Document:

exv10w1

 

Exhibit 10.1

Midwest Banc Holdings, Inc. Severance Policy

(As Amended and Restated June 28, 2005)

Purpose:

Midwest Banc Holdings, Inc. (“MBHI”) establishes in this Policy its guidelines for the payment of
severance in the event of employment separation or discharge due to reasons other than cause or
resignation. This Policy applies to the full-time employees of MBHI and its subsidiaries.

Appointment and Authority of Administrator:

The Administrator and named fiduciary of this Policy is MBHI, which shall carry out its duties
through the President of MBHI, except that if the Policy ever applies to the President then the
Board of Directors or its delegate is responsible for carrying out the duties as Administrator of
the Policy. The Administrator is authorized to decide in its discretion all questions arising under
this Policy, including those as to eligibility for and amounts of benefits payable under this
Policy. For example, the Administrator will decide in its discretion whether an employee has
voluntarily resigned or has been terminated for cause.

Benefits will be paid under this Policy only if the Administrator decides in its discretion that
the applicant is entitled to them.

Limitations on Benefits:

No benefits are payable under this Policy in the event the employee voluntarily resigns or is
terminated for cause. Further, a period of unemployment is required for benefits to be paid under
this Policy. Accordingly, no benefits are payable under this Policy to an employee if, by way of
example and not of limitation, (1) MBHI sells a business unit or part of a business unit and the
buyer hires the employee upon the sale, or (2) MBHI sells a subsidiary and the employee does not
lose his or her job upon the sale. In addition, an employee covered by a Transitional Employment
Agreement which becomes effective following a change-in-control will not be eligible to receive
severance payments.

Severance Benefits:

Eligible employees who have been discharged for reasons other than cause or resignation and who
experience a period of unemployment shall be entitled to benefits under this Policy as follows,
subject to the terms, conditions, and limitations set forth in this Policy:

     (1) Senior Vice Presidents and higher will be entitled to receive six (6) months of base salary or
one week for every full year of service, whichever is greater.

     (2) All other employees will be entitled to receive twelve (12) weeks of base salary or one week
for every full year of service, whichever is greater.

 

 

How and When Severance Benefits Will be Paid:

Severance benefits will be paid to a discharged employee bi-weekly on Thursday in conjunction with
MBHI’s normal payrolls.

Release of Employment-Related Claims:

To the fullest extent allowed by law, it is a condition of entitlement to receipt of severance
benefits under this Policy that a discharged employee release in writing any and all
employment-related claims that the employee may have against MBHI or any of its subsidiaries or
employees, including claims for discrimination. The President or his or her delegate is
authorized to specify the form of any such release and to negotiate the terms of such release with
each discharged employee.

Non-Solicitation of Customers and Employees:

It is a condition of entitlement to receipt of severance benefits under this Policy that each
discharged officer agree in writing not to solicit the customers or employees of MBHI or any of its
subsidiaries for the duration of the severance payments. The President or his or her delegate is
authorized to specify the form of any such written nonsolicitation agreement and to negotiate the
terms of such agreement with each discharged officer.

Claims Procedures:

It is the duty of the Administrator to adopt reasonable claims and review procedures to decide
claims and requests for reviews of benefit denials under this Policy.

Amendment and Termination:

MBHI reserves the right to amend or terminate this Policy at any time, with or without retroactive
effect to the fullest extent allowed by law. Amendments will be recommended by the compensation
committee and by the Board of Directors or the officer or officers delegated by the Board with the
authority to make amendments to this Policy; provided, however, that such officers shall not be
permitted to make amendments which affect Senior Vice Presidents and above.

Effective Date:

This amended and restated Policy is effective the date it is adopted by the Board of Directors,
which is June 28, 2005.

Adoption of Amended and Restated Policy:

To evidence the adoption of this amended and restated Policy by MBHI, the President of MBHI has
been authorized to sign this Policy on June 28, 2005.

	 	 	 	 	 
	 	 	 
	 	                                                  /s/ James  J. Giancola, Presidentexv10w2

 

Exhibit 10.2

Directors’ Compensation

Each director receives as compensation for serving on the Board of Directors and committees of
the Board:

	 	•	 	An annual retainer of $15,000;
	 
	 	•	 	An annual retainer of $18,000 for the Chairman of the Audit Committee;
	 
	 	•	 	A per meeting fee of $1,000 for attendance at regular and special meetings of the Board; and
	 
	 	•	 	A per meeting fee for attendance at meetings of the following committees:

	 	 	 	 	 
	Audit
	 	$	750	 
	Compensation
	 	 	500	 
	Corporate Governance and Nomination
	 	 	500	 
	Investment
	 	 	500	 
	Risk Management and Compliance
	 	 	500	 
	Strategic Opportunities
	 	 	500Monsanto Company Exhibit 4.5 to Form S-3/A

Exhibit 4.5

MONSANTO FINANCE
CANADA CO. 

as Issuer 

MONSANTO COMPANY 

as Guarantor 

to 

The Bank of New York 

as Trustee 

INDENTURE 

Dated as of
__________, 2005 

Providing for Issuance
of Senior 

Debt Securities in
Series 

TABLE OF CONTENTS 

	ARTICLE ONE DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	 	1	 
	   Section 101. Definitions	 	1	 
	   Section 102. Compliance Certificates and Opinions	 	7	 
	   Section 103. Form of Documents Delivered to Trustee	 	7	 
	   Section 104. Acts of Holders; Record Dates	 	7	 
	   Section 105. Notices, Etc., to Trustee, the Company and the Guarantor	 	8	 
	   Section 106. Notice to Holders; Waiver	 	8	 
	   Section 107. Conflict with Trust Indenture Act	 	9	 
	   Section 108. Effect of Headings and Table of Contents	 	9	 
	   Section 109. Successors and Assigns	 	9	 
	   Section 110. Separability Clause	 	9	 
	   Section 111. Benefits of Indenture	 	9	 
	   Section 112. Governing Law	 	9	 
	   Section 113. Legal Holidays	 	9	 
	   Section 114. Act of Holders when Securities are Denominated in Different Currencies	 	10	 
	   Section 115. Monies of Different Currencies to be Segregated	 	10	 
	   Section 116. Payment to be in Proper Currency	 	10	 
	ARTICLE TWO SECURITY AND GUARANTEE FORMS	 	10	 
	   Section 201. Forms Generally	 	10	 
	   Section 202.  Guarantee by Guarantor; Form of Guarantee	 	11	 
	   Section 203. Form of Face of Security	 	12	 
	   Section 203. Form of Reverse of Security	 	13	 
	   Section 204. Form of Trustee's Certificate of Authentication	 	16	 
	ARTICLE THREE THE SECURITIES	 	16	 
	   Section 301. Amount Unlimited; Issuable in Series	 	16	 
	   Section 302. Denominations	 	18	 
	   Section 303. Execution, Authentication, Delivery and Dating	 	18	 
	   Section 304. Book-Entry Securities	 	20	 
	   Section 305. Temporary Securities	 	21	 
	   Section 306. Registration, Registration of Transfer and Exchange	 	22	 
	   Section 307. Mutilated, Destroyed, Lost and Stolen Securities	 	23	 
	   Section 308. Payment of Interest; Interest Rights Preserved	 	23	 
	   Section 309. Persons Deemed Owners	 	24	 
	   Section 310. Cancellation	 	24	 
	   Section 311. Computation of Interest	 	25	 
	   Section 312. CUSIP Numbers	 	25	 
	ARTICLE FOUR SATISFACTION AND DISCHARGE	 	25	 
	   Section 401. Satisfaction and Discharge of Indenture	 	25	 
	   Section 402. Application of Trust Money	 	26	 
	ARTICLE FIVE REMEDIES	 	26	 
	   Section 501. Events of Default	 	26	 
	   Section 502. Acceleration of Maturity; Rescission and Annulment	 	27	 
	   Section 503. Collection of Indebtedness and Suits for Enforcement by Trustee	 	28	 
	   Section 504. Trustee May File Proofs of Claim	 	28	 
	   Section 505. Trustee May Enforce Claims Without Possession of Securities or Guarantees	 	29	 
	   Section 506. Application of Money Collected	 	29	 
	   Section 507. Limitation on Suits	 	29	 
	   Section 508. Unconditional Right of Holders to Receive Principal, Premium and Interest	 	30	 
	   Section 509. Restoration of Rights and Remedies	 	30	 
	   Section 510. Rights and Remedies Cumulative	 	30	 
	   Section 511. Delay or Omission Not Waiver	 	30	 
	   Section 512. Control by Holders	 	30	 
	   Section 513. Waiver of Past Defaults	 	31	 
	   Section 514. Undertaking for Costs	 	31	 
	   Section 515.  Waiver of Stay or Extension Laws	 	31	 
	ARTICLE SIX THE TRUSTEE	 	31	 
	   Section 601. Certain Duties and Responsibilities	 	31	 
	   Section 602. Notice of Defaults	 	31	 
	   Section 603. Certain Rights of Trustee	 	32	 
	   Section 604. Not Responsible for Recitals or Issuance of Securities	 	33	 

i

	   Section 605. May Hold Securities and Serve as Trustee Under Other Indentures	 	33	 
	   Section 606. Money Held in Trust	 	33	 
	   Section 607. Compensation and Reimbursement	 	33	 
	   Section 608. Disqualification; Conflicting Interests	 	34	 
	   Section 609. Corporate Trustee Required; Eligibility	 	34	 
	   Section 610. Resignation and Removal; Appointment of Successor	 	34	 
	   Section 611. Acceptance of Appointment by Successor	 	35	 
	   Section 612. Merger, Conversion, Consolidation or Succession to Business	 	36	 
	   Section 613. Preferential Collection of Claims Against Company or Guarantor	 	36	 
	   Section 614. Investment of Certain Payments Held by the Trustee	 	36	 
	   Section 615. Appointment of Authenticating Agent	 	37	 
	ARTICLE SEVEN HOLDERS' LISTS AND REPORTS BY TRUSTEE, COMPANY AND GUARANTOR	 	38	 
	   Section 701. Company to Furnish Trustee Names and Addresses of Holders	 	38	 
	   Section 702. Preservation of Information; Communications to Holders	 	38	 
	   Section 703. Reports by Trustee	 	39	 
	   Section 704. Reports by Company and Guarantor	 	39	 
	ARTICLE EIGHT CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE	 	39	 
	   Section 801. Company May Consolidate, Etc., Only on Certain Terms	 	39	 
	   Section 802. Guarantor May Consolidate, Etc., Only on Certain Terms	 	40	 
	   Section 803. Successor Substituted	 	40	 
	   Section 804. Assumption by the Guarantor of the Company's Obligations	 	40	 
	   Section 805. Indemnification Procedure	 	41	 
	   Section 806. Officers' Certificate and Opinion of Counsel	 	42	 
	ARTICLE NINE SUPPLEMENTAL INDENTURES	 	42	 
	   Section 901. Supplemental Indentures Without Consent of Holders	 	42	 
	   Section 902. Supplemental Indentures with Consent of Holders	 	43	 
	   Section 903. Execution of Supplemental Indentures	 	43	 
	   Section 904. Effect of Supplemental Indentures	 	44	 
	   Section 905. Conformity with Trust Indenture Act	 	44	 
	   Section 906. Reference in Securities to Supplemental Indentures	 	44	 
	ARTICLE TEN COVENANTS	 	44	 
	   Section 1001. Payment of Principal, Premium and Interest	 	44	 
	   Section 1002. Maintenance of Office or Agency	 	44	 
	   Section 1003. Money for Securities Payments to Be Held in Trust	 	45	 
	   Section 1004. Corporate Existence	 	46	 
	   Section 1005. Limitation upon Liens	 	46	 
	   Section 1006. Limitation upon Sales and Leasebacks	 	48	 
	   Section 1007.Payment of Additional Amounts	 	49	 
	   Section 1008. Waiver of Certain Covenants	 	49	 
	   Section 1009. Compliance Certificate	 	49	 
	   Section 1010. Calculation of Original Issue Discount	 	49	 
	ARTICLE ELEVEN REDEMPTION OF SECURITIES	 	49	 
	   Section 1101. Applicability of Article	 	49	 
	   Section 1102. Election to Redeem: Notice to Trustee	 	50	 
	   Section 1103. Selection by Trustee of Securities to Be Redeemed	 	50	 
	   Section 1104. Notice of Redemption	 	50	 
	   Section 1105. Deposit of Redemption Price	 	51	 
	   Section 1106. Securities Payable on Redemption Date	 	51	 
	   Section 1107. Securities Redeemed in Part	 	51	 
	ARTICLE TWELVE SINKING FUNDS	 	52	 
	   Section 1201. Applicability of Article	 	52	 
	   Section 1202. Satisfaction of Sinking Fund Payments with Securities	 	52	 
	   Section 1203. Redemption of Securities for Sinking Fund	 	52	 
	ARTICLE THIRTEEN DEFEASANCE AND COVENANT DEFEASANCE	 	52	 
	   Section 1301. Applicability of Article; Company's Option to Effect Defeasance or Covenant Defeasance	 	52	 
	   Section 1302. Defeasance and Discharge	 	53	 
	   Section 1303. Covenant Defeasance	 	53	 
	   Section 1304. Conditions to Defeasance or Covenant Defeasance	 	54	 
	   Section 1305. Deposited Money and U.S. Government Obligations to be Held in Trust; Other Miscellaneous Provisions	 	55	 
	   Section 1306. Reinstatement	 	55	 
	   Section 1307. Qualifying Trustee	 	56	 

ii

	ARTICLE FOURTEEN IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS, DIRECTORS AND EMPLOYEES	 	56	 
	   Section 1401. Exemption from Individual Liability	 	56	 
	ARTICLE FIFTEEN GUARANTEES	 	56	 
	   Section 1501. Guarantee	 	56	 
	   Section 1502. Execution and Delivery of Guarantee	 	57	 

iii

MONSANTO COMPANY 

Certain Sections of
this Indenture relating to

Sections 310 through 318, inclusive, of the

Trust Indenture Act of 1939: 

	Trust Indenture	 		 
	  Act Section	 	Indenture Section
	    (S) 310(a) (1)	 	609	 
	    (a) (2)	 	609	 
	    (a) (3)	 	Not Applicable	 
	    (a) (4)	 	Not Applicable	 
	    (b)	 	608, 610	
	    (S) 311(a)	 	613	 
	    (b)	 	613	 
	    (S) 312(a)	 	701, 702(a)	
	    (b)	 	702(b)	
	    (c)	 	702(c)	
	    (S) 313(a)	 	703(a)	
	    (b)	 	703(a)	
	    (c)	 	703(a)	
	    (d)	 	703(b)	
	    (S) 314(a)	 	704	 
	    (a)(4)	 	101, 704	
	    (b)	 	Not Applicable	 
	    (c)(1)	 	102	 
	    (c)(2)	 	102	 
	    (c)(3)	 	Not Applicable	 
	    (d)	 	Not Applicable	 
	    (e)	 	102	 
	    (S) 315(a)	 	601	 
	    (b)	 	602	 
	    (c)	 	601	 
	    (d)	 	601	 
	    (e)	 	514	 
	    (S) 316(a)	 	101	 
	    (a)(1)(A)	 	502, 512	
	    (a)(1)(B)	 	513	 
	    (a)(2)	 	Not Applicable	 
	    (b)	 	508	 
	    (c)	 	104(c)	
	    (S) 317(a)(1)	 	503	 
	    (a)(2)	 	504	 
	    (b)	 	003	 
	    (S) 318(a)	 	107	 

_________________ 

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

iv

INDENTURE 

        INDENTURE,
dated as of _______, 2005, among MONSANTO FINANCE CANADA CO., an unlimited liability
company duly organized and existing under the laws of the Province of Nova Scotia, Canada
(herein called the “Company”), having its principal executive office located at
800 N. Lindbergh Boulevard, St. Louis, Missouri 63167, MONSANTO COMPANY, a corporation
duly organized and existing under the laws of the State of Delaware (herein called the
“Guarantor”), having its principal office at 800 North Lindbergh Boulevard, St.
Louis, Missouri 63167, and The Bank of New York, a New York banking corporation, as
Trustee (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 senior unsubordinated unsecured debentures, notes or
other evidences of indebtedness (herein called the “Securities”), to be issued
in one or more series as provided in this Indenture. 

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

Recitals of the
Guarantor 

        For
value received, the Guarantor has duly authorized the execution and delivery of this
Indenture to provide for the issuance of the Guarantees by it with respect to the
Securities as set forth in this Indenture. 

        The
Guarantor desires to make the Guarantees provided for herein, and has determined that such
Guarantees are necessary and convenient to the conduct of the business of the Company, a
wholly-owned subsidiary of the Guarantor. 

        All
things necessary to make the Guarantees, when executed by the Guarantor and endorsed on
the Securities authenticated and delivered hereunder, the valid obligations of the
Guarantor, and to make this Indenture a valid agreement of the Guarantor, in accordance
with its terms, have been done. 

        NOW,
THEREFORE, THIS INDENTURE WITNESSETH: 

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

ARTICLE ONE

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 

Section 101.
Definitions. 

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

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

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

             (3)   
          all accounting terms not otherwise defined herein have the meanings assigned to
          them in accordance with generally accepted accounting principles, 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 in the United States of America; and 

             (4)   
          unless the context otherwise requires, any reference to an “Article”
          or a “Section” refers to an Article or a Section, as the case may be,
          of this Indenture; and 

             (5)   
          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. 

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

        “Additional Amounts”
has the meaning specified in Section 1007. 

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

        “Attributable
Debt,” in respect of any Sale and Leaseback Transaction, means, as of the time of
determination, the total obligation (discounted to present value at the rate per annum
equal to the discount rate which would be applicable to a capital lease obligation with
like term in accordance with generally accepted accounting principles) of the lessee for
rental payments (other than amounts required to be paid on account of property taxes,
maintenance, repairs, insurance, water rates and other items which do not constitute
payments for property rights) during the remaining portion of the initial term of the
lease included in such Sale and Leaseback Transaction. 

        “Authenticating
Agent” means any Person authorized by the Trustee pursuant to Section 615 to act
on behalf of the Trustee to authenticate Securities of one or more series. 

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

        “Board
Resolution” means, when used with reference to the Company or the Guarantor, a copy
of one or more resolutions, certified by the Secretary or an Assistant Secretary of the
Company or the Guarantor, as the case may be, to have been duly adopted by its respective
Board of Directors or pursuant to authority granted by its respective Board of Directors
and to be in full force and effect on the date of such certification, and delivered to the
Trustee. 

        “Book-Entry
Security” means a Security in the form prescribed in Section 303 evidencing all
or part of a series of Securities, issued to the Depositary for such series or its
nominee, and registered in the name of such Depositary or such nominee. 

        “Business
Day”, when used with respect to any Place of Payment, means each Monday, Tuesday,
Wednesday, Thursday and Friday which is not a day on which banking institutions in that
Place of Payment are authorized or obligated by law or executive order to close. 

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

        “Company”
means the Person named as the “Company” in the first paragraph of this
instrument until a successor 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, its Chief Executive Officer, its
President, its Chief Financial 

2

Officer, a Vice Chairman of the Board, a Vice Chairman or a
Vice President, its Treasurer, an Assistant Treasurer, its Controller or an Assistant
Controller, and delivered to the Trustee. 

        “Consolidated
Net Assets” means the aggregate amount of assets (less applicable reserves and other
properly deductible items) after deducting therefrom all current liabilities (excluding
any indebtedness for money borrowed having a maturity of less than 12 months from the date
of the most recent consolidated balance sheet of the Guarantor but which by its terms is
renewable or extendable beyond 12 months from such date at the option of the borrower) all
as set forth on the most recent annual or quarterly consolidated balance sheet of the
Guarantor filed with the Commission (or, if the Guarantor no longer files reports with the
Commission, published by the Guarantor) and computed in accordance with generally accepted
accounting principles. 

        “Corporate
Trust Office” means the principal office of the Trustee at which at any particular
time its corporate trust business shall be principally administered, which office at the
date of original execution of this Indenture is located at 101 Barclay Street, New York,
New York 10286, Attention: Corporate Trust Administration, except that, with respect to
presentation of the Securities for payment or registration of transfers or exchanges and
the location of the register, such term means the office or agency of the Trustee at which
at any particular time its corporate agency business shall be conducted. 

        “Debt”
means a note, bond, debenture or other similar evidence of indebtedness for money
borrowed. 

        “Defaulted
Interest” has the meaning specified in Section 308. 

        “Depositary”
means, with respect to the Securities of any series issuable or issued in whole or in part
in the form of one or more Book-Entry Securities, the Person designated as Depositary for
such series by the Company pursuant to Section 301, which Person shall be a clearing
agency registered under the Securities Exchange Act of 1934; and if at any time there is
more than one such Person, “Depositary” as used with respect to the Securities
of any series shall mean the Depositary with respect to the Securities of such series. 

        “Event
of Default” has the meaning specified in Section 501. 

        “Excluded
Holder” has the meaning specified in Section 1007. 

        “Funded
Debt” means all Debt having a maturity of more than 12 months from the date as of
which the determination is made or having a maturity of 12 months or less but by its terms
being renewable or extendable beyond 12 months from such date at the option of the
borrower, but excluding any such Debt owed to the Guarantor or a Restricted Subsidiary. 

        “Guarantee”
means any guarantee of the Guarantor endorsed on a Security authenticated and delivered
pursuant to this Indenture, including guarantees in the form set forth in Section 202. 

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

        “Guarantor
Order” means a written order signed in the name of the Guarantor by its Chairman of
the Board, its Chief Executive Officer, its President, its Chief Financial Officer, a Vice
Chairman of the Board, a Vice Chairman or a Vice President, its Treasurer, an Assistant
Treasurer, its Controller or an Assistant Controller, and delivered to the Trustee. 

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

        “Indenture”
means this instrument as originally executed or as it may from time to time be
supplemented or amended by one or more indentures supplemental hereto entered into
pursuant to the applicable provisions hereof, including, for all purposes of this
instrument, and any such supplemental indenture, the provisions of the Trust Indenture Act
that are deemed to be a part of and govern this 

3

instrument and any such supplemental
indenture, respectively. The term “Indenture” shall also include the forms and
terms of particular series of Securities established as contemplated by Section 301. 

        “Indexed
Security” means any Security which provides that the principal amount thereof payable
at Stated Maturity may be more or less than the principal face amount thereof at original
issuance. 

        “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. 

        “Lien”
means a pledge, mortgage, lien, encumbrance or security interest. 

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

        “Officers’
Certificate” means a certificate signed by the Chairman of the Board, the Chief
Executive Officer, the President, the Chief Financial Officer, a Vice Chairman of the
Board, a Vice Chairman or a Vice President, the Treasurer, an Assistant Treasurer, the
Controller or an Assistant Controller of the Company or the Guarantor, as applicable, and
delivered to the Trustee. 

        “Operating
Property” means any real property or equipment located within the United States and
used primarily for manufacturing or research and development by the Guarantor or any
Subsidiary of the Guarantor that has a net book value (after deduction of accumulated
depreciation) in excess of 2.0% of Consolidated Net Assets of the Guarantor, other than
any such real property or equipment (i) which is financed by obligations issued by a
State, Commonwealth, Territory or possession of the United States of America, or any
political subdivision or governmental authority of any of the foregoing, or the District
of Columbia or (ii) which, in the opinion of the Board of Directors of the Guarantor, is
not of material importance to the total business conducted by the Guarantor and its
Restricted Subsidiaries taken as a whole. 

        “Opinion
of Counsel” means a written opinion of counsel, who may be an employee of or counsel
for the Company or the Guarantor, as the case may be, who shall be reasonably 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 502 or if the Security is redeemed prior to
the Maturity thereof. 

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

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

               

          		    (ii)       
               Securities for whose payment or redemption money in the necessary amount has
               been theretofore deposited with the Trustee or any Paying Agent (other than the
               Company or the Guarantor) in trust or set aside and segregated in trust by the
               Company or the Guarantor, as the case may be (if the Company or the Guarantor
               shall act as its own Paying Agent) for the Holders of such Securities and any
               Guarantees appertaining thereto; provided, that if such Securities are to be
               redeemed, notice of such redemption has been duly given pursuant to
               Section 1104 of this Indenture or provision therefor satisfactory to the
               Trustee has been made; 

               

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

               

          		    (iv)       
               Securities which have been paid pursuant to Section 307 or in exchange for
               or in lieu of which other Securities have been authenticated and delivered
               pursuant to this Indenture, other than 

               

4

          		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, made or taken any request, demand, authorization, direction,
notice, consent, waiver or other action hereunder, or whether sufficient funds are
available for redemption or for any other purpose, and for the purpose of making the
calculations required by Section 313 of the Trust Indenture Act, (i) the principal
amount of an Original Issue Discount Security that shall be deemed to be Outstanding shall
be the amount of the principal thereof that would be due and payable as of the date of
such determination upon acceleration of the Maturity thereof pursuant to Section 502,
(ii) the principal amount of a Security denominated in one or more foreign currencies or
currency units shall be the U.S. dollar equivalent, determined in the manner provided as
contemplated by Section 301 on the date of original issuance of such Security, of the
principal amount (or, in the case of an Original Issue Discount Security, the U.S. dollar
equivalent on the date of original issuance of such Security of the amount determined as
provided in (i) above) of such Security, (iii) the principal amount of any Indexed
Security that may be counted in making such determination or calculation and that shall be
deemed to be Outstanding for such purpose shall be equal to the principal face amount of
such Indexed Security at original issuance, unless otherwise provided with respect to such
Security pursuant to Section 301, and (iv) except for the purpose of making the
calculations required by Section 313 of the Trust Indenture Act, Securities owned by
the Company, the Guarantor or any other obligor upon the Securities or any Affiliate of
the Company, the Guarantor 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, waiver
or other action, only Securities which a Responsible Officer of the Trustee actually knows
to be so owned shall be so disregarded. Securities so owned which have been pledged in
good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction
of the Trustee the pledgee’s right so to act with respect to such Securities and that
the pledgee is not the Company, the Guarantor or any other obligor upon the Securities or
any Affiliate of the Company, the Guarantor or of such other obligor. 

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

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

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

        “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 307 in exchange for or in lieu of a mutilated, destroyed, lost or stolen
Security shall be deemed to evidence the same debt as the mutilated, destroyed, lost or
stolen Security. 

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

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

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

5

        “Responsible
Officer”, when used with respect to the Trustee, means any vice president, any
assistant secretary, any assistant treasurer, any senior trust officer, any trust officer
or assistant trust officer, or any other officer of the Trustee customarily performing
functions similar to those performed by any of the above designated officers and also
means, with respect to a particular corporate trust matter, any other officer to whom such
matter is referred because of his knowledge of and familiarity with the particular subject
and who shall have direct responsibility for the administration of the Indenture. 

        “Restricted
Intercompany Securities” means any shares of stock or Debt of any Restricted
Subsidiary owned or held by the Guarantor or any other Restricted Subsidiary. 

        “Restricted
Operating Property” means any Operating Property owned or leased by the Guarantor or
any Restricted Subsidiary. 

        “Restricted
Subsidiary” means any Subsidiary of the Guarantor that owns any Operating Property. 

        “Sale
and Leaseback Transaction” means any arrangement with any bank, insurance company or
other lender or investor (other than the Guarantor or another Restricted Subsidiary)
providing for the leasing by the Guarantor or any Restricted Subsidiary of any Operating
Property (except a lease for a temporary period not to exceed three years by the end of
which it is intended that the use of such Operating Property by the lessee will be
discontinued), which was or is owned or leased by the Guarantor or a Restricted Subsidiary
and which has been or is to be sold or transferred, more than 120 days after the
acquisition or the completion of construction and commencement of full operation thereof,
by the Guarantor or such Restricted Subsidiary to such lender or investor or to any Person
to whom funds have been or are to be advanced by such lender or investor on the security
of such Operating Property. 

        “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 306. 

        “Special
Record Date” for the payment of any Defaulted Interest means a date fixed by the
Trustee pursuant to Section 308. 

        “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 any Person of which at least a majority of the outstanding stock or other ownership
interests having by the terms thereof ordinary voting power for the election of directors
of such Person (irrespective of whether or not at the time stock of any other class or
classes of such corporation shall have or might have voting power by reason of the
happening of any contingency) is at the time directly or indirectly owned by the
Guarantor, or by one or more other Subsidiaries, or by the Guarantor and one or more other
Subsidiaries. 

        “Taxes”
means any tax, duty, levy, impost, assessment or other governmental charge imposed or
levied by or on behalf of the Government of Canada or of any province or territory thereof
or by an authority or agency therein or thereof having power to tax. 

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

        “Trust
Indenture Act” means the Trust Indenture Act of 1939 as in force at the date as of
which this instrument was executed; provided, however, that in the event the Trust
Indenture Act of 1939 is amended 

6

after such date, “Trust Indenture Act” means,
to the extent required by any such amendment, the Trust Indenture Act of 1939 as so
amended. 

        “Unrestricted
Subsidiary” means any Subsidiary other than a Restricted Subsidiary. 

         “U.S.       
          Government Obligations” has the meaning specified in Section 1304. 

        “Vice
President”, when used with respect to the Guarantor, the Company or the Trustee,
means any vice president, whether or not designated by a number or a word or words added
before or after the title “vice president”. 

Section 102.
Compliance Certificates and Opinions. 

        Upon
any application or request by the Guarantor or the Company, as applicable, to the Trustee
to take any action under any provision of this Indenture, the Guarantor or the Company, as
the case may be, shall furnish to the Trustee such certificates and opinions as may be
required under the Trust Indenture Act. Each such certificate or opinion shall be given in
the form of an Officers’ Certificate, if to be given by an officer of the Guarantor
or the Company, or an Opinion of Counsel, if to be given by counsel, and shall comply with
the requirements of the Trust Indenture Act and any other requirements set forth in this
Indenture. 

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

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

               

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

               

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

               

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

               

Section 103. Form of
Documents Delivered to Trustee. 

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

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

7

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

Section 104. Acts of
Holders; Record Dates. 

             (a)   
          Any request, demand, authorization, direction, notice, consent, waiver or other
          action provided or permitted by this Indenture to be given, made 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 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 Guarantor or
          the Company, as the case may be. 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 601) conclusive in favor of the Trustee, the Guarantor or the
          Company, if made in the manner provided in this Section. 

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

             (c)   
          The Company may, but shall not be obligated to, fix any day as the record date
          for the purpose of determining the Holders of Securities of any series entitled
          to give or take any request, demand, authorization, direction, notice, consent,
          waiver or other action, or to vote on any action, authorized or permitted to be
          given or taken by Holders of Securities of such series. If not set by the
          Company prior to the first solicitation of a Holder of Securities of such series
          made by any Person in respect of any such action, or, in the case of any such
          vote, prior to such vote, the record date for any such action or vote shall be
          the 30th day (or, if later, the date of the most recent list of Holders required
          to be provided pursuant to Section 701) prior to such first solicitation or
          vote, as the case may be. With regard to any record date for action to be taken
          by the Holders of one or more series of Securities, only the Holders of
          Securities of such series on such date (or their duly designated proxies) shall
          be entitled to give or take, or vote on, the relevant action. 

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

             (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 105.
Notices, Etc., to Trustee, the Company and the Guarantor. 

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

          		    (1)       
               the Trustee by any Holder, the Guarantor or 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: Corporate Trust
               Administration, or 

               

          		    (2)       
               the Guarantor or 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 Guarantor or the
               Company, as applicable, addressed to it at the address of its principal office
               specified in the first paragraph of this instrument or at any other address
               previously

               

8

          		furnished in writing to the Trustee by the Guarantor or the Company,
               as applicable, Attention: Treasurer. 

               

Section 106. Notice
to Holders; Waiver. 

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

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

Section 107.
Conflict with Trust Indenture Act. 

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

Section 108. Effect
of Headings and Table of Contents. 

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

Section 109.
Successors and Assigns. 

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

Section 110.
Separability Clause. 

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

Section 111.
Benefits of Indenture. 

        Nothing
in this Indenture, the Securities or the Guarantees, 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 112.
Governing Law. 

        This
Indenture, the Securities and the Guarantees shall be governed by and construed in
accordance with the laws of the State of New York without regard to conflicts of laws
principles thereof. 

9

Section 113. Legal
Holidays. 

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

Section 114. Act of
Holders when Securities are Denominated in Different Currencies. 

        Whenever
any action or Act is to be taken hereunder by the Holders of two or more Series or Issues
of Securities denominated in different currencies, then, for the purposes of determining
the principal amount of Securities held by such Holders, the aggregate principal amount of
the Securities denominated in a currency other than United States dollars shall be deemed
to be that amount of United States dollars that could be obtained for such principal
amount on the basis of the spot rate of exchange for such currency as determined by the
Company or by an authorized exchange rate agent and evidenced to the Trustee by an
Officers’ Certificate as of the date the taking of such action or Act by the Holders
of the requisite percentage in principal amount of the Securities is evidenced to the
Trustee. An exchange rate agent may be authorized in advance or from time to time by the
Company, and may be the Trustee or its Affiliate. Any such determination by the Company or
by any such exchange rate agent shall be conclusive and binding on all Holders and the
Trustee, and neither the Company nor such exchange rate agent shall be liable therefor in
the absence of bad faith. 

Section 115. Monies
of Different Currencies to be Segregated. 

        The Trustee
shall segregate monies, funds, and accounts held by the Trustee hereunder in one currency
from any monies, funds or accounts in any other currencies, notwithstanding any provision
herein which would otherwise permit the Trustee to commingle such amounts. 

Section 116. Payment
to be in Proper Currency. 

        Each reference
in any Security, or in the Authorizing Resolution relating thereto, to any currency shall
be of the essence. In the case of any Security denominated in any currency (the
“Required Currency”) other than United States dollars, except as otherwise
provided therein or in the related Authorizing Resolution, the obligation of the Company
or the Guarantor, as the case may be, to make any payment of principal, premium or
interest thereon shall not be discharged or satisfied by any tender by the Company or the
Guarantor, or recovery by the Trustee, in any currency other than the Required Currency,
except to the extent that such tender or recovery shall result in the Trustee timely
holding the full amount of the Required Currency then due and payable. If any such tender
or recovery is in a currency other than the Required Currency, the Trustee may take such
actions as it considers appropriate to exchange such currency for the Required Currency.
The costs and risks of any such exchange, including without limitation the risks of delay
and exchange rate fluctuation, shall be borne by the Company or the Guarantor, as the case
may be, the Company or the Guarantor shall remain fully liable for any shortfall or
delinquency in the full amount of Required Currency then due and payable, and in no
circumstances shall the Trustee be liable therefor. Each of the Company and the Guarantor
hereby waives any defense of payment based upon any such tender or recovery which is not
in the Required Currency, or which, when exchanged for the Required Currency by the
Trustee, is less than the full amount of Required Currency then due and payable. 

10

ARTICLE TWO

SECURITY AND GUARANTEE
FORMS 

Section 201. Forms
Generally. 

        The
Securities of each series and the related Guarantees shall be in substantially the forms
set forth in this Article, or in such other form as shall be established by or pursuant to
a Board Resolution of the Company or the Guarantor, as applicable, or in one or more
indentures supplemental hereto, in each case with such appropriate insertions, omissions,
substitutions and other variations as are required or permitted by this Indenture, and may
have such letters, numbers or other marks of identification and such legends or
endorsements placed thereon as may be required to comply with the rules of any securities
exchange or Depositary therefor or as may, consistently herewith, be determined by the
officers executing such Securities or Guarantees, as evidenced by their execution thereof.
If the form of Securities of any series or related Guarantees is established by, or 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 or the
Guarantor, as the case may be, and delivered to the Trustee at or prior to the delivery of
the Company Order or the Guarantor Order, as the case may be, contemplated by
Section 303 for the authentication and delivery of such Securities. 

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

Section 202. Guarantee by
Guarantor; Form of Guarantee. 

        The
Guarantor by its execution of this Indenture hereby agrees with each Holder of a Security
authenticated and delivered by the Trustee, and with the Trustee on behalf of each such
Holder, to be irrevocably and unconditionally bound by the terms and provisions of the
Guarantee set forth below in respect of such Security, and authorizes the Chairman of the
Board, the Present or any Vice President or the Treasurer of the Guarantor to execute each
such Guarantee, manually or by facsimile signature in the name and on behalf of the
Guarantor. 

        Guarantees
to be endorsed on the Securities shall, subject to Section 201, be in substantially the
form set forth below: 

GUARANTEE 

        For
value received, MONSANTO COMPANY, a corporation duly organized and existing under the laws
of the State of Delaware (herein called the “Guarantor,” which term includes any
successor Person under the Indenture referred to in the Security upon which this Guarantee
is endorsed), hereby irrevocably and unconditionally guarantees to the Holder of the
Security upon which this Guarantee is endorsed and to the Trustee on behalf of the such
Holder the due and punctual payment of the principal of, and any premium, and interest on,
such Security, and any other amount due and payable in respect of such Security pursuant
to the terms of the Indenture, when and as the same shall become due and payable, whether
at the Stated Maturity, by declaration of acceleration, call for redemption, repurchase,
or otherwise, according to the terms of such Security and of the Indenture referred to
therein. In case of the failure of Monsanto Finance Canada Co., an unlimited liability
company duly organized and existing under the laws of the Province of Nova Scotia, Canada
(herein called the “Company,” which term includes any successor corporation
under such Indenture), immediately to make any such payment of principal, premium or
interest on such other amounts, the Guarantor hereby agrees to cause any such payment to
be made immediately when and as the same shall become due and payable, whether at the
Stated Maturity or by declaration of acceleration, call for redemption or otherwise, and
as if such payment were made by the Company. 

11

        The
Guarantor hereby agrees that its obligations hereunder shall be as if it were principal
debtor and not merely surety, and shall be absolute and unconditional, irrespective of,
and shall be unaffected by, any invalidity, irregularity or unenforceability of such
Security or such Indenture, any failure to enforce the provisions of such Security or such
Indenture, or any waiver, modification or indulgence granted to the Company with respect
thereto, by the Holder of such Security or the Trustee, or any other circumstance which
may otherwise constitute a legal or equitable discharge of a surety or guarantor. The
Guarantor hereby waives the benefits of diligence, presentment, demand of payment, filing
of claims with a court in the event or merger, insolvency or bankruptcy of the Company,
any right to require a proceeding first against the Company, protest or notice with
respect to such Security or the indebtedness evidenced thereby and all demands whatsoever,
and covenants that this Guarantee will not be discharged except by strict and complete
performance of the obligations contained in such Security and this Guarantee. The
Guarantor hereby agrees that, in the event of a default in payment of principal of, any
premium or interest on, such Security, or other amount payable in respect thereof, legal
proceedings may be instituted immediately by the Trustee on behalf of, or by, the Holder
of such Security, on the terms and conditions set forth in the Indenture, directly against
the Guarantor to enforce this Guarantee without first proceeding against the Company. 

        The
Guarantor shall be subrogated to all rights of the Holder of such Security and the Trustee
against the Company in respect of any amounts paid to such Holder by the Guarantor on
account of such Security pursuant to the provisions of this Guarantee or the Indenture;
provided, however, that the Guarantor shall not be entitled to enforce, or to receive any
payments arising out of or based upon, such right of subrogation until the principal of,
and any premium and interest on, and all other amounts payable in respect of, all
Securities issued under such Indenture shall have been paid in full. 

        No
reference herein to such Indenture and no provision of this Guarantee or of such Indenture
shall alter or impair the guarantee of the Guarantor, which is absolute and unconditional,
of the due and punctual payment of principal of, any premium and interest on, and all
other amounts payable in respect of, the Security upon which this Guarantee is endorsed. 

        This
Guarantee shall not be valid or obligatory for any purpose until the certificate of
authentication of the Security upon which this Guarantee is endorsed shall have been
manually executed by or on behalf of the Trustee under such Indenture. 

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

        This
Guarantee shall be deemed to be a contract made under the laws of the State of New York,
and for all purposes shall be governed by and construed in accordance with the laws of the
State of New York. 

        This
Guarantee is an unsecured obligation of the Guarantor, and ranks pari passu with
all other unsubordinated indebtedness of the Guarantor. 

        IN
WITNESS WHEREOF, the Guarantor has caused this Guarantee to be duly executed and dated as
of the date of the Security upon which this Guarantee is endorsed. 

	  	MONSANTO COMPANY 

	  	By:	 
 

	  	Title:	 
 

        Each
Guarantee shall be dated the date of the Security upon which it is endorsed. Reference is
made to Article Fifteen for further provisions with respect to the Guarantees. 

12

Section 203. Form of
Face of Security. 

        [insert
any legend required by the Internal Revenue Code and the regulations thereunder or a
Depositary.] 

MONSANTO FINANCE
CANADA CO. 

[title of Security] 

	  	No. 	  
 
	$__________________ 	CUSIP 	  
 

        MONSANTO
FINANCE CANADA CO., an unlimited liability company duly organized and existing under the
laws of the Province of Nova Scotia, Canada (herein called the “Company”, which
term includes any successor Person under the Indenture hereinafter referred to), for value
received, hereby promises to pay to _______, or registered assigns, the principal sum of
___________ Dollars on _________, and to pay interest thereon from _____________ or from
the most recent Interest Payment Date to which interest has been paid or duly provided
for, semi-annually on _______ and ______ in each year, commencing
__________________________, at the rate of [__]% per annum, until the principal hereof is
paid or made available for payment. The interest so payable, and punctually paid or duly
provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to
the Person in whose name this Security (or one or more Predecessor Securities) is
registered at the close of business on the Regular Record Date for such interest, which
shall be the _______ or _______ (whether or not a Business Day), as the case may be, next
preceding such Interest Payment Date. Any such interest not so punctually paid or duly
provided for will forthwith cease to be payable to the Holder on such Regular Record Date
and may either be paid to the Person in whose name this Security (or one or more
Predecessor Securities) is registered at the close of business on a Special Record Date
for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof
shall be given to Holders of Securities of this series not less than 10 days prior to such
Special Record Date, or be paid at any time in any other lawful manner not inconsistent
with the requirements of any securities exchange on which the Securities of this series
may be listed, and upon such notice as may be required by such exchange, all as more fully
provided in said Indenture. 

        Payment
of the principal of (and premium, if any) and any such interest on this Security will be
made at the office or agency of the Company maintained for that purpose in
_______________________, in such coin or currency of the United States of America as at
the time of payment is legal tender for payment of public and private debts; provided,
however, that at the option of the Company payment of interest may be made by check mailed
to the address of the Person entitled thereto as such address shall appear in the Security
Register or by wire transfer to an account maintained by the Person entitled thereto as
specified in the Security Register, provided that such Person shall have given the Trustee
written wire instructions at least five Business Days prior to the applicable Interest
Payment Date. Interest shall be computed on the basis of a 360-day year consisting of
twelve 30-day months. 

        [If
the Security is payable in other than US dollars, insert the appropriate provision.] 

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

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

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

	  	MONSANTO FINANCE CANADA CO.

13

	  	By:	 
 

	  	Title:	 
 

Section 203. Form of
Reverse of Security. 

        This Security
is one of a duly authorized issue of securities of the Company (herein called the
“Securities”), issued and to be issued in one or more series under an Indenture,
as of [__________], 2005 (herein called the “Indenture”), between the Company
and The Bank of New York, as Trustee (herein called the “Trustee”, which term
includes any successor trustee under the Indenture), to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective rights,
limitations of rights, duties and immunities thereunder of the Company, the Trustee and
the Holders of the Securities and of the terms upon which the Securities are, and are to
be, authenticated and delivered. This Security is one of the series designated on the face
hereof, limited in aggregate principal amount to $[_________]. 

        [If
the Securities are redeemable at the option of the Company, include redemption
provisions.] 

        [If
the Securities are redeemable through a mandatory sinking fund, include the following:] 

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

      [If
the Securities do not have a sinking fund, include the following:] 

        The
Securities of this series do not have the benefit of any sinking fund obligations. 

      [If
the Securities are subject to redemption, include the following:] 

        In
the event of redemption of this Security in part only, a new Security or Securities of
this series and of like tenor for the unredeemed portion hereof will be issued in the name
of the Holder hereof upon the cancellation hereof. 

      [If
the Securities are not subject to redemption, include the following:] 

        The
Securities of this series are not redeemable prior to maturity. 

        The Indenture
contains provisions for defeasance at any time of the entire indebtedness of this Security
and/or certain restrictive covenants and Events of Default with respect to this Security,
in each case upon compliance with certain conditions set forth in the Indenture. 

        [If
the Security is not an Original Issue Discount Security, include the following:] 

        If
an Event of Default with respect to Securities of this series shall occur and be
continuing, the principal of the Securities of this series may be declared due and payable
in the manner and with the effect provided in the Indenture. 

        [If
the Security is an Original Issue Discount Security, include the following:] 

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

14

      [If
the Security is an Indexed Security, include the appropriate provision.] 

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

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

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

      [If
the Security is a Book-Entry Security, include the following:] 

        If
at any time the Depositary for this Security notifies the Company that it is unwilling or
unable to continue as Depositary for this Security or if at any time the Depositary shall
no longer be eligible under the Indenture with respect to this Security, and if a
successor Depositary eligible under the Indenture for this Security is not appointed by
the Company within 90 days after the Company receives such notice or becomes aware of such
ineligibility, the Company’s election that the Securities of this Issue be
represented by a Book-Entry Security shall no longer be effective with respect to this
Security, and the Company shall execute, and the Trustee upon receipt of a Company Order
for the authentication and delivery of definitive Securities shall authenticate and
deliver, Securities in definitive form in an aggregate principal amount equal to the
principal amount of this Security in exchange for this Security. The Company may at any
time and in its sole discretion determine that the Securities of this Series shall no
longer be represented by Book-Entry Securities. In such event the Company shall execute,
and the Trustee, upon receipt of a Company Order, shall authenticate and deliver,
Securities of this Series in definitive form and in an aggregate principal amount equal to
the principal amount of the Book-Entry Security or Securities representing this Series in
exchange for such Book-Entry Security or Securities. 

        No
Holder of any Securities shall have any right to institute any proceeding, judicial or
otherwise, with respect to the Indenture or for the appointment of a receiver or trustee,
or for any other remedy under the Indenture, unless (1) the Trustee shall have received
written notice from such Holder of a continuing Event of Default in respect of such
Securities; (2) the Trustee shall have received a written request from the Holders of not
less than 25% in principal amount of the Outstanding Securities of the series in respect
of which the Event of Default has occurred to institute proceedings in respect of such
Event of Default in its own name as trustee under the Indenture; (3) such Holder or
Holders have offered to the Trustee indemnity satisfactory to the Trustee against the
costs, expenses and liabilities to be incurred in 

15

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 such series. 

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

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

        No
recourse shall be had for the payment of the principal of (or premium, if any) or the
interest on this Security, or for any claim based hereon, or otherwise in respect hereof,
or based on or in respect of the Indenture or any indenture supplemental thereto, against
any incorporator, stockholder, officer, director or employee, as such, past, present or
future, of the Company or any successor corporation, whether by virtue of any
constitution, statute or rule of law, or by the enforcement of any assessment or penalty
or otherwise, all such liability being, by the acceptance hereof and as part of the
consideration for the issue hereof, expressly waived and released. 

        Prior
to due presentment of this Security for registration of transfer, the Company, the Trustee
and any agent of the Company or the Trustee may treat the Person in whose name this
Security is registered as the owner hereof for all purposes (subject to Section 308
of the Indenture), whether or not this Security be overdue, and neither the Company, the
Trustee nor any such agent shall be affected by notice to the contrary. 

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

        The
Indenture and this Security shall be governed by and construed in accordance with the laws
of the State of New York without regard to the conflicts of laws principles thereof. 

Section 204. Form of
Trustee’s Certificate of Authentication. 

The Trustee’s certificate of
authentication shall be in substantially the following form: 

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

                       Dated: _____________________

	 	The Bank of New York,
   
           As Trustee 

	  	By: 	  
 	 
	  	 	 Authorized Signatory 	 

ARTICLE THREE

THE SECURITIES 

Section 301. Amount
Unlimited; Issuable in Series. 

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

16

        The
Securities may be issued from time to time in one or more series. There shall be
established in or pursuant to a Board Resolution of the Company and, subject to
Section 303, set forth, or determined in the manner provided, in an Officers’
Certificate of the Company, or established in one or more indentures supplemental hereto,
prior to the issuance of Securities of any series: 

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

               

          		    (2)       
               any limit upon the aggregate principal amount of the Securities of the series
               which may be authenticated and delivered under this Indenture (except for
               Securities authenticated and delivered upon registration of transfer of, or in
               exchange for, or in lieu of, other Securities of the series pursuant to
               Section 305, 306, 307, 906 or 1107 and except for any Securities which,
               pursuant to Section 303, are deemed never to have been authenticated and
               delivered hereunder); 

               

          		    (3)       
               if other than denominations of $1,000 and any integral multiple thereof, the
               denominations in which Securities of the series shall be issuable; 

               

          		    (4)       
               the Person to whom any interest on a Security of the series shall be payable, if
               other than the Person in whose name that Security (or one or more Predecessor
               Securities) is registered at the close of business on the Regular Record Date
               for such interest; 

               

          		    (5)       
               the date or dates on which the principal of and premium, if any, on the
               Securities of the series is payable or the method of determination thereof; 

               

          		    (6)       
               the rate or rates at which the Securities of the series shall bear interest, if
               any, or the method of calculating such rate or rates of interest, the date or
               dates from which such interest shall accrue or the method by which such date or
               dates shall be determined, the Interest Payment Dates on which any such interest
               shall be payable and the Regular Record Date for any interest payable on any
               Interest Payment Date; 

               

          		    (7)       
               the rights, if any, to defer payments of interest on any Securities of the
               series by extending the interest payment period, and the duration of such
               extensions; 

               

          		    (8)       
               if other than the Corporate Trust Office of the Trustee, the place or places
               where the principal of and any premium and interest on Securities of the series
               shall be payable; 

               

          		    (9)       
               the currency, currencies or currency units in which payment of the principal of
               and any premium and interest on any Securities of the series shall be payable if
               other than the currency of the United States of America and the manner of
               determining the equivalent thereof in the currency of the United States of
               America for purposes of the definition of “Outstanding” in
               Section 101; 

               

          		    (10)       
               the period or periods within which, the price or prices at which, the currency
               or currencies (including currency units) in which and the other terms and
               conditions upon which Securities of the series may be redeemed, in whole or in
               part, at the option of the Company; 

               

          		    (11)       
               if the principal of or any premium or interest on any Securities of the series
               is to be payable, at the election of the Company or a Holder thereof, in one or
               more currencies or currency units other than that or those in which the
               Securities are stated to be payable, the currency, currencies or currency units
               in which payment of the principal of and any premium and interest on Securities
               of such series as to which such election is made shall be payable, and the
               periods within which and the other terms and conditions upon which such election
               is to be made; 

               

          		    (12)       
               if other than the principal amount thereof, the portion of the principal amount
               of Securities of the series which shall be payable upon declaration of
               acceleration of the Maturity thereof pursuant to Section 502 or the method
               by which such portion shall be determined; 

               

          		    (13)       
               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 

               

17

          		periods (or the methods of determination of
               such a period or periods) within which, the price or prices at which and the
               other terms and conditions upon which Securities of the series shall be redeemed
               or purchased, in whole or in part, pursuant to such obligation; 

               

          		    (14)       
               if the amount of payments of principal of or any premium or interest on any
               Securities of the series may be determined with reference to an index, formula
               or other method, the index, formula or other method by which such amounts shall
               be determined; 

               

          		    (15)       
               if the amount Outstanding of an Indexed Security for purposes of the definition
               of “Outstanding” is to be other than the principal face amount at
               original issuance, the method of determination of such amount; 

               

          		    (16)       
               if applicable, that either or both of Section 1302 or 1303 will not apply
               to the Securities of such series; 

               

          		    (17)       
               whether the Securities of the series shall be issued in whole or in part in the
               form of one or more Book-Entry Securities and, in such case, the Depositary with
               respect to such Book-Entry Security or Securities and the circumstances under
               which any Book-Entry Security may be registered for transfer or exchange, or
               authenticated and delivered, in the name of a Person other than such Depositary
               or its nominee, if other than as set forth in Section 306; 

               

          		    (18)       
               any additional, modified or different covenants or Events of Default applicable
               to one or more particular series of Securities; and 

               

          		    (19)       
               any other terms of the series (which terms shall not be inconsistent with the
               provisions of this Indenture, except as permitted by Section 901(5)). 

               

        All
Securities (and Guarantees endorsed thereon) of any one series shall be substantially
identical except as to denomination and except as may otherwise be provided in or pursuant
to the Board Resolution referred to above and (subject to Section 303) set forth, or
determined in the manner provided, in the Officers’ Certificate referred to above or
in any such indenture supplemental hereto. All Securities of any one series need not be
issued at the same time and, unless otherwise provided, a series may be reopened, without
the consent of the Holders, for issuances of additional Securities of such series. 

        If
any of the terms of the 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, or providing the
manner for determining, the terms of the series. 

Section 302.
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 301. In the absence of
any such provisions with respect to the Securities of any series, the Securities of such
series shall be issuable in denominations of $1,000 and any integral multiple thereof. 

Section 303.
Execution, Authentication, Delivery and Dating. 

        The
Securities shall be executed on behalf of the Company by its Chairman of the Board, its
Chief Executive Officer, its President, its Chief Financial Officer, its Treasurer or one
of its Vice Presidents, under its corporate seal reproduced thereon attested by its
Secretary or one of its Assistant Secretaries. The corporate seal and 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. 

18

        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, with Guarantees
endorsed thereon by the Guarantor, to the Trustee for authentication, together with a
Company Order for the authentication and delivery of such Securities and a Guarantor Order
approving the delivery of the Guarantees endorsed thereon, and the Trustee in accordance
with the Company Order shall authenticate and deliver or make available for delivery such
Securities bearing such Guarantees; provided, however, that in the case of Securities of a
series that are not to be originally issued at one time, the Trustee shall authenticate
and deliver or make available for delivery such Securities bearing such Guarantees from
time to time in accordance with such other procedures (including, without limitation, the
receipt by the Trustee of oral or electronic instructions from the Company or its duly
authorized agents, promptly confirmed in writing) acceptable to the Trustee as may be
specified by or pursuant to a Company Order delivered to the Trustee. If the form or forms
or terms of the Securities of the series, and the Guarantees endorsed thereon, have been
established in or pursuant to one or more Board Resolutions as permitted by Sections 201
and 301, in authenticating such Securities bearing such Guarantees, and accepting the
additional responsibilities under this Indenture in relation to such Securities bearing
such Guarantees, the Trustee shall be entitled to receive, and (subject to
Section 601) shall be fully protected in relying upon, one or more Opinions of
Counsel stating, 

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

               

          		    (b)       
               if the terms of such Securities have been, or in the case of Securities of a
               series that are not to be originally issued at one time, will be established by
               or pursuant to Board Resolution as permitted by Section 301, that such
               terms have been, or in the case of Securities of a series that are not to be
               originally issued at one time, will be established in conformity with the
               provisions of this Indenture, subject, in the case of Securities of a series
               that are not to be originally issued at one time, to any conditions specified in
               such Opinion of Counsel; 

               

          		    (c)       
               that such Securities, when authenticated and delivered by the Trustee and issued
               by the Company in the manner and subject to any conditions specified in such
               Opinion of Counsel, will constitute valid and legally binding obligations of the
               Company enforceable in accordance with their terms, subject to bankruptcy,
               insolvency, fraudulent transfer, reorganization, moratorium and similar laws of
               general applicability relating to or affecting creditors’ rights and to
               general equity principles, and subject to such other exceptions as shall be
               acceptable to the Trustee; provided, that such Opinion of Counsel need express
               no opinion as to whether a court in the United States would render a money
               judgment in currency other than that of the United States; 

               

          		    (d)       
               that such Guarantees, when endorsed on Securities that have been authenticated
               and delivered by the Trustee and issued by the Guarantor in the manner and
               subject to any conditions specified in such Opinion of Counsel, will constitute
               valid and legally binding obligations of the Guarantor enforceable in accordance
               with their terms, subject to bankruptcy, insolvency, fraudulent transfer,
               reorganization, moratorium and similar laws of general applicability relating to
               or affecting creditors’ rights and to general equity principles, and
               subject to such other exceptions as shall be acceptable to the Trustee;
               provided, that such Opinion of Counsel need express no opinion as to whether a
               court in the United States would render a money judgment in currency other than
               that of the United States; and 

               

          		    (e)       
               that all laws and requirements in respect of the execution and delivery by the
               Company of such Securities and by the Guarantor of such Guarantees have been
               complied with. 

               

        If
such form or forms or terms have been so established, the Trustee shall not be required to
authenticate such Securities if the issue of such Securities pursuant to this Indenture
will affect the

19

Trustee’s own rights, duties or immunities under the Securities and
this Indenture or otherwise in a manner which the Trustee determines would expose it to
personal liability. 

        Notwithstanding
the provisions of Section 301 and of the preceding paragraph, if all Securities of a
series are not to be originally issued at one time, it shall not be necessary to deliver
the Officers’ Certificate otherwise required pursuant to Section 301 or the
Company Order and Opinion of Counsel otherwise required pursuant to such preceding
paragraph at or prior to the time of authentication of each Security of such series if
such documents, with appropriate modifications to cover such future issuances, are
delivered at or prior to the authentication upon original issuance of the first Security
of such series to be issued. 

        Each
Security shall be dated the date of its authentication unless otherwise specified in or
pursuant to the Board Resolution relating thereto. 

Section 304.
Book-Entry Securities 

        If
the Company shall establish pursuant to Section 301 that the Securities of a series
are to be issued in whole or in part in the form of one or more Book-Entry Securities,
then the Company shall execute and the Trustee shall, in accordance with this
Section and the Company Order and the Guarantor Order with respect to such series,
authenticate and deliver one or more Book-Entry Securities, with Guarantees endorsed
thereon, in temporary or permanent form that (i) shall represent and shall be denominated
in an aggregate amount equal to the aggregate principal amount of the Outstanding
Securities of such series to be represented by one or more Book-Entry Securities, (ii)
shall be registered in the name of the Depositary for such Book-Entry Security of
Securities or the nominee of such Depositary, (iii) shall be delivered by the Trustee to
such Depositary or pursuant to such Depositary’s instruction and (iv) shall bear a
legend substantially to the following effect (or such other legend as may be prescribed by
the Depositary): “Unless and until it is exchanged in whole or in part for Securities
in definitive registered form, this Security may not be transferred except as a whole by
the Depositary to the nominee of the Depositary or by a nominee of the Depositary to the
Depositary or another nominee of the Depositary or by the Depositary or any such nominee
to a successor Depositary or a nominee of such successor Depositary.” 

        Each
Depositary designated pursuant to Section 301 for a Book-Entry Security in registered
form must, at the time of its designation and at all times while it serves as Depositary,
be a clearing agency registered under the Exchange Act and any other applicable statute or
regulation. 

        Beneficial
owners of part or all of a Book-Entry Security shall be subject to the rules of the
Depositary as in effect from time to time. The Company, the Trustee and the Paying Agent
shall not be responsible for any acts or omissions of the Depositary, for any Depositary
records of beneficial interests or for any transactions between the Depositary and
beneficial owners. 

        Notwithstanding
any other provision of this Section, unless and until it is exchanged in whole or in part
for Securities in definitive form, a Book-Entry Security representing all or a portion of
the Securities of a series may not be transferred except as a whole by the Depositary for
such series or to a nominee of such Depositary or by a nominee of such Depositary to such
Depositary or another nominee of such Depositary or by such Depositary or any such nominee
to a successor Depositary for such series or a nominee of such successor Depositary. 

        If
at any time the Depositary for any Securities of a series notifies the Company that it is
unwilling or unable to continue as Depositary for the Securities of such series or if at
any time the Depositary for the Securities of such series shall no longer be eligible
under Section 306, the Company shall appoint a successor Depositary eligible under
Section 306, with respect to the Securities of such series. If a successor Depositary
eligible under Section 306 for the Securities of such series is not appointed by the
Company within 90 days after the Company receives such notice or becomes aware of such
ineligibility, the Company’s election that the Securities of such series be
represented by one or more Book-Entry 

20

Securities shall no longer be effective with respect
to the Securities of such series and the Company shall execute and the Trustee, upon
receipt of a Company Order for the authentication and delivery of definitive Securities of
such series, shall authenticate and deliver, Securities of such series in definitive form
in an aggregate principal amount equal to the principal amount of the Book-Entry Security
or Securities representing such series in exchange for such Book-Entry Security or
Securities. 

        The
Company may at any time and in its sole discretion determine that the Securities of any
series issued in the form of one or more Book-Entry Securities shall no longer be
represented by such Book-Entry Security or Securities. In such event the Company shall
execute, and the Trustee, upon receipt of a Company Order for the authentication and
delivery of definitive Securities of such series, shall authenticate and deliver,
Securities of such series in definitive form with Guarantees endorsed thereon and in an
aggregate principal amount equal to the principal amount of the Book-Entry Security or
Securities representing such series in exchange for such Book-Entry Security or
Securities. 

        If
specified by the Company pursuant to Section 301 with respect to a series of
Securities represented by a Book-Entry Security, the Depositary for such Book-Entry
Securities may surrender a Book-Entry Security for such series of Securities in exchange
in whole or in part for Securities of such series in definitive form, with Guarantees
endorsed thereon, 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: 

          		    (i)       
               to each Person specified by such Depositary a new Security or Securities of the
               same series, of any authorized denomination as requested by such Person in
               aggregate principal amount equal to and in exchange for such Person’s
               beneficial interest in the Book-Entry Security; and 

               

          		    (ii)       
               to such Depositary a new Book-Entry Security in a denomination equal to the
               difference, if any, between the principal amount of the surrendered Book-Entry
               Security and the aggregate principal amount of Securities delivered pursuant to
               clause (i) above. 

               

        In
any exchange provided for in this Section, the Company will execute and the Trustee will
authenticate and deliver Securities in definitive registered form in authorized
denominations. 

        Upon
the exchange of a Book-Entry Security for Securities in definitive registered form, such
Book-Entry Security shall be cancelled by the Trustee or an agent of the Company or the
Trustee. The Trustee or such agent shall deliver such Securities to or as directed by the
Persons in whose names such Securities are so registered. 

        No
Security shall be entitled to any benefit under this Indenture or be valid or obligatory
for any purpose unless there appears on such Security a certificate of authentication
substantially in the form provided for herein executed by the Trustee by manual signature
of an authorized signatory thereof, and such certificate upon any Security shall be
conclusive evidence, and the only evidence, that such Security has been duly authenticated
and delivered hereunder. Notwithstanding the foregoing, if any Security shall have been
authenticated and delivered hereunder but never issued and sold by the Company, and the
Company shall deliver such Security to the Trustee for cancellation as provided in
Section 310, for all purposes of this Indenture such Security shall be deemed never
to have been authenticated and delivered hereunder and shall never be entitled to the
benefits of this Indenture. 

Section 305.
Temporary Securities. 

        Pending
the preparation of definitive Securities of any series, the Company may execute, and upon
Company Order and Guarantor Order the Trustee shall authenticate and deliver or make
available for delivery, temporary Securities which are printed, lithographed, typewritten,
photocopied 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

21

 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, with Guarantees endorsed thereon, 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 with Guarantees of the Guarantor endorsed thereon 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 or make available for delivery in exchange therefor
one or more definitive Securities of the same series, of any authorized denominations and
of a like aggregate principal amount and tenor, each with a Guarantee of the Guarantor
endorsed thereon. Until so exchanged the temporary Securities of any series shall in all
respects be entitled to the same benefits under this Indenture as definitive Securities of
such series and tenor. 

Section 306.
Registration, Registration of Transfer and Exchange. 

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

        Upon
surrender for registration of transfer of any Security of any series at the office or
agency of the Company in a Place of Payment for that series, the Company shall execute,
and the Trustee shall authenticate and deliver or make available for delivery, 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, each with a Guarantee of the Guarantor endorsed thereon. 

        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, each with a Guarantee of the Guarantor endorsed thereon, 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 or make available for delivery, the Securities which the Holder making the
exchange is entitled to receive having Guarantees duly endorsed thereon. 

        All
Securities issued upon any registration of transfer or exchange of Securities and all
Guarantees endorsed thereon shall be the valid obligations of the Company or the
Guarantor, as the case may be, evidencing the same debt, and entitled to the same benefits
under this Indenture, as the Securities and Guarantees endorsed thereon 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, the Security Registrar or the Trustee) be duly endorsed, or be
accompanied by a written instrument of transfer in form satisfactory to the Company, the
Security Registrar and the Trustee 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 305, 906 or 1107 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 

22

notice of redemption of Securities of that series
selected for redemption under Section 1103 and ending at the close of business on the
day of such mailing, or (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. 

        Notwithstanding
the foregoing, any Book-Entry Security shall be exchangeable pursuant to this
Section 306 for Securities registered in the names of Persons other than the
Depositary for such Security or its nominee only if (i) such Depositary notifies the
Company that it is unwilling or unable to continue as Depositary for such Book-Entry
Security or if at any time such Depositary ceases to be a clearing agency registered under
the Securities Exchange Act of 1934, as amended and the Company does not appoint a
successor Depositary within 90 days after receipt by it of such notice or after it becomes
aware of such cessation, (ii) the Company executes and delivers to the Trustee a Company
Order that such Book-Entry Security shall be so exchangeable or (iii) there shall have
occurred and be continuing an Event of Default with respect to the Securities. Any
Book-Entry Security that is exchangeable pursuant to the preceding sentence shall be
exchangeable for Securities registered in such names as such Depositary shall direct. 

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

Section 307.
Mutilated, Destroyed, Lost and Stolen Securities. 

        If
any mutilated Security is surrendered to the Trustee, the Company shall execute and the
Trustee shall authenticate and deliver or make available for delivery in exchange therefor
a new Security of the same series and of like tenor and principal amount, having endorsed
thereon the Guarantee of the Guarantor, and bearing a number not contemporaneously
outstanding. 

        If
there shall be delivered to the Company, the Guarantor and the Trustee (i) 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 save each of them and any agent of
either of them harmless, then, in the absence of notice to the Company, the Guarantor or
the Trustee that such Security has been acquired by a bona fide purchaser, the Company
shall execute and the Trustee shall authenticate and deliver, in lieu of any such
destroyed, lost or stolen Security, a new Security of the same series and of like tenor
and principal amount having endorsed thereon the Guarantee of the Guarantor 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, 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, and the Guarantee of the Guarantor endorsed thereon, issued
pursuant to this Section in lieu of any destroyed, lost or stolen Security shall
constitute an original additional contractual obligation of the Company and the Guarantor,
respectively, whether or not the 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 and any related
Guarantees duly issued hereunder. 

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

23

Section 308. Payment
of Interest; Interest Rights Preserved. 

        Except
as otherwise provided as contemplated by Section 301 with respect to any series of
Securities, interest on any Security which is payable, and is punctually paid or duly
provided for, on any Interest Payment Date shall be paid to the Person in whose name that
Security (or one or more Predecessor Securities) is registered at the close of business on
the Regular Record Date for such interest at the office or agency maintained for such
purpose pursuant to Section 1002; provided, however, that at the option of the
Company (or at the option of the Guarantor in the case of payments pursuant to the
Guarantees), interest on Securities of any series that bear interest may be paid (i) by
check mailed to the address of the Person entitled thereto as it shall appear on the
Security Register or (ii) by wire transfer to an account maintained by the Person entitled
thereto as specified in the Security Register, provided that such Person shall have given
the Trustee written wire instructions at least five Business Days prior to the applicable
Interest Payment Date. 

        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 or the Guarantor, at its election in each case, as provided in Clause (1)
or (2) below: 

          		    (1)       
               The Company or the Guarantor may elect to make payment of any Defaulted Interest
               to the Persons in whose names the Securities of such series (or their respective
               Predecessor Securities) are registered at the close of business on a Special
               Record Date for the payment of such Defaulted Interest, which shall be fixed in
               the following manner. The Company or the Guarantor 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 or the Guarantor, as the case may be, 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 (or the Guarantor in the case of payments pursuant to the
               Guarantees) 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 or
               the Guarantor (as appropriate) 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 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. 

24

Section 309. Persons
Deemed Owners. 

        Prior
to due presentment of a Security for registration of transfer, the Company, the Guarantor,
the Trustee and any agent of the Company, the Guarantor or the Trustee may treat the
Person in whose name such Security is registered as the owner of such Security for the
purpose of receiving payment of principal of and any premium and (subject to
Section 308) any interest on such Security and for all other purposes whatsoever,
whether or not such Security be overdue, and none of the Company, the Guarantor or the
Trustee, or any agent of the Company, the Guarantor or the Trustee, shall be affected by
notice to the contrary. 

Section 310.
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. All Securities so delivered and any Securities
surrendered directly to the Trustee for any such purpose shall be promptly canceled by the
Trustee and such cancellation shall be noted conspicuously on each such Security. The
Company or the Guarantor may at any time deliver to the Trustee for cancellation any
Securities previously authenticated and delivered hereunder which the Company or the
Guarantor may have acquired in any manner whatsoever, and may deliver to the Trustee (or
to any other Person for delivery to the Trustee) for cancellation any Securities
previously authenticated hereunder which the Company has not issued and sold, and all
Securities so delivered shall be promptly canceled by the Trustee. No Securities shall be
authenticated in lieu of or in exchange for any Securities canceled as provided in this
Section, except as expressly permitted by this Indenture. All canceled Securities held by
the Trustee shall be disposed of in accordance with the Trustee’s customary
procedures. 

Section 311.
Computation of Interest. 

        Except
as otherwise specified as contemplated by Section 301 for Securities of any series,
interest on the Securities of each series shall be computed on the basis of a 360-day year
of twelve 30-day months. 

Section 312. CUSIP
Numbers. 

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

ARTICLE FOUR

SATISFACTION AND
DISCHARGE 

Section 401.
Satisfaction and Discharge of Indenture. 

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

         (1)
either

          		    (A)       
               all such Securities theretofore authenticated and delivered (other than (i) such
               Securities which have been destroyed, lost or stolen and which have been
               replaced or paid as provided in Section 307 and (ii) such Securities for
               whose payment money has theretofore been deposited in 

               

25

          		trust or segregated and
               held in trust by the Company or the Guarantor and thereafter repaid to the
               Company or the Guarantor or discharged from such trust, as provided in
               Section 1003) have been delivered to the Trustee for cancellation; or 

               

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

               

          		    (2)       
               the Company or the Guarantor 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 with respect to
               such Securities have been complied with. 

               

        Notwithstanding
the satisfaction and discharge of this Indenture, the obligations of the Company and the
Guarantor to the Trustee under Section 607 and to any Authenticating Agent under
Section 615 and, if money shall have been deposited with the Trustee pursuant to
subclause (B) of Clause (1) of this Section, the obligations of the Trustee under
Section 402, Article Six and the last paragraph of Section 1003 shall survive. 

Section 402.
Application of Trust Money. 

        All
money and U.S. Governmental Obligations deposited with the Trustee pursuant to
Section 401 (or into which such money and U.S. Governmental Obligations are
reinvested) 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 or the Guarantor 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 payment of which such money has been deposited with the Trustee; but
such money and U.S. Governmental Obligations need not be segregated from other funds
except to the extent required by law. 

ARTICLE FIVE

REMEDIES 

Section 501. Events
of Default. 

        “Event
of Default”, wherever used herein with respect to Securities of any series, means any
one of the following events (whatever the reason for such Event of Default and whether it
shall be voluntary or involuntary or be effected by operation of law or pursuant to any
judgment, decree or order of any court or any order, rule or regulation of any
administrative or governmental body, unless it is inapplicable to a particular series or
is specifically deleted or modified in the Board Resolution (or action taken pursuant
thereto), Officers’ Certificate or supplemental indenture under which such series of
Securities is issued or has been modified in an indenture supplemental hereto): 

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

               

26

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

               

          		    (3)       
               default in the deposit of any sinking fund installment in respect of such
               series, when and as payable by the terms of Section 1201 hereof or by the
               terms of a Security of that series, and continuance of such default for a period
               of 30 days; or 

               

          		    (4)       
               default in the performance, or breach, of any covenant or warranty of the
               Company or the Guarantor in this Indenture with respect to Securities of that
               series (other than a covenant or warranty a default in whose performance or
               whose breach is elsewhere in this Section specifically dealt with), and
               continuance of such default or breach for a period of 90 days after there has
               been given, by registered or certified mail, to the Company and the Guarantor by
               the Trustee or to the Company, the Guarantor and the Trustee by the Holders of
               at least 25% in principal amount of the Outstanding Securities of all series
               affected thereby a written notice specifying such default or breach and
               requiring it to be remedied and stating that such notice is a “Notice of
               Default” hereunder; or 

               

          		    (5)       
               the entry by a court having jurisdiction in the premises of (A) a decree or
               order for relief in respect of the Company or the Guarantor in an involuntary
               case or proceeding under any applicable federal or state bankruptcy, insolvency,
               reorganization or other similar law or (B) a decree or order adjudging the
               Company or the Guarantor a bankrupt or insolvent, or approving as properly filed
               a petition seeking reorganization, arrangement, adjustment or composition of or
               in respect of the Company or the Guarantor, as the case may be, under any
               applicable federal or state law, or appointing a custodian, receiver,
               liquidator, assignee, trustee, sequestrator or other similar official of the
               Company or the Guarantor, as the case may be, 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; or 

               

          		    (6)       
               the commencement by the Company or the Guarantor of a voluntary case or
               proceeding under any applicable federal or state bankruptcy, insolvency,
               reorganization or other similar law or of any other case or proceeding to be
               adjudicated a bankrupt or insolvent, or the consent by it to the entry of a
               decree or order for relief in respect of the Company or the Guarantor in an
               involuntary case or proceeding under any applicable federal or state 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 federal or state 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 other similar official of the
               Company or the Guarantor, as the case may be, 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, or the taking of corporate action by the Company or the
               Guarantor, as the case may be, in furtherance of any such action; or 

               

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

               

Section 502.
Acceleration of Maturity; Rescission and Annulment. 

        If
an Event of Default (other than an Event of Default described in clause 5 or 6 of
Section 501) with respect to Securities of one or more 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 the affected series may
declare the principal amount (or, if any of the Securities of that series are Original
Issue Discount Securities or Indexed Securities, such portion of the principal amount of
such Securities as may be specified in the terms thereof) of all of the Securities of such
series to be due and payable immediately, by a notice in writing to the Company and the
Guarantor (and to the Trustee if given by Holders), and upon any such declaration such
principal amount (or, in the case of Original Issue 

27

Discount Securities or Indexed
Securities, such specified amount) shall become immediately due and payable. 

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

          		    (1)       
               the Company or the Guarantor has paid or deposited with the Trustee a sum
               sufficient to pay (A) all overdue interest on all Securities of those series,
               (B) the principal of (and premium, if any, on) any Securities of those series
               which have become due otherwise than by such declaration of acceleration and any
               interest thereon at the rate or rates prescribed therefor in such Securities,
               (C) to the extent that payment of such interest is lawful, interest upon overdue
               interest at the rate or rates prescribed therefor in such Securities, and (D)
               all sums paid or advanced by the Trustee hereunder and the reasonable
               compensation, expenses, disbursements and advances of the Trustee, its agents
               and counsel; and 

               

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

               

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

        If
an Event of Default described in clause 5 or 6 of Section 501 occurs, the Outstanding
Securities shall ipso facto become immediately due and payable without need of any
declaration or other act on the part of the Trustee or any Holder. 

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

      The
Company covenants that if

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

               

          		    (2)       
               default is made in the payment of the principal of (or premium, if any, on) any
               Security at the Maturity thereof and such default continues for the period of
               grace, if any, provided for with respect to such payment, 

               

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 any premium and interest and, to
the extent that payment of such interest shall be legally enforceable, interest on any
overdue principal and premium and on any overdue interest, at the rate or rates prescribed
therefor in such Securities, and, in addition thereto, such further amount as shall be
sufficient to cover the costs and expenses of collection, including the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. 

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

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

28

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

Section 504. Trustee
May File Proofs of Claim. 

        In
case of any judicial proceeding relative to the Company, the Guarantor or any other
obligor upon the Securities or the Guarantees endorsed thereon or the property of the
Company, the Guarantor or such other obligor or their creditors, the Trustee shall be
entitled and empowered, by intervention in such proceeding or otherwise, to take any and
all actions authorized under the Trust Indenture Act in order to have claims of the
Holders and the Trustee allowed in any such proceeding. In particular, the Trustee shall
be authorized to collect and receive any moneys or other property payable or deliverable
on any such claims and to distribute the same; and any custodian, receiver, assignee,
trustee, liquidator, sequestrator or other similar official in any such judicial
proceeding is hereby authorized by each Holder to make such payments directly 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 607. 

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

Section 505. Trustee
May Enforce Claims Without Possession of Securities or Guarantees. 

        All
rights of action and claims under this Indenture or the Securities or Guarantees may be
prosecuted and enforced by the Trustee without the possession of any of the Securities or
Guarantees 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 506.
Application of Money Collected. 

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

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

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

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

29

Section 507.
Limitation on Suits. 

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

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

               

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

               

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

               

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

               

          		    (5)       
               no direction inconsistent with such written request has been given to the
               Trustee before or 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 Holders, or to obtain or to seek to obtain priority or preference over
any other Holders or to enforce any right under this Indenture, except in the manner
herein provided and for the equal and ratable benefit of all Holders. 

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

        Notwithstanding
any other provision in this Indenture, the Holder of any Security shall have the right,
which is absolute and unconditional, to receive payment of the principal of and any
premium and (subject to Section 308) any 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 509.
Restoration of Rights and Remedies. 

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

Section 510. Rights
and Remedies Cumulative. 

        Except
as otherwise provided with respect to the replacement or payment of mutilated, destroyed,
lost or stolen Securities in the last paragraph of Section 307 and as otherwise
provided in Section 507, no right or remedy herein conferred upon or reserved to the
Trustee or to the Holders is intended to be exclusive of any other right or remedy, and
every right and remedy shall, to the extent permitted by law, be cumulative and in
addition to every other right and remedy given hereunder or now or hereafter existing at
law or in equity or otherwise. The assertion or employment of any right or remedy
hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any
other appropriate right or remedy. 

30

Section 511. Delay
or Omission Not Waiver. 

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

Section 512. Control
by Holders. 

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

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

               

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

               

          		    (3)       
               subject to the provisions of Section 601, the Trustee shall have the right
               to decline to follow any such direction if the Trustee in good faith shall, by a
               Responsible Officer or Officers of the Trustee, determine that the proceeding so
               directed would involve the Trustee in personal liability. 

               

Section 513. Waiver
of Past Defaults. 

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

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

               

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

               

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

Section 514.
Undertaking for Costs. 

        In
any suit for the enforcement of any right or remedy under this Indenture, or in any suit
against the Trustee for any action taken, suffered or omitted by it as Trustee, a court
may require any party litigant in such suit to file an undertaking to pay the costs of
such suit, and may assess costs, including counsel fees and expenses, against any such
party litigant, in the manner and to the extent provided in the Trust Indenture Act;
provided, that neither this Section nor the Trust Indenture Act shall be deemed to
authorize any court to require such an undertaking or to make such an assessment in any
suit instituted by the Company, the Trustee or the Holders of 10% in aggregate principal
amount of the Outstanding Securities of any series. 

Section 515. 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. 

31

ARTICLE SIX

THE TRUSTEE 

Section 601. Certain
Duties and Responsibilities. 

        The
duties and responsibilities of the Trustee shall be as provided by the Trust Indenture
Act. Notwithstanding the foregoing, 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. 

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

Section 602. Notice
of Defaults. 

        If
a default occurs hereunder with respect to Securities of any series, the Trustee shall,
within 90 days, give the Holders of Securities of such series notice of such default as
and to the extent provided by the Trust Indenture Act; 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 or in the payment of any sinking fund installment, the Trustee shall be
protected in withholding such notice if and so long as the board of directors, the
executive committee or a trust committee of directors and/or Responsible Officers of the
Trustee in good faith determine that the withholding of such notice is in the interest of
the Holders; and provided, further, that in the case of any default of the character
specified in Section 501(4) no such notice to Holders shall be given until at least
30 days after the occurrence thereof. 

Section 603. Certain
Rights of Trustee. 

        Subject
to the provisions of Section 601: 

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

               

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

               

          		    (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
               a Company’s Officers’ Certificate or, if such matter pertaining to the
               Guarantor, a Guarantor’s Officers’ Certificate; 

               

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

               

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

               

32

          		    (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 and the Guarantor, personally or by agent or
               attorney; 

               

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

               

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

               

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

               

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

               

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

               

Section 604. Not
Responsible for Recitals or Issuance of Securities. 

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

Section 605. May
Hold Securities and Serve as Trustee Under Other Indentures. 

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

        Subject
to the provisions of Section 608, the Trustee may become and act as trustee under
other indentures under which other securities, or certificates of interest or
participation in other securities, of the Company or the Guarantor are outstanding in the
same manner as if it were not Trustee. 

33

Section 606. Money
Held in Trust. 

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

Section 607.
Compensation and Reimbursement. 

        Each
of the Company and the Guarantor, jointly and severally, agrees: 

          		    (1)       
               to pay to the Trustee from time to time such compensation as shall be agreed in
               writing between the Company or the Guarantor and the Trustee 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 the Trustee upon its
               request for all reasonable expenses, disbursements and advances incurred or made
               by the Trustee in accordance with any provision of this Indenture (including the
               reasonable compensation and the expenses and disbursements of its agents and
               counsel), except any such expense, disbursement or advance as may be
               attributable to its negligence, willful misconduct or bad faith; and 

               

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

               

        The
Trustee shall have a lien prior to the Securities upon all property and funds held by it
hereunder for any amount owing it or any predecessor Trustee pursuant to this
Section 607, except with respect to funds held in trust for the benefit of the
Holders of particular Securities. 

        Without
limiting any rights available to the Trustee under applicable law, when the Trustee incurs
expenses or renders services in connection with an Event of Default specified in
Section 501(5) or Section 501(6), the expenses (including the reasonable charges
and expenses of its counsel) and the compensation for the services are intended to
constitute expenses of administration under any applicable federal or state bankruptcy,
insolvency or other similar law. 

        The
provisions of this Section shall survive the satisfaction and discharge of this
Indenture and the resignation or removal of the Trustee. 

Section 608.
Disqualification; Conflicting Interests. 

        The
Trustee shall comply with the terms of Section 310 (b) of the TIA. 

Section 609.
Corporate Trustee Required; Eligibility. 

        There
shall at all times be a Trustee hereunder which shall be a Person that is eligible
pursuant to the Trust Indenture Act to act as such and has a combined capital and surplus
of at least $50,000,000. If such Person publishes reports of condition at least annually,
pursuant to law or to the requirements of any federal or state supervising or examining
authority, then for the purposes of this Section, the combined capital and surplus of such
Person shall be deemed to be its combined capital and surplus as set forth in its most
recent report of condition so published. If at any time the Trustee shall cease to be
eligible in accordance with the provisions of this Section, it shall resign immediately in
the manner and with the effect hereinafter specified in this Article. 

34

Section 610.
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 611. 

         (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 and the Guarantor. If the
          instrument of acceptance by a successor Trustee required by Section 611
          shall not have been delivered to the Trustee within 30 days after the giving of
          such notice of resignation, the resigning Trustee may petition, at the expense
          of the Company, any court of competent jurisdiction for the appointment of a
          successor Trustee with respect to the Securities of such series. 

         (c)       
          The Trustee may be removed at any time with respect to the Securities of any
          Series (i) 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 and to the Guarantor or (ii) if there shall not have occurred and be
          continuing an Event of Default, by written notice from the Company to the
          Trustee. If the instrument of acceptance by a successor Trustee required by
          Section 611 shall not have been delivered to the Trustee within 30 days
          after the giving of such notice of removal, the Trustee being removed may
          petition, at the expense of the Company, any court of competent jurisdiction for
          the appointment of a successor Trustee with respect to the Securities of such
          series. 

         (d)       
          If at any time: 

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

               

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

               

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

               

then, in any such case, (i) the
Company by or pursuant to a Board Resolution may remove the Trustee and appoint a
successor Trustee with respect to all Securities, or (ii) subject to Section 514, any
Holder who has been a bona fide Holder of a Security for at least six months may, on
behalf of himself and all others similarly situated, petition any court of competent
jurisdiction for the removal of the Trustee with respect to all Securities and the
appointment of a successor Trustee or Trustees. 

         (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 or pursuant to a Board
          Resolution, shall promptly appoint a successor Trustee or Trustees with respect
          to the Securities of that or those series (it being understood that any such
          successor Trustee may be appointed with respect to the Securities of one or more
          or all of such series and that at any time there shall be only one Trustee with
          respect to the Securities of any particular series) and shall comply with the
          applicable requirements of Section 611. If, within one year after such
          resignation, removal or incapability, or the occurrence of such vacancy, a
          successor Trustee with respect to the Securities of any series shall be
          appointed by Act of 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 611, become the successor Trustee with respect to the Securities of
          such series and to that extent supersede the successor Trustee appointed by the
          Company. If no successor Trustee with respect to the Securities of any series
          shall have been so appointed by the Company or the Holders

35

      and accepted
          appointment in the manner required by Section 611, any Holder who has been
          a bona fide Holder of a Security of such series for at least six months may, on
          behalf of himself and all others similarly situated, petition any court of
          competent jurisdiction for the appointment of a successor Trustee with respect
          to the Securities of such series. 

         (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 to all Holders of
          Securities of such series in the manner provided in Section 106. Each
          notice shall include the name of the successor Trustee with respect to the
          Securities of such series and the address of its Corporate Trust Office. 

Section 611.
Acceptance of Appointment by Successor. 

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

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

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

36

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

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

Section 613.
Preferential Collection of Claims Against Company or Guarantor. 

        If
and when the Trustee shall be or become a creditor of the Company or the Guarantor (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 the
Guarantor (or any such other obligor). 

Section 614.
Investment of Certain Payments Held by the Trustee. 

        Any
amounts held by the Trustee hereunder, other than pursuant to Article Thirteen hereof,
shall be invested by the Trustee from time to time at the direction of the Company in such
investments as may be specified by the Company in writing and reasonably agreed to by the
Trustee from time to time; provided, that in investing trust funds pursuant to the terms
of this Section and liquidating any investments held in trust hereunder, the Trustee
may, to the extent permitted by law, purchase securities (including for the purposes of
this paragraph securities as to which the Trustee or a Trustee Affiliate (as defined
below) is the issuer or guarantor) from, and sell securities to, itself or any Trustee
Affiliate and purchase securities underwritten by, or in which a market is made by, the
Trustee or a Trustee Affiliate. For the purposes hereof, a “Trustee Affiliate”
shall mean an entity that directly, or indirectly through one or more intermediaries,
controls, or is controlled by, or is under common control with, the Trustee. Any income or
gain realized as a result of any such investment shall be promptly distributed (in no
event later than the next Business Day) to the Company after any intended amounts have
been paid to the Holders entitled thereto, except after the occurrence and during the
continuance of an Event of Default. The Trustee shall have no liability to the Company or
the Guarantor for any loss, fee, tax or other charge resulting from any investment,
reinvestment or liquidation of an investment made in accordance with this Section, and
shall bear no expense in connection with any investment pursuant to this Section. Any such
investment may be sold (without regard to maturity date) by the Trustee whenever necessary
to make any distribution required by this Indenture. Nothing herein shall require the
Trustee to invest funds held by it pursuant to the last paragraph of Section 1003. 

Section 615.
Appointment of Authenticating Agent. 

        The
Trustee may appoint an Authenticating Agent or Agents with respect to one or more series
of Securities which shall be authorized to act on behalf of the Trustee to authenticate
Securities of such series issued upon original issue and upon exchange, registration of
transfer or partial redemption thereof or pursuant to Section 307, and Securities so
authenticated shall be entitled to the benefits of this Indenture and shall be valid and
obligatory for all purposes as if authenticated by the Trustee hereunder. Wherever
reference is made in this Indenture to the authentication and delivery of Securities by
the Trustee or the Trustee’s certificate of authentication, such reference shall be
deemed to include authentication and delivery on behalf of the Trustee by an
Authenticating Agent and a certificate of authentication executed on behalf of the Trustee
by an Authenticating Agent. Each Authenticating Agent shall be acceptable to the Company
and shall at all times be a corporation organized and doing business 

37

     under the laws of the
United States of America, any State thereof or the District of Columbia, authorized under
such laws to act as Authenticating Agent, having a combined capital and surplus of not
less than $50,000,000 and subject to supervision or examination by federal or state
authority. If such Authenticating Agent publishes reports of condition at least annually,
pursuant to law or to the requirements of said supervising or examining authority, then
for the purposes of this Section, the combined capital and surplus of such Authenticating
Agent shall be deemed to be its combined capital and surplus as set forth in its most
recent report of condition so published. If at any time an Authenticating Agent shall
cease to be eligible in accordance with the provisions of this Section, such
Authenticating Agent shall resign immediately in the manner and with the effect specified
in this Section. 

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

        An
Authenticating Agent may resign at any time by giving written notice thereof to the
Trustee, the Company and the Guarantor. The Trustee may at any time terminate the agency
of an Authenticating Agent by giving written notice thereof to such Authenticating Agent,
the Company and the Guarantor. Upon receiving such a notice of resignation or upon such a
termination, or in case at any time such Authenticating Agent shall cease to be eligible
in accordance with the provisions of this Section, the Trustee may appoint a successor
Authenticating Agent which shall be acceptable to the Company and shall mail written
notice of such appointment by first-class mail, postage prepaid, to all Holders of
Securities of the series with respect to which such Authenticating Agent will serve, as
their names and addresses appear in the Security Register. Any successor Authenticating
Agent upon acceptance of its appointment hereunder shall become vested with all the
rights, powers and duties of its predecessor hereunder, with like effect as if originally
named as an Authenticating Agent. No successor Authenticating Agent shall be appointed
unless eligible under the provisions of this section. 

        The
Company agrees to pay to each Authenticating Agent from time to time reasonable
compensation for its services under this Section. If an appointment with respect to one or
more series is made pursuant to this Section, the Securities of such series may have
endorsed thereon, in addition to or in lieu of the Trustee’s certificate of
authentication, an alternative certificate of authentication in the following form: 

38

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

	  	Dated: 	  
 	  

	  	The BANK OF NEW YORK, AS TRUSTEE

	  	By: 	  
 	  
	  	  	As Authenticating Agent	  
	  	By: 	  
 	  
	  	  	Authorized Signatory	  

ARTICLE SEVEN

HOLDERS’ LISTS
AND REPORTS BY TRUSTEE, COMPANY AND GUARANTOR 

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

        The
Company and the Guarantor will furnish or cause to be furnished to the Trustee (a)
semi-annually, 15 days after the Regular Record Date for interest for each series of
Securities, a list, in such form as the Trustee may reasonably require, of the names and
addresses of the Holders of Securities of such series as of such Regular Record Date, or
if there is no Regular Record Date for interest for such series of Securities,
semi-annually, upon such dates as are set forth in the Board Resolution or indenture
supplemental hereto authorizing such series, as the case may be, and (b) at such other
times as the Trustee may request in writing, within 30 days after the receipt by the
Company or the Guarantor of any such request, a list in similar form and content as of a
date not more than 15 days prior to the time such list is furnished, excluding from any
such list names and addresses received by the Trustee in its capacity as Security
Registrar. 

Section 702.
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 701 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 701
          upon receipt of a new list so furnished. 

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

         (c)       
          Every Holder of Securities, by receiving and holding the same, agrees with the
          Company, the Guarantor and the Trustee that none of the Company, the Guarantor
          or the Trustee or any agent of either of them shall be held accountable by
          reason of any disclosure of information as to names and addresses of Holders
          made pursuant to the Trust Indenture Act. 

Section 703. Reports
by Trustee. 

         (a)       
          The Trustee shall transmit to Holders such reports concerning the Trustee and
          its actions under this Indenture as may be required pursuant to the Trust
          Indenture Act at the times and in the manner provided pursuant thereto. If
          required by Section 313(a) of the Trust Indenture Act, the Trustee shall,
          within sixty days after each May 15 following the date of the first issuance of
          Securities hereunder deliver to Holders a brief report, dated as of such May 15,
          which complies with the provisions of such Section 313(a). 

         (b)       
          A copy of each such report shall, at the time of such transmission to Holders,
          be filed by the Trustee with each stock exchange upon which any Securities are
          listed, with the Commission and with the 

39

     Company. The Company promptly will
          notify the Trustee when any Securities are listed on any stock exchange or
          delisted therefrom. 

Section 704. Reports
by Company and Guarantor. 

        The
Company and the Guarantor shall file with the Trustee and the Commission, and transmit to
Holders, such information, documents and other reports, and such summaries thereof, as may
be required pursuant to the Trust Indenture Act at the times and in the manner provided
pursuant to such Act; provided, that any such information, documents or reports required
to be filed with the Commission pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 shall be filed with the Trustee within 15 days after the same is so
required to be filed with the Commission. 

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

ARTICLE EIGHT

CONSOLIDATION, MERGER,
CONVEYANCE, TRANSFER OR LEASE 

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

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

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

               

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

               

          		    (3)       
               the Company has delivered to the Trustee an Officers’ Certificate and an
               Opinion of Counsel, each stating that such consolidation, merger, conveyance,
               transfer or lease and such supplemental indenture comply with this Article and
               that all conditions precedent herein provided for relating to such transaction
               have been complied with. 

               

        This
Section shall not apply to any merger or consolidation in which the Company is the
surviving corporation. 

Section 802.
Guarantor May Consolidate, Etc., Only on Certain Terms. 

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

          		    (1)       
               the Person formed by such consolidation or into which the Guarantor is merged or
               the Person which acquires by conveyance, transfer or lease the properties and
               assets of the Guarantor substantially as an entirety shall be a corporation,
               partnership or trust organized and validly existing under the laws of the United
               States of America, any State thereof or the District of Columbia and 

               

40

          		shall
               expressly assume, by an indenture supplemental hereto, executed and delivered to
               the Trustee, in form satisfactory to the Trustee, all obligations of the
               Guarantor under this Indenture and the Guarantees; 

               

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

               

          		    (3)       
               the Guarantor has delivered to the Trustee an Officers’ Certificate and an
               Opinion of Counsel, each stating that such consolidation, merger, conveyance,
               transfer or lease and such supplemental indenture comply with this Article and
               that all conditions precedent herein provided for relating to such transaction
               have been complied with. 

               

        This
Section shall not apply to any merger or consolidation in which the Guarantor is the
surviving corporation. 

Section 803.
Successor Substituted. 

        Upon
any consolidation of the Company or the Guarantor with, or merger of the Company or the
Guarantor into, any other Person or any conveyance, transfer or lease of the properties
and assets of the Company or the Guarantor, as the case may be, substantially as an
entirety in accordance with Section 801 or 802, the successor Person formed by such
consolidation or into which the Company or the Guarantor is merged or to which such
conveyance, transfer or lease is made shall succeed to, and be substituted for, and may
exercise every right and power of, the Company or the Guarantor, as the case may be, under
this Indenture with the same effect as if such successor Person had been named as the
Company or the Guarantor herein, as applicable, and thereafter, except in the case of a
lease, the predecessor Person shall be relieved of all obligations and covenants under
this Indenture, the Securities and the Guarantees. 

Section 804.
Assumption by the Guarantor of the Company’s Obligations. 

         (a)       
          The Guarantor may, at its option, assume the obligations of the Company as
          obligor under any series of Securities and this Indenture, provided that: 

          		    (1)       
               the Guarantor expressly assumes in an assumption agreement or supplemental
               indenture hereto, executed and delivered to the Trustee, in form satisfactory to
               the Trustee, the due and punctual payment of the principal of and any premium
               and Interest on such Securities and the performance or observance of every
               covenant of this Indenture on the part of the Company to be performed or
               observed, and which agreement or supplemental indenture shall provide for
               conversion or exchange rights in accordance with the provisions of the
               Securities of the applicable series; and 

               

          		    (2)       
               the Guarantor shall expressly agree in an assumption agreement or supplemental
               indenture hereto, executed and delivered to the Trustee, in form satisfactory to
               the Trustee, to immediately indemnify (pursuant to the indemnification procedure
               described in Section 805) the Holder of each Security against (i) any tax,
               assessment or governmental charge imposed on such Holder or required to be
               withheld or deducted from any payment to such Holder (including any governmental
               charge or withholding tax attributable to the Guarantor indemnifying such
               Holder) as a consequence of such assumption and (ii) any costs or expenses of
               such assumption (except that if the Guarantor delivers to the Trustee an opinion
               of an independent counsel or a tax consultant of recognized standing that the
               Holders will not recognize income, gain or loss for U.S. federal income tax
               purposes as a result of such assumption by the date of such assumption, a Holder
               will have indemnification rights pursuant to the indemnification procedure
               described in Section 805 only if and when gain for U.S. federal income tax
               purposes is actually recognized by such Holder); and (iv) the Guarantor shall
               have delivered to the trustee an Officers’ Certificate 

               

41

          		stating that such
               assumption and such assumption agreement or supplemental indenture comply with
               this Article and that all conditions precedent herein provided for relating to
               such assumption have been complied with. 

               

          		    (b)       
               Upon any assumption pursuant to Section 804(a), the Guarantor shall succeed to,
               and be substituted for, and may exercise every right and power of, the Company
               under such Securities and this Indenture with the same effect as if the
               Guarantor had been named as the Company herein, and all references to the
               Company in this Indenture and the Securities shall be deemed to refer to the
               Guarantor, and the Company shall be released from its liability as obligor upon
               the Securities and under this Indenture. 

               

Section 805.
Indemnification Procedure. 

         (a)       
          If a transaction described above under Sections 801, 802 or 804 (an
          “Indemnifiable Transaction”) should constitute a taxable event for
          U.S. federal income tax purposes, the Guarantor or any other Person that assumes
          the obligations of the Guarantor or the Company pursuant to such Sections, as
          the case may be, shall indemnify a Holder of a Security against any tax,
          assessment or governmental charge imposed on such Holder or required to be
          withheld or deducted from any payment to such Holder (including any governmental
          charge or withholding attributable to an indemnification payment made by or on
          behalf of the Guarantor or any such Person) and any other tax costs or other tax
          expenses attributable to such Indemnifiable Transaction, and the Guarantor or
          any such Person, as the case may be, shall comply with the following
          indemnification procedures: 

          		    (1)       
               Unless the Guarantor or any such Person, as the case may be, delivers to the
               Trustee by the date of an Indemnifiable Transaction an opinion of an independent
               counsel or a tax consultant of recognized standing to the effect that such
               Indemnifiable Transaction will not be a taxable event for U.S. federal income
               tax purposes, the Guarantor or any such Person, as the case may be, shall send
               to each Holder on or prior to the date of such Indemnifiable Transaction (i)
               notification explaining the U.S. federal income tax consequences to each such
               Holder of such Indemnifiable Transaction and (ii) an indemnification claim form
               requesting (A) information concerning each such Holder’s tax basis and
               holding period in a Security and (B) a statement that the Holder is not then an
               entity described in Section 501 of the Internal Revenue Code, as amended from
               time to time, that is exempt from U.S. federal income tax and (iii) a statement
               setting forth the address to which each such Holder must remit such form. 

               

          		    (2)       
               If the Guarantor or any such Person delivers such an opinion, each Holder will
               have indemnification rights pursuant to this Section 805 only if and when gain
               for U.S. federal income tax purposes is actually recognized by such Holder. 

               

          		    (3)       
               When the Guarantor or any such Person, as the case may be, receives from a
               Holder an indemnification claim form, the Guarantor or such Person, as the case
               may be, shall within 15 Business Days remit to such Holder a certified check in
               an amount equal to the product of any gain recognized as a result of the
               Indemnifiable Transaction and the highest marginal U.S. income tax rate in
               effect at the time of such Indemnifiable Transaction (the “Indemnification
               Amount”). For these purposes, a Holder’s gain shall equal the amount
               by which the fair market value of a Security at the time of such Indemnifiable
               Transaction exceeds such Holder’s adjusted tax basis in such Security. 

               

Section 806.
Officers’ Certificate and Opinion of Counsel. 

        The
Trustee, subject to the provisions of Sections 601 and 603, shall receive an
Officers’ Certificate and an Opinion of Counsel as conclusive evidence that any such
consolidation, merger, conveyance, transfer or lease, and any such assumption, complies
with the provisions of this Article before the Trustee shall execute any supplemental
indenture required pursuant to this Article. 

42

ARTICLE NINE

SUPPLEMENTAL INDENTURES 

Section 901.
Supplemental Indentures Without Consent of Holders. 

        Without
the consent of any Holders, the Company (when authorized by a Board Resolution), the
Guarantor (when authorized by a Board Resolution) and the Trustee, at any time and from
time to time, may enter into one or more indentures supplemental hereto, in form
satisfactory to the Trustee, for any of the following purposes: 

          		    (1)       
               to evidence the succession of another Person to the Company or the Guarantor and
               the assumption by any such successor of the covenants of the Company or the
               Guarantor, as the case may be, herein and in the Securities; or 

               

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

               

          		    (3)       
               to add any additional Events of Default with respect to all or any series of
               Securities; or 

               

          		    (4)       
               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, or to permit or facilitate the issuance of Securities in
               uncertificated form or in the form of Book-Entry Securities; or 

               

          		    (5)       
               to add to, change or eliminate any of the provisions of this Indenture in
               respect of one or more series of Securities, provided that any such addition,
               change or elimination (i) shall neither (A) apply to any Security of any series
               created prior to the execution of such supplemental indenture and entitled to
               the benefit of such provision nor (B) modify the rights of the Holder of any
               such Security with respect to such provision or (ii) shall become effective only
               when there is no such Security Outstanding; or 

               

          		    (6)       
               to secure the Securities; or 

               

          		    (7)       
               to establish the form or terms of Securities of any series as permitted by
               Sections 201 and 301; or 

               

          		    (8)       
               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 611(b); or 

               

          		    (9)       
               if allowed, without penalty under applicable laws and regulations, to permit
               payment in the United States (including any of the States thereof and the
               District of Columbia), its territories, its possessions and other areas subject
               to its jurisdiction of principal, premium, if any, or interest, if any, on
               Securities in bearer form or coupons, if any; or 

               

          		    (10)       
               to cure any ambiguity or to correct or supplement any provision herein which may
               be defective or inconsistent with any other provision herein; and 

               

          		    (11)       
               to make any other change with respect to matters or questions arising under this
               Indenture which, in the opinion of counsel to the Company or the Guarantor, does
               not materially adversely affect the interests of the Holders of the Series of
               Securities affected thereby. 

               

43

Section 902.
Supplemental Indentures with Consent of Holders. 

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

          		    (1)       
               change the Stated Maturity of the principal of, or any installment of principal
               of or interest on, any Security, or reduce the principal amount thereof or the
               rate of interest thereon or any premium payable upon the redemption thereof, or
               reduce the amount of the principal of an Original Issue Discount Security that
               would be due and payable upon a declaration of acceleration of the Maturity
               thereof pursuant to Section 502, or change any Place of Payment where, or
               the coin or currency in which, any Security or any premium or interest thereon
               is payable, or impair the right to institute suit for the enforcement of any
               such payment on or after the Stated Maturity thereof (or, in the case of
               redemption, on or after the Redemption Date), or adversely affect the right of
               the Holder of any Security to require the Company to repurchase such Securities,
               or 

               

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

               

          		    (3)       
               modify any of the provisions of this Section, Section 513 or
               Section 1007, except to increase any percentage set forth in such Sections
               or to provide that certain other provisions of this Indenture cannot be modified
               or waived without the consent of the Holder of each Outstanding Security
               affected thereby; provided, however, that this clause shall not be deemed to
               require the consent of any Holder with respect to changes in the references to
               “the Trustee” and concomitant changes in this Section and
               Section 1007, or the deletion of this proviso, in accordance with the
               requirements of Sections 611(b) and 901(8). 

               

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

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

Section 903.
Execution of Supplemental Indentures. 

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

44

Section 904. Effect
of Supplemental Indentures. 

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

Section 905.
Conformity with Trust Indenture Act. 

        Unless
the Company shall determine, based on an Opinion of Counsel delivered to the Trustee, that
the same shall not be required, every supplemental indenture executed pursuant to this
Article shall conform to the requirements of TIA as then in effect. 

Section 906.
Reference in Securities to Supplemental Indentures. 

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

ARTICLE TEN

COVENANTS 

Section 1001.
Payment of Principal, Premium and Interest. 

        The
Company covenants and agrees for the benefit of each series of Securities that it will
duly and punctually pay the principal of (and premium, if any) and interest on the
Securities of the series in accordance with the terms of the Securities and this
Indenture. The principal of (and premium, if any) and interest on Securities shall be
considered paid on the date due if the Paying Agents hold in accordance with this
Indenture on that date money sufficient to pay all principal (and premium, if any) and
interest then due in respect of such Securities and the Paying Agents are not prohibited
from paying such money to the Holders on such date pursuant to the terms of this
Indenture. 

Section 1002.
Maintenance of Office or Agency. 

        The
Company will maintain in each Place of Payment for any series of Securities an office or
agency where Securities of that series may be presented or surrendered for payment, where
Securities of that series may be surrendered for registration of transfer or exchange and
where notices and demands to or upon the Company in respect of the Securities of that
series and this Indenture may be served. The Trustee is hereby initially appointed Paying
Agent, and the Corporate Trust Office of the Trustee is initially designated as the office
or agency for the foregoing 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 the Guarantor will give prompt

45

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

        If
the Company shall at any time act as Paying Agent with respect to any series of
Securities, it will, on or before each due date of the principal of (and premium, if any),
interest or Additional Amounts 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 before each due date of the principal of (and premium, if any) or interest on any
Securities of that series, deposit with a Paying Agent a sum sufficient to pay the
principal (and premium, if any) or interest so becoming due, such sum to be held in trust
for the benefit of the Persons entitled to such principal, premium or interest, and
(unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of
its action or failure so to act. 

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

          		    (1)       
               hold all sums held by it for the payment of the principal of (and premium, if
               any) or interest 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), interest or Additional Amounts 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 received by the Trustee in
respect of obligations deposited with the Trustee pursuant to Article Thirteen, or then
held by the Company in trust for the payment of the principal of (and premium, if any) or
interest on any Security of any series and remaining unclaimed for two years after such
principal (and premium, if any) or interest has become due and payable shall be paid to
the Company, on Company Request, or (if then held by the Company) shall be discharged from
such trust; and the Holder of such Security shall thereafter, as an unsecured general
creditor, look only to the Company or the Guarantor (pursuant to the Guarantee) for
payment thereof (unless the Company has remitted required moneys or property to the
appropriate governmental authority under any applicable escheat or abandoned or unclaimed
property laws, or has otherwise been discharged under such laws or laws of similar
applicability, in which case such Holder shall look solely to its remedies (if any) under
such laws and not to the Company or the Guarantor), and all liability of the Trustee or
such Paying Agent with respect to such trust money, and all liability of the Company or
the Guarantor (pursuant to the Guarantee) as trustee thereof shall thereupon cease. 

46

Section 1004.
Corporate Existence. 

        Subject
to Article Eight, each of the Company and the Guarantor 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 neither the Company
nor the Guarantor shall be required to preserve any such right or franchise if the Company
or the Guarantor, as the case may be, shall determine that the preservation thereof is no
longer desirable in the conduct of its business. 

Section 1005.
Limitation upon Liens. 

         (a)       
          Except as otherwise provided in this Section 1005, the Guarantor will not
          itself, and will not permit any Restricted Subsidiary to, create, incur, issue,
          assume, guarantee or secure any Debt secured by any Liens on any Restricted
          Operating Property, or on any Restricted Intercompany Securities, without
          effectively providing that the obligations of the Guarantor in respect of the
          Securities (together with, if the Guarantor shall so determine, any other Debt
          of the Guarantor or such Restricted Subsidiary then existing or thereafter
          created which is not subordinate to the Securities) shall be secured equally and
          ratably with (or prior to) such secured Debt for so long as such secured Debt
          shall be so secured. For the purpose of providing such equal and ratable
          security, the principal amount of any Securities shall mean the aggregate
          principal amount of such Securities which are Outstanding, and shall not be less
          than that principal amount which could be declared to be due and payable
          pursuant to Section 502 on the date of the making of such effective
          provision. The extent of such equal and ratable security shall be adjusted, to
          the extent permitted by law, as and when said principal amount changes over time
          pursuant to Section 502 and any other provision hereof. Nothing contained
          in this Section shall prevent, restrict or apply to, and there shall be
          excluded from secured Debt in any computation under this Section, Debt secured
          by: 

          		    (1)       
               Liens on any property or assets of the Guarantor or any Restricted Subsidiary or
               on any shares of stock or Debt existing as of the date of this Indenture; 

               

          		    (2)       
               Liens on all property or assets of, or on any shares of stock or Debt of, any
               corporation existing at the time such corporation becomes a Restricted
               Subsidiary; 

               

          		    (3)       
               Liens on any property or assets or shares of stock or Debt existing at the time
               of acquisition thereof (including acquisition through merger or consolidation)
               or securing the payment of all or any part of the purchase price or construction
               cost thereof or securing any Debt incurred prior to, at the time of or within
               120 days after the acquisition of such property or assets or shares of stock or
               Debt or the completion of any such construction, whichever is later, for the
               purpose of financing all or any part of the purchase price or construction cost
               thereof (provided such Liens are limited to such shares of stock or Debt,
               property or assets, improvements thereon and the land upon which such property,
               assets and improvements are located and any other property or assets not then
               constituting an Operating Property); 

               

          		    (4)       
               Liens on any property or assets to secure all or any, part of the cost of
               development, operation, construction, alteration, repair or improvement of all
               or any part of such property, or assets, or to secure Debt incurred prior to, at
               the time of or within 120 days after the completion of such development,
               operation, construction, alteration, repair or improvement, whichever is later,
               for the purpose of financing all or any part of such cost (provided such Liens
               are limited to such property or assets, improvements thereon and the land upon
               which such property, assets and improvements are located and any other property
               or assets not then constituting an Operating Property); 

               

          		    (5)       
               Liens which secure Debt owing to the Guarantor or another Restricted Subsidiary
               by a Restricted Subsidiary; 

               

          		    (6)       
               (i) Liens arising from the assignment of moneys due and to become due under
               contracts between the Guarantor or any Restricted Subsidiary and the United
               States of America, any State, Territory, or possession thereof or any agency,
               department, instrumentality or political subdivision 

               

47

          		of any, thereof, (ii) Liens
               in favor of the United States of America, any State, Commonwealth, Territory or
               possession thereof or any agency, department, instrumentality or political
               subdivision of any thereof, pursuant to the provisions of any contract not
               directly or indirectly in connection with securing Debt or (iii) Liens arising
               in connection with obligations issued by a State, Commonwealth, Territory or
               possession of the United States of America, or any political subdivision or
               governmental authority of any of the foregoing, or the District of Columbia; 

               

          		    (7)       
               any deposit or pledge as security for the performance of any bid, tender,
               contract, lease or undertaking not directly or indirectly in connection with the
               securing of Debt; any deposit or pledge with any governmental agency required or
               permitted to qualify the Guarantor or any Restricted Subsidiary to conduct
               business, to maintain self-insurance or to obtain the benefits of any law
               pertaining to workmen’s compensation, unemployment insurance, old age
               pensions, social security or similar matters, or to obtain any stay or discharge
               in any legal or administrative proceedings; deposits or pledges to obtain the
               release of mechanics’, workmen’s, repairmen’s, materialmen’s
               or warehousemen’s liens or the release of property in the possession of a
               common carrier; any security interest created in connection with the sale,
               discount or guarantee of notes, chattel mortgages, leases, accounts receivable,
               trade acceptances or other paper, or contingent repurchase obligations, arising
               out of sales of merchandise in the ordinary course of business; or other
               deposits or pledges similar to those referred to in this clause (7); 

               

          		    (8)       
               Liens arising under law by reason of the nonpayment of taxes, assessments or
               governmental charges, or of claims for labor, materials or supplies, if (a) the
               amount, applicability or validity thereof is being contested in good faith by
               appropriate proceedings or (b) such Liens are not of material importance to the
               business, operations, financial condition or results of operations of the
               Guarantor and its Subsidiaries taken as a whole; 

               

          		    (9)       
               Liens arising by reason of any judgment, decree or order of any court or other
               governmental authority, so long as any appropriate legal proceedings which may
               have been initiated for the review of such judgment, decree or order shall not
               have been finally terminated or so long as the period within which such
               proceedings may be initiated shall not have expired; and 

               

          		    (10)       
               any extension, renewal, substitution or replacement (or successive extensions,
               renewals, substitutions or replacements), as a whole or in part, of any of the
               Liens referred to in clauses (1) through (9) above or the Debt secured thereby;
               provided that (i) such extension, renewal, substitution or replacement Lien
               shall be limited to all or any part of the same property or assets, shares of
               stock or Debt that secured the Lien extended, renewed, substituted or replaced
               (plus improvements on such property and any other property or assets not then
               constituting an Operating Property) and (ii) in the case of clauses (1) through
               (3) above, the Debt secured by such Lien at such time is not increased. 

               

Debt created by the Guarantor or any
Restricted Subsidiary shall not be cumulated with a guarantee of the same Debt by the
Guarantor or any other Restricted Subsidiary for the same financial obligation. 

         (b)       
          Notwithstanding the foregoing, Liens which would otherwise be prohibited under
          Section 1005(a) above may be incurred if, after giving effect thereto, the
          aggregate principal amount of all such secured Debt then outstanding that is
          secured by Liens on Restricted Operating Properties or on Restricted
          Intercompany Securities (excluding any secured Debt permitted pursuant to
          paragraph (a) of this Section 1005), plus Attributable Debt of the
          Guarantor and its Restricted Subsidiaries in respect of Sale and Leaseback
          Transactions entered into after the date of this Indenture (other than Sale and
          Leaseback Transactions permitted by Section 1006(b)), computed without
          duplication of amounts constituting Debt referred to in paragraph (a) of this
          Section 1005, would not exceed an amount equal to 10% of Consolidated Net
          Assets. 

         (c)       
          If the Guarantor or any Restricted Subsidiary shall at any time enter into a
          merger or consolidation with another corporation or purchase all or
          substantially all of the assets of another 

48

     corporation, or if the Guarantor or
          any Restricted Subsidiary shall convey, transfer or lease its properties and
          assets substantially as an entirety to another corporation and if such other
          corporation has outstanding Debt secured by a mortgage or other lien which, by
          reason of an after-acquired property clause or similar provision therein
          contained, would extend, after such merger, consolidation, sale or purchase, to
          any Operating Property owned by the Guarantor or such Restricted Subsidiary
          immediately prior to such merger, consolidation, sale or purchase, or to any or
          Restricted Intercompany Securities, the Guarantor or such Restricted Subsidiary
          shall be deemed to have created a Lien within the prohibition of paragraph (a)
          of this Section 1005, unless (i) such merger or consolidation involving a
          Restricted Subsidiary shall constitute a disposition by the Guarantor of its
          entire interest in the Restricted Subsidiary, or (ii) either (A) at or prior to
          the effective date of such merger, consolidation, sale or purchase, such
          mortgage or lien shall have been released of record or otherwise satisfied to
          the extent it would extend to such Restricted Operating Property or Restricted
          Intercompany Securities or (B) prior to such merger, consolidation, sale or
          purchase, the Guarantor or such Restricted Subsidiary, as the case may be, shall
          have created, as security for the obligations of the Guarantor in respect of the
          Securities (and, if the Guarantor shall so determine, as security for any other
          indebtedness of the Guarantor then existing or thereafter created ranking
          equally with the Securities and any other indebtedness of the Restricted
          Subsidiary then existing or thereafter created), a valid lien which, upon
          completion of said merger, consolidation, sale or purchase, will rank prior to
          the lien of such mortgage or other lien of such other corporation on such
          Restricted Operating Property or Restricted Intercompany Securities. 

Section 1006.
Limitation upon Sales and Leasebacks. 

        The
Guarantor will not itself, and will not permit any Restricted Subsidiary to, enter into
any Sale and Leaseback Transaction after the date of this Indenture, unless either: 

          		    (a)       
               the Attributable Debt of the Guarantor and its Restricted Subsidiaries in
               respect of such Sale and Leaseback Transaction and all other Sale and Leaseback
               Transactions entered into after the date of this Indenture (other than Sale and
               Leaseback Transactions permitted by Section 1006(b)), plus the aggregate
               principal amount of outstanding Debt at the time which is secured by Liens on
               Restricted Operating Properties or Restricted Intercompany Securities (excluding
               any such Debt secured by Liens permitted under Section 1005(a)), would not
               exceed 10% of Consolidated Net Assets, or 

               

          		    (b)       
               the Guarantor applies, within 120 days after the sale or transfer, an amount
               equal to the fair market value of the Operating Property so sold and leased back
               at the time of entering into such Sale and Leaseback Transaction (as determined
               by any two of the following: the Chairman or Vice Chairman of the Board, the
               President, any Vice Chairman, any Vice President, the Treasurer and the
               Controller of the Guarantor) to (i) the purchase of any asset or any interest in
               an asset which would qualify, after purchase, as an Operating Property or (ii)
               the retirement of Funded Debt (including Securities of any series constituting
               Funded Debt) of the Guarantor; provided, that the amount to be applied to the
               retirement of Funded Debt of the Guarantor shall be reduced by (i) the principal
               amount of Securities delivered within 120 days after such sale or transfer to
               the Trustee for redemption and cancellation, and (ii) the principal amount of
               Funded Debt, other than Securities, voluntarily retired by the Guarantor within
               120 days after such sale. For purposes of clauses (i) and (ii) of the foregoing
               proviso, the principal amount of any Securities shall mean the aggregate
               principal amount of such Securities which are Outstanding and shall not be less
               than that principal amount which could be declared to be due and payable
               pursuant to Section 502 at the time of determination. Notwithstanding the
               foregoing, no retirement referred to in this subdivision (b) may be effected by
               payment at maturity or pursuant to any mandatory sinking fund payment or any
               mandatory prepayment provision. 

               

Notwithstanding the foregoing, where
the Guarantor or any Restricted Subsidiary is the lessee in any Sale and Leaseback
Transaction, Attributable Debt shall not include any Debt resulting from the guarantee by
the Guarantor or any Restricted Subsidiary of the lessee’s obligation thereunder. 

49

Section 1007.Payment
of Additional Amounts. 

        All
payments made by the Company under or with respect to the Securities will be made free and
clear of and without withholding or deduction for or on account of any present or future
Taxes, unless the Company is required to withhold or deduct Taxes by Canadian law or by
the interpretation or administration thereof. If the Company is so required to withhold or
deduct any amount for or on account of Taxes from any payment made under or with respect
to the Securities, the Company shall pay to each Holder of Securities on the date of the
required payment such additional amounts (the “Additional Amounts”) as may be
necessary so that the net amount received by such Holder (including the Additional
Amounts) after such withholding or deduction will not be less than the amount the Holder
would have received if such taxes had not been withheld or deducted, provided that
no Additional Amounts will be payable with respect to a payment made to a Holder (an
“Excluded Holder”) (i) with which the Company does not deal at arm’s length
(within the meaning of the Income Tax Act (Canada)) at the time of making such payment or
(ii) which is subject to such Taxes by reason of its being connected with Canada or any
province or territory thereof otherwise than by the mere holding of the Securities or the
receipt of payments thereunder. The Company shall also (i) make such withholding or
deduction and (ii) remit the full amount deducted or withheld to the relevant authority in
accordance with the applicable law. The Company shall furnish to the Holders of Securities
that are Outstanding on the date of the required payment within 30 days after the date the
payment of any Taxes is due pursuant to applicable law, certified copies of tax receipts
evidencing that such payment has been made by the Company. The Company shall indemnify and
hold harmless each Holder on the date of the required payment (other than an Excluded
Holder) and upon written request reimburse each such Holder for the amount of (i) any
Taxes so levied or imposed and paid by such Holder as a result of payments made under of
with respect to the Outstanding Notes, (ii) any liability (including penalties, interest
and expense) arising therefrom or with respect thereto, and (iii) any Taxes imposed with
respect to any reimbursement under clause (i) or (ii) above. 

        At
least 30 days prior to each date on which any payment under or with respect to the
Securities is due and payable, if the Company becomes obligated to pay Additional Amounts
with respect to such payment, the Company shall deliver to the Trustee an Officers’
Certificate stating the fact that such Additional Amounts will be payable, and the amounts
so payable and will set forth such other information as is necessary to enable the Trustee
to pay such Additional Amounts to the Holders on the payment date. Whenever in this
Indenture there is mentioned, in any context, the payment of principal (and premium, if
any), interest (including Defaulted Interest) or any other amount payable on or with
respect to any of the Securities, such mention shall be deemed to include mention of the
payment of Additional Amounts provided for in this Section 1007 to the extent that, in
such context, Additional Amounts are, were or would be payable in respect thereof pursuant
to the provisions of this Section 1007 and express mention of the payment of Additional
Amounts in those provisions hereof shall not be construed as excluding Additional Amounts
in those provisions hereof where such express mention is not made (if applicable). 

        The
obligations of the Company under this Section 1007 shall survive the termination of this
Indenture and the payment of all amounts under or with respect to this Indenture and the
Securities. 

Section 1008. Waiver
of Certain Covenants. 

        The
Company or the Guarantor may omit in any particular instance to comply with any covenant
or condition set forth in Sections 1004 to 1006, inclusive, with respect to the Securities
of any series or the Guarantees endorsed thereon 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 covenant or condition, but no such
waiver shall extend to or affect such covenant or condition except to the extent so
expressly waived, and, until such waiver shall become effective, the obligations of the
Company and the 

50

     Guarantor and the duties of the Trustee in respect of any such covenant or
condition shall remain in full force and effect. 

        The
Company may, but shall not be obligated to, fix a record date for the purpose of
determining the Persons entitled to waive compliance with any covenant or condition
hereunder. If a record date is fixed, the Holders on such record date, or their duly
designated proxies, and only such Persons, shall be entitled to waive any such compliance,
whether or not such Holders remain Holders after such record date. 

Section 1009.
Compliance Certificate. 

        The
Company and the Guarantor will furnish to the Trustee on or before May 1 in each year
(beginning the first May 1 after the date of original issuance of Securities hereunder) a
brief certificate (which need not comply with Section 102) from their respective
principal executive, financial or accounting officers stating that in the course of the
performance by the signer of his or her duties as an officer of the Company or the
Guarantor, he or she would normally have knowledge of any default or non-compliance by the
Company or the Guarantor in the performance of any covenants or conditions contained in
this Indenture, stating whether or not he or she has knowledge of any such default or
non-compliance and, if so, specifying each such default or non-compliance of which the
signer has knowledge and the nature thereof. For purposes of this Section 1008,
non-compliance or default shall be determined without regard to any grace period or
requirement of notice provided pursuant to the terms of this Indenture. 

Section 1010.
Calculation of Original Issue Discount. 

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

ARTICLE ELEVEN 

REDEMPTION OF
SECURITIES 

Section 1101.
Applicability of Article. 

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

Section 1102.
Election to Redeem: Notice to Trustee. 

        The
election of the Company to redeem any Securities shall be evidenced by or pursuant to a
Board Resolution or Officers’ Certificate. In case of any redemption at the election
of the Company of the Securities of any series, the Company shall, at least 60 days prior
to the Redemption Date fixed by the Company (unless a shorter notice shall be satisfactory
to the Trustee), notify the Trustee of such Redemption Date, of the principal amount of
Securities of such series to be redeemed and, if applicable, of the tenor of the
Securities to be redeemed. In the case of any redemption of Securities (a) prior to the
expiration of any restriction on such redemption provided in the terms of such Securities
or elsewhere in this Indenture or (b) pursuant to an election of the Company which is
subject to a condition specified in the terms of such Securities or elsewhere in this
Indenture, the Company shall furnish the Trustee with an Officers’ Certificate
evidencing compliance with such restriction or condition. 

Section 1103.
Selection by Trustee of Securities to Be Redeemed. 

        If
less than all the Securities of any series are to be redeemed (unless all of the
Securities of such series and of a specified tenor are to be redeemed or unless such
redemption affects only a single Security), the particular Securities to be redeemed shall
be selected not more than 60 days prior to the 

51

     Redemption Date by the Trustee, from the
Outstanding Securities of such series not previously called for redemption, by such method
as the Trustee shall deem fair and appropriate and which may provide for the selection for
redemption of a portion of the principal amount of any Security of such series, provided
that the unredeemed portion of the principal amount of any Security shall be in an
authorized denomination (which shall not be less than the minimum authorized denomination)
for such Security. If less than all of the Securities of such series and of a specified
tenor are to be redeemed (unless such redemption affects only a single Security), 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 and
specified tenor not previously called for redemption in accordance with the preceding
sentence. 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. 

        The
provisions of the two preceding paragraphs shall not apply with respect to any redemption
affecting only a single Security, whether such Security is to be redeemed in whole or in
part. In the case of any such redemption in part, the unredeemed portion of the principal
amount of the Security shall be in an authorized denomination (which shall not be less
than the minimum authorized denomination) for such Security. 

        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 1104. 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. 

        All
notices of redemption shall identify the Securities to be redeemed (including CUSIP
numbers) and shall state: 

          		    (1)       
               the Redemption Date, 

               

          		    (2)       
               the Redemption Price, 

               

          		    (3)       
               in the case of partial redemption of any Securities, the principal amounts of
               the particular Securities to be redeemed, 

               

          		    (4)       
               that on the Redemption Date the Redemption Price will become due and payable
               upon each such Security, or portion thereof, to be redeemed 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 

               

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

               

        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 in the name and at the
expense of the Company and shall be irrevocable. 

Section 1105.
Deposit of Redemption Price. 

        On
or prior to 11:00 a.m., New York City time, on the Redemption Date, the Company shall
deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own
Paying Agent, segregate and hold in trust as provided in Section 1003) an amount of
money in the currency or currencies in which the Securities of such series are payable
(except as otherwise specified pursuant to Section 301 for the Securities of such
series) sufficient to pay the Redemption Price of, and (except if the Redemption Date

52

     shall be an Interest Payment Date) accrued interest on, all the Securities or portions
thereof which are to be redeemed on that date. 

Section 1106.
Securities Payable on Redemption Date. 

        Notice
of redemption having been given as aforesaid, the Securities so to be redeemed shall, on
the Redemption Date, become due and payable at the Redemption Price therein specified, and
from and after such date (unless the Company shall default in the payment of the
Redemption Price and accrued interest) such Securities shall cease to bear interest. Upon
surrender of any such Security for redemption in accordance with said notice, such
Security shall be paid by the Company at the Redemption Price, together with accrued
interest to the Redemption Date; provided, however, that, unless otherwise specified as
contemplated by Section 301, installments of interest whose Stated Maturity is on or
prior to the Redemption Date shall be payable to the Holders of such Securities, or one or
more Predecessor Securities, registered as such at the close of business on the relevant
Record Dates according to their terms and the provisions of Section 308. 

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

Section 1107.
Securities Redeemed in Part. 

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

ARTICLE TWELVE

SINKING FUNDS 

Section 1201.
Applicability of Article. 

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

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

Section 1202.
Satisfaction of Sinking Fund Payments with Securities. 

        The
Company (1) may deliver Outstanding Securities of a series (other than any previously
called for redemption) and (2) may apply as a credit Securities of a series which have
been redeemed either at the election of the Company pursuant to the terms of such
Securities or through the application of permitted optional sinking fund payments pursuant
to the terms of such Securities, in each case in satisfaction of all or any part of any
sinking fund payment with respect to the Securities of such series required to be made
pursuant to the terms of such Securities as provided for by the terms of such series;
provided that such 

53

     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 1203.
Redemption of Securities for Sinking Fund. 

        Not
less than 45 days prior to each sinking fund payment date for any series of Securities,
the Company will deliver to the Trustee an Officers’ Certificate specifying the
amount of the next ensuing sinking fund payment for that series pursuant to the terms of
that series, the portion thereof, if any, which is to be satisfied by payment of cash and
the portion thereof, if any, which is to be satisfied by delivering and crediting
Securities of that series pursuant to Section 1202 and stating the basis for such
credit and that such Securities have not been previously so credited and will also deliver
to the Trustee any Securities to be so delivered. Not less than 30 days before each such
sinking fund payment date the Trustee shall select the Securities to be redeemed upon such
sinking fund payment date in the manner specified in Section 1103 and cause notice of
the redemption thereof to be given in the name of and at the expense of the Company in the
manner provided in Section 1104. Such notice having been duly given, the redemption
of such Securities shall be made upon the terms and in the manner stated in Sections 1106
and 1107. 

ARTICLE THIRTEEN

DEFEASANCE AND
COVENANT DEFEASANCE 

Section 1301.
Applicability of Article; Company’s Option to Effect Defeasance or Covenant
Defeasance. 

        Unless,
pursuant to Section 301, provision is made that either or both of (a) defeasance of
the Securities of a series under Section 1302 or (b) covenant defeasance of the
Securities of a series under Section 1303 shall not apply to the Securities of a
series, then the provisions of such Section or Sections, as the case may be, together
with the other provisions of this Article Thirteen, with such modifications thereto as may
be specified pursuant to Section 301 with respect to any Securities, shall be
applicable to the Securities of such series, and the Company may at its option by Board
Resolution, at any time, with respect to the Securities of such series, elect to have
either Section 1302 (if applicable) or Section 1303 (if applicable) applied to
the Outstanding Securities of such series upon compliance with the conditions set forth
below in this Article Thirteen. 

Section 1302.
Defeasance and Discharge. 

        Upon
the Company’s exercise of its option to have this Section applied to any series
of Securities, the Company shall be deemed to have been discharged from its obligations
with respect to the Outstanding Securities of such series, and the Guarantor shall be
deemed to have been discharged from its obligations with respect to the Guarantees
endorsed on the Outstanding Securities of such series, on and after the date the
conditions precedent set forth below are satisfied (hereinafter, “defeasance”).
For this purpose, such defeasance means that the Company and the Guarantor shall be deemed
to have paid and discharged the entire indebtedness represented by the Outstanding
Securities of such series, and the Guarantees endorsed thereon, which Outstanding
Securities shall thereafter be deemed to be “Outstanding” only for the purposes
of the Sections of this Indenture referred to in clauses (A) and (B) of this Section, and
the Company and the Guarantor shall be deemed to have satisfied all of their respective
other obligations under such Securities, the Guarantees endorsed thereon and this
Indenture insofar as such Securities and Guarantees are concerned (and the Trustee, at the
expense of the Company, shall execute proper instruments acknowledging the same), except
for the following which shall survive until otherwise terminated or discharged hereunder:
(A) the rights of Holders of Outstanding Securities of such series to receive, solely from
the trust fund described in Section 1304 as more fully set forth in such Section,
payments of the principal of (and premium, if any) and interest on such Securities when
such payments are due, (B) the Company’s and the Guarantor’s obligations with
respect to such Securities under Sections 

54

     306, 307, 1002 and 1003 and such obligations as
shall be ancillary thereto, (C) the rights, powers, trusts, duties, immunities and other
provisions in respect of the Trustee hereunder and (D) this Article Thirteen. Subject to
compliance with this Article Thirteen, the Company may exercise its option under this
Section 1302 notwithstanding the prior exercise of its option under Section 1303
with respect to the Securities of such series. Following a defeasance, payment of such
Securities may not be accelerated because of an Event of Default. 

Section 1303.
Covenant Defeasance. 

        Upon
the Company’s exercise of its option (if any) to have this Section applied to
any series of Securities, the Company and the Guarantor shall be released from their
respective obligations under Sections 801, 802, 1005 and 1006 (and any covenant made
applicable to such Securities or the Guarantees endorsed thereon pursuant to
Section 301) and the occurrence of an event specified in Section 501(4) (with
respect to any of Section 801, 802, 1005 or 1006 or any such covenant) (and any other
Event of Default applicable to such Securities that are determined pursuant to
Section 301 to be subject to this provision) shall not be deemed to be an Event of
Default with respect to the Outstanding Securities of such series, or the Guarantees
endorsed thereon, on and after the date the conditions set forth below are satisfied
(hereinafter, “covenant defeasance”), and such Securities shall thereafter be
deemed not to be “Outstanding” for the purposes of any direction, waiver,
consent or declaration or Act of Holders (and the consequences of any thereof) in
connection with Sections 801, 802, 1005 and 1006 (and any other covenant made applicable
to such Security pursuant to Section 301) and any such Events of Default, but shall
continue to be deemed “Outstanding” for all other purposes hereunder. For this
purpose, such covenant defeasance means that, with respect to the Outstanding Securities
of such series, the Company and the Guarantor may omit to comply with and shall have no
liability in respect of any term, condition or limitation set forth in any such
Section or such other covenant whether directly or indirectly by reason of any
reference elsewhere herein to any such Section or such other covenant or by reason of
any reference in any such Section or such other covenant to any other provision
herein or in any other document, but the remainder of this Indenture and such Securities
and the Guarantees endorsed thereon shall be unaffected thereby. Notwithstanding the
defeasance of the obligations of the Company and the Guarantor under Sections 801 or
802, any successor to the Company or the Guarantor shall be required to assume its
obligations under Section 607 as a condition to such succession. 

Section 1304.
Conditions to Defeasance or Covenant Defeasance. 

        The
following shall be the conditions precedent to application of either Section 1302 or
Section 1303 to the Outstanding Securities of or within such series and the
Guarantees endorsed thereon: 

          		    (1)       
               The Company shall irrevocably have deposited or caused to be deposited with the
               Trustee (or another trustee satisfying the requirements of Section 609 who
               shall agree to comply with the provisions of this Article Thirteen applicable to
               it) as trust funds in trust for the purpose of making the following payments,
               specifically pledged as security for, and dedicated solely to, the benefit of
               the Holders of such Securities, (A) money in an amount (in such currency,
               currencies or currency units in which such Securities are then specified as
               payable at Maturity), or (B) U.S. Government Obligations which through the
               scheduled payment of principal and interest in respect thereof in accordance
               with their terms will provide, not later than one day before the due date of any
               payment, money in an amount, or (C) a combination thereof in an amount,
               sufficient, without reinvestment, in the opinion of a nationally recognized firm
               of independent public accountants expressed in a written certification thereof
               delivered to the Trustee, to pay and discharge, and which shall be applied by
               the Trustee (or other qualifying trustee) to pay and discharge, (i) the
               principal of (and premium, if any) and interest on the Outstanding Securities of
               such series on the Maturity of such principal, premium, if any, or interest and
               (ii) any mandatory sinking fund payments applicable to such Securities on the
               day on which such payments are due and payable in accordance with the terms of
               this Indenture and such Securities. Before such a deposit the Company may make
               arrangements satisfactory to the Trustee

               

55

          		 for the redemption of Securities at a
               future date or dates in accordance with Article Eleven, which shall be given
               effect in applying the foregoing. For this purpose, “U.S. Government
               Obligations” means securities that are (x) direct obligations of the United
               States of America for the payment of which its full faith and credit is pledged
               or (y) obligations of a Person controlled or supervised by and acting as an
               agency or instrumentality of the United States of America the payment of which
               is unconditionally guaranteed as a full faith and credit obligation by the
               United States of America, which, in either case, are not callable or redeemable
               at the option of the issuer thereof, and shall also include a depositary receipt
               issued by a bank (as defined in Section 3(a)(2) of the Securities Act of
               1933, as amended) as custodian with respect to any such U.S. Government
               Obligation or a specific payment of principal of or interest on any such U.S.
               Government Obligation held by such custodian for the account of the holder of
               such depositary receipt, provided that (except as required by law) such
               custodian is not authorized to make any deduction from the amount payable to the
               holder of such depositary receipt from any amount received by the custodian in
               respect of the U.S. Government Obligation or the specific payment of principal
               of or interest on the U.S. Government Obligation evidenced by such depositary
               receipt. 

               

          		    (2)       
               No Event of Default or event which with notice or lapse of time or both would
               become an Event of Default with respect to the Securities of such series shall
               have occurred and be continuing (A) on the date of such deposit or (B) insofar
               as subsections 501(5) and (6) are concerned, at any time during the period
               ending on the 91st day after the date of such deposit or, if longer, ending on
               the day following the expiration of the longest preference period applicable to
               the Company in respect of such deposit (it being understood that this condition
               shall not be deemed satisfied until the expiration of such period). 

               

          		    (3)       
               Such defeasance or covenant defeasance shall not (A) cause the Trustee for the
               Securities of such series to have a conflicting interest as defined in
               Section 608 or for purposes of the Trust Indenture Act with respect to any
               Securities of the Company or (B) result in the trust arising from such deposit
               to constitute, unless it is qualified as, a regulated investment company under
               the Investment Company Act of 1940, as amended. 

               

          		    (4)       
               Such defeasance or covenant defeasance shall not result in a breach or violation
               of, or constitute a default under, this Indenture or any other material
               agreement or instrument to which the Company or the Guarantor is a party or by
               which either of them is bound. 

               

          		    (5)       
               In the case of an election under Section 1302, the Company shall have
               delivered to the Trustee an Opinion of Counsel stating that (x) the Company has
               received from, or there has been published by, the Internal Revenue Service a
               ruling, or (y) since the date of this Indenture there has been a change in the
               applicable federal income tax law, in either case to the effect that, and based
               thereon such opinion shall confirm that, the Holders of the Outstanding
               Securities of such series will not recognize income, gain or loss for federal
               income tax purposes as a result of such defeasance and will be subject to
               federal income tax on the same amounts, in the same manner and at the same times
               as would have been the case if such defeasance had not occurred. 

               

          		    (6)       
               In the case of an election under Section 1303, the Company shall have
               delivered to the Trustee an Opinion of Counsel to the effect that the Holders of
               the Outstanding Securities of such series will not recognize income, gain or
               loss for federal income tax purposes as a result of such covenant defeasance and
               will be subject to federal income tax on the same amounts, in the same manner
               and at the same times as would have been the case if such covenant defeasance
               had not occurred. 

               

          		    (7)       
               Such defeasance or covenant defeasance shall be effected in compliance with any
               additional terms, conditions or limitations which may be imposed on the Company
               or the Guarantor in connection therewith pursuant to Section 301. 

               

56

          		    (8)       
               The Company shall have delivered to the Trustee an Officers’ Certificate
               and an Opinion of Counsel, each stating that all conditions precedent provided
               for relating to either the defeasance under Section 1302 or the covenant
               defeasance under Section 1303 (as the case may be) have been complied with. 

               

Section 1305.
Deposited Money and U.S. Government Obligations to be Held in Trust; Other
               Miscellaneous Provisions. 

        Subject
to the provisions of the last paragraph of Section 1003, all money and U.S.
Government Obligations (including the proceeds thereof) deposited with the Trustee or
other qualifying trustee (collectively, for purposes of this Section 1305, the
“Trustee”) pursuant to Section 1304 in respect of the Outstanding
Securities of such series shall be held in trust and applied by the Trustee, in accordance
with the provisions of such Securities and this Indenture, to the payment, either directly
or through any Paying Agent (but not including the Company acting as its own Paying Agent)
as the Trustee may determine, to the Holders of such Securities, of all sums due and to
become due thereon in respect of principal (and premium, if any) and interest, but such
money need not be segregated from other funds except to the extent required by law. 

        The
Company and the Guarantor shall, jointly and severally, pay and indemnify the Trustee
against any tax, fee or other charge imposed on or assessed against the money or U.S.
Government Obligations deposited pursuant to Section 1304 or the principal and
interest received in respect thereof. 

        Anything
herein to the contrary notwithstanding, the Trustee shall deliver or pay to the Company
from time to time upon Company Request, any money or U.S. Government Obligations held by
it as provided in Section 1304 which, in the opinion of a nationally recognized firm
of independent public accountants expressed in a written certification thereof delivered
to the Trustee, are in excess of the amount thereof which would then be required to be
deposited to effect an equivalent defeasance or covenant defeasance. 

Section 1306.
Reinstatement. 

        If
the Trustee or the Paying Agent is unable to apply any money in accordance with
Section 1305 by reason of any order or judgment or any court or governmental
authority enjoining, restraining or otherwise prohibiting such application, then the
Company’s and the Guarantor’s obligations under the Securities of such series
and the Guarantees endorsed thereon shall be revived and reinstated as though no deposit
had occurred pursuant to this Article Thirteen until such time as the Trustee or Paying
Agent is permitted to apply all such money in accordance with Section 1305; provided,
however, that if the Company or the Guarantor makes any payment of principal of (and
premium, if any) or interest on any such Security following the reinstatement of its
obligations, the Company or the Guarantor, as the case may be, shall be subrogated to the
rights of the Holders of such Securities to receive such payment from the money held by
the Trustee or the Paying Agent. 

Section 1307.
Qualifying Trustee. 

        Any
trustee appointed pursuant to Section 1304 for the purpose of holding trust funds
deposited pursuant to that Section shall be appointed under an agreement in form
acceptable to the Trustee and shall provide to the Trustee a certificate of such trustee,
upon which certificate the Trustee shall be entitled to conclusively rely, that all
conditions precedent provided for herein to the related defeasance or covenant defeasance
have been complied with. In no event shall the Trustee be liable for any acts or omissions
of said trustee. 

57

ARTICLE FOURTEEN

IMMUNITY OF
INCORPORATORS, STOCKHOLDERS, OFFICERS, DIRECTORS AND EMPLOYEES 

Section 1401.
Exemption from Individual Liability. 

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

ARTICLE FIFTEEN 

GUARANTEES 

Section 1501.
Guarantee. 

        The
Guarantor hereby irrevocably and unconditionally guarantees to each Holder of a Security
authenticated and delivered by the Trustee, and to the Trustee on behalf of such Holder,
the due and punctual payment of the principal of and any premium, interest and Additional
Amounts on and the due and punctual payment of any other payments provided for pursuant to
the terms of such Security, when and as the same shall become due and payable, whether at
the Stated Maturity, by declaration of acceleration, call for redemption or repayment or
otherwise, in accordance with the terms of such Security and this Indenture. This
guarantee will not be discharged with respect to any Securities of any series except by
payment in full of the principal thereof, premium, if any, and interest thereon and all
other amounts payable thereunder and under this Indenture with respect thereto. The
Guarantor hereby expressly waives its right to require the Trustee or any Holder to pursue
or exhaust its legal or equitable remedies against the Company prior to exercising its
rights under this guarantee. In case of the failure of the Company immediately to make any
such payment, the Guarantor hereby agrees to cause such payment to be made immediately
when and as the same shall become due and payable, whether at the Stated Maturity or by
declaration of acceleration, call for redemption or repayment or otherwise, and as if such
payment were made by the Company. 

        The
Guarantor hereby agrees that its obligations hereunder shall be as if it were principal
debtor and not merely surety, and shall be absolute and unconditional, irrespective of the
validity, regularity or enforceability of any Security or this Indenture, the absence of
any action to enforce the same, any waiver or consent by the Holder of such Security or by
the Trustee with respect to any provisions thereof or of this Indenture, the obtaining of
any judgment against the Company or any action to enforce the same or any other
circumstances which might otherwise constitute a legal or equitable discharge or defense
of a guarantor. The Guarantor hereby waives the benefits of diligence, presentment, demand
of payment, filing of claims with a court in the event of merger, insolvency or bankruptcy
of the Company, any right

58

 to require a proceeding first against the Company, protest or
notice with respect to any Security or the indebtedness evidenced thereby and all demands
whatsoever, and covenants that no guarantee (including any Guarantee endorsed on a
Security) will be discharged in respect of any Security except by complete performance of
the obligations contained in such Security and in this guarantee. The Guarantor hereby
agrees that, in the event of a default in payment of principal (or premium, if any) or
interest on any Security, or a default in any other payment referred to therein, legal
proceedings may be instituted immediately by the Trustee on behalf of, or by, the Holder
of such Security, on the terms and conditions set forth in this Indenture, directly
against the Guarantor to enforce this guarantee without first proceeding against the
Company. 

        The
Guarantor shall be subrogated to all rights of the Holders of the Securities of a
particular series against the Company in respect of any amounts paid by the Guarantor on
account of such Securities pursuant to the provisions of this guarantee or this Indenture;
provided, however, that the Guarantor shall not be entitled to enforce or to receive any
payments arising out of, or based upon, such right of subrogation until the principal of,
any premium and interest on all Securities of such series issued hereunder, and all other
amounts payable in respect thereof, shall have been paid in full. 

Section 1502.
Execution and Delivery of Guarantee. 

        The
Guarantees to be endorsed on the Securities of each series shall include the terms of the
guarantee set forth in Section 202 (except that references to premium and interest need be
included only if any premium or interest, respectively, is provided for in the terms of
such series) and any other terms that may be set forth in the form established pursuant to
Section 202 with respect to such series. The Guarantor hereby agrees to execute the
Guarantees, in a form established pursuant to Section 202, to be endorsed on each Security
authenticated and delivered by the Trustee. 

        The
Guarantees shall be executed on behalf of the Guarantor by its Chairman of the Board, a
Vice Chairman of the Board, its President, its Chief Financial Officer, its Treasurer or
one of its Vice Presidents. The signature of any of these officers on the Guarantees may
be manual or facsimile. 

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

        The
delivery of any Security by the Trustee, after the authentication thereof hereunder, shall
constitute due delivery of the Guarantee endorsed thereon on behalf of the Guarantor. The
Guarantor hereby agrees that its Guarantee set forth in Section 202 and in this Article
shall remain in full force and effect notwithstanding any failure to endorse a Guarantee
on any Security. 

        The
Guarantees shall continue to be effective or be reinstated, as the case may be, if at any
time payment on any Security, in whole or in part, is rescinded or must otherwise be
restored to the Company or the Guarantor upon the bankruptcy, liquidation or
reorganization of the Company or the Guarantor or otherwise. 

     *****

59

        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. 

        IN
WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed as of
the day and year first above written. 

	  	MONSANTO FINANCE CANADA CO. 

	  	By: 	  
 
	  	Name: 	  
 
	  	Title: 	  
 

	  	MONSANTO COMPANY 

	  	By: 	  
 
	  	Name: 	  
 
	  	Title: 	  
 

	  	THE BANK OF NEW YORK 

	  	By: 	  
 
	  	Name: 	  
 
	  	Title: 	  
 

60

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