Document:

exhibit4a.htm

    Exhibit
4(a)

     

     

    AMERICAN ELECTRIC POWER COMPANY, INC.,
Issuer

     

    TO 

     

    THE BANK OF NEW YORK,
Trustee 

     

    _________ 

     

    Junior Subordinated Indenture

     

    Dated as of March 1, 2008 

     

    _______________________________________________________________

     

    

    
    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    AMERICAN ELECTRIC
POWER COMPANY, INC. 

Reconciliation and tie between Trust Indenture Act of 1939

and Indenture, dated as of
March 1, 2008 

     

    
      	Trust Indenture Act Section 	 	Indenture
      Section 
	 
	§310 	 	(a)(1) 	 	909
    
	 	 	(a)(2) 	 	909
    
	 	 	(a)(3) 	 	915(b) 
	 	 	(a)(4) 	 	Not
      Applicable 
	 	 	(b)
    	 	908
    
	 	 	 	 	910
    
	§311 	 	(a)
    	 	913
    
	 	 	(b)
    	 	913
    
	 	 	(c)
    	 	Not
      Applicable 
	§312 	 	(a)
    	 	1001
    
	 	 	(b)
    	 	1001
    
	 	 	(c)
    	 	1001
    
	§313 	 	(a)
    	 	1002
    
	 	 	(b)(1) 	 	Not
      Applicable 
	 	 	(b)(2) 	 	1002
    
	 	 	(c)
    	 	1002
    
	 	 	(d)
    	 	1002
    
	§314 	 	(a)
    	 	1002
    
	 	 	(a)(4) 	 	605
    
	 	 	(b)
    	 	Not
      Applicable 
	 	 	(c)(1) 	 	102
    
	 	 	(c)(2) 	 	102
    
	 	 	(c)(3) 	 	Not
      Applicable 
	 	 	(d)
    	 	Not
      Applicable 
	 	 	(e)
    	 	102
    
	§315 	 	(a)
    	 	901(a) 
	 	 	(b)
    	 	902
    
	 	 	(c)
    	 	901(b) 
	 	 	(d)
    	 	901(c) 
	 	 	(d)(1) 	 	901(a)(1),
      901(c)(1) 
	 	 	(d)(2) 	 	901(c)(2) 
	 	 	(d)(3) 	 	901(c)(3) 
	 	 	(e)
    	 	814
    
	§316 	 	(a)
    	 	812
    
	 	 	 	 	813
    
	 	 	(a)(1)(A) 	 	802
    
	 	 	 	 	812
    
	 	 	(a)(1)(B) 	 	813
    
	 	 	(a)(2) 	 	Not
      Applicable 
	 	 	(b)
    	 	808
    
	§317 	 	(a)(1) 	 	803
    
	 	 	(a)(2) 	 	804
    
	 	 	(b)
    	 	603
    
	§318 	 	(a)
    	 	107
    

    

    -i- 

     

    

    
    

     

    Table of Contents

     

    
      	  	  	  	  	Page
	  
	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	  	8
	         
       SECTION 105.	  	Notices,
      Etc. to Trustee or Company	  	9
	         
       SECTION 106.	  	Notice to
      Holders of Securities; Waiver	  	10
	         
       SECTION 107.	  	Conflict
      with Trust Indenture Act	  	10
	         
       SECTION 108.	  	Effect of
      Headings	  	11
	         
       SECTION 109.	  	Successors
      and Assigns	  	11
	         
       SECTION 110.	  	Separability
      Clause	  	11
	         
       SECTION 111.	  	Benefits of
      Indenture	  	11
	         
       SECTION 112.	  	Governing
      Law	  	11
	         
       SECTION 113.	  	Legal
      Holidays	  	11
	         
       SECTION 114.	  	Waiver of
      Jury Trial	  	11
	         
       SECTION 115.	  	Force
      Majeure	  	12
	  
	ARTICLE TWO	  	Security
      Forms	  	12
	         
       SECTION 201.	  	Forms
      Generally	  	12
	         
       SECTION 202.	  	Form of
      Trustee’s Certificate of Authentication	  	12
	  
	ARTICLE THREE	  	The
      Securities	  	12
	         
       SECTION 301.	  	Amount
      Unlimited; Issuable in Series	  	12
	         
       SECTION 302.	  	Denominations	  	15
	         
       SECTION 303.	  	Execution,
      Authentication, Delivery and Dating	  	15
	         
       SECTION 304.	  	Temporary
      Securities	  	17
	         
       SECTION 305.	  	Registration, Registration of Transfer and Exchange	  	18
	         
       SECTION 306.	  	Mutilated,
      Destroyed, Lost and Stolen Securities	  	19
	         
       SECTION 307.	  	Payment of
      Interest; Interest Rights Preserved	  	19
	         
       SECTION 308.	  	Persons
      Deemed Owners	  	20
	         
       SECTION 309.	  	Cancellation	  	20
	         
       SECTION 310.	  	Computation
      of Interest	  	20
	         
       SECTION 311.	  	Payment to
      Be in Proper Currency	  	21
	         
       SECTION 312.	  	Extension of
      Interest Payment	  	21
	         
       SECTION 313.	  	Additional
      Interest	  	21
	         
       SECTION 314.	  	CUSIP
      Numbers	  	21
	  
	ARTICLE FOUR	  	Redemption
      of Securities	  	21
	         
       SECTION 401.	  	Applicability of Article	  	21
	         
       SECTION 402.	  	Election to
      Redeem; Notice to Trustee	  	22
	         
       SECTION 403.	  	Selection of
      Securities to Be Redeemed	  	22
	         
       SECTION 404.	  	Notice of
      Redemption	  	22

    

    i 

     

    

    
    

     

    
      	         
       SECTION 405.	  	Securities
      Payable on Redemption Date	  	23
	         
       SECTION 406.	  	Securities
      Redeemed in Part	  	23
	  
	ARTICLE FIVE	  	Sinking
      Funds	  	24
	         
       SECTION 501.	  	Applicability of Article	  	24
	         
       SECTION 502.	  	Satisfaction
      of Sinking Fund Payments with Securities	  	24
	         
       SECTION 503.	  	Redemption
      of Securities for Sinking Fund	  	24
	  
	ARTICLE SIX	  	Covenants	  	25
	         
       SECTION 601.	  	Payment of
      Principal, Premium and Interest	  	25
	         
       SECTION 602.	  	Maintenance
      of Office or Agency	  	25
	         
       SECTION 603.	  	Money for
      Securities Payments to Be Held in Trust	  	25
	         
       SECTION 604.	  	Corporate
      Existence	  	26
	         
       SECTION 605.	  	Annual
      Officer’s Certificate	  	26
	         
       SECTION 606.	  	Waiver of
      Certain Covenants	  	27
	         
       SECTION 607.	  	Restrictions
      on Dividends and Debt Payments	  	27
	         
       SECTION 608.	  	Maintenance
      of Trust Existence	  	28
	         
       SECTION 609.	  	Rights of
      Holders of Preferred Securities	  	28
	  
	ARTICLE SEVEN	  	Satisfaction
      and Discharge	  	28
	         
       SECTION 701.	  	Satisfaction
      and Discharge of Securities	  	28
	         
       SECTION 702.	  	Satisfaction
      and Discharge of Indenture	  	30
	         
       SECTION 703.	  	Application
      of Trust Money	  	30
	  
	ARTICLE EIGHT	  	Events of
      Default; Remedies	  	31
	         
       SECTION 801.	  	Events of
      Default	  	31
	         
       SECTION 802.	  	Acceleration
      of Maturity; Rescission and Annulment	  	32
	         
       SECTION 803.	  	Collection
      of Indebtedness and Suits for Enforcement by	  	  
	  	  	Trustee	  	33
	         
       SECTION 804.	  	Trustee May
      File Proofs of Claim	  	33
	         
       SECTION 805.	  	Trustee May
      Enforce Claims Without Possession of	  	  
	  	  	Securities	  	34
	         
       SECTION 806.	  	Application
      of Money Collected	  	34
	         
       SECTION 807.	  	Limitation
      on Suits	  	34
	         
       SECTION 808.	  	Unconditional Right of Holders to Receive Principal,	  	  
	  	  	Premium and
      Interest	  	35
	         
       SECTION 809.	  	Restoration
      of Rights and Remedies	  	35
	         
       SECTION 810.	  	Rights and
      Remedies Cumulative	  	35
	         
       SECTION 811.	  	Delay or
      Omission Not Waiver	  	35
	         
       SECTION 812.	  	Control by
      Holders of Securities	  	36
	         
       SECTION 813.	  	Waiver of
      Past Defaults	  	36
	         
       SECTION 814.	  	Undertaking
      for Costs	  	36
	         
       SECTION 815.	  	Waiver of
      Usury, Stay or Extension Laws	  	37
	  
	ARTICLE NINE	  	The
      Trustee	  	37
	         
       SECTION 901.	  	Certain
      Duties and Responsibilities	  	37
	         
       SECTION 902.	  	Notice of
      Defaults	  	38

    

    -ii- 

     

    

    
    

     

    
      	         
       SECTION 903.	  	Certain
      Rights of Trustee	  	38
	         
       SECTION 904.	  	Not
      Responsible for Recitals or Issuance of Securities	  	39
	         
       SECTION 905.	  	May Hold
      Securities	  	39
	         
       SECTION 906.	  	Money Held
      in Trust	  	40
	         
       SECTION 907.	  	Compensation
      and Reimbursement	  	40
	         
       SECTION 908.	  	Disqualification; Conflicting Interests	  	40
	         
       SECTION 909.	  	Corporate
      Trustee Required; Eligibility	  	40
	         
       SECTION 910.	  	Resignation
      and Removal; Appointment of Successor	  	41
	         
       SECTION 911.	  	Acceptance
      of Appointment by Successor	  	42
	         
       SECTION 912.	  	Merger,
      Conversion, Consolidation or Succession to Business	  	43 
	         
       SECTION 913.	  	Preferential
      Collection of Claims Against Company	  	43
	         
       SECTION 914.	  	Appointment
      of Authenticating Agent	  	44
	         
       SECTION 915.	  	Co-trustee
      and Separate Trustees	  	45
	  
	ARTICLE TEN	  	Holders’
      Lists and Reports by Trustee and Company	  	46
	         
       SECTION 1001.	  	Lists of
      Holders	  	46
	         
       SECTION 1002.	  	Reports by
      Trustee and Company	  	46
	  
	ARTICLE ELEVEN	  	Consolidation, Merger, Conveyance, or Other Transfer	  	47
	         
       SECTION 1101.	  	Company May
      Consolidate, Etc., Only on Certain Terms	  	47
	         
       SECTION 1102.	  	Successor
      Person Substituted	  	47
	         
       SECTION 1103.	  	Limitation	  	47
	  
	ARTICLE TWELVE	  	Supplemental
      Indentures	  	48
	         
       SECTION 1201.	  	Supplemental
      Indentures Without Consent of Holders	  	48
	         
       SECTION 1202.	  	Supplemental
      Indentures With Consent of Holders	  	49
	         
       SECTION 1203.	  	Execution of
      Supplemental Indentures	  	50
	         
       SECTION 1204.	  	Effect of
      Supplemental Indentures	  	50
	         
       SECTION 1205.	  	Conformity
      With Trust Indenture Act	  	51
	         
       SECTION 1206.	  	Reference in
      Securities to Supplemental Indentures	  	51
	         
       SECTION 1207.	  	Modification
      Without Supplemental Indenture	  	51
	  
	ARTICLE THIRTEEN	  	Meetings of
      Holders; Action Without Meeting	  	51
	         
       SECTION 1301.	  	Purposes for
      Which Meetings May Be Called	  	51
	         
       SECTION 1302.	  	Call, Notice
      and Place of Meetings	  	51
	         
       SECTION 1303.	  	Persons
      Entitled to Vote at Meetings	  	52
	         
       SECTION 1304.	  	Quorum;
      Action	  	52
	         
       SECTION 1305.	  	Attendance
      at Meetings; Determination of Voting Rights;	  	  
	  	  	Conduct and
      Adjournment of Meetings	  	53
	         
       SECTION 1306.	  	Counting
      Votes and Recording Action of Meetings	  	53
	         
       SECTION 1307.	  	Action
      Without Meeting	  	54
	  
	ARTICLE FOURTEEN	  	Subordination of Securities	  	54
	         
       SECTION 1401.	  	Securities
      Subordinate to Senior Indebtedness of the Company	  	54 
	         
       SECTION 1402.	  	Payment Over
      of Proceeds of Securities	  	54

    

    -iii- 

     

    

    
    

     

    
      	         
       SECTION 1403.	  	Disputes
      with Holders of Certain Senior Indebtedness of the Company	  	55
  
	         
       SECTION 1404.	  	Subrogation	  	56
	         
       SECTION 1405.	  	Obligation
      of the Company Unconditional	  	56
	         
       SECTION 1406.	  	Priority of
      Senior Indebtedness of the Company Upon Maturity	  	56
  
	         
       SECTION 1407.	  	Trustee as
      Holder of Senior Indebtedness of the Company	  	57
	         
       SECTION 1408.	  	Notice to
      Trustee to Effectuate Subordination	  	57
	         
       SECTION 1409.	  	Modification, Extension, etc. of Senior Indebtedness of the
      Company	  	57
  
	         
       SECTION 1410.	  	Trustee Has
      No Fiduciary Duty to Holders of Senior Indebtedness of the
    Company	  	57
  
	         
       SECTION 1411.	  	Paying
      Agents Other Than the Trustee	  	57
	         
       SECTION 1412.	  	Rights of
      Holders of Senior Indebtedness of the Company Not Impaired	  	58
  
	         
       SECTION 1413.	  	Effect of
      Subordination Provisions; Termination	  	58
	         
       SECTION 1414.	  	Reliance on
      Judicial Order or Certificate of Liquidating Agent	  	58
  
	  
	ARTICLE
      FIFTEEN	  	Immunity of
      Incorporators, Stockholders, Officers and Directors	  	58
  
	         
       SECTION 1501.	  	Liability
      Solely Corporate	  	58

    

    -iv-

     

    

    
    

     

                   JUNIOR SUBORDINATED INDENTURE, dated as of March 1, 2008 between AMERICAN ELECTRIC POWER COMPANY, INC., a corporation duly organized and existing
under the laws of the State of New York (herein called the “Company”), having
its principal office at 1 Riverside Plaza, Columbus, Ohio 43215, and The Bank of
New York, a New York banking corporation, having an office at 101 Barclay
Street, Floor 8W, New York, New York 10286, as Trustee (herein called the
“Trustee”). 

     

    RECITAL OF THE COMPANY

     

                   The Company has duly authorized the execution
and delivery of this Indenture to provide for the issuance from time to time of
its unsecured subordinated debentures, notes or other evidences of indebtedness
(herein called the “Securities”), in an unlimited aggregate principal amount to
be issued in one or more series as contemplated herein, and all acts necessary
to make this Indenture a valid and legally binding agreement of the Company, in
accordance with its terms, have been performed. 

     

    NOW, THEREFORE, THIS INDENTURE
WITNESSETH:

     

                   For and in consideration of the premises and
the purchase of the Securities by the Holders thereof, it is mutually covenanted
and agreed, for the equal and proportionate benefit of all Holders of the
Securities or of series thereof (except as otherwise contemplated herein), 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:

     

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

       

                (b)      all terms used herein without definition which
are defined in the Trust Indenture Act, either directly or by reference therein,
have the meanings assigned to them therein; 

       

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

       

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

       

                (e)      the words “herein”, “hereof” and “hereunder”
and other words of similar import refer to this Indenture as a whole and not to
any particular Article, Section or other subdivision. 

       

    

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

     

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

     

                   “Additional Interest” has the meaning specified in Section 313.

     

                   “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 generally the
management and policies of such Person, directly or indirectly, whether through
the ownership of voting securities, by contract or otherwise; and the terms
“controlling” and “controlled” have
meanings correlative to the foregoing. 

     

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

     

                   “Authorized Officer” means the Chairman of the Board, the President, any Vice President, the
Treasurer, or any other Person duly authorized by the Company, as the case
requires, to act in respect of matters relating to this Indenture. 

     

                   “Board of Directors” means either the board of directors of the Company, as the case
requires, or any committee of that board duly authorized to act in respect of
matters relating to this Indenture. 

     

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

     

                   “Business Day”,
when used with respect to a Place of Payment or any other particular location
specified in the Securities or this Indenture, means any day, other than a
Saturday or Sunday, which is not a day on which banking institutions or trust
companies in such Place of Payment or other location are generally authorized or
required by law, regulation or executive order to remain closed, except as may
be otherwise specified as contemplated by Section 301. 

     

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

     

                   “Common Securities”
means any common trust interests issued by a Trust or similar securities issued
by permitted successors to such Trust in accordance with the Trust Agreement
pertaining to such Trust. 

     

                   “Company” means the
Person named as the “Company” in the first paragraph of this Indenture 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 Order” or
“Company Request” mean, respectively, a written order or
request, as the case may be, signed in the name of the Company by an Authorized
Officer and delivered to the Trustee. 

     

                   “Corporate Trust Office” means the principal office of the Trustee at which at any time its
corporate trust business shall be administered, which office at the dated hereof
is located at 101 Barclay Street, Floor 8 West, New York, New York 10286,
Attention: Corporate Trust Administration, or such other address as the Trustee
may designate from time to time by notice to the Holders and the Company, or the
principal corporate trust office of any successor Trustee (or such other address
as such successor Trustee may designate from time to time by notice to the
Holders and the Company). 

     

                   “corporation” means
a corporation, association, company, limited liability company, joint stock
company, business trust or other business entity. 

     

                   “Defaulted Interest” has the meaning specified in Section
307.

     

                   “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 802.

     

    -2-

     

    

    
    

     

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

     

                   “Eligible Obligations” means:

     

    
                (a)      with respect to Securities denominated in
Dollars, Government Obligations; or

       

                (b)      with respect to Securities denominated in a
currency other than Dollars or in a composite currency, such other obligations
or instruments as shall be specified with respect to such Securities, as
contemplated by Section 301. 

       

    

                   “Event of Default” has the meaning specified in Section 801.

     

                   “Exchange Act”
means the Securities Exchange Act of 1934 and the rules and regulations
promulgated thereunder, as amended from time to time. 

     

                   “Government Obligations” means securities which are (a) (i) direct obligations of the United
States where the payment or payments thereunder are supported by the full faith
and credit of the United States or (ii) obligations of a Person controlled or
supervised by and acting as an agency or instrumentality of the United States
where the timely payment or payments thereunder are unconditionally guaranteed
as a full faith and credit obligation by the United States or (b) depository
receipts issued by a bank (as defined in Section 3(a)(2) of the Securities Act)
as custodian with respect to any such Government Obligation or a specific
payment of interest on or principal of or other amount with respect to any such
Government Obligation held by such custodian for the account of the holder of a
depository receipt, provided that (except as required by law) such custodian is
not authorized to make any deduction from the amount payable to the holder of
such depository receipt from any amount received by the custodian in respect of
the Government Obligation or the specific payment of interest on or principal of
or other amount with respect to the Government Obligation evidenced by such
depository receipt. 

     

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

     

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

     

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

     

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

     

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

     

                   “Notice of Default” means a written notice of the kind specified
in Section 801(c).

     

                   “Officer’s Certificate” means a certificate signed by an Authorized Officer of the Company and
delivered to the Trustee. 

     

                   “Opinion of Counsel” means a written opinion of counsel, who may
be counsel for the Company.

     

    -3-

     

    

    
    

     

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

     

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

       

                (b)      Securities deemed to have been paid for all
purposes of this Indenture in accordance with Section 701 (whether or not the
Company’s indebtedness in respect thereof shall be satisfied and discharged for
any other purpose); and 

       

                (c)      Securities which have been paid pursuant to
Section 306 or in exchange for or in lieu of which other Securities have been
authenticated and delivered pursuant to this Indenture, other than any such
Securities in respect of which there shall have been presented to the Trustee
proof satisfactory to it and the Company 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 or not the Holders of the requisite principal amount
of the Securities Outstanding under this Indenture, or the Outstanding
Securities of any series or Tranche, have given any request, demand,
authorization, direction, notice, consent or waiver hereunder or whether or not
a quorum is present at a meeting of Holders of Securities, 

     

    
                (x)      Securities
owned by the Company or any other obligor upon the Securities or any Affiliate
of the Company or of such other obligor (unless the Company, such Affiliate or
such obligor owns all Securities Outstanding under this Indenture, or all
Outstanding Securities of each such series and each such Tranche, as the case
may be, determined without regard to this clause (x)) shall be disregarded and
deemed not to be Outstanding, except that, in determining whether the Trustee
shall be protected in relying upon any such request, demand, authorization,
direction, notice, consent or waiver or upon any such determination as to the
presence of a quorum, only Securities which the Trustee knows to be so owned
shall be so disregarded; provided, however, that Securities so owned which have
been pledged in good faith may be regarded as Outstanding if it is established
to the reasonable satisfaction of the Trustee that the pledgee, and not the
Company, or any such other obligor or Affiliate of either thereof, has the right
so to act with respect to such Securities and that the pledgee is not the
Company or any other obligor upon the Securities or any Affiliate of the Company
or of such other obligor; 

       

                (y)      the
principal amount of a Discount Security that shall be deemed to be Outstanding
for such purposes shall be the amount of the principal thereof that would be due
and payable as of the date of such determination upon a declaration of
acceleration of the Maturity thereof pursuant to Section 802; and 

       

                (z)      the
principal amount of any Security which is denominated in a currency other than
Dollars or in a composite currency that shall be deemed to be Outstanding for
such purposes shall be the amount of Dollars which could have been purchased by
the principal amount (or, in the case of a Discount Security, the Dollar
equivalent on the date determined as set forth below of the amount determined as
provided in (y) above) of such currency or composite currency evidenced by such
Security, in each such case certified to the Trustee in an Officer’s
Certificate, based (i) on the average of the mean of the buying and selling spot
rates quoted by three banks which are members of the New York Clearing House
Association selected by the Company in effect at 11:00 A.M. (New York time) in
The City of New York on the fifth Business Day preceding any such determination
or (ii) if on such fifth Business Day it shall not be possible or practicable to
obtain such quotations from such three banks, on such other quotations or
alternative methods of determination which shall be as consistent as practicable
with the method set forth in (i) above; 

       

    

    provided, further,
that in the case of any Security the principal of which is payable from time to
time without presentment or surrender, the principal amount of such Security
that shall be deemed to be Outstanding at any time for all purposes of this
Indenture shall be the original principal amount thereof less the aggregate
amount of

     

    -4-

     

    

    
    

     

    principal thereof
theretofore paid.

     

                   “Pari Passu Securities” means (i) indebtedness and other securities that, among other things, by
their terms rank equally with the Securities of any series in right of payment
and upon liquidation; (ii) guarantees of indebtedness or other securities
described in clause (i), and (iii) trade accounts payable and accrued
liabilities arising in the ordinary course of business of the Company.

     

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

     

                   “Periodic Offering”
means an offering of Securities of a series from time to time any or all of the
specific terms of which Securities, including without limitation the rate or
rates of interest, if any, thereon, the Stated Maturity or Maturities thereof
and the redemption provisions, if any, with respect thereto, are to be
determined by the Company or its agents from time to time subsequent to the
initial request for the authentication and delivery of such Securities by the
Trustee, as contemplated in Section 301 and clause (b) of Section 303.

     

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

     

                   “Place of Payment”,
when used with respect to the Securities of any series, or Tranche thereof,
means the place or places, specified as contemplated by Section 301, at which,
subject to Section 602, principal of and premium, if any, and interest, if any,
on the Securities of such series or Tranche are payable. 

     

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

     

                   “Preferred Securities” means any preferred trust interests issued by a Trust or similar
securities issued by permitted successors to such Trust in accordance with the
Trust Agreement pertaining to such Trust. 

     

                   “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. 

     

                   “Required Currency” has the meaning specified in Section
311.

     

                   “Responsible Officer”, when used with respect to the Trustee, means the chairman or any
vice-chairman of the board of directors, the chairman or any vice-chairman of
the executive committee of the board of directors, the chairman of the trust
committee, the president, any vice president, the secretary, any assistant
secretary, the treasurer, any assistant treasurer, the cashier, any assistant
cashier, any senior trust officer, any trust officer or assistant trust officer,
the controller or any assistant controller 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 of the Trustee to whom such matter is referred because
of his knowledge of and familiarity with the particular subject. 

     

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

     

    -5-

     

    

    
    

     

                   “Securities Act”
means the Securities Act of 1933, and the rules and regulations promulgated
thereunder, as amended from time to time. 

     

                   “Security Register” and “Security Registrar” have the respective meanings specified in Section 305.

     

                   “Senior Indebtedness”, when used with respect to the Company, means all of the Company’s
obligations, whether presently existing or from time to time hereafter incurred,
created, assumed or existing, to pay principal, premium, interest, penalties,
fees and any other payment in respect of any of the following: 

     

    
                (a)      obligations for borrowed money, including
without limitation, such obligations as are evidenced by credit agreements,
notes, debentures, bonds or other securities or instruments; 

       

                (b)     capitalized lease obligations;

       

                (c)      obligations for reimbursement under letters of
credit, security purchase facilities, or similar facilities issued for the
Company’s account;

       

                (d)      all obligations of the types referred to in
clauses (a)-(c) above of others which the Company has assumed, endorsed,
guaranteed, contingently agreed to purchase or provide funds for the payment of,
or otherwise becomes liable for, under any agreement; or

       

                (e)      all renewals, extensions or refundings of
obligations of the kinds described in any of the preceding categories.

       

    

    unless, in the case
of any particular obligation, indebtedness, renewal, extension or refunding, the
instrument creating or evidencing the same or the assumption or guarantee of the
same expressly provides that such obligation, indebtedness, renewal, extension
or refunding is not superior in right of payment to or is pari passu with the
Securities; and provided further that trade accounts payable and accrued
liabilities arising in the ordinary course of business shall not be deemed to be
Senior Indebtedness. 

     

                   “Special Record Date” for the payment of any Defaulted Interest on the Securities of any
series means a date fixed by the Trustee pursuant to Section 307. 

     

                   “Stated Interest Rate” means a rate (whether fixed or variable) at which an obligation by its
terms is stated to bear simple interest. Any calculation or other determination
to be made under this Indenture by reference to the Stated Interest Rate on a
Security shall be made without regard to the effective interest cost to the
Company of such Security and without regard to the Stated Interest Rate on, or
the effective cost to the Company of, any other indebtedness the Company’s
obligations in respect of which are evidenced or secured in whole or in part by
such Security. 

     

                   “Stated Maturity”,
when used with respect to any Security or any obligation or any installment of
principal thereof or interest thereon, means the date on which the principal of
such obligation or such installment of principal or interest is stated to be due
and payable (without regard to any provisions for redemption, prepayment,
acceleration, purchase or extension). 

     

                   “Tranche” means a
group of Securities which (a) are of the same series and (b) have identical
terms except as to principal amount and/or date of issuance. 

     

                   “Trust” means any
trust designated pursuant to Section 301 hereof or any permitted successor under
the Trust Agreement pertaining to such Trust. 

     

                   “Trust Agreement”
means an Amended and Restated Trust Agreement relating to a Trust designated
pursuant to Section 301 hereof, in each case, among American Electric Power
Company, Inc., as Depositor and, the trustees named therein and the several
holders referred to therein, as such agreement or

     

    -6-

     

    

    
    

     

    agreements, as the
case may be, may be amended from time to time. 

     

                   “Trustee” means the
Person named as the “Trustee” in the first paragraph of this Indenture until a
successor Trustee shall have become such with respect to one or more series of
Securities 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, as of any time, the Trust Indenture
Act of 1939 as in force at such time.

     

                    “United States”
means the United States of America, its territories, its possessions and other
areas subject to its jurisdiction. 

     

    SECTION
102.          Compliance
Certificates and Opinions.

     

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

     

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

     

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

       

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

       

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

       

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

       

    

    SECTION 103.          Form of Documents Delivered to Trustee.

     

    
                (a)      Any Officer’s Certificate may be based
(without further examination or investigation), insofar as it relates to or is
dependent upon legal matters, upon an opinion of, or representations by,
counsel, unless, in any case, such officer has actual knowledge that the
certificate or opinion or representations with respect to the matters upon which
such Officer’s Certificate may be based as aforesaid are erroneous.

       

    

                   Any Opinion of Counsel may be based (without
further examination or investigation), insofar as it relates to or is dependent
upon factual matters, information with respect to which is in the possession of
the Company, upon a certificate of, or representations by, an officer or
officers of the Company, as the case may be, unless such counsel has actual
knowledge that the certificate or opinion or representations with respect to the
matters upon which his opinion may be based as aforesaid are erroneous. In
addition, any Opinion of Counsel may be based (without further examination or
investigation), insofar as it relates to or is dependent upon matters covered in
an Opinion of Counsel rendered by other counsel, upon such other Opinion of
Counsel, unless such counsel has actual

     

    -7-

     

    

    
    

     

    knowledge that the
Opinion of Counsel rendered by such other counsel with respect to the matters
upon which his Opinion of Counsel may be based as aforesaid are erroneous. If,
in order to render any Opinion of Counsel provided for herein, the signer
thereof shall deem it necessary that additional facts or matters be stated in
any Officer’s Certificate provided for herein, then such certificate may state
all such additional facts or matters as the signer of such Opinion of Counsel
may request. 

     

    
                (b)      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. Where (i) any Person is required to make, give or execute two or more
applications, requests, consents, certificates, statements, opinions or other
instruments under this Indenture, or (ii) two or more Persons are each required
to make, give or execute any such application, request, consent, certificate,
statement, opinion or other instrument, any such applications, requests,
consents, certificates, statements, opinions or other instruments may, but need
not, be consolidated and form one instrument. 

       

                (c)      Whenever, subsequent to the receipt by the
Trustee of any Board Resolution, Officer’s Certificate, Opinion of Counsel or
other document or instrument, a clerical, typographical or other inadvertent or
unintentional error or omission shall be discovered therein, a new document or
instrument may be substituted therefor in corrected form with the same force and
effect as if originally filed in the corrected form and, irrespective of the
date or dates of the actual execution and/or delivery thereof, such substitute
document or instrument shall be deemed to have been executed and/or delivered as
of the date or dates required with respect to the document or instrument for
which it is substituted. Anything in this Indenture to the contrary
notwithstanding, if any such corrective document or instrument indicates that
action has been taken by or at the request of the Company which could not have
been taken had the original document or instrument not contained such error or
omission, the action so taken shall not be invalidated or otherwise rendered
ineffective but shall be and remain in full force and effect, except to the
extent that such action was a result of willful misconduct or bad faith. Without
limiting the generality of the foregoing, any Securities issued under the
authority of such defective document or instrument shall nevertheless be the
valid obligations of the Company entitled to the benefits of this Indenture
equally and ratably with all other Outstanding Securities, except as aforesaid.

       

    

    SECTION 104.           Acts of Holders. 

     

    
                (a)      Any request, demand, authorization, direction,
notice, consent, election, waiver or other action provided by this Indenture to
be made, given or taken by Holders may be embodied in and evidenced by one or
more instruments of substantially similar tenor signed by such Holders in person
or by an agent duly appointed in writing or, alternatively, may be embodied in
and evidenced by the record of Holders voting in favor thereof, either in person
or by proxies duly appointed in writing, at any meeting of Holders duly called
and held in accordance with the provisions of Article Thirteen, or a combination
of such instruments and any such record. Except as herein otherwise expressly
provided, such action shall become effective when such instrument or instruments
or record or both are delivered to the Trustee and, where it is hereby expressly
required, to the Company. Such instrument or instruments and any such record
(and the action embodied therein and evidenced thereby) are herein sometimes
referred to as the “Act” of the Holders signing such instrument or instruments
and so voting at any such meeting. Proof of execution of any such instrument or
of a writing appointing any such agent, or of the holding by any Person of a
Security, shall be sufficient for any purpose of this Indenture and (subject to
Section 901) conclusive in favor of the Trustee and the Company, if made in the
manner provided in this Section. The record of any meeting of Holders shall be
proved in the manner provided in Section 1306. 

       

    

    -8-

     

    

    
    

     

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

       

                (c)      The ownership, principal amount (except as
otherwise contemplated in clause (y) of the first proviso to the definition of
Outstanding) and serial numbers of Securities held by any Person, and the date
of holding the same, shall be proved by the Security Register. 

       

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

       

                (e)      Until such time as written instruments shall
have been delivered to the Trustee with respect to the requisite percentage of
principal amount of Securities for the action contemplated by such instruments,
any such instrument executed and delivered by or on behalf of a Holder may be
revoked with respect to any or all of such Securities by written notice by such
Holder or any subsequent Holder, proven in the manner in which such instrument
was proven. 

       

                (f)      Securities of any series, or any Tranche
thereof, authenticated and delivered after any Act of Holders may, and shall if
required by the Trustee, bear a notation in form approved by the Trustee as to
any action taken by such Act of Holders. If the Company shall so determine, new
Securities of any series, or any Tranche thereof, so modified as to conform, in
the opinion of the Trustee and the Company, to such action may be prepared and
executed by the Company and authenticated and delivered by the Trustee in
exchange for Outstanding Securities of such series or Tranche. 

       

                (g)      The Company may, at its option, by Company
Order, as appropriate, fix in advance a record date for the determination of
Holders entitled to give any request, demand, authorization, direction, notice,
consent, waiver or other Act solicited by the Company, but the Company shall
have no obligation to do so; provided, however, that the Company may not fix a
record date for the giving or making of any notice, declaration, request or
direction referred to in the next sentence. In addition, the Trustee may, at its
option, fix in advance a record date for the determination of Holders entitled
to join in the giving or making of any Notice of Default, any declaration of
acceleration referred to in Section 802, any request to institute proceedings
referred to in Section 807 or any direction referred to in Section 812. If any
such record date is fixed, such request, demand, authorization, direction,
notice, consent, waiver or other Act, or such notice, declaration, request or
direction, may be given before or after such record date, but only the Holders
of record at the close of business on the record date shall be deemed to be
Holders for the purposes of determining (i) whether Holders of the requisite
proportion of the Outstanding Securities have authorized or agreed or consented
to such Act (and for that purpose the Outstanding Securities shall be computed
as of the record date) and/or (ii) which Holders may revoke any such Act
(notwithstanding subsection (e) of this Section ); and any such Act, given as
aforesaid, shall be effective whether or not the Holders which authorized or
agreed or consented to such Act remain Holders after such record date and
whether or not the Securities held by such Holders remain Outstanding after such
record date. 

       

    

    SECTION 105.           Notices, Etc. to Trustee or Company.

     

                   Any request, demand, authorization, direction,
notice, consent, election, 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, the

     

    -9-

     

    

    
    

     

    Trustee by any Holder
or by the Company, or the Company by the Trustee or by any Holder, shall be
sufficient for every purpose hereunder (unless otherwise expressly provided
herein) if in writing and delivered personally to an officer or other
responsible employee of the addressee, or transmitted by facsimile transmission,
telex or other direct written electronic means to such telephone number or other
electronic communications address set forth for such party below or such other
address as the parties hereto shall from time to time designate, or transmitted
by registered mail, charges prepaid, to the applicable address set forth for
such party below or to such other address as any party hereto may from time to
time designate: 

     

    
      If to the Trustee,
to: 

The Bank of New
York
101 Barclay Street, Floor
8W 
New York, NY 10286

Attention: Corporate
Trust Administration 
Telecopy: 212-815-5707 

If to the Company, to: 

AMERICAN ELECTRIC POWER COMPANY, INC.
1 Riverside Plaza 
Columbus, Ohio 43215 
Attention: Treasurer 

Telephone: (614) 716-2885 
Fax: (614) 716-2380 

       

    

                   Any communication contemplated herein shall be
deemed to have been made, given, furnished and filed if personally delivered, on
the date of delivery, if transmitted by facsimile transmission, telex or other
direct written electronic means, on the date of transmission, and if transmitted
by registered mail, on the date of receipt. 

     

    SECTION
106.           Notice to Holders of Securities; Waiver. 

     

                   Except as otherwise expressly provided herein,
where this Indenture provides for notice to Holders of any event, such notice
shall be sufficiently given, and shall be deemed given, to Holders if in writing
and mailed, first-class postage prepaid, to each Holder affected by such event,
at the address of such Holder as it appears in the Security Register, not later
than the latest date, and not earlier than the earliest date, prescribed for the
giving of such notice. 

     

                   In 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 to Holders by mail, then such notification as shall be made with the
approval of the Trustee shall constitute a sufficient notification for every
purpose hereunder. In any case where notice to Holders is given by mail, neither
the failure to mail such notice, nor any defect in any notice so mailed, to any
particular Holder shall affect the sufficiency of such notice with respect to
other Holders. 

     

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

     

    SECTION
107.           Conflict with Trust Indenture Act. 

     

                   If any provision of this Indenture limits,
qualifies or conflicts with another provision hereof which is required or deemed
to be included in this Indenture by, or is otherwise governed by, any provision
of the Trust

     

    -10-

     

    

    
    

     

    Indenture Act, such
other provision shall control; and if any provision hereof otherwise conflicts
with the Trust Indenture Act, the Trust Indenture Act shall control.

     

    SECTION
108.           Effect of Headings. 

     

                   The Article and Section headings in this
Indenture are for convenience only and shall not affect the construction hereof.

     

    SECTION
109.           Successors and Assigns. 

     

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

     

    SECTION
110.           Separability Clause. 

     

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

     

    SECTION
111.           Benefits of Indenture. 

     

                   Nothing in this Indenture or the Securities,
express or implied, shall give to any Person, other than the parties hereto,
their successors hereunder, the Holders and the holders of Senior Indebtedness,
any benefit or any legal or equitable right, remedy or claim under this
Indenture, provided, however, that for so long as any Preferred Securities
remain outstanding, the holders of such Preferred Securities, subject to certain
limitations set forth in this Indenture, may enforce the Company’s obligations
hereunder, directly against the Company, as third party beneficiaries of this
Indenture without proceeding against the Trust issuing such Preferred
Securities. 

     

    SECTION 112.           Governing Law. 

     

                   This Indenture and the Securities shall be
governed by and construed in accordance with the law of the State of New York
(including without limitation Section 5-1401 of the New York General Obligations
Law or any successor to such statute), except to the extent that the Trust
Indenture Act shall be applicable. 

     

    SECTION
113.           Legal Holidays. 

     

                   In any case where any Interest Payment Date,
Redemption Date or Stated Maturity of any Security shall not be a Business Day
at any Place of Payment, then (notwithstanding any other provision of this
Indenture or of the Securities other than a provision in Securities of any
series, or any Tranche thereof, or in an indenture supplemental hereto, Board
Resolution or Officer’s Certificate which establishes the terms of the
Securities of such series or Tranche, 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, except
that if such Business Day is in the next succeeding calendar year, such payment
shall be made on the immediately preceding Business Day, in each case with the
same force and effect as if made on the Interest Payment Date, Redemption Date,
or Stated Maturity, and, if such payment is made or duly provided for on such
Business Day, no interest shall accrue on the amount so payable for the period
from and after such Interest Payment Date, Redemption Date or Stated Maturity,
as the case may be, to such Business Day. 

     

    SECTION 114.           Waiver of Jury Trial. 

     

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

     

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    SECTION 115.           Force Majeure. 

     

                   In no event shall the Trustee be responsible
or liable, nor shall the Company be responsible or liable to the Trustee, for
any failure or delay in the performance of its obligations hereunder arising out
of or caused by, directly or indirectly, forces beyond its control, including,
without limitation, strikes, work stoppages, accidents, acts of war or
terrorism, civil or military disturbances, nuclear or natural catastrophes or
acts of God, and interruptions, loss or malfunctions of utilities,
communications or computer (software and hardware) services; it being understood
that the Trustee or the Company, as the case may be, shall use reasonable
efforts which are consistent with accepted practices to resume performance as
soon as practicable under the circumstances. 

     

    ARTICLE TWO
Security Forms

     

    SECTION 201.           Forms Generally. 

     

                   The definitive Securities of each series shall
be in substantially the form or forms thereof established in the indenture
supplemental hereto establishing such series or in a Board Resolution
establishing such series, or in an Officer’s Certificate pursuant to such a
supplemental indenture or Board Resolution, in each case with such appropriate
insertions, omissions, substitutions and other variations as are required or
permitted by this Indenture, and may have such letters, numbers or other marks
of identification and such legends or endorsements placed thereon as may be
required to comply with the rules of any securities exchange or as may,
consistently herewith, be determined by the officers executing such Securities,
as evidenced by their execution thereof. If the form or forms of Securities of
any series are established in a Board Resolution or in an Officer’s Certificate
pursuant to a Board Resolution, such Board Resolution and Officer’s Certificate,
if any, shall be delivered to the Trustee at or prior to the delivery of the
Company Order contemplated by Section 303 for the authentication and delivery of
such Securities. 

     

                   Unless otherwise specified as contemplated by
Section 301 or 1201(g), the Securities of each series shall be issuable in
registered form without coupons. The definitive Securities shall be produced in
such manner as shall be determined by the officers executing such Securities, as
evidenced by their execution thereof. 

     

    SECTION 202.           Form of Trustee’s Certificate of
Authentication. 

     

                   The Trustee’s certificate of authentication
shall be in substantially the form set forth below: 

     

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

     

    
      The Bank of New York,

as Trustee 

       

      By:

_____________________________
Authorized Officer 

       

    

    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.

     

                   The Securities may be issued in one or more
series. Subject to the last paragraph of this Section, 

     

    -12-

     

    

    
    

     

    prior to the
authentication and delivery of Securities of any series there shall be
established by specification in a supplemental indenture or in a Board
Resolution of the Company or in an Officer’s Certificate of the Company (which
need not, comply with Section 102) pursuant to a supplemental indenture or a
Board Resolution: 

     

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

       

                (b)      any limit upon the aggregate principal amount
of the Securities of such 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 such series pursuant to Section 304, 305, 306, 406 or 1206 and except for any
Securities which, pursuant to Section 303, are deemed never to have been
authenticated and delivered hereunder); 

       

                (c)      the Person or Persons (without specific
identification) to whom any interest on Securities of such series, or any
Tranche thereof, 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; 

       

                (d)      the date or dates on which the principal of
the Securities of such series or any Tranche thereof, is payable or any
formulary or other method or other means by which such date or dates shall be
determined, by reference to an index or other fact or event ascertainable
outside of this Indenture or otherwise (without regard to any provisions for
redemption, prepayment, acceleration, purchase or extension); 

       

                (e)      the rate or rates at which the Securities of
such series, or any Tranche thereof, shall bear interest, if any (including the
rate or rates at which overdue principal shall bear interest after Maturity if
different from the rate or rates at which such Securities shall bear interest
prior to Maturity, and, if applicable, the rate or rates at which overdue
premium or interest, or interest deferred as contemplated in Section 312, shall
bear interest, if any), or any formulary or other method or other means by which
such rate or rates shall be determined by reference to an index or other fact or
event ascertainable outside of this Indenture or otherwise, the date or dates
from which such interest shall accrue; the Interest Payment Dates and the
Regular Record Dates, if any, for the interest payable on such Securities on any
Interest Payment Date; the right of the Company, if any, to extend the interest
payment periods and the duration of any such extension as contemplated by
Section 312; and the basis of computation of interest, if other than as provided
in Section 310; 

       

                (f)      the place or places at which or methods (if
other than as provided elsewhere in this Indenture) by which (i) the principal
of and premium, if any, and interest, if any, on Securities of such series, or
any Tranche thereof, shall be payable, (ii) registration of transfer of
Securities of such series, or any Tranche thereof, may be effected, (iii)
exchanges of Securities of such series, or any Tranche thereof, may be effected
and (iv) notices and demands to or upon the Company in respect of the Securities
of such series, or any Tranche thereof, and this Indenture may be served; the
Security Registrar and any Paying Agent or Agents for such series or Tranche;
and if such is the case, that the principal of such Securities shall be payable
without presentment or surrender thereof; 

       

                (g)      the period or periods within which, or the
date or dates on which, the price or prices at which and the terms and
conditions upon which the Securities of such series, or any Tranche thereof, may
be redeemed, in whole or in part, at the option of the Company and any
restrictions on such redemptions; 

       

                (h)      the obligation, if any, of the Company to
redeem or purchase or repay the Securities of such series, or any Tranche
thereof, pursuant to any sinking fund or other mandatory redemption provisions
or at the option of a Holder thereof and the period or periods within which or
the date or dates on which, the price or prices at which and the terms and
conditions upon which

       

    

    -13-

     

    

    
    

     

    
      such Securities shall
be redeemed or purchased or repaid, in whole or in part, pursuant to such
obligation and applicable exceptions to the requirements of Section 404 in the
case of mandatory redemption or redemption or repayment at the option of the
Holder; 

       

                (i)      the denominations in which Securities of such
series, or any Tranche thereof, shall be issuable if other than denominations of
$25 and any integral multiple thereof; 

       

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

       

                (k)      the currency or currencies, including
composite currencies, in which payment of the principal of and premium, if any,
and interest, if any, on the Securities of such series, or any Tranche thereof,
shall be payable (if other than Dollars) and the manner in which the equivalent
of the principal amount thereof in Dollars is to be determined for any purpose,
including for the purpose of determining the principal amount deemed to be
Outstanding at any time; 

       

                (l)      if the principal of or premium, if any, or
interest on the Securities of such series, or any Tranche thereof, are to be
payable, or are to be payable at the election of the Company or a Holder
thereof, in securities or other property, the type and amount of such securities
or other property, or the formulary or other method or other means by which such
amount shall be determined, and the period or periods within which, and the
terms and conditions upon which, any such election may be made; 

       

                (m)      if the amount payable in respect of principal
of or premium, if any, or interest, if any, on the Securities of such series, or
any Tranche thereof, may be determined with reference to an index or other fact
or event ascertainable outside this Indenture, the manner in which such amounts
shall be determined to the extent not established pursuant to clause (e) of this
paragraph; 

       

                (n)      if other than the entire principal amount
thereof, the portion of the principal amount of Securities of such series, or
any Tranche thereof, which shall be payable upon declaration of acceleration of
the Maturity thereof pursuant to Section 802; 

       

                (o)      any Events of Default, in addition to those
specified in Section 801, or any exceptions to those specified in Section 801,
with respect to the Securities of such series, and any covenants of the Company
for the benefit of the Holders of the Securities of such series, or any Tranche
thereof, in addition to those set forth in Article Six, or any exceptions to
those set forth in Article Six; 

       

                (p)      the terms, if any, pursuant to which the
Securities of such series, or any Tranche thereof, may be converted into or
exchanged for shares of capital stock or other securities of the Company or any
other Person; 

       

                (q)      the obligations or instruments, if any, which
shall be considered to be Eligible Obligations in respect of the Securities of
such series, or any Tranche thereof, denominated in a currency other than
Dollars or in a composite currency, and any provisions for satisfaction and
discharge of Securities of any series, in addition to those set forth in Section
701 and 702, or any exceptions to those set forth in Section 701 and 702;

       

                (r)      if the Securities of such series, or any
Tranche thereof, are to be issued in global form, (i) any limitations on the
rights of the Holder or Holders of such Securities to transfer or exchange the
same or to obtain the registration of transfer thereof, (ii) any limitations on
the rights

       

    

    -14-

     

    

    
    

     

    
      of the Holder or
Holders thereof to obtain certificates therefor in definitive form in lieu of
form and (iii) any other matters incidental to such Securities; 

       

                (s)      if the Securities of such series, or any
Tranche thereof, are to be issuable bearer securities, any and all matters
incidental thereto which are not specifically addressed supplemental indenture
as contemplated by clause (g) of Section 1201; 

       

                (t)      to the extent not established pursuant to
clause (r) of this paragraph, limitations on the rights of the Holders of the
Securities of such Series, or any Tranche thereof, transfer or exchange such
Securities or to obtain the registration of transfer thereof; and service charge
will be made for the registration of transfer or exchange of Securities of such
or any Tranche thereof, the amount or terms thereof; 

       

                (u)      any exceptions to Section 113, or variation in
the definition of Business with respect to the Securities of such series, or any
Tranche thereof; 

       

                (v)      any variation in the definition of Pari Passu
Securities, with respect to Securities of such series, or any Tranche thereof;

       

                (w)     the designation of any Trust to which
Securities of such series are to be issued;

       

                (x)      any other terms of the Securities of such
series, or any Tranche thereof. 

       

    

                   With respect to Securities of a series subject
to a Periodic Offering, the indenture supplemental hereto or the Board
Resolution which establishes such series, or the Officer’s Certificate pursuant
to such supplemental indenture or Board Resolution, as the case may be, may
provide general terms or parameters for Securities of such series and provide
either that the specific terms of Securities of such series, or any Tranche
thereof, shall be specified in a Company Order or that such terms shall be
determined by the Company or its agents in accordance with procedures specified
in a Company Order as contemplated in clause (b) of Section 303. 

     

                   All Securities of any one series shall be
substantially identical, except as to principal amount and date of issue and
except as may be set forth in the terms of such series as contemplated above.
The Securities of each series shall be subordinated in right of payment to
Senior Indebtedness of the Company as provided in Article Fourteen.

     

                   Unless otherwise provided with respect to a
series of Securities as contemplated in Section 301(b), the aggregate principal
amount of a series of Securities may be increased and additional Securities of
such series may be issued up to the maximum aggregate principal amount
authorized with respect to such series as increased. 

     

    SECTION 302.           Denominations. 

     

                   Unless otherwise provided as contemplated by
Section 301 with respect to any series of Securities, or any Tranche thereof,
the Securities of each series shall be issuable in denominations of $25 and any
integral multiple thereof. 

     

    SECTION 303.           Execution, Authentication, Delivery and
Dating. 

     

                   Unless otherwise provided as contemplated by
Section 301 with respect to any series of Securities or any Tranche thereof, the
Securities shall be executed on behalf of the Company by an Authorized Officer
of the Company, and may have the corporate seal of the Company affixed thereto
or reproduced thereon attested by its Secretary, one of its Assistant
Secretaries or any other Authorized Officer. The signature of any or all of
these officers on the Securities may be manual or facsimile. 

     

                   A Security bearing the manual or facsimile
signature of an individual who was at the time of execution an Authorized
Officer of the Company shall bind the Company, notwithstanding that any such
individual 

     

    -15-

     

    

    
    

     

    has ceased to be an
Authorized Officer prior to the authentication and delivery of the Security or
did not hold such office at the date of such Security. 

     

                   The Trustee shall authenticate and deliver
Securities of a series, for original issue, at one time or from time to time in
accordance with the Company Order referred to below, upon receipt by the Trustee
of: 

     

    
                (a)      the instrument or instruments establishing the
form or forms and terms of the Securities of such series, as provided in
Sections 201 and 301; 

       

                (b)      a Company Order requesting the authentication
and delivery of such Securities, and, to the extent that the terms of such
Securities shall not have been established in an indenture supplemental hereto
or in a Board Resolution, or in an Officer’s Certificate pursuant to a
supplemental indenture or Board Resolution, all as contemplated by Sections 201
and 301, either (i) establishing such terms or (ii) in the case of Securities of
a series subject to a Periodic Offering, specifying procedures, acceptable to
the Trustee, by which such terms are to be established (which procedures may
provide, to the extent acceptable to the Trustee, for authentication and
delivery pursuant to oral or electronic instructions from the Company or any
agent or agents thereof, which oral instructions are to be promptly confirmed
electronically or in writing), in either case in accordance with the instrument
or instruments delivered pursuant to clause (a) above; 

       

                (c)      Securities of such series, each executed on
behalf of the Company by an Authorized Officer of the Company; 

       

                (d)      an Opinion of Counsel to the effect that:

       

    

    
                (i)      (A) the forms of such Securities have been
duly authorized by the Company and the forms of the Securities have been
established in conformity with the provisions of this Indenture; 

       

                (ii)
     (A)
the terms of such Securities have been duly authorized by the Company and the
terms of the Securities have been established in conformity with the provisions
of this Indenture; and 

       

                (iii)
     such Securities, when authenticated and delivered by the Trustee and
issued and delivered by the Company in the manner and subject to any conditions
specified in such Opinion of Counsel, will have been duly issued under this
Indenture and will constitute valid and legally binding obligations of the
Company, entitled to the benefits provided by this Indenture, and enforceable in
accordance with their terms, subject, as to enforcement, to laws relating to or
affecting generally the enforcement of creditors’ rights, including, without
limitation, bankruptcy and insolvency laws and to general principles of equity
(regardless of whether such enforceability is considered in a proceeding in
equity or at law); 

       

    

    provided, however,
that, with respect to Securities of a series subject to a Periodic Offering, the
Trustee shall be provided with such Opinion of Counsel only once at or prior to
the time of the first authentication and delivery of Securities of such series,
and that in lieu of the opinions described in clauses (ii) and (iii) above such
Opinion of Counsel may, alternatively, state, respectively, 

     

    
                (x) that, when the terms of such Securities
shall have been established pursuant to a Company Order or Orders or Orders or
pursuant to such procedures as may be specified from time to time by a Company
Order or Orders, all as contemplated by and in accordance with the instrument or
instruments delivered pursuant to clause (a) above, such terms will have been
duly authorized by the Company, and will have been established in conformity
with the provisions of this Indenture; and 

       

    

    -16-

     

    

    
    

     

    
                (y) that such Securities, when (1) executed by
the Company, (2) authenticated and delivered by the Trustee in accordance with
this Indenture, (3) issued and delivered by the Company and (4) paid for, all as
contemplated by and in accordance with the aforesaid Company Order or Orders or
specified procedures, as the case may be, will have been duly issued under this
Indenture and will constitute valid and legally binding obligations of the
Company and entitled to the benefits provided by the Indenture, and enforceable
in accordance with their terms, subject, as to enforcement, to laws relating to
or affecting generally the enforcement of creditors’ rights, including, without
limitation, bankruptcy and insolvency laws and to general principles of equity
(regardless of whether such enforceability is considered in a proceeding in
equity or at law). 

       

    

                   With respect to Securities of a series subject
to a Periodic Offering, the Trustee may conclusively rely, as to the
authorization by the Company of any of such Securities, the forms and terms
thereof and the legality, validity, binding effect and enforceability thereof,
upon the Opinion of Counsel and other documents delivered pursuant to Sections
201 and 301 and this Section, as applicable, at or prior to the time of the
first authentication of Securities of such series, unless and until such opinion
or other documents have been superseded or revoked or expire by their terms. In
connection with the authentication and delivery of Securities of a series,
pursuant to a Periodic Offering, the Trustee shall be entitled to assume that
the Company’s instructions to authenticate and deliver such Securities, do not
violate any applicable law or any applicable rule, regulation or order of any
governmental agency or commission having jurisdiction over the Company.

     

                   If the forms or terms of the Securities of any
series have been established by or pursuant to a Board Resolution or an
Officer’s Certificate as permitted by Sections 201 or 301, the Trustee shall not
be required to authenticate such Securities if the issuance of such Securities
pursuant to this Indenture will adversely affect the Trustee’s own rights,
duties or immunities under the Securities and this Indenture or otherwise in a
manner which is not reasonably acceptable to the Trustee. 

     

                   Except as otherwise specified as contemplated
by Section 301 with respect to any series of securities, or any Tranche thereof,
each Security, shall each be dated the date of its authentication. 

     

                   Except as otherwise specified as contemplated
by Section 301 with respect to any series of Securities, or any Tranche thereof,
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 or its agent by manual signature of an authorized officer 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
and is entitled to the benefits of this Indenture. Notwithstanding the
foregoing, if any Security shall have been authenticated and delivered hereunder
to the Company, or any Person acting on its behalf, but shall never have been
issued and sold by the Company, and the Company shall deliver such Security to
the Trustee for cancellation as provided in Section 309 together with a written
statement (which need not comply with Section 102 and need not be accompanied by
an Opinion of Counsel) stating that such Security has never been issued and sold
by the Company, for all purposes of this Indenture such Security shall be deemed
never to have been authenticated and delivered hereunder and shall never be
entitled to the benefits hereof. 

     

    SECTION 304.           Temporary Securities. 

     

                   Pending the preparation of definitive
Securities of any series, or any Tranche thereof, the Company may execute, and
upon Company Order the Trustee shall authenticate and deliver, temporary
Securities which are printed, lithographed, typewritten, mimeographed or
otherwise produced, in any authorized denomination, substantially of the tenor
of the definitive Securities in lieu of which they are issued, with such
appropriate insertions, omissions, substitutions and other variations as the
officers executing such Securities may determine, as evidenced by their
execution of such Securities; provided, however, that temporary Securities need
not recite specific redemption, sinking fund, conversion or exchange provisions.

     

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

     

    -17-

     

    

    
    

     

    at the office or
agency of the Company maintained pursuant to Section 602 in a Place of Payment
for such series or Tranche, without charge to the Holder. Upon surrender for
cancellation of any one or more temporary Securities of any series or Tranche,
the Company shall execute and the Trustee shall authenticate and deliver in
exchange therefor definitive Securities of the same series or Tranche, of
authorized denominations and of like tenor and aggregate principal amount.

     

                   Until exchanged in full as hereinabove
provided, temporary Securities shall in all respects be entitled to the same
benefits under this Indenture as definitive Securities of the same series and
Tranche and of like tenor authenticated and delivered hereunder. 

     

    SECTION 305.           Registration, Registration of Transfer and
Exchange. 

     

                   The Company shall cause to be kept in one of
the offices or agencies designated pursuant to Section 602, with respect to the
Securities of each series or any Tranche thereof, a register (the “Security
Register”) in which, subject to such reasonable regulations as it may prescribe,
the Company shall provide for the registration of Securities of such series or
Tranche and the registration of transfer thereof. The Company shall designate
one Person to maintain the Security Register for the Securities of each series,
and such Person is referred to herein, with respect to such series, as the
“Security Registrar.” Anything herein to the contrary notwithstanding, the
Company may designate one or more of its offices or an office of any Affiliate
as an office in which a register with respect to the Securities of one or more
series, or any Tranche or Tranches thereof, shall be maintained, and the Company
may designate itself or any Affiliate as the Security Registrar with respect to
one or more of such series. The Security Register shall be open for inspection
by the Trustee and the Company at all reasonable times. 

     

                   Except as otherwise specified as contemplated
by Section 301 with respect to the Securities of any series, or any Tranche
thereof, upon surrender for registration of transfer of any Security of such
series or Tranche at the office or agency of the Company maintained pursuant to
Section 602 in a Place of Payment for such series or Tranche, the Company shall
execute, and the Trustee shall authenticate and deliver, in the name of the
designated transferee or transferees, one or more new Securities of the same
series and Tranche, of authorized denominations and of like tenor and aggregate
principal amount. 

     

                   Except as otherwise specified as contemplated
by Section 301 with respect to the Securities of any series, or any Tranche
thereof, any Security of such series or Tranche may be exchanged at the option
of the Holder for one or more new Securities of the same series and Tranche, of
authorized denominations and of like tenor and aggregate principal amount, upon
surrender of the Securities to be exchanged at any such office or agency.
Whenever any Securities are so surrendered for exchange, the Company shall
execute, and the Trustee shall authenticate and deliver, the Securities, which
the Holder making the exchange is entitled to receive. 

     

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

     

                   Every Security presented or surrendered for
registration of transfer or for exchange shall (if so required by the Company or
the Trustee) be duly endorsed or shall be accompanied by 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. 

     

                   Unless otherwise specified as contemplated by
Section 301, with respect to Securities of any series, or any Tranche thereof,
no service charge shall be made for any registration of transfer or exchange of
Securities, but the Company may require payment of a sum sufficient to cover any
tax or other governmental charge that may be imposed in connection with any
registration of transfer or exchange of Securities, other than exchanges
pursuant to Section 304, 406 or 1206 not involving any transfer. 

     

                   The Company shall not be required to execute
or to provide for the registration of transfer of or the exchange of (a)
Securities of any series, or any Tranche thereof, during a period of 15 days
immediately preceding the date notice is to be given identifying the serial
numbers of the Securities of such series or Tranche called for

     

    -18-

     

    

    
    

     

    redemption or (b) any
Security so selected for redemption in whole or in part, except the unredeemed
portion of any Security being redeemed in part. 

     

    SECTION
306.           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 in exchange therefor a new Security of the same series and Tranche, and
of like tenor and principal amount, and bearing a number not contemporaneously
outstanding. 

     

                   If there shall be delivered to the Company and
the Trustee (a) evidence to their satisfaction of the ownership of and the
destruction, loss or theft of any Security and (b) such security or indemnity as
may be reasonably required by them to save each of them and any agent of any of
them harmless, then, in the absence of notice to the Company or the Trustee that
such Security has been acquired by a bona fide purchaser, the Company shall
execute and the Trustee shall authenticate and deliver, in lieu of any such
destroyed, lost or stolen Security, new Security of the same series and Tranche,
and of like tenor and principal amount and bearing a number not
contemporaneously outstanding. 

     

                   Notwithstanding the foregoing, 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 reasonable expenses (including the fees and expenses of the Trustee)
in connection therewith. 

     

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

     

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

     

    SECTION 307.           Payment of Interest; Interest Rights
Preserved. 

     

                   Unless otherwise provided as contemplated by
Section 301 with respect to the Securities of any series, or any Tranche
thereof, 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.

     

                   Subject to Section 312, 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 related Regular Record
Date by virtue of having been such Holder, and such Defaulted Interest may be
paid by the Company, at its election in each case, as provided in clause (a) or
(b) below: 

     

    
                (a)      The Company may elect to make payment of any
Defaulted Interest to the Persons in whose names the Securities of such series
(or their respective Predecessor Securities) are registered at the close of
business on a date (a “Special Record Date”) for the payment of such Defaulted
Interest, which shall be fixed in the following manner. The Company shall notify
the Trustee in writing of the amount of Defaulted Interest proposed to be paid
on each Security of such series and the date of the proposed payment, and at the
same time the Company, 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

       

    

    -19-

     

    

    
    

     

    
      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 promptly 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 the address of such
Holder 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. 

       

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

       

    

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

     

    SECTION
308.           Persons Deemed Owners. 

     

                   Prior to due presentment of a Security for
registration of transfer, the Company, the Trustee and any agent of the Company
or the Trustee may treat the Person in whose name such Security is registered as
the absolute owner of such Security for the purpose of receiving payment of
principal of and premium, if any, and (subject to Sections 305 and 307)
interest, if any, on such Security and for all other purposes whatsoever,
whether not such Security be overdue, and none of the Company, the Trustee or
any agent of the Company or the Trustee shall be affected by notice to the
contrary. 

     

    SECTION
309.           Cancellation. 

     

                   All Securities surrendered for payment,
redemption, registration of transfer or exchange or for credit against any
sinking fund payment shall, if surrendered to any Person other than the Trustee,
be delivered the Trustee and, if not theretofore canceled, shall be promptly
canceled by the Trustee. The Company may at any time deliver to the Trustee for
cancellation any Securities previously authenticated and delivered hereunder
which the Company may have acquired in any manner whatsoever or which the
Company shall not have issued and sold, and all Securities so delivered shall be
promptly canceled by the Trustee. No Securities shall be authenticated 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, and the Trustee shall promptly deliver a certificate of disposition
to the Company upon its request therefor unless, by a Company Order, the Company
shall direct that canceled Securities be returned to it. 

     

    SECTION 310.           Computation of Interest. 

     

                   Except as otherwise specified as contemplated
by Section 301 for Securities of any series, or Tranche thereof, interest on the
Securities of each series shall be computed on the basis of a 360-day year
consisting of twelve 30-day months, and with respect to any period less than a
full calendar month, on the basis of the actual number of days elapsed during
such period. 

     

    -20-

     

    

    
    

     

    SECTION
311.          Payment to Be in Proper
Currency.

     

                   In the case of any Security denominated in any
currency other than Dollars or in a composite currency (the “Required
Currency”), except as otherwise specified with respect to such Security as
contemplated by Section 301, the obligation of the Company to make any payment
of the principal thereof, or the premium, if any, or interest, if any, thereon,
shall not be discharged or satisfied by any tender by the Company, 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 and the Company 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 except in
the case of its negligence or willful misconduct. The Company 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.

     

    SECTION 312.           Extension of Interest Payment.

     

                   The Company shall have the right at any time,
so long as no Event of Default hereunder has occurred and is continuing with
respect to the Securities of any series, to extend interest payment periods from
time to time on all Securities of such series, if so specified as contemplated
by Section 301 with respect to such Securities and upon such terms as may be
specified as contemplated by Section 301 with respect to such Securities.

     

    SECTION
313.           Additional Interest. 

     

                   So long as any Preferred Securities remain
outstanding, if the Trust which issued such Preferred Securities shall be
required to pay, with respect to its income derived from the interest payments
on the Securities of any series, any amounts for or on account of any taxes,
duties, assessments or governmental charges of whatever nature imposed by the
United States, or any other taxing authority, then, in any such case, the
Company will pay as interest on such series such additional interest
(“Additional Interest”) as may be necessary in order that the net amounts
received and retained by such Trust after the payment of such taxes, duties,
assessments or governmental charges shall result in such Trust’s having such
funds as it would have had in the absence of any such payments. 

     

                   Whenever in this Indenture there is mentioned,
in any context, the payment of interest on the Securities, such mention shall be
deemed to include the payment of Additional Interest to the extent that, in such
context, Additional Interest is, was or would be payable in respect thereof.

     

    SECTION
314.           CUSIP Numbers. 

     

                   The Company in issuing the Securities may use
“CUSIP” or other similar numbers (if then generally in use), and, if so, the
Company or the Trustee may use “CUSIP” or such other numbers in notices or
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, in which case neither the Company nor the Trustee, nor any agent of
either of them, shall have any liability in respect of any CUSIP or such other
numbers used on any such notice, and any such redemption shall not be affected
by any defect in or omission of such numbers. 

     

    ARTICLE FOUR 
Redemption of Securities

     

    SECTION
401.          Applicability of Article.

     

                   Securities of any series, or any Tranche
thereof, which are redeemable before their Stated Maturity

     

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    shall be redeemable
in accordance with their terms and (except as otherwise specified as
contemplated by Section 301 for Securities of such series or Tranche) in
accordance with this Article. 

     

    SECTION
402.           Election to Redeem; Notice to Trustee. 

     

                   The election of the Company to redeem any
Securities shall be evidenced by a Board Resolution or an Officer’s Certificate.
The Company shall, at least 45 days prior to the Redemption Date fixed by the
Company (unless a shorter notice shall be satisfactory to the Trustee), notify
the Trustee and, in the case of Securities of series held by a Trust, the
Property Trustee under the related Trust Agreement in writing of such Redemption
Date and of the principal amount of such Securities to be redeemed, provided
that the Trustee be given a draft notice least 15 days prior to the giving of
the notice of redemption. In the case of any redemption of Securities (a) prior
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 Officer’s Certificate evidencing compliance with such restriction or
condition. 

     

    SECTION
403.           Selection of Securities to Be Redeemed. 

     

                   If less than all the Securities of any series,
or any Tranche thereof, are to be redeemed, the particular Securities to be
redeemed shall be selected by the Trustee from the Outstanding Securities of
such series or Tranche not previously called for redemption, by such method as
shall be provided for such particular series or Tranche, or in the absence of
any such provision, by such method of random selection as the Trustee shall deem
fair and appropriate and which may, in any case, provide for the selection for
redemption of portions (equal to any authorized denomination for Securities of
such series or Tranche) of the principal amount of Securities of such series or
Tranche of a denomination larger than the minimum authorized denomination for
Securities of such series or Tranche; provided, however, that if, as indicated
in an Officer’s Certificate, the Company shall have offered to purchase all or
any principal amount of the Securities then Outstanding of any series, or any
Tranche thereof, and less than all of such Securities as to which such offer was
made shall have been tendered to the Company for such purchase, the Trustee, if
so directed by Company Order, shall select for redemption all or any principal
amount of such Securities which have not been so tendered. 

     

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

     

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

     

    SECTION
404.           Notice of Redemption. 

     

                   Unless otherwise specified with respect to any
Securities in accordance with Section 301, notice of redemption shall be given
in the manner provided in Section 106 to the Holders of Securities to be
redeemed not less than 30 nor more than 60 days prior to the Redemption Date.

     

                   All notices of redemption shall state:

     

    
                (a)      the Redemption Date, 

       

                (b)      the Redemption Price, or the formula pursuant
to which the Redemption Price is to be determined if the Redemption Price cannot
be determined at the time the notice is given, 

       

                (c)      if less than all the Outstanding Securities of
any series or Tranche are to be redeemed, the identification of the particular
Securities to be redeemed and the portion of the principal amount of any
Security to be redeemed in part, 

       

    

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

       

                (e)      the place or places where such Securities are
to be surrendered for payment of the Redemption Price and accrued interest, if
any, unless it shall have been specified as contemplated by Section 301 with
respect to such Securities that such surrender shall not be required,

       

                (f)      that the redemption is for a sinking or other
fund, if such is the case,

       

                (g)      the CUSIP numbers, if any, assigned to such
Securities; provided, however, that such notice may state that no representation
is made as to the correctness of CUSIP numbers, and the redemption of such
Securities shall not be affected by any defect in or omission of such numbers,
and

       

                (h)      such other matters as the Company shall deem
desirable or appropriate.

       

    

                   Unless otherwise specified with respect to any
Securities in accordance with Section 301, with respect to any notice of
redemption of Securities at the election of the Company, unless, upon the giving
of such notice, the redemption moneys are on deposit with the Trustee, such
redemption shall be conditional upon the receipt by the Paying Agent or Agents
for such Securities, on or prior to the date fixed for such redemption, of money
sufficient to pay the principal of and premium, if any, and interest, if any, on
such Securities and, if such money shall not have been so received, such notice
shall be of no force or effect and the Company shall not be required to redeem
such Securities. In the event that such money is not so received, the redemption
shall not be made and within a reasonable time thereafter notice shall be given,
in the manner in which the notice of redemption was given, that such money was
not so received and such redemption was not required to be made, and the Paying
Agent or Agents for the Securities otherwise to have been redeemed shall
promptly return to the Holders thereof any of such Securities which had been
surrendered for payment upon such redemption. 

     

                   Notice of redemption of Securities to be
redeemed at the election of the Company, and any notice of non-satisfaction of a
condition for redemption as aforesaid, shall be given by the Company or, on
Company Request, by the Trustee in the name and at the expense of the Company.

     

    SECTION
405.           Securities Payable on Redemption Date. 

     

                   Notice of redemption having been given as
aforesaid, and the conditions, if any, set forth in such notice having been
satisfied, the Securities or portions thereof 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, in the case of an unconditional
notice of redemption, the Company shall default in the payment of the Redemption
Price and accrued interest, if any) such Securities or portions thereof, if
interest-bearing, shall cease to bear interest. Upon surrender of any such
Security for redemption in accordance with such notice, such Security or portion
thereof shall be paid by the Company at the Redemption Price, together with
accrued interest, if any, to the Redemption Date; provided, however, that no
such surrender shall be a condition to such payment if so specified as
contemplated by Section 301 with respect to such Security; and provided,
further, that except as otherwise specified as contemplated by Section 301 with
respect to such Security, any installment of interest on any Security the Stated
Maturity of which installment is on or prior to the Redemption Date shall be
payable to the Holder of such Security, or one or more Predecessor Securities,
registered as such at the close of business on the related Regular Record Date
according to the terms of such Security and subject to the provisions of
Sections 305 and 307. 

     

    SECTION 406.           Securities Redeemed in Part.

     

                   Upon the surrender of any Security which is to
be redeemed only in part 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 

     

    -23-

     

    

    
    

     

    authorized in
writing), the Company shall execute, and the Trustee shall authenticate and
deliver to the Holder of such Security, without service charge, a new Security
or Securities of the same series and Tranche, of any authorized denomination
requested by such Holder and of like tenor and in aggregate principal amount
equal to and in exchange for the unredeemed portion of the principal of the
Security so surrendered. 

     

    ARTICLE FIVE
Sinking Funds

     

    SECTION 501.           Applicability of Article. 

     

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

     

                   The minimum amount of any sinking fund payment
provided for by the terms of Securities of any series, or any Tranche thereof,
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, or any Tranche thereof, is herein referred to as an “optional sinking
fund payment”. If provided for by the terms of Securities of any series, or any
Tranche thereof, the cash amount of any sinking fund payment may be subject to
reduction as provided in Section 502. Each sinking fund payment shall be applied
to the redemption of Securities of the series or Tranche in respect of which it
was made as provided for by the terms of such Securities. 

     

    SECTION 502.           Satisfaction of Sinking Fund Payments with
Securities. 

     

                   The Company (a) may deliver to the Trustee
Outstanding Securities (other than any previously called for redemption) of a
series or Tranche in respect of which a mandatory sinking fund payment is to be
made and (b) may apply as a credit Securities of such series or Tranche which
have been (i) 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 or (ii) purchased
by the Company in the open market, by tender offer or otherwise, in each case in
satisfaction of all or any part of such mandatory sinking fund payment;
provided, however, that no Securities shall be applied in satisfaction of a
mandatory sinking fund payment if such Securities shall have been previously so
applied. Securities so applied 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
mandatory sinking fund payment shall be reduced accordingly. 

     

    SECTION 503.           Redemption of Securities for Sinking Fund.

     

                   Not less than 45 days prior to each sinking
fund payment date for the Securities of any series, or any Tranche thereof, the
Company shall deliver to the Trustee an Officer’s Certificate specifying:

     

    
                (a)      he amount of the next succeeding mandatory
sinking fund payment for such series or Tranche; 

       

                (b)      the amount, if any, of the optional sinking
fund payment to be made together with such mandatory sinking fund payment;

       

                (c)      the aggregate sinking fund payment;

       

                (d)      the portion, if any, of such aggregate sinking
fund payment which is to be satisfied by the payment of cash; 

       

                (e)      the portion, if any, of such aggregate sinking
fund payment which is to be satisfied by delivering and crediting Securities of
such series or Tranche pursuant to Section 502 and stating the basis for such
credit and that such Securities have not previously been so credited, and the
Company shall also deliver to the Trustee any Securities to be so
delivered.

       

    

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                   If the Company shall not deliver such
Officer’s Certificate, the next succeeding sinking fund payment for such series
or Tranche shall be made entirely in cash in the amount of the mandatory sinking
fund payment. Not less than 40 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 403 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 404. Such notice having been duly given, the
redemption of such Securities shall be made upon the terms and in the manner
stated in Sections 405 and 406. 

     

    ARTICLE SIX
Covenants 

     

    SECTION 601.           Payment of Principal, Premium and Interest.

     

                   The Company shall pay the principal of and
premium, if any, and interest, if any, on the Securities of each series in
accordance with the terms of such Securities and this Indenture. 

     

    SECTION 602.           Maintenance of Office or Agency.

     

                   The Company shall maintain in each Place of
Payment for the Securities of each series, or any Tranche thereof, an office or
agency where payment of such Securities shall be made or surrendered for
payment, where registration of transfer or exchange of such Securities may be
effected and where notices and demands to or upon the Company in respect of such
Securities and this Indenture may be served. The Company shall give prompt
written notice to the Trustee of the location, and any change in the location,
of each such office or agency and prompt notice to the Holders of any such
change in the manner specified in Section 106. If at any time the Company shall
fail to maintain any such required office or agency in respect of Securities of
any series, or any Tranche thereof, or shall fail to furnish the Trustee with
the address thereof, payment of such Securities may be made, registration of
transfer or exchange thereof may be effected and notices and demands in respect
thereby may be served at the Corporate Trust Office of the Trustee, and each of
the Company hereby appoints the Trustee as its agent for all such purposes in
any such event. 

     

                   The Company may also from time to time
designate one or more other offices or agencies with respect to the Securities
of one or more series, or any Tranche thereof, for any or all of the foregoing
purposes and may from time to time rescind such designations; provided, however,
that, unless otherwise specified as contemplated by Section 301 with respect to
the Securities of such series or Tranche, no such designation or rescission
shall in any manner relieve the Company of its obligation to maintain an office
or agency for such purposes in each Place of Payment for such Securities in
accordance with the requirements set forth above. The Company shall give prompt
written notice to the Trustee, and prompt notice to the Holders in the manner
specified in Section 106, of any such designation or rescission and of any
change in the location of any such other office or agency. 

     

                   Anything herein to the contrary
notwithstanding, any office or agency required by this Section may be maintained
at an office of the Company or any Affiliate thereof, in which event the Company
or such Affiliate, as the case may be, shall perform all functions to be
performed at such office or agency. 

     

    SECTION 603.           Money for Securities Payments to Be Held in
Trust. 

     

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

     

                   Whenever the Company shall have one or more
Paying Agents for the Securities of any series, or any Tranche thereof, it
shall, prior to each due date of the principal of and premium, if any, or
interest, if any, on 

     

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    such Securities,
deposit with such Paying Agents sums sufficient (without duplication) to pay the
principal and premium 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 shall promptly notify
the Trustee of its action or failure so to act. 

     

                   The Company shall cause each Paying Agent for
the Securities of any series, or any Tranche thereof, other than the Company or
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 shall: 

     

    
                (a)      hold all sums held by it for the payment of
the principal of and premium, if any, or interest, if any, on Securities of such
series or Tranche 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; 

       

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

       

                (c)      at any time during the continuance of any such
default, upon the written request of the Trustee, forthwith pay to the Trustee
all sums so held in trust by such Paying Agent and furnish to the Trustee such
information as it possesses regarding the names and addresses of the Persons
entitled to such sums. 

       

    

                   The Company may at any time 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, if as stated in a Company Order delivered to the Trustee, in
accordance with the provisions of Article Seven; and, upon such payment by any
Paying Agent to the Trustee, such Paying Agent shall be released from all
further liability with respect to such money. 

     

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

     

    SECTION 604.           Corporate Existence. 

     

                   Subject to the rights of the Company under
Article Eleven, the Company shall do or cause to be done all things necessary to
preserve and keep in full force and effect its corporate existence.

     

    SECTION 605.           Annual Officer’s Certificate

     

                   Not later than May 15 in each year, commencing
May 15, 2008, the Company shall deliver to the Trustee an Officer’s Certificate
which need not comply with Section 102, executed by its principal executive

     

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    officer, principal
financial officer or principal accounting officer, as to such officer’s
knowledge of such obligor’s compliance with all conditions and covenants under
this Indenture, such compliance to be determined without regard to any period of
grace or requirement of notice under this Indenture. 

     

    SECTION 606.           Waiver of Certain Covenants.

     

                   The Company may omit in any particular
instance to comply with any term, provision or condition set forth in

     

    
                (a)      Section 607, 608 or any covenant or
restriction specified with respect to the Securities of any series, or any
Tranche thereof, as contemplated by Section 301 or by Section 1201(b), if before
the time for such compliance the Holders of a majority in aggregate principal
amount of the Outstanding Securities of all series and Tranches with respect to
which compliance with such covenant or restriction is to be omitted, considered
as one class, shall, by Act of such Holders, either waive such compliance in
such instance or generally waive compliance with such term, provision or
condition; and 

       

                (b)      Section 604 or 1101, if before the time for
such compliance the Holders of a majority in principal amount of Securities
Outstanding under this Indenture shall, by Act of such Holders, either waive
such compliance in such instance or generally waive compliance with such term,
provision or condition; 

       

    

    but, in either case,
no such waiver shall extend to or affect such term, provision or condition
except to the extent so expressly waived, and, until such waiver shall become
effective, the obligations of the Company and the duties of the Trustee in
respect of any such term, provision or condition shall remain in full force and
effect; provided, however, so long as a Trust holds Securities of any series,
such Trust may not waive compliance or waive any default in compliance by the
Company with any covenant or other term contained in this Indenture or the
Securities of such series without the approval of the holders of at least a
majority in aggregate liquidation preference of the outstanding Preferred
Securities issued by such Trust affected, obtained as provided in the Trust
Agreement pertaining to such Trust. 

     

    SECTION 607.           Restrictions on Dividends and Debt Payments.

     

                   Unless otherwise provided as contemplated by
Section 301, if the Company shall have elected to extend any interest payment
period as provided in Section 312, and any such period, or any extension
thereof, shall be continuing, then in either case the Company shall not (i)
declare or pay any dividends or distributions on its capital stock, or (ii)
redeem, purchase, acquire or make a liquidation payment with respect to any
Securities or capital stock, or (iii) pay any principal, interest or premium on,
or repay, purchase or redeem any debt securities that are equal or junior in
right of payment to the Securities or (iv) make any payments with respect to any
guarantee by the Company of debt securities if such guarantee is equal or junior
in right of payment to the Securities. 

     

                   Unless otherwise specifically provided as
contemplated by Section 301, the foregoing provisions do not prevent or restrict
the Company from making: (1) purchases, redemptions or other acquisitions of its
capital stock in connection with any employment contract, benefit plan or other
similar arrangement with or for the benefit of employees, officers, directors,
agents or consultants or a stock purchase, dividend reinvestment or similar
plan, or the satisfaction of its obligations pursuant to any contract or
security outstanding on the date that the interest payment period is extended
requiring it to purchase, redeem or acquire its capital stock, (2) any payment,
repayment, redemption, purchase, acquisition or declaration of dividend
described in clauses (i) and (ii) above as a result of a reclassification of its
capital stock, or the exchange or conversion of all or a portion of one class or
series of its capital stock for another class or series of its capital stock,
(3) the purchase of fractional interests in shares of its capital stock pursuant
to the conversion or exchange provisions of its capital stock or the security
being converted or exchanged, or in connection with the settlement of stock
purchase contracts, (4) dividends or distributions paid or made in its capital
stock (or rights to acquire capital stock), or purchases, redemptions or
acquisitions of capital stock in connection with the issuance or exchange of
capital stock (or of securities convertible into or exchangeable for shares of
its capital stock) and distributions in connection with the settlement of stock
purchase contracts outstanding on the date that the payment of interest is
deferred, (5) redemptions, exchanges or purchases of, or with 

     

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    respect to, any
rights outstanding under a shareholder rights plan or the declaration or payment
thereunder of a dividend or distribution of or with respect to rights in the
future, or (6) payments on the Securities or any preferred trust securities,
subordinated debentures, junior subordinated debentures or guarantees of the
foregoing, in each case that rank equal in right of payment to the Securities,
so long as the amount of payments made on account of such securities or
guarantees is paid on all such securities and guarantees then outstanding on a
pro rata basis in proportion to the full distributions to which each series of
such securities and guarantees is then entitled, if paid in full.

     

    SECTION 608.           Maintenance of Trust Existence.

     

                   So long as Preferred Securities of any series
remain outstanding, the Company shall (i) maintain direct or indirect ownership
of all interests in the Trust which issued such Preferred Securities, other than
such Preferred Securities, (ii) not voluntarily (to the extent permitted by law)
dissolve, liquidate or wind up such Trust, except in connection with a
distribution of the Securities to the holders of the Preferred Securities in
liquidation of such Trust, (iii) remain the sole Depositor under the Trust
Agreement (the “Depositor”) of such Trust and timely perform in all material
respects all of its duties as Depositor of such Trust, and (iv) use reasonable
efforts to cause such Trust to remain a business trust and otherwise continue to
be treated as a grantor trust for Federal income tax purposes, provided that any
permitted successor to the Company under this Indenture may succeed to the
Company’s duties as Depositor of such Trust; and provided further that the
Company may permit such Trust to consolidate or merge with or into another
business trust or other permitted successor under the Trust Agreement pertaining
to such Trust so long as the Company agrees to comply with this Section 608 with
respect to such successor business trust or other permitted successor.

     

    SECTION 609.           Rights of Holders of Preferred Securities.

     

                   The Company agrees that, for so long as any
Preferred Securities remain outstanding, its obligations under this Indenture
will also be for the benefit of the holders from time to time of Preferred
Securities, and the Company acknowledges and agrees that such holders will be
entitled to enforce this Indenture, as third party beneficiaries, directly
against the Company to the same extent as if such holders of Preferred
Securities held a principal amount of Securities equal to the stated liquidation
amount of the Preferred Securities held by such holders. 

     

    ARTICLE SEVEN 
Satisfaction and Discharge

     

    SECTION 701.           Satisfaction and Discharge of Securities.

     

                   Any Security or Securities, or any portion of
the principal amount thereof, shall be deemed to have been paid for all purposes
of this Indenture, and the entire indebtedness of the Company in respect thereof
shall be satisfied and discharged, if there shall have been irrevocably
deposited with the Trustee or any Paying Agent (other than the Company), in
trust: 

     

    
                (a)      money in an amount which shall be sufficient,
or 

       

                (b)      in the case of a deposit made prior to the
Maturity of such Securities or portions thereof, Eligible Obligations, which
shall not contain provisions permitting the redemption or other prepayment
thereof at the option of the issuer thereof, the principal of and the interest
on which when due, without any regard to reinvestment thereof, will provide
moneys which, together with the money, if any, deposited with or held by the
Trustee or such Paying Agent, shall be sufficient, or 

       

                (c)      a combination of (a) or (b) which shall be
sufficient, 

       

    

    to pay when due the
principal of and premium, if any, and interest [(including any Additional
Interest)], if any, due and to become due on such Securities or portions
thereof; provided, however, that in the case of the provision for

     

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    payment or redemption
of less than all the Securities of any series or Tranche, such Securities or
portions thereof shall have been selected by the Trustee as provided herein and,
in the case of a redemption, the notice requisite to the validity of such
redemption shall have been given or irrevocable authority shall have been given
by the Company to the Trustee to give such notice, under arrangements
satisfactory to the Trustee; and provided, further, that the Company shall have
delivered to the Trustee and such Paying Agent: 

     

    
                (x)      if such
deposit shall have been made prior to the Maturity of such Securities, a Company
Order stating that the money and Eligible Obligations deposited in accordance
with this Section shall be held in trust, as provided in Section 603;

       

                (y)      if Eligible
Obligations shall have been deposited, an Opinion of Counsel to the effect that
such obligations constitute Eligible Obligations and do not contain provisions
permitting the redemption or other prepayment thereof at the option of the
issuer thereof, and an opinion of an independent public accountant of nationally
recognized standing, selected by the Company, to the effect that the other
requirements set forth in clause (b) and (c) above have been satisfied; and

       

                (z)      if such
deposit shall have been made prior to the Maturity of such Securities, an
Officer’s Certificate stating the Company’s intention that, upon delivery of
such Officer’s Certificate, its indebtedness in respect of such Securities or
portions thereof will have been satisfied and discharged as contemplated in this
Section. 

       

    

                   Upon the deposit of money or Eligible
Obligations, or both, in accordance with this Section, together with the
documents required by clauses (x), (y) and (z) above, the Trustee shall, upon
Company Request, acknowledge in writing that such Securities or portions thereof
are deemed to have been paid for all purposes of this Indenture and that the
entire indebtedness of the Company in respect thereof has been satisfied and
discharged as contemplated in this Section. In the event that all of the
conditions set forth in the preceding paragraph shall have been satisfied in
respect of any Securities or portions thereof except that, for any reason, the
Officer’s Certificate specified in clause (z) (if otherwise required) shall not
have been delivered, such Securities or portions thereof shall nevertheless be
deemed to have been paid for all purposes of this Indenture, and the Holders of
such Securities or portions thereof shall nevertheless be no longer entitled to
the benefits provided by this Indenture or of any of the covenants of the
Company under Article Six (except the covenants contained in Sections 602 and
603) or any other covenants made in respect of such Securities or portions
thereof as contemplated by Section 301 or Section 1201(b), but the indebtedness
of the Company in respect of such Securities or portions thereof shall not be
deemed to have been satisfied and discharged prior to Maturity for any other
purpose; and, upon Company Request, the Trustee shall acknowledge in writing
that such Securities or portions thereof are deemed to have been paid for all
purposes of this Indenture. 

     

                   If payment at Stated Maturity of less than all
of the Securities of any series, or any Tranche thereof, is to be provided for
in the manner and with the effect provided in this Section, the Trustee shall
select such Securities, or portions of principal amount thereof, in the manner
specified by Section 403 for selection for redemption of less than all the
Securities of a series or Tranche. 

     

                   In the event that Securities which shall be
deemed to have been paid for purposes of this Indenture, and, if such is the
case, in respect of which the Company’s indebtedness shall have been satisfied
and discharged, all as provided in this Section, do not mature and are not to be
redeemed within the sixty (60) day period commencing with the date of the
deposit of moneys or Eligible Obligations, as aforesaid, the Company shall, as
promptly as practicable, give a notice, in the same manner as a notice of
redemption with respect to such Securities, to the Holders of such Securities to
the effect that such deposit has been made and the effect thereof. 

     

                   Notwithstanding that any Securities shall be
deemed to have been paid for purposes of this Indenture, as aforesaid, the
obligations of the Company and the Trustee in respect of such Securities under
Sections 304, 305, 306, 403, 404, 406, 602, 603, 907, 908, 909, 910 and 915 and
this Article shall survive such satisfaction and discharge. 

     

                   The Company shall pay, and shall indemnify the
Trustee or any Paying Agent with which Eligible

     

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    Obligations shall
have been deposited as provided in this Section against, any tax, fee or other
charge imposed on or assessed against such Eligible Obligations or the principal
or interest received in respect of such Eligible Obligations, including, but not
limited to, any such tax payable by any entity deemed, for tax purposes, to have
been created as a result of such deposit. 

     

                   Anything herein to the contrary
notwithstanding, (a) if, at any time after a Security would be deemed to have
been paid for purposes of this Indenture, and, if such is the case, the
Company’s indebtedness in respect thereof would be deemed to have been satisfied
and discharged, pursuant to this Section (without regard to the provisions of
this paragraph), the Trustee or any Paying Agent, as the case may be, (i) shall
be required to return the money or Eligible Obligations, or combination thereof,
deposited with it as aforesaid to the Company or its representative under any
applicable Federal or State bankruptcy, insolvency or other similar law, or (ii)
are unable to apply any money in accordance with this Article with respect to
any Securities by reason of any order or judgment of any court or governmental
authority enjoining, restraining or otherwise prohibiting such application, such
Security shall thereupon be deemed retroactively not to have been paid and any
satisfaction and discharge of the Company’s indebtedness in respect thereof
shall retroactively be deemed not to have been effected, and such Security shall
be deemed to remain Outstanding and (b) any satisfaction and discharge of the
Company’s indebtedness in respect of any Security shall be subject to the
provisions of the last paragraph of Section 603. 

     

    SECTION 702.           Satisfaction and Discharge of Indenture.

     

                   This Indenture shall upon Company Request
cease to be of further effect (except as hereinafter expressly provided), and
the Trustee, at the expense of the Company, shall execute such instruments as
the Company shall reasonably request to evidence and acknowledge the
satisfaction and discharge of this Indenture, when: 

     

    
                (a)      no Securities remain Outstanding hereunder;
and 

       

                (b)      the Company has paid or caused to be paid all
other sums payable hereunder by the Company; 

       

    

    provided, however,
that if, in accordance with the last paragraph of Section 701, any Security,
previously deemed to have been paid for purposes of this Indenture, shall be
deemed retroactively not to have been so paid, this Indenture shall thereupon be
deemed retroactively not to have been satisfied and discharged, as aforesaid,
and to remain in full force and effect, and the Company shall execute and
deliver such instruments as the Trustee shall reasonably request to evidence and
acknowledge the same. 

     

                   Notwithstanding the satisfaction and discharge
of this Indenture as aforesaid, the obligations of the Company and the Trustee
under Sections 304, 305, 306, 403, 404, 406, 602, 603, 907, 908, 909, 910 and
915 and this Article shall survive such satisfaction and discharge.

     

                   Upon satisfaction and discharge of this
Indenture as provided in this Section, the Trustee shall turn over to the
Company any and all money, securities and other property then held by the
Trustee for the benefit of the Holders of the Securities (other than money and
Eligible Obligations held by the Trustee pursuant to Section 703) and shall
execute and deliver to the Company such instruments as, in the judgment of the
Company, shall be necessary, desirable or appropriate to effect or evidence the
satisfaction and discharge of this Indenture. 

     

    SECTION 703.           Application of Trust Money.

     

                   Neither the Eligible Obligations nor the money
deposited pursuant to Section 701, nor the principal or interest payments on any
such Eligible Obligations, shall be withdrawn or used for any purpose other
than, and shall be held in trust for, the payment of the principal of and
premium, if any, and interest, if any, on the Securities or portions of
principal amount thereof in respect of which such deposit was made, all subject,
however, to the provisions of Section 603; provided, however, that any cash
received from such principal or interest payments on such Eligible Obligations,
if not then needed for such purpose, shall, to the extent practicable and upon
Company Request and delivery to the Trustee of the documents referred to in
clause (y) in the first paragraph of Section 701,

     

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    be invested in
Eligible Obligations of the type described in clause (b) in the first paragraph
of Section 701 maturing at such times and in such amounts as shall be
sufficient, together with any other moneys and the proceeds of any other
Eligible Obligations then held by the Trustee, to pay when due the principal of
and premium, if any, and interest, if any, due and to become due on such
Securities or portions thereof on and prior to the Maturity thereof, and
interest earned from such reinvestment shall be paid over to the Company as
received, free and clear of any trust, lien or pledge under this Indenture
(except the lien provided by Section 907); and provided, further, that any
moneys held in accordance with this Section on the Maturity of all such
Securities in excess of the amount required to pay the principal of and premium,
if any, and interest, if any, then due on such Securities shall be paid over to
the Company free and clear of any trust, lien or pledge under this Indenture
(except the lien provided by Section 907); and provided, further, that if an
Event of Default shall have occurred and be continuing, moneys to be paid over
to the Company pursuant to this Section shall be held until such Event of
Default shall have been waived or cured. 

     

    ARTICLE EIGHT 
Events of Default; Remedies

     

    SECTION 801.           Events of Default. 

     

                   “Event of Default”, wherever used herein with
respect to Securities of any series, means any one of the following events,
subject to such additions and exceptions as may be provided pursuant to Section
301: 

     

    
                (a)      failure to pay any interest on any Security of
such series when it becomes due and payable (whether or not payment is
prohibited by the subordination provisions of Article Fourteen) and continuance
of such default for a period of 30 days; provided, however, that a valid
extension of the interest payment period by the Company as contemplated in
Section 312 of this Indenture shall not constitute a default in the payment of
interest for this purpose; or 

       

                (b)      failure to pay the principal of or premium, if
any, on any Security of such series when it becomes due and payable (whether or
not payment is prohibited by the subordination provisions of Article Fourteen)
and continuance of such default for a period of three Business Days; or

       

                (c)      failure to comply with, or breach of, any
covenant or warranty of the Company in this Indenture (other than a covenant or
warranty a default in the performance of which or breach of which is elsewhere
in this Section specifically dealt with or which has expressly been included in
this Indenture solely for the benefit of one or more series of Securities other
than such series) and continuance of such default or breach for a period of 90
days after there has been given, by registered or certified mail, to the Company
by the Trustee, or to the Company and the Trustee by the Holders of at least 33%
in principal amount of the Outstanding Securities of such series, a written
notice specifying such default or breach and requiring it to be remedied and
stating that such notice is a “Notice of Default” hereunder, unless the Trustee,
or the Trustee and the Holders of a principal amount of Securities of such
series not less than the principal amount of Securities the Holders of which
gave such notice, as the case may be, shall agree in writing to an extension of
such period prior to its expiration; provided, however, that the Trustee, or the
Trustee and the Holders of such principal amount of Securities of such series,
as the case may be, shall be deemed to have agreed to an extension of such
period if corrective action is initiated by the Company within such period and
is being diligently pursued in good faith; or 

       

                (d)      the entry by a court having jurisdiction in
the premises of (1) a decree or order for relief in respect of the Company in an
involuntary case or proceeding under any applicable Federal or State bankruptcy,
insolvency, reorganization or other similar law or (2) a decree or order
adjudging the Company as bankrupt or insolvent, or approving as properly filed a
petition by one or more Persons other than the Company seeking reorganization,
arrangement, adjustment or composition of or in respect of the Company under any
applicable Federal or State law, or appointing a custodian, receiver,
liquidator, assignee, trustee, sequestrator or other similar official for the
Company or for any substantial part of its property, or ordering the winding up
or

       

    

    -31-

     

    

    
    

     

    
      liquidation of its
affairs, and any such decree or order for relief or any such other decree or
order shall have remained unstayed and in effect for a period of 90 consecutive
days; or 

       

                (e)      the commencement by the Company 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 the Company to the entry
of a decree or order for relief in respect of the Company in a 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 the Company or the filing by the Company
of a petition or answer or consent seeking reorganization or relief under any
applicable Federal or State law, or the consent by the Company to the filing of
such petition or to the appointment of or taking possession by a custodian,
receiver, liquidator, assignee, trustee, sequestrator or similar official of the
Company or of any substantial part of its property, or the making by the Company
of an assignment for the benefit of creditors, or the admission by the Company
in writing of its inability to pay its debts generally as they become due, or
the authorization of such action by the Board of Directors of the Company; or

       

                (f)      any other Event of Default specified with
respect to Securities of such series.

       

    

    SECTION 802.           Acceleration of Maturity; Rescission and
Annulment. 

     

                   Unless otherwise provided as contemplated in
Section 301, if an Event of Default (other than an Event of Default specified in
clause (c) of the definition thereof in Section 801) shall have occurred and be
continuing with respect to Securities of any series at the time Outstanding,
then in every such case the Trustee or the Holders of not less than 33% in
principal amount of the Outstanding Securities of such series may declare the
principal amount of all Securities of such series (or, if any of the Securities
of such series are Discount Securities, such portion of the principal amount of
such Securities as may be specified in the terms thereof as contemplated by
Section 301) and interest accrued thereon to be due and payable immediately
(provided that the payment of principal and interest on such Securities shall
remain subordinated to the extent provided in this Indenture), by a notice in
writing to the Company (and to the Trustee if given by Holders), and upon
receipt by the Company of notice of such declaration of acceleration, such
principal amount (or specified amount) shall become immediately due and payable;
provided, however, that if an Event of Default shall have occurred and be
continuing with respect to all outstanding series of Securities, the Trustee or
the Holders of not less than 33% in aggregate principal amount of the
Outstanding Securities of all series, considered as one class, may make such
declaration of acceleration, and not the Holders of the Securities of any one of
such series (provided that the payment of principal and interest on such
Securities shall remain subordinated to the extent provided in this Indenture).

     

                   Neither the Trustee nor the Holders shall be
entitled to make a declaration of acceleration with respect to an Event of
Default specified in clause (c) of the definition thereof, and no series of
Securities as to which such an Event of Default is the only Event of Default
shall be considered outstanding for the purpose of determining whether the
required vote, as specified in the preceding paragraph, has been obtained.

     

                   At any time after such a declaration of
acceleration with respect to Securities of any series shall have been made and
before a judgment or decree for payment of the money due shall have been
obtained by the Trustee as hereinafter in this Article provided, such
declaration and its consequences shall, without further act, be deemed to have
been rescinded and annulled, if 

     

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

       

    

    
                (1)      all overdue interest, if any, on all
Securities of such series then Outstanding; 

       

                (2)      the principal of and premium, if any, on any
Securities of such series then Outstanding which have become due otherwise than
by such declaration of

       

    

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      acceleration and
interest thereon at the rate or rates prescribed therefor in such Securities;

       

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

       

                (4)      all amounts due to the Trustee under Section
907; 

       

    

    
      and 

       

                (b)      all Events of Default with respect to
Securities of such series, other than the non-payment of the principal of
Securities of such series which shall have become due solely by such declaration
of acceleration, shall have been cured or waived as provided in Section 813.

       

    

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

     

    SECTION 803.          Collection of Indebtedness and Suits for
Enforcement by Trustee. 

     

                   If an Event of Default described in clause (a)
or (b) of Section 801 shall have occurred and be continuing, the Company shall,
upon demand of the Trustee, pay to it, for the benefit of the Holders of the
Securities of the series with respect to which such Event of Default shall have
occurred, the whole amount then due and payable on such Securities for principal
and premium, if any, and interest, if any, and, to the extent permitted by law,
interest on premium, if any, and on any overdue principal and interest, at the
rate or rates prescribed therefor in such Securities, and, in addition thereto,
such further amount as shall be sufficient to cover any amounts due to the
Trustee under Section 907. Unless otherwise specified pursuant to Section 301
with respect to any series of Securities, the rate or rates at which Securities
shall bear interest on overdue principal, premium, and interest, if any, shall
be, to the extent permitted by law, the same rate or rates at which such
Securities shall bear interest prior to Maturity. 

     

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

     

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

     

    SECTION
804.          Trustee May File Proofs of
Claim.

     

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

     

    
                (a)      to file and prove a claim for the whole amount
of principal, premium, if any, and interest, if any, owing and unpaid in respect
of the Securities and to file such other papers or documents as may be necessary
or advisable in order to have the claims of the Trustee (including any claim for
amounts due to the Trustee under Section 907) and of the Holders allowed in such
judicial proceeding, and 

       

    

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

       

    

    and any custodian,
receiver, assignee, trustee, liquidator, sequestrator or other similar official
in any such judicial proceeding is hereby authorized by each Holder to make such
payments to the Trustee and, in the event that the Trustee shall consent to the
making of such payments directly to the Holders, to pay to the Trustee any
amounts due it under Section 907. 

     

                   Nothing herein contained shall be deemed to
authorize the Trustee to authorize or consent to or accept or adopt on behalf of
any Holder any plan of reorganization, arrangement, adjustment or composition
affecting the Securities or the rights of any Holder thereof or to authorize the
Trustee to vote in respect of the claim of any Holder in any such proceeding;
provided, however, that the Trustee may, on behalf of the Holders, be a member
of a creditors’ or similar other committee. 

     

    SECTION 805.           Trustee May Enforce Claims Without Possession
of Securities. 

     

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

     

    SECTION 806.           Application of Money Collected.

     

                   Any money collected by the Trustee pursuant to
this Article shall be applied in the following order, to the extent permitted by
law, at the date or dates fixed by the Trustee and, in case of the distribution
of such money on account of principal or premium, if any, or interest, if any,
upon presentation of the Securities in respect of which or for the benefit of
which such money shall have been collected 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 907;

     

                   Second: Subject to
the provisions of Article Fourteen, to the payment of the amounts then due and
unpaid upon the Securities for principal of and premium, if any, and interest,
if any, 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, premium, if any, and
interest, if any, respectively; 

     

                   Third: To the
payment of the remainder, if any, to the Company.

     

    SECTION 807.           Limitation on Suits. 

     

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

     

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

       

                (b)      the Holders of a majority in aggregate
principal amount of the Outstanding Securities of all series in respect of which
an Event of Default shall have occurred and be continuing, considered as one
class, 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;

       

    

    -34- 

     

    

    
    

     

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

       

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

       

                (e)      no direction inconsistent with such written
request shall have been given to the Trustee during such 60-day period by the
Holders of a majority in aggregate principal amount of the Outstanding
Securities of all series in respect of which an Event of Default shall have
occurred and be continuing, considered as one class; 

       

    

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

     

    SECTION 808.           Unconditional Right of Holders to Receive
Principal, Premium and Interest. 

     

                   Notwithstanding any other provision in this
Indenture, the Holder of any Security shall have the right, which is absolute
and unconditional, to receive payment of the principal of and premium, if any,
and (subject to Section 307 and 312) interest, if any, 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. In addition, in the case of Securities of a series held by a Trust,
a holder of Preferred Securities may directly institute a proceeding for
enforcement of payment to such holder of principal of or interest on the
Securities having a principal amount equal to the aggregate liquidation
preference amount of the Preferred Securities of such holder on or after the due
dates specified or provided for in the Securities. 

     

    SECTION
809.          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 shall have been discontinued or abandoned for any reason, or shall
have been determined adversely to the Trustee or to such Holder, then and in
every such case, subject to any determination in such proceeding, the Company,
the Trustee and such Holder shall be restored severally and respectively to
their former positions hereunder and thereafter all rights and remedies of the
Trustee and such Holder shall continue as though no such proceeding had been
instituted. 

     

    SECTION
810.          Rights and Remedies
Cumulative.

     

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

     

    SECTION
811.          Delay or Omission Not
Waiver.

     

                   No delay or omission of the Trustee or of any
Holder 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. 

     

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    SECTION
812.          Control by Holders of
Securities.

     

                   If an Event of Default shall have occurred and
be continuing in respect of a series of Securities, the Holders of a majority in
principal amount of the Outstanding Securities of such series shall have the
right to direct the time, method and place of conducting any proceeding for any
remedy available to the Trustee, or exercising any trust or power conferred on
the Trustee, with respect to the Securities of such series; provided, however,
that if an Event of Default shall have occurred and be continuing with respect
to more than one series of Securities, the Holders of a majority in aggregate
principal amount of the Outstanding Securities of all such series, considered as
one class, shall have the right to make such direction, and not the Holders of
the Securities of any one of such series; and provided, further, that

     

    
                (a)     such direction shall not be in conflict with
any rule of law or with this Indenture, and could not involve the Trustee in
personal liability in circumstances where indemnity would not, in the Trustee’s
sole discretion, be adequate, and

       

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

       

    

    SECTION
813.          Waiver of Past Defaults.

     

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

     

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

       

                (b)      in respect of a covenant or provision hereof
which under Section 1202 cannot be modified or amended without the consent of
the Holder of each Outstanding Security of such series affected. 

       

    

    ; provided, however,
that so long as a Trust holds the Securities of any series, such Trust may not
waive any past default without the consent of at least a majority in aggregate
liquidation preference of the outstanding Preferred Securities issued by such
Trust affected, obtained as provided in the Trust Agreement pertaining to such
Trust. Any such waiver by holders of a majority in aggregate liquidation
preference of outstanding Preferred Securities issued by any such Trust shall be
deemed to be on behalf of all holders of Preferred Securities issued by any such
Trust. 

     

                   Upon any such waiver, such default shall cease
to exist, and any and all Events 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 814.           Undertaking for Costs. 

     

                   The Company and the Trustee agree, and each
Holder by his acceptance thereof shall be deemed to have agreed, that any court
may in its discretion require, in any suit for the enforcement of any right or
remedy under this Indenture, or in any suit against the Trustee for any action
taken, suffered or omitted by it as Trustee, the filing by any party litigant in
such suit of an undertaking to pay the costs of such suit, and that such court
may in its discretion assess reasonable costs, including reasonable attorneys’
fees and expenses, against any party litigant in such suit, having due regard to
the merits and good faith of the claims or defenses made by such party litigant,
in each case in the manner, to the extent, and subject to the exceptions
provided in the Trust Indenture Act; provided, that the provisions of this
Section shall not be deemed to authorize any court to require such an
undertaking or to make such an assessment in any suit instituted by the Company.

     

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    SECTION 815.           Waiver of Usury, 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 usury, stay
or extension law wherever enacted, now or at any time hereafter in force, which
may affect the covenants or the performance of this Indenture; and each of the
Company (to the extent that it may lawfully do so) hereby expressly waives all
benefit or advantage of any such law and covenants that it will not hinder,
delay or impede the execution of any power herein granted to the Trustee, but
will suffer and permit the execution of every such power as though no such law
had been enacted. 

     

    ARTICLE NINE
The Trustee

     

    SECTION 901.           Certain Duties and Responsibilities.

     

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

       

    

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

       

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

       

    

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

       

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

       

    

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

       

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

       

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

       

    

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      Trustee, under this
Indenture with respect to the Securities of such series; and 

       

                (4)      no provision of this Indenture shall require
the Trustee to expend or risk its own funds or otherwise incur any financial
liability in the performance of any of its duties hereunder, or in the exercise
of any of its rights or powers, if it shall have reasonable grounds for
believing that repayment of such funds or adequate indemnity against such risk
or liability is not reasonably assured to it. 

       

    

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

       

    

    SECTION 902.           Notice of Defaults. 

     

                   The Trustee shall give notice of any default
hereunder with respect to the Securities of any series to the Holders of
Securities of such series in the manner and to the extent required to do so by
the Trust Indenture Act, unless such default shall have been cured or waived;
provided, however, that in the case of any default of the character specified in
Section 801(c), no such notice to Holders shall be given until at least 90 days
after the occurrence thereof. For the purpose of this Section, the term
“default” means any event which is, or after notice or lapse of time, or both,
would become, an Event of Default with respect to the Securities of such series.

     

    SECTION 903.           Certain Rights of Trustee.

     

                   Subject to the provisions of Section 901 and
to the applicable provisions of the Trust Indenture Act: 

     

    
                (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 believed by it to be genuine and to have been signed or presented by
the proper party or parties; 

       

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

       

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

       

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

       

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

       

                (f)      the Trustee shall not be bound to make any
investigation into the facts or matters stated in any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent,
order, bond, debenture, note, other evidence of indebtedness or other paper or

       

    

    -38-

     

    

    
    

     

    
      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 (subject to applicable
legal requirements) be entitled to examine, during normal business hours, the
books, records and premises of the Company, personally or by agent or attorney
at the expense of the Company and shall incur no liability of any kind by reason
of such inquiry or investigation; 

       

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

       

                (h)      except as otherwise provided in Section 801,
the Trustee shall not be charged with knowledge of any Event of Default with
respect to the Securities of any series for which it is acting as Trustee unless
either (1) a Responsible Officer of the Trustee assigned to the Corporate
Trustee Administration Department of the Trustee (or any successor division or
department of the Trustee) shall have actual knowledge of the Event of Default
or (2) written notice of such Event of Default shall have been given to the
Trustee by the Company or any other obligor on such Securities, or by any Holder
of such Securities; 

       

                (i)      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; 

       

                (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;

       

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

       

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

       

    

    SECTION 904.           Not Responsible for Recitals or Issuance of
Securities. 

     

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

     

    SECTION 905.           May Hold Securities. 

     

                   Each of the Trustee, any Authenticating Agent,
any Paying Agent, any Security Registrar or any other agent of the Company, in
its individual or any other capacity, may become the owner or pledgee of
Securities [and/or Preferred Securities] and, subject to Sections 908 and 913,
may otherwise deal with the Company with the same rights it would have if it
were not the Trustee, Authenticating Agent, Paying Agent, Security Registrar or
such other agent. 

     

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    SECTION 906.           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 or investment of any
money received by it hereunder except as expressly provided herein or otherwise
agreed with, and for the sole benefit of, the Company. 

     

    SECTION 907.           Compensation and Reimbursement.

     

                   The Company agrees 

     

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

       

                (b)      except as otherwise expressly provided herein,
to reimburse the Trustee upon its request for all reasonable expenses,
disbursements and advances reasonably 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 shall be determined to have
been caused by its own negligence, willful misconduct or bad faith; and

       

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

       

    

                   As security for the performance of the
obligations of the Company under this Section, the Trustee shall have a lien
prior to the Securities upon all property and funds held or collected by the
Trustee as such, other than property and funds held in trust under Section 703
(except as otherwise provided in Section 703). 

     

                   When the Trustee incurs expenses or renders
services in connection with an Event of Default specified in Section 801(d) or
Section 801(e), 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 907 shall
survive the termination of this Indenture and the resignation and removal of the
Trustee. 

     

    SECTION 908.           Disqualification; Conflicting Interests.

     

                   If the Trustee shall have or acquire any
conflicting interest within the meaning of the Trust Indenture Act, it shall
either eliminate such conflicting interest or resign to the extent, in the
manner and with the effect, and subject to the conditions, provided in the Trust
Indenture Act and this Indenture. For purposes of Section 310(b)(1) of the Trust
Indenture Act and to the extent permitted thereby, the Trustee, in its capacity
as trustee in respect of the Securities of any series, shall not be deemed to
have a conflicting interest arising from its capacity as trustee in respect of
(i) the Securities of any other series or [(ii) the Company’s Indenture dated as
of May 1, 2001]. 

     

    SECTION 909.           Corporate Trustee Required; Eligibility.

     

    There shall at all
times be a Trustee hereunder which shall be 

     

    
      (a)
     a
corporation organized and doing business under the laws of the United
States

       

    

    -40- 

     

    

    
    

     

    
      of America, any State
thereof or the District of Columbia, authorized under such laws to exercise
corporate trust powers, having a combined capital and surplus of at least
$50,000,000 and subject to supervision or examination by Federal, State or
District of Columbia authority, or 

       

                (b)      if and to the extent permitted by the
Commission by rule, regulation or order upon application, a corporation or other
Person organized and doing business under the laws of a foreign government,
authorized under such laws to exercise corporate trust powers, having a combined
capital and surplus of at least $50,000,000 or the Dollar equivalent of the
applicable foreign currency and subject to supervision or examination by
authority of such foreign government or a political subdivision thereof
substantially equivalent to supervision or examination applicable to United
States institutional trustees 

       

    

    and, in either case,
qualified and eligible under this Article and the Trust Indenture Act. If such
corporation publishes reports of condition at least annually, pursuant to law or
to the requirements of such supervising or examining authority, then for the
purposes of this Section, the combined capital and surplus of such corporation
shall be deemed to be its combined capital and surplus as set forth in its most
recent report of condition so published. If at any time the Trustee shall cease
to be eligible in accordance with the provisions of this Section and the Trust
Indenture Act, it shall resign immediately in the manner and with the effect
hereinafter specified in this Article. 

     

    SECTION 910.           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 911. 

       

                (b)      The Trustee may resign at any time with
respect to the Securities of one or more series by giving written notice thereof
to the Company. If the instrument of acceptance by a successor Trustee required
by Section 911 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 by Act of the Holders of a majority in
principal amount of the Outstanding Securities of such series delivered to the
Trustee and the Company; provided that so long as any Preferred Securities
remain outstanding, the Trust which issued such Preferred Securities shall not
execute any Act to remove the Trustee without the consent of the holders of a
majority in aggregate liquidation preference of Preferred Securities issued by
such Trust outstanding, obtained as provided in the Trust Agreement pertaining
to such Trust. If the notice of acceptance by a successor Trustee required by
Section 911 shall not have been delivered to the Trustee within 30 days after
the giving to the Trustee of notice of removal, the Trustee to be 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 908 after written request therefor by the Company or by any Holder who
has been a bona fide Holder for at least six months, or 

       

                (2)      the Trustee shall cease to be eligible under
Section 909 or Section 310(a) of the Trust Indenture Act and shall fail to
resign after written request therefor by the Company or by any such Holder, or

       

    

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                (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, (x) the Company by Board Resolutions may remove the Trustee with respect
to all Securities or (y) subject to Section 814, any Holder who has been a bona
fide Holder 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 (other than as contemplated by clause (y) in subsection (d) or
this Section), with respect to the Securities of one or more series, the
Company, by Board Resolutions, 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 (subject to
Section 915) there shall be only one Trustee with respect to the Securities of
any particular series) and shall comply with the applicable requirements of
Section 911. 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 911, 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 and accepted appointment in the manner required by Section 911, any
Holder who has been a bona fide Holder of a Security of such series for at least
six months may, on behalf of itself 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)      So long as no event which is, or after notice
or lapse of time, or both, would become, an Event of Default shall have occurred
and be continuing, and except with respect to a Trustee appointed by Act of the
Holders of a majority in principal amount of the Outstanding Securities pursuant
to subsection (e) of this Section, if the Company shall have delivered to the
Trustee (i) Board Resolutions of the Company appointing a successor Trustee,
effective as of a date specified therein, and (ii) an instrument of acceptance
of such appointment, effective as of such date, by such successor Trustee in
accordance with Section 911, the Trustee shall be deemed to have resigned as
contemplated in subsection (b) of this Section, the successor Trustee shall be
deemed to have been appointed by the Company pursuant to subsection (e) of this
Section and such appointment shall be deemed to have been accepted as
contemplated in Section 911, all as of such date, and all other provisions of
this Section and Section 911 shall be applicable to such resignation,
appointment and acceptance except to the extent inconsistent with this
subsection (f). 

       

                (g)      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
911.          Acceptance of Appointment by
Successor.

     

    
                (a)      In case of the appointment hereunder of a
successor Trustee with respect to the Securities of all series, every such
successor Trustee so appointed shall execute, acknowledge and deliver to the
Company and to the retiring Trustee an instrument accepting such appointment,
and thereupon the resignation or removal of the retiring Trustee shall become
effective and such

       

    

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      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 all sums owed to it, execute and deliver an instrument transferring
to such successor Trustee all the rights, powers and trusts of the retiring
Trustee and shall duly assign, transfer and deliver to such successor Trustee
all property and money held by such retiring Trustee hereunder. 

       

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

       

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

       

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

       

    

    SECTION 912.           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
913.          Preferential Collection of Claims Against
Company.

     

                   If the Trustee shall be or become a creditor
of the Company or any other obligor upon the Securities (other than by reason of
a relationship described in Section 311(b) of the Trust Indenture Act), the
Trustee

     

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    shall be subject to
any and all applicable provisions of the Trust Indenture Act regarding the
collection of claims against the Company or such other obligor. For purposes of
Section 311(b) of the Trust Indenture Act (a) the term “cash transaction” shall
have the meaning provided in Rule 11b-4 under the Trust Indenture Act, and (b)
the term “self-liquidating paper” shall have the meaning provided in Rule 11b-6
under the Trust Indenture Act. 

     

    SECTION 914.           Appointment of Authenticating Agent.

     

                   The Trustee may appoint an Authenticating
Agent or Agents with respect to the Securities of one or more series, or any
Tranche thereof, which shall be authorized to act on behalf of the Trustee to
authenticate Securities of such series or Tranche issued upon original issuance,
exchange, registration of transfer or partial redemption thereof or pursuant to
Section 306, and Securities so authenticated shall be entitled to the benefits
of this Indenture and shall be valid and obligatory for all purposes as if
authenticated by the Trustee hereunder. Wherever reference is made in this
Indenture to the authentication and delivery of Securities by the Trustee or the
Trustee’s certificate of authentication, such reference shall be deemed to
include authentication and delivery on behalf of the Trustee by an
Authenticating Agent and a certificate of authentication executed on behalf of
the Trustee by an Authenticating Agent. Each Authenticating Agent shall be
acceptable to the Company and shall at all times be a corporation organized and
doing business under the laws of the United States of America, any State or
territory thereof or the District of Columbia or the Commonwealth of Puerto
Rico, 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 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, and the Company. The Trustee
may at any time terminate the agency of an Authenticating Agent by giving
written notice thereof to such Authenticating Agent and the Company. Upon
receiving such a notice of resignation or upon such a termination, or in case at
any time such Authenticating Agent shall cease to be eligible in accordance with
the provisions of this Section, the Trustee may appoint a successor
Authenticating Agent which shall be acceptable to the Company. Any successor
Authenticating Agent upon acceptance of its appointment hereunder shall become
vested with all the rights, powers and duties of its predecessor hereunder, with
like effect as if originally named as an Authenticating Agent. No successor
Authenticating Agent shall be appointed unless eligible under the provisions of
this Section. 

     

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

     

                   The provisions of Sections 308, 904 and 905
shall be applicable to each Authenticating Agent.

     

                   If an appointment with respect to the
Securities of one or more series, or any Tranche thereof, shall be made pursuant
to this Section, the Securities of such series or Tranche may have endorsed
thereon, in addition to the Trustee’s certificate of authentication, an
alternate certificate of authentication substantially in the following form:

     

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

     

    -44-

     

    

    
    

     

    
      _____________________________________
As Trustee 

       

      By
___________________________________
       As
Authenticating Agent 

       

      By
___________________________________
      
Authorized Officer 

       

    

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

     

    SECTION 915.           Co-trustee and Separate Trustees.

     

                   At any time or times, for the purpose of
meeting the legal requirements of any applicable jurisdiction, the Company and
the Trustee shall have power to appoint, and, upon the written request of the
Trustee or of the Holders of at least 33% in principal amount of the Securities
then Outstanding, the Company shall for such purpose join with the Trustee in
the execution and delivery of all instruments and agreements necessary or proper
to appoint, one or more Persons approved by the Trustee either to act as
co-trustee, jointly with the Trustee, or to act as separate trustee, in either
case with such powers as may be provided in the instrument of appointment, and
to vest in such Person or Persons, in the capacity aforesaid, any property,
title, right or power deemed necessary or desirable, subject to the other
provisions of this Section. If the Company does not join in such appointment
within 15 days after the receipt by it of a request so to do, or if an Event of
Default shall have occurred and be continuing, the Trustee alone shall have
power to make such appointment. 

     

                   Should any written instrument or instruments
from the Company be required by any co-trustee or separate trustee to more fully
confirm to such co-trustee or separate trustee such property, title, right or
power, any and all such instruments shall, on request, be executed, acknowledged
and delivered by the Company, as the case may be. 

     

                   Every co-trustee or separate trustee shall, to
the extent permitted by law, but to such extent only, be appointed subject to
the following conditions: 

     

    
                (a)      the Securities shall be authenticated and
delivered, and all rights, powers, duties and obligations hereunder in respect
of the custody of securities, cash and other personal property held by, or
required to be deposited or pledged with, the Trustee hereunder, shall be
exercised solely, by the Trustee; 

       

                (b)      the rights, powers, duties and obligations
hereby conferred or imposed upon the Trustee in respect of any property covered
by such appointment shall be conferred or imposed upon and exercised or
performed either by the Trustee or by the Trustee and such co-trustee or
separate trustee jointly, as shall be provided in the instrument appointing such
co-trustee or separate trustee, except to the extent that under any law of any
jurisdiction in which any particular act is to be performed, the Trustee shall
be incompetent or unqualified to perform such act, in which event such rights,
powers, duties and obligations shall be exercised and performed by such
co-trustee or separate trustee. 

       

                (c)      the Trustee at any time, by an instrument in
writing executed by it, with the

       

    

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      concurrence of the
Company, may accept the resignation of or remove any co-trustee or separate
trustee appointed under this Section, and, if an Event of Default shall have
occurred and be continuing, the Trustee shall have power to accept the
resignation of, or remove, any such co-trustee or separate trustee without the
concurrence of the Company. Upon the written request of the Trustee, the Company
shall join with the Trustee in the execution and delivery of all instruments and
agreements necessary or proper to effectuate such resignation or removal. A
successor to any co-trustee or separate trustee so resigned or removed may be
appointed in the manner provided in this Section; 

       

                (d)      no co-trustee or separate trustee hereunder
shall be personally liable by reason of any act or omission of the Trustee, or
any other such trustee hereunder, and the Trustee shall not be personally liable
by reason of any act or omission of any such co-trustee or separate trustee; and

       

                (e)      any Act of Holders delivered to the Trustee
shall be deemed to have been delivered to each such co-trustee and separate
trustee. 

       

    

    ARTICLE TEN 
Holders’ Lists and Reports by Trustee and Company 

     

    SECTION 1001.           Lists of Holders. 

     

                   Semiannually, not later than June 30 and
December 31 in each year, commencing June 1, 2008, and at such other times as
the Trustee may request in writing, the Company shall furnish or cause to be
furnished to the Trustee information as to the names and addresses of the
Holders, and the Trustee shall preserve such information and similar information
received by it in any other capacity and afford to the Holders access to
information so preserved by it, all to such extent, if any, and in such manner
as shall be required by the Trust Indenture Act; provided, however, that no such
list need be furnished so long as the Trustee shall be the Security Registrar.

     

    SECTION 1002.           Reports by Trustee and Company.

     

                   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 time and in the manner
provided pursuant thereto. Reports so required to be transmitted at stated
intervals of not more than 12 months shall be transmitted no later than May 15
in each calendar year with respect to the 12-month period ending on the next
preceding May 15, commencing May 15, 2008. A copy of each such report shall, at
the time of such transmission to Holders, be filed by the Trustee with each
stock exchange upon which any Securities are listed, with the Commission and
with the Company. The Company will notify the Trustee when any Securities are
listed on or delisted from any stock exchange. 

     

                   The Company shall file with the Trustee
(within thirty (30) days after filing with the Commission in the case of reports
that pursuant to the Trust Indenture Act must be filed with the Commission and
furnished to the Trustee) and transmit to the Holders, such other information,
reports and other documents, if any, at such times and in such manner, as shall
be required by the Trust Indenture Act.

     

                   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 compliance with any of its covenants hereunder (as to which the
Trustee is entitled to rely exclusively on Officers' Certificates).

     

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    ARTICLE ELEVEN 
Consolidation, Merger, Conveyance, or Other Transfer

     

    SECTION 1101.           Company May Consolidate, Etc., Only on Certain
Terms. 

     

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

     

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

       

                (b)      immediately after giving effect to such
transaction, 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 

       

                (c)      the Company, shall have delivered to the
Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that
such consolidation, merger, conveyance or other transfer or lease and such
indenture supplemental hereto complies with this Article and that all conditions
precedent herein provided for relating to such transactions have been complied
with. 

       

    

    SECTION 1102.           Successor Person Substituted.

     

                   Upon any consolidation by the Company with or
merger by the Company into any other Person or any conveyance or other transfer
or lease of the properties and assets of the Company substantially as an
entirety in accordance with Section 1101, the successor Person formed by such
consolidation or into which the Company, is merged or the Person to which such
conveyance, or other transfer or lease is made shall succeed to, and be
substituted for, and may exercise every right and power of, the Company, under
this Indenture with the same effect as if such successor Person had been named
as the Company, herein, and thereafter, except in the case of a lease, the
predecessor Person shall be relieved of all obligations and covenants under this
Indenture and the Securities Outstanding hereunder. 

     

    SECTION 1103.           Limitation.

     

                   Nothing in this Indenture shall be deemed to
prevent or restrict: 

     

    
                (a)      any consolidation or merger after the
consummation of which the Company would be the surviving or resulting entity,

       

                (b)      any conveyance or other transfer, or lease, of
any part of the properties of the Company which does not constitute the
entirety, or substantially the entirety, thereof, 

       

                (c)      the approval by the Company of, or the consent
by the Company to, any consolidation or merger to which any direct or indirect
subsidiary or affiliate of the Company, may be a party or any conveyance,
transfer or lease by any such subsidiary or affiliate of any of its assets or

       

                (d)      any other transaction not contemplated by
Section 1101.

       

    

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    ARTICLE TWELVE 
Supplemental Indentures

     

    SECTION 1201.           Supplemental Indentures Without Consent of
Holders. 

     

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

     

    
                (a)      to evidence the succession of another Person
to the Company and the assumption by any such successor of the covenants of the
Company herein and in the Securities all as provided in Article Eleven; or

       

                (b)      to add one or more covenants of the Company or
other provisions for the benefit of the Holders of all or any series of
Securities, or any Tranche thereof, or to remain in effect only so long as there
shall be Outstanding Securities of one or more specified series, or one or more
specified Tranches thereof, or to surrender any right or power herein conferred
upon the Company (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 

       

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

       

                (d)      to change or eliminate any provision of this
Indenture or to add any new provision to this Indenture; provided, however, that
if such change, elimination or addition shall adversely affect the interests of
the Holders of Securities of any series or Tranche Outstanding on the date of
such supplemental indenture in any material respect, such change, elimination or
addition shall become effective with respect to such series or Tranche only
pursuant to the provisions of Section 1202 hereof or when no Security of such
series or Tranche remains Outstanding; or 

       

                (e)      to provide collateral security for the
Securities of any series; or 

       

                (f)      to establish the form or terms of Securities
of any series or Tranche as contemplated by Sections 201 and 301; or

       

                (g)      to provide for the authentication and delivery
of bearer securities and coupons appertaining thereto representing interest, if
any, thereon and for the procedures for the registration, exchange and
replacement thereof and for the giving of notice to, and the solicitation of the
vote or consent of, the holders thereof, and for any and all other matters
incidental thereto; or 

       

                (h)      to evidence and provide for the acceptance of
appointment hereunder by a separate or successor Trustee or co-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 911(b); or 

       

                (i)      to provide for the procedures required to
permit the Company to utilize, at its option, a non certificated system of
registration for all, or any series or Tranche of, the Securities; or

       

    

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                (j)      to change any place or places where (1) the
principal of and premium, if any, and interest, if any, on all or any series of
Securities, or any Tranche thereof, shall be payable, (2) all or any series of
Securities, or any Tranche thereof, may be surrendered for registration of
transfer, (3) all or any series of Securities, or any Tranche thereof, may be
surrendered for exchange and (4) notices and demands to or upon the Company in
respect of all or any series of Securities, or any Tranche thereof, and this
Indenture may be served; or 

       

                (k)      to cure any ambiguity, to correct or
supplement any provision herein which may be defective or inconsistent with any
other provision herein, or to make any other changes to the provisions hereof or
to add other provisions with respect to matters or questions arising under this
Indenture, provided that such other changes or additions shall not adversely
affect the interests of the Holders of Securities of any series or Tranche in
any material respect. 

       

    

                   Without limiting the generality of the
foregoing, if the Trust Indenture Act as in effect at the date of the execution
and delivery of this Indenture or at any time thereafter shall be amended and

     

    
                (x) if any such amendment shall require one or
more changes to any provisions hereof or the inclusion herein of any additional
provisions, or shall by operation of law be deemed to effect such changes or
incorporate such provisions by reference or otherwise, this Indenture shall be
deemed to have been amended so as to conform to such amendment to the Trust
Indenture Act, and the Company and the Trustee may, without the consent of any
Holders, enter into an indenture supplemental hereto to evidence such amendment
hereof; or 

       

                (y) if any such amendment shall permit one or
more changes to, or the elimination of, any provisions hereof which, at the date
of the execution and delivery hereof or at any time thereafter, are required by
the Trust Indenture Act to be contained herein or are contained herein to
reflect any provision of the Trust Indenture Act as in effect at such date, this
Indenture shall be deemed to have been amended to effect such changes or
elimination, and the Company and the Trustee may, without the consent of any
Holders, enter into an indenture supplemental hereto to this Indenture to effect
such changes or elimination or evidence such amendment. 

       

    

    SECTION 1202.           Supplemental Indentures With Consent of
Holders. 

     

                   Subject to the provisions of Section 1201,
with the consent of the Holders of not less than a majority in aggregate
principal amount of the Securities of all series then Outstanding under this
Indenture, considered as one class, by Act of said Holders delivered to the
Company and the Trustee the Company, when authorized by Board Resolutions, 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; provided, however, that if
there shall be Securities of more than one series Outstanding hereunder and if a
proposed supplemental indenture shall directly affect the rights of the Holders
of Securities of one or more, but less than all, of such series, then the
consent only of the Holders of a majority in aggregate principal amount of the
Outstanding Securities of all series so directly affected, considered as one
class, shall be required; and provided, further, that if the Securities of any
series shall have been issued in more than one Tranche and if the proposed
supplemental indenture shall directly affect the rights of the Holders of
Securities of one or more, but less than all, of such Tranches, then the consent
only of the Holders of a majority in aggregate principal amount of the
Outstanding Securities of all Tranches so directly affected, considered as one
class, shall be required; and provided, further, that no such supplemental
indenture shall, without the consent of the Holder of each Outstanding Security
of each series or Tranche so directly affected, 

     

    
                (a)      change the Stated Maturity of the principal
of, or any installment of principal of or interest on (except as provided in
Section 312 hereof), any Security (other than pursuant to the terms thereof), or
reduce the principal amount thereof or the rate of interest thereon (or the
amount of any installment of interest thereon) or change the method of
calculating such rate or reduce any premium payable upon the redemption thereof,
or reduce the amount of the principal of a Discount Security that would be due
and payable upon a declaration of acceleration of the Maturity thereof pursuant
to Section 802, or change the coin or currency (or other property), in which any
Security

       

    

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      or any premium or the
interest thereon is payable, or impair the right to institute suit for the
enforcement of any such payment on or after the Stated Maturity thereof (or, in
the case of redemption, on or after the Redemption Date), or 

       

                (b)      reduce the percentage in principal amount of
the Outstanding Securities of any series (or, if applicable, in liquidation
preference of any series of Preferred Securities) or any Tranche thereof, the
consent of the Holders of which is required for any such supplemental indenture,
or the consent of the Holders of which is required for any waiver of compliance
with any provision of this Indenture or of any default hereunder and its
consequences, or reduce the requirements of Section 1304 for quorum or voting,
or 

       

                (c)      modify any of the provisions of this Section,
Section 606 or Section 813 with respect to the Securities of any series or any
Tranche thereof, except to increase the percentages in principal amount referred
to in this Section or such other Sections or to provide that other provisions of
this Indenture cannot be modified or waived without the consent of the Holder of
each Outstanding Security affected thereby; 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, or
the deletion of this proviso, in accordance with the requirements of Sections
911(b) and 1201(h). 

       

    

    Notwithstanding the
foregoing, so long as any of the Preferred Securities remain outstanding, the
Trustee may not consent to a supplemental indenture under this Section 1202
without the prior consent, obtained as provided in a Trust Agreement pertaining
to a Trust which issued such Preferred Securities, of the holders of not less
than a majority in aggregate liquidation preference of all Preferred Securities
issued by such Trust affected, considered as one class, or, in the case of
changes described in clauses (a), (b) and (c) above, 100% in aggregate
liquidation preference of all such Preferred Securities then outstanding which
would be affected thereby, considered as one class. A supplemental indenture
which (x) changes or eliminates any covenant or other provision of this
Indenture which has expressly been included solely for the benefit of the
Holders of, or which is to remain in effect only so long as there shall be
Outstanding, Securities of one or more particular series, or one or more
Tranches thereof, or (y) modifies the rights of the Holders of Securities of
such series or Tranches 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 or Tranche. 

     

                   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. A waiver of a Holder’s right to consent under this Section
shall be deemed to be a consent of such Holder. 

     

    SECTION 1203.           Execution of Supplemental Indentures.

     

                   In executing, or accepting the additional
trusts created by, any supplemental indenture permitted by this Article or the
modifications thereby of the trusts created by this Indenture, the Trustee shall
be provided with, and (subject to Section 901) shall be fully protected in
relying upon, an Opinion of Counsel and an Officer’s Certificate 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,
immunities or liabilities under this Indenture or otherwise. 

     

    SECTION 1204.           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. Any supplemental
indenture permitted by this Article may restate this Indenture in its entirety,
and, upon the execution and delivery thereof, any such restatement shall
supersede this Indenture as theretofore in effect for all purposes.

     

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    SECTION 1205.           Conformity With Trust Indenture Act.

     

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

     

    SECTION 1206.           Reference in Securities to Supplemental
Indentures. 

     

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

     

    SECTION 1207.           Modification Without Supplemental Indenture.

     

                   To the extent, if any, that the terms of any
particular series of Securities shall have been established in or pursuant to a
Board Resolution or an Officer’s Certificate pursuant to a supplemental
indenture or Board Resolution as contemplated by Section 301, and not in an
indenture supplemental hereto, additions to, changes in or the elimination of
any of such terms may be effected by means of a supplemental Board Resolution or
Officer’s Certificate, as the case may be, delivered to, and accepted by, the
Trustee; provided, however, that such supplemental Board Resolution or Officer’s
Certificate shall not be accepted by the Trustee or otherwise be effective
unless all conditions set forth in this Indenture which would be required to be
satisfied if such additions, changes or elimination were contained in a
supplemental indenture shall have been appropriately satisfied. Upon the
acceptance thereof by the Trustee, any such supplemental Board Resolution or
Officer’s Certificate shall be deemed to be a “supplemental indenture” for
purposes of Section 1204 and 1206. 

     

    ARTICLE THIRTEEN
Meetings of Holders;
Action Without Meeting 

     

    SECTION 1301.           Purposes for Which Meetings May Be Called.

     

                   A meeting of Holders of Securities of one or
more, or all, series, or any Tranche or Tranches thereof, may be called at any
time and from time to time pursuant to this Article to make, give or take any
request, demand, authorization, direction, notice, consent, waiver or other
action provided by this Indenture to be made, given or taken by Holders of
Securities of such series or Tranches. 

     

    SECTION 1302.           Call, Notice and Place of Meetings.

     

    
                (a)      The Trustee may at any time call a meeting of
Holders of Securities of one or more, or all, series, or any Tranche or Tranches
thereof, for any purpose specified in Section 1301, to be held at such time and
at such place in the Borough of Manhattan, The City of New York, as the Trustee
shall determine, or, with the approval of the Company, at any other place.
Notice of every such meeting, setting forth the time and the place of such
meeting and in general terms the action proposed to be taken at such meeting,
shall be given, in the manner provided in Section 106, not less than 21 nor more
than 180 days prior to the date fixed for the meeting. 

       

                (b)      If the Trustee shall have been requested to
call a meeting of the Holders of Securities of one or more, or all, series, or
any Tranche or Tranches thereof, by the Company, or by the Holders of 33% in
aggregate principal amount of all of such series and Tranches, considered as one
class, for any purpose specified in Section 1301, by written request setting
forth in reasonable detail the action proposed to be taken at the meeting, and
the Trustee shall not have given the notice of such meeting within 21 days after
receipt of such request or shall not thereafter proceed to cause the meeting to
be held as provided herein, then the Company or the Holders of Securities of
such series and Tranches in the amount above specified, as the case may be, may

       

    

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      determine the time
and the place in the Borough of Manhattan, The City of New York, or in such
other place as shall be determined or approved by the Company, for such meeting
and may call such meeting for such purposes by giving notice thereof as provided
in subsection (a) of this Section. 

       

                (c)      Any meeting of Holders of Securities of one or
more, or all, series, or any Tranche or Tranches thereof, shall be valid without
notice if the Holders of all Outstanding Securities of such series or Tranches
are present in person or by proxy and if representatives of the Company and the
Trustee are present, or if notice is waived in writing before or after the
meeting by the Holders of all Outstanding Securities of such series, or by such
of them as are not present at the meeting in person or by proxy, and by the
Company and the Trustee. 

       

    

    SECTION 1303.           Persons Entitled to Vote at Meetings.

     

                   To be entitled to vote at any meeting of
Holders of Securities of one or more, or all, series, or any Tranche or Tranches
thereof, a Person shall be (a) a Holder of one or more Outstanding Securities of
such series or Tranches, or (b) a Person appointed by an instrument in writing
as proxy for a Holder or Holders of one or more Outstanding Securities of such
series or Tranches by such Holder or Holders. The only Persons who shall be
entitled to attend any meeting of Holders of Securities of any series or Tranche
shall be the Persons entitled to vote at such meeting and their counsel, any
representatives of the Trustee and its counsel and any representatives of the
Company and its counsel. 

     

    SECTION 1304.           Quorum; Action. 

     

                   The Persons entitled to vote a majority in
aggregate principal amount of the Outstanding Securities of the series and
Tranches with respect to which a meeting shall have been called as hereinbefore
provided, considered as one class, shall constitute a quorum for a meeting of
Holders of Securities of such series and Tranches; provided, however, that if
any action is to be taken at such meeting which this Indenture expressly
provides may be taken by the Holders of a specified percentage, which is less
than a majority, in principal amount of the Outstanding Securities of such
series and Tranches, considered as one class, the Persons entitled to vote such
specified percentage in principal amount of the Outstanding Securities of such
series and Tranches, considered as one class, shall constitute a quorum. In the
absence of a quorum within one hour of the time appointed for any such meeting,
the meeting shall, if convened at the request of Holders of Securities of such
series and Tranches, be dissolved. In any other case the meeting may be
adjourned for such period as may be determined by the chairman of the meeting
prior to the adjournment of such meeting. In the absence of a quorum at any such
adjourned meeting, such adjourned meeting may be further adjourned for such
period as may be determined by the chairman of the meeting prior to the
adjournment of such adjourned meeting. Except as provided by Section 1305(e),
notice of the reconvening of any meeting adjourned for more than 30 days shall
be given as provided in Section 1302(a) not less than ten days prior to the date
on which the meeting is scheduled to be reconvened. Notice of the reconvening of
an adjourned meeting shall state expressly the percentage, as provided above, of
the principal amount of the Outstanding Securities of such series and Tranches
which shall constitute a quorum. 

     

                   Except as limited by Section 1202, any
resolution presented to a meeting or adjourned meeting duly reconvened at which
a quorum is present as aforesaid may be adopted only by the affirmative vote of
the Holders of a majority in aggregate principal amount of the Outstanding
Securities of the series and Tranches with respect to which such meeting shall
have been called, considered as one class; provided, however, that, except as so
limited, any resolution with respect to any action which this Indenture
expressly provides may be taken by the Holders of a specified percentage, which
is less than a majority, in principal amount of the Outstanding Securities of
such series and Tranches, considered as one class, may be adopted at a meeting
or an adjourned meeting duly reconvened and at which a quorum is present as
aforesaid by the affirmative vote of the Holders of such specified percentage in
principal amount of the Outstanding Securities of such series and Tranches,
considered as one class. 

     

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

     

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    SECTION 1305.           Attendance at Meetings; Determination of
Voting Rights; Conduct and Adjournment of Meetings. 

     

    
                (a)      Attendance at meetings of Holders of
Securities may be in person or by proxy; and, to the extent permitted by law,
any such proxy shall remain in effect and be binding upon any future Holder of
the Securities with respect to which it was given unless and until specifically
revoked by the Holder or future Holder of such Securities before being voted.

       

                (b)      Notwithstanding any other provisions of this
Indenture, the Trustee may make such reasonable regulations as it may deem
advisable for any meeting of Holders of Securities in regard to proof of the
holding of such Securities and of the appointment of proxies and in regard to
the appointment and duties of inspectors of votes, the submission and
examination of proxies, certificates and other evidence of the right to vote,
and such other matters concerning the conduct of the meeting as it shall deem
appropriate. Except as otherwise permitted or required by any such regulations,
the holding of Securities shall be proved in the manner specified in Section 104
and the appointment of any proxy shall be proved in the manner specified in
Section 104. Such regulations may provide that written instruments appointing
proxies, regular on their face, may be presumed valid and genuine without the
proof specified in Section 104 or other proof. 

       

                (c)      The Trustee shall, by an instrument in
writing, appoint a temporary chairman of the meeting, unless the meeting shall
have been called by the Company or by Holders as provided in Section 1302(b), in
which case the Company or the Holders of Securities of the series and Tranches
calling the meeting, as the case may be, shall in like manner appoint a
temporary chairman. A permanent chairman and a permanent secretary of the
meeting shall be elected by vote of the Persons entitled to vote a majority in
aggregate principal amount of the Outstanding Securities of all series and
Tranches represented at the meeting, considered as one class. 

       

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

       

                (e)      Any meeting duly called pursuant to Section
1302 at which a quorum is present may be adjourned from time to time by Persons
entitled to vote a majority in aggregate principal amount of the Outstanding
Securities of all series and Tranches represented at the meeting, considered as
one class; and the meeting may be held as so adjourned without further notice.

       

    

    SECTION 1306.           Counting Votes and Recording Action of
Meetings. 

     

                   The vote upon any resolution submitted to any
meeting of Holders shall be by written ballots on which shall be subscribed the
signatures of the Holders or of their representatives by proxy and the principal
amounts and serial numbers of the Outstanding Securities, of the series and
Tranches with respect to which the meeting shall have been called, held or
represented by them. The permanent chairman of the meeting shall appoint two
inspectors of votes who shall count all votes cast at the meeting for or against
any resolution and who shall make and file with the secretary of the meeting
their verified written reports of all votes cast at the meeting. A record, in
duplicate, of the proceedings of each meeting of Holders shall be prepared by
the secretary of the meeting and there shall be attached to said record the
original reports of the inspectors of votes on any vote by ballot taken thereat
and affidavits by one or more persons having knowledge of the facts setting
forth a copy of the notice of the meeting and showing that said notice was given
as provided in Section 1302 and, if applicable, Section 1304. Each copy shall be
signed and verified by the affidavits of the permanent chairman and secretary of
the meeting and one such copy shall be delivered to the Company, and another to
the Trustee to be preserved by the Trustee, the latter to have attached thereto
the ballots voted at the meeting. Any record so signed and verified shall be
conclusive evidence of the matters therein stated. 

     

    -53-

     

    

    
    

     

    SECTION 1307.           Action Without Meeting. 

     

                   In lieu of a vote of Holders at a meeting as
hereinbefore contemplated in this Article, any request, demand, authorization,
direction, notice, consent, waiver or other action may be made, given or taken
by Holders by written instruments as provided in Section 104. 

     

    ARTICLE FOURTEEN 
Subordination of Securities

     

    SECTION 1401.           Securities Subordinate to Senior Indebtedness
of the Company. 

     

                   The Company, for itself, its successors and
assigns, covenants and agrees, and each Holder of the Securities of each series,
by its acceptance thereof, likewise covenants and agrees, that the payment of
the principal of and premium, if any, and interest, if any, on each and all of
the Securities is hereby expressly subordinated and subject to the extent and in
the manner set forth in this Article, in right of payment to the prior payment
in full of all Senior Indebtedness of the Company. The Securities of each series
will rank equally in right of payment with any of the Company’s Pari Passu
Securities. 

     

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

     

    SECTION 1402.           Payment Over of Proceeds of Securities.

     

                   In the event (a) of any insolvency or
bankruptcy proceedings or any receivership, liquidation, reorganization or other
similar proceedings in respect of the Company or a substantial part of its
property, or of any proceedings for liquidation, dissolution or other winding up
of the Company, whether or not involving insolvency or bankruptcy, or (b)
subject to the provisions of Section 1403, that (i) a default shall have
occurred with respect to the payment of principal of or interest on or other
monetary amounts due and payable on any Senior Indebtedness of the Company and
such default shall have continued beyond the period of grace, if any, in respect
thereof, or (ii) there shall have occurred a default (other than a default in
the payment of principal or interest or other monetary amounts due and payable)
in respect of any Senior Indebtedness of the Company, as defined therein or in
the instrument under which the same is outstanding, permitting the holder or
holders thereof to accelerate the maturity thereof (with notice or lapse of
time, or both), and such default shall have continued beyond the period of
grace, if any, in respect thereof, and, in the cases of subclauses (i) and (ii)
of this clause (b), such default shall not have been cured or waived or shall
not have ceased to exist, or (c) that the principal of and accrued interest on
the Securities of any series shall have been declared due and payable pursuant
to Section 801 and such declaration shall not have been rescinded and annulled
as provided in Section 802, then: 

     

    
                (1)      the holders of all Senior Indebtedness of the
Company shall first be entitled to receive payment of the full amount due
thereon, or provision shall be made for such payment in money or money’s worth,
before the Holders of any of the Securities are entitled to receive a payment on
account of the principal of, premium, if any, or interest on the indebtedness
evidenced by the Securities, including, without limitation, any payments made
pursuant to Articles Four and Five; 

       

                (2)      any payment by, or distribution of assets of,
the Company of any kind or character, whether in cash, property or securities,
to which any Holder or the Trustee would be entitled except for the provisions
of this Article, shall be paid or delivered by the Person making such payment or
distribution, whether a trustee in bankruptcy, a receiver or liquidating trustee
or otherwise, directly to the holders of such Senior Indebtedness of the Company
or their representative or representatives or to the trustee or trustees under
any indenture under which any instruments evidencing any of such Senior
Indebtedness of the Company may have been issued, ratably according to the
aggregate amounts remaining unpaid on account of such Senior Indebtedness of the
Company held

       

    

    -54-

     

    

    
    

     

    
      or represented by
each, to the extent necessary to make payment in full of all Senior Indebtedness
of the Company remaining unpaid after giving effect to any concurrent payment or
distribution (or provision therefor) to the holders of such Senior Indebtedness
of the Company, before any payment or distribution is made to the Holders of the
indebtedness evidenced by the Securities or to the Trustee under this Indenture;
and 

       

                (3)      in the event that, notwithstanding the
foregoing, any payment by, or distribution of assets of, the Company of any kind
or character, whether in cash, property or securities, in respect of principal
of, premium, if any, or interest on the Securities or in connection with any
repurchase by the Company of the Securities, shall be received by the Trustee or
any Holder before all Senior Indebtedness of the Company is paid in full, or
provision is made for such payment in money or money’s worth, such payment or
distribution in respect of principal of, premium, if any, or interest on the
Securities or in connection with any repurchase by the Company of the Securities
shall be paid over to the holders of such Senior Indebtedness of the Company or
their representative or representatives or to the trustee or trustees under any
indenture under which any instruments evidencing any such Senior Indebtedness of
the Company may have been issued, ratably as aforesaid, for application to the
payment of all Senior Indebtedness of the Company remaining unpaid until all
such Senior Indebtedness of the Company shall have been paid in full, after
giving effect to any concurrent payment or distribution (or provision therefor)
to the holders of such Senior Indebtedness of the Company. 

       

    

                   Notwithstanding the foregoing, at any time
after the 123rd day following the date of deposit of cash or Eligible
Obligations pursuant to Section 701 or 702 (provided all conditions set out in
such Section shall have been satisfied), the funds so deposited and any interest
thereon will not be subject to any rights of holders of Senior Indebtedness of
the Company including, without limitation, those arising under this Article
Fourteen; provided that no event described in clauses (e) and (f) of Section 801
with respect to the Company has occurred during such 123-day period.

     

                   For purposes of this Article only, the words
“cash, property or securities” shall not be deemed to include shares of stock of
the Company as reorganized or readjusted, or securities of the Company or any
other corporation provided for by a plan or reorganization or readjustment which
are subordinate in right of payment to all Senior Indebtedness of the Company
which may at the time be outstanding to the same extent as, or to a greater
extent than, the Securities are so subordinated as provided in this Article. The
consolidation of the Company with, or the merger of the Company into, another
corporation or the liquidation or dissolution of the Company following the
conveyance or transfer of its property as an entirety, or substantially as an
entirety, to another corporation upon the terms and conditions provided for in
Article Eleven hereof shall not be deemed a dissolution, winding-up, liquidation
or reorganization for the purposes of this Section 1402 if such other
corporation shall, as a part of such consolidation, merger, conveyance or
transfer, comply with the conditions stated in Article Eleven hereof. Nothing in
Section 1401 or in this Section 1402 shall apply to claims of, or payments to,
the Trustee under or pursuant to Section 907. 

     

    SECTION 1403.           Disputes with Holders of Certain Senior
Indebtedness of the Company. 

     

                   Any failure by the Company to make any payment
on or perform any other obligation in respect of Senior Indebtedness of the
Company, other than any indebtedness incurred by the Company or assumed or
guaranteed, directly or indirectly, by the Company for money borrowed (or any
deferral, renewal, extension or refunding thereof) or any other obligation as to
which the provisions of this Section shall have been waived by the Company in
the instrument or instruments by which the Company incurred, assumed, guaranteed
or otherwise created such indebtedness or obligation, shall not be deemed a
default under clause (b) of Section 1402 if (i) the Company shall be disputing
its obligation to make such payment or perform such obligation and (ii) either
(A) no final judgment relating to such dispute shall have been issued against
the Company which is in full force and effect and is not subject to further
review, including a judgment that has become final by reason of the expiration
of the time within which a party may seek further appeal or review, or (B) in
the event that a judgment that is subject to further review or appeal has been
issued, the Company shall in good faith be prosecuting an appeal or other
proceeding for review and a stay or execution shall have been obtained pending
such appeal or review. 

     

    -55-

     

    

    
    

     

    SECTION 1404.           Subrogation. 

     

                   Senior Indebtedness of the Company shall not
be deemed to have been paid in full unless the holders thereof shall have
received cash (or securities or other property satisfactory to such holders) in
full payment of such Senior Indebtedness of the Company then outstanding. Upon
the payment in full of all Senior Indebtedness of the Company, the rights of the
Holders of the Securities shall be subrogated to the rights of the holders of
Senior Indebtedness of the Company to receive any further payments or
distributions of cash, property or securities of the Company applicable to the
holders of the Senior Indebtedness of the Company until all amounts owing on the
Securities shall be paid in full; and such payments or distributions of cash,
property or securities received by the Holders of the Securities, by reason of
such subrogation, which otherwise would be paid or distributed to the holders of
such Senior Indebtedness of the Company shall, as between the Company, its
creditors other than the holders of Senior Indebtedness of the Company, and the
Holders, be deemed to be a payment by the Company to or on account of Senior
Indebtedness of the Company, it being understood that the provisions of this
Article are and are intended solely for the purpose of defining the relative
rights of the Holders, on the one hand, and the holders of the Senior
Indebtedness of the Company, on the other hand. 

     

    SECTION 1405.           Obligation of the Company Unconditional.

     

                   Nothing contained in this Article or elsewhere
in this Indenture or in the Securities is intended to or shall impair, as among
the Company, its creditors other than the holders of Senior Indebtedness of the
Company and the Holders, the obligation of the Company, which is absolute and
unconditional, to pay to the Holders the principal of, premium, if any, and
interest on the Securities as and when the same shall become due and payable in
accordance with their terms, or is intended to or shall affect the relative
rights of the Holders and creditors of the Company other than the holders of
Senior Indebtedness of the Company, nor shall anything herein or therein prevent
the Trustee or any Holder from exercising all remedies otherwise permitted by
applicable law upon default under this Indenture, subject to the rights, if any,
under this Article of the holders of Senior Indebtedness of the Company in
respect of cash, property or securities of the Company received upon the
exercise of any such remedy. 

     

                   Upon any payment or distribution of assets or
securities of the Company referred to in this Article, the Trustee and the
Holders shall be entitled to rely upon any order or decree of a court of
competent jurisdiction in which such dissolution, winding up, liquidation or
reorganization proceedings are pending for the purpose of ascertaining the
Persons entitled to participate in such distribution, the holders of the Senior
Indebtedness of the Company and other indebtedness of the Company, the amount
thereof or payable thereon, the amount or amounts paid or distributed thereon,
and all other facts pertinent thereto or to this Article. 

     

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

     

    SECTION 1406.           Priority of Senior Indebtedness of the Company
Upon Maturity. 

     

                   Upon the maturity of the principal of any
Senior Indebtedness of the Company by lapse of time, acceleration or otherwise,
all matured principal of Senior Indebtedness of the Company and interest and
premium, if any, thereon shall first be paid in full before any payment of
principal or premium, if any, or interest, if any, is made upon the Securities
or before any Securities can be acquired by the Company or any sinking fund
payment is made with respect to the Securities (except that required sinking
fund payments may be reduced by Securities acquired before such maturity of such
Senior Indebtedness of the Company). 

     

    -56-

     

    

    
    

     

    SECTION 1407.           Trustee as Holder of Senior Indebtedness of
the Company. 

     

                   The Trustee shall be entitled to all rights
set forth in this Article with respect to any Senior Indebtedness of the Company
at any time held by it, to the same extent as any other holder of Senior
Indebtedness of the Company. Nothing in this Article shall deprive the Trustee
of any of its rights as such holder. Nothing in this Article shall apply to
claims of, or payments to, the Trustee under or pursuant to Section 907.

     

    SECTION 1408.           Notice to Trustee to Effectuate Subordination.

     

                   Notwithstanding the provisions of this Article
or any other provision of the Indenture, the Trustee shall not be charged with
knowledge of the existence of any facts which would prohibit the making of any
payment of moneys to or by the Trustee unless and until the Trustee shall have
received written notice thereof from the Company, from a Holder or from a holder
of any Senior Indebtedness of the Company or from any representative or
representatives of such holder or any trustee or trustees under any indenture
under which any instruments evidencing any such Senior Indebtedness of the
Company may have been issued and, prior to the receipt of any such written
notice, the Trustee shall be entitled, subject to Section 901, in all respects
to assume that no such facts exist; provided, however, that, if prior to the
fifth Business Day preceding the date upon which by the terms hereof any such
moneys may become payable for any purpose, or in the event of the execution of
an instrument pursuant to Section 701 or 702 acknowledging that Securities or
portions thereof are deemed to have been paid for all purposes of this
Indenture, acknowledging that the entire indebtedness of the Company in respect
thereof has been satisfied and discharged or acknowledging satisfaction and
discharge of this Indenture, then if prior to the second Business Day preceding
the date of such execution, the Trustee shall not have received with respect to
such moneys the notice provided for in this Section, then, anything herein
contained to the contrary notwithstanding, the Trustee may, in its discretion,
receive such moneys and/or apply the same to the purpose for which they were
received, and shall not be affected by any notice to the contrary, which may be
received by it on or after such date; provided, however, that no such
application shall affect the obligations under this Article of the persons
receiving such moneys from the Trustee. 

     

    SECTION 1409.           Modification, Extension, etc. of Senior
Indebtedness of the Company. 

     

                   The holders of Senior Indebtedness of the
Company may, without affecting in any manner the subordination of the payment of
the principal of and premium, if any, and interest, if any, on the Securities,
at any time or from time to time and in their absolute discretion, agree with
the Company to change the manner, place or terms of payment, change or extend
the time of payment of, or renew or alter, any Senior Indebtedness of the
Company, or amend or supplement any instrument pursuant to which any Senior
Indebtedness of the Company is issued, or exercise or refrain from exercising
any other of their rights under the Senior Indebtedness of the Company
including, without limitation, the waiver of default thereunder, all without
notice to or assent from the Holders or the Trustee. 

     

    SECTION 1410.           Trustee Has No Fiduciary Duty to Holders of
Senior Indebtedness of the Company. 

     

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

     

    SECTION 1411.           Paying Agents Other Than the Trustee.

     

                   In case at any time any Paying Agent other
than the Trustee shall have been appointed by the Company and be then acting
hereunder, the term “Trustee” as used in this Article shall in such case (unless
the context shall otherwise require) be construed as extending to and including
such Paying Agent within its meaning as fully for all intents and purposes as if
such Paying Agent were named in this Article in addition to or in place of the

     

    -57-

     

    

    
    

     

    Trustee; provided,
however, that Sections 1407, 1408 and 1410 shall not apply to the Company if it
acts as Paying Agent. 

     

    SECTION 1412.           Rights of Holders of Senior Indebtedness of
the Company Not Impaired. 

     

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

     

    SECTION 1413.           Effect of Subordination Provisions;
Termination. 

     

                   Notwithstanding anything contained herein to
the contrary, other than as provided in the immediately succeeding sentence, all
the provisions of this Indenture shall be subject to the provisions of this
Article, so far as the same may be applicable thereto. 

     

                   Notwithstanding anything contained herein to
the contrary, the provisions of this Article Fourteen shall be of no further
effect, and the Securities shall no longer be subordinated in right of payment
to the prior payment of Senior Indebtedness of the Company, if the Company shall
have delivered to the Trustee a notice to such effect. Any such notice delivered
by the Company shall not be deemed to be a supplemental indenture for purposes
of Article Twelve. 

     

    SECTION 1414.           Reliance on Judicial Order or Certificate of
Liquidating Agent. 

     

                   Upon any payment or distribution of assets of
the Company referred to in this Article, the Trustee, subject to the provisions
of Section 601, and the Holders of the Securities shall be entitled to
conclusively rely upon any order or decree entered by any court of competent
jurisdiction in which such insolvency, bankruptcy, receivership, liquidation,
reorganization, dissolution, winding up or similar case or proceeding is
pending, or a certificate of the trustee in bankruptcy, liquidating trustee,
Custodian, receiver, assignee for the benefit of creditors, agent or other
person making such payment or distribution, delivered to the Trustee or to the
Holders of Securities, for the purpose of ascertaining the persons entitled to
participate in such payment or distribution, the holders of Senior Indebtedness
and other indebtedness of the Company, the amount thereof or payable thereon,
the amount or amounts paid or distributed thereon and all other facts pertinent
thereto or to this Article. 

     

    ARTICLE FIFTEEN 
Immunity of Incorporators, Stockholders, Officers and
Directors

     

    SECTION 1501.           Liability Solely Corporate.

     

                   No recourse shall be had for the payment of
the principal of or premium, if any, or interest, if any, on any Securities or
for any claim based thereon or otherwise in respect thereof, or of the
indebtedness represented thereby, or upon any obligation, covenant or agreement
under this Indenture, against any incorporator, stockholder, officer or
director, as such, past, present or future of the Company or of any predecessor
or successor of either of them (either directly or through the Company, as the
case may be, or a predecessor or successor of either of them), whether by virtue
of any constitutional provision, statute or rule of law, or by the enforcement
of any assessment or penalty or otherwise; it being expressly agreed and
understood that this Indenture and all the Securities are solely corporate
obligations, and that no personal liability whatsoever shall attach to, or be
incurred by, any incorporator, stockholder, officer or director, past, present
or future, of the Company or of any predecessor or successor corporation, either
directly or indirectly through the Company or any predecessor or successor of
either of them, because of the indebtedness hereby authorized or under or by
reason of any of the obligations, covenants or agreements contained in this
Indenture or in any of the Securities or to be implied herefrom or therefrom,
and that any such personal liability is hereby expressly waived and released as
a condition of, and as part of the consideration for, the execution of this
Indenture and the issuance of the Securities. 

     

    ___________________

-58-

     

    

    
    

     

                   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. 

     

    -59-

     

    

    
    

     

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

     

    
      AMERICAN ELECTRIC
POWER COMPANY, INC.

       

      By: /s/ Julia A.
Sloat                           
       
Name: Julia A. Sloat 
        Title: Treasurer 

       

      THE BANK OF NEW
YORK

       

      as
Trustee

       

      By: /s/ Mary
LaGumina                      

        Name:  Mary
LaGumina
        Title:  Vice
Presidentexhibit4d.htm

    Exhibit
4(d)

     

    REPLACEMENT
CAPITAL COVENANT

     

    Replacement Capital Covenant,
dated as of March 1, 2008 (this “Replacement Capital
Covenant”), by American Electric Power Company, Inc., a New York
corporation (together with its successors and assigns, the “Corporation”), in favor of
and for the benefit of each Covered Debtholder (as defined below).

     

    Recitals

     

    A.           On
the date hereof, the Corporation is issuing $315,000,000 aggregate principal
amount of its 8.75% Junior Subordinated Debentures (together with any such
junior subordinated debentures issued after the date hereof that may be
consolidated and form a single series with such junior subordinated debentures
issued on the date hereof, the “Subordinated
Debentures”).

     

    B.           This
Replacement Capital Covenant is the “Replacement Capital Covenant” referred to
in the Prospectus Supplement, dated March 13, 2008, relating to the Subordinated
Debentures which supplements the Corporation’s Prospectus, dated June 9,
2005.

     

    C.           The
Corporation, in entering into and disclosing the content of this Replacement
Capital Covenant in the manner provided below, is doing so with the intent that
the covenants provided for in this Replacement Capital Covenant be enforceable
by each Covered Debtholder and that the Corporation be estopped from
disregarding the covenants in this Replacement Capital Covenant, in each case to
the fullest extent permitted by applicable law.

     

    D.           The
Corporation acknowledges that reliance by each Covered Debtholder upon the
covenants in this Replacement Capital Covenant is reasonable and foreseeable by
the Corporation and that, were the Corporation to disregard its covenants in
this Replacement Capital Covenant, each Covered Debtholder would have sustained
an injury as a result of its reliance on such covenants.

     

    NOW,
THEREFORE, the Corporation hereby covenants and agrees as follows in favor of
and for the benefit of each Covered Debtholder.

     

    Section
1.                      Definitions.  Capitalized
terms used in this Replacement Capital Covenant (including the Recitals) have
the meanings set forth in Schedule I hereto.

     

    Section
2.                      Limitations on Redemption,
Defeasance or Purchase of Subordinated Debentures.  The
Corporation hereby promises and covenants to and for the benefit of each Covered
Debtholder that the Corporation shall not redeem or purchase or satisfy,
discharge or defease any portion of the principal amount of the Subordinated
Debentures through the deposit of money and/or U.S. Government Obligations as
contemplated by Article Seven of the Indenture (such satisfaction, discharge or
defeasance herein referred to as “defeasance”), and shall cause its
majority-owned Subsidiaries not to purchase, all or any part of the Subordinated
Debentures on or before the Termination Date except to the extent that
either:

     

    (a)           the
principal amount defeased or the applicable redemption or purchase price does
not exceed the sum of the following amounts raised through the issuance of
Replacement Capital Securities: the Applicable Percentage of (A) the aggregate
amount of the net cash proceeds the Corporation and its Subsidiaries have
received from the sale of Common Stock and Rights to acquire Common Stock, (B)
the Market Value of any Common Stock that has been issued in connection with the
conversion into or exchange for Common Stock of any convertible or exchangeable
securities, other than, in the case of (B), securities for which the Corporation
or any of its Subsidiaries has received equity credit from any NRSRO; and (C)
the aggregate amount of net cash proceeds received by the Corporation and its
Subsidiaries from the sale of Replacement Capital Securities (other than the
securities set forth above); to Persons other than the Corporation and its
Subsidiaries within the applicable Measurement Period (without double counting
proceeds received in any prior Measurement Period); provided that the limitations
in this Section 2 shall not restrict the repayment, redemption or other
acquisition of any Subordinated Debentures that have been previously defeased or
purchased in accordance with this Replacement Capital Covenant; or

     

    (b)           the
Subordinated Debentures are exchanged for consideration that includes an
aggregate principal amount or liquidation preference (or, in the case of Common
Stock, Market Value) of Replacement Capital Securities equal to
100%  (or, in the case of Common Stock, 50%) of the aggregate
principal amount of Subordinated Debentures that are exchanged.

     

    Section
3.                      Covered
Debt.  (a)  The Corporation represents and warrants
that the Initial Covered Debt is Eligible Debt.

     

    (b)           On,
or during the 30-day period immediately preceding, any Redesignation Date with
respect to the Covered Debt then in effect, the Corporation shall identify the
series of Eligible Debt that will become the Covered Debt on the related
Redesignation Date in accordance with the following procedures:

     

    (i)           the
Corporation shall identify each series of its then outstanding long-term
indebtedness for money borrowed that is Eligible Debt;

     

    (ii)           if
only one series of the Corporation’s then outstanding long-term indebtedness for
money borrowed is Eligible Debt, such series shall become the Covered Debt
commencing on the related Redesignation Date;

     

    (iii)           if
the Corporation has more than one outstanding series of long-term indebtedness
for money borrowed that is Eligible Debt, then the Corporation shall identify a
specific series that has the latest stated final maturity date as of the date
the Corporation is applying the procedures in this Section 3(b) and such series
shall become the Covered Debt commencing on the related Redesignation
Date;

     

    (iv)           the
series of outstanding long-term indebtedness for money borrowed that is
determined to be Covered Debt pursuant to clause (ii) or (iii) above shall be
the Covered Debt for purposes of this Replacement Capital Covenant for the
period commencing on the related Redesignation Date and continuing to but not
including the Redesignation Date as of which a new series of outstanding
long-term indebtedness is next determined to be the Covered Debt pursuant to the
procedures set forth in this Section 3(b); and

     

    (v)           in
connection with such identification of a new series of the Covered Debt, notice
shall be given as provided for in Section 3(d) within the time frame provided
for in such section.

     

    (c)           Notwithstanding
any other provisions of this Replacement Capital Covenant, if a series of
Eligible Senior Debt has become the Covered Debt in accordance with Section
3(b), on the date on which the Corporation issues a new series of Eligible
Subordinated Debt, then immediately upon such issuance such series shall become
the Covered Debt and the applicable series of Eligible Senior Debt shall cease
to be the Covered Debt.

     

    (d)           Notice.  In order
to give effect to the intent of the Corporation described in Recital C, the
Corporation covenants that (i) simultaneously with the execution of this
Replacement Capital Covenant, or as soon as practicable after the date hereof,
(A) notice shall be given to the Holders of the Initial Covered Debt, in the
manner provided in the indenture or other instrument under which such Initial
Covered Debt was issued, of this Replacement Capital Covenant and the rights
granted to such Holders hereunder and (B) the Corporation shall file a copy of
this Replacement Capital Covenant with the Commission as an exhibit to a Form
8-K under the Securities Exchange Act; (ii) so long as the Corporation is a
reporting company under the Securities Exchange Act, the Corporation shall
include in each Form 10-K filed with the Commission under the Securities
Exchange Act a description of the covenant set forth in Section 2 and identify
the series of long-term indebtedness for borrowed money that is Covered Debt as
of the date such Form 10-K is filed with the Commission; (iii) if a series of
the Corporation’s long-term indebtedness for money borrowed (A) becomes Covered
Debt or (B) ceases to be Covered Debt, notice of such occurrence shall be given
within 30 days to the holders of such long-term indebtedness for money borrowed
in the manner provided for in the indenture or other instrument under which such
long-term indebtedness for money borrowed was issued, and the Corporation shall
report such change in a Form 8-K, which must include or incorporate by reference
this Replacement Capital Covenant, and in the Corporation’s next Form 10-Q or
Form 10-K, as applicable; (iv) upon succession of any new entity as the
Corporation hereunder as a result of a merger, consolidation, statutory share
exchange, sale, lease or transfer of all or substantially all of the assets or
other business combination of the Corporation as it existed prior thereto,
notice of such occurrence shall be given within 30 days to the holders of the
Covered Debt in the manner provided for in the indenture or other instrument
under which such long-term indebtedness for money borrowed was issued and the
Corporation shall report such change in a Form 8-K, which must include or
incorporate by reference this Replacement Capital Covenant, and in the
Corporation’s next Form 10-Q or Form 10-K, as applicable; (v) if, and only if,
the Corporation ceases to be a reporting company under the Securities Exchange
Act, the Corporation will (A) post on its website (or any other similar
electronic platform generally available to the public) the information otherwise
required to be included in Securities Exchange Act filings pursuant to clauses
(ii), (iii) and (iv) above; and (B) cause a notice of this Replacement Capital
Covenant to be posted on the Bloomberg screen for the Initial Covered Debt or
any successor Bloomberg screen or, if none, a similar third-party vendor’s
screen the Corporation reasonably believes is appropriate (each an “Investor
Screen”) and cause a hyperlink of this Replacement Capital Covenant to be
included on the Investor Screen for each series of Covered Debt, in each case to
the extent permitted by Bloomberg or such similar third-party vendor, as the
case may be; and (vi) promptly upon the request of any Holder of Covered Debt,
such Holder will be provided with a conformed copy of this Replacement Capital
Covenant.

     

    Section
4.                      Termination and
Amendment.  (a)  The obligations of the Corporation
pursuant to this Replacement Capital Covenant shall remain in full force and
effect until the earliest date (the “Termination Date”) to occur of (i) March 1,
2038, or if earlier, the date on which the Subordinated Debentures are otherwise
paid, redeemed, defeased or purchased in full (in compliance with the terms of
Section 2 of this Replacement Capital Covenant), (ii) the date, if any, on which
the Holders of at least a majority of the outstanding principal amount of the
then-effective Covered Debt consent or agree in writing to the termination of
the obligations of the Corporation hereunder, (iii) the date on which the
Corporation has no outstanding Eligible Senior Debt or Eligible Subordinated
Debt (in each case without giving effect to the rating requirement in clause (b)
of the definition of each such term) and (iv) the date on which the Subordinated
Debentures are accelerated as a result of an event of default under the
Indenture.  From and after the Termination Date, the obligations of
the Corporation pursuant to this Replacement Capital Covenant shall be of no
further force and effect with respect to the Holders or otherwise.

     

    (b)           This
Replacement Capital Covenant may be amended or supplemented from time to time by
a written instrument signed by the Corporation with the consent of the Holders
of at least a majority of outstanding principal amount of the then-effective
Covered Debt, provided that this Replacement Capital Covenant may be amended or
supplemented from time to time by a written instrument signed only by the
Corporation (and without the consent of the Holders of the then-effective series
of Covered Debt) if any of the following apply (it being understood that any
such amendment or supplement may fall into one or more of the following): (i)
such amendment or supplement eliminates Common Stock, Rights to acquire Common
Stock, Common Equity Units and/or Mandatorily Convertible Preferred Stock as
Replacement Capital Securities, if, in the case of this clause, after the date
of this Replacement Capital Covenant, an accounting standard or interpretive
guidance of an existing accounting standard issued by an organization or
regulator that has responsibility for establishing or interpreting accounting
standards in the United States becomes effective such that there is more than an
insubstantial risk that the failure to eliminate Common Stock, Rights to acquire
Common Stock, Common Equity Units and/or Mandatorily Convertible Preferred Stock
as Replacement Capital Securities would result in a reduction in the
Corporation’s earnings per share as calculated in accordance with generally
accepted accounting principles in the United States (“EPS”), or the Corporation
otherwise has been advised in writing by a nationally recognized independent
accounting firm that there is more than an insubstantial risk that the failure
to eliminate such securities as Replacement Capital Securities would result in a
reduction of the Corporation’s EPS, (ii) the effect of such amendment or
supplement is solely to impose additional restrictions on the ability of the
Corporation or its Subsidiaries to redeem, defease or purchase the Subordinated
Debentures or to impose additional restrictions on, or to eliminate certain of,
the types of securities qualifying as Replacement Capital Securities (other than
securities which are covered by clause (i) above) and an officer of the
Corporation has delivered to the trustee for the benefit of the Holders of the
then-effective Covered Debt in the manner provided for in the indenture or other
instrument under which such long-term indebtedness for borrowed money was issued
a written certificate to that effect, (iii) such amendment or supplement extends
the date specified in Section 4(a)(i), the Stepdown Date, or both or (iv) such
amendment or supplement is not adverse to the rights of the Holders of the
then-effective Covered Debt hereunder and an officer of the Corporation has
delivered to the trustee for the benefit of the Holders of the then-effective
Covered Debt in the manner provided for in the indenture or other instrument
under which such long-term indebtedness for money borrowed was issued a written
certificate stating that, in his or her determination, such amendment or
supplement is not adverse to the Holders of the then-effective Covered
Debt.  For the avoidance of doubt, an amendment or supplement that
adds new types of Replacement Capital Securities or modifies the requirements of
the Replacement Capital Securities described herein would not be adverse to the
rights of the Holders of Covered Debt if, following such amendment or
supplement, this Replacement Capital Covenant would satisfy the definition of
Explicit Replacement Covenant.

     

    (c)           For
purposes of Sections 4(a) and 4(b), the Holders whose consent or agreement is
required to terminate, amend or supplement this Replacement Capital Covenant or
the obligations of the Corporation hereunder shall be the Holders of the
then-effective Covered Debt as of a record date established by the Corporation
that is not more than 30 days prior to the date on which the Corporation
proposes that such termination, amendment or supplement becomes
effective.

     

    Section
5.                      Miscellaneous.  (a)  This
Replacement Capital Covenant shall be governed by and construed in accordance
with the laws of the State of New York.

     

    (b)           This
Replacement Capital Covenant shall be binding upon the Corporation and its
successors and assigns and shall inure to the benefit of the Covered Debtholders
as they exist from time-to-time (it being understood and agreed by the
Corporation that any Person who is a Covered Debtholder shall retain its status
as a Covered Debtholder for so long as the series of long-term indebtedness for
borrowed money owned by such Person is Covered Debt and, if such Person
initiates a claim or proceeding to enforce its rights under this Replacement
Capital Covenant after the Corporation has violated its covenants in Section 2
and before the series of long-term indebtedness for money borrowed held by such
Person is no longer Covered Debt, such Person’s rights under this Replacement
Capital Covenant shall not terminate by reason of such series of long-term
indebtedness for money borrowed no longer being Covered Debt).  The
Corporation agrees that, if at any time the Covered Debt is held by a trust (for
example, where the Covered Debt is part of an issuance of trust preferred
securities), a holder of the securities issued by such trust may enforce
(including by instituting legal proceedings) this Replacement Capital Covenant
directly against the Corporation as though such holder owned the Covered Debt
directly, and the holders of such trust securities shall be deemed Holders of
Covered Debt for purposes of this Replacement Capital Covenant for so long as
the indebtedness held by such trust remains Covered Debt
hereunder.  Other than the Covered Debtholders as provided in the two
previous sentences, no other Person shall have any rights under this Replacement
Capital Covenant or be deemed a third party beneficiary of this Replacement
Capital Covenant.  In particular, no holder of the Subordinated
Debentures is a third party beneficiary of this Replacement Capital Covenant, it
being understood that such holders may have rights under the
Indenture.

     

    (c)           All
demands, notices, requests and other communications to the Corporation under
this Replacement Capital Covenant shall be deemed to have been duly given and
made if in writing and (i) if served by personal delivery upon the Corporation,
on the day so delivered (or, if such day is not a Business Day, the next
succeeding Business Day) or (ii) if delivered by registered post or certified
mail, return receipt requested, or sent to the Corporation by a national or
international courier service, on the date of receipt by the Corporation (or, if
such date of receipt is not a Business Day, the next succeeding Business Day),
and in each case to the Corporation at the address set forth below, or at such
other address as may thereafter be listed as the principal executive offices of
the Corporation in the then most recently filed Form 10-K or Form 10-Q of the
Corporation, or as may thereafter be posted on the Corporation’s website as the
address for notices under this Replacement Capital Covenant:

     

    American
Electric Power Company, Inc.

    1
Riverside Plaza

    Columbus,
Ohio 43215

    Attention:
Julia A. Sloat

    Telephone:
(614) 716-2885

    Fax:
(614) 716-1687

     

    

     

    IN
WITNESS WHEREOF, the Corporation has caused this Replacement Capital Covenant to
be executed by a duly authorized officer, as of the day and year first above
written.

     

    

     

    
      	 
      	
              AMERICAN
      ELECTRIC POWER COMPANY, INC

            
	 
      	 
      
	 
      	
              By:      /s/
      Julia A. Sloat

            
	 
      	
              Name: Julia
      A. Sloat

            
	 
      	
              Title:    Treasurer

            

    

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Definitions

     

    “Alternative Payment
Mechanism” means, with respect to any Qualifying Capital Securities,
provisions in the related transaction documents that permit the issuer, in its
sole discretion, to defer or skip in whole or in part payment of Distributions
on such Qualifying Capital Securities for one or more consecutive Distribution
Periods lasting up to ten years and that require the issuer thereof to issue (or
use Commercially Reasonable Efforts to issue), in its sole discretion, one or
more types of APM Qualifying Securities raising “eligible proceeds” (as
defined in (a) below) at least equal to the deferred Distributions on such
Qualifying Capital Securities and apply the proceeds to pay unpaid Distributions
on such Qualifying Capital Securities, commencing on the earlier of (x) the
first Distribution Date after commencement of a deferral period on which the
Corporation pays current Distributions on such Qualifying Capital Securities and
(y) the fifth anniversary of the commencement of such deferral period, and
that:

     

    (a)           define
“eligible proceeds” to mean, for purposes of such Alternative Payment Mechanism,
the net proceeds (after underwriters’ or placement agents’ fees, commissions or
discounts and other expenses relating to the issuance or sale and including the
fair market value of property received by the issuer or any of its Subsidiaries
as consideration for such APM Qualifying Securities) that the Corporation has
received during the 180 days prior to the related Distribution Date from the
issuance of APM Qualifying Securities to Persons other than the Corporation and
its Subsidiaries, up to the Preferred Cap (as defined in (e) below) in the case
of APM Qualifying Securities that are Qualifying Preferred Stock or Mandatorily
Convertible Preferred Stock;

     

    (b)           permit
the Corporation to pay current Distributions on any Distribution Date out of any
source of funds but (x) require the Corporation to pay deferred Distributions
only out of eligible proceeds and (y) prohibit the Corporation from paying
deferred Distributions out of any source of funds other than eligible
proceeds;

     

    (c)           if
deferral of Distributions continues for more than one year (or such shorter
period as may be provided for in the terms of such securities), require the
Corporation or any of its Subsidiaries not to redeem or purchase any securities
that rank pari passu
with or junior to any APM Qualifying Securities that the Corporation has issued
to settle deferred Distributions in respect to that deferral period until at
least one year after all deferred Distributions have been paid (a “Purchase Restriction”), other
than the following (none of which shall be restricted or prohibited by a
Purchase Restriction):

     

    (i)           purchases,
redemptions or other acquisitions by the Corporation or its Subsidiaries of
shares of Common Stock in connection with any employment or compensatory
contract, compensation or benefit plan or other similar arrangement with or for
the benefit of employees, officers, directors or consultants; or

     

    (ii)           purchases
by the Corporation or its Subsidiaries of shares of Common Stock pursuant to a
contractually binding requirement to buy shares of Common Stock entered into
prior to the beginning of the related deferral period, including under a
contractually binding stock repurchase plan;

     

    (d)           limit
the obligation of the Corporation to issue (or use Commercially Reasonable
Efforts to issue) APM Qualifying Securities that are Common Stock or Qualifying
Warrants, either (i) during the first five years of any deferral period or (ii)
with respect to deferred Distributions attributable to the first five years of
any deferral period (provided that such limitation shall not apply after a date
not later than the ninth anniversary of the commencement of any deferral
period), to a number of shares of Common Stock and Rights to acquire Common
Stock which does not, in the aggregate, exceed 2% of the outstanding number of
shares of Common Stock, in each case as of the date of the Corporation’s most
recent publicly available consolidated financial statements at the time of such
issuance (the “Common
Cap”);

     

    (e)           limit
the right of the Corporation to issue APM Qualifying Securities that are
Qualifying Preferred Stock or Mandatorily Convertible Preferred Stock, to an
amount from the issuance of such Qualifying Preferred Stock and then-still
outstanding Mandatorily Convertible Preferred Stock pursuant to the related
Alternative Payment Mechanism (including, in the case of Qualifying Preferred
Stock, at any point in time from all prior issuances thereof pursuant to such
Alternative Payment Mechanism) equal to 25% of the initial liquidation or
principal amount of the Qualifying Capital Securities that are the subject of
the related Alternative Payment Mechanism (the “Preferred Cap”);

     

    (f)           in
the case of Qualifying Capital Securities, include a Bankruptcy Claim Limitation
Provision; and

     

    (g)           permit
the Corporation, at its option, to provide that if the Corporation is involved
in a merger, consolidation, amalgamation, statutory share exchange or
conveyance, transfer or lease of assets substantially as an entirety to any
other person or a similar transaction (a “business combination”) where
immediately after the consummation of the business combination more than 50% of
the voting stock of the surviving entity of the business combination, or the
entity to whom all or substantially all of the Corporation’s assets are
conveyed, transferred or leased, is owned by the shareholders of the other party
to the business combination, then clauses (a), (b) and (c) above will not apply
to any deferral period that is terminated on the next Distribution Date
following the date of consummation of the business combination;

     

    provided (and it being
understood) that:

     

    (a)           the
Alternative Payment Mechanism may at the discretion of the Corporation include a
share cap limiting the issuance of APM Qualifying Securities consisting of
Common Stock, Qualifying Warrants and Mandatorily Convertible Preferred Stock,
in each case to a maximum issuance cap to be set at the discretion of the
Corporation (a “Share Cap”); provided that such Share Cap will be subject to the
Corporation’s agreement to use Commercially Reasonable Efforts to increase the
Share Cap when reached and (i) only to the extent it can do so and
simultaneously satisfy its future fixed or contingent obligations under other
securities and derivative instruments that provide for settlement or payment in
shares of Common Stock or (ii) if the Corporation cannot increase the Share Cap
as contemplated in the preceding clause, by requesting its Board of Directors to
adopt a resolution for shareholder vote at the next occurring annual
shareholders meeting to increase the number of shares of the Corporation’s
authorized Common Stock for purposes of satisfying its obligations to pay
deferred Distributions;

     

    (b)           the
Corporation shall not be obligated to issue (or use Commercially Reasonable
Efforts to issue) APM Qualifying Securities for so long as a Market Disruption
Event has occurred and is continuing;

     

    (c)           if,
due to a Market Disruption Event or otherwise, the Corporation is able to raise
and apply some, but not all, of the eligible proceeds necessary to pay all
deferred Distributions on any Distribution Date, the Corporation will apply any
available eligible proceeds to pay accrued and unpaid Distributions on the
applicable Distribution Date in chronological order subject to the Common Cap,
the Preferred Cap, and the Share Cap (if any), as applicable; and

     

    (d)           if
the Corporation has outstanding more than one class or series of securities
under which it is obligated to sell a type of APM Qualifying Securities and
apply some part of the proceeds to the payment of deferred Distributions, then
on any date and for any period the amount of net proceeds received by the
Corporation from those sales and available for payment of deferred Distributions
on such securities shall be applied to such securities on a pro rata basis up to
the Common Cap, the Preferred Cap and the Share Cap (if any), as applicable, in
proportion to the total amounts that are due on such securities.

     

    “APM Qualifying Securities”
means, with respect to an Alternative Payment Mechanism, any Debt Exchangeable
for Preferred Equity or any Mandatory Trigger Provision, one or more of the
following (as designated in the transaction documents for any Qualifying Capital
Securities that include an Alternative Payment Mechanism or a Mandatory Trigger
Provision or for any Debt Exchangeable for Preferred Equity):

     

    (a)           Common
Stock;

     

    (b)           Qualifying
Warrants;

     

    (c)           Qualifying
Preferred Stock; and

     

    (d)           Mandatorily
Convertible Preferred Stock

     

    provided that if the APM
Qualifying Securities for any Alternative Payment Mechanism, any Debt
Exchangeable for Preferred Equity or any Mandatory Trigger Provision include
both Common Stock and Qualifying Warrants, such Alternative Payment Mechanism,
Debt Exchangeable for Preferred Equity or Mandatory Trigger Provision may
permit, but need not require, the Corporation to issue Qualifying
Warrants.

     

    “Applicable Percentage”
means:

     

    (i)           with
respect to Common Stock, Rights to acquire Common Stock and Mandatorily
Convertible Preferred Stock, 200% prior to the Stepdown Date and 400% on or
after the Stepdown Date;

     

    (ii)           (a)
with respect to Qualifying Capital Securities described in clause (a) of the
definition of that term, 100% prior to the Stepdown Date and 200% on or after
the Stepdown Date and (b) with respect to Qualifying Capital Securities
described in clause (b) of the definition of that term, 100%; and

     

    (iii)           with
respect to Debt Exchangeable for Equity, 150% prior to the Stepdown Date and
300% on or after the Stepdown Date.

     

    “Bankruptcy Claim Limitation
Provision” means, with respect to any Qualifying Capital Securities that
have an Alternative Payment Mechanism or a Mandatory Trigger Provision,
provisions that, upon any liquidation, dissolution, winding up or reorganization
or in connection with any insolvency, receivership or proceeding under any
bankruptcy law with respect to the issuer, limit the claim of the holders of
such Qualifying Capital Securities to Distributions that accumulate during (a)
any deferral period, in the case of Qualifying Capital Securities that have an
Alternative Payment Mechanism or (b) any period in which the issuer fails to
satisfy one or more financial tests set forth in the terms of such securities or
related transaction agreements, in the case of Qualifying Capital Securities
having a Mandatory Trigger Provision, to:

     

    (i)           in
the case of Qualifying Capital Securities having an Alternative Payment
Mechanism or Mandatory Trigger Provision with respect to which the APM
Qualifying Securities do not include Qualifying Preferred Stock or Mandatorily
Convertible Preferred Stock, 25% of the stated or principal amount of such
Qualifying Capital Securities then outstanding; and

     

    (ii)           in
the case of any other Qualifying Capital Securities, an amount not in excess of
the sum of (x) the amount of accumulated and unpaid Distributions (including
compounded amounts) that relate to the earliest two years of the portion of the
deferral period for which Distributions have not been paid and (y) an amount
equal to the excess, if any, of the Preferred Cap over the aggregate amount of
net proceeds from the sale of Qualifying Preferred Stock or Mandatorily
Convertible Preferred Stock that the issuer has applied to pay such
Distributions pursuant to the Alternative Payment Mechanism or the Mandatory
Trigger Provision, provided that the holders of such Qualifying Capital
Securities are deemed to agree that, to the extent the remaining claim exceeds
the amount set forth in subclause (x), the amount they receive in respect of
such excess shall not exceed the amount they would have received had the claim
for such excess ranked pari
passu with the interests of the holders, if any, of Qualifying Preferred
Stock or Mandatorily Convertible Preferred Stock.

     

    “Board of Directors” means the
Board of Directors of the Corporation or a duly constituted committee
thereof.

     

    “Business Day” means each day
other than (a) a Saturday or Sunday or (b) a day on which banking institutions
in The City of New York are authorized or required by law to remain
closed.

     

    “Commercially Reasonable
Efforts” means, for purposes of selling APM Qualifying Securities,
commercially reasonable efforts to complete the offer and sale of APM Qualifying
Securities to third parties that are not the Corporation or any of its
Subsidiaries in public offerings or private placements.  The issuer of
APM Qualifying Securities shall not be considered to have made Commercially
Reasonable Efforts to effect a sale of APM Qualifying Securities if it
determines not to pursue or complete such sale due to pricing, coupon, dividend
rate or dilution considerations.

     

    “Commission” means the United
States Securities and Exchange Commission.

     

    “Common Cap” has the meaning
specified in the definition of Alternative Payment Mechanism.

     

    “Common Equity Units” means a
security or combination of securities that:

     

    (i)           gives
the holders a beneficial interest in (a) debt securities of the Corporation that
may not be redeemed at the Corporation’s option earlier than the settlement date
of the stock purchase contracts referred to below except upon the occurrence of
customary rating agency or tax events permitting early redemption, and (b) an
interest in a stock purchase contract that obligates the holder to acquire a
beneficial interest in a number of shares of Common Stock (subject to customary
anti-dilution adjustments) to be within a range established at the time of
issuance of the debt securities;

     

    (ii)           provides
that the holders directly or indirectly grant to the Corporation a security
interest in such debt securities and their proceeds (including any substitute
collateral permitted under the transaction documents) to secure the investors’
direct or indirect obligation to purchase Common Stock pursuant to such stock
purchase contracts;

     

    (iii)           includes
a remarketing feature pursuant to which the debt of the Corporation is
remarketed to new investors commencing not later than three Business Days prior
to the regularly scheduled stock purchase date; and

     

    (iv)           provides
for the proceeds raised in the remarketing to be used to purchase Common Stock
under the stock purchase contracts on a regularly scheduled stock purchase date
that is not more than approximately three years after the date of issuance of
such securities; provided, however, if there has not been a successful
remarketing by the first Distribution Date that is one year after such regularly
scheduled stock purchase date, provides that the stock purchase contracts will
be settled by the Corporation exercising its rights as a secured creditor with
respect to such debt securities or other collateral directly or indirectly
pledged by investors in the Debt Exchangeable for Equity.

     

     “Common Stock” means any
common stock of the Corporation (including common stock held as treasury shares
and common stock sold pursuant to any dividend reinvestment plan, direct stock
purchase plan or director or employee benefit plan) that has no preference in
the payment of dividends or amounts payable upon the liquidation, dissolution or
winding up of the Corporation (including any security that tracks the
performance of, or relates to the results of, a business, unit or division of
the Corporation), and any securities that have no preference in the payment of
dividends or amounts payable upon the liquidation, dissolution or winding up of
the Corporation and are issued in exchange therefor in connection with a merger,
consolidation, statutory share exchange, business combination, recapitalization
or other similar event.

     

    “Corporation” has the meaning
specified in the introduction to this instrument.

     

    “Covered Debt” means (a) at
the date of this Replacement Capital Covenant and continuing to but not
including the first Redesignation Date, the Initial Covered Debt and (b)
thereafter, commencing with each Redesignation Date and continuing to but not
including the next succeeding Redesignation Date, the Eligible Debt identified
pursuant to Section 3(b) as the Covered Debt for such period.

     

    “Covered Debtholder” means
each Person (whether a Holder or a beneficial owner holding through a
participant in a clearing agency) that buys, holds or sells long-term
indebtedness for money borrowed of the Corporation during the period that such
long-term indebtedness for money borrowed is Covered Debt, provided that a
Person who has sold all its right, title and interest in Covered Debt shall
cease to be a Covered Debtholder at the time of such sale if, at such time, the
Corporation has not breached or repudiated, or threatened to breach or
repudiate, its obligations hereunder.

     

    “Debt Exchangeable for Equity”
means Common Equity Units or Debt Exchangeable for Preferred
Equity.

     

    “Debt Exchangeable for Preferred
Equity” means a security or combination of securities (together in this
definition, “such
securities”) that:

     

    (a)           gives
the holder a beneficial interest in (i) subordinated debt securities of the
Corporation permitting the Corporation to defer Distributions in whole or in
part on such securities for one or more Distribution Periods of up to at least
seven years without any remedies other than Permitted Remedies and that are the
most junior subordinated debt of the Corporation (or rank pari passu with the most
junior subordinated debt of the Corporation) (in this definition, “subordinated debt”) and (ii)
a fractional interest in a stock purchase contract for a share or shares of
Qualifying Preferred Stock of the Corporation that ranks pari passu with or junior to
all other preferred stock of the Corporation (in this definition, “preferred
stock”);

     

    (b)           provides
that the holders directly or indirectly grant to the Corporation a security
interest in such subordinated debt and their proceeds (including any substitute
collateral permitted under the transaction documents) to secure the holders’
direct or indirect obligation to purchase preferred stock of the Corporation
pursuant to such stock purchase contracts;

     

    (c)           includes
a remarketing feature pursuant to which the subordinated debt of the Corporation
is remarketed to new investors commencing not later than the first Distribution
Date that is at least five years after the date of issuance of such securities
or earlier in the event of an early settlement event based on: (i) the
dissolution of the issuer of such securities or (ii) one or more financial tests
set forth in the terms of the instrument governing such securities;

     

    (d)           provides
for the proceeds raised in the remarketing of the subordinated debt to be used
to purchase preferred stock of the Corporation under the stock purchase
contracts and, if there has not been a successful remarketing by the first
Distribution Date that is six years after the date of issuance of such
securities, provides that the stock purchase contracts will be settled by the
Corporation exercising its remedies as a secured party with respect to its
subordinated debt or other collateral directly or indirectly pledged by the
holders of such securities;

     

    (e)           is
subject to an Explicit Replacement Covenant that will apply to such securities
and preferred stock of the Corporation, and will not include Debt Exchangeable
for Equity as a Replacement Capital Security; and

     

    (f)           if
applicable, after the issuance of such preferred stock of the Corporation,
provides the holders of such securities with a beneficial interest in such
preferred stock of the Corporation.

     

    “Defeasance” has the meaning
specified in Section 2.

     

    “Distribution Date” means, as
to any security or combination of securities, the dates on which periodic
Distributions on such securities are scheduled to be made.

     

    “Distribution Period” means,
as to any security or combination of securities, each period from and including
a Distribution Date for such securities to but not including the next succeeding
Distribution Date for such securities.

     

    “Distributions” means, as to a
security or combination of securities, dividends, interest payments or other
income distributions to the holders thereof that are not Subsidiaries of the
Corporation.

     

    “Eligible Debt” means, at any
time, Eligible Subordinated Debt or, if no Eligible Subordinated Debt is then
outstanding, Eligible Senior Debt.  The Subordinated Debentures shall
not be considered “Eligible Debt” for purposes of this Replacement Capital
Covenant.

     

    “Eligible Senior Debt” means,
at any time in respect of any issuer, each series of the issuer’s
then-outstanding unsecured long-term indebtedness for money borrowed that (a)
upon a bankruptcy, liquidation, dissolution or winding up of the issuer, ranks
most senior among the issuer’s then outstanding classes of unsecured
indebtedness for money borrowed, (b) is then assigned a rating by at least one
NRSRO (provided that this clause (b) shall apply on a Redesignation Date only if
on such date the issuer has outstanding senior long-term indebtedness for money
borrowed that satisfies the requirements of clauses (a), (c) and (d) that is
then assigned a rating by at least one NRSRO), (c) has an outstanding principal
amount of not less than $100,000,000, and (d) was issued through or with the
assistance of a commercial or investment banking firm or firms acting as
underwriters, initial purchasers or placement or distribution
agents.  For purposes of this definition as applied to securities with
a CUSIP number, each issuance of long-term indebtedness for money borrowed that
has (or, if such indebtedness is held by a trust or other intermediate entity
established directly or indirectly by the issuer, the securities of such
intermediate entity that have) a separate CUSIP number shall be deemed to be a
series of the issuer’s long-term indebtedness for money borrowed that is
separate from each other series of such indebtedness.

     

    “Eligible Subordinated Debt”
means, at any time in respect of any issuer, each series of the issuer’s
then-outstanding unsecured long-term indebtedness for money borrowed that (a)
upon a bankruptcy, liquidation, dissolution or winding up of the issuer, ranks
senior to the Subordinated Debentures and subordinate to the issuer’s then
outstanding series of unsecured indebtedness for money borrowed that ranks most
senior, (b) is then assigned a rating by at least one NRSRO (provided that this
clause (b) shall apply on a Redesignation Date only if on such date the issuer
has outstanding subordinated long-term indebtedness for money borrowed that
satisfies the requirements in clauses (a), (c) and (d) that is then assigned a
rating by at least one NRSRO), (c) has an outstanding principal amount of not
less than $100,000,000, and (d) was issued through or with the assistance of a
commercial or investment banking firm or firms acting as underwriters, initial
purchasers or placement or distribution agents.  For purposes of this
definition as applied to securities with a CUSIP number, each issuance of
long-term indebtedness for money borrowed that has (or, if such indebtedness is
held by a trust or other intermediate entity established directly or indirectly
by the issuer, the securities of such intermediate entity have) a separate CUSIP
number shall be deemed to be a series of the issuer’s long-term indebtedness for
money borrowed that is separate from each other series of such
indebtedness.

     

    “Explicit Replacement
Covenant” means, as to any security or combination of securities, that
the issuer has made a covenant substantially similar to this Replacement Capital
Covenant to the effect that the issuer will redeem, defease or purchase, and any
Subsidiaries of the issuer will purchase, such securities only if and to the
extent that the applicable percentage of the net proceeds raised through the
issuance of specified replacement capital securities that have terms and
provisions at the time of redemption, defeasance or purchase that are as much or
more equity-like than the securities then being redeemed, defeased or purchased,
raised within 180 days prior to the applicable redemption, defeasance or
purchase date, and that the board of directors of the issuer has determined in
good faith and in the board’s reasonable discretion that such covenant is
binding on the issuer for the benefit of one or more series of the long-term
indebtedness for money borrowed of the issuer to the same extent as this
Replacement Capital Covenant is binding on the Corporation for the benefit of
the Holders of the Initial Covered Debt.

     

    “Form 8-K” means a Current
Report on Form 8-K filed with the Commission under the Securities Exchange Act,
and any successor report.

     

    “Form 10-K” means an Annual
Report on Form 10-K filed with the Commission under the Securities Exchange Act,
and any successor report.

     

    “Form 10-Q” means a Quarterly
Report on Form 10-Q filed with the Commission under the Securities Exchange Act,
and any successor report.

     

    “Holder” means, as to the
Covered Debt then in effect, each holder of such Covered Debt as reflected on
the securities register maintained by or on behalf of the Corporation with
respect to such Covered Debt.

     

    “Indenture” means the Junior
Subordinated Indenture, dated as of March 1, 2008, between the Corporation and
The Bank of New York, as trustee.

     

    “Initial Covered Debt” means
the Corporation’s 5.25% Senior Notes, Series D, due 2015 (CUSIP
025537AE1).

     

    “Intent-Based Replacement
Disclosure” means, as to any security or combination of securities
issued, directly or indirectly, that the issuer has publicly stated its
intention, either in the prospectus or other offering document under which such
security or combination of securities were initially offered for sale or in
filings with the Commission made by the issuer or an affiliate under the
Securities Exchange Act prior to or contemporaneously with the issuance of such
securities, that the issuer will redeem, purchase or defease, and any
Subsidiaries of the issuer will purchase, such securities only with net proceeds
raised from securities that have terms and provisions at the time of repayment,
redemption or purchase that are as or more equity-like than the securities then
being redeemed, purchased or defeased, and issued within 180 days prior to the
applicable redemption or purchase date.

     

    “Investor Screen” has the
meaning specified in Section 3(d).

     

    “Largest Subsidiary” means,
from time to time, the Subsidiary of the Corporation with the greatest total
assets that also has outstanding at least one series of Eligible Subordinated
Debt; provided, however, that if no Subsidiary of the Corporation has
outstanding a series of Eligible Subordinated Debt, this term shall mean the
Subsidiary of the Corporation with the greatest total assets that also has
outstanding at least one series of Eligible Senior Debt.

     

    “Mandatorily Convertible Preferred
Stock” means cumulative preferred stock of the Corporation with (a) no
prepayment obligation on the part of the issuer thereof, whether at the election
of the holders or otherwise, and (b) a requirement that the preferred stock
convert into Common Stock within three years from the date of its issuance for a
determinable number of shares or within a range established at the time of
issuance of the preferred stock, subject to customary anti-dilution
adjustments.

     

    “Mandatory Trigger Provision”
means, as to any security or combination of securities, provisions in the terms
thereof or in the related transaction agreements that (a) require, or at its
option in the case of perpetual Non-Cumulative Preferred Stock permit, the
issuer of such security or combination of securities to make payment of
Distributions on such securities only in connection with the issuance and sale
of APM Qualifying Securities, within two years of a failure to satisfy one or
more financial tests set forth in the terms of such securities or related
transaction agreements, in an amount such that the net proceeds of such sale at
least equal the amount of unpaid Distributions on such securities (including
without limitation all deferred and accumulated amounts) and in either case
requires the application of the net proceeds of such sale to pay such unpaid
Distributions; provided
that (i) such Mandatory Trigger Provision shall limit the issuance and sale of
Common Stock and Qualifying Warrants the proceeds of which may be applied to pay
such Distributions pursuant to such provision to the Common Cap, unless the
Mandatory Trigger Provision requires such issuance and sale within one year of
such failure, and (ii) the amount of Qualifying Preferred Stock and still
outstanding Mandatorily Convertible Preferred Stock the net proceeds of which
the issuer may apply to pay such Distributions pursuant to such provision may
not exceed the Preferred Cap, (b) in the case of securities other than perpetual
Non-Cumulative Preferred Stock, prohibit the issuer from purchasing any APM
Qualifying Securities, or any securities that rank pari passu with or junior to
APM Qualifying Securities, the proceeds of which were used to settle deferred
interest during the relevant deferral period prior to the date six months after
the issuer applies the net proceeds of the sales described in clause (a) to pay
such unpaid Distributions in full, (c) in the case of securities other than
perpetual Non-Cumulative Preferred Stock, include a Bankruptcy Claim Limitation
Provision and (d) if deferral of Distributions continues for more than one year
(or such shorter period as may be provided for in the terms of such securities),
prohibit the issuer of such securities from redeeming or purchasing any of its
securities ranking upon the liquidation, dissolution or winding up of the issuer
junior to or pari passu
with any APM Qualifying Securities the proceeds of which were used to settle
deferred Distributions during the relevant deferral period until at least one
year after all deferred Distributions have been paid.  For purposes of
this definition of Mandatory Trigger Provision, (1) the issuer will not be
obligated to issue (or use Commercially Reasonable Efforts to issue) any such
APM Qualifying Securities for so long as a Market Disruption Event has occurred
and is continuing; (2) if, due to a Market Disruption Event or otherwise, the
issuer is able to raise and apply some, but not all, of the eligible proceeds
necessary to pay all deferred Distributions on any Distribution Date, the issuer
will apply any available eligible proceeds to pay accrued and unpaid
Distributions on the applicable Distribution Date in chronological order subject
to the Common Cap, the Preferred Cap and the Share Cap (if any), as applicable;
and (3) if the issuer has outstanding more than one class or series of
securities under which it is obligated to sell a type of any such APM Qualifying
Securities and applies some part of the proceeds to the payment of deferred
Distributions, then on any date and for any period the amount of net proceeds
received by the issuer from those sales and available for payment of deferred
Distributions on such securities shall be applied to such securities on a pro
rata basis up to the Common Cap, the Preferred Cap and the Share Cap (if any),
as applicable, in proportion to the total amounts that are due on such
securities.  No remedy other than Permitted Remedies will arise by the
terms of such securities or related transaction agreements in favor of the
holders of such securities as a result of the issuer’s failure to pay
Distributions because of the Mandatory Trigger Provision or as a result of the
issuer’s exercise of its right under an Optional Deferral Provision until
Distributions have been deferred for one or more Distribution Periods that total
together at least ten years.

     

    “Market Disruption Event”
means the occurrence or existence of any of the following events or sets of
circumstances:

     

    (a)           trading
in securities generally, or in the securities of the issuer (or any Subsidiary
of the issuer that may issue securities in settlement of an Alternative Payment
Mechanism) specifically, on The New York Stock Exchange or any other national
securities exchange or over-the-counter market on which such securities are then
listed or traded shall have been suspended or the settlement of such trading
generally shall have been materially disrupted or minimum prices shall have been
established on any such exchange or market by the Commission, by the relevant
exchange or by any other regulatory body or governmental body having
jurisdiction, and the establishment of such minimum prices materially disrupts
or otherwise has a material adverse effect on trading in, or the issuance and
sale of, such securities;

     

    (b)           
the issuer (or a Subsidiary as specified in clause (a)) would be required to
obtain the consent or approval of its shareholders) or a regulatory body
(including, without limitation, any securities exchange) or governmental
authority to issue APM Qualifying Securities and the issuer (or a Subsidiary as
specified in clause (a)) fails to obtain that consent or approval
notwithstanding the commercially reasonable efforts of the issuer (or such
Subsidiary) to obtain that consent or approval or a regulatory authority
instructs the issuer (or a Subsidiary as specified in clause (a)) not to sell or
offer for sale such securities;

     

    (c)           
a banking moratorium shall have been declared by the federal or state
authorities of the United States and such moratorium materially disrupts or
otherwise has a material adverse effect on trading in, or the issuance and sale
of, APM Qualifying Securities;

     

    (d)           
a material disruption shall have occurred in commercial banking or securities
settlement or clearance services in the United States and such disruption
materially disrupts or otherwise has a material adverse effect on trading in, or
the issuance and sale of, APM Qualifying Securities;

     

    (e)           
the United States shall have become engaged in hostilities, there shall have
been an escalation in hostilities involving the United States, there shall have
been a declaration of a national emergency or war by the United States or there
shall have occurred any other national or international calamity or crisis and
such event materially disrupts or otherwise has a material adverse effect on
trading in, or the issuance and sale of, APM Qualifying Securities;

     

    (f)           
there shall have occurred such a material adverse change in general domestic or
international economic, political or financial conditions, including without
limitation as a result of terrorist activities, and such change materially
disrupts or otherwise has a material adverse effect on trading in, or the
issuance and sale of, APM Qualifying Securities;

     

    (g)           
an event occurs and is continuing as a result of which the offering document for
the offer and sale of the APM Qualifying Securities would, in the reasonable
judgment of the issuer (or a Subsidiary as specified in clause (a)), contain an
untrue statement of a material fact or omit to state a material fact required to
be stated in that offering document or necessary to make the statements in that
offering document not misleading and either (A) the disclosure of that event at
such time, in the reasonable judgment of the issuer (or a Subsidiary as
specified in clause (a)), would have a material adverse effect on the business
of the issuer (or a Subsidiary as specified in clause (a)) or (B) the disclosure
relates to a previously undisclosed proposed or pending material business
transaction, the disclosure of which would impede the ability of the issuer or
any Subsidiary to consummate that transaction, provided that no single
suspension period contemplated by this paragraph (g) shall exceed 90 consecutive
days and multiple suspension periods contemplated by this paragraph (g) shall
not exceed an aggregate of 180 days in any 360-day period; or

     

    (h)           
the issuer (or a Subsidiary as specified in clause (a)) reasonably believes, for
reasons other than those referred to in paragraph (g) above, that the offering
document for such offer and sale of APM Qualifying Securities would not be in
compliance with a rule or regulation of the Commission and the issuer (or a
Subsidiary as specified in clause (a)) is unable to comply with such rule or
regulation or such compliance is unduly burdensome, provided that no single
suspension period contemplated by this paragraph (h) shall exceed 90 consecutive
days and multiple suspension periods contemplated by this paragraph (h) shall
not exceed an aggregate of 180 days in any 360-day period.

     

    The
definition of “Market
Disruption Event,” or similar words, as used in any Replacement Capital
Securities, may include less than all of the paragraphs outlined above, as
determined by the Corporation at the time of issuance of such securities, and in
the case of clauses (a), (b), (c) and (d), as applicable to a circumstance where
the Corporation (or a Subsidiary as specified in clause (a)) would otherwise
endeavor to issue preferred stock, shall be limited to circumstances affecting
markets where the Corporation’s (or such Subsidiary’s) preferred stock trades or
where a listing for its trading is being sought.

     

    “Market Value” means, on any
date, the closing sale price per share of Common Stock (or if no closing sale
price is reported, the average of the bid and ask prices or, if more than one in
either case, the average of the average bid and the average ask prices) on that
date as reported in composite transactions by The New York Stock Exchange or, if
the Common Stock is not then listed on The New York Stock Exchange, as reported
by the principal U.S. securities exchange on which the Common Stock is traded or
quoted; if the Common Stock is not either listed or quoted on any U.S.
securities exchange on the relevant date, the Market Value will be the average
of the mid-point of the bid and ask prices for the Common Stock on the relevant
date submitted by at least three nationally recognized independent investment
banking firms selected by the Corporation for this purpose.

     

    “Measurement Period” with
respect to any redemption, purchase or defeasance of Subordinated Debentures,
means the period (i) beginning on the date that is 180 days prior to the date of
delivery of notice of such redemption (such date of delivery, the “notice date”) or the date of
such purchase or defeasance and (ii) ending on such notice date or the date of
such purchase or defeasance.  Measurement Periods cannot run
concurrently.

     

    “Most Junior Subordinated
Debt” means debt securities of the Corporation that rank upon the
Corporation’s liquidation, dissolution or winding-up junior to all of the
Corporation’s other long-term indebtedness for money borrowed (other than the
Corporation’s long-term indebtedness for money borrowed from time to time
outstanding that by its terms ranks pari passu with such
securities) and pari
passu with the claims of the Corporation’s trade creditors.  As
of the date hereof, the term “Most Junior Subordinated Debt” shall include the
Subordinated Debentures.

     

    “Non-Cumulative” means, with
respect to any securities, that the issuer thereof may elect not to make any
number of periodic Distributions without any remedy arising under the terms of
the securities or related agreements in favor of the holders, other than one or
more Permitted Remedies.

     

    “Non-Cumulative Preferred
Stock” means preferred or preference stock having Distributions which may
be skipped by the issuer thereof for any number of Distribution Periods without
any remedy arising under the terms of such securities or related transaction
agreements in favor of the holders of such securities as a result of such
issuer’s failure to pay Distributions, other than Permitted
Remedies.

     

    “No Payment Provision” means a
provision or provisions in the transaction documents for securities (referred to
in this definition as “such
securities”) that include the following:

     

    (a)           an
Alternative Payment Mechanism; and

     

    
      	
               
      

            	
              (b)

            	
              an
      Optional Deferral Provision modified and supplemented from the general
      definition of that term to provide that the issuer of such securities may,
      in its sole discretion, defer in whole or in part payment of Distributions
      on such securities for one or more consecutive Distribution periods of up
      to five years or, if a Market Disruption Event has occurred and is
      continuing, ten years, without any remedy other than Permitted Remedies
      and the obligations (and limitations on obligations) described in the
      definition “Alternative Payment Mechanism”
  applying.

            

    

     

    “NRSRO” means a nationally
recognized statistical rating organization as such term is used under the
Securities Exchange Act.

     

    “Optional Deferral Provision”
means, as to any security or combination of securities, a provision in the terms
thereof or of the related transaction agreements, to the effect that the issuer
thereof may, in its sole discretion, defer in whole or in part payment of
Distributions on such securities for one or more consecutive Distribution
Periods of up to ten years without any remedy other than Permitted Remedies as a
result of such issuer’s failure to pay Distributions.

     

    “Permitted Remedies” means, as
to any security or combination of securities, any one or more of the following
remedies:

     

    (a)           
rights in favor of the holders of such securities permitting such holders to
elect one or more directors of the issuer (including any such rights required by
the listing requirements of any stock or securities exchange on which such
securities may be listed or traded); and

     

    (b)           
complete or partial prohibitions on the issuer paying Distributions on or
repurchasing Common Stock or other securities that rank pari passu with or junior as
to Distributions to such securities for so long as Distributions on such
securities, including deferred Distributions, have not been paid in full or to
such lesser extent as may be specified in the terms of such
securities.

     

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

     

    “Preferred Cap” has the
meaning specified in the definition of Alternative Payment
Mechanism.

     

    “Purchase Restriction” has the
meaning specified in the definition of Alternative Payment
Mechanism.

     

    “Qualifying Capital
Securities” means securities (other than Common Stock, Rights to acquire
Common Stock, Mandatorily Convertible Preferred Stock and Debt Exchangeable for
Equity) that rank pari
passu with or junior to the Most Junior Subordinated Debt of the
Corporation upon its liquidation, dissolution or winding up, that, in the
determination of the Corporation’s Board of Directors reasonably construing the
definitions and other terms of this Replacement Capital Covenant, meet one of
the following criteria:

     

    (a)           in
connection with any redemption, defeasance or purchase of Subordinated
Debentures prior to the Stepdown Date:

     

    (i)           
securities issued by the Corporation or its Subsidiaries that (A) have no
maturity or a maturity of at least 51 years and (B) either (x) are subject to an
Explicit Replacement Covenant and are (I) Non-Cumulative or (II) have a No
Payment Provision or (y) have a Mandatory Trigger Provision and an Optional
Deferral Provision and are subject to Intent-Based Replacement
Disclosure;

     

    (ii)           
securities issued by the Corporation or its Subsidiaries that (A) have no
maturity or a maturity of at least 31 years, (B) are subject to an Explicit
Replacement Covenant, (C) have an Optional Deferral Provision and (D) have a
Mandatory Trigger Provision;

     

    (iii)           
securities issued by the Corporation or its Subsidiaries that (A) have no
maturity or a maturity of at least 51 years, (B) are subject to an Explicit
Replacement Covenant and (C) have an Optional Deferral Provision;

     

    (iv)           securities
issued by the Corporation or its Subsidiaries that (A) have no maturity or a
maturity of at least 51 years, (B) are subject to Intent-Based Replacement
Disclosure and (C) are Non-Cumulative or have a No Payment
Provision;

     

    (v)           securities
issued by the Corporation or its Subsidiaries that (A) have no maturity or a
maturity of at least 51 years, (B) have an Optional Deferral Provision and (C)
have a Mandatory Trigger Provision;

     

    (vi)           
securities issued by the Corporation or its Subsidiaries that (A) have no
maturity or a maturity of at least 31 years, (B) are subject to an Explicit
Replacement Covenant and (C) are Non-Cumulative or have a No Payment
Provision;

     

    (vii)           securities
issued by the Corporation or its Subsidiaries that (A) either (x) have no
maturity or a maturity of at least 31 years and are subject to Intent-Based
Replacement Disclosure or (y) have no maturity or a maturity of at least 21
years and are subject to an Explicit Replacement Covenant, (B) have an Optional
Deferral Provision and (C) have a Mandatory Trigger Provision; or

     

    (viii)           
any other preferred stock issued by the Corporation that (A) has no prepayment
obligation on the part of the issuer thereof, whether at the election of the
holders or otherwise, (B) has no maturity or a maturity of at least 51 years and
(C) is subject to an Explicit Replacement Covenant;

     

    (b)           in
connection with any redemption, defeasance or purchase of the Subordinated
Debentures on or after the Stepdown Date:

     

    (i)           all
securities described under clause (a) of this definition;

     

    (ii)           securities
issued by the Corporation or its Subsidiaries that (A) have no maturity or a
maturity of at least 51 years, (B) are subject to Intent-Based Replacement
Disclosure and (C) have an Optional Deferral Provision;

     

    (iii)           securities
issued by the Corporation or its Subsidiaries that (A) have no maturity or a
maturity of at least 31 years, (B) are subject to an Explicit Replacement
Covenant and (C) have an Optional Deferral Provision;

     

    (iv)           securities
issued by the Corporation or its Subsidiaries that (A) either (x) have no
maturity or a maturity of at least 31 years and are subject to Intent-Based
Replacement Disclosure or (y) have no maturity or a maturity of at least 21
years and are subject to an Explicit Replacement Covenant and (B) are
Non-Cumulative or have a No Payment Provision;

     

    (v)           securities
issued by the Corporation or its Subsidiaries that (A) have no maturity or a
maturity of at least 21 years, (B) are subject to Intent-Based Replacement
Disclosure, (C) have an Optional Deferral Provision and (D) have a Mandatory
Trigger Provision; or

     

    (vi)           any
other preferred stock issued by the Corporation that (A) has no prepayment
obligation on the part of the issuer thereof, whether at the election of the
holders or otherwise and (B) either (x) has no maturity or a maturity of at
least 51 years and is subject to Intent-Based Replacement Disclosure or (y) has
no maturity or a maturity of at least 31 years and is subject to an Explicit
Replacement Covenant.

     

     “Qualifying Preferred Stock”
means non-cumulative perpetual preferred stock of the Corporation that (a) ranks
pari passu with or
junior to all other preferred stock of the Corporation, and (b) either (x) is
subject to a Explicit Replacement Capital Covenant or (y) is subject to
Intent-Based Replacement Disclosure and has a provision that provides for
mandatory suspension of Distributions upon its failure to satisfy one or more
financial tests set forth therein, and (c) as to which the transaction documents
provide for no remedies as a consequence of non-payment of dividends other than
Permitted Remedies.

     

    “Qualifying Warrants” means
net share settled warrants to purchase Common Stock that have an exercise price
greater than the current Market Value of the issuer’s Common Stock as of their
date of issuance, that do not entitle the issuer to redeem for cash and the
holders of such warrants are not entitled to require the issuer to repurchase
for cash in any circumstance.

     

    “Redesignation Date” means, as
to the then-effective Covered Debt, the earliest of (a) the date that is two
years prior to the final maturity date of such Covered Debt, (b) if the
Corporation elects to redeem or defease, or the Corporation or a majority-owned
Subsidiary of the Corporation elects to purchase, such Covered Debt either in
whole or in part with the consequence that after giving effect to such
redemption, defeasance or purchase the outstanding principal amount of such
Covered Debt is less than $100,000,000, the applicable redemption, defeasance or
purchase date and (c) if the then-outstanding Covered Debt is not Eligible
Subordinated Debt, the date on which the Corporation issues long-term
indebtedness for money borrowed that is Eligible Subordinated Debt.

     

    “Replacement Capital Covenant”
has the meaning specified in the introduction to this instrument.

     

    “Replacement Capital
Securities” means securities that meet one or more of the following
criteria in the determination of the Board of Directors reasonably construing
the definitions and other terms of this Replacement Capital
Covenant:

     

    (a)           Common
Stock or rights to acquire Common Stock (including Common Stock or rights to
acquire Common Stock issued pursuant to the Corporation’s dividend reinvestment
plan, direct share purchase program or employee benefit plans);

     

    (b)           Debt
Exchangeable for Equity;

     

    (c)           Mandatorily
Convertible Preferred Stock; and

     

    (d)           Qualifying
Capital Securities.

     

    “Rights to acquire Common
Stock” includes any right to acquire Common Stock, including any right to
acquire Common Stock pursuant to a stock purchase plan or employee benefit
plan.  Rights to acquire Common Stock shall include Qualifying
Warrants.

     

    “Securities Exchange Act”
means the Securities Exchange Act of 1934, as amended.

     

    “Share Cap” has the meaning
specified in the definition of Alternative Payment Mechanism.

     

    “Stepdown Date” means the date
that is 50 years prior to the maturity date, as extended, of the Subordinated
Debentures, subject to the following provisos: (i) that the Stepdown Date for
any Subordinated Debenture(s) for which a notice of redemption has been
delivered shall be the date that is 50 years prior to the maturity date of the
Subordinated Debenture(s) as of the date such notice of redemption was delivered
and (ii) that if a redemption of such Subordinated Debenture(s) is not
effectuated by the redemption date contained in such notice, provisio (i) shall
have no effect.

     

    “Subordinated Debentures” has
the meaning specified in Recital A.

     

    “Subsidiary” means, at any
time, any Person the shares of stock or other ownership interests of which
having ordinary voting power to elect a majority of the board of directors or
other managers of such Person are at the time owned, or the management or
policies of which are otherwise at the time controlled, directly or indirectly
through one or more intermediaries (including other Subsidiaries) or both, by
another Person.

     

    “Termination Date” has the
meaning specified in Section 4(a).

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