Trustee. If and so long
      as
      the Trustee is not the Security Register, the Trustee shall have the right
      to
      inspect the Security Register during normal business hours.

     

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

     

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

     

    Subject
      to
      Section 2.03, all Securities issued upon any registration or transfer or
      exchange of Securities shall be valid obligations of the Company, evidencing
      the
      same debt, and entitled to the same benefits under this Indenture, as the
      Securities surrendered upon such registration of transfer or
      exchange.

     

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

     

    No
      service
      charge shall be made for any registration of transfer or exchange of Securities,
      but the Company may require payment of a sum sufficient to cover any tax or
      other governmental charge that may be imposed in connection with any
      registration of transfer or exchange of Securities, other than exchanges
      pursuant to Section 2.03, 3.04, 9.06 or 11.07 not involving any
      transfer.

     

    The
      Company shall not be required (i) to issue, register the transfer of or exchange
      Securities of any series during a period beginning at the opening of business
      15
      days before the day of the mailing of a notice of redemption of Securities
      of
      that series selected for redemption (under Section 11.03) and ending at the
      close of business on the day of such mailing, or (ii) to register the transfer
      of or exchange any Security so selected for redemption in whole or in part,
      except the unredeemed portion of any Security being redeemed in part.

     

    
      
        
        

      

      
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      	Section
              3.06  	
              Mutilated,
                Destroyed, Lost and Stolen Securities.

            

    

     

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

     

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

     

    Upon
      the
      issuance of any new Security under this Section 3.06, the Company may require
      the payment of a sum sufficient to cover any tax or other governmental charge
      that may be imposed in relation thereto and any other expenses (including the
      fees and expenses of the Trustee) connected therewith. 

     

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

     

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

     

    
      	Section
              3.07  	
              Payment
                of Interest; Interest Rights Preserved.

            

    

     

    Interest
      on any Security which is payable, and is punctually paid or duly provided for,
      on any Interest Payment Date shall 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:

     

    
      
        
        

      

      
        -23-

        
          

        

      

      
        
        

      

    

    

     

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

     

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

     

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

     

    
      	Section
              3.08  	
              Persons
                Deemed Owners.

            

    

     

    Subject
      to
      Section 2.03, the Company, the Trustee and any agent of the Company or the
      Trustee may treat the Person in whose name such Security is registered as the
      owner of such Security for the purpose of receiving payment of principal of
      (and
      premium, if any) and (subject to Section 3.07) interest on such Security and
      for
      all other purposes whatso-

     

    
      
        
        

      

      
        -24-

        
          

        

      

      
        
        

      

    

    ever,
      whether or not such Security be overdue, and none of the Company, the Trustee
      or
      any agent of the Company or the Trustee shall be affected by notice to the
      contrary. 

     

    
      	Section
              3.09  	
              Cancellation.

            

    

     

    All
      Securities surrendered for payment, redemption, registration of transfer or
      exchange or for credit against any sinking fund payment shall, if surrendered
      to
      any Person other than the Trustee, be delivered to the Trustee and shall be
      promptly cancelled by it. The Company may at any time deliver to the Trustee
      for
      cancellation any Securities previously authenticated and delivered hereunder
      which the Company may have acquired in any manner whatsoever, and all Securities
      so delivered shall be promptly cancelled by the Trustee. No Securities shall
      be
      authenticated in lieu of or in exchange for any Securities cancelled as provided
      in this section, except as expressly permitted by this Indenture. The Trustee
      shall destroy cancelled Securities and deliver a certificate of such destruction
      to the Company.

     

    
      	Section
              3.10  	
              Computation
                of Interest.

            

    

     

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

     

    
      	Section
              3.11  	
              CUSIP
                and ISIN Numbers.

            

    

     

    The
      Company in issuing the Securities may use “CUSIP” and/or “ISIN” numbers (if then
      generally in use), and the Trustee shall use CUSIP or ISIN numbers, as the
      case
      may be, in notices of redemption or exchange as a convenience to Holders and
      no
      representation shall be made as to the correctness of such numbers either as
      printed on the Securities or as contained in any notice of redemption, exchange
      or conversion. The Company will promptly notify, and in any event within 10
      Business Days, the Trustee of any initial CUSIP and/or ISIN numbers and of
      any
      changes in the CUSIP and/or ISIN numbers.

     

    ARTICLE
      IV

     

    SATISFACTION
      AND DISCHARGE

     

    
      	Section
              4.01  	
              Satisfaction
                and Discharge of Indenture.

            

    

     

    This
      Indenture shall upon Company Request cease to be of further effect with respect
      to any series of Securities (except as to (i) any surviving rights of
      registration of transfer or exchange of Securities herein expressly provided
      for, (ii) rights hereunder of Holders to receive payments of principal of,
      and
      premium, if any, and interest on, Securities, and other rights, duties and
      obligations of the Holders as beneficiaries hereof with respect to the amounts,
      if any, so deposited with the Trustee, (iii) remaining obligations of the
      Company to make mandatory sinking fund payments and (iv) the rights, obligations
      and immunities of the Trustee hereunder), and the Trustee, at the expense of
      the
      Company, shall execute proper in-

     

    
      
        
        

      

      
        -25-

        
          

        

      

      
        
        

      

    

    struments
      acknowledging satisfaction and discharge of this Indenture with respect to
      any
      series of Securities, when: 

     

    (1) either:

     

    (A) all
      Securities of such series theretofore authenticated and delivered (other than
      (i) Securities of such series which have been mutilated, destroyed, lost or
      stolen and which have been replaced or paid as provided in Section 3.06 and
      (ii)
      Securities of such series for whose payment money has theretofore been deposited
      in trust or segregated and held in trust by the Company and thereafter repaid
      to
      the Company or discharged from such trust, as provided in Section 10.03) have
      been delivered to the Trustee for cancellation; or

     

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

     

    (i) have
      become due and payable,

     

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

     

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

     

    and
      the
      Company, in the case of (i), (ii) or (iii) above, has deposited or caused to
      be
      deposited with the Trustee as trust funds in trust 

     

    (i) money
      in
      U.S. dollars (or if the Securities are denominated in a currency other than
      U.S.
      dollars, an amount of the applicable currency) in an amount sufficient,
      or

     

    (ii) (a)
      U.S.
      Government Obligations which through the payment of interest and principal
      in
      respect thereof in accordance with their terms will provide not later than
      one
      day before the due date of any payment referred to in clause (B) of this
      subparagraph money in an amount, or (b) a combination of such money and such
      U.S. Government Obligations, sufficient, in the opinion of a nationally
      recognized firm of independent public accountants expressed in a written
      certification thereof delivered to the Trustee, 

     

    to
      pay and
      discharge the entire indebtedness on such Securities not theretofore delivered
      to the Trustee for cancellation, for principal (and premium, if any) and
      interest to the date of such deposit (in the case of Securities which have
      

     

    
      
        
        

      

      
        -26-

        
          

        

      

      
        
        

      

    

    become
      due
      and payable) or to the Stated Maturity or Redemption Date, as the case may
      be;

     

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

     

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

     

    Notwithstanding
      the satisfaction and discharge of this Indenture, the obligations of the Company
      to the Trustee under Section 6.07, and, if money or U.S. Government Obligations
      shall have been deposited with the Trustee pursuant to subclause (B) of clause
      (1) of this Section 4.01, the obligations of the Trustee under Section 4.02
      and
      the next to last paragraph of Section 10.03, shall survive.

     

    
      	Section
              4.02  	
              Application
                of Trust Funds; Indemnification.

            

    

     

    (a)  Subject
      to
      the provisions of the last paragraph of Section 10.03, all money or U.S.
      Government Obligations deposited with the Trustee pursuant to Section 4.01,
      4,03
      or 4.04 and all money received by the Trustee in respect of U.S. Government
      Obligations deposited with the Trustee pursuant to Section 4.01, 4.03 or 4.04
      shall be held in trust and applied by it, in accordance with the provisions
      of
      the Securities and this Indenture, to the payment, either directly or through
      any Paying Agent (including the Company acting as its own Paying Agent) as
      the
      Trustee may determine, to the Persons entitled thereto, of the principal (and
      premium, if any) and interest for whose payment such money has been deposited
      with or received by the Trustee or to make mandatory sinking fund payments
      or
      analogous payments as contemplated by Section 4.03 or 4.04, but such money
      need
      not be segregated from other funds except to the extent required by
      law.

     

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

     

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

     

    
      
        
        

      

      
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      	Section
              4.03  	
              Legal
                Defeasance and Discharge of Indenture.

            

    

     

    The
      Company shall be deemed to have paid and discharged the entire indebtedness
      on
      all the Outstanding Securities on the first date that all of the conditions
      set
      forth in the proviso below are satisfied, and the provisions of this Indenture,
      as it relates to such Outstanding Securities, shall no longer be in effect
      (and
      the Trustee, at the expense of the Company, shall at Company Request, execute
      proper instruments acknowledging the same), except as to: 

     

    (a)  the
      rights
      of Holders of Securities to receive, from the trust funds described in
      subparagraph (1) hereof, (i) payment of the principal of (and premium, if any)
      and each installment of principal of (and premium, if any) or interest on the
      Securities on the Stated Maturity of such principal or installment of principal
      or interest and (ii) the benefit of any mandatory sinking fund payments
      applicable to the Securities on the day on which such payments are due and
      payable in accordance with the terms of this Indenture and the
      Securities;

     

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

     

    (c)  the
      obligations of the Company to the Trustee under Section 6.07, provided,
      however,
      that the
      following conditions shall have been satisfied:

     

    (1)  the
      Company has or caused to be irrevocably deposited (except as provided in Section
      4.02) with the Trustee as trust funds in trust, specifically pledged as security
      for, and dedicated solely to, the benefit of the Holders of the
      Securities,

     

    (i)  money
      in
      U.S. Dollars (or if the Securities are denominated in a currency other than
      U.S.
      dollars, an amount of the applicable currency) in an amount sufficient,
      or

     

    (ii)  (a)
      U.S.
      Government Obligations which through the payment of interest and principal
      in
      respect thereof in accordance with their terms will provide not later than
      one
      day before the due date of any payment referred to in Section 4.01(A) or (B)
      money in an amount, or (b) a combination of such money and such U.S. Government
      Obligations, sufficient, in the opinion of a nationally recognized firm of
      independent certified public accountants expressed in a written certification
      thereof delivered to the Trustee, 

     

    to
      pay and
      discharge (A) the principal of (and premium, if any) and each installment of
      principal of (and premium, if any) and interest on the Outstanding Securities
      on
      the Stated Maturity of such principal or installment of principal or interest
      or
      on the applicable Redemption Date and (B) any mandatory sinking fund payments
      applicable to the Securities on the day on which such pay-

     

    
      
        
        

      

      
        -28-

        
          

        

      

      
        
        

      

    

    ments
      are
      due and payable in accordance with the terms of this Indenture and of the
      Securities;

     

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

     

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

     

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

     

    (5)  if
      the
      deposit referred to in subparagraph (1) of this Section 4.03 is to be made
      on or
      prior to one year from the Stated Maturity for payment of principal of the
      Outstanding Securities, the Company has delivered to the Trustee an Opinion
      of
      Counsel with no material qualifications or a favorable ruling of the Internal
      Revenue Service, in either case to the effect that Holders of the Securities
      will not recognize income, gain or loss for federal income tax purposes as
      a
      result of such deposit, defeasance and discharge and will be subject to federal
      income tax on the same amount and in the same manner and at the same times,
      as
      would have been the case if such deposit, defeasance and discharge had not
      occurred. 

     

    
      	Section
              4.04  	
              Defeasance
                of Certain Obligations.

            

    

     

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

     

    (1)  
      the
      Company has deposited or caused to be irrevocably deposited with the Trustee
      as
      trust funds in trust, specifically pledged as security for, and dedicated solely
      to, the benefit of the Holders of the Securities of that series,

     

    (i)  
      money in
      U.S. dollars (or if the Securities are denominated in a currency other than
      U.S.
      dollars, an amount of the applicable currency) in an amount sufficient, or
      

     

    (ii)  (a)
      U.S.
      Government Obligations which through the payment of interest and principal
      in
      respect thereof in accordance with their terms will provide not later than
      one
      day before the due date of any payment referred to in Section 4.01(A) or (B)
      money in an amount, or (b) a combination of such 

     

    
      
        
        

      

      
        -29-

        
          

        

      

      
        
        

      

    

    money
      and
      such U.S. Government Obligation, sufficient, in the opinion of a nationally
      recognized firm of independent public accountants expressed in a written
      certification thereof delivered to the Trustee, 

     

    to
      pay and
      discharge (A) the principal of (and premium, if any) and each installment of
      principal (and premium, if any) and interest on the Outstanding Securities
      of
      that series on the Stated Maturity of such principal or installment of principal
      or interest and (B) any mandatory sinking fund payments or analogous payments
      applicable to Securities of such series on the day on which such payments are
      due and payable in accordance with the terms of the Indenture and of such
      Securities;

     

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

     

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

     

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

     

    (5)  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 Covenant Defeasance contemplated by this Section 4.04 have been complied
      with.

     

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

     

    
      
        
        

      

      
        -30-

        
          

        

      

      
        
        

      

    

    

     

    ARTICLE
      V

     

    REMEDIES

     

    
      	Section
              5.01  	
              Events
                of Default.

            

    

     

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

     

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

     

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

     

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

     

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

     

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

     

    (6)  the
      commencement by the Company of a voluntary case or proceeding under any
      applicable bankruptcy, insolvency, reorganization or other similar law or of
      any
      other case or proceeding to be adjudicated a bankrupt or insolvent, or the
      consent by it to the entry of a decree or order for relief in respect of the
      Company in an invol-

     

    
      
        
        

      

      
        -31-

        
          

        

      

      
        
        

      

    

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

     

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

     

    
      	Section
              5.02  	
              Acceleration
                of Maturity: Rescission and Annulment.

            

    

     

    If
      an
      Event of Default (other than an Event of Default under Section 5.01(5) or (6))
      with respect to Securities of any series at the time Outstanding occurs and
      is
      continuing, then in every such case the Trustee or the Holders of not less
      than
      25% in principal amount of the Outstanding Securities of that series may declare
      the principal amount (or, if the Securities of that series are Original Issue
      Discount Securities, such portion of the principal amount as may be specified
      in
      the terms of that series) of all of the Securities of that series to be due
      and
      payable immediately, by a notice in writing to the Company (and to the Trustee
      if given by Holders), and upon any such declaration such principal amount (or
      specified amount) shall become immediately due and payable.

     

    In
      the
      case of an Event of Default resulting under Section 5.01(5) or (6), which occurs
      and is continuing with respect to Securities of any series at the time
      Outstanding, then all unpaid principal of and accrued interest on all such
      Outstanding Securities of that series shall become immediately due and payable
      without any notice or other action on the part of the Trustee or the Holders
      of
      any Securities of such series.

     

    At
      any
      time after such a declaration of acceleration with respect to Securities of
      any
      series has been made and before a judgment or decree for payment of the money
      due has been obtained by the Trustee as hereinafter in this article provided,
      the Holders of a majority in aggregate 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, 

     

    
      
        
        

      

      
        -32-

        
          

        

      

      
        
        

      

    

    

     

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

     

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

     

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

     

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

     

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

     

    
      	Section
              5.03  	
              Collection
                of Indebtedness and Suits for Enforcement by Trustee.

            

    

     

    The
      Company covenants that if

     

    (1)  default
      is
      made in the payment of any interest on any Security when such interest becomes
      due and payable and such default continues for a period of 60 days,
      or

     

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

     

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

     

    If
      the
      Company fails to pay such amounts forthwith upon such demand, the Trustee,
      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 

     

    
      
        
        

      

      
        -33-

        
          

        

      

      
        
        

      

    

    by
      law out
      of the property of the Company or any other obligor upon such Securities,
      wherever situated. 

     

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

     

    
      	Section
              5.04  	
              Trustee
                May File Proofs of Claim.

            

    

     

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

     

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

     

    (ii) to
      collect
      and receive any moneys or other property payable or deliverable on any such
      claims and to distribute the same; and any custodian, receiver, assignee,
      trustee, liquidator, sequestrator or other similar official in any such judicial
      proceeding is hereby authorized by each Holder to make such payments to the
      Trustee and, in the event that the Trustee shall consent to the making of such
      payments directly to the Holders, to pay to the Trustee any amount due it for
      the reasonable compensation, expenses, disbursements and advances of the
      Trustee, its agents and counsel, and any other amounts due the Trustee under
      Section 6.07.

     

    Nothing
      herein contained shall be deemed to authorize the Trustee to authorize or
      consent to or accept or adopt on behalf of any Holder 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. 

     

    
      
        
        

      

      
        -34-

        
          

        

      

      
        
        

      

    

    

     

    
      	Section
              5.05  	
              Trustee
                May Enforce Claims Without Possession of Securities.

            

    

     

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

     

    
      	Section
              5.06  	
              Application
                of Money Collected.

            

    

     

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

     

    FIRST:
      To
      the payment of all amounts due the Trustee and each predecessor Trustee under
      Section 6.07;

     

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

     

    THIRD:
      To
      the Company.

     

    
      	Section
              5.07  	
              Limitation
                on Suits.

            

    

     

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

     

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

     

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

     

    
      
        
        

      

      
        -35-

        
          

        

      

      
        
        

      

    

    

     

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

     

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

     

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

     

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

     

    
      	Section
              5.08  	
              Unconditional
                Right of Holders to Receive Principal, Premium and
                Interest.

            

    

     

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

     

    
      	Section
              5.09  	
              Restoration
                of Rights and Remedies.

            

    

     

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

     

    
      	Section
              5.10  	
              Rights
                and Remedies Cumulative.

            

    

     

    Except
      as
      otherwise provided with respect to the replacement or payment of mutilated,
      destroyed, lost or stolen Securities in the last paragraph of Section 3.06,
      no
      right or remedy herein conferred upon or reserved to the Trustee or to the
      Holders is intended to be exclusive of any other right or remedy, and every
      right and remedy shall, to the extent permitted by law, be cumulative and in
      addition to every other right and remedy given hereunder or 

     

    
      
        
        

      

      
        -36-

        
          

        

      

      
        
        

      

    

    now
      or
      hereafter existing at law or in equity or otherwise. The assertion or employment
      of any right or remedy hereunder, or otherwise, shall not prevent the concurrent
      assertion or employment of any other appropriate right or remedy. 

     

    
      	Section
              5.11  	
              Delay
                or Omission Not Waiver.

            

    

     

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

     

    
      	Section
              5.12  	
              Control
                by Holders.

            

    

     

    The
      Holders of a majority in principal amount of the Outstanding Securities of
      any
      series (or if more than one series is affected thereby, of all series so
      affected, voting as a single class) shall have the right to direct the time,
      method and place of conducting any proceeding for any remedy available to the
      Trustee, or exercising any trust or power conferred on the Trustee, with respect
      to the Securities of such series, provided,
      however,
      that

     

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

     

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

     

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

     

    
      	Section
              5.13  	
              Waiver
                of Past Defaults.

            

    

     

    The
      Holders of not less than a majority in principal amount of the Outstanding
      Securities of any series may on behalf of the Holders of all the Securities
      of
      such series affected thereby (voting as a single class) waive any past default
      hereunder with respect to such series and its consequences, except that the
      consent of the Holders of all of the Securities of such series affected thereby
      is required to waive a default:

     

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

     

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

     

    
      
        
        

      

      
        -37-

        
          

        

      

      
        
        

      

    

    

     

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

     

    
      	Section
              5.14  	
              Undertaking
                for Costs.

            

    

     

    All
      parties to this Indenture agree, and each Holder of any Security by his
      acceptance thereof shall be deemed to have agreed, that any court may in its
      discretion require, in any suit for the enforcement of any right or remedy
      under
      this Indenture, or in any suit against the Trustee for any action taken,
      suffered or omitted by it as Trustee, the filing by any party litigant in such
      suit of an undertaking to pay the costs of such suit, and that such court may
      in
      its discretion assess reasonable costs, including reasonable attorneys’ fees,
      against any party litigant in such suit, having due regard to the merits and
      good faith of the claims or defenses made by such party litigant; but the
      provisions of this Section 5.14 shall not apply to any suit instituted by the
      Company, to any suit instituted by the Trustee, to any suit instituted by any
      Holder, or group of Holders, holding in the aggregate more than 10% in principal
      amount of the Outstanding Securities of any series, or to any suit instituted
      by
      any Holder for the enforcement of the payment of the principal of (or premium,
      if any) or interest on any Securities on or after the Stated Maturity or
      Maturities expressed in such Security (or, in the case of redemption, on or
      after the Redemption Date). This Section 5.14 shall be in lieu of Section
      3.15(e) of the Trust Indenture Act and such Section 3.15(e) is hereby expressly
      excluded from this Indenture, as permitted by the Trust Indenture
      Act.

     

    
      	Section
              5.15  	
              Waiver
                of Stay or Extension Laws.

            

    

     

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

     

    ARTICLE
      VI

     

    THE
      TRUSTEE

     

    
      	Section
              6.01  	
              Certain
                Duties and Responsibilities.

            

    

     

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

     

    
      
        
        

      

      
        -38-

        
          

        

      

      
        
        

      

    

    

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
        -39-

        
          

        

      

      
        
        

      

    

    

     

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

     

    
      	Section
              6.02  	
              Notice
                of Defaults.

            

    

     

    Within
      60
      days after the occurrence of any default hereunder with respect to the
      Securities of any series, the Trustee shall transmit by mail to all Holders
      of
      Securities of such series, as their names and addresses appear in the Security
      Register, notice of such default hereunder known to the Trustee, unless such
      default shall have been cured or waived; provided,
      however,
      that,
      except in the case of a default in the payment of the principal of (or premium,
      if any) or interest on any Security of such series or in the payment of any
      sinking fund installment with respect to Securities of such series, the Trustee
      shall be protected in withholding such notice if and so long as the board of
      directors, the executive committee or a trust committee of directors or
      Responsible Officers of the Trustee in good faith determines that the
      withholding of such notice is in the interest of the Holders of Securities
      of
      such series; and provided further,
      however,
      that in
      the case of any default of the character specified in Section 5.01(4) with
      respect to Securities of such series, no such notice to Holders shall be given
      until at least 30 days after the occurrence thereof. For the purpose of this
      Section 6.02, the term “default” means any event which is, or after notice or
      lapse of time or both would become, an Event of Default with respect to
      Securities of such series.

     

    The
      Trustee shall not be required to take notice or be deemed to have notice of
      any
      default hereunder unless the Trustee shall be specifically notified in writing
      of such default by the Company or otherwise have actual knowledge of such
      default, or by the owners of at least 25% in aggregate principal amount of
      Outstanding Securities. In the absence of such notice delivered to the Trustee,
      the Trustee may conclusively assume there is no default except as
      aforesaid.

     

    
      	Section
              6.03  	
              Certain
                Rights of Trustee.

            

    

     

    Subject
      to
      the provisions of Section 6.01:

     

    (a)  the
      Trustee may rely and shall be protected in acting or refraining from acting
      upon
      any Board Resolution, resolution, Officers’ Certificate, certificate, statement,
      instrument, Opinion of Counsel, opinion, report, notice, request, direction,
      consent, order, bond, debenture, note, other evidence of indebtedness or other
      paper or document believed by it to be genuine and to have been signed or
      presented by the proper party or parties, and the Trustee need not investigate
      any fact or matter stated in the document;

     

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

     

    
      
        
        

      

      
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    (c)  whenever
      in the administration of this Indenture the Trustee shall deem it desirable
      that
      a matter be proved or established prior to taking, suffering or omitting any
      action hereunder, the Trustee (unless other evidence be herein specifically
      prescribed) may, in the absence of bad faith on its part, rely upon an Officers’
Certificate and any resolution of the Board of Directors shall be evidenced
      to
      the Trustee by a copy thereof certified by the Secretary or Assistant Secretary
      of the Company;

     

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

     

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

     

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

     

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

     

    
      	Section
              6.04  	
              Not
                Responsible for Recitals or Issuance of Securities.

            

    

     

    The
      recitals contained herein and in the Securities or any other documents in
      connection with the sale of the Securities, except the Trustee’s certificates of
      authentication, shall be taken as the statements of the Company, and the Trustee
      assumes no responsibility for their correctness. The Trustee shall not be
      responsible for and makes no representations as to the validity or sufficiency
      of this Indenture or of the Securities. The Trustee shall not be accountable
      for
      the use or application by the Company of Securities or the proceeds thereof
      and
      it shall not be responsible for the use or application of any money received
      by
      any Paying Agent other than the Trustee.

     

    
      
        
        

      

      
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      	Section
              6.05  	
              May
                Hold Securities.

            

    

     

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

     

    
      	Section
              6.06  	
              Money
                Held in Trust.

            

    

     

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

     

    
      	Section
              6.07  	
              Compensation
                and Reimbursement.

            

    

     

    The
      Company agrees:

     

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

     

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

     

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

     

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

     

    
      
        
        

      

      
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      	Section
              6.08  	
              Disqualification;
                Conflicting Interests. 

            

    

     

    The
      Trustee shall comply with the terms of Section 3.10(b) of the Trust Indenture
      Act.

     

    
      	Section
              6.09  	
              Corporate
                Trustee Required; Eligibility.

            

    

     

    There
      shall at all times be a Trustee hereunder which shall be a corporation organized
      and doing business under the laws of the United States of America, any State
      thereof or the District of Columbia, authorized under such laws to exercise
      corporate trust powers having (or, in the case of the subsidiary of a bank
      holding company that guarantees the obligations of the Trustee under this
      Indenture, such holding company’s parent shall have) a combined capital and
      surplus of at least $50,000,000 subject to supervision or examination by Federal
      or State authority. If such corporation or holding company parent publishes
      reports of condition at least annually, pursuant to law or the requirements
      of
      said supervising or examining authority, then for the purposes of this section,
      the combined capital and surplus of such corporation or holding company parent
      shall be deemed to be its combined capital and surplus as set forth in its
      most
      recent report of condition so published. If at any time the Trustee shall cease
      to be eligible in accordance with the provisions of this Section 6.09, it shall
      resign immediately in the manner and with the effect hereinafter specified
      in
      this Article VI.

     

    
      	Section
              6.10  	
              Resignation
                and Removal; Appointment of Successor.

            

    

     

    (a)  No
      resignation or removal of the Trustee and no appointment of a successor Trustee
      pursuant to this article shall become effective until the acceptance of
      appointment by the successor Trustee in accordance with the applicable
      requirements of Section 6.11.

     

    (b)  The
      Trustee may resign at any time with respect to the Securities of one or more
      series by giving written notice thereof to the Company. If the instrument of
      acceptance by a successor Trustee required by Section 6.11 shall not have been
      delivered to the Trustee within 30 days after the giving of such notice of
      resignation, the resigning Trustee may petition any court of competent
      jurisdiction for the appointment of a successor Trustee with respect to the
      Securities of such series. If the acceptance of appointment is substantially
      contemporaneous with the resignation, then the notice called for by the first
      sentence of this Subsection 6.10(b) may be combined with the instrument called
      for by Section 6.11.

     

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

     

    (d)  If
      at any
      time:

     

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

     

    
      
        
        

      

      
        -43-

        
          

        

      

      
        
        

      

    

    

     

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

     

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

     

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

     

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

     

    (f)  The
      Company shall give notice of each resignation and each removal of the Trustee
      with respect to the Securities of any series and each appointment of a successor
      Trustee with respect to the Securities of any series by mailing written notice
      of such event by first-class mail, postage prepaid, to all Holders of Securities
      of such series as their names and addresses appear in the Security Register.
      Each notice shall include the name of the successor Trustee with respect to
      the
      Securities of such series and the address of its Corporate Trust
      Office.

     

    
      
        
        

      

      
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    (g)  If
      a
      Trustee is removed with or without cause, all fees and expenses (including
      the
      reasonable fees and expenses of counsel and excluding any expense, disbursement
      or advance as may be attributable to the Trustee’s own negligence, bad faith or
      willful misconduct) of the Trustee incurred in the administration of the trust
      or in performing of the duties hereunder shall be paid to the
      Trustee.

     

    
      	Section
              6.11  	
              Acceptance
                of Appointment by Successor.

            

    

     

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

     

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

     

    
      
        
        

      

      
        -45-

        
          

        

      

      
        
        

      

    

    

     

    (c)  Upon
      request of any such successor Trustee, the Company shall execute any and all
      instruments for more fully and certainly vesting in and confirming to such
      successor Trustee all such rights, powers and trusts referred to in Section
      6.11(a) or (b) of this section, as the case may be.

     

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

     

    
      	Section
              6.12  	
              Merger,
                Conversion, Consolidation or Succession to Business.

            

    

     

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

     

    
      	Section
              6.13  	
              Preferential
                Collection of Claims Against Company.

            

    

     

    If
      and
      when the Trustee shall be or become a creditor of the Company (or any other
      obligor upon the Securities), the Trustee shall be subject to the provisions
      of
      the Trust Indenture Act regarding the collection of claims against the Company
      (or any such other obligor). A trustee who has resigned or been removed shall
      be
      subject to Section 3.11(a) of the Trust Indenture Act to the extent provided
      therein.

     

    ARTICLE
      VII

     

    HOLDERS’
      LISTS AND REPORTS BY TRUSTEE AND COMPANY

     

    
      	Section
              7.01  	
              Company
                to Furnish Trustee Names and Addresses of Holders.

            

    

     

    The
      Company will furnish or cause to be furnished to the Trustee with respect to
      the
      Securities of each series:

     

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

     

    
      
        
        

      

      
        -46-

        
          

        

      

      
        
        

      

    

    

     

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

     

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

     

    
      	Section
              7.02  	
              Preservation
                of Information; Communications to Holders.

            

    

     

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

     

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

     

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

     

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

     

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

     

    
      
        
        

      

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

     

    (c)  Every
      Holder of Securities, by receiving and holding the same, agrees with the Company
      and the Trustee that neither the Company nor the Trustee nor any agent of either
      of them shall be held accountable by reason of the disclosure of any such
      information as to the names and addresses of the Holders in accordance with
      Section 7.02(b), regardless of the source from which such information was
      derived, and that the Trustee shall not be held accountable by reason of mailing
      any material pursuant to a request made under Section 7.02(b).

     

    (d)  Subject
      to
      Sections 6.01 and 7.02(a), (b) and (c), if the Company or any other Person
      (other than the Trustee) shall desire to communicate with Holders of Securities
      to solicit or obtain from them any proxy, consent, authorization, waiver,
      approval of a plan of reorganization, arrangement or readjustment or other
      action (“Holder Action”), the Trustee shall have no duty to participate in such
      communication or solicitation or the processing of responses in any manner
      except (i) to furnish the rules and regulations and to perform the functions
      referred to in Section 1.04 and (ii) to receive (A) the instruments evidencing
      the Holder Action together with (B) the Officers’ Certificate and Opinion of
      Counsel referred to below. The Company hereby covenants that any and all
      communications and solicitations distributed by it in connection with any Holder
      Action will comply in all material respects with applicable law, including
      without limitation applicable law concerning adequacy of disclosure. The Trustee
      shall have no responsibility for the accuracy or completeness of any materials
      circulated to solicit any Holder Action nor for any related communications
      nor
      for the compliance thereof with applicable law. No Holder Action shall become
      effective until the Trustee shall have received from the Company or other person
      who solicited the Holder Action (1) the instruments evidencing such Holder
      Action and (2) (x) (in the case of Holder Action solicited by the Company or
      the
      representative of the Company’s estate if the Company is the debtor in any
      bankruptcy or other insolvency proceeding) an Officers’ Certificate and (y) (in
      all cases) an Opinion of Counsel, each specifying the Holder Action taken and
      stating that such Holder Action has been duly and validly taken in compliance
      with this Indenture in all material respects. Such Officers’ Certificate, if
      any, shall also certify that (after giving effect to such Holder Action) no
      Event of Default or event or condition which, with notice or lapse of time
      or
      both, would become an Event of Default has occurred and is continuing or has
      not
      been waived.

     

    (e)  The
      Depositary may grant proxies and otherwise authorize its participants which
      own
      the Global Securities to give or take any Act which a Holder is entitled to
      

     

    
      
        
        

      

      
        -48-

        
          

        

      

      
        
        

      

    

    take
      under
      this Indenture; provided,
      however,
      that the
      Depositary has delivered a list of such participants to the Trustee.

     

    
      	Section
              7.03  	
              Reports
                by Trustee.

            

    

     

    (a)  Within
      60
      days after June 1 of each year commencing with the first June 1 following the
      date of this Indenture, the Trustee shall transmit by mail to all Holders,
      as
      their names and addresses appear in the Security Register, a brief report dated
      as of such June 1, to the extent required by Section 3.13(a) of the Trust
      Indenture Act.

     

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

     

    (c)  A
      copy of
      each such report shall, at the time of such transmission to Holders, be filed
      by
      the Trustee with the Commission and with the Company. The Company will notify
      the Trustee promptly, and in any event within 10 Business Days, when any
      Securities are listed on any stock exchange or any de-listing
      thereof.

     

    
      	Section
              7.04  	
              Reports
                by Company.

            

    

     

    The
      Company shall:

     

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

     

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

     

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

     

    
      
        
        

      

      
        -49-

        
          

        

      

      
        
        

      

    

    tained
      therein, including the Company’s compliance with any of its covenants hereunder
      (as to which the Trustee is entitled to rely conclusively on an Officers’
Certificate).

     

    ARTICLE
      VIII

     

    SUCCESSOR
      CORPORATION

     

    
      	Section
              8.01  	
              When
                Company May Merge or Transfer Assets.

            

    

     

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

     

    (1)  either
      (a)
      the Company shall be the surviving person or (b) the person (if other than
      the
      Company) formed by such consolidation or into which the Company is merged or
      the
      person which acquires by conveyance, transfer, sale or lease of all or
      substantially all of the properties and assets of the Company shall be organized
      and existing under the laws of a domestic jurisdiction and shall expressly
      assume, by an indenture supplemental hereto, executed and delivered to the
      Trustee, in form reasonably satisfactory to the Trustee, all of the obligations
      of the Company under the Securities and this Indenture;

     

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

     

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

     

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

     

    
      
        
        

      

      
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    ARTICLE
      IX

     

    AMENDMENTS
      AND SUPPLEMENTAL INDENTURES

     

    
      	Section
              9.01  	
              Amendments
                or Supplemental Indentures without Consent of Holders.

            

    

     

    The
      Company, when authorized by a Board Resolution, and the Trustee, at any time
      and
      from time to time, may amend or supplement this Indenture or the Securities
      without the consent of any Holder, so long as such changes, other than those
      in
      clause (2), do not materially and adversely affect the interests of the
      Holder:

     

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

     

    (2)  to
      make
      any modifications or amendments that do not, in the good faith opinion of the
      Company’s Board of Directors and the Trustee, adversely affect the interests of
      the Holders in any material respect;

     

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

     

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

     

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

     

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

     

    (7)  to
      make
      any change necessary to comply with the Trust Indenture Act, or any amendment
      thereto, or to comply with any requirement of the Commission in connection
      with
      the qualification of this Indenture under the Trust Indenture Act, provided,
      however,
      that
      such modification or amendment does not, in the good faith opinion of the
      Company’s Board of Directors and the Trustee, adversely affect the interests of
      the Holders of the Securities in any material respect; 

     

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

     

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

     

    (10)  to
      change
      or eliminate any of the provisions of this Indenture; provided,
      however,
      that any
      such change or elimination shall become effective only when there 

     

    
      
        
        

      

      
        -51-

        
          

        

      

      
        
        

      

    

    is
      no
      Security Outstanding of any series created prior to the execution of such
      supplemental indenture which is entitled to the benefit of such
      provision;

     

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

     

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

     

    (13)  (13)
      to
      conform, as necessary, this Indenture and the Securities to the “Description of
      Notes” as set forth in any prospectus, prospectus supplement or other offering
      document relating to any issuance of the Securities.

     

    
      	Section
              9.02  	
              Amendments
                or Supplemental Indentures with Consent of Holders.

            

    

     

    With
      the
      written consent of the Holders of not less than a majority in aggregate
      principal amount of the Securities of such series affected by such amendment
      or
      supplement at the time Outstanding, the Company, when authorized by a Board
      Resolution, and the Trustee, at any time and from time to time, may amend or
      supplement this Indenture or such series of Securities. However, without the
      consent of each Holder affected, an amendment to this Indenture or the
      Securities may not: 

     

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

     

    (2)  reduce
      the
      principal amount of, or the rate of interest on, the Securities;

     

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

     

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

     

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

     

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

     

    (7)  if
      the
      Securities are convertible, adversely affect the right to convert the Securities
      into shares of Common Stock or Preferred Stock in accordance with the provisions
      of this Indenture.

     

    
      
        
        

      

      
        -52-

        
          

        

      

      
        
        

      

    

    

     

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

     

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

     

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

     

    
      	Section
              9.03  	
              Execution
                of Supplemental Indentures.

            

    

     

    The
      Trustee shall sign any supplemental indenture authorized pursuant to this
      article if the amendment contained therein does not adversely affect the rights,
      duties, liabilities or immunities of the Trustee. If it does, the Trustee may,
      but need not, sign such supplemental indenture. In executing, or accepting
      the
      additional trusts created by, any supplemental indenture permitted by this
      article or the modifications thereby of the trusts created by this Indenture,
      the Trustee shall be entitled to receive, and (subject to Section 6.01) shall
      be
      fully protected in relying conclusively upon, an Officers’ Certificate and an
      Opinion of Counsel stating that the execution of such supplemental indenture
      is
      authorized or permitted by this Indenture.

     

    
      	Section
              9.04  	
              Effect
                of Supplemental Indentures.

            

    

     

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

     

    
      	Section
              9.05  	
              Conformity
                with Trust Indenture Act.

            

    

     

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

     

    
      	Section
              9.06  	
              Reference
                in Securities to Supplemental Indentures.

            

    

     

    Securities
      of any series authenticated and delivered after the execution of any
      supplemental indenture pursuant to this Article IX 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 modi-

     

    
      
        
        

      

      
        -53-

        
          

        

      

      
        
        

      

    

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

     

    ARTICLE
      X

     

    COVENANTS

     

    
      	Section
              10.01  	
              Payment
                of Principal, Premium and Interest.

            

    

     

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

     

    
      	Section
              10.02  	
              Maintenance
                of Office or Agency.

            

    

     

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

     

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

     

    
      	Section
              10.03  	
              Money
                for Securities; Payments to Be Held in Trust.

            

    

     

    If
      the
      Company shall at any time act as its own Paying Agent with respect to any series
      of Securities, it will, on or before each due date of the principal of (and
      premium, if 

     

    
      
        
        

      

      
        -54-

        
          

        

      

      
        
        

      

    

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

     

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

     

    The
      Company will cause each Paying Agent for any series of Securities other than
      the
      Trustee to execute and deliver to the Trustee a written 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 on the principal of (and premium, if any) or
      interest on Securities of that series in trust for the benefit of the Persons
      entitled thereto until such sums shall be paid to such Persons or otherwise
      disposed of as herein provided;

     

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

     

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

     

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

     

    Any
      money
      deposited with the Trustee or any Paying Agent, or then held by the Company,
      in
      trust for the payment of the principal of (and premium, if any) or interest
      on
      any Security of any series and remaining unclaimed for two years after such
      principal (and premium, if any) or interest has become due and payable shall
      be
      paid to the Company on 

     

    
      
        
        

      

      
        -55-

        
          

        

      

      
        
        

      

    

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

     

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

     

    
      	Section
              10.04  	
              Corporate
                Existence.

            

    

     

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

     

    
      	Section
              10.05  	
              Maintenance
                of Properties.

            

    

     

    The
      Company will use its reasonable efforts to cause all material properties used
      or
      useful in the conduct of its business to be maintained and kept in good
      condition, repair and working order (subject to wear and tear) and supplied
      with
      all necessary material equipment and will use its reasonable efforts to cause
      to
      be made all necessary material repairs, renewals, replacements, betterments
      and
      improvements thereof, all as in the judgment of the Company may be necessary
      so
      that the business carried on in connection therewith may be properly and
      advantageously conducted at all times; provided,
      however,
      that
      nothing in this Section 10.05 shall prevent the Company from discontinuing
      the
      operation or maintenance of any of such properties if such discontinuance is,
      in
      the judgment of the Company, desirable in the conduct of its business and not
      disadvantageous in any material respect to the Holders.

     

    
      
        
        

      

      
        -56-

        
          

        

      

      
        
        

      

    

    

     

    
      	Section
              10.06  	
              Statement
                by Officers as to Default.

            

    

     

    The
      Company will deliver to the Trustee, within 120 days after the end of each
      fiscal year of the Company ending after the date hereof, a certificate of the
      principal executive officer, principal financial officer or principal accounting
      officer of the Company stating whether or not to the best knowledge of the
      signer thereof the Company is in default in the performance and observance
      of
      any of the terms, provisions and conditions of this Indenture, 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
              10.07  	
              Waiver
                of Certain Covenants.

            

    

     

    In
      respect
      of any series of Securities, the Company may omit in any particular instance
      to
      comply with any term, provision or condition set forth in Section 10.06 if
      before or after the time for such compliance the Holders of at least a majority
      in principal amount of the Outstanding Securities of such series shall, by
      Act
      of such Holders, either waive such compliance in such instance or generally
      waive compliance with such term, provision or condition 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.

     

    ARTICLE
      XI

     

    REDEMPTION
      OF SECURITIES

     

    
      	Section
              11.01  	
              Applicability
                of Article.

            

    

     

    Securities
      of any series which are redeemable before their Stated Maturity shall be
      redeemable in accordance with their terms and (except as otherwise specified
      as
      contemplated by Section 3.01 for Securities of any series) in accordance with
      this Article XI. In addition, unless expressly prohibited in an indenture
      supplement hereto or in authorizing resolutions with respect to any series
      of
      Securities, the Company may purchase, acquire or otherwise hold
      Securities.

     

    
      	Section
              11.02  	
              Election
                to Redeem; Notice to Trustee.

            

    

     

    The
      election of the Company to redeem any Securities shall be evidenced by a Board
      Resolution. In case of any redemption at the election of the Company of less
      than all the Securities of any series, the Company shall, at least 30 days
      prior
      to the Redemption Date fixed by the Company (unless a shorter notice shall
      be
      satisfactory to the Trustee), notify the Trustee in writing of such Redemption
      Date and of the principal amount of Securities of such series to be redeemed,
      such notice to be accompanied by a written statement signed by an authorized
      officer of the Company stating that no defaults in the payment of interest
      or
      Events of Default with respect to the Securities of that series have occurred
      (which have not been waived or cured). In the case of any redemption of
      Securities prior to the expiration of any 

     

    
      
        
        

      

      
        -57-

        
          

        

      

      
        
        

      

    

    restriction
      on such redemption provided in the terms of such Securities or elsewhere in
      this
      Indenture, the Company shall furnish the Trustee an Officers’ Certificate
      evidencing compliance with such restriction.

     

    
      	Section
              11.03  	
              Selection
                by Trustee of Securities to Be Redeemed.

            

    

     

    If
      less
      than all the Securities of any series are to be redeemed, the particular
      Securities to be redeemed shall be selected not more than 60 days prior to
      the
      Redemption Date by the Trustee, from the Outstanding Securities of such series
      not previously called for redemption, by such method as the Trustee in its
      sole
      discretion shall deem fair and appropriate and which may provide for the
      selection or redemption of portions (equal to the minimum authorized
      denomination for Securities of that series or any integral multiple thereof)
      of
      the principal amount of Securities of such series of a denomination larger
      than
      the minimum authorized denomination for Securities of that series. 

     

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

     

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

     

    
      	Section
              11.04  	
              Notice
                of Redemption.

            

    

     

    Notice
      of
      redemption shall be given by first-class mail, postage prepaid, mailed not
      less
      than 30 nor more than 60 days prior to the Redemption Date, to each Holder
      of
      Securities to be redeemed, at his address appearing in the Security Register.
      Any notice which is mailed in the manner herein provided shall be conclusively
      presumed to have been duly given, whether or not such Holder receives the
      notice. Failure to give notice by mail, or any defect in the notice to any
      such
      Holder in respect of any Security, shall not affect the validity of the
      proceedings for the redemption of any other Security. 

     

    All
      notices of redemption shall state:

     

    (1)  the
      Redemption Date;

     

    (2)  the
      manner
      of calculating the Redemption Price and any accrued interest;

     

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

     

    
      
        
        

      

      
        -58-

        
          

        

      

      
        
        

      

    

    

     

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

     

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

     

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

     

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

     

    Notice
      of
      redemption of Securities to be redeemed at the election of the Company shall
      be
      given by the Company or, at the Company’s request, by the Trustee to each Holder
      in the name and at the expense of the Company, provided
      that the
      Company makes such request in writing at least 15 Business Days prior to the
      date by which such notice of redemption must be given to Holders in accordance
      with this Section 11.04.

     

    
      	Section
              11.05  	
              Deposit
                of Redemption Price.

            

    

     

    On
      or
      prior to any Redemption Date, the Company shall deposit with the Trustee or
      with
      a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate
      and hold in trust as provided in Section 10.03) an amount of money, in funds
      immediately available on the due date, sufficient to pay the Redemption Price
      of, and (except if the Redemption Date shall be an Interest Payment Date)
      accrued interest on, all the Securities which are to be redeemed on that date.
      Promptly after the calculation of the Redemption Price, the Company will give
      the Trustee and any Paying Agent written notice thereof.

     

    
      	Section
              11.06  	
              Securities
                Payable on Redemption Date.

            

    

     

    Notice
      of
      redemption having been given as aforesaid, the Securities so to be redeemed
      shall, on the Redemption Date, become due and payable at the Redemption Price
      therein specified together with accrued interest thereon, and from and after
      such date (unless the Company shall default in the payment of the Redemption
      Price and accrued interest) such Securities shall cease to bear interest. Upon
      surrender of any such Security for redemption in accordance with said notice,
      such Security shall be paid by the Company at the Redemption Price, together
      with accrued interest to the Redemption Date; provided,
      however,
      that
      installments of interest whose Stated Maturity is on the Redemption Date shall
      be payable to the Holders of such Securities, or one or more Predecessor
      Securities, registered as such at the close of business on the relevant Record
      Dates according to their terms and the provisions of Section 3.07.

     

    
      
        
        

      

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

     

    The
      Trustee shall not redeem any Securities of any series pursuant to this article
      (unless all Outstanding Securities of such series are to be redeemed) or mail
      or
      give any notice of redemption of Securities during the continuance of an Event
      of Default hereunder known to the Trustee with respect to such series, except
      that, where the mailing of notice of redemption of any Securities shall
      theretofore have been made, the Trustee shall redeem or cause to be redeemed
      such Securities, provided,
      however,
      that it
      shall have received from the Company a sum sufficient for such redemption.
      Except as aforesaid, any moneys theretofore or thereafter received by the
      Trustee shall, during the continuance of such Event of Default, be deemed to
      have been collected under Article V and held for the payment of all such
      Securities of such series. In case such Event of Default shall have been waived
      as provided in Section 5.13 or the default cured on or before the 60th day
      preceding the Redemption Date, such moneys shall thereafter be applied in
      accordance with the provisions of this article. 

     

    
      	Section
              11.07  	
              Securities
                Redeemed in Part.

            

    

     

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

     

    ARTICLE
      XII

     

    SINKING
      FUNDS

     

    
      	Section
              12.01  	
              Applicability
                of Article.

            

    

     

    The
      provisions of this article shall be applicable to any sinking fund for the
      retirement of Securities of a series except as otherwise specified as
      contemplated by Section 3.01 for Securities of such series.

     

    The
      minimum amount of any sinking fund payment provided for by the terms of
      Securities of any series is herein referred to as a “mandatory sinking fund
      payment,” and any payment in excess of such minimum amount provided for by the
      terms of Securities of any series is herein referred to as an “optional sinking
      fund payment.” If provided for by the terms of Securities of any series, the
      cash amount of any sinking fund payment may be subject to reduction as provided
      in Section 12.02. Each sinking fund payment shall be applied to the

     

    
      
        
        

      

      
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    redemption
      of Securities of any series as provided for by the terms of Securities of such
      series.

     

    
      	Section
              12.02  	
              Satisfaction
                of Sinking Fund Payments with Securities.

            

    

     

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

     

    
      	Section
              12.03  	
              Redemption
                of Securities for Sinking Fund.

            

    

     

    Not
      less
      than 60 days prior to each sinking fund payment date for any series of
      Securities, the Company (1) will deliver to the Trustee an Officers’ Certificate
      (A) stating that no defaults in the payment of interest or Events of Default
      with respect to Securities of that series have occurred (which have not been
      waived or cured), (B) specifying the amount of the next ensuing sinking fund
      payment for that series pursuant to the terms of Securities of that series,
      (C) stating whether or not the Company intends to exercise its right, if
      any, to make an optional sinking fund payment with respect to such series on
      the
      next ensuing sinking fund payment date and, if so, specifying the amount of
      such
      optional sinking fund payment and (D) specifying the portion of such sinking
      fund payment, if any, which is to be satisfied by payment of cash and the
      portion thereof, if any, which is to be satisfied by delivering and crediting
      Securities of that series pursuant to Section 12.02 and (2) will also deliver
      to
      the Trustee any Securities to be so delivered. Not less than 30 days before
      each
      such sinking fund payment date the Trustee shall select the Securities of such
      series to be redeemed upon such sinking fund payment date in the manner
      specified in Section 11.03 and cause notice of the redemption thereof to be
      given in the name of and at the expense of the Company in the manner provided
      in
      Section 11.04. Such notice having been duly given, the redemption of such
      Securities shall be made upon the terms and in the manner stated in Sections
      11.05, 11.06 and 11.07. Failure of the Company, on or before any such 60th
      day,
      to deliver such Officers’ Certificate and Securities specified in this section,
      if any, shall not constitute a default but shall constitute, on and as of such
      date, the irrevocable election of the Company (a) that the mandatory sinking
      fund payment for such series due on the next succeeding sinking fund payment
      date shall be paid entirely in cash without the option to deliver or credit
      Securities of such series in respect thereof and (b) that the Company will
      make
      no optional sinking fund payment with respect to Securities of such series
      as
      provided in this article.

     

    
      
        
        

      

      
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    The
      Trustee shall not redeem or cause to be redeemed any Security of a series with
      sinking fund moneys or mail any notice of redemption of Securities of such
      series by operation of the sinking fund during the continuance of a default
      in
      payment of interest on such Securities or of any Event of Default with respect
      to such series except that, where the mailing of notice of redemption of any
      Securities shall theretofore have been made, the Trustee shall redeem or cause
      to be redeemed such Securities, provided
      that it
      shall have received from the Company a sum sufficient for such redemption.
      Except as aforesaid, any moneys in the sinking fund for such series at the
      time
      when any such default or Event of Default shall occur, and any moneys thereafter
      paid into the sinking fund, shall, during the continuance of such default or
      Event of Default, be deemed to have been collected under Article Five and held
      for the payment of all such Securities of such series. In case such Event of
      Default shall have been waived as provided in Section 5.13 or the default cured
      on or before the 60th day preceding the sinking fund payment date, such moneys
      shall thereafter be applied on the next succeeding sinking fund payment date
      in
      accordance with this section to the redemption of such Securities.

     

    ARTICLE
      XIII

     

    SUBORDINATION

     

    
      	Section
              13.01  	
              Agreement
                to Subordinate.

            

    

     

    (a)  The
      Company covenants and agrees, and each Holder of Securities issued hereunder
      by
      such Holder’s acceptance thereof likewise covenants and agrees, that (except as
      otherwise specified as contemplated by Section 3.01 for Securities of any
      series) all Securities shall be issued subject to the provisions of this Article
      XIII; and each Holder of a Security, whether upon original issue or upon
      transfer or assignment thereof, accepts and agrees to be bound by such
      provisions.

     

    (b)  The
      payment by the Company of the principal of, and interest on, the Securities
      issued hereunder shall, to the extent and in the manner hereinafter set forth,
      be subordinated and junior in right of payment to the prior payment in full
      of
      all Senior Indebtedness of the Company, whether outstanding at the date of
      this
      Indenture or thereafter incurred.

     

    (c)  No
      provision of this article shall prevent the occurrence of any default or Event
      of Default hereunder. 

     

    
      	Section
              13.02  	
              Default
                on Senior Indebtedness.

            

    

     

    (a)  No
      direct
      or indirect payment by or on behalf of the Company of principal of, premium,
      if
      any, or interest on the Securities (other than on Permitted Junior Securities),
      whether pursuant to the terms of the Securities or upon acceleration, by way
      of
      repurchase, redemption, defeasance or otherwise, will be made if, at the time
      of
      such payment, there exists a default in the payment when due of all or any
      portion of the obligations under or 

     

    
      
        
        

      

      
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    in
      respect
      of any Senior Indebtedness, whether at maturity, on account of mandatory
      redemption or prepayment, acceleration or otherwise, and such default shall
      not
      have been cured or waived or the benefits of this Section 13.02(a) waived by
      or
      on of the holders of Senior Indebtedness.

     

    (b)  In
      addition, during the continuance of any non-payment default or non-payment
      event
      of default with respect to any Designated Senior Indebtedness pursuant to which
      the maturity thereof may be accelerated, and upon receipt by the Trustee of
      written notice (a “Payment Blockage Notice”) from a holder or holders of such
      Designated Senior Indebtedness or the trustee or agent acting on behalf of
      such
      Designated Senior Indebtedness, then, unless and until such default or event
      of
      default has been cured or waived or has ceased to exist or such Designated
      Senior Indebtedness has been discharged or repaid in full in cash, or the
      requisite holders of such Designated Senior Indebtedness have otherwise agreed
      in writing, (a) no payment of any kind or character with respect to any
      principal of or interest on or distribution will be made by or on behalf of
      the
      Company on account of or with respect to the Securities (other than in Permitted
      Junior Securities) and (b) the Company may not acquire any Securities for cash,
      property or otherwise, during a period (a “Payment Blockage Period”) commencing
      on the date of receipt of such Payment Blockage Notice by the Trustee and ending
      179 days thereafter. 

     

    Notwithstanding
      anything herein to the contrary, (x) in no event will a Payment Blockage Period
      extend beyond 179 days from the date the Payment Blockage Notice in respect
      thereof was given. Not more than one Payment Blockage Period may be commenced
      with respect to the Securities during any period of 360 consecutive days. No
      default or event of default that existed or was continuing on the date of
      commencement of any Payment Blockage Period with respect to the Designated
      Senior Indebtedness initiating such Payment Blockage Period may be, or be made,
      the basis for the commencement of any other Payment Blockage Period by the
      holder or holders of such Designated Senior Indebtedness or the trustee or
      agent
      acting on behalf of such Designated Senior Indebtedness, whether or not within
      a
      period of 360 consecutive days, unless such default or event of default has
      been
      cured or waived for a period of not less than 90 consecutive days. 

     

    (c)  In
      the
      event that, notwithstanding the foregoing, any payment shall be received by
      the
      Trustee when such payment is prohibited by the preceding paragraph of this
      Section 13.02, such payment shall be held in trust for the benefit of, and
      shall
      be paid over or delivered to, the holders of Senior Indebtedness or their
      respective representatives, or to the trustee or trustees under any indenture
      pursuant to which any instruments evidencing such Senior Indebtedness may have
      been issued, as their respective interests may appear, as calculated by the
      Company, to the extent necessary to pay such Senior Indebtedness in full, in
      cash, after giving effect to any concurrent payment or distribution to or for
      the benefit of the holders of such Senior Indebtedness, before any payment
      or
      distribution is made to the Holders or to the Trustee. 

     

    
      
        
        

      

      
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      	Section
              13.03  	
              Liquidation;
                Dissolution; Bankruptcy.

            

    

     

    (a)  Upon
      any
      distribution of assets of the Company of any kind or character, whether in
      cash,
      property or securities, to creditors upon any total or partial dissolution,
      winding-up, liquidation or reorganization of the Company, whether voluntary
      or
      involuntary, assignment for the benefit of creditors or marshalling of the
      Company’s assets, or in bankruptcy, insolvency, receivership or other similar
      proceedings, whether voluntary or involuntary, all principal, premium, if any,
      and interest due or to become due to all Senior Indebtedness of the Company
      shall first be paid in full in cash, or such payment duly provided for to the
      satisfaction of the holders of the Senior Indebtedness, before the Holders
      are
      entitled to receive or retain any payment; and upon any such dissolution or
      winding-up or liquidation or reorganization, any payment by the Company, or
      distribution of assets of the Company of any kind or character whether in cash,
      property or securities, which the Holders or the Trustee would be entitled
      to
      receive from the Company, except for the provisions of this article, shall
      be
      paid by the Company or by any receiver, trustee in bankruptcy, liquidating
      trustee, agent or other Person making such payment or distribution, or by the
      Holders or by the Trustee under this Indenture if received by them or it,
      directly to the holders of Senior Indebtedness of the Company or their
      respective representatives, or to the trustee or trustees under any indenture
      pursuant to which any instruments evidencing such Senior Indebtedness may have
      been issued, as their respective interests may appear, as calculated by the
      Company, to the extent necessary to pay such Senior Indebtedness in full in
      cash, or such payment duly provided for to the satisfaction of the holders
      of
      the Senior Indebtedness, after giving effect to any concurrent payment or
      distribution to or for the benefit of the holders of such Senior Indebtedness,
      before any payment or distribution is made to the Holders or to the
      Trustee.

     

    (b)  In
      the
      event that, notwithstanding Section 13.03(a), any payment or distribution of
      assets of the Company of any kind or character, whether in cash, property or
      securities, prohibited by Section 13.03(a), shall be received by the Trustee
      before all Senior Indebtedness of the Company is paid in full, or provision
      is
      made for such payment in money in accordance with its terms, such payment or
      distribution shall be held in trust for the benefit of, and shall be paid over
      or delivered to, the holders of such Senior Indebtedness or their respective
      representatives, or to the trustee or trustees under any indenture pursuant
      to
      which any instruments evidencing such Senior Indebtedness may have been issued,
      as their respective interests may appear, as calculated by the Company, to
      the
      extent necessary to pay such Senior Indebtedness in full, in cash, after giving
      effect to any concurrent payment or distribution to or for the benefit of the
      holders of such Senior Indebtedness, before any payment or distribution is
      made
      to the Holders or to the Trustee.

     

    (c)  For
      purposes of this Article XIII, the words “cash, property or securities” shall
      not be deemed to include shares of stock of the Company as reorganized or
      readjusted, or securities of the Company or any other corporation provided
      for
      by a plan of reorganization or readjustment, the payment of which is
      subordinated at least to the extent provided in this article with respect to
      the
      Securities to the payment of all Senior Indebtedness of the Company that may
      at
      the time be outstanding; provided,
      however,
      that (i)
      such Senior In-

     

    
      
        
        

      

      
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    debtedness
      is assumed by the new corporation, if any, resulting from any such
      reorganization or readjustment, and (ii) the rights of the holders of such
      Senior Indebtedness are not, without the consent of such holders, altered by
      such reorganization or readjustment. The consolidation of the Company with,
      or
      the merger of the Company into, another corporation or the liquidation or
      dissolution of the Company following the conveyance or transfer of its
      properties or assets substantially as an entirety, to another corporation upon
      the terms and conditions provided for in Article VIII of this Indenture shall
      not be deemed a dissolution, winding-up, liquidation or reorganization for
      the
      purposes of this Section 13.03 if such other corporation shall, as part of
      such
      consolidation, merger, conveyance or transfer, comply with the conditions stated
      in Article VIII of this Indenture. Nothing in Section 13.02 or in this Section
      13.03 shall apply to claims of, or payments to, the Trustee under or pursuant
      to
      Section 6.07 of this Indenture.

     

    (d)  If
      the
      Trustee or any Holder of Securities does not file a proper claim or proof of
      debt in the form required in any proceeding referred to above prior to 30 days
      before the expiration of the time to file such claim in such proceeding, then
      the holder of any Senior Indebtedness is hereby authorized, and has the right,
      to file an appropriate claim or claims for or on behalf of such Holder of
      Securities. 

     

    
      	Section
              13.04  	
              Subrogation.

            

    

     

    (a)  Subject
      to
      the payment in full of all Senior Indebtedness of the Company then outstanding,
      the rights of the Holders shall be subrogated to the rights of the holders
      of
      such Senior Indebtedness to receive payments or distributions of cash, property
      or securities of the Company applicable to such Senior Indebtedness until the
      principal of and interest on the Securities shall be paid in full; and, for
      the
      purposes of such subrogation, no payments or distributions to the holders of
      such Senior Indebtedness of any cash, property or securities to which the
      Holders or the Trustee would be entitled except for the provisions of this
      Article XIII, and no payment over pursuant to the provisions of this Article
      XIII to or for the benefit of the holders of such Senior Indebtedness by Holders
      or the Trustee, shall, as between the Company, its creditors other than holders
      of Senior Indebtedness of the Company, and the Holders, be deemed to be a
      payment by the Company to or on account of such Senior Indebtedness. It is
      understood that the provisions of this Article XIII are and are intended solely
      for the purposes of defining the relative rights of the Holders, on the one
      hand, and the holders of such Senior Indebtedness, on the other
      hand.

     

    (b)  Nothing
      contained in this Article XIII or elsewhere in this Indenture or in the
      Securities is intended to or shall impair, as between the Company, its creditors
      other than the holders of Senior Indebtedness of the Company, and the Holders,
      the obligation of the Company, which is absolute and unconditional, to pay
      to
      the Holders the principal of (premium, if any) and interest on the Securities
      as
      and when the same shall become due and payable in accordance with their terms,
      or is intended to or shall affect the relative rights of the Holders and
      creditors of the Company other than the holders of Senior Indebtedness of the
      Company nor shall anything herein or therein prevent the Trustee or any Holder
      of Securities 

     

    
      
        
        

      

      
        -65-

        
          

        

      

      
        
        

      

    

    from
      exercising all remedies otherwise permitted by applicable law upon default
      under
      this Indenture, subject to the rights, if any, under this article of the holders
      of such Senior Indebtedness in respect of cash, property or securities of the
      Company received upon the exercise of any such remedy.

     

    (c)  Upon
      any
      payment or distribution of assets of the Company referred to in this Article
      XIII, the Trustee, subject to the provisions of Section 6.01 of this Indenture,
      and the Holders shall be entitled to rely conclusively upon any order or decree
      made by any court of competent jurisdiction in which such dissolution,
      winding-up, liquidation or reorganization proceedings are pending, or a
      certificate of the receiver, trustee in bankruptcy, liquidation trustee, agent
      or other Person making such payment or distribution, delivered to the Trustee
      or
      the Holders, for the purposes of ascertaining the Persons entitled to
      participate in such distribution, the holders of Senior Indebtedness and other
      indebtedness of the Company the amount thereof or payable thereon, the amount
      or
      amounts paid or distributed thereon and all other facts pertinent thereto or
      to
      this article. 

     

    
      	Section
              13.05  	
              Trustee
                to Effectuate Subordination.

            

    

     

    Each
      Holder of Securities by such Holder’s acceptance thereof authorizes and directs
      the Trustee on such Holder’s behalf to take such action as may be necessary or
      appropriate to effectuate the subordination provided in this Article XIII and
      appoints the Trustee such Holder’s attorney-in-fact for any and all such
      purposes.

     

    
      	Section
              13.06  	
              Notice
                by the Company.

            

    

     

    (a)  The
      Company shall give prompt written notice to a Responsible Officer of the Trustee
      of any fact known to the Company that would prohibit the making of any payment
      of monies to or by the Trustee in respect of the Securities pursuant to the
      provisions of this Article XIII. Notwithstanding the provisions of this Article
      XIII or any other provision of this Indenture, the Trustee shall not be charged
      with knowledge of the existence of any facts that would prohibit the making
      of
      any payment of monies to or by the Trustee in respect of the Securities pursuant
      to the provisions of this Article XIII, unless and until a Responsible Officer
      of the Trustee shall have received written notice thereof from the Company
      or a
      Holder or holders of Senior Indebtedness or from any representative or trustee
      therefor; and before the receipt of any such written notice, the Trustee,
      subject to the provisions of Section 6.01 of this Indenture, shall be entitled
      in all respects to assume that no such facts exist; provided,
      however,
      that if
      the Trustee shall not have received the notice provided for in this Section
      13.06(a) at least two Business Days prior to the date upon which by the terms
      hereof any money may become payable for any purpose (including, without
      limitation, the payment of the principal of or interest on any Security), then,
      anything herein contained to the contrary notwithstanding, the Trustee shall
      have full power and authority to receive such money and to apply the same to
      the
      purposes for which such money was received, and shall not be affected by any
      notice to the contrary that may be received by it within two Business Days
      prior
      to such date.

     

    
      
        
        

      

      
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    (b)  The
      Trustee, subject to the provisions of Section 6.01 of this Indenture, shall
      be
      entitled to conclusively rely on the delivery to it of a written notice by
      a
      Person representing himself to be a holder of Senior Indebtedness of the Company
      (or a trustee or representative on behalf of such holder), to establish that
      such notice has been given by a holder of such Senior Indebtedness or a trustee
      or representative on behalf of any such holder or holders. In the event that
      the
      Trustee determines in good faith that further evidence is required with respect
      to the right of any Person as a holder of such Senior Indebtedness to
      participate in any payment or distribution pursuant to this Article XIII, the
      Trustee may request such Person to furnish evidence to the reasonable
      satisfaction of the Trustee as to the amount of such Senior Indebtedness held
      by
      such Person, the extent to which such Person is entitled to participate in
      such
      payment or distribution and any other facts pertinent to the rights of such
      Person under this article and, if such evidence is not furnished, the Trustee
      may defer any payment to such Person pending judicial determination as to the
      right of such Person to receive such payment.

     

    
      	Section
              13.07  	
              Rights
                of the Trustee; Holders of Senior Indebtedness.

            

    

     

    (a)  The
      Trustee in its individual capacity shall be entitled to all the rights set
      forth
      in this Article XIII in respect of any Senior Indebtedness at any time held
      by
      it, to the same extent as any other holder of Senior Indebtedness, and nothing
      in this Indenture shall deprive the Trustee of any of its rights as such holder.
      

     

    (b)  With
      respect to the holders of Senior Indebtedness of the Company, the Trustee
      undertakes to perform or to observe only such of its covenants and obligations
      as are specifically set forth in this Article XIII and no implied covenants
      or
      obligations with respect to the holders of such Senior Indebtedness shall be
      read into this Indenture against the Trustee. The Trustee shall not be deemed
      to
      owe any fiduciary duty to the holders of such Senior Indebtedness and, subject
      to the provisions of Section 6.01 of this Indenture, the Trustee shall not
      be
      liable to any holder of such Senior Indebtedness if it shall pay over or deliver
      to Holders, the Company or any other Person money or assets to which any holder
      of such Senior Indebtedness shall be entitled by virtue of this Article XIII
      or
      otherwise.

     

    
      	Section
              13.08  	
              Subordination
                May Not Be Impaired.

            

    

     

    (a)  No
      right
      of any present or future holder of any Senior Indebtedness of the Company to
      enforce subordination provided in this Article XIII shall at any time in any
      way
      be prejudiced or impaired by any act or failure to act on the part of the
      Company or by any act or failure to act, in good faith, by any such holder,
      or
      by any noncompliance by the Company with the terms, provisions and covenants
      of
      this Indenture, regardless of any knowledge thereof that any such holder may
      have or otherwise be charged with.

     

    (b)  Without
      in
      any way limiting the generality of the foregoing paragraph, the holders of
      Senior Indebtedness of the Company may, at any time and from time to time,
      without the consent of or notice to the Trustee or the Holders, without
      incurring responsibility 

     

    
      
        
        

      

      
        -67-

        
          

        

      

      
        
        

      

    

    to
      the
      Holders and without impairing or releasing the subordination provided in this
      Article XIII or the obligations hereunder of the Holders to the holders of
      such
      Senior Indebtedness, do any one or more of the following: (i) change the manner,
      place or terms of payment or extend the time of payment of, or renew or alter,
      such Senior Indebtedness, or otherwise amend or supplement in any manner such
      Senior Indebtedness or any instrument evidencing the same or any agreement
      under
      which such Senior Indebtedness is outstanding; (ii) sell, exchange, release
      or
      otherwise deal with any property pledged, mortgaged or otherwise securing such
      Senior Indebtedness; (iii) release any Person liable in any manner for the
      collection of such Senior Indebtedness; and (iv) exercise or refrain from
      exercising or waive any rights against the Company and any other
      Person.

     

    (c)  Each
      present and future holder of Senior Indebtedness shall be entitled to the
      benefit of the provisions of this article notwithstanding that such holder
      is
      not a party to this Indenture.

     

    
      	Section
              13.09  	
              Article
                Applicable to Paying Agents.

            

    

     

    In
      case at
      any time any Paying Agent other than the Trustee shall have been appointed
      by
      the Company and be then acting hereunder, the term “Trustee” as used in this
      Article XIII shall in such case (unless the context otherwise requires) be
      construed as extending to and including such Paying Agent within its meaning
      as
      fully for all intents and purposes as if such Paying Agent were named in this
      Article XIII in addition to or in place of the Trustee; provided,
      however,
      that
      this Section 1309 shall not apply to the Company or any Affiliate of the Company
      if it or such Affiliate acts as Paying Agent.

     

    
      	Section
              13.10  	
              Defeasance
                of This Article.

            

    

     

    Notwithstanding
      anything contained herein to the contrary, payments from cash or the proceeds
      of
      United States Government Obligations held in trust under Article IV hereof
      by
      the Trustee (or other qualifying trustee) and which were deposited in accordance
      with the terms of Article IV hereof and not in violation of Section 13.02 hereof
      for the payment of principal of and interest on the Securities shall not be
      subordinated to the prior payment of any Senior Indebtedness or subject to
      the
      restrictions set forth in this article, and none of the Holders shall be
      obligated to pay over any such amount to the Company or any holder of Senior
      Indebtedness or any other creditor of the Company.

     

    
      	Section
              13.11  	
              Subordination
                Language to Be Included in Securities.

            

    

     

    Each
      Security shall contain a subordination provision which will be substantially
      in
      the following form: 

     

    “The
      Securities are subordinated in right of payment, in the manner and to the extent
      set forth in the Indenture, to the prior payment in full of all Senior
      Indebtedness (as defined in the Indenture, or as set forth in one or more
      indentures supplemental hereto, a Board Resolution in accordance with Section
      3.01 

     

    
      
        
        

      

      
        -68-

        
          

        

      

      
        
        

      

    

    of
      the
      Indenture or in this Security). Each Holder by accepting a Security agrees
      to
      such subordination and authorizes the Trustee to give it effect.”

     

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

     

     

    [Signature
      pages follow]

    

     

    
      
        
        

      

      
        -69-

        
          

        

      

      
        
        

      

    

    IN
      WITNESS
      WHEREOF, the undersigned have caused this Indenture to be duly executed as
      a
      deed the day and year first before written.

     

    NELNET,
      INC.

     

    By: /s/
      Thomas G. McCurley

          
      Name:  Thomas G. McCurley

          
      Title:    Managing Director

     

    DEUTSCHE
      BANK TRUST COMPANY 

    AMERICAS,
      as Trustee

     

    by
      DEUTSCHE BANK NATIONAL TRUST COMPANY

     

    By: /s/
      Irina Golovashchuk

          
      Name:  Irina Golovashchuk

          
      Title:   Assistant Vice President

     

    By: /s/
      Yana Kalachikova

          
      Name:  Yana Kalachikova

          
      Title:    Assistant Vice President

     

    

     

    
S-1

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