<SEC-DOCUMENT>0001206774-17-001013.txt : 20170330
<SEC-HEADER>0001206774-17-001013.hdr.sgml : 20170330
<ACCEPTANCE-DATETIME>20170330131003
ACCESSION NUMBER:		0001206774-17-001013
CONFORMED SUBMISSION TYPE:	S-3
PUBLIC DOCUMENT COUNT:		9
FILED AS OF DATE:		20170330
DATE AS OF CHANGE:		20170330

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SOUTHERN FIRST BANCSHARES INC
		CENTRAL INDEX KEY:			0001090009
		STANDARD INDUSTRIAL CLASSIFICATION:	NATIONAL COMMERCIAL BANKS [6021]
		IRS NUMBER:				582459561
		STATE OF INCORPORATION:			SC
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-217031
		FILM NUMBER:		17724704

	BUSINESS ADDRESS:	
		STREET 1:		100 VERDAE BOULEVARD
		STREET 2:		SUITE 100
		CITY:			GREENVILLE
		STATE:			SC
		ZIP:			29607
		BUSINESS PHONE:		8646799000

	MAIL ADDRESS:	
		STREET 1:		100 VERDAE BOULEVARD
		STREET 2:		SUITE 100
		CITY:			GREENVILLE
		STATE:			SC
		ZIP:			29607

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GREENVILLE FIRST BANCSHARES INC
		DATE OF NAME CHANGE:	19990707
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-3
<SEQUENCE>1
<FILENAME>sfb3234121-s3.htm
<DESCRIPTION>REGISTRATION STATEMENT FOR SPECIFIED TRANSACTIONS BY CERTAIN ISSUERS
<TEXT>

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<P align=center><FONT face="Times New Roman" size=2>As filed with the U.S.
Securities and Exchange Commission on March 30, 2017 </FONT></P>
<P align=right><FONT face="Times New Roman" size=2>Registration Statement No.
333- </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=5>UNITED STATES
<BR></FONT></B><B><FONT face="Times New Roman" size=5>SECURITIES AND EXCHANGE
COMMISSION <BR></FONT></B><B><FONT face="Times New Roman">Washington, D.C. 20549
<BR></FONT></B><FONT face="Times New Roman" size=2>_______________________
</FONT></P>
<P align=center><B><FONT face="Times New Roman" size=5>Form S-3
<BR></FONT></B><B><FONT face="Times New Roman" size=5>REGISTRATION STATEMENT
<BR></FONT></B><B><I><FONT face="Times New Roman">UNDER
<BR></FONT></I></B><B><I><FONT face="Times New Roman">THE SECURITIES ACT OF
1933<BR></FONT></I></B><FONT face="Times New Roman" size=2>_______________________ </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=5>SOUTHERN FIRST
BANCSHARES, INC. <BR></FONT></B><FONT face="Times New Roman" size=2>(Exact name
of registrant as specified in its charter)
<BR>_______________________<BR><BR></FONT></P>
<DIV align=center>
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    <TD noWrap style="text-align: center" width="48%"><B><FONT face="Times New Roman" size=2>South Carolina</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap style="text-align: center" width="51%"><B><FONT face="Times New Roman" size=2>58-2459561</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="48%"><FONT face="Times New Roman" size=2>(State or other jurisdiction of</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="51%"><FONT face="Times New Roman" size=2>(I.R.S. Employer Identification</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="48%"><FONT face="Times New Roman" size=2>incorporation or organization)</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="51%"><FONT face="Times New Roman" size=2>Number)</FONT></TD></TR></TABLE></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>100 Verdae Boulevard,
Suite 100<BR>Greenville, South Carolina 29606<BR>(800) 679-9000
<BR></FONT></B><FONT face="Times New Roman" size=2>(Address, including zip code,
and telephone number,<BR>including area code, of registrant&#146;s principal
executive offices) </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>R. Arthur Seaver,
Jr.<BR>Chief Executive Officer<BR>Southern First Bancshares, Inc.<BR>100 Verdae
Boulevard, Suite 100<BR>Greenville, South Carolina 29606<BR>(800)
679-9000<BR></FONT></B><FONT face="Times New Roman" size=2>(Name, address,
including zip code, and telephone number,<BR>including area code, of agent for
service) </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>Copies to: </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>Neil E.
Grayson<BR>Benjamin A. Barnhill <BR></FONT></B><B><FONT face="Times New Roman" size=2>Nelson Mullins Riley &amp; Scarborough LLP<BR>104 South Main Street,
Suite 900<BR>Greenville, South Carolina 29601<BR>(864) 250-2235 </FONT></B></P>
<P align=left style="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Approximate date of
commencement of proposed sale to the public: </FONT></B><FONT face="Times New Roman" size=2>From time to time after the effective date of this
registration statement. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>1</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>If
the only securities being registered on this Form are being offered pursuant to
dividend or interest reinvestment plans, please check the following
box. </FONT><FONT face="Times New Roman" size=2>&#9744;</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>If
any of the securities being registered on this Form are to be offered on a
delayed or continuous basis pursuant to Rule 415 under the Securities Act of
1933, other than securities offered only in connection with dividend or interest
reinvestment plans, check the following box. &#9745;</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>If
this Form is filed to register additional securities for an offering pursuant to
Rule 462(b) under the Securities Act, check the following box and list the
Securities Act registration statement number of the earlier effective
registration statement for the same offering. </FONT><FONT face="Times New Roman" size=2>&#9744;</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>If
this Form is a post-effective amendment filed pursuant to Rule 462(c) under the
Securities Act, check the following box and list the Securities Act registration
statement number of the earlier effective registration statement for the same
offering. </FONT><FONT face="Times New Roman" size=2>&#9744;</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>If
this Form is a registration statement pursuant to General Instruction I.D. or a
post-effective amendment thereto that shall become effective upon filing with
the Commission pursuant to Rule 462(e) under the Securities Act, check the
following box. </FONT><FONT face="Times New Roman" size=2>&#9744;</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>If
this Form is a post-effective amendment to a registration statement filed
pursuant to General Instruction I.D. filed to register additional securities or
additional classes of securities pursuant to Rule 413(b) under the Securities
Act, check the following box. </FONT><FONT face="Times New Roman" size=2>&#9744;</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer, or a smaller reporting
company. See the definitions of &#147;large accelerated filer,&#148; &#147;accelerated filer&#148;
and &#147;smaller reporting company&#148; in Rule 12b-2 of the Exchange Act. (Check one):
</FONT></P>
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  <TR vAlign=bottom>
    <TD noWrap align=left width="30%" >&nbsp;</TD>
    <TD noWrap align=left width="6%"><FONT face="Times New Roman" size=2>Large
      accelerated filer&nbsp; </FONT></TD>
    <TD noWrap align=left width="30%"><FONT face="Times New Roman" size=2>&#9744;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Accelerated filer</FONT></TD>
    <TD noWrap align=left width="49%"><FONT face="Times New Roman" size=2>&#9746;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="23%" ></TD>
    <TD noWrap align=left width="6%"><FONT face="Times New Roman" size=2>Non-accelerated filer</FONT></TD>
    <TD noWrap align=left width="20%"><FONT face="Times New Roman" size=2>&#9744;</FONT></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Smaller reporting company&nbsp;</FONT></TD>
    <TD noWrap align=left width="49%"><FONT face="Times New Roman" size=2>&#9744;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="49%"  colSpan=3><FONT face="Times New Roman" size=2>(Do not check if a smaller reporting
      company)</FONT></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="49%"></TD></TR></TABLE><BR>
<P align=center><B><FONT face="Times New Roman" size=2>CALCULATION OF
REGISTRATION FEE </FONT></B></P>
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  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border: #000000 1pt solid; padding: 2pt 4pt; text-align: center; width: 20%"><B><FONT face="Times New Roman" size=2>Title of Each Class of<BR>Securities to
      be<BR>Registered</FONT></B></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; padding: 2pt 4pt; border-top: #000000 1pt solid; text-align: center; width: 20%"><B><FONT face="Times New Roman" size=2>Amount to be<BR>Registered (1)</FONT></B></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; padding: 2pt 4pt; border-top: #000000 1pt solid; text-align: center; width: 20%"><B><FONT face="Times New Roman" size=2>Proposed<BR>Maximum Offering<BR>Price Per
      Security<BR>(2)</FONT></B></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; padding: 2pt 4pt; border-top: #000000 1pt solid; text-align: center; width: 20%"><B><FONT face="Times New Roman" size=2>Proposed<BR>Maximum<BR>Aggregate<BR>Offering Price
      (3)</FONT></B></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; padding: 2pt 4pt; border-top: #000000 1pt solid; text-align: center; width: 20%"><B><FONT face="Times New Roman" size=2>Amount of<BR>Registration Fee</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; padding: 2pt 4pt; text-align: left; width: 20%"><B><FONT face="Times New Roman" size=2>Debt Securities (6)</FONT></B></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; padding: 2pt 4pt; text-align: left; width: 20%"></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; padding: 2pt 4pt; text-align: left; width: 20%"></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; padding: 2pt 4pt; text-align: left; width: 20%"></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; padding: 2pt 4pt; text-align: left; width: 20%"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; padding: 2pt 4pt; text-align: left; width: 20%"><B><FONT face="Times New Roman" size=2>Preferred Stock, par<BR>value $0.01 per share</FONT></B></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; padding: 2pt 4pt; text-align: left; width: 20%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; padding: 2pt 4pt; text-align: left; width: 20%"></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; padding: 2pt 4pt; text-align: left; width: 20%"></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; padding: 2pt 4pt; text-align: left; width: 20%"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; padding: 2pt 4pt; text-align: left; width: 20%"><B><FONT face="Times New Roman" size=2>Depositary Shares</FONT></B></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; padding: 2pt 4pt; text-align: left; width: 20%"></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; padding: 2pt 4pt; text-align: left; width: 20%"></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; padding: 2pt 4pt; text-align: left; width: 20%"></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; padding: 2pt 4pt; text-align: left; width: 20%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; padding: 2pt 4pt; text-align: left; width: 20%"><B><FONT face="Times New Roman" size=2>Common Stock, par<BR>value $0.01 per share</FONT></B></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; padding: 2pt 4pt; text-align: left; width: 20%"></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; padding: 2pt 4pt; text-align: left; width: 20%"></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; padding: 2pt 4pt; text-align: left; width: 20%"></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; padding: 2pt 4pt; text-align: left; width: 20%"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; padding: 2pt 4pt; text-align: left; width: 20%"><B><FONT face="Times New Roman" size=2>Purchase Contracts</FONT></B></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; padding: 2pt 4pt; text-align: left; width: 20%"></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; padding: 2pt 4pt; text-align: left; width: 20%">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; padding: 2pt 4pt; text-align: left; width: 20%"></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; padding: 2pt 4pt; text-align: left; width: 20%"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; padding: 2pt 4pt; text-align: left; width: 20%"><B><FONT face="Times New Roman" size=2>Units</FONT></B></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; padding: 2pt 4pt; text-align: left; width: 20%"></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; padding: 2pt 4pt; text-align: left; width: 20%"></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; padding: 2pt 4pt; text-align: left; width: 20%"></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; padding: 2pt 4pt; text-align: left; width: 20%"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; padding: 2pt 4pt; text-align: left; width: 20%"><B><FONT face="Times New Roman" size=2>Warrants</FONT></B></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; padding: 2pt 4pt; text-align: left; width: 20%"></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; padding: 2pt 4pt; text-align: left; width: 20%"></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; padding: 2pt 4pt; text-align: left; width: 20%"></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; padding: 2pt 4pt; text-align: left; width: 20%"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; padding: 2pt 4pt; text-align: left; width: 20%"><B><FONT face="Times New Roman" size=2>Rights</FONT></B></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; padding: 2pt 4pt; text-align: center; width: 20%"></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; padding: 2pt 4pt; text-align: center; width: 20%"></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; padding: 2pt 4pt; text-align: center; width: 20%"></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; padding: 2pt 4pt; text-align: center; width: 20%"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; padding: 2pt 4pt; text-align: left; width: 20%"><B><FONT face="Times New Roman" size=2>Total</FONT></B></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; padding: 2pt 4pt; text-align: center; width: 20%"><B><FONT face="Times New Roman" size=2>$50,000,000</FONT></B></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; padding: 2pt 4pt; text-align: center; width: 20%"><B><FONT face="Times New Roman" size=2>100%</FONT></B></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; padding: 2pt 4pt; text-align: center; width: 20%"><B><FONT face="Times New Roman" size=2>$50,000,000 (4)</FONT></B></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; padding: 2pt 4pt; text-align: center; width: 20%"><B><FONT face="Times New Roman" size=2>$5,795
(5)</FONT></B></TD></TR></TABLE><DIV>____________________</DIV><BR>
<P align=center><FONT face="Times New Roman" size=2>2</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
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  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>An
      unspecified aggregate initial offering price and number of securities of
      each identified class is being registered as may from time to time be
      offered at unspecified prices. Also includes an indeterminate number of
      shares of common stock, preferred stock, warrants, purchase contracts,
      depositary shares, rights and units, and such indeterminate principal
      amount of senior debt securities and subordinated debt securities as may
      be issued by the registrant upon exercise, conversion or exchange of any
      securities that provide for such issuance, or that may from time to time
      become issuable by reason of any stock split, stock dividend or similar
      transaction, for which no separate consideration will be received by
      registrant. In no event will the aggregate offering price of all types of
      securities issued by the registrant pursuant to this registration
      statement exceed $50,000,000. Any securities registered hereunder may be
      sold separately or together with other securities registered hereunder.
      Includes an indeterminate number of depositary shares evidenced by
      depositary receipts as may be issued in the event that Southern First
      Bancshares, Inc. elects to offer fractional interests in its preferred
      stock registered hereby. Pursuant to Rule 457(n), no additional
      registration fee is payable in respect of the registration of the
      guarantee.<BR>&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(2)</FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>The
      proposed maximum offering price per unit of security will be determined by
      Southern First Bancshares, Inc., from time to time, in connection with the
      issuance by the registrant of the securities registered hereunder and has
      been omitted pursuant to General Instruction II.D of Form S-3 under the
      Securities Act of 1933.<BR>&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(3)</FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>The
      proposed maximum aggregate offering price per class of security will be
      determined from time to time by Southern First Bancshares, Inc. in
      connection with the issuance by Southern First Bancshares, Inc. of the
      securities registered hereunder and has been omitted pursuant to General
      Instruction II.D of Form S-3 under the Securities Act of
      1933.<BR>&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(4)</FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>Estimated
      for the sole purpose of computing the registration fee pursuant to Rule
      457(o) under the Securities Act of 1933.<BR>&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(5)</FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>Calculated
      pursuant to Rule 457(o) of the Securities Act of
  1933.<BR>&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(6)</FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>May
      consist of one or more series of senior or subordinated
  debt.</FONT></TD></TR></TABLE>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>The Registrant hereby
amends this Registration Statement on such date or dates as may be necessary to
delay its effective date until the Registrant shall file a further amendment
which specifically states that this Registration Statement shall thereafter
become effective in accordance with Section 8(a) of the Securities Act of 1933
or until this Registration Statement shall become effective on such date as the
Securities and Exchange Commission acting pursuant to said Section 8(a) may
determine.</FONT></B></P>
<P align=center><FONT face="Times New Roman" size=2>3</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><B><FONT face="Times New Roman" color=red size=2>The information
in this Prospectus is not complete and may be changed. This Prospectus is
included in a registration statement that we filed with the Securities and
Exchange Commission. We may not sell these securities until the registration
statement filed with the Securities and Exchange Commission is effective. This
Prospectus is not an offer to sell these securities and is not soliciting an
offer to buy these securities in any state where the offer or sale is not
permitted. </FONT></B></P>
<P align=center><B><FONT face="Times New Roman" color=red size=2>Subject to
Completion <BR></FONT></B><B><FONT face="Times New Roman" color=red size=2>Preliminary Prospectus dated March 30, 2017 </FONT></B></P>
<P align=left><B><FONT face="Times New Roman" size=2>PROSPECTUS</FONT></B></P>
<P align=center><IMG src="sfb3234121-s31x4x1.jpg" border=0></P>
<P align=center><B><FONT face="Times New Roman">$50,000,000<BR>Debt
Securities<BR>Preferred Stock<BR>Depositary Shares<BR>Common Stock<BR>Purchase
Contracts<BR>Units<BR>Warrants<BR>Rights <BR>___________________</FONT></B></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>We
may offer and sell, from time to time, in one or more offerings, any combination
of debt and equity securities that we describe in this prospectus. The aggregate
amount of the securities offered by us under this prospectus will not exceed
$50,000,000. We will provide the specific terms of these securities in
supplements to this prospectus. You should read this prospectus and the
applicable prospectus supplement carefully before you invest in the securities
described in the applicable prospectus supplement. This prospectus may not be
used to consummate sales of securities unless accompanied by a prospectus
supplement. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>Shares of our common stock are traded on the NASDAQ Global Market under
the symbol &#147;SFST&#148;. The closing sale price of our common stock as reported on the
NASDAQ Global Market on March 29, 2017 was $33.05 per share. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>We
may sell the securities to underwriters or dealers, through agents, or directly
to investors, or a combination of these methods. We will set forth the names of
any underwriters or agents, any applicable commissions, discounts or other
compensation thereof, in the applicable prospectus supplement. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><B><FONT face="Times New Roman" size=2>Neither the Securities and Exchange Commission nor any state securities
commission has approved or disapproved of these securities or passed upon the
adequacy of this prospectus. Any representation to the contrary is a criminal
offense in the United States.</FONT></B></P>
<P style="TEXT-INDENT: 15pt" align=left><B><FONT face="Times New Roman" size=2>These securities are unsecured and are not deposits and are not insured
by the Federal Deposit Insurance Corporation or any other governmental agency.
</FONT></B></P>
<P align=center><FONT face="Times New Roman" size=2>4</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P style="TEXT-INDENT: 15pt" align=left><B><FONT face="Times New Roman" size=2>Investing in our securities involves a high degree of risk. See the
section &#147;Risk Factors&#148; on page 3 of this prospectus, as well as in any
supplements to this prospectus, and the risk factors incorporated herein from
time to time by reference to our most recent Annual Report on Form 10-K and our
most recent Quarterly Report on Form 10-Q.</FONT></B></P>
<DIV align=center><B><FONT face="Times New Roman">___________________</FONT></B></DIV>
<P align=center><FONT face="Times New Roman" size=2>This prospectus is
dated&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
, 2017. </FONT></P>

<P align=center><FONT face="Times New Roman" size=2>5</FONT></P>

<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>TABLE OF CONTENTS
</FONT></B></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="98%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>About this Prospectus</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>1</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%"><FONT face="Times New Roman" size=2>Consolidated Ratio of Earnings to
      Fixed Charges</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>2</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Incorporation of Certain Information by Reference</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>3</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%"><FONT face="Times New Roman" size=2>Risk Factors</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>4</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Special Note Regarding Forward-Looking Statements</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>5</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%"><FONT face="Times New Roman" size=2>Prospectus Summary</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>7</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Southern First Bancshares, Inc.</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>9</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%"><FONT face="Times New Roman" size=2>Use of Proceeds</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>9</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Plan
      of Distribution</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>9</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%"><FONT face="Times New Roman" size=2>Description of Debt
      Securities</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>12</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Description of Preferred Stock</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>18</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%"><FONT face="Times New Roman" size=2>Description of Depositary
      Shares</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>21</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Description of Common Stock</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>24</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%"><FONT face="Times New Roman" size=2>Description of Purchase
      Contracts</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>25</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Description of Units</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>26</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%"><FONT face="Times New Roman" size=2>Description of Warrants</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>26</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Description of Rights</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>27</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%"><FONT face="Times New Roman" size=2>Anti-Takeover Effects of Certain
      Articles of Incorporation Provisions</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>29</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Validity of Securities</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>30</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%"><FONT face="Times New Roman" size=2>Experts</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>30</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="98%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Where You Can Find More Information</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>30</FONT></TD></TR></TABLE><BR>
<P align=center><FONT face="Times New Roman" size=2>i</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>ABOUT THIS
PROSPECTUS</FONT></B></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>This
prospectus is a part of a registration statement that we filed with the
Securities and Exchange </FONT><FONT face="Times New Roman" size=2>Commission
(&#147;SEC&#148;) using a &#147;shelf&#148; registration process. Under this shelf registration
statement, we may issue and sell to the public, either separately or together,
any part or all of the securities described in the registration statement, at
any time and from time to time, in one or more public offerings, up to an
aggregate amount of $50,000,000 million of our debt securities, preferred stock,
depositary shares, common stock, purchase contracts, units, warrants, or rights
consisting of two or more securities. We may also issue common stock or
preferred stock upon conversion, exchange or exercise of any of the securities
mentioned above. This prospectus only provides you with a general description of
the securities we may offer. Each time we sell securities, we will provide a
supplement to this prospectus that contains specific information about the terms
of the securities and the offering. A prospectus supplement may include a
discussion of any risk factors or other special considerations applicable to
those securities or to us. The supplement also may add, update or change
information contained in this prospectus. If there is any inconsistency between
the information in this prospectus and the applicable prospectus supplement, you
should rely on the information in the prospectus supplement. You should
carefully read both this prospectus and any prospectus supplement, any documents
that we incorporate by reference in this prospectus and/or in any prospectus
supplement, together with the additional information described under the heading
&#147;Where You Can Find More Information&#148; before making an investment decision.
</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>The
registration statement containing this prospectus, including exhibits to the
registration statement, provides additional information about us and the
securities offered under this prospectus. That registration statement can be
read at the SEC website or at the SEC office mentioned under the heading &#147;Where
You Can Find More Information&#148; below. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>We
may sell the securities (a) through agents; (b) through underwriters or dealers;
(c) directly to one or more purchasers; or (d) through a combination of any of
these methods of sale. We and our agents reserve the sole right to accept and to
reject in whole or in part any proposed purchase of securities. See &#147;Plan of
Distribution&#148; below. A prospectus supplement (or pricing supplement) will
provide the names of any underwriters, dealers, or agents involved in the sale
of the securities, and any applicable fee, commission, or discount arrangements
with them.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>You should rely only on the
information contained in this prospectus, any prospectus supplement (or pricing
supplement) and the documents we have incorporated by reference. We will
disclose any material changes in our affairs in an amendment to this prospectus,
a prospectus supplement (or pricing supplement) or a future filing with the SEC
incorporated by reference in this prospectus. No person has been authorized to
give any information or to make any representations other than those contained
or incorporated in this prospectus and, if given or made, such information or
representations must not be relied upon as having been authorized. This
prospectus does not constitute an offer to sell or a solicitation of an offer to
sell or to buy any securities other than those to which it relates, or an offer
or solicitation with respect to those securities to which it relates to any
persons in any jurisdiction where such offer or solicitation would be unlawful.
The delivery of this prospectus at any time does not imply that the information
contained or incorporated herein at its date is correct as of any time
subsequent to its date.</FONT></B></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>Unless the context requires otherwise, references to &#147;Southern First
Bancshares, Inc.&#148;, the &#147;Company&#148;, &#147;we&#148;, &#147;our&#148;, &#147;ours&#148; and &#147;us&#148; are to Southern
First Bancshares, Inc. and its subsidiaries.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>1</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>CONSOLIDATED RATIO OF
EARNINGS TO FIXED CHARGES </FONT></B></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>The
table below sets forth our consolidated ratio of earnings to fixed charges for
the periods indicated on a historical basis. As of the date of this prospectus,
we did not have any preferred stock outstanding. The following table should be
read in conjunction with our consolidated financial statements and related notes
and Management&#146;s Discussion and Analysis of Financial Condition and Results of
Operations included in our Form 10-K, which is incorporated by reference herein.
For further information, also see Exhibit 12.1 (Computation of Ratio of Earnings
to Fixed Charges) to the registration statement of which this prospectus forms a
part. </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="84%"><FONT face="Times New Roman" size=2>Excluding Interest on Deposits:</FONT></TD>
    <TD noWrap align=right width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="2%"><B><FONT face="Times New Roman" size=2>2016</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="2%"><B><FONT face="Times New Roman" size=2>2015</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="2%"><B><FONT face="Times New Roman" size=2>2014</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="2%"><B><FONT face="Times New Roman" size=2>2013</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="2%"><B><FONT face="Times New Roman" size=2>2012</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>Ratio of earnings (loss) to fixed
      charges,</FONT></B></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>excluding interest on
      deposits</FONT></B></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>5.79x</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>4.97x</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>3.38x</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2.78x</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2.26x</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=11>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>Ratio of earnings (loss) to fixed
      charges</FONT></B></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>and preferred dividends, excluding
      interest</FONT></B></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>on deposits</FONT></B></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>5.79x</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>4.97x</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>3.38x</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2.78x</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2.26x</FONT></TD></TR></TABLE><BR>
<P align=center><FONT face="Times New Roman" size=2>2</FONT></P>
<HR align=center width="100%" noShade SIZE=2>


<!-- PART02 - MAIN BODY -->

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>INCORPORATION OF CERTAIN
INFORMATION BY REFERENCE</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The SEC allows us to
&#147;incorporate by reference&#148; into this prospectus the information we file with it,
which means that we can disclose important information to you by referring you
to those documents. Information incorporated by reference is considered to be
part of this prospectus, except for any information that is superseded by
information included directly in this prospectus. Any statement contained in
this prospectus or a document incorporated by reference in this prospectus will
be deemed to be modified or superseded for purposes of this prospectus to the
extent that a statement contained in this prospectus or in any other
subsequently filed document that is incorporated by reference in this prospectus
modifies or superseded the statement. Any statement so modified or superseded
will not be deemed, except as so modified or superseded, to constitute a part of
this prospectus.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We incorporate by reference
into this prospectus the documents listed below and any future filings we will
make with the SEC under Sections 13(a), 13(c), 14 or 15(d) of the Securities
Exchange Act of 1934 (the &#147;Exchange Act&#148;) after the date of the initial filing
of the registration statement on Form S-3, of which this prospectus is a part,
and prior to the effectiveness of the registration statement, and any such
filings that we make after the date of this prospectus but before the
termination of the offering of the securities covered by this prospectus, except
to the extent that any information contained in such filings is deemed
&#147;furnished&#148; in accordance with SEC rules (unless otherwise indicated
therein):</FONT></P>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse; TEXT-ALIGN: left" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>Our Annual Report on Form 10-K for the year
      ended December 31, 2016, filed with the SEC on March 3, 2017;
      and<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>Our Current Report on Form 8-K filed with
      the SEC on January 24, 2017. </FONT></P></TD></TR></TABLE>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We will provide a copy of any
and all of the information that is incorporated by reference in this prospectus
to any person, including a beneficial owner, to whom a prospectus is delivered,
without charge, upon written or oral request. Written requests for copies should
be directed to Attn: Michael D. Dowling, Southern First Bancshares, Inc., 100
Verdae Boulevard, Suite 100, Greenville, South Carolina, 29606. Telephone
requests for copies should be directed to Mr. Dowling at (864) 679-9070.
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We maintain an Internet
website at www.southernfirst.com where the incorporated reports listed above can
be accessed. Neither this website nor the information on this website is
included or incorporated in, or is a part of, this prospectus. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>3</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>RISK FACTORS
</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Investing in the securities
involves risk. Please see the &#147;Risk Factors&#148; section in the Company&#146;s most
recent Annual Report on Form 10-K, along with the disclosure related to the risk
factors contained in any of the Company&#146;s subsequent Quarterly Reports on Form
10-Q, which are incorporated by reference in this prospectus, as updated by our
future filings with the SEC. Before making an investment decision, you should
carefully consider these risks as well as other information contained or
incorporated by reference in this prospectus and any prospectus supplement. The
risks and uncertainties not presently known to the Company or that the Company
currently deems immaterial may also impair its business operations, its
financial results and the value of the securities. The prospectus supplement
applicable to each type or series of securities we offer may contain a
discussion of additional risks applicable to an investment in us and the
particular type of securities we are offering under that prospectus supplement.
</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>4</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>SPECIAL NOTE REGARDING
FORWARD-LOOKING STATEMENTS </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Statements included in this
prospectus, including information incorporated herein by reference, which are
not historical in nature are intended to be, and are hereby identified as,
forward-looking statements for purposes of the safe harbor provided by Section
21E of the Exchange Act. The words &#147;may,&#148; &#147;will,&#148; &#147;anticipate,&#148; &#147;should,&#148;
&#147;would,&#148; &#147;believe,&#148; &#147;contemplate,&#148; &#147;expect,&#148; &#147;estimate,&#148; &#147;continue,&#148; &#147;may,&#148; and
&#147;intend,&#148; as well as other similar words and expressions of the future, are
intended to identify forward-looking statements. We caution readers that
forward-looking statements are estimates reflecting our judgment based on
current information, and are subject to certain risks and uncertainties that
could cause actual results to differ materially from anticipated results. Such
risks and uncertainties include, among others, the matters described in the
&#147;Risk Factors&#148; of this prospectus and the following: </FONT></P>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse; TEXT-ALIGN: left" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>Credit losses as a result of declining real
      estate values, increasing interest rates, increasing unemployment, changes
      in payment behavior or other factors;<BR>&nbsp; </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>Credit losses due to loan
      concentration;<BR>&nbsp; </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>Changes in the amount of our loan portfolio
      collateralized by real estate and weaknesses in the real estate
      market;<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>Restrictions or conditions imposed by our
      regulators on our operations;<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>Increases in competitive pressure in the
      banking and financial services industries;<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>Changes in the interest rate environment
      which could reduce anticipated or actual
  margins;<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>Changes in political conditions or the
      legislative or regulatory environment, including governmental initiatives
      affecting the financial services
industry;<BR>&nbsp;</FONT>&nbsp;</P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>Changes in economic conditions resulting in,
      among other things, a deterioration in credit
    quality;<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>Changes occurring in business conditions and
      inflation;<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>Changes in access to funding or increased
      regulatory requirements with regard to funding;<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>Increased cybersecurity risk, including
      potential business disruptions or financial
  losses;<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>Changes in deposit
      flows;<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>Changes in
    technology;<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>The adequacy of the level of our allowance
      for loan losses and the amount of loan loss provisions required in future
      periods;<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>Examinations by our regulatory authorities,
      including the possibility that the regulatory authorities may, among other
      things, require us to increase our allowance for loan losses or write-down
      assets;<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>Changes in monetary and tax
      policies;<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>Changes in accounting policies and
      practices;<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>The rate of delinquencies and amounts of
      loans charged-off;<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>The rate of loan growth in recent years and
      the lack of seasoning of a portion of our loan
  portfolio;</FONT></P></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman" size=2>5</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
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  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>Our ability to maintain appropriate levels
      of capital and to comply with our capital ratio
      requirements;<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>Our ability to attract and retain key
      personnel;<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>Our ability to retain our existing clients,
      including our deposit relationships; and <BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>Adverse changes in asset quality and
      resulting credit risk-related losses and expenses.
  </FONT></P></TD></TR></TABLE>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Some of the factors that could
cause actual results to differ from those expressed or implied in
forward-looking statements are incorporated by reference under &#147;Risk Factors&#148; in
this prospectus and may be described in any prospectus supplement and in the
&#147;Risk Factors&#148; and other sections of the documents that we incorporate by
reference into this prospectus, including our Annual Reports on Form 10-K and
our Quarterly Reports on Form 10-Q and in our other reports filed with the SEC.
Should one or more of these risks or uncertainties materialize, or should
underlying assumptions prove incorrect, actual outcomes may vary materially from
those anticipated. All subsequent written and oral forward-looking statements
attributable to us or persons acting on our behalf are expressly qualified in
their entirety by reference to these risks and uncertainties. You should not
place undue reliance on our forward-looking statements. Each forward-looking
statement speaks only as of the date of the particular statement, and we
undertake no duty to update any forward-looking statement.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>6</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>PROSPECTUS
SUMMARY</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Under the shelf registration
statement of which this prospectus is a part, we may sell up to $50,000,000 of
securities, consisting of one or any combination or combinations of securities,
described in this prospectus in one or more offerings. This prospectus provides
you with a general description of the securities we may offer. This prospectus
describes the securities that may be offered. We may offer any of the following
securities or any combination of these securities from time to time: </FONT></P>
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  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>debt securities;<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>preferred stock;<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>depositary
shares;<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>common stock;<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>purchase
  contracts;<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>units;<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>warrants; and<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>rights.</FONT></P></TD></TR></TABLE>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>This prospectus, including the
following summary, describes the general terms that may apply to the securities.
The specific terms of any particular securities that we may offer will be
described in a separate supplement to this prospectus. </FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Debt
Securities</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We may offer several different
types of debt securities. For any particular debt securities we offer, the
applicable prospectus supplement will describe the terms of the debt securities,
and will include for each series of debt securities, the initial public offering
price, designation, priority, aggregate principal amount (including whether
determined by reference to an index), currency, denomination, premium, maturity,
interest rate (including whether fixed, floating or otherwise), time of payment
of any interest, any terms for mandatory or optional redemption and other terms.
We will issue senior and subordinated debt under separate indentures to be
entered into by and between us and a bank or trust company, or other qualified
trustee, that we select to act as trustee. Debt securities may be convertible
into shares of our common stock or preferred stock, as described in a prospectus
supplement.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Preferred Stock and
Depositary Shares</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We may offer preferred stock
in one or more series. The applicable prospectus supplement will describe for
each offer of preferred stock the specific designation of the series offered;
the aggregate number of shares offered; the rate and periods, or manner of
calculating the rate and periods, for dividends, if any; the stated value and
liquidation preference amount, if any; the redemption, liquidation and voting
rights, if any; and any other specific terms. We may also offer depositary
shares, each of which would represent an interest in a fractional share of
preferred stock. We will issue the depositary shares under one or more deposit
agreements to be entered into between us and one or more depositaries.
</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Common Stock</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We may also offer shares of
our common stock and the applicable prospectus supplement will describe the
terms of any such offer. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>7</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><B><FONT face="Times New Roman" size=2>Purchase
Contracts</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We also may issue purchase
contracts, including contracts obligating holders to purchase from us, and
obligating us to sell to holders, a fixed or varying number of shares of common
stock, preferred stock, depositary shares or debt securities at a future date or
dates. The consideration per share of common stock, preferred stock, depositary
shares or debt securities may be fixed at the time that purchase contracts are
issued or may be determined by reference to a specific formula set forth in the
purchase contracts. Any purchase contract may include anti-dilution provisions
to adjust the number of shares issuable pursuant to such purchase contract upon
the occurrence of certain events. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The purchase contracts may be
issued separately or as a part of units with one or more other securities. These
contracts, and the holders&#146; obligations to purchase shares of our common stock,
preferred stock, depositary shares or debt securities under the purchase
contracts may be secured by cash, certificates of deposit, U.S. government
securities that will mature prior to or simultaneously with, the maturity of the
purchase contract, standby letters of credit from an affiliated U.S. bank that
is FDIC-insured or other collateral satisfactory to the Federal Reserve. The
purchase contracts may require us to make periodic payments to holders of the
purchase units, or vice versa, and such payments may be unsecured or prefunded
and may be paid on a current or on a deferred basis. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Any one or more of the above
securities, common stock or the purchase contracts or other collateral may be
pledged as security for the holders&#146; obligations to purchase or sell, as the
case may be, the common stock, preferred stock, depositary shares or debt
securities under the purchase contracts. </FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Units</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We also may offer two or more
of the securities described in this prospectus in the form of a &#147;unit,&#148;
including pursuant to a unit agreement. The unit may be transferable only as a
whole, or the securities comprising a unit may, as described in the prospectus
supplement, be separated and transferred by the holder separately. There may or
may not be an active market for units or the underlying securities, and not all
the securities comprising a unit may be listed or traded on a securities
exchange or market. </FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Warrants</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We may offer warrants to
purchase our senior debt securities, subordinated debt securities, preferred
stock, depositary shares, common stock or any combination of these securities,
either independently or together with any other securities. For any particular
warrants we offer, the applicable prospectus supplement will describe:
</FONT></P>
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  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>the underlying
      securities;<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>the expiration
  date;<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>the exercise price or the manner of
      determining the exercise price;<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>the amount and kind, or the manner of
      determining the amount and kind, of securities to be delivered upon
      exercise;<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>the date after which the warrants are
      separately transferable;<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>any provisions for adjustments in the
      exercise price or the number of securities issuable upon exercise of the
      warrants; and<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>any other specific terms.
  </FONT></P></TD></TR></TABLE>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We may issue the warrants
under one or more warrant agreements between us and one or more warrant agents.
The warrant agents will act solely as our agents in connection with the warrants
and will not assume any obligation or relationship of agency for or on behalf of
holders or beneficial owners of warrants. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>8</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><B><FONT face="Times New Roman" size=2>Rights</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We may offer rights to our
existing shareholders to purchase additional shares of our common stock or any
series of our preferred stock. For any particular subscription rights, the
applicable prospectus supplement will describe the terms of such rights,
including the period during which such rights may be exercised, the manner of
exercising such rights, the transferability of such rights and the number of
shares of common stock or preferred stock that may be purchased in connection
with each right and the subscription price for the purchase of such common stock
or preferred stock. In connection with a rights offering, we may enter into a
separate agreement with one or more underwriters or standby purchasers to
purchase any shares of our common stock or preferred stock not subscribed for in
the rights offering by existing shareholders, which will be described in the
applicable prospectus supplement. </FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Listing</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If any securities are to be
listed or quoted on a securities exchange or quotation system, the applicable
prospectus supplement will so indicate. Our common stock is listed on the NASDAQ
Global Market and trades under the symbol &#147;SFST&#148;. </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>SOUTHERN FIRST
BANCSHARES, INC.</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We are a bank holding company
organized in 1999 and headquartered in Greenville, South Carolina. We serve as
the bank holding company for Southern First Bank, which began operations in
2000. Through our bank, we offer a wide range of traditional banking products
and services to individuals and small to mid-size businesses throughout our
primary market areas of Greenville, Columbia, and Charleston, South Carolina,
including commercial and consumer loan and deposit services, as well as mortgage
services. We serve this market with a client-focused structure called
relationship teams, which provides each client with a specific banker contact
and support team responsible for all of the client&#146;s banking needs. The purpose
of this structure is to provide a consistent and superior level of professional
service, and we believe it provides us with a distinct competitive advantage.
Our principal executive offices are located at 100 Verdae Boulevard, Suite 100,
Greenville, South Carolina 29606. Our telephone number is (800)
679-9000.</FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>USE OF
PROCEEDS</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Unless otherwise specified in
a prospectus supplement accompanying this prospectus, we currently intend to use
the net proceeds from the sale of the securities offered under this prospectus
for general corporate purposes. General corporate purposes may include repayment
of debt or the interest payment thereon, capital expenditures, possible
acquisitions, investments, and any other purposes that we may specify in any
prospectus supplement. We may invest the net proceeds temporarily until we use
them for their stated purpose. We cannot predict whether the proceeds invested
will yield a favorable return. </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>PLAN OF
DISTRIBUTION</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We may sell securities offered
under this prospectus: </FONT></P>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse; TEXT-ALIGN: left" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>through underwriters or
      dealers;<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>through agents;<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>directly to one or more
      purchasers; or<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>through a combination of any of these
      methods for sale. </FONT></P></TD></TR></TABLE>

<P align=center><FONT face="Times New Roman" size=2>9</FONT></P>
<HR align=center width="100%" noShade SIZE=2>


<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The distribution of the
securities may be effected from time to time in one or more transactions at a
fixed price or prices, which may be changed from time to time, or at negotiated
prices. For each type and series of securities offered, the applicable
prospectus supplement will set forth the terms of the offering, including,
without limitation: </FONT></P>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse; TEXT-ALIGN: left" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>the names of any underwriters, dealers or
      agents;<BR>&nbsp; </FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>the purchase price of the
      securities;<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>the use of proceeds to us from the sale of
      the securities;<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>any underwriting discounts, agency fees, or
      other compensation payable to underwriters or
    agents;<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>any discounts or concessions allowed or
      re-allowed or repaid to dealers; and<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>the securities exchanges on which the
      securities will be listed, if any. </FONT></P></TD></TR></TABLE>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If underwriters are used in an
offering, we will execute an underwriting agreement with such underwriters and
will specify the name of each underwriter and the terms of the transaction
(including any underwriting discounts and other terms constituting compensation
of the underwriters and any dealers) in a prospectus supplement. If we use
underwriters in any sale of securities offered under this prospectus, the
underwriters will buy the securities for their own account. The underwriters may
then resell the securities in one or more transactions at a fixed public
offering price or at varying prices determined at the time of sale or
thereafter. The underwriters may sell the securities directly or through
underwriting syndicates managed by managing underwriters. The obligations of the
underwriters to purchase the securities will be subject to certain conditions.
The underwriters will be obligated to purchase all the securities offered if
they purchase any securities. The offering price and any discounts or
concessions allowed or re-allowed or paid to dealers may be changed from time to
time. We may also reimburse the
underwriter or agent for certain fees and legal expenses incurred by it.
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In connection with an
offering, underwriters and their affiliates may engage in transactions to
stabilize, maintain or otherwise affect the market price of the securities in
accordance with applicable law. Those activities may cause the price of the
securities to be higher than it would otherwise be. If commenced, the
underwriters may discontinue any of the activities at any time. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Underwriters or agents may
make sales in privately negotiated transactions and/or any other method
permitted by law, including sales deemed to be an &#147;at-the-market&#148; offering as
defined in Rule 415 promulgated under the Securities Act of 1933 (the
&#147;Securities Act&#148;), which includes sales made directly on the NASDAQ Global
Market, the existing trading market for our common stock, or sales made to or
through a market maker other than on an exchange. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If we use dealers in any sale
of securities offered under this prospectus, the securities will be sold to such
dealers as principals. The dealers may then resell the securities to the public
at varying prices to be determined by such dealers at the time of resale. If
agents are used in any sale of securities offered under this prospectus, they
will generally use their reasonable best efforts to solicit purchases for the
period of their appointment. If securities offered under this prospectus are
sold directly, no underwriters, dealers or agents would be involved. We are not
making an offer of securities in any state that does not permit such an offer.
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Underwriters, dealers and
agents that participate in any distribution of securities may be deemed to be
underwriters as defined in the Securities Act. Any discounts, commissions or
profit they receive when they resell the securities may be treated as
underwriting discounts and commissions under the Securities Act. We expect that
any agreements we may enter into with underwriters, dealers and agents will
include provisions indemnifying them against certain civil liabilities,
including certain liabilities under the Securities Act, or providing for
contributions with respect to payments that they may be required to make.
</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>10</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<!-- PART03 - Main Body -->
<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We may authorize underwriters,
dealers or agents to solicit offers from certain institutions whereby the
institution contractually agrees to purchase the securities offered under this
prospectus from us on a future date at a specific price. This type of contract
may be made only with institutions that we specifically approve. Such
institutions could include banks, insurance companies, pension funds, investment
companies and educational and charitable institutions. The underwriters, dealers
or agents will not be responsible for the validity or performance of these
contracts. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Sales of securities offered
under this prospectus also may be effected by us from time to time in one or
more types of transactions (which may, without limitation, include block
transactions, special offerings, exchange distributions, secondary
distributions, purchases by a broker or dealer, or other direct sales by us to
one or more purchasers) on the NASDAQ Global Market or any other national
securities exchange or automated trading and quotation system on which our
common stock or other securities are listed, in the over-the-counter market, in
transactions otherwise than on such exchanges and systems or the
over-the-counter market, including negotiated transactions, through options
transactions relating to the shares, or a combination of such methods of sale,
at market prices prevailing at the time of sale, at negotiated prices or at
fixed prices. Such transactions may or may not involve brokers or dealers. Any
shares of our common stock offered under this prospectus will be listed on the
NASDAQ Global Market, subject to notice of issuance. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Each issue of a new series of
debt securities, preferred stock, depositary shares, purchase contracts, units,
warrants and rights will be a new issue of securities with no established
trading market, except as indicated in the applicable prospectus supplement. It
has not been established whether the underwriters, if any, of the securities
offered under this prospectus will make a market in these securities. If a
market in any series of debt securities, preferred stock, depositary shares,
purchase contracts, units, warrants and rights is made by any such underwriters,
such market-making may be discontinued at any time without notice. We can give
no assurance as to the liquidity of the trading market of these securities.
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In order to facilitate the
offering of any of the securities offered under this prospectus, the
underwriters with respect to any such offering may, as described in the
prospectus supplement, engage in transactions that stabilize, maintain or
otherwise affect the price of the securities or any other securities the prices
of which may be used to determine payments on these securities. Specifically,
the underwriters may over-allot in connection with the offering, creating a
short position in these securities for their own accounts. In addition, to cover
over-allotments or to stabilize the price of these securities or of any other
securities, the underwriters may bid for, and purchase, these securities or any
other securities in the open market. Finally, in any offering of the securities
offered under this prospectus through a syndicate of underwriters, the
underwriting syndicate may reclaim selling concessions allowed to an underwriter
or a dealer for distributing these securities in the offering, if the syndicate
repurchases previously distributed securities in transactions to cover syndicate
short positions, in stabilization transactions or otherwise. Any of these
activities may stabilize or maintain the market price of these securities above
independent market levels. The underwriters are not required to engage in these
activities, and may end any of these activities at any time, all as described in
the applicable prospectus supplement. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If so indicated in the
applicable prospectus supplement, one or more firms, which we refer to as
</FONT><FONT face="Times New Roman" size=2>&#147;remarketing firms,&#148; acting as
principals for their own accounts or as agents for us, may offer and sell the
securities offered under this prospectus as part of a remarketing upon their
purchase, in accordance with their terms. We will identify any remarketing firm,
the terms of its agreement, if any, with us and its compensation in the
applicable prospectus supplement. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Remarketing firms, agents,
underwriters and dealers may be entitled under agreements with us to
indemnification by or contribution from us against some civil liabilities,
including liabilities under the Securities Act, and may be customers of, engage
in transactions with or perform services for us in the ordinary course of
business. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Any person participating in
the distribution of securities will be subject to applicable provisions of the
Exchange Act and the rules and regulations under the Exchange Act, including
without limitation, Regulation M, which may limit the timing of transactions
involving the securities offered under this prospectus. Furthermore, Regulation
M may restrict the ability of any person engaged in the distribution of such
securities to engage in market-making activities with respect to the particular
securities being distributed. All of the above may affect the marketability of
the securities offered under this prospectus and the ability of any person or
entity to engage in market-making activities with respect to such securities.
</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>11</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Under the securities law of
various states, the securities offered under this prospectus may be sold in
those states only through registered or licensed brokers or dealers. In
addition, in various states the securities offered under this prospectus may not
be offered and sold unless such state securities have been registered or
qualified for sale in the state or an exemption from such registration or
qualification is available and is complied with. </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>SECURITIES WE MAY OFFER
</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>This prospectus contains
summary descriptions of the debt securities, the preferred stock, the depositary
shares, the common stock, the purchase contracts, the units, the warrants, and
the rights that we may offer from time to time. These summary descriptions are
not meant to be complete descriptions of each security. The particular terms of
any security will be described in the accompanying prospectus supplement and
other offering material. The accompanying prospectus supplement may add, update
or change the terms and conditions of the securities as described in this
prospectus.</FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>DESCRIPTION OF DEBT
SECURITIES</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We may issue senior debt
securities or subordinated debt securities. The senior debt securities and the
subordinated debt securities will be issued under separate indentures to be
entered into between us and a bank or trust company, or other trustee that is
qualified to act under the Trust Indenture Act of 1939, which we select to act
as trustee. A copy of the form of each indenture has been filed as an exhibit to
the registration statement of which this prospectus forms a part. We use the
term &#147;indentures&#148; to refer to both the senior indenture and the subordinated
indenture. The indentures may be modified by one or more supplemental
indentures, which we will incorporate by reference as an exhibit to the
registration statement of which this prospectus is a part.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The following description and
any description in a prospectus supplement is a summary only and is subject to,
and qualified in its entirety by reference to the terms and provisions of the
indentures and any supplemental indentures that we file with the SEC in
connection with an issuance of any series of debt securities. You should read
all of the provisions of the indentures, including the definitions of certain
terms, as well as any supplemental indentures that we file with the SEC in
connection with the issuance of any series of debt securities. These summaries
set forth certain general terms and provisions of the securities to which any
prospectus supplement may relate. The specific terms and provisions of a series
of debt securities and the extent to which the general terms and provisions may
also apply to a particular series of debt securities will be described in the
applicable prospectus supplement. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Since we are a holding
company, our right, and accordingly, the right of our creditors and
shareholders, including the holders of the securities offered by this prospectus
and any prospectus supplement, to participate in any distribution of assets of
any of our subsidiaries upon its liquidation, reorganization or similar
proceeding is subject to the prior claims of creditors of that subsidiary,
except to the extent that our claims as a creditor of the subsidiary may be
recognized. </FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Terms of the
Securities</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Unless otherwise described in
a prospectus supplement, the following general terms and provisions will apply
to the debt securities. The securities will be not be secured by any of our
assets. Neither the indentures nor the securities will limit or otherwise
restrict the amounts of other indebtedness which we may incur, or the amount of
other securities that we may issue. Although the total amount of debt securities
we may offer under this prospectus will be limited to $50,000,000 in aggregate
principal amount, the indentures do not limit the principal amount of any
particular series of securities. All of the securities issued under each of the
indentures will rank equally and ratably with any additional securities issued
under the same indenture. The subordinated debt securities will be subordinated
as described below under &#147;Subordination.&#148; </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>12</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Each prospectus supplement
will specify the particular terms of the securities offered. These terms may
include: </FONT></P>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse; TEXT-ALIGN: left" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>the title of the
      securities;</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>any limit on the
      aggregate principal amount of the securities;</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>the priority of payments
      on the securities; </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>the issue price or
      prices (which may be expressed as a percentage of the aggregate principal
      amount) of the securities; </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>the date or dates, or
      the method of determining the dates, on which the securities will mature;
      </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>the interest rate or
      rates of the securities, or the method of determining those rates;
      </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>the interest payment
      dates, the dates on which payment of any interest will begin and the
      regular record dates; </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>whether the securities
      will be issuable in temporary or permanent global form and, if so, the
      identity of the depositary for such global security, or the manner in
      which any interest payable on a temporary or permanent global security
      will be paid; </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>any terms relating to
      the conversion of the securities into our common stock or preferred stock
      or other securities offered hereby, including, without limitation, the
      time and place at which such securities may be converted, the conversion
      price and any adjustments to the conversion price and any other provisions
      that may applicable; </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>any covenants that may
      restrict our ability to create, assume or guarantee indebtedness for
      borrowed money that is secured by a pledge, lien or other encumbrance,
      that condition or restrict our ability to merge or consolidate with any
      other person or to sell, lease or convey all or substantially all of our
      assets to any other person or that otherwise impose restrictions or
      requirements on us; </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>any sinking fund or
      similar provisions applicable to the securities;</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>any mandatory or
      optional redemption provisions applicable to the
  securities;</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>the denomination or
      denominations in which securities are authorized to be issued;
    </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>whether any of the
      securities will be issued in bearer form and, if so, any limitations on
      issuance of such bearer securities (including exchanges for registered
      securities of the same series); </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>information with respect
      to book-entry procedures; </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>whether any of the
      securities will be issued as original issue discount securities;
      </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>each office or agency
      where securities may be presented for registration of transfer, exchange
      or conversion; </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>the method of
      determining the amount of any payments on the securities which are linked
      to an index; </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>if other than U.S.
      dollars, the currency or currencies in which payments on the securities
      will be payable, and whether the holder may elect payment to be made in a
      different currency; </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>if other than the
      trustee, the identity of the registrar and/or paying agent;
  </FONT></P></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman" size=2>13</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse; TEXT-ALIGN: left" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>any defeasance of
      certain obligations by us pertaining to the series of securities; and
      </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>any other specific terms
      of the securities, which terms may modify or delete any provision of the
      applicable indenture insofar as it applies to the securities offered;
      provided, that no terms of the indentures may be modified or deleted if
      they are required under the Trust Indenture Act of 1939 and that any
      modification or deletion of the rights, duties or immunities of an
      indenture trustee shall have been consented to in writing by the trustee.
      </FONT></P></TD></TR></TABLE>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Some of our debt securities
may be issued as original issue discount securities. Original issue discount
securities bear no interest or bear interest at below-market rates and will be
sold at a discount below their stated principal amount. The prospectus
supplement will also contain any special tax, accounting or other information
relating to original issue discount securities or relating to certain other
kinds of securities that may be offered, including securities linked to an
index. </FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Acceleration of
Maturity</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If an event of default in
connection with any outstanding series of securities occurs and is continuing,
the trustee or the holders of at least 25% in principal amount of the
outstanding securities of that series may declare the principal amount due and
payable immediately. If the securities of that series are original issue
discount securities, the holders of at least 25% in principal amount of those
securities may declare the portion of the principal amount specified in the
terms of that series of securities to be due and payable immediately. In either
case, a written notice may be given to us, and to the trustee, if notice is
given by the holders instead of the trustee. Subject to certain conditions, the
declaration of acceleration may be revoked, and past defaults (except uncured
payment defaults and certain other specified defaults) may be waived, by the
holders of not less than a majority of the principal amount of securities of
that series. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>You should refer to the
prospectus supplement relating to each series of securities for the particular
provisions relating to acceleration of the maturity upon the occurrence and
continuation of an event of default. </FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Registration and
Transfer</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Unless otherwise indicated in
the applicable prospectus supplement, each series of the offered securities will
be issued in registered form only, without coupons. The indentures will also
allow us to issue the securities in bearer form only, or in both registered and
bearer form. Any securities issued in bearer form will have interest coupons
attached, unless they are issued as zero coupon securities. Securities in bearer
form will not be offered, sold, resold or delivered in connection with their
original issuance in the United States or to any United States person other than
to offices of certain United States financial institutions located outside the
United States. </FONT><FONT face="Times New Roman" size=2>Unless otherwise
indicated in the applicable prospectus supplement, the senior debt securities
and subordinated debt securities we are offering will be issued in denominations
of $1,000 or an integral multiple of $1,000. No service charge will be made for
any transfer or exchange of the securities, but we may require payment of an
amount sufficient to cover any tax or other governmental charge payable in
connection with a transfer or exchange. </FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Payment and Paying
Agent</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We will pay principal,
interest and any premium on fully registered securities in the designated
currency or currency unit at the office of a designated paying agent. At our
option, payment of interest on fully registered securities may also be made by
check mailed to the persons in whose names the securities are registered on the
days specified in the indentures or any prospectus supplement. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We will pay principal,
interest and any premium on bearer securities in the designated currency or
currency unit at the office of a designated paying agent or agents outside of
the United States. Payments will be made at the offices of the paying agent in
the United States only if the designated currency is U.S. dollars and payment
outside of the United States is illegal or effectively precluded. If any amount
payable on a security or coupon remains unclaimed at the end of two years after
such amount became due and payable, the paying agent will release any unclaimed
amounts, and the holder of the security or coupon will look only to us for
payment. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>14</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The designated paying agent in
the United States for the securities we are offering is provided in the
indentures that are or will be deemed incorporated by reference into this
prospectus. </FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Global
Securities</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The securities of a series may
be issued in whole or in part in the form of one or more global certificates
(&#147;Global Securities&#148;) that will be deposited with a depositary that we will
identify in a prospectus supplement. Global Securities may be issued in either
registered or bearer form and in either temporary or permanent form. All Global
Securities in bearer form will be deposited with a depositary outside the United
States. Unless and until it is exchanged in whole or in part for individual
certificates evidencing securities in definitive form represented thereby, a
Global Security may not be transferred except as a whole by the depositary to a
nominee of that depositary or by a nominee of that depositary to a depositary or
another nominee of that depositary. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The specific terms of the
depositary arrangements for each series of securities will be described in the
applicable prospectus supplement. </FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Modification and
Waiver</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Each indenture provides that
modifications and amendments may be made by us and the trustee with the consent
of the holders of a majority in principal amount of the outstanding securities
of each series affected by the amendment or modification. However, no
modification or amendment may, without the consent of each holder affected:
</FONT></P>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse; TEXT-ALIGN: left" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>change the stated
      maturity date of the security; </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>reduce the principal
      amount, any rate of interest, or any additional amounts in respect of any
      security, or reduce the amount of any premium payable upon the redemption
      of any security; </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>change the time or place
      of payment, currency or currencies in which any security or any premium or
      interest thereon is payable; </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>impair the holders&#146;
      rights to institute suit for the enforcement of any payment on or after
      the stated maturity date of any security, or in the case of redemption, on
      or after the redemption date; </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>reduce the percentage in
      principal amount of securities required to consent to any modification,
      amendment or waiver under the indenture; </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>modify, except under
      limited circumstances, any provision of the applicable indenture relating
      to modification and amendment of the indenture, waiver of compliance with
      conditions and defaults thereunder or the right of a majority of holders
      to take action under the applicable indenture; </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>adversely affect any
      rights of conversion; </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>in the case of the
      subordinated indenture, alter the provisions regarding subordination of
      the subordinated debt securities in any way that would be adverse to the
      holders of those securities; </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>reduce the principal
      amount of original issue discount securities which could be declared due
      and payable upon an acceleration of their maturity; or </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>change our obligation to
      pay any additional amounts. </FONT></P></TD></TR></TABLE>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The holders of a majority in
principal amount of the outstanding securities of any series may waive
compliance by us and the trustee with certain provisions of the applicable
indenture. The holders of a majority in principal amount of the outstanding
securities of any series may waive any past default under the applicable
indenture with respect to that series, except a default in the payment of the
principal, or any premium, interest, or additional amounts payable on a security
of that series or in respect of a covenant or provision which under the terms of
the applicable indenture cannot be modified or amended, without the consent of
each affected holder. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>15</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>With the trustee, we may
modify and amend any indenture without the consent of any holder for any of the
following purposes: </FONT></P>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse; TEXT-ALIGN: left" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>to name a successor
      entity to us;</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>to add to our covenants
      for the benefit of the holders of all or any series of
      securities;</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>to add to the events of
      default; </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>to add to, delete from
      or revise the conditions, limitations and restrictions on the authorized
      amount, terms or purposes of issue, authentication and delivery of
      securities, as set forth in the applicable indenture; </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>to establish the form or
      terms of securities of any series and any related
coupons;</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>to provide for the
      acceptance of appointment by a successor trustee;</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>to make provision for
      the conversion rights of the holders of the securities in certain events;
      </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>to cure any ambiguity,
      defect or inconsistency in the applicable indenture, provided that such
      action is not inconsistent with the provisions of that indenture and does
      not adversely affect the interests of the applicable
  holders;</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>to modify, eliminate or
      add to the provisions of any indenture to conform our or the trustee&#146;s
      obligations under the applicable indenture to the Trust Indenture Act; or
      </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>to make any other
      changes that apply only to debt securities to be issued thereafter.
      </FONT></P></TD></TR></TABLE>
<P align=left><B><FONT face="Times New Roman" size=2>Calculation of Outstanding
Debt Securities</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>To calculate whether the
holders of a sufficient principal amount of the outstanding securities have
given any request, demand, authorization, direction, notice, consent or waiver
under any indenture: </FONT></P>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse; TEXT-ALIGN: left" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>In the case of original
      issue discount securities, the principal amount that may be included in
      the calculation is the amount of principal that would be declared to be
      due and payable upon a declaration of acceleration according to the terms
      of that original issue discount security as of the date of the
      calculation. </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>Any securities owned by
      us, or owned by any other obligor of the securities or any affiliate of
      ours or any other obligor, should be disregarded and deemed not to be
      outstanding for purposes of the calculation.
</FONT></P></TD></TR></TABLE>
<P align=left><B><FONT face="Times New Roman" size=2>Additional
Provisions</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Other than the duty to act
with the required standard of care during an event of default, the trustee is
not obligated to exercise any of its rights or powers under the applicable
indenture at the request or direction of any of the holders of the securities,
unless the holders have offered the trustee reasonable indemnification. Each
indenture provides that the holders of a majority in principal amount of
outstanding securities of any series may, in certain circumstances, direct the
time, method and place of conducting any proceeding for any remedy available to
the trustee, or exercising any trust or other power conferred on the trustee.
</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>16</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>No holder of a security of any
series will have the right to institute any proceeding for any remedy under the
applicable indenture, unless: </FONT></P>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse; TEXT-ALIGN: left" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>the holder has provided
      the trustee with written notice of a continuing event of default regarding
      the holder&#146;s series of securities; </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>the holders of at least
      25% in principal amount of the outstanding securities of a series have
      made a written request, and offered indemnity satisfactory to the trustee,
      to the trustee to institute a proceeding for remedy; </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>the trustee has failed
      to institute the proceeding within 60 days after its receipt of such
      notice, request and offer of indemnity; and </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>the trustee has not
      received a direction during such 60 day period inconsistent with such
      request from the holders of a majority in principal amount of the
      outstanding securities of that series. </FONT></P></TD></TR></TABLE>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>However, the holder of any
security will have an absolute and unconditional right to receive payment of the
principal, any premium, any interest or any additional amounts in respect of
such security on or after the date expressed in such security and to institute
suit for the enforcement of any such payment. We are required to file annually
with the trustee a certificate of no default, or specifying any default that
exists. </FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Transactions with the
Trustee</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We and our subsidiaries may
maintain deposit accounts and conduct various banking and other transactions
with an indenture trustee. The trustee and its subsidiaries may maintain deposit
accounts and conduct various banking transactions with us and our subsidiaries.
</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Conversion
Rights</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The applicable prospectus
supplement relating to any convertible debt securities will describe the terms
on which those securities are convertible. </FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Events of
Default</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The following will be events
of default under the senior indenture with respect to the senior debt securities
of a series: </FONT></P>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse; TEXT-ALIGN: left" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>failure to pay any
      interest or any additional amounts on any senior debt security of that
      series when due, and continuance of such default for 30 days;
    </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>failure to pay principal
      of, or any premium on, any senior debt security of that series when due;
      </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>failure to deposit any
      sinking fund payment for a senior debt security of that series when due;
      </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>failure to perform any
      of our other covenants or warranties in the senior indenture or senior
      debt securities (other than a covenant or warranty included in that
      indenture solely for the benefit of a different series of senior debt
      securities), which has continued for 90 days after written notice as
      provided in the senior indenture; </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>acceleration of
      indebtedness in a principal amount specified in a supplemental indenture
      for money borrowed by us under the senior indenture, and the acceleration
      is not annulled, or the indebtedness is not discharged, within a specified
      period after written notice is given according to the senior indenture;
      </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>certain events in
      bankruptcy, insolvency or reorganization of us or Southern First Bank; and
      </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>any other event of
      default regarding that series of senior debt securities.
  </FONT></P></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman" size=2>17</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Unless otherwise described in
the prospectus supplement applicable to a particular series of subordinated debt
securities, events of default under the subordinated indenture are limited to
certain events of bankruptcy, insolvency or reorganization of us or Southern
First Bank. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>There is no right of
acceleration of the payment of principal of a series of subordinated debt
securities upon a default in the payment of principal or interest, nor upon a
default in the performance of any covenant or agreement in the subordinated debt
securities of a particular series or in the applicable indenture. In the event
of a default in the payment of interest or principal, the holders of senior debt
will be entitled to be paid in full before any payment can be made to holders of
subordinated debt securities. However, a holder of a subordinated debt security
(or the trustee under the applicable indenture on behalf of all of the holders
of the affected series) may, subject to certain limitations and conditions, seek
to enforce overdue payments of interest or principal on the subordinated debt
securities. </FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Subordination</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The senior debt securities
will be unsecured and will rank equally among themselves and with all of our
other unsecured and non-subordinated debt, if any. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The subordinated debt
securities will be unsecured and will be subordinate and junior in right of
payment, to the extent and in the manner set forth below, to the prior payment
in full of all of the Company&#146;s senior debt, as more fully described in the
applicable prospectus supplement. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If any of the following
circumstances has occurred, payment in full of all principal, premium, if any,
and interest must be made or provided for with respect to all outstanding senior
debt before we can make any payment or distribution of principal, premium, if
any, any additional amounts or interest on the subordinated debt securities:
</FONT></P>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse; TEXT-ALIGN: left" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>any insolvency,
      bankruptcy, receivership, liquidation, reorganization or other similar
      proceeding relating to us or to our property has been commenced;
      </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>any voluntary or
      involuntary liquidation, dissolution or other winding up relating to us
      has been commenced, whether or not such event involves our insolvency or
      bankruptcy; </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>any of our subordinated
      debt security of any series is declared or otherwise becomes due and
      payable before its maturity date because of any event of default under the
      subordinated indenture, provided that such declaration has not been
      rescinded or annulled as provided in the subordinated indenture; or
      </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>any default with respect
      to senior debt which permits its holders to accelerate the maturity of the
      senior debt has occurred and is continuing, and either (a) notice of such
      default has been given to us and to the trustee and judicial proceedings
      are commenced in respect of such default within 180 days after notice in
      the case of a default in the payment of principal or interest, or within
      90 days after notice in the case of any other default, or (b) any judicial
      proceeding is pending with respect to any such default.
  </FONT></P></TD></TR></TABLE>
<P align=center><B><FONT face="Times New Roman" size=2>DESCRIPTION OF PREFERRED
STOCK</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>For purposes of this section,
the terms &#147;we,&#148; &#147;our&#148; and &#147;us&#148; refer only to Southern First Bancshares, Inc. and
not to its subsidiaries. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The following outlines the
general provisions of the shares of preferred stock, par value $0.01 per share,
which we may offer from time to time. The specific terms of a series of
preferred stock will be described in the applicable prospectus supplement
relating to that series of preferred stock. The following description of the
preferred stock and any description of preferred stock in a prospectus
supplement is only a summary and is subject to and qualified in its entirety by
reference to the articles of amendment to our amended and restated articles of
incorporation relating to the particular series of preferred stock, a copy of
which we will file with the SEC in connection with the sale of any series of
preferred stock.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>18</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><B><FONT face="Times New Roman" size=2>General</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Under our amended and restated
articles of incorporation, our board of directors is authorized, without
shareholder approval, to adopt resolutions providing for the issuance of up to
10,000,000 shares of preferred stock, par value $0.01 per share, in one or more
series. As of the date of this prospectus, no shares of our preferred stock are
issued and outstanding.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Our board of directors may fix
the voting powers, designations, preferences, rights, qualifications,
limitations and restrictions of each series of preferred stock that we may
offer. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In addition, as described
under &#147;Description of Depositary Shares,&#148; we may, instead of offering full
shares of any series of preferred stock, offer depositary shares evidenced by
depositary receipts, each representing a fraction of a share of the particular
series of preferred stock issued and deposited with a depositary. The fraction
of a share of preferred stock which each depositary share represents will be set
forth in the prospectus supplement relating to such depositary shares.
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The prospectus supplement
relating to a particular series of preferred stock will contain a description of
the specific terms of that series, including, as applicable: </FONT></P>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse; TEXT-ALIGN: left" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>the title, designation,
      number of shares and stated or liquidation value of the preferred stock;
      </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>the dividend amount or
      rate or method of calculation, the payment dates for dividends and the
      place or places where the dividends will be paid, whether dividends will
      be cumulative or noncumulative, and, if cumulative, the dates from which
      dividends will begin to accrue; </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>any conversion or
      exchange rights; </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>whether the preferred
      stock will be subject to redemption and the redemption price and other
      terms and conditions relative to the redemption rights; </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>any liquidation
      rights;</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>any sinking fund
      provisions;</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>any voting
      rights;</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>the exchange or market,
      if any, where the preferred stock will be listed or traded; and
    </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>any other rights,
      preferences, privileges, limitations and restrictions that are not
      inconsistent with the terms of the our amended and restated articles of
      incorporation. </FONT></P></TD></TR></TABLE>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Upon the issuance and payment
for shares of preferred stock, the shares will be fully paid and nonassessable.
Except as otherwise may be specified in the prospectus supplement relating to a
particular series of preferred stock, holders of preferred stock will not have
any preemptive or subscription rights to acquire any class or series of our
capital stock and each series of preferred stock will rank on a parity in all
respects with each other series of our preferred stock and prior to our common
stock as to dividends and any distribution of our assets. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The authorization of the
preferred stock could have the effect of making it more difficult or time
consuming for a third party to acquire a majority of our outstanding voting
stock or otherwise effect a change of control. Shares of the preferred stock may
also be sold to third parties that indicate that they would support the board of
directors in opposing a hostile takeover bid. The availability of the preferred
stock could have the effect of delaying a change of control and of increasing
the consideration ultimately paid to our shareholders. The board of directors
may authorize the issuance of preferred stock for capital-raising activities,
acquisitions, joint ventures or other corporate purposes that have the effect of
making an acquisition of the Company more difficult or costly, as could also be
the case if the board of directors
were to issue additional common stock for such purposes. See &#147;Anti-Takeover
Effects of Certain Articles of Incorporation Provisions.&#148; </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>19</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<!-- PART04 - Main Body -->
<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>

<P align=left><B><FONT face="Times New Roman" size=2>Redemption</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If so specified in the
applicable prospectus supplement, a series of preferred stock may be redeemable
at any time, in whole or in part, at our option, and may be mandatorily
redeemable or convertible. Restrictions, if any, on the repurchase or redemption
by us of any series of our preferred stock will be described in the applicable
prospectus supplement relating to that series. Generally, any redemption of our
preferred stock will be subject to prior Federal Reserve approval. Any partial
redemption of a series of preferred stock would be made in the manner described
in the applicable prospectus supplement relating to that series. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Upon the redemption date of
shares of preferred stock called for redemption or upon our earlier call and
deposit of the redemption price, all rights of holders of the preferred stock
called for redemption will terminate, except for the right to receive the
redemption price. </FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Dividends</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Holders of each series of
preferred stock will be entitled to receive cash dividends only when, as and if
declared by our board of directors out of funds legally available for dividends.
The rates or amounts and dates of payment of dividends will be described in the
applicable prospectus supplement relating to each series of preferred stock.
Dividends will be payable to holders of record of preferred stock on the record
dates fixed by our board of directors. Dividends on any series of preferred
stock may be cumulative or noncumulative, as described in the applicable
prospectus supplement. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Our board of directors may not
declare, pay or set apart funds for payment of dividends on a particular series
of preferred stock unless full dividends on any other series of preferred stock
that ranks equally with or senior to such series of preferred stock with respect
to the payments of dividends have been paid or sufficient funds have been set
apart for payment for either of the following: </FONT></P>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse; TEXT-ALIGN: left" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">all prior dividend periods of each such series
      of preferred stock that pay dividends on a cumulative basis; or </TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt" size=2>&nbsp;</FONT></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>the immediately
      preceding dividend period of each such series of preferred stock that pays
      dividends on a noncumulative basis.</FONT></P></TD></TR></TABLE>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Partial dividends declared on
shares of any series of preferred stock and other series of preferred stock
ranking on an equal basis as to dividends will be declared pro rata. A pro rata
declaration means that the ratio of dividends declared per share to accrued
dividends per share will be the same for all series of preferred stock of equal
priority. </FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Liquidation
Preference</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In the event of the
liquidation, dissolution or winding-up of us, holders of each series of
preferred stock will have the right to receive distributions upon liquidation in
the amount described in the applicable prospectus supplement relating to each
series of preferred stock, plus an amount equal to any accrued but unpaid
dividends. These distributions will be made before any distribution is made on
our common stock or on any securities ranking junior to such preferred stock
upon liquidation, dissolution or winding-up. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>However, holders of the shares
of preferred stock will not be entitled to receive the liquidation price of
their shares until we have paid or set aside an amount sufficient to pay in full
the liquidation preference of any class or series of our capital stock ranking
senior as to rights upon liquidation, dissolution or winding up. Unless
otherwise provided in the applicable prospectus supplement, neither a
consolidation or merger of the Company with or into another corporation nor a
merger of another corporation with or into the Company nor a sale or transfer of
all or part of the Company&#146;s assets for cash or securities will be considered a
liquidation, dissolution or winding up of the Company.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>20</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If the liquidation amounts
payable to holders of preferred stock of all series ranking on a parity
regarding liquidation are not paid in full, the holders of the preferred stock
of these series will have the right to a ratable portion of our available assets
up to the full liquidation preference. Holders of these series of preferred
stock or such other securities will not be entitled to any other amounts from us
after they have received their full liquidation preference. </FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Conversion and
Exchange</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The prospectus supplement will
indicate whether and on what terms the shares of any future series of preferred
stock will be convertible into or exchangeable for shares of any other class,
series or security of the Company or any other corporation or any other property
(including whether the conversion or exchange is mandatory, at the option of the
holder or our option, the period during which conversion or exchange may occur,
the initial conversion or exchange price or rate and the circumstances or manner
in which the amount of common or preferred stock or other securities issuable
upon conversion or exchange may be adjusted). It will also indicate for
preferred stock convertible into common stock, the number of shares of common
stock to be reserved in connection with, and issued upon conversion of, the
preferred stock (including whether the conversion or exchange is mandatory, the
initial conversion or exchange price or rate and the circumstances or manner in
which the amount of common stock issuable upon conversion or exchange may be
adjusted) at the option of the holder or our option and the period during which
conversion or exchange may occur.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Voting
Rights</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The holders of shares of
preferred stock will have no voting rights, except: </FONT></P>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse; TEXT-ALIGN: left" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">as otherwise stated in the applicable
      prospectus supplement; </TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%"><FONT face="Times New Roman" size=2>as
      otherwise stated in the articles of amendment to our amended and restated
      articles of incorporation establishing the series of such preferred stock;
      and </FONT></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">as otherwise required by applicable law.
  </TD></TR></TABLE>
<P align=left><B><FONT face="Times New Roman" size=2>Transfer Agent and
Registrar</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The transfer agent, registrar,
dividend paying agent and depositary, if any, for any preferred stock offering
will be stated in the applicable prospectus supplement. </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>DESCRIPTION OF DEPOSITARY
SHARES </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The following briefly
summarizes the general provisions of the depositary shares representing a
fraction of a share of preferred stock of a specific series, or &#147;depositary
shares,&#148; and depositary receipts (as defined below) that we may issue from time
to time and which would be important to holders of depositary receipts. The
specific terms of any depositary shares or depositary receipts, including
pricing and related terms, will be disclosed in the applicable prospectus
supplement. The prospectus supplement will also state whether any of the general
provisions summarized below apply or not to the depositary shares or depositary
receipts being offered. The following description and any description in a
prospectus supplement is a summary only and is subject to, and qualified in its
entirety by reference to the terms and provisions of the deposit agreement(s),
which we will file with the SEC in connection with an issuance of depositary
shares. </FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Description of Depositary
Shares</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We may offer depositary shares
evidenced by receipts for such depositary shares, which we sometimes refer to as
&#147;depositary receipts.&#148; Each depositary receipt represents a fraction of a share
of the particular series of preferred stock issued and deposited with a
depositary. The fraction of a share of preferred stock which each depositary
share represents will be set forth in the applicable prospectus supplement.
</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>21</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We will deposit the shares of
any series of preferred stock represented by depositary shares according to the
provisions of a deposit agreement to be entered into between us and a bank or
trust company, which we will select as our preferred stock depositary, and which
may be the same institution that serves as an indenture trustee. The depositary
must have its principal office in the United States and have combined capital
and surplus of at least $50,000,000. We will name the depositary in the
applicable prospectus supplement. Each owner of a depositary share will be
entitled to all the rights and preferences of the underlying preferred stock in
proportion to the applicable fraction of a share of preferred stock represented
by the depositary share. These rights include dividend, voting, redemption,
conversion and liquidation rights. The depositary will send the holders of
depositary shares all reports and communications that we deliver to the
depositary and which we are required to furnish to the holders of depositary
shares. We may issue depositary receipts in temporary, definitive or book-entry
form. </FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Withdrawal of Preferred
Stock</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>A holder of depositary shares
may receive the number of whole shares of the series of preferred stock and any
money or other property represented by the holder&#146;s depositary receipts after
surrendering the depositary receipts at the corporate trust office of the
depositary. Partial shares of preferred stock will not be issued. If the
surrendered depositary shares exceed the number of depositary shares that
represent the number of whole shares of preferred stock the holder wishes to
withdraw, then the depositary will deliver to the holder at the same time a new
depositary receipt evidencing the excess number of depositary shares. Once the
holder has withdrawn the preferred stock, the holder will not be entitled to
re-deposit such preferred stock under the deposit agreement or to receive
depositary shares in exchange for such preferred stock. </FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Dividends and Other
Distributions</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Holders of depositary shares
of any series will receive their pro rata share of cash dividends or other cash
distributions received by the depositary on the preferred stock of that series
held by it. Each holder will receive these distributions in proportion to the
number of depositary shares owned by the holder. The depositary will distribute
only whole United States dollars and cents. The depositary will add any
fractional cents not distributed to the next sum received for distribution to
record holders of depositary shares. In the event of a non-cash distribution,
the depositary will distribute property to the record holders of depositary
shares, unless the depositary determines that it is not feasible to make such a
distribution. If this occurs, the depositary, with our approval, may sell the
property and distribute the net proceeds from the sale to the holders.
</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Redemption of Depositary
Shares</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If a series of preferred stock
represented by depositary shares is subject to redemption, then we will give the
necessary proceeds to the depositary. The depositary will then redeem the
depositary shares using the funds they received from us for the preferred stock.
The depositary will notify the record holders of the depositary shares to be
redeemed not less than 30 days nor more than 60 days before the date fixed for
redemption at the holders&#146; addresses appearing in the depositary&#146;s books. The
redemption price per depositary share will be equal to the redemption price
payable per share for the applicable series of the preferred stock and any other
amounts per share payable with respect to that series of preferred stock
multiplied by the fraction of a share of preferred stock represented by one
depositary share. Whenever we redeem shares of a series of preferred stock held
by the depositary, the depositary will redeem the depositary shares representing
the shares of preferred stock on the same day. If fewer than all the depositary
shares of a series are to be redeemed, the depositary shares will be selected by
lot, ratably or by such other equitable method as we and the depositary may
determine. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Upon and after the redemption
of shares of the underlying series of preferred stock, the depositary shares
called for redemption will no longer be considered outstanding. Therefore, all
rights of holders of the depositary shares will then cease, except that the
holders will still be entitled to receive any cash payable upon the redemption
and any money or other property to which the holder was entitled at the time of
redemption. </FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Voting
Rights</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Upon receipt of notice of any
meeting at which the holders of preferred stock of the related series are
entitled to vote, the depositary will notify holders of depositary shares of the
upcoming vote and arrange to deliver our
voting materials to the holders. The record date for determining holders of
depositary shares that are entitled to vote will be the same as the record date
for the related series of preferred stock. The materials the holders will
receive will (1) describe the matters to be voted on and (2) explain how the
holders, on a certain date, may instruct the depositary to vote the shares of
preferred stock underlying the depositary shares. For instructions to be valid,
the depositary must receive them on or before the date specified. The depositary
will attempt, as far as practical, to vote the shares as instructed by the
holder. We will cooperate with the depositary to enable it to vote as instructed
by holders of depositary shares. If any holder does not instruct the depositary
how to vote the holder&#146;s shares, the depositary will abstain from voting those
shares. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>22</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><B><FONT face="Times New Roman" size=2>Conversion or Exchange
</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The depositary will convert or
exchange all depositary shares on the same day that the preferred stock
underlying the depositary shares is converted or exchanged. In order for the
depositary to do so, we will deposit with the depositary any other preferred
stock, common stock or other securities into which the preferred stock is to be
converted or for which it will be exchanged. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The exchange or conversion
rate per depositary share will be equal to the exchange or conversion rate per
share of preferred stock, multiplied by the fraction of a share of preferred
stock represented by one depositary share. All amounts per depositary share
payable by us for dividends that have accrued on the preferred stock to the
exchange or conversion date that have not yet been paid shall be paid in
appropriate amounts on the depositary shares. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The depositary shares, as
such, cannot be converted or exchanged into other preferred stock, common stock,
securities of another issuer or any other of our securities or property.
Nevertheless, if so specified in the applicable prospectus supplement, a holder
of depositary shares may be able to surrender the depositary receipts to the
depositary with written instructions asking the depositary to instruct us to
convert or exchange the preferred stock represented by the depositary shares
into other shares of preferred stock or common stock or to exchange the
preferred stock for securities of another issuer. If the depositary shares carry
this right, we would agree that, upon the payment of applicable fees and taxes,
if any, we will cause the conversion or exchange of the preferred stock using
the same procedures as we use for the delivery of preferred stock. If a holder
is only converting part of the depositary shares represented by a depositary
receipt, new depositary receipts will be issued for any depositary shares that
are not converted or exchanged. </FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Amendment and Termination
of the Deposit Agreement</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We may agree with the
depositary to amend the deposit agreement and the form of depositary receipt
without consent of the holder at any time. However, if the amendment adds or
increases fees or charges payable by holders of the depositary shares or
prejudices an important right of holders, it will only become effective with the
approval of holders of at least a majority of the affected depositary shares
then outstanding. If an amendment becomes effective, holders are deemed to agree
to the amendment and to be bound by the amended deposit agreement if they
continue to hold their depositary receipts. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The deposit agreement will
automatically terminate if: </FONT></P>
<P align=left>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse; TEXT-ALIGN: left" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">all outstanding depositary shares have been
      redeemed and all amounts payable upon redemption have been paid;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%"><FONT face="Times New Roman" size=2>each share
      of preferred stock held by the depositary has been converted into or
      exchanged for common stock, other preferred stock or other securities;
      or</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%"><FONT face="Times New Roman" size=2>a final
      distribution in respect of the preferred stock held by the depositary has
      been made to the holders of depositary receipts in connection with our
      liquidation, dissolution or winding-up.</FONT></TD></TR></TABLE></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We may also terminate the
deposit agreement at any time. Upon such event, the depositary will give notice
of termination to the holders not less than 30 days before the termination date.
Once depositary receipts are surrendered to the depositary, it will send to each
holder the number of whole and fractional shares of the series of preferred stock underlying that holder&#146;s
depositary receipts, provided that, at our election we may pay cash in lieu of
fractional shares of preferred stock that may be issuable. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>23</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><B><FONT face="Times New Roman" size=2>Charges of Depositary and
Expenses</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We will pay all transfer and
other taxes and governmental charges in connection with the establishment of the
depositary arrangements. We will pay all charges and fees of the depositary for
the initial deposit of the preferred stock, the depositary&#146;s services and
redemption of the preferred stock. Holders of depositary shares will pay
transfer and other taxes and governmental charges and the charges that are
provided in the deposit agreement to be for the holder&#146;s account. </FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Limitations on Our
Obligations and Liability to Holders of Depositary Receipts</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The deposit agreement will
limit our obligations and the obligations of the depositary. It will also limit
our liability and the liability of the depositary as follows: </FONT></P>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse; TEXT-ALIGN: left" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">We and the depositary will only be obligated to
      take the actions specifically set forth in the deposit agreement in good
      faith;</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%"><FONT face="Times New Roman" size=2>We and the
      depositary will not be liable if either is prevented or delayed by law or
      circumstances beyond our or its control from performing our or its
      obligations under the deposit agreement;</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%"><FONT face="Times New Roman" size=2>We and the
      depositary will not be liable if either exercises discretion permitted
      under the deposit agreement;</FONT></TD></TR>  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">We and the depositary will have no obligation
      to become involved in any legal or other proceeding related to the
      depositary receipts or the deposit agreement on behalf of the holders of
      depositary receipts or any other party, unless we and the depositary are
      provided with satisfactory indemnity; and</TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%"><FONT face="Times New Roman" size=2>We and the
      depositary will be permitted to rely upon any written advice of counsel or
      accountants and on any documents we believe in good faith to be genuine
      and to have been signed or presented by the proper
  party.</FONT></TD></TR></TABLE>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In the deposit agreement, we
will agree to indemnify the depositary under certain circumstances. </FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Resignation and Removal of
Depositary</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The depositary may resign at
any time by notifying us of its election to do so. In addition, we may remove
the depositary at any time. Such resignation or removal will take effect when we
appoint a successor depositary and it accepts the appointment. We must appoint
the successor depositary within 60 days after delivery of the notice of
resignation or removal and the new depositary must be a bank or trust company
having its principal office in the United States and having a combined capital
and surplus of at least $50,000,000. </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>DESCRIPTION OF COMMON
STOCK</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>For purposes of this section,
the terms &#147;we,&#148; &#147;our&#148; and &#147;us&#148; refer only to Southern First Bancshares, Inc. and
not its subsidiaries. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The following description of
shares of our common stock, par value $0.01 per share, is a summary only and is
subject to, and is qualified by reference to, applicable provisions of the South
Carolina Business Corporation Act (the &#147;Business Corporation Act&#148;), our amended
and restated articles of incorporation, and our amended and restated bylaws,
which are incorporated by reference into this prospectus. You should refer to,
and read this summary together with, our amended and restated articles of
incorporation and amended and restated bylaws to review all of the terms of our
common stock. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>24</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><B><FONT face="Times New Roman" size=2>General</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>As of the date of this prospectus, our amended and restated
articles of incorporation provide that we may issue up to 10,000,000 shares of
common stock, par value of $0.01 per share. As of February 24, 2017, 6,466,945
shares of our common stock were issued and outstanding. All outstanding shares
of our common stock are fully paid and nonassessable. Our common stock is listed
on the NASDAQ Global Market under the symbol &#147;SFST&#148;.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Voting
Rights</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Each outstanding share of our
common stock entitles the holder to one vote on all matters submitted to a vote
of common shareholders, including the election of directors. The holders of our
common stock possess exclusive voting power, except as otherwise provided by law
or by articles of amendment establishing any series of our preferred stock.
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>There is no cumulative voting
in the election of directors. The holders of a majority of the votes cast by our
common shareholders can elect all of the directors then standing for election by
the common shareholders. When a quorum is present at any meeting, questions
brought before the meeting will be decided by the vote of the holders of a
majority of the shares present and voting on such matter, whether in person or
by proxy, except when the meeting concerns matters requiring the vote of a
greater number of affirmative votes under applicable South Carolina law or our
amended and restated articles of incorporation. Our amended and restated
articles of incorporation provide certain provisions that may limit
shareholders&#146; ability to effect a change in control as described under the
section below entitled &#147;Anti-Takeover Effects of Certain Articles of
Incorporation Provisions.&#148; </FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Dividends, Liquidation and
Other Rights</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Holders of shares of common
stock are entitled to receive dividends only when, as and if approved by our
board of directors from funds legally available for the payment of dividends.
Our shareholders are entitled to share ratably in our assets legally available
for distribution to our shareholders in the event of our liquidation,
dissolution or winding up, voluntarily or involuntarily, after payment of, or
adequate provision for, all of our known debts and liabilities. These rights are
subject to the preferential rights of any series of our preferred stock that may
then be outstanding. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Holders of shares of our
common stock have no preference, conversion, exchange, sinking fund or
redemption rights and have no preemptive rights to subscribe for any of our
securities. Our board of directors may issue additional shares of our common
stock or rights to purchase shares of our common stock without the approval of
our shareholders. </FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Transfer Agent and
Registrar</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Subject to compliance with
applicable federal and state securities laws, our common stock may be
transferred without any restrictions or limitations. The transfer agent and
registrar for shares of our common stock is Registrar &amp; Transfer Company.
</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>DESCRIPTION OF PURCHASE
CONTRACTS </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We also may issue purchase
contracts, including contracts obligating holders to purchase from us, and
obligating us to sell to holders, a fixed or varying number of shares of common
stock, preferred stock, depositary shares or debt securities at a future date or
dates. The consideration per share of common stock, preferred stock, depositary
shares or debt securities may be fixed at the time that the purchase contracts
are issued or may be determined by reference to a specific formula set forth in
the purchase contracts. Any purchase contract may include anti-dilution
provisions to adjust the number of shares issuable pursuant to such purchase
contract upon the occurrence of certain events. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The purchase contracts may be
issued separately or as a part of units consisting of a purchase contract, debt
securities and preferred securities. These contracts, and the holders&#146;
obligations to purchase shares of our common stock, preferred stock, depositary
shares or debt securities under the purchase contracts may be secured by cash,
certificates of deposit, U.S. government securities that will mature prior to or
simultaneously with, the maturity of the purchase contract, standby
letters of credit from an affiliated U.S. bank that is FDIC-insured or other
collateral satisfactory to the Federal Reserve. The purchase contracts may
require us to make periodic payments to holders of the purchase units, or vice
versa, and such payments may be unsecured or prefunded and may be paid on a
current or on a deferred basis. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>25</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Any one or more of the above
securities, common stock or the purchase contracts or other collateral may be
pledged as security for the holders&#146; obligations to purchase or sell, as the
case may be, the common stock or preferred stock under the purchase contracts.
</FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>DESCRIPTION OF
UNITS</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We also may offer two or more
of the securities described in this prospectus in the form of a &#147;unit&#148;,
including pursuant to a unit agreement. The unit may be transferable only as a
whole, or the securities comprising a unit may, as described in the prospectus
supplement, be separated and transferred by the holder separately. There may or
may not be an active market for units or the underlying securities, and not all
the securities comprising a unit may be listed or traded on a securities
exchange or market. </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>DESCRIPTION OF
WARRANTS</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>For purposes of this section,
the terms &#147;we,&#148; &#147;our&#148; and &#147;us&#148; refer only to Southern First Bancshares, Inc. and
not to its subsidiaries. </FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>General</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We may issue warrants in one
or more series to purchase senior debt securities, subordinated debt securities,
preferred stock, depositary shares, common stock or any combination of these
securities. Warrants may be issued independently or together with any underlying
securities and may be attached to or separate from the underlying securities. We
will issue each series of warrants under a separate warrant agreement to be
entered into between us and a warrant agent. The warrant agent will act solely
as our agent in connection with the warrants of such series and will not assume
any obligation or relationship of agency for or on behalf of holders or
beneficial owners of warrants. The following outlines some of the general terms
and provisions of the warrants. Further terms of the warrants and the applicable
warrant agreement will be stated in the applicable prospectus supplement. The
following description and any description of the warrants in a prospectus
supplement are not complete and are subject to and qualified in their entirety
by reference to the terms and provisions of the warrant agreement, which we will
file with the SEC in connection with the issuance of any warrants. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The applicable prospectus
supplement will describe the terms of any warrants, including the following, as
may be applicable: </FONT></P>
<P align=left>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse; TEXT-ALIGN: left" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>the title of the
      warrants;</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp; </TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%"><FONT face="Times New Roman" size=2>the total
      number of warrants to be issued; </FONT></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp; </TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%"><FONT face="Times New Roman" size=2>the
      consideration for which we will issue the warrants, including the
      applicable currency or currencies; </FONT></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">anti-dilution provisions to adjust the number
      of shares of our common stock or other securities to be delivered upon
      exercise of the warrants; </TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp; </TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%"><FONT face="Times New Roman" size=2>the
      designation and terms of the underlying securities purchasable upon
      exercise of the warrants;</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp; </TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%"><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=2>the price at which and the currency or
      currencies in which investors may purchase the underlying securities
      purchasable upon exercise of the warrants; </FONT></FONT></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">the dates on which the right to exercise the
      warrants will commence and expire; </TD></TR></TABLE></P>
<P align=center><FONT face="Times New Roman" size=2>&nbsp;</FONT><FONT face="Times New Roman" size=2>26</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse; TEXT-ALIGN: left" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=left><FONT face="Times New Roman" size=2>the procedures and
      conditions relating to the exercise of the warrants;</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp; </TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%"><FONT face="Times New Roman" size=2>whether the
      warrants will be in registered or bearer form; </FONT></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp; </TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%"><FONT face="Times New Roman" size=2>information
      with respect to book-entry registration and transfer procedures, if any;
      </FONT></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">the minimum or maximum amount of warrants which
      may be exercised at any one time; </TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp; </TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%"><FONT face="Times New Roman" size=2>the
      designation and terms of the underlying securities with which the warrants
      are issued and the number of warrants issued with each underlying
      security; </FONT></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp; </TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%"><FONT face="Times New Roman" size=2><FONT face="Times New Roman" size=2>the date on and after which the warrants and
      securities issued with the warrants will be separately transferable;
      </FONT></FONT></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%"><FONT face="Times New Roman" size=2>a
      discussion of material United States federal income tax considerations;
      </FONT></TD></TR>  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>

  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">the identity of the warrant agent; and </TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%"><FONT face="Times New Roman" size=2>any other
      terms of the warrants, including terms, procedures and limitations
      relating to the exchange, transfer and exercise of the warrants.
  </FONT></TD></TR></TABLE>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Warrant certificates may be
exchanged for new warrant certificates of different denominations, and warrants
may be exercised at the warrant agent&#146;s corporate trust office or any other
office indicated in the applicable prospectus supplement. Prior to the exercise
of their warrants, holders of warrants exercisable for debt securities will not
have any of the rights of holders of the debt securities purchasable upon such
exercise and will not be entitled to payments of principal (or premium, if any)
or interest, if any, on the debt securities purchasable upon such exercise.
Prior to the exercise of their warrants, holders of warrants exercisable for
shares of common stock, preferred stock or depositary shares will not have any
rights of holders of the common stock, preferred stock or depositary shares
purchasable upon such exercise, including any rights to vote such shares or to
receive any distributions or dividends thereon. </FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Exercise of
Warrants</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>A warrant will entitle the
holder to purchase for cash an amount of securities at an exercise price that
will be stated in, or that will be determinable as described in, the applicable
prospectus supplement. Warrants may be exercised at any time prior to the close
of business on the expiration date and in accordance with the procedures set
forth in the applicable prospectus supplement. Upon and after the close of
business on the expiration date, unexercised warrants will be void and have no
further force, effect or value. </FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Enforceability of
Rights</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The holders of warrants,
without the consent of the warrant agent, may, on their own behalf and for their
own benefit, enforce, and may institute and maintain any suit, action or
proceeding against us to enforce their rights to exercise and receive the
securities purchasable upon exercise of their warrants.</FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>DESCRIPTION OF RIGHTS
</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>For purpose of this section,
the terms &#147;we&#148;, &#147;our&#148;, &#147;our&#148; and &#147;us&#148; refer only to Southern First Bancshares,
Inc. and not to its subsidiaries. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The following briefly
summarizes the general provisions of rights that we may offer to purchase
additional shares of our common stock or any series of preferred stock, which we
may issue. The following description and any description in a prospectus
supplement is a summary only and is subject to, and qualified in its entirety by
reference to the terms and provisions of the rights, which we will file with the
SEC in connection with an issuance of rights to holders of our common stock or
any series of our preferred stock. The specific terms of any rights, including
the period during which the rights may be
exercised, the manner of exercising such rights, and the transferability of
rights, will be disclosed in the applicable prospectus supplement. Although we
may issue rights, in our sole discretion, we have no obligation to do
so.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>27</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><B><FONT face="Times New Roman" size=2>General</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We may distribute rights,
which may or may not be transferable, to the holders of our common stock or any
series of our preferred stock as of a record date set by our board of directors,
at no cost to such holders. Each holder will be given the right to purchase a
specified number of whole shares of our common stock or preferred stock for
every share of our common stock or a series of preferred stock that the holder
thereof owned on such record date, as set forth in the applicable prospectus
supplement. Unless otherwise provided in an applicable prospectus supplement, no
fractional rights or rights to purchase fractional shares will be distributed in
any rights offering. The rights will be evidenced by rights certificates, which
may be in definitive or book-entry form. Each right will entitle the holder to
purchase shares of our common stock or a series of preferred stock at a rate and
price per share to be established by our board of directors, as set forth in the
applicable prospectus supplement. If holders of rights wish to exercise their
rights, they must do so before the expiration date of the rights offering, as
set forth in the applicable prospectus supplement. Upon the expiration date, the
rights will expire and will no longer be exercisable, unless, in our sole
discretion prior to the expiration date, we extend the rights offering.
</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Exercise
Price</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Our board of directors will
determine the exercise price or prices for the rights based upon a number of
factors, including, without limitation, our business prospects; our capital
requirements; the price or prices at which an underwriter or standby purchasers
may be willing to purchase shares that remain unsold in the rights offering; and
general conditions in the securities markets, especially for securities of
financial institutions. The subscription price may or may not reflect the actual
or long-term fair value of the common stock or preferred stock offered in the
rights offering. We provide no assurances as to the market values or liquidity
of any rights issued, or as to whether or not the market prices of the common
stock or preferred stock subject to the rights will be more or less than the
rights&#146; exercise price during the term of the rights or after the rights expire.
</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Exercising Rights; Fees and
Expenses</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The manner of exercising
rights will be set forth in the applicable prospectus supplement. Any
subscription agent or escrow agent will be set forth in the applicable
prospectus supplement. We will pay all fees charged by any subscription agent
and escrow agent in connection with the distribution and exercise of rights.
Rights holders will be responsible for paying all other commissions, fees, taxes
or other expenses incurred in connection with their transfer of rights that are
transferable. Neither we nor the subscription agent will pay such expenses.
</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Expiration of
Rights</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The applicable prospectus
supplement will set forth the expiration date and time (&#147;Expiration Date&#148;) for
exercising rights. If holders of rights do not exercise their rights prior to
such time, their rights will expire and will no longer be exercisable and will
have no value. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We will extend the Expiration
Date as required by applicable law and may, in our sole discretion, extend the
Expiration Date. If we elect to extend the Expiration Date, we will issue a
press release announcing such extension prior to the scheduled Expiration Date.
</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Withdrawal and
Termination</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We may withdraw the rights
offering at any time prior to the Expiration Date for any reason. We may
terminate the rights offering, in whole or in part, at any time before
completion of the rights offering if there is any judgment, order, decree,
injunction, statute, law or regulation entered, enacted, amended or held to be
applicable to the rights offering that in the sole judgment of our board of
directors would or might make the rights offering or its completion, whether in
whole or in part, illegal or otherwise restrict or prohibit completion of the
rights offering. We may waive any of these conditions and choose to proceed with
the rights offering even if one or more of these events occur. If we terminate the
rights offering, in whole or in part, all affected rights will expire without
value, and all subscription payments received by the subscription agent will be
returned promptly without interest. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>28</FONT></P>
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<!-- PART05 - Main Body -->
<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>


<P align=left><B><FONT face="Times New Roman" size=2>Rights of
Subscribers</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Holders of rights will have no
rights as shareholders with respect to the shares of common stock or preferred
stock for which the rights may be exercised until they have exercised their
rights by payment in full of the exercise price and in the manner provided in
the prospectus supplement, and such shares of common stock or preferred stock,
as applicable, have been issued to such persons. Holders of rights will have no
right to revoke their subscriptions or receive their monies back after they have
completed and delivered the materials required to exercise their rights and have
paid the exercise price to the subscription agent. All exercises of rights are
final and cannot be revoked by the holder of rights. </FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Regulatory
Limitations</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We will not be required to
issue any person or group of persons shares of our common stock or preferred
stock pursuant to the rights offering if, in our sole opinion, such person would
be required to give prior notice to or obtain prior approval from, any state or
federal governmental authority to own or control such shares if, at the time the
rights offering is scheduled to expire, such person has not obtained such
clearance or approval in form and substance reasonably satisfactory to us.
</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Standby
Agreements</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We may enter into one or more
separate agreements with one or more standby underwriters or other persons to
purchase, for their own account or on our behalf, any shares of our common stock
or preferred stock not subscribed for in the rights offering. The terms of any
such agreements will be described in the applicable prospectus supplement.
</FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>ANTI-TAKEOVER EFFECTS OF
CERTAIN ARTICLES OF INCORPORATION PROVISIONS </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Our amended and restated
articles of incorporation contain certain provisions that make it more difficult
to acquire control of us by means of a tender offer, open market purchase, a
proxy fight or otherwise. These provisions are designed to encourage persons
seeking to acquire control of us to negotiate with our directors. We believe
that, as a general rule, the interests of our shareholders would be best served
if any change in control results from negotiations with our
directors.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Our amended and restated
articles of incorporation provide for a staggered board, to which approximately
one-third of our board of directors is elected each year at our annual meeting
of shareholders. Accordingly, our directors serve three-year terms rather than
one-year terms. The provisions of our amended and restated articles of
incorporation regarding the staggered board of directors have the effect of
making it more difficult for shareholders to change the composition of our board
of directors. At least two annual meetings of shareholders, instead of one, will
generally be required to effect a change in a majority of our board of
directors. Such a delay may help ensure that our directors, if confronted by a
holder attempting to force a proxy contest, a tender or exchange offer, or an
extraordinary corporate transaction, would have sufficient time to review the
proposal as well as any available alternatives to the proposal and to act in
what they believe to be the best interests of our shareholders. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The provisions of our amended
and restated articles of incorporation regarding the staggered board of
directors could also have the effect of discouraging a third party from
initiating a proxy contest, making a tender offer or otherwise attempting to
obtain control of us, even though such an attempt might be beneficial to us and
our shareholders. The staggered board of directors could thus increase the
likelihood that incumbent directors will retain their positions. In addition,
because the staggered board of directors may discourage accumulations of large
blocks of our stock by purchasers whose objective is to take control of us and
remove a majority of our board of directors, the staggered board of directors
could tend to reduce the likelihood of fluctuations in the market price of our
common stock that might result from accumulations of large blocks of our common
stock for such a purpose. </FONT><FONT face="Times New Roman" size=2>Accordingly, our shareholders could be deprived of certain opportunities
to sell their shares at a higher market price than might otherwise be the case.
</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>29</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The authorization of the
preferred stock could have the effect of making it more difficult or time
consuming for a third party to acquire a majority of our outstanding voting
stock or otherwise effect a change of control. Shares of the preferred stock may
also be sold to third parties that indicate that they would support the board of
directors in opposing a hostile takeover bid. The availability of the preferred
stock could have the effect of delaying a change of control and of increasing
the consideration ultimately paid to our shareholders. The board of directors
may authorize the issuance of preferred stock for capital-raising activities,
acquisitions, joint ventures or other corporate purposes that have the effect of
making an acquisition of the Company more difficult or costly, as could also be
the case if the board of directors were to issue additional common stock for
such purposes.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The South Carolina business
combinations statute provides that a 10% or greater shareholder of a resident
domestic corporation cannot engage in a &#147;business combination&#148; (as defined in
the statute) with such corporation for a period of two years following the date
on which the 10% shareholder became such, unless the business combination or the
acquisition of shares is approved by a majority of the disinterested members of
such corporation&#146;s board of directors before the 10% shareholder&#146;s share
acquisition date. This statute further provides that at no time (even after the
two-year period subsequent to such share acquisition date) may the 10%
shareholder engage in a business combination with the relevant corporation
unless certain approvals of the board of directors or disinterested shareholders
are obtained or unless the consideration given in the combination meets certain
minimum standards set forth in the statute. The law is very broad in its scope
and is designed to inhibit unfriendly acquisitions but it does not apply to
corporations whose articles of incorporation contain a provision electing not to
be covered by the law. Our amended and restated articles of incorporation do not
contain such a provision, though our amended and restated articles of
incorporation could be amended to include such a provision.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>None of our shares, whether
common or preferred, have any preemptive rights, redemption privileges, sinking
fund privileges or conversion rights. </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>VALIDITY OF
SECURITIES</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Unless otherwise indicated in
the applicable prospectus supplement, certain legal matters with respect to the
securities will be passed upon for us by Nelson Mullins Riley &amp; Scarborough
LLP, counsel to the Company. Any underwriters will be represented by their own
legal counsel. </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>EXPERTS</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The consolidated financial
statements incorporated in this prospectus, by reference from our Annual Report
on Form 10-K for the year ended December 31, 2016, have been audited by Elliott
Davis Decosimo, LLC, an independent registered public accounting firm, as stated
in their report. Such report is incorporated herein by reference in reliance
upon such report given on the authority of such firm as experts in accounting
and auditing.</FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>WHERE YOU CAN FIND MORE
INFORMATION </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We are subject to the
informational requirements of the Exchange Act, and file with the SEC proxy
statements, Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and
Current Reports on Form 8-K. You may read and copy any document we file at the
SEC&#146;s public reference room at 100 F Street, NE, Room 1580, Washington, D.C.
20549. Please call the SEC at 1-800-SEC-0330 for further information on the
public reference rooms. Our SEC filings are also available to the public from
the SEC&#146;s web site at www.sec.gov or on our website at www.southernfirst.com
under the &#147;Investor Relations&#148; tab. Information on, or that can be accessible
through, our website does not constitute a part of, and is not incorporated by
reference in, this prospectus.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>This prospectus, which is a
part of a registration statement on Form S-3 that we have filed with the SEC
under the Securities Act, omits certain information set forth in the
registration statement. Accordingly, for further information, you should refer
to the registration statement and its exhibits on file with the SEC.
Furthermore, statements contained in this prospectus concerning any document
filed as an exhibit are not necessarily complete and, in each instance, we refer
you to the copy of such document filed as an exhibit to the registration
statement.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>30</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>&nbsp;PART II.
INFORMATION NOT REQUIRED IN PROSPECTUS</FONT></B></P>
<P align=left><B><FONT face="Times New Roman" size=2>Item 14. Other Expenses of
Issuance and Distribution</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The following is an itemized
statement of the estimated fees and expenses in connection with the issuance and
distribution of the securities registered hereby: </FONT></P>
<DIV align=center>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>SEC
      registration fee</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>5,795</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face="Times New Roman" size=2>Legal fees and expenses</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>*</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Printing and mailing</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>*</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face="Times New Roman" size=2>Accounting fees and expenses</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>*</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Miscellaneous</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>*</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><FONT face="Times New Roman" size=2>Total</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>*</FONT></TD></TR></TABLE></DIV><BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="1%"><FONT face="Times New Roman" size=2>*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></TD>
    <TD width="99%"><FONT face="Times New Roman" size=2>Estimated expenses are not
presently known. </FONT></TD></TR></TABLE>


<P align=left><B><FONT face="Times New Roman" size=2>Item 15. Indemnification of
Directors and Officers</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Under our bylaws, each of our
directors has the right to be indemnified by us to the maximum extent permitted
by law against (i) reasonable expenses incurred in connection with any
threatened, pending or completed civil, criminal, administrative, investigative
or arbitrative action, suit or proceeding seeking to hold the director liable by
reason of his or her actions in such capacity and (ii) reasonable payments made
by the director in satisfaction of any judgment, money decree, fine, penalty or
settlement for which he or she became liable in such action, suit or proceeding.
This right to indemnification includes the right to the advancement of
reasonable expenses by us, to the maximum extent permitted by law. Under our
bylaws, each of our officers who are not directors is entitled to the same
indemnification rights, including the right to the advancement of reasonable
expenses, which are provided to our directors.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Pursuant to the Business
Corporation Act, a South Carolina corporation has the power to indemnify its
directors and officers provided that they act in good faith and reasonably
believe that their conduct was lawful and in the corporate interest (or not
opposed thereto), as set forth in the Business Corporation Act. Under the
Business Corporation Act, unless limited by its articles of incorporation, a
corporation must indemnify a director or officer who is wholly successful, on
the merits or otherwise, in the defense of any proceeding to which he or she was
a party because he or she is or was a director or officer, against reasonable
expenses incurred by the director or officer in connection with the proceeding.
Our amended and restated articles of incorporation do not contain any such
limitations. The Business Corporation Act permits a corporation to pay for or
reimburse reasonable expenses in advance of final disposition of an action, suit
or proceeding only upon (i) the director&#146;s certification that he or she acted in
good faith and in the corporate interest (or not opposed thereto), (ii) the
director furnishing a written undertaking to repay the advance if it is
ultimately determined that he or she did not meet this standard of conduct, and
(iii) a determination is made that the facts then known to those making the
determination would not preclude indemnification under the Business Corporation
Act.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Under our amended and restated
articles of incorporation, no director will be liable to us or our shareholders
for monetary damages for breach of his or her fiduciary duty as a director, to
the maximum extent permitted by law.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Business Corporation Act
also empowers a corporation to provide insurance for directors and officers
against liability arising out of their positions, even though the insurance
coverage may be broader than the corporation&#146;s power to indemnify. We maintain
directors and officers&#146; liability insurance for the benefit of our directors and
officers. </FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Item 16. Exhibits
</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The exhibits to the
Registration Statement are listed in the Exhibit Index attached hereto and
incorporated by reference herein.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>31</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><B><FONT face="Times New Roman" size=2>Item 17. Undertakings
</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The undersigned Registrant
hereby undertakes: </FONT></P>
<P align=left><FONT face="Times New Roman" size=2>(1) To file, during any period
in which offers or sales are being made, a post-effective amendment to this
registration statement: </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(i) to include any prospectus
required by Section 10(a)(3) of the Securities Act of 1933, as amended;
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(ii) to reflect in the
prospectus any facts or events arising after the effective date of the
registration statement (or the most recent post-effective amendment thereof)
which, individually or in the aggregate, represent a fundamental change in the
information set forth in the registration statement. Notwithstanding the
foregoing, any increase or decrease in volume of securities offered (if the
total dollar value of securities offered would not exceed that which was
registered) and any deviation from the low or high end of the estimated maximum
offering range may be reflected in the form of prospectus filed with the
Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume
and price represent no more than 20 percent change in the maximum aggregate
offering price set forth in the &#147;Calculation of Registration Fee&#148; table in the
effective registration statement; and </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(iii) to include any material
information with respect to the plan of distribution not previously disclosed in
the registration statement or any material change to such information in the
registration statement; </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><I><FONT face="Times New Roman" size=2>Provided,
however</FONT></I><FONT face="Times New Roman" size=2>, that paragraphs
(a)(1)(i), (a)(1)(ii) and (a)(1)(iii) of the above do not apply if the
information required to be included in a post-effective amendment by those
paragraphs is contained in reports filed with or furnished to the Commission by
the registrants pursuant to section 13 or section 15(d) of the Securities
Exchange Act of 1934 that are incorporated by reference in the registration
statement, or is contained in a form of prospectus filed pursuant to Rule 424(b)
that is part of the registration statement. </FONT></P>
<P align=left><FONT face="Times New Roman" size=2>(2) That, for the purpose of
determining any liability under the Securities Act of 1933, as amended, each
such post-effective amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.
</FONT></P>
<P align=left><FONT face="Times New Roman" size=2>(3) To remove from
registration by means of a post-effective amendment any of the securities being
registered which remain unsold at the termination of the offering. </FONT></P>
<P align=left><FONT face="Times New Roman" size=2>(4) That, for the purpose of
determining liability under the Securities Act of 1933, as amended, to any
purchaser: </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(i) Each prospectus filed by a
Registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the
registration statement as of the date the filed prospectus was deemed part of
and included in the registration statement; and </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(ii) Each prospectus required
to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a
registration statement in reliance on Rule 430B relating to an offering made
pursuant to Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the
information required by Section 10(a) of the Securities Act of 1933 shall be
deemed to be part of and included in the registration statement as of the
earlier of the date such form of prospectus is first used after effectiveness or
the date of the first contract of sale of securities in the offering described
in the prospectus. As provided in Rule 430B, for liability purposes of the
issuer and any person that is at that date an underwriter, such date shall be
deemed to be a new effective date of the registration statement relating to the
securities in the registration statement to which the prospectus relates, and
the offering of such securities at that time shall be deemed to be the initial
bona fide offering thereof. Provided, however, that no statement made in a
registration statement or prospectus that is part of the registration statement
or made in a document incorporated or deemed incorporated by reference into the
registration statement or prospectus that is part of the registration statement
will, as to a purchaser with a time of contract of sale prior to such effective
date, supersede or modify any statement that was made in the registration
statement or prospectus that was part of the registration statement or made in
any such document immediately prior to such effective date. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>32</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><FONT face="Times New Roman" size=2>(5) That, for the purpose of
determining liability of a Registrant under the Securities Act of 1933, as
amended, to any purchaser in the initial distribution of the securities, the
undersigned Registrants undertake that in a primary offering of securities of
the undersigned Registrants pursuant to this registration statement, regardless
of the underwriting method used to sell the securities to the purchaser, if the
securities are offered or sold to such purchaser by means of any of the
following communications, the undersigned Registrants will be a seller to the
purchaser and will be considered to offer or sell such securities to such
purchaser: </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(i) Any preliminary prospectus
or prospectus of an undersigned Registrant relating to the offering required to
be filed pursuant to Rule 424; </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(ii) Any free writing
prospectus relating to the offering prepared by or on behalf of an undersigned
Registrant or used or referred to by an undersigned Registrant; </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(iii) The portion of any other
free writing prospectus relating to the offering containing material information
about an undersigned Registrant or its securities provided by or on behalf of an
undersigned Registrant; and </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(iv) Any other communication
that is an offer in the offering made by an undersigned Registrant to the
purchaser. </FONT></P>
<P align=left><FONT face="Times New Roman" size=2>(6) That, for purposes of
determining any liability under the Securities Act of 1933, as amended, each
filing of the Registrant&#146;s annual report pursuant to Section 13(a) or Section
15(d) of the Securities Exchange Act of 1934, as amended, (and, where
applicable, each filing of an employee benefit plan&#146;s annual report pursuant to
Section 15(d) of the Securities Exchange Act of 1934, as amended) that is
incorporated by reference in the registration statement shall be deemed to be a
new registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof. </FONT></P>
<P align=left><FONT face="Times New Roman" size=2>(7) To file an application for
the purpose of determining the eligibility of the trustee to act under
subsection (a) of Section 310 of the Trust Indenture Act in accordance with the
rules and regulations prescribed by the Commission under Section 305(b)(2) of
the Trust Indenture Act. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Insofar as indemnification for
liabilities arising under the Securities Act of 1933, as amended, may be
permitted to directors, officers and controlling persons of each Registrant
pursuant to the provisions described in Item 15 above, or otherwise, each
Registrant has been advised that in the opinion of the Securities and Exchange
Commission such indemnification is against public policy as expressed in the
Securities Act of 1933 and is, therefore, unenforceable. In the event that a
claim for indemnification against such liabilities (other than the payment by a
Registrant of expenses incurred or paid by a director, officer or controlling
person of a Registrant in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, that Registrant will, unless in
the opinion of its counsel the matter has been settled by controlling precedent,
submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Securities
Act of 1933 and will be governed by the final adjudication of such issue.
</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>33</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>SIGNATURES
</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Pursuant to the requirements
of the Securities Act of 1933, Southern First Bancshares, Inc. certifies that it
has reasonable grounds to believe that it meets all of the requirements for
filing on Form S-3 and has duly caused this Registration Statement to be signed
on its behalf by the undersigned, thereunto duly authorized, in the City of
Greenville, State of South Carolina, on March 29, 2017. </FONT></P>
<DIV align=right>
<TABLE cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR>
    <TD align=left width="99%" colSpan=3>
      <P align=left><B><FONT face="Times New Roman" size=2>SOUTHERN FIRST
      BANCSHARES, INC.</FONT></B></P></TD></TR>
  <TR>
    <TD align=left width="99%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD noWrap width="1%"><FONT size=2 face="Times New Roman">By: &nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap width="80%">
      <P STYLE="text-align: left"><FONT face="Times New Roman" size=2>/s/R. Arthur Seaver, Jr.
      </FONT></P></TD>
    <TD noWrap width="18%">&nbsp;</TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD WIDTH="98%" COLSPAN="2" STYLE="text-align: left"><FONT size=2 face="Times New Roman">Name: R. Arthur
      Seaver, Jr. </FONT></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD WIDTH="98%" COLSPAN="2" STYLE="text-align: left"><FONT size=2 face="Times New Roman">Title: Chief
      Executive Officer </FONT></TD></TR></TABLE></DIV>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Know all men by these
presents, that each person whose signature appears below constitutes and
appoints R. Arthur Seaver, Jr., his true and lawful attorney-in-fact and agent,
with full power of substitution and resubstitution, for him and in his name,
place and stead, in any and all capacities, to sign any and all amendments
(including pre-effective and post-effective amendments) to this Registration
Statement and to sign any registration statement (and any post-effective
amendments thereto) effective upon filing pursuant to Rule 462(b) under the
Securities Act of 1933, and to file the same, with all exhibits thereto, and
other documents in connection therewith, with the Securities and Exchange
Commission, granting unto said attorney-in-fact and agent full power and
authority to do and perform each and every act and thing requisite and necessary
to be done in and about the premises, as fully to all intents and purposed as he
might or could do in person, hereby ratifying and confirming that said
attorney-in-fact, agent or his substitutes may lawfully do or cause to be done
by virtue hereof. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Pursuant to the requirements
of the Securities Act of 1933, this Registration Statement has been signed by
the following persons in the capacities indicated as of the dates indicated.
</FONT></P>
<DIV align=center>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Signature</FONT></TD>
    <TD noWrap align=left width="36%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%"><FONT size=2 face="Times New Roman">Title</FONT></TD>
    <TD noWrap align=left width="58%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="39%" colSpan=2><FONT face="Times New Roman" size=2>/s/R. Arthur Seaver, Jr.</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="60%" colSpan=2><FONT face="Times New Roman" size=2>Chief Executive Officer and
  Director</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%" colSpan=2><FONT face="Times New Roman" size=2>R.
      Arthur Seaver, Jr.</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="60%" colSpan=2><FONT face="Times New Roman" size=2>(Principal Executive Officer)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%" colSpan=2><FONT face="Times New Roman" size=2>Date: March 29, 2017</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="60%" colSpan=2></TD></TR>
  <TR>
    <TD width="100%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="39%" colSpan=2><FONT face="Times New Roman" size=2>/s/Michael D. Dowling</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="60%" colSpan=2><FONT face="Times New Roman" size=2>Chief Financial Officer</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%" colSpan=2><FONT face="Times New Roman" size=2>Michael D. Dowling</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="60%" colSpan=2><FONT face="Times New Roman" size=2>(Principal Financial Officer and Principal
      Accounting</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%" colSpan=2><FONT face="Times New Roman" size=2>Date: March 29, 2017</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="60%" colSpan=2><FONT face="Times New Roman" size=2>Officer)</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="39%" colSpan=2><FONT face="Times New Roman" size=2>/s/James B. Orders, III</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="60%" colSpan=2><FONT face="Times New Roman" size=2>Chairman of the Board of Directors</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%" colSpan=2><FONT face="Times New Roman" size=2>James B. Orders, III</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="60%" colSpan=2></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%" colSpan=2><FONT face="Times New Roman" size=2>Date: March 29, 2017</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="60%" colSpan=2></TD></TR>
  <TR>
    <TD width="100%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="39%" colSpan=2><FONT face="Times New Roman" size=2>/s/Andrew B. Cajka, Jr.</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="60%" colSpan=2><FONT face="Times New Roman" size=2>Director</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%" colSpan=2><FONT face="Times New Roman" size=2>Andrew B. Cajka, Jr.</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="60%" colSpan=2></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%" colSpan=2><FONT face="Times New Roman" size=2>Date: March 29, 2017</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="60%" colSpan=2></TD></TR>
  <TR>
    <TD width="100%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="39%" colSpan=2><FONT face="Times New Roman" size=2>/s/Mark A. Cothran</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="60%" colSpan=2><FONT face="Times New Roman" size=2>Director</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%" colSpan=2><FONT face="Times New Roman" size=2>Mark
      A. Cothran</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="60%" colSpan=2></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%" colSpan=2><FONT face="Times New Roman" size=2>Date: March 29, 2017</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="60%" colSpan=2></TD></TR>
  <TR>
    <TD width="100%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="39%" colSpan=2><FONT face="Times New Roman" size=2>/s/Leighton M. Cubbage</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="60%" colSpan=2><FONT face="Times New Roman" size=2>Director</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%" colSpan=2><FONT face="Times New Roman" size=2>Leighton M. Cubbage</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="60%" colSpan=2></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="39%" colSpan=2><FONT face="Times New Roman" size=2>Date: March 29, 2017</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="60%" colSpan=2></TD></TR></TABLE></DIV><BR>
<P align=center><FONT face="Times New Roman" size=2>34</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<DIV align=center>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="40%"><FONT face="Times New Roman" size=2>/s/David G. Ellison</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="59%"><FONT face="Times New Roman" size=2>Director</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"><FONT face="Times New Roman" size=2>David G. Ellison</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="59%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"><FONT face="Times New Roman" size=2>Date: March 29, 2017</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="59%"></TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="40%"><FONT face="Times New Roman" size=2>/s/Anne S. Ellefson</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="59%"><FONT face="Times New Roman" size=2>Director</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"><FONT face="Times New Roman" size=2>Anne
      S. Ellefson</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="59%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"><FONT face="Times New Roman" size=2>Date: March 29, 2017</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="59%"></TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="40%"><FONT face="Times New Roman" size=2>/s/Fred Gilmer, Jr.</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="59%"><FONT face="Times New Roman" size=2>Director</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"><FONT face="Times New Roman" size=2>Fred
      Gilmer, Jr.</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="59%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"><FONT face="Times New Roman" size=2>Date: March 29, 2017</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="59%"></TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="40%"><FONT face="Times New Roman" size=2>/s/Tecumseh Hooper, Jr.</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="59%"><FONT face="Times New Roman" size=2>Director</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"><FONT face="Times New Roman" size=2>Tecumseh Hooper, Jr.</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="59%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"><FONT face="Times New Roman" size=2>Date: March 29, 2017</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="59%"></TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="40%"><FONT face="Times New Roman" size=2>/s/Rudolph G.
      Johnstone, III, M.D.</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="59%"><FONT face="Times New Roman" size=2>Director</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"><FONT face="Times New Roman" size=2>Rudolph G. Johnstone, III, M.D.</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="59%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"><FONT face="Times New Roman" size=2>Date: March 29, 2017</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="59%"></TD></TR></TABLE></DIV><BR>
<P align=center><FONT face="Times New Roman" size=2>35</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="100%" colSpan=3><B><FONT face="Times New Roman" size=2>EXHIBIT INDEX</FONT></B></TD></TR>
  <TR>
    <TD noWrap style="text-align: center" width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><B><FONT face="Times New Roman" size=1>Exhibit No.</FONT></B></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="98%"><B><FONT face="Times New Roman" size=1>Exhibit</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>1.1</FONT></TD>
    <TD vAlign=top align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="98%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Form
      of Underwriting Agreement for Debt Securities**<BR>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>1.2</FONT></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="98%"><FONT face="Times New Roman" size=2>Form of Underwriting Agreement for
      Preferred Stock or Depositary Shares**<BR>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>1.3</FONT></TD>
    <TD vAlign=top align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="98%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Form
      of Underwriting Agreement for Common Stock**<BR>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>1.4</FONT></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="98%"><FONT face="Times New Roman" size=2>Form of Underwriting Agreement for
      Purchase Contracts**<BR>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>1.5</FONT></TD>
    <TD vAlign=top align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="98%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Form
      of Underwriting Agreement for Units**<BR>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>1.6</FONT></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="98%"><FONT face="Times New Roman" size=2>Form of Standby Underwriting
      Agreement for Rights**<BR>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>3.1</FONT></TD>
    <TD vAlign=top align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="98%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Amended and Restated Articles of Incorporation (incorporated
      by reference to Exhibit 3.1 of the Company&#146;s Registration Statement on
      Form SB-2 filed on July 27, 1999, File No.
      333-83851)&nbsp;<BR>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>3.2</FONT></TD>
    <TD vAlign=top align=left width="1%" bgColor=#ffffff></TD>
    <TD vAlign=top align=left width="98%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Amended and Restated Bylaws dated March 18, 2008
      (incorporated by reference to Exhibit 3.4 of the Company&#146;s Form 10-K filed
      on March 24, 2008)<BR>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>4.1</FONT></TD>
    <TD vAlign=top align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="98%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Specimen Common Stock Certificate (incorporated by reference
      to Exhibit 4.2 of the Company&#146;s Registration Statement on Form SB-2 filed
      on July 27, 1999, File No. 333-83851)<BR>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>4.2</FONT></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="98%"><FONT face="Times New Roman" size=2>See Exhibits 3.1 and 3.2 for
      provisions of the Amended and Restated Articles of Incorporation, as
      amended, and Amended and Restated Bylaws, which define the rights of the
      shareholders<BR>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>4.3</FONT></TD>
    <TD vAlign=top align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="98%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Form
      of Articles of Amendment Establishing a Series of Preferred
      Stock**<BR>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>4.4</FONT></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="98%"><FONT face="Times New Roman" size=2>Form of Senior
      Indenture<BR>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>4.5</FONT></TD>
    <TD vAlign=top align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="98%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Form
      of Senior Note**<BR>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>4.6</FONT></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="98%"><FONT face="Times New Roman" size=2>Form of Subordinated
      Indenture<BR>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>4.7</FONT></TD>
    <TD vAlign=top align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="98%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Form
      of Subordinated Debt Security**<BR>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>4.8</FONT></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="98%"><FONT face="Times New Roman" size=2>Form of Unit
      Agreement**<BR>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>4.9</FONT></TD>
    <TD vAlign=top align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="98%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Form
      of Warrant Agreement**<BR>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#ffffff><FONT face="Times New Roman" size=2>4.10</FONT></TD>
    <TD vAlign=top align=left width="1%" bgColor=#ffffff></TD>
    <TD vAlign=top align=left width="98%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Form
      of Rights Agreement**<BR>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>4.11</FONT></TD>
    <TD vAlign=top align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="98%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Form
      of Deposit Agreement<BR>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>4.12</FONT></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="98%"><FONT face="Times New Roman" size=2>Form of Purchase Contract
      Agreement**<BR>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>4.13</FONT></TD>
    <TD vAlign=top align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="98%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Form
      of Depositary Receipt (included in Exhibit 4.11)<BR>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>5.1</FONT></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="98%"><FONT face="Times New Roman" size=2>Opinion of Nelson Mullins Riley
      &amp; Scarborough LLP<BR>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>8.1</FONT></TD>
    <TD vAlign=top align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="98%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Opinion of Nelson Mullins Riley &amp; Scarborough LLP as to
      certain U.S. federal income tax matters**&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="98%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>12.1</FONT></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="98%"><FONT face="Times New Roman" size=2>Computation of Consolidated Ratio
      of Earnings to Fixed Charges</FONT></TD></TR></TABLE><BR>
<P align=center><FONT face="Times New Roman" size=2>36</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top noWrap bgColor=#c0c0c0><FONT face="Times New Roman" size=2>23.1</FONT></TD>
    <TD width="100%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Consent of Elliott Davis Decosimo, LLC</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD width="100%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>23.2</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>Consent of Nelson
      Mullins Riley &amp; Scarborough LLP (included in Exhibit
      5.1)<BR>&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap bgColor=#c0c0c0><FONT face="Times New Roman" size=2>24.1</FONT></TD>
    <TD width="100%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Powers of Attorney (included on the signature page of this
      registration statement)<BR>&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>25.1</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>Form T-1 Statement of
      Eligibility to act as trustee under the Senior
    Indenture*<BR>&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap bgColor=#c0c0c0><FONT face="Times New Roman" size=2>25.2</FONT></TD>
    <TD width="100%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Form
      T-1 Statement of Eligibility to act as trustee under the Subordinated
      Indenture*</FONT></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" vAlign=top noWrap></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" width="100%">&nbsp;</TD></TR></TABLE>
    <BR>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD STYLE="width: 1%; vertical-align: top; text-align: left"><FONT face="Times New Roman" size=2>*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></TD>
    <TD width="99%"><FONT face="Times New Roman" size=2>To be filed separately
pursuant to Trust Indenture Act Section 305(b)(2)</FONT></TD></TR>                                                                  <TR>
    <TD STYLE="vertical-align: top; text-align: left"><FONT face="Times New Roman" size=2>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></TD>
    <TD><FONT face="Times New Roman" size=2>To be filed, if necessary, by amendment or as
an exhibit to a report filed under the Securities Exchange Act of 1934 and
incorporated by reference </FONT></TD></TR>
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<P align=center><FONT face="Times New Roman" size=2>37</FONT></P>
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<DOCUMENT>
<TYPE>EX-4.4
<SEQUENCE>2
<FILENAME>sfb3234121-ex44.htm
<DESCRIPTION>FORM OF SENIOR INDENTURE
<TEXT>

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<P align=center><FONT face="Times New Roman" size=4>SOUTHERN FIRST BANCSHARES,
INC.</FONT></P>
<P align=center><FONT face="Times New Roman" size=4></FONT>&nbsp;</P>
<P align=center><FONT face="Times New Roman" size=4>Issuer</FONT></P>
<P align=center><FONT face="Times New Roman" size=4></FONT>&nbsp;</P>
<P align=center><FONT face="Times New Roman" size=4>to</FONT></P>
<P align=center><FONT face="Times New Roman" size=4></FONT>&nbsp;</P>
<P align=center><FONT face="Times New Roman" size=4>[
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</FONT></P>
<P align=center><FONT face="Times New Roman" size=4></FONT>&nbsp;</P>
<P align=center><FONT face="Times New Roman" size=4></FONT>&nbsp;</P>
<P align=center><FONT face="Times New Roman" size=4>Trustee</FONT></P>
<P align=center><FONT face="Times New Roman" size=4></FONT>&nbsp;</P>
<P align=center><FONT face="Times New Roman" size=4>SENIOR INDENTURE</FONT></P>
<P align=center><FONT size=4></FONT>&nbsp;</P>
<P align=center><FONT face="Times New Roman" size=4>Dated as of __________,
20</FONT></P>
<P align=center><FONT size=4></FONT>&nbsp;</P>
<P align=center><FONT face="Times New Roman" size=4>Senior Debt Securities
</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>TABLE OF
CONTENTS</FONT></B></P>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="line-height: 14pt; border-collapse: collapse; width: 100%">

  <TR vAlign=bottom>
    <TD NOWRAP STYLE="width: 1%; text-align: center"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 96%"></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: right; width: 1%"><B><FONT face="Times New Roman" size=2>Page</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">ARTICLE
      ONE</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: Silver"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: Silver"><FONT face="Times New Roman" size=2>DEFINITIONS AND OTHER PROVISIONS OF GENERAL
    APPLICATION</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: Silver"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: Silver"><FONT face="Times New Roman" size=2>2</FONT></TD></TR>
  <TR>
    <TD COLSPAN="5" STYLE="background-color: Silver">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: center"><FONT face="Times New Roman" size=2>Section 101.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman" size=2>Definitions</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT face="Times New Roman" size=2>2</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: center; background-color: Silver"><FONT face="Times New Roman" size=2>Section 102.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: Silver"><FONT face="Times New Roman" size=2>Compliance Certificate and Opinions</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: Silver"><FONT face="Times New Roman" size=2>8</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: center"><FONT face="Times New Roman" size=2>Section 103.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman" size=2>Form
      of Documents Delivered to Trustee</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT face="Times New Roman" size=2>8</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: center; background-color: Silver"><FONT face="Times New Roman" size=2>Section 104.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: Silver"><FONT face="Times New Roman" size=2>Acts
      of Holders</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: Silver"><FONT face="Times New Roman" size=2>9</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: center"><FONT face="Times New Roman" size=2>Section 105.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman" size=2>Notices, Etc., to Trustee and Company</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT face="Times New Roman" size=2>10</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: center; background-color: Silver"><FONT face="Times New Roman" size=2>Section 106.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: Silver"><FONT face="Times New Roman" size=2>Notice to Holders</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: Silver"><FONT face="Times New Roman" size=2>11</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: center"><FONT face="Times New Roman" size=2>Section 107.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman" size=2>Language of Notices</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT face="Times New Roman" size=2>11</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: center; background-color: Silver"><FONT face="Times New Roman" size=2>Section 108.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: Silver"><FONT face="Times New Roman" size=2>Conflict With Trust Indenture Act</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: Silver"><FONT face="Times New Roman" size=2>11</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: center"><FONT face="Times New Roman" size=2>Section 109.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman" size=2>Effect of Headings and Table of Contents</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT face="Times New Roman" size=2>11</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: center; background-color: Silver"><FONT face="Times New Roman" size=2>Section 110.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: Silver"><FONT face="Times New Roman" size=2>Successors and Assigns</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: Silver"><FONT face="Times New Roman" size=2>12</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: center"><FONT face="Times New Roman" size=2>Section 111.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman" size=2>Separability Clause</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT face="Times New Roman" size=2>12</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: center; background-color: Silver"><FONT face="Times New Roman" size=2>Section 112.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: Silver"><FONT face="Times New Roman" size=2>Benefits of Indenture</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: Silver"><FONT face="Times New Roman" size=2>12</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: center"><FONT face="Times New Roman" size=2>Section 113.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman" size=2>Governing Law</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT face="Times New Roman" size=2>12</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: center; background-color: Silver"><FONT face="Times New Roman" size=2>Section 114.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: Silver"><FONT face="Times New Roman" size=2>Legal Holidays</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: Silver"><FONT face="Times New Roman" size=2>12</FONT></TD></TR>
  <TR>
    <TD COLSPAN="5" STYLE="background-color: Silver">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman" size=2>ARTICLE TWO</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman" size=2>SECURITIES FORMS</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT face="Times New Roman" size=2>12</FONT></TD></TR>
  <TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: center; background-color: Silver"><FONT face="Times New Roman" size=2>Section 201.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: Silver"><FONT face="Times New Roman" size=2>Forms Generally</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: Silver"><FONT face="Times New Roman" size=2>12</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: center"><FONT face="Times New Roman" size=2>Section 202.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman" size=2>Form
      of Trustee&#146;s Certificate of Authentication</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT face="Times New Roman" size=2>13</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: center; background-color: Silver"><FONT face="Times New Roman" size=2>Section 203.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: Silver"><FONT face="Times New Roman" size=2>Securities in Global Form</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: Silver"><FONT face="Times New Roman" size=2>13</FONT></TD></TR>
  <TR>
    <TD COLSPAN="5" STYLE="background-color: Silver">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman" size=2>ARTICLE THREE</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman" size=2>THE
      SECURITIES</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT face="Times New Roman" size=2>13</FONT></TD></TR>
  <TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: center; background-color: Silver"><FONT face="Times New Roman" size=2>Section 301.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: Silver"><FONT face="Times New Roman" size=2>Amount Unlimited; Issuable in Series</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: Silver"><FONT face="Times New Roman" size=2>13</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: center"><FONT face="Times New Roman" size=2>Section 302.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman" size=2>Denominations</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT face="Times New Roman" size=2>16</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: center; background-color: Silver"><FONT face="Times New Roman" size=2>Section 303.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: Silver"><FONT face="Times New Roman" size=2>Securities in Foreign Countries</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: Silver"><FONT face="Times New Roman" size=2>16</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: center"><FONT face="Times New Roman" size=2>Section 304.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman" size=2>Execution, Authentication, Delivery and Dating</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT face="Times New Roman" size=2>16</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: center; background-color: Silver"><FONT face="Times New Roman" size=2>Section 305.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: Silver"><FONT face="Times New Roman" size=2>Temporary Securities</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: Silver"><FONT face="Times New Roman" size=2>18</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: center"><FONT face="Times New Roman" size=2>Section 306.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman" size=2>Registration, Transfer and Exchange</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT face="Times New Roman" size=2>18</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: center; background-color: Silver"><FONT face="Times New Roman" size=2>Section 307.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: Silver"><FONT face="Times New Roman" size=2>Mutilated, Destroyed, Lost and Stolen Securities</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: Silver"><FONT face="Times New Roman" size=2>20</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: center"><FONT face="Times New Roman" size=2>Section 308.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman" size=2>Payment of Interest; Interest Rights Preserved</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT face="Times New Roman" size=2>21</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: center; background-color: Silver"><FONT face="Times New Roman" size=2>Section 309.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: Silver"><FONT face="Times New Roman" size=2>Persons Deemed Owners</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: Silver"><FONT face="Times New Roman" size=2>22</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: center"><FONT face="Times New Roman" size=2>Section 310.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman" size=2>Cancellations</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT face="Times New Roman" size=2>23</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: center; background-color: Silver"><FONT face="Times New Roman" size=2>Section 311.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: Silver"><FONT face="Times New Roman" size=2>Computation of Interest</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: Silver"><FONT face="Times New Roman" size=2>23</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: center"><FONT face="Times New Roman" size=2>Section 312.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman" size=2>Cusip Numbers</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT face="Times New Roman" size=2>23</FONT></TD></TR>
  <TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; background-color: Silver"><FONT face="Times New Roman" size=2>ARTICLE FOUR</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: Silver"><FONT face="Times New Roman" size=2>SATISFACTION AND DISCHARGE</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: Silver"><FONT face="Times New Roman" size=2>23</FONT></TD></TR>
  <TR>
    <TD COLSPAN="5" STYLE="background-color: Silver">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: center"><FONT face="Times New Roman" size=2>Section 401.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman" size=2>Satisfaction and Discharge of Indenture</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT face="Times New Roman" size=2>23</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: center; background-color: Silver"><FONT face="Times New Roman" size=2>Section 402.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: Silver"><FONT face="Times New Roman" size=2>Application of Trust Money</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: Silver"><FONT face="Times New Roman" size=2>24</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: center"><FONT face="Times New Roman" size=2>Section 403.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman" size=2>Definitions</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT face="Times New Roman" size=2>25</FONT></TD></TR>
  <TR>
    <TD COLSPAN="5">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; background-color: Silver"><FONT face="Times New Roman" size=2>ARTICLE FIVE</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: Silver"><FONT face="Times New Roman" size=2>REMEDIES</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: Silver"><FONT face="Times New Roman" size=2>26</FONT></TD></TR>
  <TR>
    <TD COLSPAN="5" STYLE="background-color: Silver">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: center"><FONT face="Times New Roman" size=2>Section 501.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman" size=2>Events of Default</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT face="Times New Roman" size=2>26</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: center; background-color: Silver"><FONT face="Times New Roman" size=2>Section 502.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: Silver"><FONT face="Times New Roman" size=2>Acceleration of Maturity; Rescission and Annulment</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: Silver"><FONT face="Times New Roman" size=2>27</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: center"><FONT face="Times New Roman" size=2>Section 503.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman" size=2>Collection of Indebtedness and Suits for Enforcement by
      Trustee</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT face="Times New Roman" size=2>28</FONT></TD></TR></TABLE><BR>
<P align=center><FONT face="Times New Roman" size=2>i</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: right; width: 1%; text-align: center; background-color: Silver"><FONT face="Times New Roman" size=2>Section 504.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: Silver"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 96%; background-color: Silver"><FONT face="Times New Roman" size=2>Trustee May File Proofs of
      Claim</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: Silver"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: Silver"><FONT face="Times New Roman" size=2>28</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="text-align: center"><FONT face="Times New Roman" size=2>Section 505.</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="96%"><FONT face="Times New Roman" size=2>Trustee May Enforce Claims Without
      Possession of Securities or Coupons</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>29</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: right; width: 1%; text-align: center; background-color: Silver"><FONT face="Times New Roman" size=2>Section 506.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 96%; background-color: Silver"><FONT face="Times New Roman" size=2>Application of Money
      Collected</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: Silver"><FONT face="Times New Roman" size=2>29</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="text-align: center"><FONT face="Times New Roman" size=2>Section 507.</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="96%"><FONT face="Times New Roman" size=2>Limitations on Suits</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>29</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: right; width: 1%; text-align: center; background-color: Silver"><FONT face="Times New Roman" size=2>Section 508.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 96%; background-color: Silver"><FONT face="Times New Roman" size=2>Unconditional Right of Holders to
      Receive Principal, Premium, Interest and</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: Silver"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: right; width: 1%; text-align: center; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 96%; background-color: Silver"><FONT face="Times New Roman" size=2>Additional Amounts</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: Silver"><FONT face="Times New Roman" size=2>30</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="text-align: center"><FONT face="Times New Roman" size=2>Section 509.</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="96%"><FONT face="Times New Roman" size=2>Restoration of Rights and
      Remedies</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>30</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: right; width: 1%; text-align: center; background-color: Silver"><FONT face="Times New Roman" size=2>Section 510.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 96%; background-color: Silver"><FONT face="Times New Roman" size=2>Rights and Remedies
      Cumulative</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: Silver"><FONT face="Times New Roman" size=2>30</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="text-align: center"><FONT face="Times New Roman" size=2>Section 511.</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="96%"><FONT face="Times New Roman" size=2>Delay or Omission Not
    Waiver</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>30</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: right; width: 1%; text-align: center; background-color: Silver"><FONT face="Times New Roman" size=2>Section 512.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 96%; background-color: Silver"><FONT face="Times New Roman" size=2>Control of Holders</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: Silver"><FONT face="Times New Roman" size=2>31</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="text-align: center"><FONT face="Times New Roman" size=2>Section 513.</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="96%"><FONT face="Times New Roman" size=2>Waiver of Past Defaults</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>31</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: right; width: 1%; text-align: center; background-color: Silver"><FONT face="Times New Roman" size=2>Section 514.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 96%; background-color: Silver"><FONT face="Times New Roman" size=2>Waiver of Stay or Extension
      Laws</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: Silver"><FONT face="Times New Roman" size=2>31</FONT></TD></TR>
  <TR>
    <TD COLSPAN="5" STYLE="text-align: right; width: 100%; background-color: Silver">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="text-align: left"><FONT face="Times New Roman" size=2>ARTICLE SIX</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="96%"><FONT face="Times New Roman" size=2>THE TRUSTEE</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>31</FONT></TD></TR>
  <TR>
    <TD align=right width="100%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: right; width: 1%; text-align: center; background-color: Silver"><FONT face="Times New Roman" size=2>Section 601.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 96%; background-color: Silver"><FONT face="Times New Roman" size=2>Notice of Defaults</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: Silver"><FONT face="Times New Roman" size=2>31</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="text-align: center"><FONT face="Times New Roman" size=2>Section 602.</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="96%"><FONT face="Times New Roman" size=2>Certain Rights of
Trustee</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>32</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: right; width: 1%; text-align: center; background-color: Silver"><FONT face="Times New Roman" size=2>Section 603.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 96%; background-color: Silver"><FONT face="Times New Roman" size=2>Not Responsible for Recitals or
      Issuance Securities</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: Silver"><FONT face="Times New Roman" size=2>33</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="text-align: center"><FONT face="Times New Roman" size=2>Section 604.</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="96%"><FONT face="Times New Roman" size=2>May Hold Securities</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>33</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: right; width: 1%; text-align: center; background-color: Silver"><FONT face="Times New Roman" size=2>Section 605.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 96%; background-color: Silver"><FONT face="Times New Roman" size=2>Money Held in Trust</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: Silver"><FONT face="Times New Roman" size=2>33</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="text-align: center"><FONT face="Times New Roman" size=2>Section 606.</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="96%"><FONT face="Times New Roman" size=2>Compensation and
      Reimbursement</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>33</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: right; width: 1%; text-align: center; background-color: Silver"><FONT face="Times New Roman" size=2>Section 607.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 96%; background-color: Silver"><FONT face="Times New Roman" size=2>Corporate Trustee Required;
      Eligibility; Conflicting Interests</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: Silver"><FONT face="Times New Roman" size=2>34</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="text-align: center"><FONT face="Times New Roman" size=2>Section 608.</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="96%"><FONT face="Times New Roman" size=2>Resignation and Removal;
      Appointment of Successor</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>34</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: right; width: 1%; text-align: center; background-color: Silver"><FONT face="Times New Roman" size=2>Section 609.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 96%; background-color: Silver"><FONT face="Times New Roman" size=2>Acceptance of Appointment by
      Successor</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: Silver"><FONT face="Times New Roman" size=2>35</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="text-align: center"><FONT face="Times New Roman" size=2>Section 610.</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="96%"><FONT face="Times New Roman" size=2>Merger, Conversion, Consolidation
      or Succession to Business</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>36</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: right; width: 1%; text-align: center; background-color: Silver"><FONT face="Times New Roman" size=2>Section 611.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 96%; background-color: Silver"><FONT face="Times New Roman" size=2>Appointment of Authenticating
      Agent</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: Silver"><FONT face="Times New Roman" size=2>36</FONT></TD></TR>
  <TR>
    <TD COLSPAN="5" STYLE="text-align: right; width: 100%; background-color: Silver">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="text-align: left"><FONT face="Times New Roman" size=2>ARTICLE SEVEN</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="96%"><FONT face="Times New Roman" size=2>HOLDERS&#146; LISTS AND REPORTS BY
      TRUSTEE AND COMPANY</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>37</FONT></TD></TR>
  <TR>
    <TD align=right width="100%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: right; width: 1%; text-align: center; background-color: Silver"><FONT face="Times New Roman" size=2>Section 701.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 96%; background-color: Silver"><FONT face="Times New Roman" size=2>Company to Furnish Trustee Names
      and Addresses of Holders</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: Silver"><FONT face="Times New Roman" size=2>37</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="text-align: center"><FONT face="Times New Roman" size=2>Section 702.</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="96%"><FONT face="Times New Roman" size=2>Preservation of Information;
      Communications to Holders</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>38</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: right; width: 1%; text-align: center; background-color: Silver"><FONT face="Times New Roman" size=2>Section 703.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 96%; background-color: Silver"><FONT face="Times New Roman" size=2>Reports by Trustee</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: Silver"><FONT face="Times New Roman" size=2>38</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="text-align: center"><FONT face="Times New Roman" size=2>Section 704.</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="96%"><FONT face="Times New Roman" size=2>Reports by Company</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>38</FONT></TD></TR>
  <TR>
    <TD align=right width="100%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; width: 1%; text-align: left; background-color: Silver"><FONT face="Times New Roman" size=2>ARTICLE EIGHT</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 96%; background-color: Silver"><FONT face="Times New Roman" size=2>CONSOLIDATION, MERGER AND
      SALES</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: Silver"><FONT face="Times New Roman" size=2>39</FONT></TD></TR>
  <TR>
    <TD COLSPAN="5" STYLE="text-align: right; width: 100%; background-color: Silver">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="text-align: center"><FONT face="Times New Roman" size=2>Section 801.</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="96%"><FONT face="Times New Roman" size=2>Company May Consolidate etc., Only
      on Certain Terms</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>39</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: right; width: 1%; text-align: center; background-color: Silver"><FONT face="Times New Roman" size=2>Section 802.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 96%; background-color: Silver"><FONT face="Times New Roman" size=2>Successor Corporation Substituted
      for Company</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: Silver"><FONT face="Times New Roman" size=2>39</FONT></TD></TR>
  <TR>
    <TD COLSPAN="5" STYLE="text-align: right; width: 100%; background-color: Silver">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="text-align: left"><FONT face="Times New Roman" size=2>ARTICLE NINE</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="96%"><FONT face="Times New Roman" size=2>SUPPLEMENTAL INDENTURES</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>40</FONT></TD></TR>
  <TR>
    <TD align=right width="100%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: right; width: 1%; text-align: center; background-color: Silver"><FONT face="Times New Roman" size=2>Section 901.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 96%; background-color: Silver"><FONT face="Times New Roman" size=2>Supplemental Indentures Without
      Consent of Holders</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: Silver"><FONT face="Times New Roman" size=2>40</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="text-align: center"><FONT face="Times New Roman" size=2>Section 902.</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="96%"><FONT face="Times New Roman" size=2>Supplemental Indentures with
      Consent of Holders</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>41</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: right; width: 1%; text-align: center; background-color: Silver"><FONT face="Times New Roman" size=2>Section 903.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 96%; background-color: Silver"><FONT face="Times New Roman" size=2>Execution of Supplemental
      Indentures</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: Silver"><FONT face="Times New Roman" size=2>42</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="text-align: center"><FONT face="Times New Roman" size=2>Section 904.</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="96%"><FONT face="Times New Roman" size=2>Effect of Supplemental
      Indentures</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>42</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: right; width: 1%; text-align: center; background-color: Silver"><FONT face="Times New Roman" size=2>Section 905.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 96%; background-color: Silver"><FONT face="Times New Roman" size=2>Conformity with Trust Indenture
      Act</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: Silver"><FONT face="Times New Roman" size=2>42</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="text-align: center"><FONT face="Times New Roman" size=2>Section 906.</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="96%"><FONT face="Times New Roman" size=2>Reference in Securities to
      Supplemental Indentures</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>42</FONT></TD></TR>
  <TR>
    <TD align=right width="100%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; width: 1%; text-align: left; background-color: Silver"><FONT face="Times New Roman" size=2>ARTICLE TEN</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 96%; background-color: Silver"><FONT face="Times New Roman" size=2>COVENANTS</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: Silver"><FONT face="Times New Roman" size=2>42</FONT></TD></TR>
  <TR>
    <TD COLSPAN="5" STYLE="text-align: right; width: 100%; background-color: Silver">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="text-align: center"><FONT face="Times New Roman" size=2>Section 1001.</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="96%"><FONT face="Times New Roman" size=2>Payment of Principal, Premium, if
      any, and Interest</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>42</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: right; width: 1%; text-align: center; background-color: Silver"><FONT face="Times New Roman" size=2>Section 1002.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 96%; background-color: Silver"><FONT face="Times New Roman" size=2>Maintenance of Office or
      Agency</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: Silver"><FONT face="Times New Roman" size=2>42</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="text-align: center"><FONT face="Times New Roman" size=2>Section 1003.</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="96%"><FONT face="Times New Roman" size=2>Money for Securities Payments to
      be Held in Trust</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>43</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: right; width: 1%; text-align: center; background-color: Silver"><FONT face="Times New Roman" size=2>Section 1004.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 96%; background-color: Silver"><FONT face="Times New Roman" size=2>Additional Amounts</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: Silver"><FONT face="Times New Roman" size=2>44</FONT></TD></TR></TABLE><BR>
<P align=center><FONT face="Times New Roman" size=2>ii</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: right; width: 1%; text-align: center; background-color: Silver"><FONT face="Times New Roman" size=2>Section 1005.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: Silver"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 96%; background-color: Silver"><FONT face="Times New Roman" size=2>Statement as to Compliance; Notice of Certain
    Defaults</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: Silver"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: Silver"><FONT face="Times New Roman" size=2>45</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="text-align: center"><FONT face="Times New Roman" size=2>Section 1006.</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="96%"><FONT face="Times New Roman" size=2>Limitation on Liens</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>45</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: right; width: 1%; text-align: center; background-color: Silver"><FONT face="Times New Roman" size=2>Section 1007.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 96%; background-color: Silver"><FONT face="Times New Roman" size=2>Limitation on Certain Acquisitions</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: Silver"><FONT face="Times New Roman" size=2>45</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="text-align: center"><FONT face="Times New Roman" size=2>Section 1008.</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="96%"><FONT face="Times New Roman" size=2>Payment of Taxes and Other Claims</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>46</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: right; width: 1%; text-align: center; background-color: Silver"><FONT face="Times New Roman" size=2>Section 1009.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 96%; background-color: Silver"><FONT face="Times New Roman" size=2>Corporate Existence</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: Silver"><FONT face="Times New Roman" size=2>46</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="text-align: center"><FONT face="Times New Roman" size=2>Section 1010.</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="96%"><FONT face="Times New Roman" size=2>Waiver of Certain Covenants</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>46</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: right; width: 1%; text-align: center; background-color: Silver"><FONT face="Times New Roman" size=2>Section 1011.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 96%; background-color: Silver"><FONT face="Times New Roman" size=2>Calculation of Original Issue Discount</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: Silver"><FONT face="Times New Roman" size=2>46</FONT></TD></TR>
  <TR>
    <TD COLSPAN="5" STYLE="text-align: right; width: 100%; background-color: Silver">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="text-align: left"><FONT face="Times New Roman" size=2>ARTICLE ELEVEN</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="96%"><FONT face="Times New Roman" size=2>REDEMPTION OF SECURITIES</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>46</FONT></TD></TR>
  <TR>
    <TD align=right width="100%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: right; width: 1%; text-align: center; background-color: Silver"><FONT face="Times New Roman" size=2>Section 1101.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 96%; background-color: Silver"><FONT face="Times New Roman" size=2>Applicability of Article</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: Silver"><FONT face="Times New Roman" size=2>46</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="text-align: center"><FONT face="Times New Roman" size=2>Section 1102.</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="96%"><FONT face="Times New Roman" size=2>Election to Redeem; Notice to Trustee</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>46</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: right; width: 1%; text-align: center; background-color: Silver"><FONT face="Times New Roman" size=2>Section 1103.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 96%; background-color: Silver"><FONT face="Times New Roman" size=2>Selection by Trustee of Securities to be Redeemed</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: Silver"><FONT face="Times New Roman" size=2>47</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="text-align: center"><FONT face="Times New Roman" size=2>Section 1104.</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="96%"><FONT face="Times New Roman" size=2>Notice of Redemption</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>47</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: right; width: 1%; text-align: center; background-color: Silver"><FONT face="Times New Roman" size=2>Section 1105.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 96%; background-color: Silver"><FONT face="Times New Roman" size=2>Deposit of Redemption Price</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: Silver"><FONT face="Times New Roman" size=2>48</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="text-align: center"><FONT face="Times New Roman" size=2>Section 1106.</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="96%"><FONT face="Times New Roman" size=2>Securities Payable on Redemption Date</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>48</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: right; width: 1%; text-align: center; background-color: Silver"><FONT face="Times New Roman" size=2>Section 1107.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 96%; background-color: Silver"><FONT face="Times New Roman" size=2>Securities Redeemed in Part</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: Silver"><FONT face="Times New Roman" size=2>49</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="text-align: center"><FONT face="Times New Roman" size=2>Section 1108.</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="96%"><FONT face="Times New Roman" size=2>Conversion Arrangements on Call for Redemption</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>49</FONT></TD></TR>
  <TR>
    <TD align=right width="100%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; width: 1%; text-align: left; background-color: Silver"><FONT face="Times New Roman" size=2>ARTICLE TWELVE</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 96%; background-color: Silver"><FONT face="Times New Roman" size=2>SINKING FUNDS</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: Silver"><FONT face="Times New Roman" size=2>50</FONT></TD></TR>
  <TR>
    <TD COLSPAN="5" STYLE="text-align: right; width: 100%; background-color: Silver">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="text-align: center"><FONT face="Times New Roman" size=2>Section 1201.</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="96%"><FONT face="Times New Roman" size=2>Applicability of Article</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>50</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: right; width: 1%; text-align: center; background-color: Silver"><FONT face="Times New Roman" size=2>Section 1202.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 96%; background-color: Silver"><FONT face="Times New Roman" size=2>Satisfaction of Sinking Fund Payments with
    Securities</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: Silver"><FONT face="Times New Roman" size=2>50</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="text-align: center"><FONT face="Times New Roman" size=2>Section 1203.</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="96%"><FONT face="Times New Roman" size=2>Redemption of Securities for Sinking Fund</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>50</FONT></TD></TR>
  <TR>
    <TD align=left width="100%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; width: 1%; text-align: left; background-color: Silver"><FONT face="Times New Roman" size=2>ARTICLE THIRTEEN</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 96%; background-color: Silver"><FONT face="Times New Roman" size=2>REPAYMENT AT THE OPTION OF HOLDERS</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: Silver"><FONT face="Times New Roman" size=2>51</FONT></TD></TR>
  <TR>
    <TD COLSPAN="5" STYLE="text-align: right; width: 100%; background-color: Silver">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="text-align: center"><FONT face="Times New Roman" size=2>Section 1301.</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="96%"><FONT face="Times New Roman" size=2>Applicability of Article</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>51</FONT></TD></TR>
  <TR>
    <TD align=right width="100%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; width: 1%; text-align: left; background-color: Silver"><FONT face="Times New Roman" size=2>ARTICLE FOURTEEN</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 96%; background-color: Silver"><FONT face="Times New Roman" size=2>MEETINGS OF HOLDERS</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: Silver"><FONT face="Times New Roman" size=2>51</FONT></TD></TR>
  <TR>
    <TD COLSPAN="5" STYLE="text-align: right; width: 100%; background-color: Silver">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="text-align: center"><FONT face="Times New Roman" size=2>Section 1401.</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="96%"><FONT face="Times New Roman" size=2>Purposes for Which Meetings May Be Called</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>51</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: right; width: 1%; text-align: center; background-color: Silver"><FONT face="Times New Roman" size=2>Section 1402.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 96%; background-color: Silver"><FONT face="Times New Roman" size=2>Call, Notice and Place of Meetings</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: Silver"><FONT face="Times New Roman" size=2>51</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="text-align: center"><FONT face="Times New Roman" size=2>Section 1403.</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="96%"><FONT face="Times New Roman" size=2>Persons Entitled to Vote at Meetings</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>51</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: right; width: 1%; text-align: center; background-color: Silver"><FONT face="Times New Roman" size=2>Section 1404.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 96%; background-color: Silver"><FONT face="Times New Roman" size=2>Quorum; Action</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: Silver"><FONT face="Times New Roman" size=2>52</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="text-align: center"><FONT face="Times New Roman" size=2>Section 1405.</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="96%"><FONT face="Times New Roman" size=2>Determination of Voting Rights; Conduct and Adjournment of
      Meetings</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>52</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: right; width: 1%; text-align: center; background-color: Silver"><FONT face="Times New Roman" size=2>Section 1406.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 96%; background-color: Silver"><FONT face="Times New Roman" size=2>Counting Votes and Recording Action of Meeting</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: Silver"><FONT face="Times New Roman" size=2>53</FONT></TD></TR>
  <TR>
    <TD COLSPAN="5" STYLE="text-align: right; width: 100%; background-color: Silver">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%" STYLE="text-align: left"><FONT face="Times New Roman" size=2>ARTICLE FIFTEEN</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="96%"><FONT face="Times New Roman" size=2>CONVERSION</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>53</FONT></TD></TR>
  <TR>
    <TD align=right width="100%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: right; width: 1%; text-align: center; background-color: Silver"><FONT face="Times New Roman" size=2>Section 1501.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 96%; background-color: Silver"><FONT face="Times New Roman" size=2>Conversion Privilege</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: Silver"><FONT face="Times New Roman" size=2>53</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="text-align: center"><FONT face="Times New Roman" size=2>Section 1502.</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="96%"><FONT face="Times New Roman" size=2>Manner of Exercise of Convertible Privilege</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>53</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: right; width: 1%; text-align: center; background-color: Silver"><FONT face="Times New Roman" size=2>Section 1503.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 96%; background-color: Silver"><FONT face="Times New Roman" size=2>Cash
      Adjustment Upon Conversion</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: Silver"><FONT face="Times New Roman" size=2>54</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="text-align: center"><FONT face="Times New Roman" size=2>Section 1504.</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="96%"><FONT face="Times New Roman" size=2>Conversion Price</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>54</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: right; width: 1%; text-align: center; background-color: Silver"><FONT face="Times New Roman" size=2>Section 1505.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 96%; background-color: Silver"><FONT face="Times New Roman" size=2>Adjustment of Conversion Price</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: Silver"><FONT face="Times New Roman" size=2>54</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="text-align: center"><FONT face="Times New Roman" size=2>Section 1506.</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="96%"><FONT face="Times New Roman" size=2>Effect of Reclassifications, Consolidations, Mergers or Sales
      on Conversion</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="text-align: center"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="96%"><FONT face="Times New Roman" size=2>Privilege</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>56</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: right; width: 1%; text-align: center; background-color: Silver"><FONT face="Times New Roman" size=2>Section 1507.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 96%; background-color: Silver"><FONT face="Times New Roman" size=2>Taxes on Conversions</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: Silver"><FONT face="Times New Roman" size=2>57</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="text-align: center"><FONT face="Times New Roman" size=2>Section 1508.</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="96%"><FONT face="Times New Roman" size=2>Company to Reserve Common Stock</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>57</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: right; width: 1%; text-align: center; background-color: Silver"><FONT face="Times New Roman" size=2>Section 1509.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 96%; background-color: Silver"><FONT face="Times New Roman" size=2>Disclaimer by Trustee of Responsibility for Certain
      Matters</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: Silver"></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: Silver"><FONT face="Times New Roman" size=2>57</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%" STYLE="text-align: center"><FONT face="Times New Roman" size=2>Section 1510.</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="96%"><FONT face="Times New Roman" size=2>Company to Give Notice of Certain Events</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>58</FONT></TD></TR></TABLE><BR>
<P align=center><FONT face="Times New Roman" size=2>iii</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><FONT face="Times New Roman" size=2>SOUTHERN FIRST BANCSHARES,
INC. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Reconciliation and tie
between Trust Indenture Act of 1939, as amended, and Senior Indenture, dated as
of
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
20&nbsp;.</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="line-height: 14pt; border-collapse: collapse; width: 80%">

  <TR vAlign=bottom>
    <TD NOWRAP COLSPAN="3" STYLE="border-bottom: #000000 1pt solid; text-align: left"><FONT face="Times New Roman" size=1>Trust Indenture Act
      Section</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left"><FONT face="Times New Roman" size=1>Indenture
      Section</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Silver">
    <TD NOWRAP STYLE="text-align: left; width: 5%"><FONT face="Times New Roman"
      size=2>Section 310</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT face="Times New Roman"
      size=2>&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT face="Times New Roman"
      size=2>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 92%">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT face="Times New Roman"
      size=2>607</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman"
      size=2></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman"
      size=2>(2)</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman"
      size=2>607</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Silver">
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman"
      size=2></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman"
      size=2>(5)</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman"
      size=2>607</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman"
      size=2></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman"
      size=2>607</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Silver">
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman"
      size=2>Section 311</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman"
      size=2>604</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman"
      size=2></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman"
      size=2>604</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Silver">
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman"
      size=2></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman"
      size=2>(2)</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman"
      size=2>108</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman"
      size=2>Section 312</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman" size=2>701,
      702 (a)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Silver">
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman"
      size=2></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman" size=2>702
      (a)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman" size=2>702
      (b)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Silver">
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman"
      size=2>Section 313</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman" size=2>703
      (a), 703 (b)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman"
      size=2></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman"
      size=2>(2)</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman"
      size=2>108</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Silver">
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman" size=2>703
      (c)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman"
      size=2></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman" size=2>703
      (c)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Silver">
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman"
      size=2>Section 314</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman"
      size=2>704</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman"
      size=2></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman"
      size=2>(1)</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman"
      size=2>102</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Silver">
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman"
      size=2></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman"
      size=2>(2)</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman"
      size=2>102</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman"
      size=2></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman"
      size=2>(3)</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman"
      size=2>108</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Silver">
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman"
      size=2>102</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman"
      size=2>Section 315</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman"
      size=2>108</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Silver">
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman"
      size=2></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman"
      size=2>601</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman"
      size=2>108</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Silver">
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman"
      size=2></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman"
      size=2>108</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman"
      size=2></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman"
      size=2>(1)</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman"
      size=2>108</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Silver">
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman"
      size=2></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman"
      size=2>(2)</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman"
      size=2>108</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman"
      size=2></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman"
      size=2>(3)</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman"
      size=2>108</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Silver">
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman"
      size=2>108</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman"
      size=2>Section 316</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman"
      size=2>104</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Silver">
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman"
      size=2></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman" size=2>(1)
      (A)</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman"
      size=2>512</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman"
      size=2></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman" size=2>(1)
      (B)</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman"
      size=2>513</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Silver">
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman"
      size=2></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman"
      size=2>508</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman"
      size=2>104</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Silver">
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman"
      size=2>Section 317</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman"
      size=2>(1)</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman"
      size=2>505</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman"
      size=2></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman"
      size=2>(2)</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman"
      size=2>504</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: Silver">
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman"
      size=2></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman"
      size=2>1003</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman"
      size=2>Section 318</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman"
      size=2>108</FONT></TD></TR></TABLE><BR>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Note: This reconciliation
and tie shall not, for any purpose, be deemed to be a part of this Senior
Indenture.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>1</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>SENIOR INDENTURE, dated as
of __________, 20 (the &#147;Indenture&#148;), is made by and between Southern First
Bancshares, Inc., a corporation duly organized and existing under the laws of
the State of South Carolina (the &#147;Company&#148;), having its principal office at 100
Verdae Boulevard, Suite 100, Greenville, South Carolina 29607, and </FONT><FONT face="Times New Roman" size=2>[
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;],
having its principal office at
[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;],
not in its individual capacity but solely as Trustee (the &#147;Trustee&#148;).</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>RECITALS</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Company has duly
authorized the execution and delivery of this Indenture to provide for the
issuance from time to time of its unsecured and unsubordinated debentures, notes
or other evidences of indebtedness (the &#147;Securities&#148;), unlimited as to principal
amount, to bear such rates of interest, to mature at such time or times, to be
issued in one or more series and to have such other provisions as shall be fixed
as hereinafter provided.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Company has duly
authorized the execution and delivery of this Indenture and all things necessary
to make this Indenture a valid agreement of the Company, in accordance with its
terms, have been done.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>This Indenture is subject
to the provisions of the Trust Indenture Act of 1939, as amended, that are
required to be part of this Indenture and shall, to the extent applicable, be
governed by such provisions.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>NOW, THEREFORE, THIS
INDENTURE WITNESSETH:</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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 or Coupons appertaining to any
Securities, as follows:</FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>ARTICLE
ONE</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>DEFINITIONS AND OTHER
PROVISIONS OF GENERAL APPLICATION</FONT></B></P>
<P align=justify><B><FONT face="Times New Roman" size=2>Section 101.
Definitions</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(1) For all purposes of
this Indenture, except as otherwise expressly provided or unless the context
otherwise requires: </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(2) the terms defined in
this Article have the meanings assigned to them in this Article, and include the
plural as well as the singular; </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(3) all other terms used
herein which are defined in the Trust Indenture Act, either directly or by
reference therein, have the meanings assigned to them therein; </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(4) all accounting terms
not otherwise defined herein have the meanings assigned to them in accordance
with generally accepted accounting principles and, except as otherwise herein
expressly provided, the term &#147;generally accepted accounting principles&#148; with
respect to any computation required or permitted hereunder shall mean such
accounting principles as are generally accepted at the date of such computation;
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(5) the words &#147;herein&#148;,
&#147;hereof&#148;, &#147;hereto&#148; and &#147;hereunder&#148; and other words of similar import refer to
this Indenture as a whole and not to any particular Article, Section or other
subdivision; </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(6) the word &#147;or&#148; is not
exclusive; </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(7) all words in the
singular include the plural and all words in the plural include the singular;
and</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(8) the word &#147;including&#148;
means &#147;including without limitations.&#148;</FONT></P>

<P STYLE="text-align: justify; text-indent: 30pt"><FONT face="Times New Roman" size=2>Certain terms used principally in certain
Articles hereof are defined in those Articles.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>2</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Act</FONT></I><FONT face="Times New Roman" size=2>&#148;, when used with respect to any Holders, has the meaning specified in
Section 104.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Additional Amounts</FONT></I><FONT face="Times New Roman" size=2>&#148; means any additional amounts which are required
hereby or by any Security, under circumstances specified herein or therein, to
be paid by the Company in respect of certain taxes imposed on Holders specified
therein and which are owing to such Holders.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Affiliate</FONT></I><FONT face="Times New Roman" size=2>&#148; 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, &#147;control&#148;, when used
with respect to any specified Person means the power to direct the management
and policies of such Person, directly or indirectly, whether through the
ownership of voting Securities, by contract or otherwise; and the terms
&#147;controlling&#148; and &#147;controlled&#148; have the meanings correlative to the
foregoing.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Authenticating Agent</FONT></I><FONT face="Times New Roman" size=2>&#148; means any Person authorized by the Trustee
pursuant to Section 611 to act on behalf of the Trustee to authenticate
Securities of one or more series.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Authorized Newspaper</FONT></I><FONT face="Times New Roman" size=2>&#148; means a newspaper, in an official language of
the country of publication or in the English language, customarily published on
each Business Day, whether or not published on Legal Holidays, and of general
circulation in each place in connection with which the term is used or in the
financial community of each such place. Where successive publications are
required to be made in Authorized Newspapers the successive publications may be
made in the same or in different newspapers in the same city meeting the
foregoing requirements and in each case on any Business Day.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Bank</FONT></I><FONT face="Times New Roman" size=2>&#148; means (i) any institution organized under the laws of the United
States, any State of the United States, the District of Columbia, any territory
of the United States, Puerto Rico, Guam, American Samoa or the Virgin Islands
which (a) accepts deposits that the depositor has a legal right to withdraw on
demand, and (b) engages in the business of making commercial loans and (ii) any
trust company organized under any of the foregoing laws.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Bearer Security</FONT></I><FONT face="Times New Roman" size=2>&#148; means any Security in the form established
pursuant to Section 201 which is payable to bearer.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Board Of Directors</FONT></I><FONT face="Times New Roman" size=2>&#148; means the board of directors of the Company or
any committee of that board duly authorized to act for the Company
hereunder.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Board Resolution</FONT></I><FONT face="Times New Roman" size=2>&#148; means a copy of a resolution certified by the
Secretary or an Assistant Secretary of the Company to have been duly adopted by
the Board of Directors, or a duly authorized committee thereof, and to be in
full force and effect on the date of such certification, and delivered to the
Trustee.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Business Day</FONT></I><FONT face="Times New Roman" size=2>&#148;, except as may otherwise be provided herein or
in any Security, means any day, other than a Saturday or a Sunday, that is
neither a Legal Holiday nor a day on which banking institutions are authorized
or required by law, regulation or executive order to close.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Called Securities</FONT></I><FONT face="Times New Roman" size=2>&#148; means any Convertible Security that is called
for redemption by the Company.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Capital Stock</FONT></I><FONT face="Times New Roman" size=2>&#148; means, as to shares of a particular corporation,
outstanding shares of stock of any class whether now or hereafter authorized,
irrespective of whether such class shall be limited to a fixed sum or percentage
in respect of the rights of the holders thereof to participate in dividends and
in the distribution of assets upon the voluntary liquidation, dissolution or
winding up of such corporation.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Commission</FONT></I><FONT face="Times New Roman" size=2>&#148; means the Securities and Exchange Commission, as from time to time
constituted, created under the Securities Exchange Act of 1934 or, if at any
time after the execution of this Indenture such Commission is not existing and
performing the duties now assigned to it under the Trust Indenture Act, then the
body performing such duties at such time.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>3</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Common Stock</FONT></I><FONT face="Times New Roman" size=2>&#148; means all shares now or hereafter authorized of
the class of common stock of the </FONT><FONT face="Times New Roman" size=2>Company presently authorized and stock of any other class into which such
shares may hereafter have been changed.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Company</FONT></I><FONT face="Times New Roman" size=2>&#148; means the Person named as the &#147;Company&#148; in the first paragraph of this
instrument until a successor corporation shall have become such pursuant to the
applicable provisions of this Indenture, and thereafter &#147;Company&#148; shall mean
such successor corporation, and any other obligor upon the
Securities.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Company Request</FONT></I><FONT face="Times New Roman" size=2>&#148; and &#147;</FONT><I><FONT face="Times New Roman" size=2>Company Order</FONT></I><FONT face="Times New Roman" size=2>&#148; mean a
written request or order, as the case may be, signed in the name of the Company
by the Chairman of the Board of Directors, a Vice Chairman, the President or a
Vice President, and by the Treasurer, an Assistant Treasurer, the Secretary or
an Assistant Secretary of the Company, and delivered to the Trustee.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Convertible Security</FONT></I><FONT face="Times New Roman" size=2>&#148; or </FONT><I><FONT face="Times New Roman" size=2>&#147;Convertible Securities</FONT></I><FONT face="Times New Roman" size=2>&#148;
means any Security or Securities, as the case may be, which are by their terms
convertible into Common Stock.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Conversion Price</FONT></I><FONT face="Times New Roman" size=2>&#148; means the price per share of Common Stock from
time to time in effect at which any Convertible Security may be converted into
Common Stock as determined by or pursuant to the terms of this
Indenture.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Corporate Trust Office</FONT></I><FONT face="Times New Roman" size=2>&#148; means, the principal office of the Trustee, at
which at any particular time its corporate trust business shall be administered,
which office at the date of original execution of this Indenture is located at [
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;].</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Corporation</FONT></I><FONT face="Times New Roman" size=2>&#148; includes corporations, associations, companies and business
trusts.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Coupon</FONT></I><FONT face="Times New Roman" size=2>&#148; means any interest coupon appertaining to a Bearer Security.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Date of Conversion</FONT></I><FONT face="Times New Roman" size=2>&#148; with respect to any Convertible Security or
portion thereof to be converted, means the date on which such Convertible
Security shall be surrendered for conversion and notice given in accordance with
the provisions of Article Fifteen.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Defaulted Interest</FONT></I><FONT face="Times New Roman" size=2>&#148; has the meaning specified in Section
308.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Dollars</FONT></I><FONT face="Times New Roman" size=2>&#148; or &#147;</FONT><I><FONT face="Times New Roman" size=2>$</FONT></I><FONT face="Times New Roman" size=2>&#148; means a dollar or other equivalent unit in the
currency of the United States, except as may otherwise be provided herein or in
any Security.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Event Of Default</FONT></I><FONT face="Times New Roman" size=2>&#148; has the meaning specified in Section
501.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Government Obligations</FONT></I><FONT face="Times New Roman" size=2>&#148;, with respect to any Securities unless otherwise
specified herein or therein, means (i) direct obligations of the United States
of America or the government or governments which issued the currency, currency
unit or composite currency in which any Securities are payable, for the payment
of which its full faith and credit is pledged or (ii) obligations of a Person
controlled or supervised by and acting as an agency or instrumentality of the
United States of America or such government or governments which issued the
currency, currency unit or composite currency in which such Securities are
payable, the payment of which is unconditionally guaranteed as a full faith and
credit obligation by the United States of America or such other government or
governments, which, in either case, are not callable or redeemable at the option
of the issuer or issuers thereof, and shall also include a depository receipt
issued by a bank or trust company as custodian with respect to any such
Government Obligation or a specific payment of interest on or principal of 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 the Government Obligation evidenced by such depository
receipt.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>4</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Holder</FONT></I><FONT face="Times New Roman" size=2>&#148;, in the case of any Registered Security, means the Person in whose name
such Security is registered in the Security Register and, in the case of any
Bearer Security, means the bearer thereof and, in the case of any Coupon, means
the bearer thereof.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Indenture</FONT></I><FONT face="Times New Roman" size=2>&#148; means this instrument as originally executed or as it may from time to
time be supplemented or amended by one or more indentures supplemental hereto
entered into pursuant to the applicable provisions hereof, and with respect to
any Security shall include the terms of such Securities established as
contemplated by Section 301; PROVIDED, HOWEVER, that, if at any time more than
one Person is acting as Trustee under this instrument, &#147;INDENTURE&#148; shall mean,
with respect to any one or more series of Securities for which such Person is
Trustee, this instrument as originally executed or as it may from time to time
be supplemented or amended by one or more indentures supplemental hereto entered
into pursuant to the applicable provisions hereof and shall include the terms of
the or those particular series of Securities for which such Person is Trustee
established as contemplated by Section 301, exclusive, however, of any
provisions or terms which relate solely to other series of Securities for which
such Person is Trustee, regardless of when such terms or provisions were
adopted, and exclusive of any provisions or terms adopted by means of one or
more indentures supplemental hereto executed and delivered after such Person had
become such Trustee but to which such Person, as such Trustee, was not a
party.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Independent Public Accountants</FONT></I><FONT face="Times New Roman" size=2>&#148; means accountants or a firm of accountants that
are independent public accountants with respect to the Company within the
meaning of the Securities Act of 1933, as amended, and the rules and regulations
promulgated by the Commission thereunder who may be the independent public
accountants regularly retained by the Company or who may be other independent
public accountants. Such accountants or firm shall be entitled to rely upon any
Opinion of Counsel as to the interpretation of any legal matters relating to the
Indenture or certificates required to be provided hereunder.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Interest</FONT></I><FONT face="Times New Roman" size=2>&#148;, with respect to any Original Issue Discount Security which by its
terms bears interest only after Maturity, means interest payable after Maturity
and, with respect to any Security which provides for the payment of Additional
Amounts pursuant to Section 1004, includes such Additional Amounts.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Interest Payment Date</FONT></I><FONT face="Times New Roman" size=2>&#148;, with respect to any Security, means the Stated
Maturity of an installment of interest on such Security.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Legal Holiday</FONT></I><FONT face="Times New Roman" size=2>&#148;, except as otherwise may be provided herein or
in any Securities, with respect to any Place of Payment or other location, means
a Saturday, a Sunday or a day on which banking institutions or trust companies
in such Place of Payment or other location are not authorized or obligated to be
open.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Maturity</FONT></I><FONT face="Times New Roman" size=2>&#148;, with respect to any Security, means the date on which the principal of
such Security or an installment of principal becomes due and payable as therein
or herein provided, whether at the Stated Maturity or by declaration of
acceleration, notice of redemption, notice of option to elect repayment or
otherwise.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Officers&#146; Certificate</FONT></I><FONT face="Times New Roman" size=2>&#148; means a certificate signed by the Chairman of
the Board, a Vice Chairman, the President or a Vice President, and by the
Treasurer, an Assistant Treasurer, the Secretary or an Assistant Secretary of
the Company, and delivered to the Trustee.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Opinion Of Counsel</FONT></I><FONT face="Times New Roman" size=2>&#148;, except as otherwise provided herein or in any
Security, means a written Opinion of Counsel, who may be an employee of or
counsel for the Company or other counsel.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Original Issue Discount Security</FONT></I><FONT face="Times New Roman" size=2>&#148; means a Security issued pursuant to this
Indenture which provides for declaration of an amount less than the principal
thereof to be due and payable upon acceleration pursuant to Section
502.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Outstanding</FONT></I><FONT face="Times New Roman" size=2>&#148;, with respect to Securities, means, as of the date of determination,
all Securities theretofore authenticated and delivered under this Indenture,
except:</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(a) Securities theretofore
cancelled by the Trustee or the Security Registrar or delivered to the Trustee
or the Security Registrar for cancellation; </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>5</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(b) Securities, or portions
thereof for whose payment or redemption or repayment at the option of the Holder
money in the necessary amount has been theretofore deposited with the Trustee or
any Paying Agent (other than the Company) in trust or set aside and segregated
in trust by the Company (if the Company shall act as its own Paying Agent) for
the Holders of such Securities and any Coupons appertaining thereto, PROVIDED
that, if such Securities are to be redeemed, notice of such redemption has been
duly given pursuant to this Indenture or provision therefor satisfactory to the
Trustee has been made; </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(c) Securities, except to
the extent provided in Section 403, with respect to which the Company has
effected defeasance and/or covenant defeasance pursuant to Section 403 hereof;
and </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(d) Securities which have
been paid pursuant to Section 307 or in exchange for or in lieu of which other
Securities have been authenticated and delivered pursuant to this Indenture,
other than any such Securities in respect of which there shall have been
presented to the Trustee proof satisfactory to it that such Securities are held
by a bona fide purchaser in whose hands such Securities are valid obligations of
the Company; </FONT></P>
<P STYLE="text-align: left"><I><FONT face="Times New Roman" size=2>provided,
however</FONT></I><FONT face="Times New Roman" size=2>, that in determining
whether the Holders of the requisite principal amount of Outstanding Securities
have given any request, demand, authorization, direction, notice, consent or
waiver hereunder or are present at a meeting of Holders of Securities for quorum
purposes and for purposes of making the calculations required by Section 313 of
the Trust Indenture Act, (i) the principal amount of an Original Issue Discount
Security that may be counted in making such determination or calculation and
that shall be deemed to be outstanding for such purposes shall be equal to the
amount of the principal thereof that pursuant to the terms of such Original
Issue Discount Security would be declared (or shall have been declared to be)
due and payable upon a declaration of acceleration pursuant to Section 502 at
the time of such determination or calculation, and (ii) the principal amount of
any Security denominated other than in Dollars that may be counted in making
such determination or calculation and that shall be deemed outstanding for such
purpose shall be equal to the Dollar equivalent, determined by the Company as of
the date such Security is originally issued by the Company, of the principal
amount (or, in the case of an Original Issue Discount Security, the Dollar
equivalent as of such date of original issuance of the amount determined as
provided in clause (i) above) of such Security, and (iii) Securities owned by
the Company or any other obligor upon the Securities or any Affiliate of the
Company or such other obligor, shall be disregarded and deemed not to be
Outstanding, except that, in determining whether the Trustee shall be protected
in making any such calculation or relying upon any such request, demand,
authorization, direction, notice, consent or waiver, only Securities which a
Responsible Officer of the Trustee actually knows to be so owned shall be so
disregarded. Securities so owned which
have been pledged in good faith may be regarded as Outstanding if the pledgee
establishes to the satisfaction of the Trustee the pledgee&#146;s right so to act
with respect to such Securities and that the pledgee is not the Company or any
other obligor upon the Securities or any Affiliate of the Company or such other
obligor. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Paying Agent</FONT></I><FONT face="Times New Roman" size=2>&#148; means any Person authorized by the Company to
pay the principal of (and premium, if any) or interest on any Security or Coupon
on behalf of the Company.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Person</FONT></I><FONT face="Times New Roman" size=2>&#148; means any individual, corporation, partnership, joint venture,
association, joint-stock company, trust, unincorporated organization or
government or any agency or political subdivision thereof.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Place Of Payment</FONT></I><FONT face="Times New Roman" size=2>&#148;, with respect to any Security, means the place
or places where the principal of (and premium, if any) and interest on the
Securities of that series are payable as specified in or pursuant to Section
301(9) or Section 1002.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Predecessor Security</FONT></I><FONT face="Times New Roman" size=2>&#148; of any particular Security means every previous
Security evidencing all or a portion of the same debt as that evidenced by such
particular Security; and, for the purposes of this definition, any Security
authenticated and delivered under Section 307 in exchange for or in lieu of a
lost, destroyed, mutilated or stolen Security or any Security to which a
mutilated, destroyed, lost or stolen Coupon appertains shall be deemed to
evidence the same debt as the lost, destroyed, mutilated or stolen Security or
the Security to which a mutilated, destroyed, lost or stolen Coupon
appertains.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>6</FONT></P>
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<!-- PART02 - EXHIBIT 4.4 -->
<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Redemption
Date</FONT></I><FONT face="Times New Roman" size=2>&#148;, with respect to any
Security or portion thereof to be redeemed, means the date fixed for such
redemption by or pursuant to this Indenture.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Redemption
Price</FONT></I><FONT face="Times New Roman" size=2>&#148;, with respect to any
Security or portion thereof to be redeemed, means the price at which it is to be
redeemed as determined by or pursuant to the provisions of this
Indenture.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Registered
Security</FONT></I><FONT face="Times New Roman" size=2>&#148; means any Security
established pursuant to Section 201 which is registered and the transfer or
exchange thereof is registrable in the Security Register.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Regular Record
Date</FONT></I><FONT face="Times New Roman" size=2>&#148; for the interest payable on
any Registered Security on any Interest Payment Date therefor means the date, if
any, specified in such Security as the &#147;Regular Record Date&#148;.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Responsible
Officer</FONT></I><FONT face="Times New Roman" size=2>&#148; when used with respect
to the Trustee means any officer within the corporate trust department of the
Trustee, including the vice president, any assistant vice president, assistant
treasurer, or any other officer of the Trustee who customarily performs
functions similar to those performed by the Persons who at the time shall be
such officers, respectively, or to whom any corporate trust matter is referred
because of such person&#146;s knowledge of and familiarity with the particular
subject and who shall have direct responsibility for the administration of this
Indenture.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Security</FONT></I><FONT face="Times New Roman" size=2>&#148; or &#147;</FONT><I><FONT face="Times New Roman" size=2>Securities</FONT></I><FONT face="Times New Roman" size=2>&#148; means any
Security or Securities, as the case may be, authenticated and delivered under
this Indenture; PROVIDED, HOWEVER, that if at any time there is more than one
Person acting as Trustee under this Indenture, &#147;Securities&#148; with respect to the
Indenture as to which such Person is Trustee shall have the meaning stated in
the first recital of this Indenture and shall more particularly mean Securities
authenticated and delivered under this Indenture, exclusive, however, of
Securities of any series as to which such Person is not Trustee.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Security
Register</FONT></I><FONT face="Times New Roman" size=2>&#148; and &#147;</FONT><I><FONT face="Times New Roman" size=2>Security Registrar</FONT></I><FONT face="Times New Roman" size=2>&#148; have the respective meanings specified in
Section 306.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Special Record
Date</FONT></I><FONT face="Times New Roman" size=2>&#148; for the payment of any
Defaulted Interest on any registered Security means a date fixed by the Trustee
pursuant to Section 308.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Stated
Maturity</FONT></I><FONT face="Times New Roman" size=2>&#148;, with respect to any
Security or any installment of principal thereof or interest thereon, means the
date specified in such Security or a Coupon representing such installment of
interest as the fixed date on which the principal of such Security or such
installment of principal or interest is due and payable.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Subsidiary</FONT></I><FONT face="Times New Roman" size=2>&#148; means any corporation of which at the time of
determination the Company and/or one or more Subsidiaries owns or controls
directly or indirectly more than 50% of the shares of Voting Stock.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Subsidiary
Bank</FONT></I><FONT face="Times New Roman" size=2>&#148; means any Subsidiary which
is a Bank.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Trust Indenture
Act</FONT></I><FONT face="Times New Roman" size=2>&#148; means the Trust Indenture
Act of 1939 as in force at the date as of which this instrument was executed,
except as provided in Section 905.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Trustee</FONT></I><FONT face="Times New Roman" size=2>&#148; means the Person named as the &#147;Trustee&#148; in the
first paragraph of this instrument 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 &#147;Trustee&#148; shall mean each Person
who is then a Trustee hereunder; PROVIDED, HOWEVER, that if at any time there is
more than one such Person, &#147;Trustee&#148; shall mean each such Person and as used
with respect to the Securities of any series shall mean the Trustee with respect
to the Securities of that series.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>United
States</FONT></I><FONT face="Times New Roman" size=2>&#148;, except as otherwise
provided herein or in any Security, means the United States of </FONT><FONT face="Times New Roman" size=2>America (including the States and the District of
Columbia) , its territories and possessions and other areas subject to its
jurisdiction.</FONT></P>

<P align=center><FONT face="Times New Roman" size=2>7</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>United States
Alien</FONT></I><FONT face="Times New Roman" size=2>&#148;, except as otherwise
provided herein or in any Security, means any Person who, for United States
Federal income tax purposes, is a foreign corporation, a non-resident alien
individual, a non-resident alien fiduciary of a foreign estate or trust, or a
foreign partnership one or more of the members of which is, for United States
Federal income tax purposes, a foreign corporation, a non-resident alien
individual or a non-resident alien fiduciary of a foreign estate or
trust.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>U.S.
Depository</FONT></I><FONT face="Times New Roman" size=2>&#148; or &#147;</FONT><I><FONT face="Times New Roman" size=2>Depository</FONT></I><FONT face="Times New Roman" size=2>&#148; means, with respect to any Security issuable or issued in the form of
one or more global Securities, the Person designated as U.S. Depository by the
Company pursuant to Section 301, which must be a clearing agency registered
under the Securities Exchange Act of 1934, as amended, and, if so provided
pursuant to Section 301 with respect to any Security, any successor to such
Person. If at any time there is more than one such Person, &#147;U.S. Depository&#148; or
&#147;Depository&#148; shall mean, with respect to any Securities, the qualifying entity
which has been appointed with respect to such Securities.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Vice
President</FONT></I><FONT face="Times New Roman" size=2>&#148;, with respect to the
Company or the Trustee, means any vice president, whether or not designated by a
number or a word or words added before or after the title &#147;Vice
President&#148;.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Voting
Stock</FONT></I><FONT face="Times New Roman" size=2>&#148; means stock of a
corporation of the class or classes having general voting power under ordinary
circumstances to elect at least a majority of the board of directors, managers
or trustees of such corporation provided that, for the purposes hereof, stock
which carries only the right to vote conditionally on the happening of an event
shall not be considered voting stock whether or not such event shall have
happened.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Section 102. Compliance
Certificates and Opinions</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>Upon
any application or request by the Company to the Trustee to take any action
under any provision of this Indenture, the Company shall furnish to the Trustee
an Officers&#146; 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
or any of them is specifically required by any provision of this Indenture
relating to such particular application or request, no additional certificate or
opinion need be furnished.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>Every certificate or opinion with respect to compliance with a condition
or covenant provided for in this Indenture and in any applicable Security
(except Section 1005) shall include:</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(1)
a statement that each individual signing such certificate or opinion has read
such condition or covenant and the definitions herein and in any applicable
Security relating thereto; </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(2)
a brief statement as to the nature and scope of the examination or investigation
upon which the statements or opinions contained in such certificate or opinion
are based; </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(3)
a statement that, in the opinion of each such individual, he has made such
examination or investigation as is necessary to enable him to express an
informed opinion as to whether or not such condition or covenant has been
complied with; and&#146; </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(4)
a statement as to whether, in the opinion of each such individual, such
condition or covenant has been complied with. </FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Section 103. Form of
Documents Delivered to Trustee</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>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.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>8</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>Any
certificate or opinion of an officer of the Company may be based, insofar as it
relates to legal matters, upon a certificate or opinion of, or representations
by, counsel, unless such officer knows, or in the exercise of reasonable care
should know, that the certificate or opinion or representations with respect to
the matters upon which his certificate or opinion is based are erroneous. Any
such certificate or Opinion of Counsel may be based, insofar as it relates to
factual matters, upon a certificate or opinion of, or representations by, an
officer or officers of the Company stating that the information with respect to
such factual matters is in the possession of the Company unless such counsel
knows, or in the exercise of reasonable care should know, that the certificate
or opinion or representations with respect to such matters are
erroneous.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>Where any Person is required to make, give or execute two or more
applications, requests, consents, certificates, statements, opinions or other
instruments under this Indenture or any Security, they may, but need not, be
consolidated and form one instrument.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Section 104. Acts of
Holders</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(a)
Any request, demand, authorization, direction, notice, consent, waiver or other
action provided by this Indenture to be given or taken by Holders may be
embodied in and evidenced by one or more instruments of substantially similar
tenor signed by such Holders in person or by agent duly appointed in writing.
If, but only if, Securities of a series are issuable as Bearer Securities, any
request, demand, authorization, direction, notice, consent, waiver or other
action provided by this Indenture to be given or taken by Holders of Securities
of such series may, alternatively, be embodied in and evidenced by the record of
Holders of Securities of such series voting in favor thereof, either in person
or by proxies duly appointed in writing, at any meeting of Holders of Securities
of such series duly called and held in accordance with the provisions of Article
Fourteen, 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 &#147;Act&#148; 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 315 of the Trust Indenture Act)
conclusive in favor of the Trustee and the Company and any agent of the Trustee
or the Company, if made in the manner provided in this Section. The record of
any meeting of Holders of Securities shall be proved in the manner provided in
Section 1406.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>Without limiting the generality of this Section 104, unless otherwise
established in or pursuant to a Board Resolution or set forth or determined in
an Officers&#146; Certificate, or established in one or more indentures supplemental
hereto, pursuant to Section 301, a Holder, including a U.S. Depository that is a
Holder of a global Security, may make, give or take, by a proxy, or proxies,
duly appointed in writing, any request, demand, authorization, direction,
notice, consent, waiver or other action provided in this Indenture to be made,
given or taken by Holders, and a U.S. Depository that is a Holder of a global
Security may provide its proxy or proxies to the beneficial owners of interests
in any such global Security through such U.S. Depository&#146;s standing instructions
and customary practices.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>The
Trustee shall fix a record date, which shall be not more than 30 days prior to
the first solicitation of such Holders, for the purpose of determining the
Persons who are beneficial owners of interest in any permanent global Security
held by a U.S. Depository entitled under the procedures of such U.S. Depository
to make, give or take, by a proxy or proxies duly appointed in writing, any
request, demand, authorization, direction, notice, consent, waiver or other
action provided in this Indenture to be made, given or taken by Holders. If such
a record date is fixed, the Holders on such record date or their duly appointed
proxy or proxies, and only such Persons, shall be entitled to make, give or take
such request, demand, authorization, direction, notice, consent, waiver or other
action, whether or not such Holders remain Holders after such record date. No
such request, demand, authorization, direction, notice, consent, waiver or other
action shall be valid or effective if made, given or taken more than 90 days
after such record date.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(b)
The fact and date of the execution by any Person of any such instrument or
writing may be proved in any reasonable manner which the Trustee deems
sufficient and in accordance with such reasonable rules as the Trustee may
determine; and the Trustee may in any instance require further proof with
respect to any of the matters referred to in this Section.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>9</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(c)
The ownership, principal amount and serial numbers of Registered Securities held
by any Person, and the date of the commencement and the date of termination of
holding the same, shall be proved by the Security Register.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(d)
The ownership, principal amount and serial numbers of Bearer Securities held by
any Person, and the date of the commencement and the date of termination of
holding the same, may be proved by the production of such Bearer Securities or
by a certificate executed, as depositary, by any Bank, banker or other
depositary reasonably acceptable to the Company, wherever situated, if such
certificate shall be deemed by the Trustee to be satisfactory, showing that at
the date therein mentioned such Person had on deposit with such depositary, or
exhibited to it, the Bearer Securities therein described; or such facts may be
proved by the certificate or affidavit of the Person holding such Bearer
Securities, if such certificate or affidavit is deemed by the Trustee to be
satisfactory. The Trustee and the Company may assume that such ownership of any
Bearer Security continues until (1) another certificate or affidavit bearing a
later date issued in respect of the same Bearer Security is produced, or (2)
such Bearer Security is produced to the Trustee by some other Person, or (3)
such Bearer Security is surrendered in exchange for a Registered Security, or
(4) such Bearer Security is no longer Outstanding. The principal amount and
serial numbers of Bearer Securities held by the Person so executing such
instrument or writing and the date of the commencement and the date of
termination of holding the same may also be proved in any other manner which the
Trustee deems sufficient.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(e)
If the Company shall solicit from the Holders of any Registered Securities any
request, demand, authorization, direction, notice, consent, waiver or other Act,
the Company may at its option, by Board Resolutions, fix in advance a record
date, which shall be not more than 30 days prior to the first solicitation of
such Holders, for the determination of Holders of Registered Securities entitled
to give such request, demand, authorization, direction, notice, consent, waiver
or other Act, but the Company shall have no obligation to do so. If such a
record date is fixed, such request, demand, authorization, direction, notice,
consent, waiver or other Act may be given before or after such record date, but
only the Holders of Registered Securities of record at the close of business on
such record date shall be deemed to be Holders for the purposes of determining
whether Holders of the requisite proportion of Outstanding Securities have
authorized or agreed or consented to such request, demand, authorization,
direction, notice, consent, waiver or other Act, and for that purpose the
Outstanding Securities shall be computed as of such record date; provided no
such authorization, agreement or consent of the Holders of Registered Securities
shall be deemed effective unless it shall become effective pursuant to the
provisions of this Indenture not later than six months after the record
date.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(f)
Any request, demand, authorization, direction, notice, consent, waiver or other
action by the Holder of any Security shall bind every future Holder of the same
Security and the Holder of every Security issued upon the registration of
transfer thereof or in exchange therefor or in lieu thereof in respect of
anything done or suffered to be done by the Trustee, any Security Registrar, any
Paying Agent or the Company in reliance thereon, whether or not notation of such
action is made upon such Security.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Section 105. Notices, Etc.,
to Trustee and Company</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>Any
request, demand, authorization, direction, notice, consent, waiver or Act of
Holders or other document provided or permitted by this Indenture to be made
upon, given or furnished to, or filed with,</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(1)
the Trustee by any Holder or by the Company shall be sufficient for every
purpose hereunder if made, given, furnished or filed in writing to or with the
Trustee at its Corporate Trust Office, or </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(2)
the Company by the Trustee or by any Holder shall be sufficient for every
purpose hereunder (unless otherwise herein expressly provided) if in writing and
mailed, first-class postage prepaid, to the Company addressed to the attention
of its Treasurer at the address of its principal office specified in the first
paragraph of this Indenture or at any other address previously furnished in
writing to a Responsible Officer of the Trustee by the Company. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>10</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><B><FONT face="Times New Roman" size=2>Section 106. Notice to
Holders; Waiver</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>Except as otherwise expressly provided herein or in any Security,
where this Indenture provides for notice to Holders of any event,</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(1)
such notice shall be sufficiently given to Holders of Registered Securities if
in writing and mailed, first-class postage prepaid, to each Holder of a
Registered Security affected by such event, at his address as it appears in the
Security Register, not later than the latest date, and not earlier than the
earliest date, prescribed for the giving of such Notice; and </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(2)
such notice shall be sufficiently given to Holders of Bearer Securities, if any,
if published in an Authorized Newspaper and, if such Securities are then listed
on any stock exchange outside the United States, in an Authorized Newspaper in
such city as the Company shall advise the Trustee that such stock exchange so
requires, on a Business Day at least twice, the first such publication to be not
earlier than the earliest date and not later than the latest date prescribed for
the giving of such notice. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(3)
In any case where notice to Holders of Registered Securities is given by mail,
neither the failure to mail such notice, nor any defect in any notice so mailed,
to any particular Holder of a Registered Security shall affect the sufficiency
of such notice with respect to other Holders of Registered Securities or the
sufficiency of any notice to Holders of Bearer Securities given as provided
herein. Any notice which is mailed in the manner herein provided shall be
conclusively presumed to have been duly given or provided. In the case by reason
of the suspension of regular mail service or by reason of any other cause it
shall be impracticable to give such notice by mail, then such notification as
shall be made with the approval of the Trustee shall constitute a sufficient
notification for every purpose hereunder. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>In
case by reason of the suspension of publication of any Authorized Newspaper or
Authorized Newspapers or by reason of any other cause it shall be impracticable
to publish any notice to Holders of Bearer Securities as provided above, then
such notification to Holders of Bearer Securities as shall be given with the
approval of the Trustee shall constitute sufficient notice to such Holders for
every purpose hereunder. Neither failure to give notice by publication to
Holders of Bearer Securities as provided above, nor any defect in any notice so
published, shall affect the sufficiency of any notice mailed to Holders of
Registered Securities as provided above.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>Where this Indenture provides for notice in any manner, such notice may
be waived in writing by the Person entitled to receive such notice, either
before or after the event, and such waiver shall be the equivalent of such
notice. Waivers of notice by Holders shall be filed with the Trustee, but such
filing shall not be a condition precedent to the validity of any action taken in
reliance upon such waiver.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Section 107. Language of
Notices</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>Any
request, demand, authorization, direction, notice, consent, election or waiver
required or permitted under this Indenture shall be in the English language,
except that, if the Company so elects, any published notice may be in an
official language of the country of publication.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Section 108. Conflict With
Trust Indenture Act</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>If
any provision hereof limits, qualifies or conflicts with the duties imposed
pursuant to Section 318(c) of the Trust Indenture Act, such imposed duties shall
control.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Section 109. Effect of
Headings and Table of Contents</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>The
Article and Section headings herein and the Table of Contents are for
convenience only and shall not affect the construction hereof.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=center><FONT face="Times New Roman" size=2>11</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><B><FONT face="Times New Roman" size=2>Section 110. Successors and
Assigns</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>All covenants and agreements in this
Indenture by the Company shall bind its successors and assigns, whether so
expressed or not.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Section 111. Separability
Clause</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>In
case any provision in this Indenture, any Security or any Coupon shall be
invalid, illegal or unenforceable, the validity, legality and enforceability of
the remaining provisions shall not in any way be affected or impaired
thereby.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Section 112. Benefits Of
Indenture</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>Nothing in this Indenture, any Security or any Coupon, express or
implied, shall give to any Person, other than the parties hereto, any Security
Registrar, any Paying Agent and their successors hereunder and the Holders of
Securities or Coupon, any benefit or any legal or equitable right, remedy or
claim under this Indenture.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Section 113. Governing
Law</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>This
Indenture, the Securities and the Coupons shall be governed by and construed in
accordance with the laws of the State of New York applicable to agreements made
or instruments entered into and, in each case, performed in said
state.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Section 114. Legal
Holidays</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>In
any case where any Interest Payment Date, Redemption Date or Stated Maturity of
any Security, or the last day on which a Holder has the right to convert these
Securities, is not a Business Day at any Place of Payment, then (notwithstanding
any other provision of this Indenture, any Security or Coupon other than a
provision in any Security or any Coupon that specifically states that such
provision shall apply in lieu of this Section) payment of interest or any
Additional Amounts or principal (and premium, if any) or conversion of the
Securities need not be made at such Place of Payment on such date, but may be
made on the next succeeding Business Day at such Place of Payment with the same
force and effect as if made on the Interest Payment Date or Redemption Date, or
at the Stated Maturity, or the last such day of conversion, and 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.</FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>ARTICLE
TWO</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>SECURITIES
FORMS</FONT></B></P>
<P align=left><B><FONT face="Times New Roman" size=2>Section 201. Forms
Generally</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>Each
Registered Security, Bearer Security, Coupon and temporary global Security
issued pursuant to this Indenture shall be in the form established by or
pursuant to a Board Resolution or in one or more indentures supplemental hereto,
shall have appropriate insertions, omissions, substitutions and other variations
as are required or permitted by this Indenture or any indenture supplemental
hereto and may have such letters, numbers or other marks of identification and
such legends or endorsements placed thereon as may, consistently herewith, be
determined by the officers executing such Security, as evidenced by their
execution of such Security.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>Definitive Securities and definitive Coupons shall be printed,
lithographed or engraved or produced by any combination of these methods on a
steel engraved border or steel engraved borders or may be produced in any other
manner, all as determined by the officers of the Company executing such
Securities or Coupons, as evidenced by their execution of such Securities or
Coupons.</FONT></P>

<P align=center><FONT face="Times New Roman" size=2>12</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><B><FONT face="Times New Roman" size=2>Section 202. Form of
Trustee&#146;s Certificate of Authentication</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>Subject to Section 611, the Trustee&#146;s certificate of authentication shall
be in substantially the following form:</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>This
certificate represents Securities of the series designated therein referred to
in the within-mentioned Indenture.</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dated:</FONT></TD>
    <TD noWrap align=left width="50%" colSpan=3><FONT face="Times New Roman" size=2>[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      ],</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%">&nbsp;</TD>
    <TD noWrap align=left width="49%" colSpan=3><FONT face="Times New Roman" size=2>not
      in its individual capacity but solely as Trustee</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=4>&nbsp;</TD></TR>
  <TR>
    <TD width="100%" colSpan=4>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">By:</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="48%"><FONT face="Times New Roman" size=2>/s/</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="48%"><FONT face="Times New Roman" size=2>Authorized Signatory</FONT></TD></TR></TABLE><BR>
<P align=left><B><FONT face="Times New Roman" size=2>Section 203. Securities in
Global Form</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>If
Securities of a series are issuable in global form, any such Security may
provide that it shall represent the aggregate amount of Outstanding Securities
of such series from time to time endorsed thereon and may also provide that the
aggregate amount of Outstanding Securities represented thereby may from time to
time be increased or reduced to reflect exchanges. Any endorsement of any
Security in global form to reflect the amount, or any increase or decrease in
the amount, or changes in the rights of Holders, of Outstanding Securities
represented thereby shall be made in such manner and by such Person or Persons
as shall be specified therein or in the Company Order to be delivered pursuant
to Section 304 or 305 with respect thereto. Subject to the provisions of Section
304 and, if applicable, Section 305, the Trustee shall deliver and redeliver any
Security in permanent global form in the manner and upon instructions given by
the Person or Persons specified therein or in the applicable Company Order. If a
Company Order pursuant to Section 304 or 305 has been, or simultaneously is,
delivered, any instructions by the Company with respect to a Security in global
form shall be in writing but need not comply with Section 102 and need not be
accompanied by an Opinion of Counsel.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>The
provisions of the immediately preceding sentence shall apply to any Security
represented by a Security in global form if such Security was never issued and
sold by the Company and the Company delivers to the Trustee the Security in
global form together with written instructions (which need not comply with
Section 102 and need not be accompanied by an Opinion of Counsel) with regard to
the reduction in the principal amount of Securities represented
thereby.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>Notwithstanding the provisions of Section 308, unless otherwise specified
as contemplated by Section 301, payment of principal of and any premium and
interest on any Security in permanent global form shall be made to the Person or
Persons specified therein.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>Notwithstanding the provisions of Section 309 and except as provided in
the preceding paragraph, the Company, the Trustee and any agent of the Company
and the Trustee shall treat as the Holder of such principal amount of
Outstanding Securities represented by a permanent global Security (i) in the
case of a permanent global Security in registered form, the Holder of such
permanent global Security in registered form, or (ii) in the case of a permanent
global Security in bearer form, the Person or Persons specified pursuant to
Section 301.</FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>ARTICLE
THREE</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>THE
SECURITIES</FONT></B></P>
<P align=left><B><FONT face="Times New Roman" size=2>Section 301. Amount
Unlimited; Issuable in Series</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>The
aggregate principal amount of Securities which may be authenticated and
delivered under this Indenture is unlimited.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>13</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P style="text-indent: 15pt" align=left><FONT face="Times New Roman" size=2>The Securities may be issued
in one or more series. There shall be established in or pursuant to one or more
Board Resolutions, and set forth in an Officers&#146; Certificate, or established in
one or more indentures supplemental hereto,</FONT></P>
<P style="text-indent: 15pt" align=left><FONT face="Times New Roman" size=2>(1) the title of the
Securities and the series in which such Securities shall be included;
</FONT></P>
<P style="text-indent: 15pt" align=left><FONT face="Times New Roman" size=2>(2) any limit upon the
aggregate principal amount of the Securities of such title or 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 the series pursuant
to Section 305, 306, 307, 906, 1107 or 1502 or the terms of such Securities);
</FONT></P>
<P style="text-indent: 15pt" align=left><FONT face="Times New Roman" size=2>(3) whether Securities of the
series are to be issuable as Registered Securities, Bearer Securities or both
and, if the Securities are to be issuable exclusively or alternatively as Bearer
Securities, whether the Bearer Securities are to be issuable with Coupons,
without Coupons or both, and any restrictions applicable to the offer, sale
delivery or conversion of the Bearer Securities and the terms, if any, upon
which Bearer Securities may be exchanged for Registered Securities and vice
versa; </FONT></P>
<P style="text-indent: 15pt" align=left><FONT face="Times New Roman" size=2>(4) whether any Securities of
the series are to be issuable initially or otherwise in global form and, if so,
(i) whether beneficial owners of interests in any such global Security may
exchange such interest for Securities of such series and of like tenor of any
authorized form and denomination and the circumstances under which any such
exchanges may occur, if other than in the manner specified in Section 306, (ii)
the name of the depository or the U.S. Depository, as the case may be, with
respect to any global Security and (iii) the manner in which interest payable on
a global Security will be paid; </FONT></P>
<P style="text-indent: 15pt" align=left><FONT face="Times New Roman" size=2>(5) the date as of which any
Bearer Securities of the series and any global Security representing Outstanding
Securities of the series shall be dated if other than the date of original
issuance of the first Security of the series to be issued; </FONT></P>
<P style="text-indent: 15pt" align=left><FONT face="Times New Roman" size=2>(6) if Securities of the
series are to be issuable as Bearer Securities, whether interest in respect of
any portion of a temporary Bearer Security in global form (representing all of
the Outstanding Bearer Securities of the series) payable in respect of an
Interest Payment Date prior to the exchange of such temporary Bearer Security
for definitive Securities of the series shall be paid to any clearing
organization with respect to the portion of such temporary Bearer Security held
for its account and, in such event, the terms and conditions (including any
certification requirements) upon which any such interest payment received by a
clearing organization will be credited to the Persons entitled to interest
payable on such Interest Payment Date; </FONT></P>
<P style="text-indent: 15pt" align=left><FONT face="Times New Roman" size=2>(7) the date or dates, or the
method, if any, by which such date or dates shall be determined, on which the
principal of such Securities is payable; </FONT></P>
<P style="text-indent: 15pt" align=left><FONT face="Times New Roman" size=2>(8) the rate or rates at which
such Securities shall bear interest, if any, or the method, if any, by which
such rate or rates are to be determined, the date or dates, if any, from which
such interest shall accrue or the method, if any, by which such date or dates
are to be determined, the Interest Payment Dates, if any, on which such interest
shall be payable and the Regular Record Date, if any, for the interest payable
on Registered Securities on any Interest Payment Date, whether and under what
circumstances Additional Amounts on such Securities or any of them shall be
payable, and the basis upon which interest shall be calculated if other than
that of a 360-day year of twelve 30-day months; </FONT></P>
<P style="text-indent: 15pt" align=left><FONT face="Times New Roman" size=2>(9) the place or places, if
any, where the principal of (and premium, if any) and interest (including
Additional Amounts), if any, on such Securities shall be payable, any Registered
Securities of the series may be surrendered for registration of transfer,
Securities of the series may be surrendered for exchange or conversion and
notices or demands to or upon the Company in respect of the Securities of the
series and this Indenture may be served; </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>14</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(10)
whether the Securities of the series or any of them are to be redeemable at the
option of the Company and, if so, the period or periods within which, the price
or prices at which and the other terms and conditions upon which such Securities
may be redeemed, in whole or in part, at the option of the Company; </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(11)
whether the Company is obligated to redeem, or purchase Securities of the series
or any of them pursuant to any sinking fund or at the option of any Holder
thereof and, if so, the period or periods within which, the price or prices at
which and the other terms and conditions upon which such Securities shall be
redeemed or purchased, in whole or in part, pursuant to such obligation, and any
provisions for the remarketing of the Securities of the series so redeemed or
purchased; </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(12)
the denominations in which Registered Securities of the series, if any, shall be
issuable if other than denominations of $1,000 and any integral multiple
thereof, and the denominations in which Bearer Securities of the series, if any,
shall be issuable if other than the denomination of $5,000; </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(13)
if other than the principal amount thereof, the portion of the principal amount
of the Securities of the series of any of them which shall be payable upon
declaration of acceleration of the Maturity thereof pursuant to Section 502 or
the method by which such portion is to be determined; </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(14)
if other than such coin or currency of the United States of America as at the
time of payment is legal tender for payment of public or private debts, the coin
or currency, composite currencies or currency unit or units in which payment of
the principal of (and premium, if any) or interest, if any, on or any Additional
Amounts in respect of the Securities of the series or any of them shall be
payable; </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(15)
if the principal of (and premium, if any) or interest, if any, on or any
Additional Amounts in respect of the Securities of the series or any of them are
to be payable, at the election of the Company or a Holder thereof, in a coin or
currency, composite currencies or currency unit or units other than that in
which the Securities of the series or any of them are stated to be payable, the
period or periods within which, and the terms and conditions upon which, such
election may be made; </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(16)
whether the amount of payments of principal of (and premium, if any) or interest
(including Additional Amounts), if any, on the Securities of the series may be
determined with reference to an index, formula or other method (which index,
formula or method may be based, without limitation, on one or more currencies,
currency units, composite currencies, commodities, equity indices or other
indices), and, if so, the terms and conditions upon which and the manner in
which such amounts shall be determined and paid or payable; </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(17)
whether the principal of (and premium, if any) or interest (including Additional
Amounts), if any, on the Securities of the series are to be payable, at the
election of the Company or any Holder thereof or otherwise, in a currency or
currencies, currency unit or units or composite currency or currencies other
than that in which such Securities or any of them are denominated or stated to
be payable, the period or periods within which, and the other terms and
conditions upon which, such election, if any, may be made, and the time and
manner of determining the exchange rate between the currency or currencies,
currency unit or units or composite currency or currencies in which such
Securities or any of them are denominated or stated to be payable and the
currency or currencies, currency unit or units or composite currency or
currencies in which such Securities or any of them are to be so payable;
</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(18)
any deletions from, modifications of or additions to the Events of Default or
covenants of the Company with respect to the Securities of the series or any of
them, whether or not such Events of Default or covenants are consistent with the
Events of Default or covenants set forth herein; </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(19)
the applicability, if any, of Section 403 to the Securities of the series and
any provisions in modification of, in addition to or in lieu of any of the
provisions of Section 403; </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(20)
if the Securities of the series or any of them are to be issued upon the
exercise of warrants, the time, manner and place for such Securities to be
authenticated and delivered; </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>15</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(21)
if the Securities of the series are to be issuable in definitive form (whether
upon original issue or upon exchange of a temporary Security of such series)
only upon receipt of certain certificates or other documents or satisfaction of
other conditions, then the form and terms of such certificates, documents or
conditions; </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(22)
if there is more than one Trustee, the identity of the Trustee and, if not the
Trustee, the identity of each Security Registrar, Paying Agent and/or
Authenticating Agent with respect to the Securities of the series; </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(23)
whether any of the Securities of a series shall be issued as Original Issue
Discount Securities; and </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(24)
any other terms of the Securities of the series or any of them. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>All
Securities of any one series and Coupons appertaining to Bearer Securities of
such series, if any, shall be substantially identical except as to denomination
and the rate or rates of interest, if any, and Stated Maturity, the date from
which interest, if any, shall accrue and except as may otherwise be provided by
the Company in or pursuant to one or more Board Resolutions and set forth in
such Officers&#146; Certificate or in any indenture or indentures supplemental hereto
pertaining to such series of Securities. All Securities of any one series need
not be issued at the same time and, unless otherwise so provided by the Company,
a series may be reopened for issuances of additional Securities of such
series.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>If
any of the terms of the Securities of any series were established by action
taken by or pursuant to a Board Resolution, the Board Resolution shall be
delivered to the Trustee at or prior to the delivery of the Officers&#146;
Certificate setting forth the terms of such series.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Section 302.
Denominations</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>Unless otherwise established with respect to any Securities pursuant to
Section 301, the Registered Securities of each series, if any, denominated in
Dollars shall be issuable in registered form without coupons in denominations of
$1,000 and any integral multiple thereof, and the Bearer Securities of each
series, if any, denominated in Dollars shall be issuable in the denomination of
$1,000. Securities not denominated in Dollars shall be issuable in such
denominations as are established with respect to such Securities pursuant to
Section 301.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Section 303. Securities in
Foreign Countries</FONT></B></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>Whenever this Indenture provides for (i) any action by, or the
determination of any of the rights of, Holders of Securities of any series in
which not all of such Securities are denominated in the same currency, or (ii)
any distribution to Holders of Securities, in the absence of any provision to
the contrary in the form of Security of any particular series, any amount in
respect of any Security denominated in a currency other than United States
dollars shall be treated for any such action or distribution as that amount of
United States dollars that could be obtained for such amount on such reasonable
basis of exchange and as of the record date with respect to Registered
Securities of such series (if any) for such action, determination of rights or
distribution (or, if there shall be no applicable record date, such other date
reasonably proximate to the date of such action, determination of rights or
distribution) as the Company may specify in a written notice to the Trustee or,
in the absence of such written notice, as the Trustee may determine.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Section 304. Execution,
Authentication, Delivery and Dating</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>The
Securities and any Coupons appertaining thereto shall be executed on behalf of
the Company by its Chairman of the Board, Deputy Chairman, one of its Vice
Chairmen, its President or one of its Vice Presidents under its corporate seal
reproduced thereon and attested by its Secretary or one of its Assistant
Secretaries. The signature of any of these officers on the Securities and any
Coupons appertaining thereto may be manual or facsimile.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>Securities and Coupons bearing the manual or facsimile signatures of
individuals who were at any time the proper officers of the Company shall bind
the Company, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of
such Securities or did not hold such offices at the date of such
Securities.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>16</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<!-- PART03 - EXHIBIT 4.4 -->
<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>


<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>At
any time and from time to time after the execution and delivery of this
Indenture, the Company may deliver Securities of any series, together with any
Coupons appertaining thereto, executed by the Company, to the Trustee for
authentication, and, provided that the Board Resolution or Resolutions and
Officers&#146; Certificate or supplemental indenture or indentures with respect to
such Securities referred to in Section 301 and a Company Order for the
authentication and delivery of such Securities, has been delivered to the
Trustee, the Trustee in accordance with the Company Order and subject to the
provisions hereof of such Securities shall authenticate and deliver such
Securities. In authenticating such Securities, and accepting the additional
responsibilities under this Indenture in relation to such Securities and any
Coupons appertaining thereto, the Trustee shall be entitled to receive, and
(subject to Sections 315(a) through 315(b) of the Trust Indenture Act) shall be
fully protected in relying upon,</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(1)
an Opinion of Counsel stating, to the effect </FONT></P>
<P style="PADDING-LEFT: 15pt; TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(a) that the form or forms and terms of such
Securities and Coupons, if any, have been established in conformity with the
provisions of this Indenture; </FONT></P>
<P style="PADDING-LEFT: 15pt; TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(b) that all conditions precedent to the
authentication and delivery of such Securities and Coupons, if any, appertaining
thereto, have been complied with and that such Securities, and Coupons, when
completed by appropriate insertion and executed and delivered by the Company to
the Trustee for authentication pursuant to this Indenture, and authenticated and
delivered by the Trustee and issued by the Company in the manner and subject to
any conditions specified in such Opinion of Counsel, will constitute legally
valid and binding obligations of the Company, enforceable against the Company in
accordance with their terms, subject to bankruptcy, insolvency, reorganization,
moratorium, fraudulent transfer or other similar laws affecting the enforcement
of creditors&#146; rights generally, and subject to general principles of equity
(regardless of whether enforcement is sought in a proceeding in equity or at
law) and will entitle the Holders thereof to the benefits of the Indenture; such
Opinion of Counsel need express no opinion as to the availability of equitable
remedies; </FONT></P>
<P style="PADDING-LEFT: 15pt; TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(c) that all laws and requirements in respect of
the execution and delivery by the Company of such Securities and Coupons, if
any, have been complied with; and </FONT></P>
<P style="PADDING-LEFT: 15pt; TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(d) as to such other matters as the Trustee may
reasonably request; and </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(2)
an Officers&#146; Certificate stating that, to the best knowledge of the Persons
executing such certificate, no Event of Default with respect to any of the
Securities shall have occurred and be continuing. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>If
all the Securities of any series are not to be issued at one time, it shall not
be necessary to deliver an Opinion of Counsel and an Officers&#146; Certificate at
the time of issuance of each Security, but such opinion and certificate, with
appropriate modifications to cover future issuances, shall be delivered at or
before the time of issuance of the first Security of such series.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>The
Trustee shall not be required to authenticate or to cause an Authenticating
Agent to authenticate any Securities if the issue of such Securities pursuant to
this Indenture will affect the Trustee&#146;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 or if the Trustee, being advised by
counsel, determines that such action may not lawfully be taken or if the Trustee
in good faith shall determine that such action would expose the Trustee to
personal liability to existing Holders.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>Each
Registered Security shall be dated the date of its authentication. Each Bearer
Security and any temporary Bearer Security in global form shall be dated as of
the date specified as contemplated by Section 301.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>17</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>No
Security or Coupon 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 in
section 202 or 611 executed by or on behalf of the Trustee by the manual
signature of one of its authorized officers, and such certificate upon any
Security shall be conclusive evidence, and the only evidence, that such Security
has been duly authenticated and delivered hereunder. Except as permitted by
Section 307 or 308, the Trustee shall not authenticate and deliver any Bearer
Security unless all appurtenant Coupons for interest then matured have been
detached and cancelled.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Section 305. Temporary
Securities</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>Pending the preparation of definitive Securities of any series, the
Company may execute and deliver to the Trustee and, upon Company Order the
Trustee shall authenticate and deliver, in the manner provided in Section 304,
temporary Securities of such series which are printed, lithographed,
typewritten, mimeographed or otherwise produced, in any authorized denomination,
substantially of the tenor of the definitive Securities in lieu of which they
are issued, in registered form or, if authorized, in bearer form with one or
more Coupons or without Coupons and with such appropriate insertions, omissions,
substitutions and other variations as the officers of the Company executing such
Securities may determine, as conclusively evidenced by their execution of such
Securities. In the case of Securities of any series, such temporary Securities
may be in global form.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>Except in the case of temporary Securities in global form, which shall be
exchanged in accordance with the provisions thereof, if temporary Securities of
any series are issued, the Company shall cause definitive Securities of such
series to be prepared without unreasonable delay. After the preparation of
definitive Securities of any series, the temporary Securities of such series, if
any, shall be exchangeable upon request for definitive Securities of such series
containing identical terms and provisions upon surrender of the temporary
Securities of such series at an office or agency of the Company maintained for
such purpose pursuant to Section 1002, without charge to any Holder. Upon
surrender for cancellation of any one or more temporary Securities of any series
(accompanied by any unmatured Coupons appertaining thereto), the Company shall
execute and the Trustee shall authenticate and deliver in exchange therefor a
like principal amount of definitive Securities of authorized denominations of
the same series containing identical terms and provisions; PROVIDED, HOWEVER,
that no definitive Bearer Security, except as provided pursuant to Section 301,
shall be delivered in exchange for a temporary Registered Security; and
PROVIDED, FURTHER, that a definitive Bearer Security shall be delivered in
exchange for a temporary Bearer Security only in compliance with the conditions
set forth herein or therein. Unless otherwise specified as contemplated by
Section 301 with respect to a temporary global Security, until so exchanged the
temporary Securities of any series shall in all respects be entitled to the same
benefits under this Indenture as definitive Securities of such
series.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Section 306. Registration,
Transfer and Exchange</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>With
respect to the Registered Securities of each series, if any, the Company shall
cause to be kept, at an office or agency of the Company maintained pursuant to
Section 1002, a register (each such register being herein sometimes referred to
as the &#147;Security Register&#148;) in which, subject to such reasonable regulations as
it may prescribe, the Company shall provide for the registration of the
Registered Securities of each series and of transfers of the Registered
Securities of such series. In the event that the Trustee shall not be the
Security Registrar, it shall have the right to examine the Security Register at
all reasonable times. [Southern First Bancshares, Inc.] is hereby initially
appointed as Security Registrar for each series of Securities. In the event that
[Southern First Bancshares, Inc.] shall cease to be Security Registrar with
respect to a series of Securities, the Trustee shall have the right to examine
the Security Register for such series at all reasonable times.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>Upon
surrender for registration of transfer of any Registered Security of any series
at any office or agency of the Company maintained for such series pursuant to
Section 1002, the Company shall execute, and the Trustee shall authenticate and
deliver, in the name of the designated transferee or transferees, one or more
new Registered Securities of the same series of any authorized denominations, of
a like aggregate principal amount bearing a number not contemporaneously
outstanding and containing identical terms and provisions.</FONT></P>

<P align=center><FONT face="Times New Roman" size=2>18</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>At
the option of the Holder, Registered Securities of any series may be exchanged
for other Registered Securities of the same series containing identical terms
and provisions, in any authorized denominations, and of a like aggregate
principal amount, upon surrender of the Securities to be exchanged at any such
office or agency. Whenever any Registered Securities are so surrendered for exchange, the
Company shall execute, and the Trustee shall authenticate and deliver, the
Registered Securities which the Holder making the exchange is entitled to
receive.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>If
specified as contemplated by Section 301 with respect to Securities of any
series, at the option of the Holder, Bearer Securities of such series may be
exchanged for Registered Securities of such series containing identical terms
and provisions, of any authorized denominations and aggregate principal amount,
upon surrender of the Bearer Securities to be exchanged at any such office or
agency for such series, with all unmatured Coupons and all matured Coupons in
default thereto appertaining. If the Holder of a Bearer Security is unable to
produce any such unmatured Coupon or Coupons or matured Coupon or Coupons in
default, such exchange may be effected if the Bearer Securities are accompanied
by payment in funds acceptable to the Company and the Trustee in an amount equal
to the face amount of such missing Coupon or Coupons, or the surrender of such
missing Coupon or Coupons may be waived by the Company and the Trustee if there
is furnished to them such Security or indemnity as they may require to save each
of them and any Paying Agent harmless. If thereafter the Holder of such Security
shall surrender to any Paying Agent any such missing Coupon in respect of which
such a payment shall have been made, such Holder shall be entitled to receive
the amount of such payment; PROVIDED, HOWEVER, that, except as otherwise
provided in Section 1002, interest represented by Coupons shall be payable only
upon presentation and surrender of those Coupons at an office or agency for such
series located outside the United States. Notwithstanding the foregoing, in case
a Bearer Security of any series is surrendered at any such office or agency in
exchange for a Registered Security of such series and like tenor after the close
of business at such office or agency on (i) any Regular Record Date and before
the opening of business at such office or agency on the relevant Interest
Payment Date, or (ii) any Special Record Date and before the opening of business
at such office or agency on the related date for payment of Defaulted Interest,
such Bearer Security shall be surrendered without the Coupon relating to such
Interest Payment Date or proposed date of payment, as the case may be (or, if
such Coupon is so surrendered with such Bearer Security, such Coupon shall be
returned to the person so surrendering the Bearer Security), and interest or
Defaulted Interest, as the case may be, will not be payable on such Interest
Payment Date or proposed date for payment, as the case may be, in respect of the
Registered Security issued in exchange for such Bearer Security, but will be
payable only to the Holder of such Coupon when due in accordance with the
provisions of this Indenture.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>If
specified as contemplated by Section 301 with respect to Securities of any
series, at the option of the Holder, Registered Securities of such series may be
exchanged for Bearer Securities upon such terms and conditions as may be
provided pursuant hereto with respect to such series.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>Whenever any Securities are so surrendered for exchange as contemplated
by the immediately preceding two paragraphs, the Company shall execute, and the
Trustee shall authenticate and deliver, the Securities which the Holder making
the exchange is entitled to receive.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>Notwithstanding the foregoing, except as otherwise specified as
contemplated by Section 301, any global Security of any series shall be
exchangeable for Securities of such series only if (i) the Securities Depository
is at any time unwilling or unable or ineligible to continue as Securities
Depository and a successor depository is not appointed by the Company within 90
days of the date the Company is so notified in writing, (ii) the Company
executes and delivers to the Trustee a Company Order to the effect that such
global Security shall be so exchangeable, or (iii) an Event of Default has
occurred and is continuing with respect to the Securities. If the beneficial
owners of interests in a global Security are entitled to exchange such interests
for Securities of such series and of like tenor and principal amount of any
authorized form and denomination, as specified as contemplated by Section 301,
then without unnecessary delay but in any event not later than the earliest date
on which such interests may be so exchanged, the Company shall deliver to the
Trustee definitive Securities of that series in aggregate principal amount equal
to the principal amount of such global Security, executed by the Company. On or
after the earliest date on which such interests may be so exchanged, such global
Security shall be surrendered from time to time by the U.S. Depository or such
other depository as shall be specified in the Company Order with respect
thereto, and in accordance with instructions given to the Trustee and the U.S.
Depository or such other depository, as the case may be (which instructions
shall be in writing but need not comply with Section 102 or be accompanied by an
Opinion of Counsel), as shall be specified in the Company Order with respect
thereto to the Trustee, as the Company&#146;s agent for such purpose, to be
exchanged, in whole or in part, for definitive Securities of the same series
without charge. The Trustee shall authenticate and make available for delivery,
in exchange for each portion of such surrendered global Security, a like
aggregate principal amount of definitive Securities of the same series of
authorized denominations and of like tenor as the portion of such global
Security to be exchanged which (unless the Securities of such series are not
issuable both as Bearer Securities and as Registered Securities, in which case
the definitive Securities exchanged for the global Security shall be issuable
only in the form in which the Securities are issuable, as specified as
contemplated by Section 301) shall be in the form of Bearer Securities or
Registered Securities, or any combination thereof, as shall be specified by the
beneficial owner thereof; PROVIDED, HOWEVER, that no such exchanges may occur
during a period beginning at the opening of business 15 days before any
selection of Securities of such series to be redeemed and ending on the relevant
Redemption Date; and provided, further, that (unless otherwise specified as
contemplated by Section 301) no Bearer Security delivered in exchange for a
portion of a global Security shall be mailed or otherwise delivered to any
location in the United States. Promptly following any such exchange in part,
such global Security shall be returned by the Trustee to such Depository or the
U.S. Depository, as the case may be, or such other Depository or U.S. Depository
referred to above in accordance with the instructions of the Company referred to
above. If a Registered Security is issued in exchange for any portion of a
global Security after the close of business at the office or agency where such
exchange occurs on (i) any Regular Record Date and before the opening of
business at such office or agency on the relevant Interest Payment Date, or (ii)
any Special Record Date and before the opening of business at such office or
agency on the related proposed date for payment of interest or Defaulted
Interest, as the case may be, interest will not be payable on such Interest
Payment Date or proposed date for payment, as the case may be, in respect of
such Registered Security, but will be payable on such Interest Payment Date or
proposed date for payment, as the case may be, only to the Person to whom
interest in respect of such portion of such global Security is payable in
accordance with the provisions of this Indenture.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>19</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>All
Securities endorsed thereon issued upon any registration of transfer or exchange
of Securities shall be the valid obligations of the Company evidencing the same
debt, and entitling the Holders thereof to the same benefits under this
Indenture as the Securities surrendered upon such registration of transfer or
exchange.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>Every Registered Security presented or surrendered for registration of
transfer or for exchange, redemption or conversion shall (if so required by the
Company or the Security Registrar for such series of Security presented) be duly
endorsed, or be accompanied by a written instrument of transfer in form
satisfactory to the Company and such Security Registrar duly executed by the
Holder thereof or his attorney duly authorized in writing.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>No
service charge shall be made for any registration of transfer or exchange,
redemption or conversion of Securities, but the Company may require payment of a
sum sufficient to cover any tax or other governmental charge that may be imposed
in connection with any registration of transfer or exchange of Securities, other
than exchanges pursuant to Section 305, 906 or 1107 not involving any
transfer.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>Except as otherwise specified as contemplated by Section 301, the Company
shall not be required (i) to issue, register the transfer of or exchange any
Securities of any series during a period beginning at the opening of business 15
days before the day of the selection for redemption of Securities of such series
under Section 1103 and ending at the close of business on the day of such
selection, or (ii) to register the transfer of or exchange any Registered
Security so selected for redemption in whole or in part, except in the case of
any Security to be redeemed in part, the portion thereof not to be redeemed, or
(iii) to exchange any Bearer Security so selected for redemption except, to the
extent provided with respect to such Security, that such a Bearer Security may
be exchanged for a Registered Security of that series, provided that such
Registered Security shall be immediately surrendered for redemption with written
instruction for payment consistent with the provisions of this Indenture or (iv)
to issue, register the transfer of or exchange any Security which, in accordance
with its terms specified as contemplated by Section 301, has been surrendered
for repayment at the option of the Holder, except the portion, if any, of such
Security not to be repaid.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Section 307. Mutilated,
Destroyed, Lost and Stolen Securities</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>If
any mutilated Security or a Security with a mutilated Coupon appertaining to it
is surrendered to the Trustee, subject to the provisions of this Section 307,
the Company shall execute and the Trustee shall authenticate and deliver in
exchange therefor a new Security of the same series containing identical terms
and of like principal amount and bearing a number not contemporaneously
outstanding, with Coupons corresponding to the Coupons, if any, appertaining to
the surrendered Security.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>20</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>If
there be delivered to the Company and to the Trustee (i) evidence to their
satisfaction of the destruction, loss or theft of any Security or Coupon, and
(ii) such Security or indemnity as may be required by them to save each of them
and any agent of either of them harmless, then, in the absence of notice to the
Company or the Trustee that such Security or Coupon has been acquired by a bona
fide purchaser, the Company shall execute and upon its request the Trustee shall
authenticate and deliver, in exchange for or in lieu of any such mutilated,
destroyed, lost or stolen Security or in exchange for the Security to which a
destroyed, lost or stolen Coupon appertains with all appurtenant Coupons not
destroyed, lost or stolen, a new Security of the same series containing
identical terms and of like principal amount and bearing a number not
contemporaneously outstanding, with Coupons corresponding to the Coupons, if
any, appertaining to such destroyed, lost or stolen Security or to the Security
to which such destroyed, lost or stolen Coupon appertains.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>Notwithstanding the foregoing provisions of this Section 307, in case any
such mutilated, destroyed, lost or stolen Security or Coupon has become or is
about to become due and payable, the Company in its discretion may, instead of
issuing a new Security, pay such Security or Coupon; PROVIDED, HOWEVER, that
payment of principal of (and premium, if any) and any interest on Bearer
Securities shall, except as otherwise provided in Section 1002, be payable only
at an office or agency located outside the United States and, unless otherwise
specified as contemplated by Section 301, any interest on Bearer Securities
shall be payable only upon presentation and surrender of the Coupons
appertaining thereto.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>Upon
the issuance of any new Security under this Section, the Company may require the
payment of a sum sufficient to cover any tax or other governmental charge that
may be imposed in relation thereto and any other expenses (including the fees
and expenses of the Trustee) connected therewith.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>Every new Security of any series, with its Coupons, if any, issued
pursuant to this Section in lieu of any destroyed, lost or stolen Security and
its Coupons, if any, or the destroyed, lost or stolen Coupon shall constitute a
separate obligation of the Company, whether or not the destroyed, lost or stolen
Security and its Coupons, if any, or the destroyed, lost or stolen Coupon shall
be at any time enforceable by anyone, and shall be entitled to all the benefits
of this Indenture equally and proportionately with any and all other Securities
of that series and their Coupons, if any.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>The
provisions of this Section are exclusive and shall preclude (to the extent
lawful) all other rights and remedies with respect to the replacement or payment
of mutilated, destroyed, lost or stolen Securities or Coupons.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Section 308. Payment of
Interest; Interest Rights Preserved</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>Unless otherwise specified as contemplated by Section 301, interest on
any Registered Security which is payable, and is punctually paid or duly
provided for, on any Interest Payment Date shall be paid to the Person in whose
name that Security (or one or more Predecessor Securities) is registered as of
the close of business on the Regular Record Date for such interest. In case a
Bearer Security of any series is surrendered in exchange for a Registered
Security of such series after the close of business (at an office or agency in a
Place of Payment for such series) on any Regular Record Date and before the
opening of business (at such office or agency) on the next succeeding Interest
Payment Date, such Bearer Security shall be surrendered without the Coupon
relating to such Interest Payment Date and interest will not be payable on such
Interest Payment Date in respect of the Registered Security issued in exchange
of such Bearer Security, but will be payable only to the Holder of such Coupon
when due in accordance with the provisions of this Indenture.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>21</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>Any
interest on any Registered Security of any series which shall be payable, but
shall not be punctually paid or duly provided for, on any Interest Payment Date
for such Registered Security (herein called &#147;Defaulted Interest&#148;) shall
forthwith cease to be payable to the Holder on the relevant Regular Record Date
by virtue of having been such Holder; and such Defaulted Interest may be paid by
the Company, at its election in each case, as provided in Clause (1) or (2)
below:</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(1)
The Company may elect to make payment of any Defaulted Interest to the Persons
in whose names the Registered Securities affected (or their respective
Predecessor Securities) are registered at the close of business on a
Special Record Date for the payment of such Defaulted Interest, which shall be
fixed in the following manner. The Company shall notify the Trustee in writing
of the amount of Defaulted Interest proposed to be paid on each such Registered
Security and the date of the proposed payment, and at the same time the Company
shall deposit with the Trustee an amount of money equal to the aggregate amount
proposed to be paid in respect of such Defaulted Interest or shall make
arrangements satisfactory to the Trustee for such deposit on or prior to the
date of the proposed payment. Money will be held in trust for the benefit of the
Persons entitled to such Defaulted Interest as in this Clause provided.
Thereupon, the Trustee shall fix a Special Record Date for the payment of such
Defaulted Interest which shall be not more than 15 days and not less than 10
days prior to the date of the proposed payment and not less than 10 days after
the receipt by the Trustee of the notice of the proposed payment. The Trustee
shall promptly notify the Company of such Special Record Date and, in the name
and at the expense of the Company shall cause notice of the proposed payment of
such Defaulted Interest and the Special Record Date therefor to be mailed,
first-class postage prepaid, to each Holder of such Registered Securities at his
address as it appears in the Security Register not less than 10 days prior to
such Special Record Date. Notice of the proposed payment of such Defaulted
Interest and the Special Record Date therefor having been mailed as aforesaid,
such Defaulted Interest shall be paid to the Persons in whose names such
Registered Securities (or their respective Predecessor Securities) are
registered at the close of business on such Special Record Date and shall no
longer be payable pursuant to the following Clause (2). In case a Bearer
Security of any series is surrendered at the office or agency in a Place of
Payment for such series in exchange for a Registered Security of such series
after the close of business at such office or agency on any Special Record Date
and before the opening of business at such office or agency on the related
proposed date for payment of Defaulted Interest, such Bearer Security shall be
surrendered without the Coupon relating to such proposed date of payment and
Defaulted Interest will not be payable on such proposed date of payment in
respect of the Registered Security issued in exchange for such Bearer Security,
but will be payable only to the Holder of such Coupon when due in accordance
with the provisions of this Indenture. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(2) The Company may make payment of any Defaulted Interest 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 payment shall be deemed
practicable by the Trustee. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>At
the option of the Company, interest on Registered Securities of any series that
bear interest may be paid by mailing a check to the address of the person
entitled thereto as such address shall appear in the Security
Register.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>Subject to the foregoing provisions of this Section and Section 306, 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.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Section 309. Persons Deemed
Owners</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P style="text-indent: 15pt" align=left><FONT face="Times New Roman" size=2>Prior to due presentment of a
Registered Security for registration of transfer, the Company, the Trustee and
any agent of the Company or the Trustee may treat the Person in whose name such
Registered Security is registered as the owner of such Registered Security for
the purpose of receiving payment of principal of (and premium, if any), and
(subject to Sections 306 and 308) interest on or any Additional Amounts with
respect to, such Registered Security and for all other purposes whatsoever,
whether or not any payment with respect to such Registered Security be overdue,
and neither the Company, the Trustee nor any agent of the Company or the Trustee
shall be affected by notice to the contrary.</FONT></P>
<P style="text-indent: 15pt" align=left><FONT face="Times New Roman" size=2>The Company, the Trustee and
any agent of the Company or the Trustee may treat the bearer of any Bearer
Security and the bearer of any Coupon as the absolute owner of such Security or
Coupon for the purpose of receiving payment thereof or on account thereof and
for all other purposes whatsoever, whether or not any payment with respect to
such Security or Coupon be overdue, and neither the Company, the Trustee nor any
agent of the Company or the Trustee shall be affected by notice to the
contrary.</FONT></P>

<P align=center><FONT face="Times New Roman" size=2>22</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><B><FONT face="Times New Roman" size=2>Section 310.
Cancellation</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>All
Securities and Coupons surrendered for payment, redemption, registration of
transfer or exchange or for credit against any sinking fund payment shall, if
surrendered to any Person other than the Trustee or the Security Registrar, be
delivered to the Trustee or the Security Registrar, and any such Securities and
Coupons and Securities and Coupons surrendered directly to the Trustee or the
Security Registrar for any such purpose shall be promptly cancelled by the
Trustee or the Security Registrar, as the case may be. The Company may at any
time deliver to the Trustee or the Security Registrar for cancellation any
Securities previously authenticated and delivered hereunder which the Company
may have acquired in any manner whatsoever, and all Securities so delivered
shall be promptly cancelled by the Trustee or the Security Registrar, as the
case may be. No Securities shall be authenticated in lieu of or in exchange for
any Securities cancelled as provided in this Section, except as expressly
permitted by this Indenture or as otherwise specified as contemplated by Section
301. All cancelled Securities and Coupons held by the Trustee or the Security
Registrar shall be returned to the Company by the Trustee or the Security
Registrar, as the case may be, upon a Company Order. The Trustee shall promptly
notify the Company of all cancelled Securities.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Section 311. Computation of
Interest</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>Except as otherwise specified as contemplated by Section 301 for
Securities of any series, interest on the Securities of each series shall be
computed on the basis of 360-day year of twelve 30-day months.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Section 312. CUSIP
Numbers</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>The
Company in issuing the Securities may use &#147;CUSIP&#148; numbers (if then generally in
use), and if so, the Trustee shall use &#147;CUSIP&#148; numbers in notices of redemption
as a convenience to Holders; PROVIDED that any such notice may state that no
representation is made as to the correctness of such numbers either as printed
on the Securities or as contained in any notice of a redemption and that
reliance may be placed only on the other identification numbers printed on the
Securities, and any such redemption shall not be affected by any defect in or
omission of such numbers. The Company will promptly notify the Trustee of any
change in the &#147;CUSIP&#148; numbers.</FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>ARTICLE
FOUR</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>SATISFACTION AND
DISCHARGE</FONT></B></P>
<P align=left><B><FONT face="Times New Roman" size=2>Section 401. Satisfaction
and Discharge of Indenture</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>Upon
the direction of the Company by a Company Order, this Indenture shall cease to
be of further effect with respect to any series of Securities specified in such
Company Order (except as to any surviving rights of registration of transfer or
exchange of Securities of such series herein expressly provided for and any
right to receive Additional Amounts, as provided in Section 1004), and the
Trustee, on receipt of a Company Order, at the expense of the Company, shall
execute proper instruments acknowledging satisfaction and discharge of this
Indenture as to such series, when</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(1)
either </FONT></P>
<P style="TEXT-INDENT: 30pt" align=left><FONT face="Times New Roman" size=2>(A)
all Securities of such series theretofore authenticated and delivered and all
Coupons appertaining thereto (other than (i) Coupons appertaining to Bearer
Securities of such series surrendered for exchange for Registered Securities of
such series and maturing after such exchange, whose surrender is not required or
has been waived as provided in Section 306, (ii) Securities and Coupons of such
series which have been destroyed, lost or stolen and which have been replaced or
paid as provided in Section 307, (iii) Coupons appertaining to Securities of
such series called for redemption and maturing after the relevant Redemption
Date, whose surrender has been waived as provided in Section 1107, and (iv)
Securities and Coupons of such series for whose payment money has theretofore
been deposited in trust or segregated and held in trust by the Company and
thereafter repaid to the Company or discharged from such trust, as provided in
Section 1003) have been delivered to the Trustee for cancellation; or
</FONT></P>

<P align=center><FONT face="Times New Roman" size=2>23</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P style="TEXT-INDENT: 30pt" align=left><FONT face="Times New Roman" size=2>(B)
all Securities of such series and, in the case of (i) or (ii) below, any such
Coupons appertaining thereto not theretofore delivered to the Trustee for
cancellation </FONT></P>
<P style="PADDING-LEFT: 30pt; TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(i) have become due and payable, or </FONT></P>
<P style="PADDING-LEFT: 30pt; TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(ii) will become due and payable at their Stated
Maturity within one year and such Securities are not convertible into other
Securities, or </FONT></P>
<P style="PADDING-LEFT: 30pt; TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(iii) if redeemable at the option of the Company,
such Securities are not convertible into other Securities and are to be called
for redemption within one year under arrangements satisfactory to the Trustee
for the giving of notice of redemption by the Trustee in the name, and at the
expense, of the Company, </FONT></P>
<P style="PADDING-LEFT: 30pt; TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>and the Company, in the case of (i), (ii) or (iii)
above, has deposited or caused to be deposited with the Trustee as trust funds
in trust for the purpose, lawful money of the United States Government
Obligations which through the payment of interest and principal or other amounts
in respect thereof in accordance with their terms will provide not later than
the opening of business on the due dates of any payment of principal (and
premium, if any) and interest, or any Additional Amounts with respect thereto,
or a combination thereof, in an amount sufficient to pay and discharge the
entire indebtedness on such Securities and Coupons not theretofore delivered to
the Trustee for cancellation, for principal (and premium, if any) and interest,
or any Additional Amounts with respect thereto, to the date of such deposit (in
the case of Securities which have become due and payable) or to the Stated
Maturity or Redemption Date, as the case may be; </FONT></P>
<P style="PADDING-LEFT: 30pt; TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(2) the Company has paid or caused to be paid all
other sums payable hereunder by the Company; and </FONT></P>
<P style="PADDING-LEFT: 30pt; TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(3) the Company has delivered to the Trustee an
Officers&#146; Certificate and an Opinion of Counsel, each stating that all
conditions precedent herein provided for relating to the satisfaction and
discharge of this Indenture as to such series have been complied with.
</FONT></P>
<P style="Padding-left: 15pt" align=left><FONT face="Times New Roman" size=2>In
the event there are two or more Trustees hereunder, then the effectiveness of
any such instrument shall be conditioned upon receipt of such instruments from
all Trustees hereunder. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>Notwithstanding the satisfaction and discharge of this Indenture, the
obligations of the Company to the Trustee under Section 606 and, if money shall
have been deposited with the Trustee pursuant to subclause (B) of Clause (1) of
this Section, the obligations of the Trustee under Section 402 and the last
paragraph of Section 1003 shall survive such satisfaction and
discharge.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Section 402. Application of
Trust Money</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>Subject to the provisions of the last paragraph of Section 1003, all
money deposited with the Trustee pursuant to Section 401 or this section 402
shall be held in trust and applied by it, in accordance with the provisions of
the Securities, the Coupons and this Indenture, to the payment, either directly
or through any Paying Agent (including the Company acting as its own Paying
Agent) as the Trustee may determine, to the Persons entitled thereto, of the
principal (and premium, if any) and any interest or any Additional Amounts for
whose payment such money has been deposited with the Trustee; but such money
need not be segregated from other funds except to the extent required by
law.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>All
monies deposited with the Trustee pursuant to Section 401 (and held by it or any
Paying Agent) for the payment of Securities subsequently converted shall be
returned to the Company upon Company Request.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>24</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><B><FONT face="Times New Roman" size=2>Section 403. Satisfaction,
Discharge and Defeasance of Securities of Any Series</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>If
pursuant to Section 301 provision is made for defeasance of Securities of any
series pursuant to Section 403, the Company shall be deemed to have paid and
discharged the entire indebtedness on all the Outstanding Securities of such
series and the Trustee, at the expense of the Company, shall execute proper
instruments acknowledging satisfaction and discharge of such indebtedness,
when</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(1) either </FONT></P>
<P style="PADDING-LEFT: 15pt; TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(A) with respect to all Outstanding Securities of
such series and any Coupons appertaining thereto, </FONT></P>
<P style="PADDING-LEFT: 30pt; TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(i) the Company has deposited or caused to be
deposited with the Trustee, as trust funds in trust for such purpose, an amount
sufficient to pay and discharge the entire indebtedness on all Outstanding
Securities of such series for principal (and premium, if any), any Additional
Amounts, and interest to the Stated Maturity or any Redemption Date as
contemplated by the penultimate paragraph of this Section 403, as the case may
be; or </FONT></P>
<P style="PADDING-LEFT: 30pt; TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(ii) with respect to any Series of Securities
which are denominated in United States dollars, the Company has deposited or
caused to be deposited with the Trustee, as obligations in trust for such
purpose, such amount of direct obligations of, or obligations the timely payment
of the principal of and interest on which are fully guaranteed by, the United
States of America and which are not callable at the option of the issuer thereof
as will, together with the income to accrue thereon without consideration of any
reinvestment thereof, be sufficient to pay and discharge the entire indebtedness
on all Outstanding Securities of such series for principal (and premium, if
any), any Additional Amounts, and interest to the stated Maturity or any
Redemption Date as contemplated by the penultimate paragraph of this Section
403; or </FONT></P>
<P style="TEXT-INDENT: 30pt" align=left><FONT face="Times New Roman" size=2>(B)
the Company has properly fulfilled such other means of satisfaction and
discharge as is specified, as contemplated by Section 301, to be applicable to
the Securities of such series; and </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(3)
the Company has delivered to the Trustee a certificate signed by a nationally
recognized firm of Independent Public Accountants certifying as to the
sufficiency of the amounts deposited pursuant to subsections (A) (i) or (ii) of
this Section for payment of the principal (and premium, if any) and interest on
the dates such payments are due, an Officers&#146; Certificate and an Opinion of
Counsel, each such Certificate and opinion stating that no Event of Default or
event which with notice or lapse of time or both would become an Event of
Default with respect to such Securities shall have occurred and all conditions
precedent herein provided for relating to the satisfaction and discharge of the
entire indebtedness on all Outstanding Securities of any such series have been
complied with; and </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(4)
the Company has delivered to the Trustee </FONT></P>
<P style="TEXT-INDENT: 30pt" align=left><FONT face="Times New Roman" size=2>(A)
a ruling from the Internal Revenue Service or an opinion of independent counsel
that the holders of the Securities of such series will not recognize income,
gain or loss for Federal income tax purposes as a result of such deposit,
defeasance and discharge and will be subject to Federal income tax on the same
amount and in the same manner and at the same times, as would have been the case
if such deposit, defeasance and discharge had not occurred; and </FONT></P>
<P style="TEXT-INDENT: 30pt" align=left><FONT face="Times New Roman" size=2>(B)
if the Securities of such series are then listed on the Nasdaq Global Market, an
Opinion of Counsel that the Securities of such series will not be delisted as a
result of the exercise of this option. </FONT></P>
<P style="TEXT-INDENT: 0pt" align=left><FONT face="Times New Roman" size=2>Any
deposits with the Trustee referred to in subsection (1) (A) of this Section
shall be irrevocable and shall be made under the terms of an escrow trust
agreement in form and substance satisfactory to the Trustee. If any Outstanding
Securities of such series are to be redeemed prior to their Stated Maturity,
whether pursuant to any optional redemption or repayment provisions or in
accordance with any mandatory sinking fund requirement, the Company shall make
such arrangements as are satisfactory to the Trustee for the giving of notice of
redemption by the Trustee in the name, and at the expense, of the
Company.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>Upon
the satisfaction of the conditions set forth in this Section 403 with respect to
all the Outstanding Securities of any series, the terms and conditions of such
series, including the terms and conditions with respect thereto set forth in
this Indenture, other than the provisions of Sections 306, 307, and 1002, other
than the right of Holders of Securities and any Coupons of such series to
receive, from the trust fund described in this Section, payment of the principal
(and premium, if any) of, the interest on or any Additional Amounts with respect
to such Securities and Coupons (if any) appertaining thereto when such payments
are due, other than any right of conversion of such Securities and the rights,
powers, duties and immunities of the Trustee hereunder, shall no longer be
binding upon, or applicable to, the Company except those responsibilities and
obligations which by the terms of the Indenture survive the termination of the
Indenture; PROVIDED that the Company shall not be discharged from any payment
obligations in respect of Securities of such series which are deemed not to be
Outstanding under clause (iii) of the definition thereof if such obligations
continue to be valid obligations of the Company under applicable law.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>25</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>ARTICLE
FIVE</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>REMEDIES</FONT></B></P>
<P align=left><B><FONT face="Times New Roman" size=2>Section 501. Events of
Default</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>&#147;Event of Default&#148;, wherever used herein with respect to Securities of
any series, means any one of the following events (whatever the reason for such
Event of Default and whether it shall be voluntary or be effected by operation
of law pursuant to any judgment, decree or order of any court or any order, rule
or regulation of any administrative or governmental body):</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(1)
default in the payment of any interest upon or any Additional Amounts payable in
respect of any Security of such series when such interest becomes or Additional
Amounts become due and payable, and continuance of such default for a period of
30 days; or </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(2)
default in the payment of the principal of (and premium, if any, on) any
Security of that series when it becomes due and payable at Maturity; or
</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(3)
default in the deposit of any sinking fund payment, when and as due by the terms
of a Security of that series; or</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(4)
default in the performance, or breach, of any covenant or warranty of the
Company in this </FONT><FONT face="Times New Roman" size=2>Indenture or the
Securities (other than a covenant or warranty a default in the performance or
the breach of which is elsewhere in this Section specifically dealt with or
which has been expressly included in this Indenture solely for the benefit of a
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 25% in principal amount of the Outstanding Securities
of that series a written notice specifying such default or breach and requiring
it to be remedied and stating that such notice is a &#147;Notice of Default&#148;
hereunder; or </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(5)
if any event of default as defined in any mortgage, indenture or instrument
under which there may be issued, or by which there may be secured or evidenced,
any indebtedness of the Company or the Subsidiary Bank for money borrowed,
whether such indebtedness now exists or shall hereafter be created, shall happen
and shall result in such indebtedness in principal amount in excess of
$25,000,000 becoming or being declared due and payable prior to the date on
which it would otherwise become due and payable, and such acceleration shall not
be rescinded or annulled, or such indebtedness shall not have been discharged,
within a period of 30 days after there shall have been given, by registered or
certified mail, to the Company by the Trustee or to the Company and the Trustee
by the Holders of at least 25% in principal amount of the outstanding Securities
of such series, a written notice specifying such event of default and requiring
the Company to cause such acceleration to be rescinded or annulled or to cause
such indebtedness to be discharged and stating that such notice is a &#147;Notice of
Default&#148; hereunder; or </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(6)
a court having jurisdiction in the premises shall enter a decree or order for
relief in respect of the Company or the Subsidiary Bank in an involuntary case
under any applicable bankruptcy, insolvency or other similar law now or
hereafter in effect, and adjudging it a bankrupt or insolvent or appointing a
receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar
official) of the Company or the Subsidiary Bank or for any substantial part of its
property, or ordering the winding-up or liquidation of its affairs, and such
decree or order shall remain unstayed and in effect for a period of 60
consecutive days; or </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>26</FONT></P>
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<!-- PART04 - EXHIBIT 4.4 -->
<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>


<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(7) the Company or the
Subsidiary Bank shall commence a voluntary case under any applicable bankruptcy,
insolvency or other similar law now or hereafter in effect, or shall consent to
the entry of an order for relief in any involuntary case under any such law, or
shall consent to the appointment of or taking possession by a receiver,
liquidator, assignee, trustee, custodian, sequestrator (or similar official) of
the Company or the Subsidiary Bank or for any substantial part of its property,
or shall make any general assignment for the benefit of creditors, or shall fail
generally to pay its debts as they become due or shall take any corporate action
in furtherance of any of the foregoing; or </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(8) any other Event of Default
provided with respect to Securities of such series.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Section 502. Acceleration
of Maturity; Rescission and Annulment</FONT></B><FONT face="Times New Roman" size=2>. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If an Event of Default with
respect to Securities of any series at the time outstanding occurs and is
continuing, then the Trustee or the Holders of not less than 25% in principal
amount of the Outstanding Securities of that series may declare the principal of
all the Securities of that series, or such lesser amount as may be provided for
in the Securities of that series, to be due and payable immediately, by a notice
in writing to the Company (and to the Trustee if given by the Holders), and upon
any such declaration such principal or such lesser amount shall become
immediately due and payable.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>At any time after such a
declaration of acceleration with respect to Securities of any series has been
made and before a judgment or decree for payment of the money due has been
obtained by the Trustee as hereinafter in this Article provided, the Holders of
not less than a majority in principal amount of the Outstanding Securities of
that series, by written notice to the Company and the Trustee, may rescind and
annul such declaration and its consequences if</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(1) the Company has paid or
deposited with the Trustee a sum sufficient to pay </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(A) all overdue installments
of interest on and any Additional Amounts payable in respect of all Securities
of such series, </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(B) the principal of (and
premium, if any, on) any Securities of such series which have become due
otherwise than by such declaration of acceleration and interest thereon at the
rate or rates borne by or provided for in such Securities, </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(C) to the extent that payment
of such interest is lawful, interest upon overdue installments of interest or
any Additional Amounts at the rate or rates borne by or provided for in such
Securities, and </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(D) all sums paid or advanced
by the Trustee hereunder and the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel as provided in
Section 606 hereof; and </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(2) all Events of Default with
respect to Securities of such series, other than the non-payment of the
principal of Securities of that series which has become due solely by such
declaration of acceleration, have been cured or waived as provided in Section
513. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>No such rescission shall
affect any subsequent default or impair any right consequent thereon.
</FONT></P>

<P align=center><FONT face="Times New Roman" size=2>27</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><B><FONT face="Times New Roman" size=2>Section 503. Collection of
Indebtedness and Suits For Enforcement By Trustee</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Company covenants that
if</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(1) default is made in the
payment of any installment of interest on or any Additional Amounts payable in
respect of any Security when such interest or Additional Amounts shall have
become due and payable and such default continues for a period of 30 days, or
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(2) default is made in the
payment of the principal of (or premium, if any, on) any Security at its
Maturity, </FONT></P>
<P align=left><FONT face="Times New Roman" size=2>then the Company will, upon
demand of the Trustee, pay to it, for the benefit of the Holders of such
Securities and any Coupons appertaining thereto, the whole amount then due and
payable on such Securities and Coupons for principal (and premium, if any) and
interest or Additional Amounts, if any, with interest upon the overdue principal
(and premium, if any) and, to the extent that payment of such interest shall be
legally enforceable, upon overdue installments of interest or any Additional
Amounts, at the rate or rates borne by or provided for in such Securities, and,
in addition thereto, such further amount as shall be sufficient to cover the
costs and expenses of collection, including the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and
counsel.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>If the Company fails to pay
such amounts forthwith upon such demand, the Trustee, in its own name and as
trustee of an express trust, may institute a judicial proceeding for the
collection of the sums so due and unpaid, and 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.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If an Event of Default with
respect to Securities of any series occurs and is continuing, the Trustee may in
its discretion proceed to protect and enforce its rights and the rights of the
Holders of Securities of such series and any Coupons appertaining thereto 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 such Securities or in aid of the
exercise of any power granted herein, or to enforce any other proper
remedy.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Section 504. Trustee May
File Proofs of Claim</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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 any overdue principal or
interest) shall be entitled and empowered, by intervention in such proceeding or
otherwise,</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(1) to file and prove a claim
for the whole amount or such lesser amount as may be provided for in the
Securities of such series, of principal (and premium, if any) and interest and
any Additional Amounts owing and unpaid in respect of the Securities and any
Coupons appertaining thereto and to file such other papers or documents as may
be necessary or advisable in order to have the claims of the Trustee (including
any claim for the reasonable compensation, expenses, disbursements and advances
of the Trustee, its agents or counsel) and of the Holders allowed in such
judicial proceeding, and </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(2) to collect and receive any
moneys or other property payable or deliverable on any such claims and to
distribute the same; </FONT><FONT face="Times New Roman" size=2></FONT></P>

<P STYLE="text-align: left"><FONT face="Times New Roman" size=2>and any
custodian, receiver, assignee, trustee, liquidator, sequestrator or other
similar official in any such judicial proceeding is hereby authorized by each
Holder of Securities or Coupons to make such payments to the Trustee and, in the
event that the Trustee shall consent to the making of such payments directly to
the Holders of Securities or Coupons, to pay to the Trustee any amount due to it
for the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel and any other amounts due the Trustee under
Section 606. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>28</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Nothing herein contained shall
be deemed to authorize the Trustee to authorize or consent to or accept or adopt
on behalf of any Holder of a Security or Coupon any plan of reorganization,
arrangement, adjustment or composition affecting the Securities or Coupons or
the rights of any Holder thereof, or to authorize the Trustee to vote in respect
of the claim of any Holder of a Security or Coupon in any such
proceeding.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Section 505. Trustee May
Enforce Claims Without Possession of Securities or Coupons</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>All rights of action and
claims under this Indenture or any of the Securities or coupons may be
prosecuted and enforced by the Trustee without the possession of any of the
Securities or Coupons or the production thereof in any proceeding relating
thereto, and any such proceeding instituted by the Trustee shall be brought in
its own name as trustee of an express trust, and any recovery or judgment, after
provision for the payment of the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, shall be for
the ratable benefit of the Holders of the Security and Coupon in respect of
which such judgment has been recovered.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Section 506. Application of
Money Collected</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Any money collected by the
Trustee pursuant to this Article shall be applied in the following order, at the
date or dates fixed by the Trustee and, in case of the distribution of such
money on account of principal (and premium, if any), interest or any Additional
Amounts, upon presentation of the Securities or Coupons, or both, as the case
may be, and the notation thereon of the payment if only partially paid and upon
surrender thereof if fully paid: </FONT></P>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>FIRST:</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top align=left width="96%">
      <P align=left><FONT face="Times New Roman" size=2>To the payment of all
      amounts due the Trustee and any predecessor Trustee under Section 606;
      </FONT></P></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="96%">&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"><P align=left><FONT face="Times New Roman" size=2>SECOND:
      </FONT></P></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="96%">
      <P align=left><FONT face="Times New Roman" size=2>To the payment of the
      amounts then due and unpaid upon the Securities and Coupons for principal
      (and premium, if any) and interest or any Additional Amounts payable 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 aggregate amounts due and payable on such Securities and Coupons
      for principal (and premium, if any), interest or any Additional Amounts,
      respectively; </FONT></P></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="96%">&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"><P align=left><FONT face="Times New Roman" size=2>THIRD:</FONT></P></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="96%"></TD></TR></TABLE><BR>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The balance, if any, to the
Company. </FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Section 507. Limitation on
Suits</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>No Holder of any Security of
any series or any related Coupons shall have any right to institute any
proceeding, judicial or otherwise, with respect to this Indenture, or for the
appointment of a receiver or trustee, or for any other remedy hereunder,
unless</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(1) such Holder has previously
given written notice to the Trustee of a continuing Event of Default with
respect to the Securities of such series; </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(2) the Holders of not less
than 25% in principal amount of the Outstanding Securities of that series shall
have made written request to the Trustee to institute proceedings in respect of
such Event of Default in its own name as Trustee hereunder; </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(3) such Holder or Holders
have offered indemnity reasonably satisfactory to the Trustee against the costs,
expenses and liabilities to be incurred in compliance with such request;
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(4) the Trustee for 60 days
after its receipt of such notice, request and offer of indemnity has failed to
institute any such proceeding; and </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>29</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>

<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(5) no direction inconsistent with such written request has been
given to the Trustee during such 60-day period by the Holders of a majority in
principal amount of the Outstanding Securities of such series; </FONT></P>
<P ALIGN="LEFT"><FONT face="Times New Roman" size=2>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 or any
Security to affect, disturb or prejudice the rights of any other such Holders or
Holders of Securities of any other series, or to obtain or to seek to obtain
priority or preference over any other Holders or to enforce any right under this
Indenture, except in the manner herein provided and for the equal and ratable
benefit of all such Holders. </FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Section 508. Unconditional
Right of Holders to Receive Principal, Premium, Interest and Additional
Amounts</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Notwithstanding any other
provision in this Indenture, the Holder of any Security or coupon shall have the
right, which is absolute and unconditional, to receive payment of the principal
of (and premium, if any) and (subject to Sections 306 and 308) interest on or
any Additional Amounts in respect of such Security or payment of such Coupon on
the respective Stated Maturity or Maturities specified in such Security or
Coupon (or, in the case of redemption, on the Redemption Date) and to institute
suit for the enforcement of any such payment, and such right shall not be
impaired without the consent of such Holder.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Section 509. Restoration of
Rights and Remedies</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If the Trustee or any Holder
of a Security or Coupon has instituted any proceeding to enforce any right or
remedy under this Indenture and such proceeding has been discontinued or
abandoned for any reason, or has been determined adversely to the Trustee or to
such Holder, then and in every such case the Company, the Trustee and each such
Holder shall, subject to any determination in such proceeding, be restored
severally and respectively to their former positions hereunder, and thereafter
all rights and remedies of the Trustee and each such Holder shall continue as
though no such proceeding had been instituted.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Section 510. Rights and
Remedies Cumulative</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Except as otherwise provided
with respect to the replacement or payment of mutilated, destroyed, lost or
stolen Securities or Coupons in the last paragraph of Section 307, no right or
remedy herein conferred upon or reserved to the Trustee or to the Holders of a
Security or Coupon is intended to be exclusive of any other right or remedy, and
every right and remedy, to the extent permitted by law, shall be cumulative and
in addition to every other right and remedy given hereunder or now or hereafter
existing at law or in equity or otherwise. The assertion or employment of any
right or remedy hereunder, or otherwise, shall not prevent the concurrent
assertion or employment of any other appropriate right or remedy.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Section 511. Delay or
Omission Not Waiver</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>No delay or omission of the
Trustee or of any Holder of any Security or coupon to exercise any right or
remedy accruing upon any Event of Default shall impair any such right or remedy
or constitute a waiver of any such Event of Default or an acquiescence therein.
Every right and remedy given by this Article or by law to the Trustee or to the
Holders of Securities or Coupons may be exercised from time to time, and as
often as may be deemed expedient, by the Trustee or by the Holders of Securities
or Coupons, as the case may be.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>30</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><B><FONT face="Times New Roman" size=2>Section 512. Control By
Holders</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Holders of a majority in
principal amount of the Outstanding Securities of any series shall have the
right to direct the time, method and place of conducting any proceeding for any
remedy available to the Trustee or exercising any trust or power conferred on
the Trustee with respect to the Securities of such series and any Coupons
appertaining thereto, PROVIDED that</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(1) such direction shall not
be in conflict with any rule of law or with this Indenture, </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(2) the Trustee may take any
other action deemed proper by the Trustee which is not inconsistent with such
direction, and </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(3) such direction is not
unduly prejudicial to the rights of other Holders of Securities of such series.
</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Section 513. Waiver of Past
Defaults</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Holders of not less than a
majority in principal amount of the outstanding Securities of any series may on
behalf of the Holders of all the Securities of such Series and any Coupons
appertaining thereto waive any past default hereunder with respect to such
series and its consequences, except a default</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(1) in the payment of the
principal of (and premium, if any) or interest on or Additional Amounts payable
in respect of any Security of such series or any Coupons appertaining thereto,
or </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(2) in respect of a covenant
or provision hereof which under Article Nine cannot be modified or amended
without the consent of the Holder of each Outstanding Security of such series
affected. </FONT></P>
<P align=left><FONT face="Times New Roman" size=2>Upon any such waiver, such
default shall cease to exist, and any Event of Default arising therefrom shall
be deemed to have been cured, for every purpose of this Indenture; but no such
waiver shall extend to any subsequent or other default or impair any right
consequent thereon.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Section 514. Waiver of Stay
or Extension Laws</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Company covenants (to the
extent that it may lawfully do so) that it will not at any time insist upon, or
plead, or in any manner whatsoever claim or take the benefit or advantage of,
any stay or extension law wherever enacted, now or at any time hereafter in
force, which may affect the covenants or the performance of this Indenture; and
the Company (to the extent that it may lawfully do so) hereby expressly waives
all benefit or advantage of any such law and covenants that it will not hinder,
delay or impede the execution of any power herein granted to the Trustee, but
will suffer and permit the execution of every such power as though no such law
had been enacted.</FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>ARTICLE
SIX</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>THE
TRUSTEE</FONT></B></P>
<P align=left><B><FONT face="Times New Roman" size=2>Section 601. Notice of
Defaults</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Within 90 days after the
occurrence of any default hereunder with respect to the Securities of any
series, the Trustee shall transmit to the Holders in the manner and to the
extent provided in Section 313(c) of the Trust Indenture Act, notice of such
default hereunder known to a Responsible Officer of the Trustee, unless such
default shall have been cured or waived; PROVIDED, HOWEVER, that, except in the
case of a default in the payment of the principal of (or premium, if any) or
interest on, or any Additional Amounts with respect to, any Security of such
series or in the payment of any sinking fund installment with respect to
Securities of such series, the Trustee shall be protected in withholding such
notice if and so long as the board of directors, the executive committee or a
trust committee of directors and/or Responsible Officers of the Trustee in good
faith determine that the withholding of such notice is in the interests of the
Holders of Securities and Coupons of such series; and PROVIDED further, that in
the case of default of the character specified in Section 501(4) with respect to
Securities of such series, no such notice to Holders shall be given until at
least 60 days after the occurrence thereof. For the purpose of this Section, the
term &#147;default&#148; means any event which is, or after notice or lapse of time or
both would become, an Event of Default, with respect to Securities of such
series.</FONT></P>

<P align=center><FONT face="Times New Roman" size=2>31</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><B><FONT face="Times New Roman" size=2>Section 602. Certain Rights
of Trustee</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Subject to the provisions of
Sections 315(a) through 315(d) of the Trust Indenture Act:</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(1) 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, or other
paper or document reasonably believed by it to be genuine and to have been
signed or presented by the proper party or parties;</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(2) any request or direction
of the Company mentioned herein shall be sufficiently evidenced by a Company
Request or a Company Order (other than delivery of any Security, together with
any Coupons appertaining thereto to the Trustee for authentication and delivery
pursuant to Section 304 which shall be sufficiently evidenced as provided
therein) and any resolution of the Board of Directors may be sufficiently
evidenced by a Board Resolution or Board Resolutions; </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(3) whenever in the
administration of this Indenture the Trustee shall deem it desirable that a
matter be proved or established prior to taking, suffering or omitting any
action hereunder, the Trustee (unless other evidence be herein specifically
prescribed) may, in the absence of bad faith on its part, conclusively rely upon
an Officers&#146; Certificate; </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(4) the Trustee may consult
with counsel of its selection and the advice of such counsel or any Opinion of
Counsel shall be full and complete authorization and protection in respect of
any action taken, suffered or omitted by it hereunder in good faith and in
reliance thereon; </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(5) the Trustee shall be under
no obligation to exercise any of the rights or powers vested in it by this
Indenture at the request or direction of any of the Holders of Securities of any
series or any Coupons appertaining thereto pursuant to this Indenture, unless
such Holders shall have offered to the Trustee reasonable Security or indemnity
satisfactory to it against the costs, expenses and liabilities which might be
incurred by it in compliance with such request or direction; </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(6) the Trustee shall not be
bound to make any investigation into the facts or matters stated in any
resolution, certificate, statement, instrument, opinion, report, notice,
request, direction, consent, order, bond, debenture or other paper or document,
but the Trustee, in its discretion, may make such further inquiry or
investigation into such facts or matters as it may see fit, and, if the Trustee
shall determine to make such further inquiry or investigation, it shall be
entitled to examine the books, records and premises of the Company, personally
or by agent or attorney at the sole cost to the Company and shall incur no
liability or additional liability of any kind by reason of such inquiry or
investigation; </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(7) the Trustee may execute
any of the trusts or powers hereunder or perform any duties hereunder either
directly or by or through agents or attorneys and the Trustee shall not be
responsible for any misconduct or negligence on the part of any agent or
attorney appointed with due care by it hereunder; </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(8) the Trustee shall not be
liable for any action taken, suffered, 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; </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(9) the Trustee shall not be
deemed to have knowledge or notice of any default or Event of Default unless a
Responsible Officer of the Trustee has actual knowledge thereof or unless
written notice of any event which is in fact such a default or Event of Default
is received by the Trustee at the Corporate Trust Office of the Trustee, and
such notice references the Securities and this Indenture; and </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(10) the rights, privileges,
protections, immunities and benefits given to the Trustee, including, without
limitation, its right to be indemnified, are extended to, and shall be
enforceable by, the Trustee in each of its capacities hereunder, and to each
agent, custodian and other Person employed to act hereunder. </FONT></P>

<P align=center><FONT face="Times New Roman" size=2>32</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><B><FONT face="Times New Roman" size=2>Section 603. Not
Responsible For Recitals or Issuance of Securities</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The recitals contained herein
and in the Securities, except the Trustee&#146;s certificate of authentication, and
in any coupons shall be taken as the statements of the Company 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 or Coupons, except that the
Trustee represents that it is duly authorized to execute and deliver this
Indenture, authenticate the Securities and perform its obligations hereunder and
that the statements made by it in a Statement of Eligibility and Qualification
on Form T-l supplied to the Company are true and accurate, subject to the
qualifications set forth therein. The Trustee or any Authenticating Agent shall
not be accountable for the use or application by the Company of Securities or
the proceeds thereof.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Section 604. May Hold
Securities</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Trustee, any
Authenticating Agent, any Paying Agent, any Security Registrar or any other
Person that may be an agent of the Trustee or the Company, in its individual or
any other capacity, may become the owner or pledgee of Securities and Coupons
and, subject to Sections 310(b) and 311 of the Trust Indenture Act, may
otherwise deal with the Company with the same rights it would have if it were
not Trustee, Authenticating Agent, Paying Agent, Security Registrar or such
other Person.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Section 605. Money Held In
Trust</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Money held by the Trustee in
trust hereunder need not be segregated from other funds except to the extent
required by law and shall be held uninvested. The Trustee shall be under no
liability for interest on any money received by it hereunder.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Section 606. Compensation
and Reimbursement</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Company agrees</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(1) to pay to the Trustee from
time to time such compensation for all services rendered by it hereunder as
shall be mutually agreed upon by the Company and the Trustee in writing (which
compensation shall not be limited by any provision of law in regard to the
compensation of a trustee of an express trust); </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(2) except as otherwise
expressly provided herein, to reimburse the Trustee upon its request for all
reasonable expenses, disbursements and advances incurred or made by the Trustee
in accordance with any provision of this Indenture (including the reasonable
compensation and the reasonable expenses and disbursements of its agents and
counsel), except any such expense, disbursement or advance as may be
attributable to its negligence or bad faith; and </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(3) to indemnify each of the
Trustee and any predecessor Trustee and its agents for, and to hold them
harmless against, any loss, liability, claim, damage or expense including taxes
(other than taxes based upon, measured by or determined by the income of the
Trustee) incurred without negligence or bad faith on their part, arising out of
or in connection with the acceptance or administration of the trust or trusts
hereunder, including the costs and expenses of defending themselves against any
claim or liability in connection with the exercise or performance of any of
their powers or duties hereunder. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>As Security for the
performance of the obligations of the Company under this Section, the Trustee
shall have a lien prior to the Securities of any series upon all property and
funds held or collected by the Trustee as such, except funds held in trust for
the payment of principal of (or premium, if any) or interest on Securities. When
the Trustee incurs expenses or renders services after an Event of Default
occurs, the expenses and compensation for the services of the Trustee are
intended to constitute expenses of administration under any bankruptcy law or
any similar federal or state law for the relief of debtors.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The provisions of this Section
606 shall survive the termination of this Indenture and the resignation or
removal of the Trustee.</FONT></P>

<P align=center><FONT face="Times New Roman" size=2>33</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><B><FONT face="Times New Roman" size=2>Section 607. Corporate
Trustee Required; Eligibility; Conflicting Interests</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>There shall at all times be a
Trustee hereunder that is a corporation permitted by Section 310(a) (1) and (5)
of the Trust Indenture Act to act as trustee under the Trust Indenture Act and
that has a combined capital and surplus (computed in accordance with Section
310(a) (2) of the Trust Indenture Act) of at least $50,000,000. If at any time
the Trustee shall cease to be eligible in accordance with the provisions of this
Section, it shall resign immediately in the manner and with the effect
hereinafter specified in this Article. If the Trustee has or shall acquire any
conflicting interest, as defined in Section 310(b) of the Trust Indenture Act,
with respect to the Securities of any series, the Trustee shall take such action
as is required pursuant to said Section 310 (b).</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Section 608. Resignation
and Removal; Appointment of Successor</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(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 pursuant to Section 609.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(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 609 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 such
series.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(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. If an instrument of acceptance by a
successor Trustee shall not have been delivered to the Trustee within 30 days
after the giving of such notice of removal, the Trustee being removed may
petition, at the expense of the Company, any court of competent jurisdiction for
the appointment of a successor Trustee with respect to the Securities of such
series.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(d) If at any time:</FONT></P>
<P ALIGN="LEFT" STYLE="margin-left: 15pt; text-indent: 15pt"><FONT face="Times New Roman" size=2>(1) the Trustee shall fail to
comply with the obligations imposed upon it under Section 310(b) of the Trust
Indenture Act after written request therefor by the Company or by any Holder of
a Security who has been a bona fide Holder of a Security for at least six
months, or </FONT></P>
<P ALIGN="LEFT" STYLE="margin-left: 15pt; text-indent: 15pt"><FONT face="Times New Roman" size=2>(2) the Trustee shall cease to
be eligible under Section 607 and shall fail to resign after written request
therefor by the Company or by any such Holder of a Security, or </FONT></P>
<P ALIGN="LEFT" STYLE="margin-left: 15pt; text-indent: 15pt"><FONT face="Times New Roman" size=2>(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, </FONT></P>
<P align=left><FONT face="Times New Roman" size=2>then, in any such case, (a)
the Company, by or pursuant to Board Resolution, may remove the Trustee with
respect to all Securities, or (b) subject to Section 315(c) of the Trust
Indenture Act any Holder of a Security who has been a bona fide Holder of a
Security of any series 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 of such series and the
appointment of a successor Trustee or Trustees. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>34</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(e) If the Trustee shall
resign, be removed or become incapable of acting, or if a vacancy shall occur in
the office of Trustee for any cause, with respect to the Securities of one or
more series, the Company, by or pursuant to 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 there shall be only one Trustee with respect to the
Securities of any particular series) and shall comply with the applicable
requirements of Section 609. 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 609, become the successor Trustee
with respect to the Securities of such series and to that extent supersede the
successor Trustee appointed by the Company. If no successor Trustee with respect
to the Securities of any series shall have been so appointed by the Company or
the Holders of Securities and accepted appointment in the manner required by
Section 609, any Holder of a Security who has been a bona fide Holder of a
Security of such series for at least six months may, on behalf of himself and
all others similarly situated, petition any court of competent jurisdiction for
the appointment of a successor Trustee with respect to the Securities of such
series.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(f) The Company shall give
notice of each resignation and each removal of the Trustee with respect to the
Securities of any series and each appointment of a successor Trustee with
respect to the Securities of any series by mailing written notice of such event
by first-class mail, postage prepaid, to the Holders of Registered Securities,
if any, of such series as their names and addresses appear in the Security
Register and, if Securities of such series are issued as Bearer Securities, by
publishing notice of such event once in an Authorized Newspaper in each Place of
Payment located outside the United States. 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.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Section 609. Acceptance of
Appointment By Successor</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(a) In case of the appointment
hereunder of a successor Trustee with respect to all Securities, every such
successor Trustee so appointed shall execute, acknowledge and deliver to the
Company and the retiring Trustee an instrument accepting such appointment, and
thereupon the resignation or removal of the retiring Trustee shall become
effective and such successor Trustee, without any further act, deed or
conveyance, shall become vested with all the rights, powers, trusts and duties
of the retiring Trustee; but, on the request of the Company and/or the successor
Trustee, such retiring Trustee shall, upon payment of its charges, execute and
deliver an instrument transferring to such successor Trustee all the rights,
powers and trusts of the retiring Trustee and shall duly assign, transfer and
deliver to such successor Trustee all property and money held by such retiring
Trustee hereunder, subject nevertheless to its claim, if any, provided for in
Section 606.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(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, 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 that no
Trustee shall be responsible for any notice given to, or received by, or any act
or failure to act on the part of any other Trustee hereunder, 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,
such retiring Trustee shall with respect to the Securities of that or those
series to which the appointment of such successor Trustee relates have no
further responsibility for the exercise of rights and powers or for the
performance of the duties and obligations vested in the Trustee under this
Indenture other than as hereinafter expressly set forth, and each such successor
Trustee without any further act, deed or conveyance, shall become vested with
all the rights, powers, trusts and duties of the retiring Trustee with respect
to the Securities of that or those series to which the appointment of such
successor Trustee relates; but, on request of the Company or any successor
Trustee, such retiring Trustee shall duly assign, transfer and deliver to such
successor Trustee, to the extent contemplated by such supplemental indenture,
the 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.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>35</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(c) Upon request of any such
successor Trustee, the Company shall execute any and all instruments for more
fully and certainly vesting in and confirming to such successor Trustee all such
rights, powers and trusts referred to in paragraph (a) or (b) of this Section,
as the case may be.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(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.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Section 610. Merger,
Conversion, Consolidation or Succession to Business</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Any corporation into which the
Trustee may be merged or converted or with which it may be consolidated, or any
corporation resulting from any merger, conversion or consolidation to which the
Trustee shall be a party, or any corporation succeeding to all or substantially
all of the corporate trust business of the Trustee, shall be the successor of
the Trustee hereunder, provided such corporation shall be otherwise qualified
and eligible under this Article, without the execution or filing of any paper or
any further act on the part of any of the parties hereto. In 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.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Section 611. Appointment of
Authenticating Agent</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Trustee may appoint an
Authenticating Agent or Authenticating Agents, which may be an Affiliate of the
Company, with respect to one or more series of Securities which shall be
authorized to act on behalf of the Trustee to authenticate Securities of that or
those series issued upon original issue or exchange, registration of transfer or
partial redemption thereof or pursuant to Section 307, and Securities so
authenticated shall be entitled to the benefits of this Indenture and shall be
valid and obligatory for all purposes as if authenticated by the Trustee
hereunder. Wherever reference is made in this Indenture to the authentication
and delivery of Securities by the Trustee or the Trustee&#146;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.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Each Authenticating Agent
shall be acceptable to the Company and, except as specified as contemplated by
Section 301, shall at all times be a corporation that would be permitted by
Section 310(a) (1) and (5) of the Trust Indenture Act to be able to act as a
trustee under an indenture qualified under the Trust Indenture Act, is
authorized under applicable law and by its charter to act as such and that has a
combined capital and surplus (computed in accordance with Section 310(a) (2) of
the Trust Indenture Act) of not less that $50,000,000. 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. If the
Authenticating Agent has or shall acquire any conflicting interest, as defined
in Section 310(b) of the Trust Indenture Act, with respect to the Securities of
any series, the Authenticating Agent shall take action as is required pursuant
to said Section 310 (b).</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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.</FONT></P>

<P align=center><FONT face="Times New Roman" size=2>36</FONT></P>
<HR align=center width="100%" noShade size="2">

<!-- PART05 - EXHIBIT 4.4 -->
<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>

<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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 and shall (i) mail written notice of such appointment by first-class mail,
postage prepaid, to all Holders of Registered Securities, if
any, of the series with respect to which such Authenticating Agent will serve,
as their names and addresses appear in the Security Register, and (ii) if
Securities of the series are issued as Bearer Securities, publish notice of such
appointment at least once in an Authorized Newspaper in the place where such
successor Authenticating Agent has its principal office if such office is
located outside the United States. 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.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Company agrees to pay each
Authenticating Agent from time to time reasonable compensation for its services
under this Section.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The provisions of Sections
309, 603 and 604 shall be applicable to each Authenticating Agent.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If an appointment with respect
to one or more series is made pursuant to this Section, the Securities of such
series may have endorsed thereon, in addition to or in lieu of the Trustee&#146;s
certificate of authentication, an alternate certificate of authentication in the
following form:</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>This certificate represents
Securities of the series designated herein referred to in the within-mentioned
Indenture.</FONT></P>
<DIV align=center>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="94%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="54%"><FONT face="Times New Roman" size=2>Dated:</FONT></TD>
    <TD noWrap align=left width="2%"><FONT face="Times New Roman" size=2>[</FONT></TD>
    <TD noWrap align=left width="3%">&nbsp;</TD>
    <TD noWrap align=left width="20%"><FONT face="Times New Roman" size=2>],</FONT></TD>
    <TD noWrap align=left width="20%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="54%">&nbsp;</TD>
    <TD noWrap align=left width="25%" colSpan=3><FONT face="Times New Roman" size=2>not in its individual capacity but solely as Trustee</FONT></TD>
    <TD noWrap align=left width="20%"></TD></TR>
  <TR>
    <TD width="79%" colSpan=4>&nbsp;</TD>
    <TD width="20%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="54%"></TD>
    <TD noWrap align=left width="2%"><FONT face="Times New Roman" size=2>By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="20%"><FONT face="Times New Roman" size=2>/s/</FONT></TD>
    <TD noWrap align=left width="20%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="54%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="20%"><FONT face="Times New Roman" size=2>As
      Authenticating Agent</FONT></TD>
    <TD noWrap align=left width="20%"></TD></TR>
  <TR>
    <TD width="79%" colSpan=4>&nbsp;</TD>
    <TD width="20%"></TD></TR>
  <TR>
    <TD width="79%" colSpan=4>&nbsp;</TD>
    <TD width="20%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="54%"></TD>
    <TD noWrap align=left width="2%"><FONT face="Times New Roman" size=2>By:</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="20%"><FONT face="Times New Roman" size=2>/s/</FONT></TD>
    <TD noWrap align=left width="20%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="54%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%">&nbsp;</TD>
    <TD noWrap align=left width="20%"><FONT face="Times New Roman" size=2>Authorized Signatory</FONT></TD>
    <TD noWrap align=left width="20%"></TD></TR></TABLE></DIV><BR>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If all of the Securities of
any 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
in writing (which writing need not comply with Section 102) by the Company,
shall appoint in accordance with this Section an Authenticating Agent having an
office in a Place of Payment designated by the Company with respect to such
series of Securities.</FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>ARTICLE
SEVEN</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>HOLDERS&#146; LISTS AND
REPORTS BY TRUSTEE AND COMPANY</FONT></B></P>
<P align=left><B><FONT face="Times New Roman" size=2>Section 701. Company to
Furnish Trustee Names and Addresses of Holders</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In accordance with Section
312(a) of the Trust Indenture Act, the Company will furnish or cause to be
furnished to the Trustee</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(1) semi-annually, not later
than 15 days after the Regular Record Date for interest for each series of
Securities, a list, in such form as the Trustee may reasonably require, of the
names and addresses of the Holders of Registered Securities of such series as of
such Regular Record Date, or if there is no Regular Record Date for interest for
such series of Securities, semi-annually, upon such dates as are set forth in
the Board Resolution or indenture supplemental hereto authorizing such series,
and </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>37</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(2) at such other times as the
Trustee may request in writing, within 30 days after the receipt by the Company
of any such request, a list of similar form and content as of a date not more
than 15 days prior to the time such list is furnished, </FONT></P>
<P align=left><I><FONT face="Times New Roman" size=2>provided,
however</FONT></I><FONT face="Times New Roman" size=2>, that so long as the
Trustee is the Security Registrar no such list shall be required to be
furnished. </FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Section 702. Preservation
of Information; Communications to Holders</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(a) The Trustee shall comply
with the obligations imposed upon it pursuant to Section 312 of the Trust
Indenture Act.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(b) Every Holder of Securities
or Coupons, by receiving and holding the same, agrees with the Company and the Trustee that
neither the Company nor the Trustee nor any Paying Agent nor any Security
Registrar shall be held accountable by reason of the disclosure of any such
information as to the names and addresses of the Holders of Securities in
accordance with Section 312 of the Trust Indenture Act, regardless of the source
from which such information was derived, and that the Trustee shall not be held
accountable by reason of mailing any material pursuant to a request made under
Section 312(b) of the Trust Indenture Act.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Section 703. Reports By
Trustee</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(a) Within 60 days after May
15 of each year commencing with the year following the first issuance of
Securities pursuant to Section 301, if required by Section 313(a) of the Trust
Indenture Act, the Trustee shall transmit pursuant to Section 313(c) of the
Trust Indenture Act a brief report dated as of such May 15 with respect to any
of the events specified in said Section 313(a) which may have occurred since the
later of the immediately preceding May 15 and the date of this
Indenture.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(b) The Trustee shall transmit
the reports required by Section 313(a) of the Trust Indenture Act at the times
specified therein.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(c) Reports pursuant to this
Section shall be transmitted in the manner and to the Persons required by
Sections 313(c) and (d) of the Trust Indenture Act.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Section 704. Reports By
Company</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Company, pursuant to
Section 314(a) of the Trust Indenture Act, shall:</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(1) file with the Trustee,
within 15 days after the Company actually files the same with the Commission, copies of the
annual reports and of the information, documents and other reports (or copies of
such portions of any of the foregoing as the Commission may from time to time by
rules and regulations prescribe) which the Company may be required to file with
the Commission pursuant to Section 13 or Section 15(d) of the Securities
Exchange Act of 1934; or, if the Company is not required to file information,
documents or reports pursuant to either of said Sections, then it shall file
with the Trustee and the Commission, in accordance with rules and regulations
prescribed from time to time by the Commission, such of the supplementary and
periodic information, documents and reports which may be required pursuant to
Section 13 of the Securities Exchange Act of 1934 in respect of a Security
listed and registered on a national Securities exchange as may be prescribed
from time to time in such rules and regulations; </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(2) file with the Trustee and
the Commission, in accordance with rules and regulations prescribed from time to
time by the Commission, such additional information, documents and reports with
respect to compliance by the Company with respect to compliance by such obligor
with the conditions and covenants of this Indenture as may be required from time
to time by such rules and regulations; and </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>38</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(3) transmit within 30 days
after the actual filing thereof with the Trustee, in the manner and to the
extent provided in Section 313(c) of the Trust Indenture Act, such summaries of
any information, documents and </FONT><FONT face="Times New Roman" size=2>reports required to be filed by the Company pursuant to paragraphs (1)
and (2) of this Section as may be required by rules and regulations prescribed
from time to time by the Commission; and </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(4) transmit within 90 days of
December 31 of each year to the Trustee, a brief certificate from the principal
executive officer, principal financial officer or principal accounting officer
of the Company as to his or her knowledge of such obligor&#146;s compliance with all
conditions and covenants under the Indenture as determined without regard to any
period of grace or requirement of notice provided under the Indenture.
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Delivery of such reports,
information and documents to the Trustee is for informational purposes only and
the Trustee&#146;s receipt of such shall not constitute constructive or other notice
of any information contained therein or determinable from information contained
therein, including the Company&#146;s compliance with any of its covenants hereunder
(as to which the Trustee is entitled to rely exclusively on Officers&#146;
Certificates).</FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>ARTICLE
EIGHT</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>CONSOLIDATION, MERGER AND
SALES</FONT></B></P>
<P align=left><B><FONT face="Times New Roman" size=2>Section 801. Company May
Consolidate Etc., Only on Certain Terms</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Nothing contained in this
Indenture or in any of the Securities shall prevent any consolidation or merger
of the Company with or into any other Person or Persons (whether or not
affiliated with the Company), or successive consolidations or mergers in which
the Company or its successor or successors shall be a party or parties, or shall
prevent any conveyance, transfer or lease of the property of the Company as an
entirety or substantially as an entirety, to any other Person (whether or not
affiliated with the Company); PROVIDED, HOWEVER, that:</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(1) in case the Company shall
consolidate with or merge into another Person or convey, transfer or lease its
properties and assets substantially as an entirety to any Person, the entity
formed by such consolidation or into which the Company is merged or the Person
which acquires by conveyance or transfer, or which leases, the properties and
assets of the Company substantially as an entirety shall be a corporation
organized and existing under the laws of the United States of America, any State
thereof or the District of Columbia and shall expressly assume, by an indenture
(or indentures, if at such time there is more than one Trustee) supplemental
hereto, executed and delivered by the successor Person to the Trustee, in form
satisfactory to the Trustee, the due and punctual payment of the principal of
(and premium, if any) and interest on or any Additional Amounts in respect of
all the Securities and the performance of every other covenant of this Indenture
on the part of the Company to be performed or observed; </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(2) immediately after giving
effect to such transaction and treating any indebtedness which becomes an
obligation of the Company or a Subsidiary as a result of such transaction as
having been incurred by the Company or such Subsidiary at the time of such
transaction, no Event of Default, and no event which, after notice or lapse of
time or both, would become an Event of Default, shall have happened and be
continuing; and </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(3) each of the Company and
the successor Person has delivered to the Trustee an Officers&#146; Certificate and
an Opinion of Counsel, each stating that such consolidation, merger, conveyance,
transfer or lease and such supplemental indenture comply with this Article and
that all conditions precedent herein provided for relating to such transaction
have been complied with. </FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Section 802. Successor
Corporation Substituted For Company</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Upon any consolidation or
merger or any conveyance, transfer or lease of the properties and assets of the
Company substantially as an entirety to any Person in accordance with Section
801, the successor Person formed by such consolidation or into which the Company
is merged or to which such conveyance, transfer or lease is made shall succeed
to, and be substituted for, and may exercise every right and power of, the
Company under this Indenture with the same effect as if such successor Person
had been named as the Company herein, and thereafter, except in the case of a
lease to another Person, the predecessor Person shall be relieved of all
obligations and covenants under this Indenture and the Securities and the
Coupons.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>39</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>ARTICLE
NINE</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>SUPPLEMENTAL
INDENTURES</FONT></B></P>
<P align=left><B><FONT face="Times New Roman" size=2>Section 901. Supplemental
Indentures Without Consent of Holders</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Without the consent of any
Holders of Securities or Coupons, the Company, when authorized by Board
Resolutions, 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:</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(1) 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;</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(2) to add to the covenants of
the Company for the benefit of the Holders of all or any series of Securities
(and if such covenants are to be for the benefit of less than all series of
Securities, stating that such covenants are expressly being included solely for
the benefit of such series) or to surrender any right or power herein conferred
upon the Company;</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(3) to add to or change any of
the provisions of this Indenture to provide that Bearer Securities may be
registrable as to principal, to change or eliminate any restrictions on the
payment of principal (or premium, if any) on Registered Securities or of
principal (or premium, if any) or any interest on Bearer Securities, to permit
Registered Securities to be exchanged for Bearer Securities or to permit or
facilitate the issuance of Securities in uncertified form, PROVIDED any such
action shall not adversely affect the interests of the Holders of Securities of
any series or any Coupons appertaining thereto in any material
respect;</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(4) to establish the form or
terms of Securities of any series and any Coupons appertaining thereto as
permitted by Sections 201 and 301;</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(5) to evidence and provide
for the acceptance of appointment hereunder by a successor Trustee with respect
to the Securities of one or more series and to add to or change any of the
provisions of this Indenture as shall be necessary to provide for or facilitate
the administration of the trusts hereunder by more than one Trustee, pursuant to
the requirements of Section 609 (b);</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(6) to cure any ambiguity, to
correct or supplement any provision herein which may be defective or
inconsistent with any other provision herein, or to make any other provisions
with respect to matters or questions arising under this Indenture which shall
not be inconsistent with the provisions of this Indenture and which shall not
adversely affect the interest of the Holders of Securities of any series or any
related coupons in any material respect;</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(7) to add to, delete from or
revise the conditions, limitations and restrictions on the authorized amount,
terms or purposes of issue, authentication and delivery of Securities, as herein
set forth; </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(8) to add any additional
Events of Default; </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(9) to modify, eliminate or
add to the provisions of this Indenture to such extent as shall be necessary to
conform the obligations of the Company and the Trustee under this Indenture to
the obligations imposed on such Persons hereunder pursuant to the Trust
Indenture Act or under any similar federal statute hereafter enacted and rules
or regulations of the Commission thereunder; </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(10) to make provisions with
respect to the conversion rights of Holders of Convertible Securities pursuant
to the requirements of Section 1506; or </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>40</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(11) to add to, change or
eliminate any of the provisions of this Indenture in respect to one or more
series of Securities; provided, however, that any such addition, change or
elimination (i) shall neither (A) apply to any Security of any series issued
prior to the execution of such supplemental indenture and entitled to the
benefit of </FONT><FONT face="Times New Roman" size=2>such provision nor (B)
modify the rights of the Holder of any such pre-existing series of any Security
with respect to the application of such provision to such pre-existing series of
a Security or (ii) shall become effective only when there is no such
pre-existing series of a Security outstanding. </FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Section 902. Supplemental
Indentures With Consent of Holders</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>With the consent of the
Holders of not less than a majority in principal amount of the Outstanding Securities of each series
affected by such supplemental indenture, by Act of said Holders delivered to the
Company and the Trustee, the Company, when authorized by 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 or of modifying in any manner the rights
of the Holders of Securities of such series under this Indenture; PROVIDED,
HOWEVER, that no such supplemental Indenture shall, without the consent of the
Holder of each Outstanding Security affected thereby, shall</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(1) change the Stated Maturity
of the principal of, or any installment of interest on, any Security, or reduce
the principal amount thereof or the rate of interest thereon or any Additional
Amounts payable in respect thereof, or any premium payable upon the redemption
thereof, or change the obligation of the Company to pay Additional Amounts
pursuant to Section 1004 (except as contemplated by Section 801(1) and permitted
by Section 901(1)), or reduce the amount of the principal of an Original Issue
Discount Security that would be due and payable upon a declaration of
acceleration of the Maturity thereof pursuant to Section 502, or change the
Place of Payment, coin or currency in which any Security 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 </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(2) reduce the percentage in
principal amount of the Outstanding Securities of any series, the consent of
whose Holders is required for any such supplemental indenture, or the consent of
whose Holders is required for any waiver (of compliance with certain provisions
of this Indenture or certain defaults hereunder and their consequences) provided
for in this Indenture, or reduce the requirements of Section 1404 for quorum or
voting, or </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(3) modify any of the
provisions of this section, or Sections 512, 513 or Section 1011, except to
increase any such percentage or to provide that certain other provisions of this
Indenture cannot be modified or waived without the consent of the Holder of each
Outstanding Security affected thereby. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Company may, but shall not
be obligated to, fix a record date for the purposes of determining the Persons
entitled to consent to any indenture supplemental hereto. If a record date is
fixed, the Holders on such record date, or their duly designated proxies, and
only such Persons, shall be entitled to consent to such supplemental indenture,
whether or not such Holders remain Holders after such record date; PROVIDED,
that unless such consent shall have become effective by virtue of the requisite
percentage having been obtained prior to the date which is 90 days after such
record date, any such consent previously given shall automatically and without
further action by any Holder be cancelled and of no further effect.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>A supplemental indenture which
changes or eliminates any covenant or other provision of this Indenture which
has expressly been included solely for the benefit of one or more particular
series of Securities, or which modifies the rights of the Holders of Securities
of such series with respect to such covenant or other provision, shall be deemed
not to affect the rights under this Indenture of the Holders of Securities of
any other series.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>It shall not be necessary for
any Act of Holders of Securities 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.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>41</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><B><FONT face="Times New Roman" size=2>Section 903. Execution of
Supplemental Indentures</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>As a condition to executing,
or accepting the additional trusts created by, any supplemental indenture
permitted by this Article or the modifications thereby of the trust created by
this Indenture, the Trustee shall be provided with, and (subject to Section 315
of the Trust Indenture Act) shall be fully protected in relying upon, an
</FONT><FONT face="Times New Roman" size=2>Opinion of Counsel stating that the
execution of such supplemental indenture is authorized or permitted by this
Indenture and that it complies with the terms of this Indenture. The Trustee
may, but shall not be obligated to, enter into any such supplemental indenture
which affects the Trustee&#146;s own rights, duties or immunities under this
Indenture or otherwise.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Section 904. Effect of
Supplemental Indentures</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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 a Security theretofore or
thereafter authenticated and delivered hereunder and of any Coupons appertaining
thereto shall be bound thereby.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Section 905. Conformity
With Trust Indenture Act</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Every supplemental indenture
executed pursuant to this Article shall conform to the requirements of the Trust
Indenture Act as then in effect.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Section 906. Reference in
Securities to Supplemental Indentures</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Securities of any series
authenticated and delivered after the execution of any supplemental indenture
pursuant to this Article may, and shall if required by the Trustee, bear a
notation in form approved by the Trustee as to any matter provided for in such
supplemental indenture. If the Company shall so determine, new Securities of any
series so modified as to conform, in the opinion of the Trustee and the Company,
to any such supplemental indenture may be prepared and executed by the Company
and authenticated and delivered by the Trustee in exchange for Outstanding
Securities of such series.</FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>ARTICLE
TEN</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>COVENANTS</FONT></B></P>
<P align=left><B><FONT face="Times New Roman" size=2>Section 1001. Payment of
Principal, Premium, If Any, and Interest</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Company covenants and
agrees for the benefit of the Holders of each series of Securities that it will
duly and punctually pay the principal of (and premium, if any), interest on or
any Additional Amounts payable in respect of the Securities of that series in
accordance with the terms of such series of Securities, any Coupons appertaining
thereto and this Indenture. Any interest due on and any Additional Amounts
payable in respect of Bearer Securities on or before Maturity, other than
Additional Amounts, if any, payable as provided in Section 1004 in respect of
principal of (or premium, if any, on) such a Security, shall be payable only
upon presentation and surrender of the several coupons for such interest
installments as are evidenced thereby as they severally mature.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Section 1002. Maintenance
of Office or Agency</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Company will maintain in
each Place of Payment for any series of Securities an office or agency where
Securities of such series (but not Bearer Securities, except as otherwise
provided below, unless such Place of Payment is located outside the United
States) may be presented or surrendered for payment, where Securities of that
series may be surrendered for registration of transfer or exchange and where
notices and demands to or upon the Company in respect of the Securities of that
series and this Indenture may be served. If Securities of a series are issuable
as Bearer Securities, the Company shall maintain, subject to any laws or
regulations applicable thereto, an office or agency in a Place of Payment for
such series which is located outside the United States where Securities of such
series and the related Coupons may be presented and surrendered for payment
(including payment of any Additional Amounts payable on Securities of such
series pursuant to Section 1004); PROVIDED, HOWEVER, that if the Securities of
such series are listed on The Stock Exchange of the United Kingdom and the
Republic of Ireland or the Luxembourg Stock Exchange or any other stock exchange
located outside the United States and such stock exchange shall so require, the
Company will maintain a Paying Agent in London, Luxembourg or any other required
city located outside the United States, as the case may be, so long as the
Securities of such series are listed on such exchange. The Company will give
prompt written notice to the Trustee of the location, and any change in the
location, of such office or agency. If at any time the Company shall fail to
maintain any such required office or agency or shall fail to furnish the Trustee
with the address thereof, such presentations, surrenders, notices and demands
may be made or served at the Corporate Trust Office of the Trustee, except that
Bearer Securities of that series and the related Coupons may be presented and
surrendered for payment (including payment of any Additional Amounts payable on
Bearer Securities of that series pursuant to Section 1004) at the place
specified for the purpose pursuant to Section 301, and the Company hereby
appoints the Trustee as its agent to receive all such presentations, surrenders,
notices and demands.&nbsp;</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>42</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Except as otherwise specified
as contemplated by Section 301, no payment of principal, premium or interest on
Bearer Securities shall be made at any office or agency of the Company in the
United States or by check mailed to any address in the United States or by
transfer to an account maintained with a bank located in the United States;
PROVIDED, HOWEVER, payment of principal of and any premium and interest in U.S.
dollars (including Additional Amounts payable in respect thereof) on any Bearer
Security may be made at the Corporate Trust Office or any office or agency
designated by the Company if (but only if) payment of the full amount of such
principal, premium, interest or Additional Amounts at all offices outside the
United States maintained for the purpose by the Company in accordance with this
Indenture is illegal or effectively precluded by exchange controls or other
similar restrictions.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Company may also from time
to time designate one or more other offices or agencies where the Securities of
one or more series may be presented or surrendered for any or all such purposes
and may from time to time rescind such designations; PROVIDED, HOWEVER, that no
such designation or rescission shall in any manner relieve the Company of their
obligation to maintain an office or agency in each Place of Payment for
Securities of any series for such purposes. The Company will give prompt written
notice to the Trustee of any such designation or rescission and of any change in
the location of any such other office or agency. Unless otherwise specified as
contemplated by Section 301, the Company hereby designates as the Place of
Payment for each series the Corporate Trust Office of the Trustee. Pursuant to
Section 301(9) of this Indenture, the Company may subsequently appoint a place
or places where such Securities may be payable.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Section 1003. Money For
Securities Payments to Be Held in Trust</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If the Company shall at any
time act as its own Paying Agent with respect to any series of Securities, it
will, on or before each due date of the principal of (and premium, if any), or
interest on, any of the Securities of that series, segregate and hold in trust
for the benefit of the Person entitled thereto a sum sufficient to pay the
principal (and premium, if any) or interest so becoming due until such sums
shall be paid to such Persons or otherwise disposed of as herein provided, and
will promptly notify the Trustee of its action or failure so to act.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Whenever the Company shall
have one or more Paying Agents for any series of Securities, it will, on or
prior to each due date of the principal of (and premium, if any), or interest
on, any Securities of that series, deposit with any Paying Agent a sum
sufficient to pay the principal (and premium, if any) or interest so becoming
due, such sum to be held in trust for the benefit of the Persons entitled to
such principal, premium or interest, and (unless such Paying Agent is the
Trustee) the Company will promptly notify the Trustee of its action or failure
so to act.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Company will cause each
Paying Agent for any series of Securities other than the Trustee to execute and
deliver to the Trustee an instrument in which such Paying Agent shall agree with
the Trustee, subject to the provisions of this Section, that such Paying Agent
will:</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(1) hold all sums held by it
for the payment of the principal of (and premium, if any) or interest on
Securities of that series in trust for the benefit of the Persons entitled
thereto until such sums shall be paid to such Persons or otherwise disposed of
as herein provided; </FONT></P>

<P align=center><FONT face="Times New Roman" size=2>43</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(2) give the Trustee notice of
any default by the Company (or any other obligor upon the Securities of that
series) in the making of any payment of principal (and premium, if any) or
interest on the Securities of that series; and </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(3) at any time during the
continuance of any such default, upon the written request of the Trustee,
forthwith pay to the Trustee all sums so held in trust by such Paying Agent.
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Company may at any time,
for the purpose of obtaining the satisfaction and discharge of this Indenture or
for any other purpose, pay, or by Company Order direct any Paying Agent to pay,
to the Trustee all sums held in trust by the Company or such Paying Agent, such
sums to be held by the Trustee upon the same terms as those upon which such sums
were held by the Company or such Paying Agent; and, upon such payment by any
Paying Agent to the Trustee, such Paying Agent shall be released from all
further liability with respect to such money.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Except as otherwise provided
hereby or pursuant hereto, 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 and Additional Amounts on any Security of any
series and remaining unclaimed for two years after such principal (and premium,
if any) or interest has become due and payable shall be paid to the Company on
Company Request, or (if then held by the Company) shall be discharged from such
trust; and the Holder of such Security or any Coupon appertaining thereto shall
thereafter, as an unsecured general creditor, look only to the Company for
payment thereof, and all liability of the Trustee or such Paying Agent with
respect to such trust money, and all liability of the Company as trustee
thereof, shall thereupon cease; PROVIDED, HOWEVER, that the Trustee or such
Paying Agent, before being required to make any such repayment, may at the
expense of the Company cause to be published once, in an Authorized Newspaper in
each Place of Payment for such series or to be mailed to Holders of Registered
Securities for such series, or both, notice that such money remains unclaimed
and that, after a date specified therein, which shall not be less than 30 days
from the date of such publication or mailing nor shall it be later than two
years after such principal (and premium, if any) or interest has become due and
payable, any unclaimed balance of such money then remaining will be repaid to
the Company.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Section 1004. Additional
Amounts</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If any Securities of a series
provide for the payment of Additional Amounts, the Company agrees to pay to the
Holder of any such Security of any such series or any Coupon appertaining
thereto Additional Amounts as provided therein. Whenever in this Indenture there
is mentioned, in any context, the payment of the principal of (or premium, if
any) or interest on, or in respect of, any Security of any series or any related
Coupon or the net proceeds received on the sale or exchange of any Security of
any series, such mention shall be deemed to include mention of the payment of
Additional Amounts provided by the terms of such series established hereby or
pursuant hereto to the extent that, in such context, Additional Amounts are,
were or would be payable in respect thereof pursuant to such terms and express
mention of the payment of Additional Amounts (if applicable) in any provisions
hereof shall not be construed as excluding Additional Amounts in those
provisions hereof where such express mention is not made.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Except as otherwise provided
herein or pursuant hereto, if the Securities of a series provide for the Payment
of Additional Amounts, at least 10 days prior to the first Interest Payment Date
with respect to such series of Securities (or if the Securities of that series
shall not bear interest prior to Maturity, the first day on which a payment of
principal (and premium, if any, is made), and at least 10 days prior to each
date of payment of principal (and premium, if any) or interest if there has been
any change with respect to the matters set forth in the below-mentioned
Officers&#146; Certificate, the Company will furnish the Trustee and the principal
Paying Agent or Paying Agents, if other than the Trustee, an Officers&#146;
Certificate instructing the Trustee and such Paying Agent or Paying Agents
whether such payment of principal (and premium, if any) of or interest on the
Securities of that series shall be made to Holders of Securities of that series
or the Coupons appertaining thereto who are United States Aliens without
withholding for or on account of any tax, assessment or other governmental
charge described in the Securities of that series. If any such withholding shall
be required, then such Officers&#146; Certificate shall specify by country the
amount, if any, required to be withheld on such payments to such Holders of
Securities or Coupons and the Company agrees to pay to the Trustee or such
Paying Agent the Additional Amounts required by this Section. The Company
covenants to indemnify the Trustee and any Paying Agent for, and to hold them
harmless against, any loss, liability or expense reasonably incurred without
negligence or bad faith on their part arising out of or in connection with
actions taken or omitted by any of them in reliance on any Officers&#146; Certificate
furnished pursuant to this Section.</FONT></P>

<P align=center><FONT face="Times New Roman" size=2>44</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><B><FONT face="Times New Roman" size=2>Section 1005. Statement As
To Compliance; Notice of Certain Defaults</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(a) The Company will, in
addition to the reports required by Section 704(4), deliver to the Trustee,
within 120 days after the end of each fiscal year (which on the date hereof ends
on December 31), commencing December 31, 2013, a written statement, which need
not comply with Section 102, signed by the Chairman of the Board, a Deputy
Chairman, Vice Chairman, the President or a Vice President and by the Treasurer
or an Assistant Treasurer of the Company, stating, as to each signer thereof,
that</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(1) a review of the activities
of the Company during such year and of performance under this Indenture has been
made under his supervision, and </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 30pt"><FONT face="Times New Roman" size=2>(2) to the best of his
knowledge, based on such review, (a) the Company has fulfilled all of its
obligations under this Indenture throughout such year, or, if there has been a
default in the fulfillment of any such obligation, specifying each such default
known to him and the nature and status thereof, and (b) no event has occurred
and is continuing which is, or after notice or lapse of time or both would
become, an Event of Default, or, if such an event has occurred and is
continuing, specifying each such event known to him and the nature and status
thereof. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(b) The Company will deliver
to the Trustee as soon as possible, and in any event, within five days after the
occurrence thereof, written notice of any event which after notice or lapse of
time or both would become an Event of Default.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Section 1006. Limitation on
Liens</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Company will not pledge,
mortgage or hypothecate, or permit to exist any pledge, mortgage or
hypothecation or other lien upon, any shares of Capital Stock of the Subsidiary
Bank to secure any indebtedness for borrowed money without making effective
provisions whereby the Securities shall be equally and ratably secured with any
and all such indebtedness.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In case the Company shall
propose to pledge, mortgage, or hypothecate any such shares of Capital Stock at
any time owned by it to secure any indebtedness, the Company will prior thereto
give written notice thereof to the Trustee and will prior to or simultaneously
with such pledge, mortgage or hypothecation, by supplemental indenture delivered
to the Trustee, in form satisfactory to it, effectively secure all the
Securities equally and ratably with such indebtedness, by pledge, mortgage or
hypothecation of such shares of Capital Stock. Such supplemental indenture shall
contain the provisions concerning the possession, control, release and
substitution of mortgaged and pledged property and Securities and other
appropriate matters which are required or are permitted by the Trust Indenture
Act (as in effect at the date of execution of such supplemental indenture) to be
included in a secured indenture qualified under said Trust Indenture Act, and
may also contain such additional and amendatory provisions permitted by said
Trust Indenture Act as the Company and the Trustee shall deem advisable or
appropriate or as the Trustee shall deem necessary in connection with such
pledge, mortgage or hypothecation.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Section 1007. Limitation on
Certain Acquisitions</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Company will not (a)
acquire Capital Stock of any corporation or (b) acquire substantially all the
assets and liabilities of any corporation, if, immediately upon giving effect to
such acquisition, the Company would not then be in full compliance with all the
terms, conditions and covenants contained in this Indenture.</FONT></P>

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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><B><FONT face="Times New Roman" size=2>Section 1008. Payment of
Taxes and Other Claims</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Company will pay or
discharge or cause to be paid or discharged, before the same shall become
delinquent, (1) all taxes, assessments and governmental charges levied or
imposed upon the Company or any Subsidiary or upon the income, profits or
property of the Company or any Subsidiary, and (2) all lawful claims for labor,
materials and supplies which, if unpaid, might by law become a lien upon the
property of the Company or any subsidiary; PROVIDED, HOWEVER, that the Company
shall not be required to pay or discharge or cause to be paid or discharged any
such tax, assessment, charge or claim whose amount, applicability or validity is
being contested in good faith by appropriate proceedings.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Section 1009. Corporate
Existence</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Subject to Article Eight, the
Company will do or cause to be done all things necessary to preserve and keep in
full force and effect its corporate existence, rights (charter and statutory)
and franchises and the corporate existence, rights (charter and statutory) and
franchises of the Subsidiary Bank; PROVIDED, HOWEVER, that the Company shall not
be required to preserve any such corporate existence, right or franchise if the
Company shall determine that the preservation thereof is no longer desirable in
the conduct of the business of the Company and its Subsidiaries considered as a
whole and that the loss thereof is not disadvantageous in any material respect
to the Holders.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Section 1010. Waiver of
Certain Covenants</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Company may omit in any
particular instance to comply with any term, provision or condition set forth in
Section 1006, 1007 and 1008 with respect to the Securities of any series if
before the time for such compliance the Holders of at least a majority in
principal amount of the Outstanding Securities of such series shall, by Act of
such Holders, either waive such compliance in such instance or generally waive
compliance with such term, provision or condition, but no such waiver shall
extend to or affect such term, provision or condition except to the extent so
expressly waived, and, until such waiver shall become effective, the obligations
of the Company and the duties of the Trustee in respect of any such term,
provision or condition shall remain in full force and effect.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Section 1011. Calculation
of Original Issue Discount</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Company shall file with
the Trustee promptly at the end of each calendar year (i) a written notice
specifying the amount of original issue discount (including daily rates and
accrual periods) accrued on Outstanding Securities as of the end of such year
and (ii) such other specific information relating to such original issue
discount as may then be relevant under the Internal Revenue Code of 1986, as
amended from time to time.</FONT></P>
<P STYLE="text-align: center"><B><FONT face="Times New Roman" size=2>ARTICLE
ELEVEN</FONT></B></P>
<P STYLE="text-align: center"><B><FONT face="Times New Roman" size=2>REDEMPTION OF
SECURITIES</FONT></B></P>
<P align=left><B><FONT face="Times New Roman" size=2>Section 1101. Applicability
of Article</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Redemption of Securities of
any series at the option of the Company as permitted or required by the terms of
such Securities shall be made in accordance with the terms of such Securities
and (except as otherwise provided herein or pursuant hereto) this
Article.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Section 1102. Election To
Redeem; Notice To Trustee</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The election of the Company to
redeem any Securities shall be evidenced by Board Resolution. In case of any
redemption at the election of the Company of the Securities of any series, with
the same issue date, interest rate and Stated Maturity, the Company shall, at
least 60 days prior to the Redemption Date fixed by the Company (unless a
shorter notice shall be satisfactory to the Trustee), notify the Trustee of such
Redemption Date and of the principal amount of Securities of such series to be
redeemed.</FONT></P>

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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><B><FONT face="Times New Roman" size=2>Section 1103. Selection By
Trustee of Securities To Be Redeemed.</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If less than all the
Securities of any series with the same issue date, interest rate, Stated
Maturity and other terms are to be redeemed, the particular Securities to be
redeemed shall be selected not more than 60 days prior to the Redemption Date by
the Trustee from the Outstanding Securities of such series not previously called
for redemption, by such method as the Trustee shall deem fair and appropriate
and which may provide for the selection for redemption of portions of the
principal amount of Registered Securities of such series; PROVIDED, HOWEVER,
that no such partial redemption shall reduce the portion of the principal amount
of a Registered Security of such series not redeemed to less than the minimum
denomination for a Security of such series established herein pursuant
hereto.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If any Convertible Security
selected for partial redemption is converted in part before termination of the
conversion right with respect to the portion of the Security so selected, the
converted portion of such Security shall be deemed (so far as may be) to be the
portion selected for redemption. Securities which have been converted during a
selection of Securities to be redeemed shall be treated by the Trustee as
Outstanding for the purpose of such selection.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Trustee shall promptly
notify the Company and the Security Registrar (if other than itself) in writing
of the Securities selected for redemption and, in the case of any Securities
selected for partial redemption, the principal amount thereof to be
redeemed.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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 of such Securities
which has been or is to be redeemed.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Section 1104. Notice of
Redemption</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Notice of redemption shall be
given in the manner provided in Section 106, not less than 30 nor more than 60
days prior to the Redemption Date, unless a shorter period is specified in the
Securities to be redeemed, to the Holders of Securities to be redeemed. Failure
to give notice by mailing in the manner herein provided to the Holder of any
Registered Securities designated for redemption as a whole or in part, or any
defect in the notice to any such Holder, shall not affect the validity of the
proceedings for the redemption of any other Securities or portion
thereof.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Any notice that is mailed to
the Holder of any Registered Securities in the manner herein provided shall be
conclusively presumed to have been duly given, whether or not such Holder
receives the notice.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>All notices of redemption
shall state:</FONT></P>

<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(1) the Redemption Date,</FONT></P>

<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(2) the Redemption Price, </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(3) if less than all
outstanding Securities of any series are to be redeemed, the identification
(and, in the case of partial redemption, the principal amount) of the particular
Securities to be redeemed, </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(4) in case any Registered
Security is to be redeemed in part only, the notice which relates to such
Security shall state that on and after the Redemption Date, upon surrender of
such Security, the Holder of such Security will receive, without charge, a new
Registered Security or Registered Securities of authorized denominations for the
principal amount thereof remaining unredeemed, </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(5) in the case of Convertible
Securities, the Conversion Price then in effect, the date on which the right to
convert the principal amount of the Securities or the portions thereof to be
redeemed will terminate and the place or places where such Securities may be
surrendered for conversion, </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(6) that on the Redemption
Date the Redemption Price will become due and payable upon each such Security to
be redeemed only, as to Bearer Securities, against tender of such Security and
any Coupons appertaining thereto, and, if applicable, that interest thereon and
Additional Amounts, if any, shall cease to accrue on and after said date,
</FONT></P>
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<!-- PART06 - EXHIBIT 4.4 -->
<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>

<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(7)
the place or places where such Securities, together, in the case of Bearer
Securities with all Coupons appertaining thereto, if any, maturing after the
Redemption Date, are to be surrendered for payment of the Redemption Price,
</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(8)
that the redemption is for a sinking fund, if such is the case, and </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(9)
the CUSIP number, if any. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>A
notice of redemption published as contemplated by Section 106 need not identify
particular Registered Securities to be redeemed.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>Notice of redemption of Securities to be redeemed at the election of the
Company shall be given by the Company or, at the Company&#146;s request, by the
Trustee in the name and at the expense of the Company.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Section 1105. Deposit of
Redemption Price</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>On
or prior to any Redemption Date, the Company shall deposit with the Trustee or
with a Paying Agent (or, if the Company is acting as its own Paying Agent,
segregate and hold in trust as provided in Section 1003) an amount of money
sufficient to pay the Redemption Price of, and (except if the Redemption Date
shall be an Interest Payment Date) accrued interest on and any Additional
Amounts with respect thereto, all the Securities or portions thereof which are
to be redeemed on that date.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>If
any Convertible Security or portion thereof called for redemption is converted
pursuant to Article Fifteen, any money deposited with the Trustee or so
segregated and held in trust for the redemption of such Security or portion
thereof shall (subject to any right of the Holder of the Security on a Regular
Record Date preceding such conversion to receive interest) be paid to the
Company upon Company Request or, if then held by the Company, shall be
discharged from such trust.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Section 1106. Securities
Payable on Redemption Date</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>Notice of redemption having been given as aforesaid, the Securities so to
be redeemed shall, on the </FONT><FONT face="Times New Roman" size=2>Redemption
Date, become due and payable at the Redemption Price therein specified, and from
and after such date (unless the Company shall default in the payment of the
Redemption Price and accrued interest) such Securities shall cease to bear
interest and the Coupons for such interest appertaining to any Bearer Securities
so to be redeemed, except to the extent provided below, shall be void. Upon
surrender of any such Security for redemption in accordance with said notice,
together with all Coupons, if any, appertaining thereto maturing after the
Redemption Date, such Security shall be paid by the Company at the Redemption
Price, together with accrued interest (or any Additional Amounts) to the
Redemption Date; PROVIDED, HOWEVER, that installments of interest on Bearer
Securities whose Stated Maturity is on or prior to the Redemption Date shall be
payable only upon presentation and surrender of coupons for such interest (at an
office or agency located outside the United States except as otherwise provided
in Section 1002), and PROVIDED, FURTHER, that installments of interest on
Registered Securities whose Stated Maturity is on or prior to the Redemption
Date shall be payable to the Holders of such Securities, or one or more
Predecessor Securities, registered as such at the close of business on the
Regular Record Dates according to their terms and the provisions of Section
308.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>If
any Bearer Security surrendered for redemption shall not be accompanied by all
appurtenant Coupons maturing after the Redemption Date, such Security may be
paid after deducting from the Redemption Price an amount equal to the face
amount of all such missing Coupons, or the surrender of such missing Coupon or
Coupons may be waived by the Company and the Trustee if there be furnished to
them such Security or indemnity as they may require to save each of them and any
Paying Agent harmless. If thereafter the Holder of such Security shall surrender
to the Trustee or any Paying Agent any such missing coupon in respect of which a
deduction shall have been made from the Redemption Price, such Holder shall be
entitled to receive the amount so deducted; PROVIDED, HOWEVER, that
interest (or any Additional Amounts) represented by Coupons shall be payable
only upon presentation and surrender of those Coupons at an office or agency
located outside of the United States except as otherwise provided in Section
1002.</FONT></P>

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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>

<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>If
any Security called for redemption shall not be so paid upon surrender thereof
for redemption, the principal (and premium, if any) shall, until paid, bear
interest from the Redemption Date at the rate prescribed therefor in the
Security.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Section 1107. Securities
Redeemed in Part</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>Any
Registered Security which is to be redeemed only in part shall be surrendered at
any office or agency of the Company maintained for that purpose pursuant to
Section 1002 (with, if the Company or the Trustee so requires, due endorsement
by, or a written instrument of transfer in form satisfactory to the Company and
the Trustee duly executed by, the Holder thereof or his attorney duly authorized
in writing) and the Company shall execute and the Trustee shall authenticate and
deliver to the Holder of such Security without service charge, a new Registered
Security or Securities of the same series, containing identical terms and
provisions, of any authorized denomination as requested by such Holder in
aggregate principal amount equal to and in exchange for the unredeemed portion
of the principal of the Security so surrendered. If a Security in global form is
so surrendered, the Company shall execute, and the Trustee shall authenticate
and deliver to the U.S. Depository or other depository for such Security in
global form as shall be specified in the Company Order with respect thereto to
the Trustee, without service charge, a new Security in global form in a
denomination equal to and in exchange for the unredeemed portion of the
principal of the Security in global form so surrendered.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Section 1108. Conversion
Arrangements on Call for Redemption</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>Notwithstanding anything to the contrary contained in this Indenture, in
connection with any redemption of Convertible Securities of any series, the
Company, by an agreement with one or more investment bankers or other
purchasers, may arrange for such purchasers to purchase all such Convertible
Securities called for redemption (the &#147;Called Securities&#148;) which are either (i)
surrendered for redemption or (ii) not duly surrendered for redemption or
conversion prior to the close of business on the Redemption Date, and to convert
the same into shares of Common Stock, by the purchasers&#146; depositing with the
Trustee (acting as Paying Agent with respect to the deposit of such amount and
as conversion agent with respect to the conversion of such Called Securities),
in trust for the Holders of the Called Securities, on or prior to the Redemption
Date in the manner agreed to by the Company and such purchasers, an amount
sufficient to pay the Redemption Price, payable by the Company on redemption of
such Called Securities. In connection with any such arrangement for purchase and
conversion, the Trustee as Paying Agent shall pay on or after the Redemption
Date such amounts so deposited by the purchasers in exchange for Called
Securities surrendered for redemption prior to the close of business on the
Redemption Date and for all Called Securities surrendered after such Redemption
Date. Notwithstanding anything to the contrary contained in this Article Eleven,
the obligation of the Company to pay the Redemption Price of such Called
Securities shall be satisfied and discharged to the extent such amount is so
paid by such purchasers. However, nothing in this Section 1108 shall in any way
relieve the Company of the obligation to pay such Redemption Price on all Called
Securities to the extent such amount is not so paid by said purchasers. For all
purposes of this Indenture, any Called Securities surrendered by the Holders for
redemption, and any Called Securities not duly surrendered for redemption or
conversion prior to the close of business on the Redemption Date, shall be
deemed acquired by such purchasers from such Holders and surrendered by such
purchasers for conversion and shall in all respects be deemed to have been
converted, all as of immediately prior to the close of business on the
Redemption Date, subject to the deposit by the Purchasers of the above amount as
aforesaid. Nothing in this Section 1108 shall in any way limit the right of any
Holder of a Security to convert his Security pursuant to the terms of this
Indenture and of such Security at any time prior to the close of business on the
Redemption Date applicable thereto.</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>ARTICLE
TWELVE</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>SINKING
FUNDS</FONT></B></P>
<P align=left><B><FONT face="Times New Roman" size=2>Section 1201. Applicability
of Article</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>The provisions of this Article shall be
applicable to any sinking fund for the retirement of Securities of a series,
except as otherwise permitted or required by any form of Security of such series
issued pursuant to this Indenture.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>The
minimum amount of any sinking fund payment provided for by the terms of
Securities of any series is herein referred to as a &#147;mandatory sinking fund
payment&#148;, and any payment in excess of such minimum amount provided for by the
terms of Securities of such series is herein referred to as an &#147;optional sinking
fund payment&#148;. If provided for by the terms of Securities of any series, the
cash amount of any sinking fund payment may be subject to reduction as provided
in Section 1202. Each sinking fund payment shall be applied to the redemption of
Securities of any series as provided for by the terms of Securities of such
series.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Section 1202. Satisfaction
of Sinking Fund Payments With Securities</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>The
Company may, in satisfaction of all or any part of any sinking fund payment with
respect to the Securities of such series to be made pursuant to the terms of
such Securities as provided for by the terms of such series (1) deliver
Outstanding Securities of such series (other than any of such Securities
previously called for redemption or any of such Securities in respect of which
cash shall have been released to the Company), together in the case of any
Bearer Securities of such series with all unmatured Coupons appertaining
thereto, and (2) apply as a credit Securities of such series which have been
redeemed either at the election of the Company pursuant to the terms of such
series of Securities or through the application of permitted optional sinking
fund payments pursuant to the terms of such Securities, PROVIDED that such
series of Securities have not been previously so credited. Such Securities shall
be received and credited for such purpose by the Trustee at the Redemption Price
specified in such Securities for redemption through operation of the sinking
fund and the amount of such sinking fund payment shall be reduced accordingly.
If as a result of the delivery or credit of Securities of any series in lieu of
cash payments pursuant to this Section 1202, the principal amount of Securities
of such series to be redeemed in order to exhaust the aforesaid cash payment
shall be less than $100,000, the Trustee need not call Securities of such series
for redemption, except upon Company Request, and such cash payment shall be held
by the Trustee or a Paying Agent and applied to the next succeeding sinking fund
payment, PROVIDED, HOWEVER, that the Trustee or such Paying Agent shall at the
request of the Company from time to time pay over and deliver to the Company any
cash payment so being held by the Trustee or such Paying Agent upon delivery by
the Company to the Trustee of Securities of that series purchased by the Company
having an unpaid principal amount equal to the cash payment requested to be
released to the Company.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Section 1203. Redemption of
Securities For Sinking Fund</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>Not
less than 75 days prior to each sinking fund payment date for any series of
Securities, the Company will deliver to the Trustee an Officers&#146; Certificate
specifying the amount of the next ensuing mandatory sinking fund payment for
that series pursuant to the terms of that series, the portion thereof, if any,
which is to be satisfied by payment of cash and the portion thereof, if any,
which is to be satisfied by delivering and crediting of Securities of that
series pursuant to Section 1202, and the optional amount, if any, to be added in
cash to the next ensuing mandatory sinking fund payment, and will also deliver
to the Trustee any Securities to be so credited and not theretofore delivered.
If such Officers&#146; Certificate shall specify an optional amount to be added in
cash to the next ensuing mandatory sinking fund payment, the Company shall
thereupon be obligated to pay the amount therein specified. Not less than 60
days before each such sinking fund payment date the Trustee shall select the
Securities to be redeemed upon such sinking fund payment date in the manner
specified in Section 1103 and cause notice of the redemption thereof to be given
in the name of and at the expense of the Company in the manner provided in
Section 1104. Such notice having been duly given, the redemption of such
Securities shall be made upon the terms and in the manner stated in Sections
1106 and 1107.</FONT></P>

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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>ARTICLE
THIRTEEN</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>REPAYMENT AT THE OPTION
OF HOLDERS</FONT></B></P>
<P align=left><B><FONT face="Times New Roman" size=2>Section 1301. Applicability
of Article</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>Securities of any series which are
repayable at the option of the Holders thereof before their Stated Maturity
shall be repaid in accordance with the terms of the Securities of such series.
The repayment of any principal amount of Securities pursuant to such option of
the Holder to require repayment of Securities before their Stated Maturity, for
purposes of Section 310, shall not operate as a payment, redemption or
satisfaction of the indebtedness represented by such Securities unless and until
the Company, at its option, shall deliver or surrender the same to the Trustee
with a directive that such Securities be cancelled. Notwithstanding anything to
the contrary contained in this Article Thirteen, in connection with any
repayment of Securities, the Company may arrange for the purchase of any
Securities by an agreement with one or more investment bankers or other
purchasers to purchase such Securities by paying to the Holders of such
Securities on or before the close of business on the repayment date an amount
not less than the repayment price payable by the Company on repayment of such
Securities, and the obligation of the Company to pay the repayment price of such
Securities shall be satisfied and discharged to the extent such payment is so
paid by such purchasers.</FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>ARTICLE
FOURTEEN</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>MEETINGS OF
HOLDERS</FONT></B></P>
<P align=left><B><FONT face="Times New Roman" size=2>Section 1401. Purposes For
Which Meetings May Be Called</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>A
meeting of Holders of Securities of such series may be called at any time and
from time to time pursuant to this Article to make, give or take any request,
demand, authorization, direction, notice, consent, waiver or other action
provided by this Indenture to be made, given or taken by Holders of Securities
of such series.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Section 1402. Call, Notice
and Place of Meetings</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(a)
The Trustee may at any time call a meeting of Holders of Securities of any
series for any purpose specified in Section 1401, to be held at such time and at
such place in the Principle Office of the Trustee, or, if Securities of such
series are to be issued as Bearer Securities, in London, as the Trustee shall
determine. Notice of every meeting of Holders of Securities of any series,
setting forth the time and the place of such meeting and in general terms the
action proposed to be taken at such meeting, shall be given, in the manner
provided in Section 106, not less than 21 nor more than 180 days prior to the
date fixed for the meeting.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(b)
In case at any time the Company, pursuant to Board Resolution, or the Holders of
at least 10% in principal amount of the Outstanding Securities of any series
shall have requested the Trustee to call a meeting of the Holders of Securities
of such series for any purpose specified in Section 1401, by written request
setting forth in reasonable detail the action proposed to be taken at the
meeting, and the Trustee shall not have made the first publication of the notice
of such meeting within 21 days after receipt of such request or shall not
thereafter proceed to cause the meeting to be held as provided herein, then the
Company or the Holders of Securities of such series in the amount above
specified, as the case may be, may determine the time and the place for such
meeting and may call such meeting for such purposes by giving notice thereof as
provided in subsection (a) of this Section.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Section 1403. Persons
Entitled To Vote At Meetings</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>To
be entitled to vote at any meeting of Holders of Securities of any series, a
Person shall be (1) a Holder of one or more Outstanding Securities of such
series, or (2) a Person appointed by an instrument in writing as proxy for a
Holder or Holders of one or more Outstanding Securities of such series by such
Holder or Holders. The only Persons who shall be entitled to be present or to
speak at any meeting of Holders of Securities of any series shall be the Persons
entitled to vote at such meeting and their counsel, any representatives of the
Trustee and its counsel and any representatives of the Company and its
counsel.</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><B><FONT face="Times New Roman" size=2>Section 1404. Quorum;
Action</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>The
Persons entitled to vote a majority in principal amount of the Outstanding
Securities of a series shall constitute a quorum for a meeting of Holders of
Securities of such series. In the absence of a quorum within 30 minutes
after the time appointed for any such meeting, the meeting shall, if convened at
the request of Holders of Securities of such series, be dissolved. In any other
case the meeting may be adjourned for a period of not less than 10 days as
determined by the chairman of the meeting prior to the adjournment of such
meeting. In the absence of a quorum at any such adjourned meeting, such
adjourned meeting may be further adjourned for a period of not less than 10 days
as determined by the chairman of the meeting prior to the adjournment of such
adjourned meeting. Notice of the reconvening of any adjourned meeting shall be
given as provided in section 1402 (a), except that such notice need be given
only once not less than five days prior to the date on which the meeting is
scheduled to be reconvened. Notice of the reconvening of an adjourned meeting
shall state expressly the percentage, as provided above, of the principal amount
of the Outstanding Securities of such series which shall constitute a
quorum.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>Except as limited by the proviso to Section 902, 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 principal amount of the Outstanding Securities of that series;
PROVIDED, HOWEVER, that, except as limited by the proviso to Section 902, any
resolution with respect to any request, demand, authorization, direction,
notice, consent, waiver or other action which this Indenture expressly provides
may be made, given or taken by the Holders of a specified percentage, which is
less than a majority, in principal amount of the Outstanding Securities of a
series may be adopted at a meeting or an adjourned meeting duly reconvened and
at which a quorum is present as aforesaid by the affirmative vote of the Holders
of such specified percentage in principal amount of the Outstanding Securities
of that series.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>Any
resolution passed or decision taken at any meeting of Holders of Securities of
any series duly held in accordance with this Section shall be binding on all the
Holders of Securities of such series and the Coupons appertaining thereto,
whether or not present or represented at the meeting.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Section 1405. Determination
of Voting Rights; Conduct and Adjournment of Meetings</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(a)
Notwithstanding any other provisions of this Indenture, the Trustee may make
such reasonable regulations as it may deem advisable for any meeting of Holders
of Securities of such series in regard to proof of the holding of Securities of
such series and of the appointment of proxies and in regard to the appointment
and duties of inspectors of votes, the submission and examination of proxies,
certificates and other evidence of the right to vote, and such other matters
concerning the conduct of the meeting as it shall deem appropriate. Except as
otherwise permitted or required by any such regulations, the holding of
Securities shall be proved in the manner specified in Section 104 and the
appointment of any proxy shall be proved in the manner specified in Section 104
or by having the signature of the person executing the proxy witnessed or
guaranteed by any trust company, bank or banker authorized by Section 104 to
certify to the holding of Bearer Securities. Such regulations may provide that
written instruments appointing proxies, regular on their face, may be presumed
valid and genuine without the proof specified in Section 104 or other
proof.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(b)
The Trustee shall, by an instrument in writing, appoint a temporary chairman of
the meeting, unless the meeting shall have been called by the Company or by
Holders of Securities as provided in Section 1402(b), in which case the Company
or the Holders of Securities of the series calling the meeting, as the case may
be, shall in like manner appoint a temporary chairman. A permanent chairman and
a permanent secretary of the meeting shall be elected by vote of the Persons
entitled to vote a majority in principal amount of the Outstanding Securities of
such series represented at the meeting.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(c)
At any meeting each Holder of a Security of such series or proxy shall be
entitled to one vote for each $1,000 principal amount of Securities of such
series held or represented by him; PROVIDED, HOWEVER, that no vote shall be cast
or counted at any meeting in respect of any Security challenged as not
Outstanding and ruled by the chairman of the meeting to be not Outstanding. The
chairman of the meeting shall have no right to vote, except as a Holder of a
Security of such series or proxy.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(d)
Any meeting of Holders of Securities of any series duly called pursuant to
Section 1402 at which a quorum is present may be adjourned from time to time by
Persons entitled to vote a majority in principal amount of the Outstanding
Securities of such series represented at the meeting; and the meeting may be
held as so adjourned without further notice.</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><B><FONT face="Times New Roman" size=2>Section 1406. Counting
Votes and Recording Action of Meetings</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>The
vote upon any resolution submitted to any meeting of Holders of Securities of
any series shall be by written ballots on which shall be subscribed the
signatures of the Holders of Securities of such series or of their
representatives by proxy and the principal amounts and serial numbers of the
Outstanding Securities of such series held or represented by them. The permanent
chairman of the meeting shall appoint two inspectors of votes who shall count
all votes cast at the meeting for or against any resolution and who shall make
and file with the secretary of the meeting their verified written reports in
triplicate of all votes cast at the meeting.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>A
record, at least in triplicate, of the proceedings of each meeting of Holders of
Securities of any series shall be prepared by the secretary of the meeting and
there shall be attached to said record the original reports of the inspectors of
votes on any vote by ballot taken thereat and affidavits by one or more persons
having knowledge of the facts setting forth a copy of the notice of the meeting
and showing that said notice was given as provided in Section 1402 and, if
applicable, Section 1404. 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</FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>ARTICLE
FIFTEEN</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>CONVERSION</FONT></B></P>
<P align=left><B><FONT face="Times New Roman" size=2>Section 1501. Conversion
Privilege</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>Subject to and upon compliance with the provisions of this Article
Fifteen and the terms of the Convertible Securities of the series proposed to be
converted, at the option of the Holder, any Convertible Security or any portion
of the principal amount thereof which is $1,000 or an integral multiple thereof,
may be converted into shares of Common Stock, as said shares shall be
constituted at the Date of Conversion, at the Conversion Price for such
Convertible Securities of such series in effect at the Date of
Conversion.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Section 1502. Manner of
Exercise of Convertible Privilege</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>In
order to exercise the conversion privilege, the Holder of any Convertible
Security to be converted shall surrender such Convertible Security to the
Company at its office or agency, together with the conversion notice in the form
provided on the Securities (or separate written notice) duly executed, and, if
so required by the Company, accompanied by instruments of transfer, in form
satisfactory to the Company and to the Trustee, duly executed by the Holder or
by his duly authorized attorney in writing. Any Registered Convertible Security
so surrendered during the period from the close of business on the Regular
Record Date preceding an Interest Payment Date for such Registered Convertible
Security to the opening of business on such Interest Payment Date shall (unless
any such Registered Convertible Security or the portion thereof being converted
shall have been called for redemption on a Redemption Date during such period,
in which event no interest shall be payable with respect to such Registered
Convertible Security or portion thereof, as the case may be, following such
Redemption Date) also be accompanied by payment in Clearing House funds or other
funds acceptable to the Company of an amount equal to the interest payable on
such Interest Payment Date on the principal amount of such Registered
Convertible Security then being converted; provided, however, that no such
payment need be made if there shall exist, at the time of conversion, a default
in the payment of interest on the Convertible Securities of such series. Except
as provided in the immediately preceding sentence, no adjustment shall be made
for interest accrued on any Convertible Security that shall be converted or for
dividends on any shares of Common Stock that shall be delivered upon the
conversion of such Convertible Securities. The funds so delivered to such office
or agency shall be paid to the Company on or after such Interest Payment Date,
unless the Company shall default in the payment of the interest due on such
Interest Payment Date, in which event such funds shall be repaid to the Person
who delivered the same. As promptly as practicable after the surrender of any
Convertible Security for conversion as aforesaid, the Company shall deliver at
said office or agency to such Holder, or on his written order, a certificate or
certificates for the number of full shares deliverable upon the conversion of
such Convertible Security or portion thereof and a check or cash in respect of
any fraction of a share of Common Stock otherwise deliverable upon such
conversion, all as provided in this Article Fifteen, together with a Convertible
Security or Convertible Securities of the same series in principal amount equal
to the unconverted and unredeemed portion, if any, of the Convertible Security
so converted in accordance with Section 306 hereof. Such conversion shall be
deemed to have been effected on the date on which such notice shall have been
received at said office or agency and such Convertible Security shall have been
surrendered as aforesaid, and the Person or Persons in whose name or names any
certificate or certificates for shares of Common Stock shall be deliverable upon
such conversion shall be deemed to have become on said date the Holder or
Holders of record of the shares represented thereby, provided, however, that any
such surrender on any date when the stock transfer books of the Company shall be
closed shall constitute the Person or Persons in whose name or names the
certificates are to be delivered as the record Holder or Holders thereof for all
purposes on the next succeeding day on which such stock transfer books are open,
but such conversion shall be at the Conversion Price in effect on the date of
such surrender. </FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><B><FONT face="Times New Roman" size=2>Section 1503. Cash
Adjustment Upon Conversion</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>The
Company shall not be required to deliver fractions of shares of Common Stock
upon conversions of Convertible Securities. If more than one Convertible
Security shall be surrendered for conversion at one time by the same Holder, the
number of full shares which shall be deliverable upon conversion thereof shall
be computed on the basis of the aggregate principal amount of the Securities so
surrendered. If any fractional interest in a share of Common Stock would be
deliverable upon the conversion of any Convertible Security or Securities, the
Company shall make an adjustment therefor in cash equal to the current market
value of such fractional interest computed to the nearest cent either on the
basis of the last reported sale price regular way of the Common Stock on the
Nasdaq Global Market (or, if not listed on the Nasdaq Global Market, then on
such other exchange on which the shares of Common Stock are listed as the
Company may designate) on the last Business Day prior to the Date of Conversion
or, if there shall not have been a sale on such last Business Day, on the basis
of the average of the bid and asked quotations therefor on such exchange on such
last Business Day or, if the Common Stock shall not then be listed on any
exchange, at the highest bid quotation in the over-the- counter market on such
last Business Day as reported by the National Association of Securities Dealers
through NASDAQ, its automated system for reporting quotes, or its successor or
such other generally accepted source of publicly reported bid and asked
quotations as the Company may reasonably designate.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Section 1504. Conversion
Price</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>The
Conversion Price applicable to any series of Convertible Securities shall be the
initial Conversion Price set forth on the Officers&#146; Certificate or supplemental
indenture establishing such series adjusted as provided in this Article
Fifteen.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Section 1505. Adjustment of
Conversion Price</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>The
Conversion Price applicable to any series of Convertible Securities shall be
adjusted from time to time as follows:</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(a)
In case the Company shall, at any time or from time to time while the Securities
of any series are outstanding, (i) pay a dividend on its Common Stock in shares
of Common Stock, (ii) subdivide its outstanding shares of Common Stock into a
larger number of shares, or (iii) combine its outstanding Common Stock into a
smaller number of shares, the Conversion Price for such series in effect
immediately prior thereto shall be adjusted so that the Holder of any Security
of such series thereafter surrendered for conversion shall be entitled to
receive the number of shares of Common Stock or other securities of the Company
which he would have owned or have been entitled to receive after the happening
of any of the events described above, had such Convertible Security of such
series been converted immediately prior to the happening of such event. An
adjustment made pursuant to this subdivision (a) shall become effective, in the
case of a dividend, on the payment date retroactively to immediately after the
opening of business on the day following the record date for the determination
of shareholders entitled to receive such dividend, subject to the provisions of
paragraph (g) of this Section 1505, and shall become effective in the case of a
subdivision or combination immediately after the opening of business on the day
following the day when such subdivision or combination, as the case may be,
becomes effective.</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(b)
In case the Company shall, at any time or from time to time while the
Convertible Securities of any series are outstanding, issue rights or warrants
to all holders of its shares of Common Stock entitling them (for a period
expiring within 45 days of the record date mentioned below) to subscribe for or
purchase shares of Common Stock at a price per share less than the current
market price per share of Common Stock (as defined in paragraph (d) below) at
such record date, the Conversion Price of any series of Convertible Securities
in effect immediately prior to the issuance of such rights or warrants shall be
adjusted as follows: the number of shares of Common Stock into which $1,000
principal amount of Convertible Securities of such series was theretofore
convertible shall be multiplied by a fraction, of which the numerator shall be
the number of shares of Common Stock outstanding immediately prior to such
record date plus the number of additional shares of Common Stock offered for
subscription or purchase, and of which the denominator shall be the number of
shares of Common Stock outstanding immediately prior to such record date plus
the number of shares which the aggregate offering price of the total number of
shares so offered would purchase at such current market price; and the
Conversion Price for such series of Convertible Securities shall be adjusted by
dividing $1,000 by the new number of shares into which $1,000 principal amount
of Securities of such series shall be convertible as aforesaid. Such adjustment
shall become effective on the date of such issuance retroactively to immediately
after the opening of business on the day following the record date for the
determination of shareholders entitled to receive such rights or warrants,
subject to the provisions of paragraph (g) of this Section 1505. In determining
whether any rights or warrants entitle the holders to subscribe for or purchase
shares of Common Stock at less than such current market price, and in
determining the aggregate offering price of such shares, there shall be taken
into account any consideration received by the Company for such rights or
warrants, the value of such consideration, if other than cash, to be determined
by the Board of Directors.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(c)
In case the Company shall, at any time from time to time while the Convertible
Securities of any series are outstanding, distribute to all holders of shares of
its Common Stock evidences of its indebtedness or securities or assets
(excluding cash dividends or cash distributions payable out of consolidated net
earnings or retained earnings) or rights or warrants to subscribe for shares of
Common Stock at a price per share less than the current market price per share
of Common Stock, determined in the manner set forth in paragraph (d) below, but
excluding rights or warrants referred to in paragraph (b) above, the Conversion
Price for such series of Convertible Securities in effect immediately prior to
such distribution shall be adjusted by multiplying the number of shares of
Common Stock into which $1,000 principal amount of Convertible Securities of
such series of Convertible Securities was theretofore convertible by a fraction,
of which the numerator shall be the current market price per share of Common
Stock (as defined in paragraph (d) below) on the record date for such
distribution, and of which the denominator shall be such current market price
per share of the Common Stock, less the then fair market value (as determined by
the Board of Directors of the Company, whose determination shall be conclusive)
of the portion of such evidences of indebtedness, securities or assets or of
such subscription rights or warrants so distributed applicable to one share of
Common Stock; and the Conversion Price for such series of Convertible Securities
shall be adjusted by dividing $1,000 by the new number of shares into which
$1,000 principal amount of Convertible Securities of such series shall be
convertible as aforesaid. Such adjustment shall become effective on the date of
such distribution retroactively to immediately after the opening of business on
the day following the record date for the determination of shareholders entitled
to receive such distribution, subject to the provisions of paragraph (g) of this
Section 1505. For the purposes of this paragraph (c) consolidated net earnings
or retained earnings shall be computed by adding thereto all charges against
retained earnings on account of dividends paid in shares of Common Stock in
respect of which the Conversion Price has been adjusted, all as determined by
Independent Public Accountants, whose determination shall be
conclusive.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(d)
For the purpose of any computation under paragraphs (b) and (c) above, the
current market price per share of Common Stock at any date shall be deemed to be
the average of the market values of the shares of Common Stock for the ten
consecutive Business Days immediately preceding the day in question. The market
value of the Common Stock for each day shall be determined as provided in
Section 1503 hereof.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(e)
The Company may make such reductions in the Conversion Price for any series of
Convertible Securities, in addition to those required by paragraphs (a), (b) and
(c) of this Section as it considers to be advisable in order that any event
treated for Federal income tax purposes as a dividend of stock or stock rights
shall not be taxable to the recipients.</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(f)
Except as herein otherwise provided, no adjustment in the Conversion Price for
any series of Convertible Securities shall be made by reason of the issuance, in
exchange for cash, property or services, of shares of Common Stock, or any
securities convertible into or exchangeable for shares of Common Stock, or
carrying the right to purchase any of the foregoing.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(g)
If the Company shall take a record of the holders of its shares of Common Stock
for the purpose of entitling them to receive any dividend or any subscription or
purchase rights or any distribution and shall, thereafter and before the
distribution to shareholders of any such dividend, subscription or purchase
rights or distribution, legally abandon its plan to pay or deliver such
dividend, subscription or purchase rights or distribution, then no adjustment of
the Conversion Price for any series of Convertible Securities shall be required
by reason of the taking of such record.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(h)
No adjustment in the Conversion Price for any series of Convertible Securities
shall be required unless such adjustment would require an increase or decrease
of at least 1% in such price; provided, however, that any adjustments which by
reason of this paragraph (h) are not required to be made shall be carried
forward and taken into account in any subsequent adjustment. All calculations
under this Article Fifteen shall be made to the nearest cent or to the nearest
one-hundredth of a share, as the case may be.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(i)
Whenever the Conversion Price for any series of Convertible Securities is
adjusted as herein provided, the Company shall (i) forthwith place on file at
the Principal Office of the Trustee an Officers&#146; Certificate showing in detail
the facts requiring such adjustment and the Conversion Price after such
adjustment and shall exhibit the same from time to time to any Holder of
Convertible Securities of such series desiring an inspection thereof, and (ii)
cause a notice stating that such adjustment has been effected and the adjusted
Conversion Price to be mailed to the Holders of Registered Convertible
Securities of such series at their last addresses as they shall appear on the
Security Register.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(j)
The Company may delete, modify or vary any of the provisions applicable to
conversion of the Convertible Securities of any series, or may add new
provisions applicable thereto, all as may be contained in the Board Resolutions
and Officers&#146; Certificate or supplemental indenture establishing such
series.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Section 1506. Effect of
Reclassifications, Consolidations, Mergers or Sales on Conversion
Privilege</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>In
case of any reclassification or change of outstanding shares of the class of
Common Stock issuable upon conversion of the Convertible Securities (other than
a change in par value, or from par value to no par value, or from no par value
to par value, or as a result of a subdivision or combination), or in case of any
merger or consolidation of the Company with one or more other corporations
(other than a merger or consolidation in which the Company is the continuing
corporation and which does not result in any reclassification or change of
outstanding shares of Common Stock issuable upon conversion of the Securities),
or in case of the merger of the Company into another corporation, or in case of
any sale or conveyance to another corporation of the property of the Company as
an entirety or substantially as an entirety, the Holder of Convertible
Securities then outstanding shall have the right to convert such Convertible
Security into the kind and amount of shares of capital stock or other securities
and property, including cash, receivable upon such reclassification, change,
consolidation, merger, sale or conveyance by a holder of the number of shares of
Common Stock into which such Convertible Security might have been converted
immediately prior to such reclassification, change, consolidation, merger, sale
or conveyance. In any such case the Company, or such successor or purchasing
corporation, as the case may be, shall execute with the Trustee one or more
supplemental indentures (which shall conform to the Trust Indenture Act of 1939
as in force at the date of the execution of such supplemental indenture)
containing provisions to the effect set forth above in this Section 1506 and
providing further for adjustments which shall be as nearly equivalent as may be
practicable to the adjustments provided for in this Article Fifteen; and any
such adjustment which shall be approved by the Board of Directors and set forth
in such supplemental indenture or supplemental indentures shall be conclusive
for all purposes of this Section, and the Trustee shall not be under any
responsibility to determine the correctness of any provision contained in such
supplemental indenture or supplemental indentures relating to either the kind or
amount of shares of stock or securities or property receivable by Holders of
Securities of any series upon the conversion of their Convertible Securities
after any such reclassification, change, consolidation, merger, sale or
conveyance.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>56</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>The
above provisions of this Section 1506 shall similarly apply to successive
reclassifications, changes, consolidations, mergers, sales and
conveyances.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Section 1507. Taxes on
Conversions</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>The
issue of stock certificates on conversions of Convertible Securities shall be
made without charge to the converting Holder of Convertible Securities for any
tax in respect of the issue thereof. The Company shall not, however, be required
to pay any tax which may be payable in respect of any transfer involved in the
issue and delivery of shares in any name other than that of the Holder of any
Registered Convertible Security converted, and the Company shall not be required
to issue or deliver any such stock certificate unless and until the Person or
Persons requesting the issue thereof shall have paid to the Company the amount
of such tax or shall have established to the satisfaction of the Company that
such tax has been paid.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Section 1508. Company to
Reserve Common Stock</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>The
Company shall at all times reserve and keep available out of the aggregate of
its authorized but unissued shares or its issued shares held in its treasury, or
both, for the purpose of effecting the conversion of the Securities, such number
of its duly authorized shares of Common Stock as shall from time to time be
sufficient to effect the conversion of all outstanding Securities.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>If
any shares of Common Stock reserved or to be reserved for the purpose of
conversion of Securities hereunder require registration with or approval of any
governmental authority under any Federal or State law before such shares may be
validly delivered upon conversion, then the Company covenants that it will in
good faith and as expeditiously as possible endeavor to secure registration or
approval, as the case may be.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>The
Company covenants that all shares of Common Stock which may be delivered upon
conversion of Convertible Securities shall upon delivery be fully paid and
nonassessable by the Company and free from all taxes, liens and charges with
respect to the issue or delivery thereof.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Section 1509. Disclaimer by
Trustee of Responsibility for Certain Matters</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>Neither the Trustee nor any conversion agent shall at any time be under
any duty or responsibility to any Holder of Convertible Securities of any series
to determine whether any facts exist which may require any adjustment of the
Conversion Price for such series, or with respect to the nature or extent of any
such adjustment when made, or with respect to the method employed, or herein or
in any supplemental indenture provided to be employed, in making the same,
subject, however, to the provisions of Sections 315(a) through 315(b) of the
Trust Indenture Act. Neither the Trustee nor any conversion agent shall be
accountable with respect to the validity or value (or the kind or amount) of any
shares of Common Stock, or of any securities or property which may at any time
be issued or delivered upon the conversion of any Convertible Security; and
neither of them makes any representation with respect thereto. Neither the
Trustee nor any conversion agent shall be responsible for any failure of the
Company to make any cash payment or to issue, transfer or deliver any shares of
Common Stock or stock certificates or other securities or property upon the
surrender of any Security for the purpose of conversion or, subject to Sections
315(a) through 315(b) of the Trust Indenture Act, to comply with any of the
covenants of the Company contained in this Article Sixteen.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>No
recourse may be taken with respect to the obligations of the Issuer or the
Trustee against the Trustee in its individual capacity.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>57</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><B><FONT face="Times New Roman" size=2>Section 1510. Company to
Give Notice of Certain Events</FONT></B><FONT face="Times New Roman" size=2>.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>In
the event:</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(1)
that the Company shall pay any dividend or make any distribution to the holders
of shares of Common Stock otherwise than in cash charged against consolidated
net earnings or retained earnings of the Company and its consolidated net earnings or retained earnings of
the Company and its consolidated subsidiaries or in Common Stock; or </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(2)
that the Company shall offer for subscription or purchase, pro rata, to the
holders of shares of Common Stock any additional shares of stock of any class or
any securities convertible into or exchangeable for stock of any class; or
</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(3)
of any reclassification or change in outstanding shares of the class of Common
Stock issuable upon the conversion of the Securities (other than a change in par
value, or from par value to no par value, or from no par value to par value, or
as a result of a subdivision or combination), or of any merger or consolidation
of the Company with, or merger of the Company into, another corporation (other
than a merger or consolidation in which the Company is the continuing
corporation and which does not result in any reclassification or change of
outstanding shares of Common Stock issuable upon conversion of the Securities),
or of any sale or conveyance to another corporation of the property of the
Company as an entirety or substantially as an entirety; </FONT></P>
<P align=left><FONT face="Times New Roman" size=2>then, and in any one or more
of such events, the Company will give to the Trustee and each conversion agent
written notice thereof at least fifteen days prior to (i) the record date fixed
with respect to any of the events specified in (1) and (2) above, and (ii) the
effective date of any of the events specified in (3) above; and shall mail
promptly a copy of such notice to the Holders of Registered Convertible
Securities at their last addresses as they shall appear upon the Security
Register. Failure to give such notice, or any defect therein, shall not affect
the legality or validity of such dividend, distribution, reclassification,
consolidation, merger, sale, transfer, dissolution, liquidation or winding up.
</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>* * * * * </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>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.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>IN
WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly
executed as of the day and year first above written.</FONT></P>
<DIV align=right>
<TABLE style="LINE-HEIGHT: Normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=3><FONT face="Times New Roman" size=2>SOUTHERN FIRST BANCSHARES, INC.</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>By:</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="89%"></TD></TR>
  <TR>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=2>Name:</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=2>Title:</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="99%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="99%" colSpan=3><FONT face="Times New Roman" size=2>[</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face="Times New Roman" size=2>], not in its individual capacity but solely as
    Trustee</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="90%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>By:</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="89%"></TD></TR>
  <TR>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=2>Name:</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="9%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=2>Title:</FONT></TD></TR></TABLE></DIV><BR>
<P align=center><FONT face="Times New Roman" size=2>58</FONT></P>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.6
<SEQUENCE>3
<FILENAME>sfb3234121-ex46.htm
<DESCRIPTION>FORM OF SUBORDINATED INDENTURE
<TEXT>

<HTML>
<HEAD>
   <TITLE></TITLE>
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<BODY bgcolor=#ffffff>
<BR>
<P align=right><B><FONT face="Times New Roman">Exhibit 4.6 </FONT></B></P><BR>
<BR>
<BR>
<BR>
<P align=center><FONT face="Times New Roman">SOUTHERN FIRST BANCSHARES,
INC.</FONT></P>
<P align=center><FONT face="Times New Roman">Issuer</FONT></P>
<P align=center><FONT face="Times New Roman">to<BR>&nbsp;</FONT></P>
<P align=center>___________________________________</P>
<P align=center><FONT face="Times New Roman">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
]</FONT></P>
<P align=center><FONT face="Times New Roman">Trustee </FONT></P>
<P align=center>___________________________________</P>
<P align=center><FONT face="Times New Roman"></FONT>&nbsp;</P>
<P align=center><FONT face="Times New Roman">SUBORDINATED INDENTURE</FONT></P>
<P align=center><FONT face="Times New Roman"></FONT>&nbsp;</P>
<P align=center><FONT face="Times New Roman">Dated as
of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
, 20</FONT></P>
<P align=center><FONT face="Times New Roman"></FONT>&nbsp;</P>
<P align=center><FONT face="Times New Roman">Subordinated Debt Securities
</FONT></P>
<P align=center><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=center><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=center><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=center><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=center><FONT face="Times New Roman" size=2></FONT>&nbsp;</P>
<P align=center><FONT face="Times New Roman" size=2>1</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>TABLE OF CONTENTS
</FONT></B></P>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="line-height: 14pt; border-collapse: collapse; width: 100%">

  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; width: 3%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 4%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD NOWRAP STYLE="text-align: left; width: 87%"></TD>
    <TD NOWRAP STYLE="text-align: right; width: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%"><B><U><FONT face="Times New Roman" size=2>Page</FONT></U></B></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: left; background-color: #c0c0c0"><FONT face="Times New Roman" size=2>ARTICLE ONE</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"><FONT face="Times New Roman" size=2>DEFINITIONS AND OTHER PROVISIONS OF GENERAL
    APPLICATION</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"><FONT face="Times New Roman" size=2>2</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman" size=2>Section 101.</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman" size=2>Definitions</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT face="Times New Roman" size=2>2</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"><FONT face="Times New Roman" size=2>Section&nbsp;102.</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"><FONT face="Times New Roman" size=2>Compliance Certificates and Opinions</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"><FONT face="Times New Roman" size=2>8</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman" size=2>Section&nbsp;103.</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman" size=2>Form of Documents Delivered to
      Trustee</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT face="Times New Roman" size=2>9</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"><FONT face="Times New Roman" size=2>Section 104.</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"><FONT face="Times New Roman" size=2>Acts
      of Holders</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"><FONT face="Times New Roman" size=2>9</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman" size=2>Section&nbsp;105.</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman" size=2>Notices, Etc., to Trustee and
      Company</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT face="Times New Roman" size=2>11</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"><FONT face="Times New Roman" size=2>Section&nbsp;106.</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"><FONT face="Times New Roman" size=2>Notice to Holders</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"><FONT face="Times New Roman" size=2>11</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman" size=2>Section 107.</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman" size=2>Language of Notices</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT face="Times New Roman" size=2>12</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"><FONT face="Times New Roman" size=2>Section 108.</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"><FONT face="Times New Roman" size=2>Conflict With Trust Indenture Act</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"><FONT face="Times New Roman" size=2>12</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman" size=2>Section 109.</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman" size=2>Effect of Headings and Table of
      Contents</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT face="Times New Roman" size=2>12</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"><FONT face="Times New Roman" size=2>Section 110.</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"><FONT face="Times New Roman" size=2>Successors and Assigns</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"><FONT face="Times New Roman" size=2>12</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman" size=2>Section 111.</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman" size=2>Separability Clause</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT face="Times New Roman" size=2>12</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"><FONT face="Times New Roman" size=2>Section 112.</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"><FONT face="Times New Roman" size=2>Benefits Of Indenture</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"><FONT face="Times New Roman" size=2>12</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman" size=2>Section 113.</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman" size=2>Governing Law</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT face="Times New Roman" size=2>12</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"><FONT face="Times New Roman" size=2>Section 114.</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"><FONT face="Times New Roman" size=2>Legal Holidays</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"><FONT face="Times New Roman" size=2>12</FONT></TD></TR>
  <TR>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: left"><FONT face="Times New Roman" size=2>ARTICLE TWO</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman" size=2>SECURITIES FORMS</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT face="Times New Roman" size=2>13</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"><FONT face="Times New Roman" size=2>Section 201.</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"><FONT face="Times New Roman" size=2>Forms Generally</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"><FONT face="Times New Roman" size=2>13</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman" size=2>Section 202.</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman" size=2>Form of Trustee&#146;s Certificate of
      Authentication</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT face="Times New Roman" size=2>13</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"><FONT face="Times New Roman" size=2>Section 203.</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"><FONT face="Times New Roman" size=2>Securities in Global Form</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"><FONT face="Times New Roman" size=2>13</FONT></TD></TR>
  <TR>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: left"><FONT face="Times New Roman" size=2>ARTICLE THREE</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman" size=2>THE SECURITIES</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT face="Times New Roman" size=2>14</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"><FONT face="Times New Roman" size=2>Section 301.</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"><FONT face="Times New Roman" size=2>Amount Unlimited, Issuable in Series</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"><FONT face="Times New Roman" size=2>14</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman" size=2>Section 302.</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman" size=2>Denominations</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT face="Times New Roman" size=2>17</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"><FONT face="Times New Roman" size=2>Section 303.</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"><FONT face="Times New Roman" size=2>Securities in Foreign Countries</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"><FONT face="Times New Roman" size=2>17</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman" size=2>Section 304.</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman" size=2>Execution, Authentication,
      Delivery and Dating</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT face="Times New Roman" size=2>17</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"><FONT face="Times New Roman" size=2>Section 305.</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"><FONT face="Times New Roman" size=2>Temporary Securities</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"><FONT face="Times New Roman" size=2>18</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman" size=2>Section 306.</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman" size=2>Registration, Transfer and
      Exchange</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT face="Times New Roman" size=2>19</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"><FONT face="Times New Roman" size=2>Section 307.</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"><FONT face="Times New Roman" size=2>Mutilated, Destroyed, Lost and Stolen Securities</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"><FONT face="Times New Roman" size=2>21</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman" size=2>Section 308.</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman" size=2>Payment of Interest; Interest
      Rights Preserved</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT face="Times New Roman" size=2>22</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"><FONT face="Times New Roman" size=2>Section 309.</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"><FONT face="Times New Roman" size=2>Persons Deemed Owners</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"><FONT face="Times New Roman" size=2>23</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman" size=2>Section 310.</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman" size=2>Cancellation</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT face="Times New Roman" size=2>23</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"><FONT face="Times New Roman" size=2>Section 311.</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"><FONT face="Times New Roman" size=2>Computation of Interest</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"><FONT face="Times New Roman" size=2>23</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman" size=2>Section 312.</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman" size=2>Cusip Numbers</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT face="Times New Roman" size=2>23</FONT></TD></TR>
  <TR>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: right"></TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right"></TD>
    <TD NOWRAP STYLE="text-align: right"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: left; background-color: #c0c0c0"><FONT face="Times New Roman" size=2>ARTICLE FOUR</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"><FONT face="Times New Roman" size=2>SATISFACTION AND DISCHARGE</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"><FONT face="Times New Roman" size=2>24</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman" size=2>Section 401.</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman" size=2>Satisfaction and Discharge of
      Indenture</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT face="Times New Roman" size=2>24</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"><FONT face="Times New Roman" size=2>Section 402.</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"><FONT face="Times New Roman" size=2>Application of Trust Money</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"><FONT face="Times New Roman" size=2>25</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman" size=2>Section 403.</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman" size=2>Satisfaction, Discharge and
      Defeasance of Securities of Any Series</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT face="Times New Roman" size=2>25</FONT></TD></TR>
  <TR>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: right"></TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: right"></TD>
    <TD NOWRAP STYLE="text-align: right"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP COLSPAN="2" STYLE="text-align: left; background-color: #c0c0c0"><FONT face="Times New Roman" size=2>ARTICLE FIVE</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"><FONT face="Times New Roman" size=2>REMEDIES</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"><FONT face="Times New Roman" size=2>27</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman" size=2>Section 501.</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman" size=2>Events of Default</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT face="Times New Roman" size=2>27</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"><FONT face="Times New Roman" size=2>Section&nbsp;502.</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"><FONT face="Times New Roman" size=2>Acceleration of Maturity; Rescission and Annulment</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"><FONT face="Times New Roman" size=2>27</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman" size=2>Section 503.</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman" size=2>Collection of Indebtedness and
      Suits For Enforcement By Trustee</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT face="Times New Roman" size=2>28</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"><FONT face="Times New Roman" size=2>Section 504.</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"><FONT face="Times New Roman" size=2>Trustee May File Proofs of Claim</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"><FONT face="Times New Roman" size=2>29</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman" size=2>Section 505.</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman" size=2>Trustee May Enforce Claims Without
      Possession of Securities or Coupons</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT face="Times New Roman" size=2>29</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"><FONT face="Times New Roman" size=2>Section 506.</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"><FONT face="Times New Roman" size=2>Application of Money Collected</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"><FONT face="Times New Roman" size=2>29</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman" size=2>Section 507.</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT face="Times New Roman" size=2>Limitations on Suits</FONT></TD>
    <TD NOWRAP STYLE="text-align: right"></TD>
    <TD NOWRAP STYLE="text-align: right"><FONT face="Times New Roman" size=2>30</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"><FONT size=2 face="Times New Roman">Section
      508.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0"><FONT face="Times New Roman" size=2>Unconditional Right of Holders to Receive Principal, Premium,
      Interest and Additional Amounts</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: right; background-color: #c0c0c0"><FONT face="Times New Roman" size=2>30</FONT></TD></TR></TABLE><BR>
<P align=center><FONT face="Times New Roman" size=2>ii</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section&nbsp;509.</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Restoration of Rights and Remedies</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>30</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Section 510.</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=2>Rights and Remedies
      Cumulative</FONT></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>30</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 511.</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Delay or Omission Not Waiver</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>31</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Section 512.</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=2>Control By Holders</FONT></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>31</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 513.</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Waiver of Past Defaults</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>31</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Section 514.</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=2>Waiver of Stay or Extension
      Laws</FONT></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>31</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="90%">&nbsp;</TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="2%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=2>ARTICLE SIX</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>THE
      TRUSTEE</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>32</FONT></TD></TR>
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    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Section 601.</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=2>Notice of Defaults</FONT></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>32</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 602.</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Certain Rights of Trustee</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>32</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Section 603.</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=2>Not Responsible for Recitals or
      Issuance of Securities</FONT></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>33</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 604.</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>May
      Hold Securities</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>33</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Section 605.</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=2>Money Held In Trust</FONT></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>33</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 606.</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Compensation and Reimbursement</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>33</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Section 607.</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=2>Corporate Trustee required;
      Eligibility; Conflicting Interests</FONT></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>34</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 608.</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Resignation and Removal; Appointment of
      Successor</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>34</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Section 609.</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=2>Acceptance of Appointment By
      Successor</FONT></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>35</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 610.</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Merger, Conversion, Consolidation or Succession
      to Business</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>36</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Section 611.</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=2>Appointment of Authenticating
      Agent</FONT></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>36</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="90%">&nbsp;</TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="2%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0 colSpan=3><FONT face="Times New Roman" size=2>ARTICLE SEVEN</FONT></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>HOLDERS&#146; LISTS AND REPORTS BY TRUSTEE AND
      COMPANY</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>38</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"><FONT size=2 face="Times New Roman"><FONT face="Times New Roman">Section </FONT>701.</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=2>Company to Furnish Trustee Names
      and Addresses of Holders</FONT></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>38</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 702.</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Preservation of Information; Communications to
      Holders</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>38</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Section 703.</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=2>Reports By Trustee</FONT></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>38</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 704.</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Reports By Company</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>39</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%" colSpan=3><FONT face="Times New Roman" size=2>ARTICLE EIGHT</FONT></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=2>CONSOLIDATION, MERGER AND
      SALES</FONT></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>39</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 801.</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Company May Consolidate Etc., Only on Certain
      Terms</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>39</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Section 802.</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=2>Successor Corporation Substituted
      For Company</FONT></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>40</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="90%">&nbsp;</TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="2%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0 colSpan=3><FONT face="Times New Roman" size=2>ARTICLEL NINE</FONT></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>SUPPLEMENTAL INDENTURES</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>40</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Section 901.</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=2>Supplemental Indentures Without
      Consent of Holders</FONT></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>40</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 902.</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Supplemental Indentures With Consent of
      Holders</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>41</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Section 903.</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=2>Execution of Supplemental
      Indentures</FONT></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>42</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 904.</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Effect of Supplemental Indentures</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>42</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Section 905.</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=2>Conformity With Trust Indenture
      Act</FONT></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>43</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 906.</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Reference in Securities to Supplemental
      Indentures</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>43</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Section 907.</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=2>Subordination Unimpaired</FONT></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>43</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="90%">&nbsp;</TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="2%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=2>ARTICLE TEN</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>COVENANTS</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>43</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Section 1001.</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=2>Payment of Principal, Premium, If
      Any, and Interest</FONT></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>43</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section&nbsp;1002.</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Maintenance of Office or Agency</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>43</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Section&nbsp;1003.</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=2>Money For Securities Payments to
      Be Held in Trust</FONT></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>44</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 1004.</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Additional Amounts</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>45</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Section 1005.</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=2>Statement As To Compliance; Notice
      of Certain Defaults</FONT></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>46</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 1006.</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Payment of Taxes and Other Claims</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>46</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Section 1007.</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=2>Corporate Existence</FONT></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>46</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 1008.</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Waiver of Certain Covenants</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>46</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Section 1009.</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=2>Calculation of Original Issue
      Discount</FONT></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>46</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="90%">&nbsp;</TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="2%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="6%" bgColor=#c0c0c0 colSpan=3><FONT face="Times New Roman" size=2>ARTICLE ELEVEN</FONT></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>REDEMPTION OF SECURITIES</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>47</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Section 1101.</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=2>Applicability of Article</FONT></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>47</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 1102.</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Election To Redeem; Notice To Trustee</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>47</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Section 1103.</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="90%"><FONT face="Times New Roman" size=2>Selection By Trustee of Securities
      To Be Redeemed</FONT></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>47</FONT></TD></TR></TABLE><BR>
<P align=center><FONT face="Times New Roman" size=2>iii</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 1104.</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Notice of Redemption</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>47</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Section 1105.</FONT></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=left width="91%"><FONT face="Times New Roman" size=2>Deposit of Redemption Price</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>48</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 1106.</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Securities Payable on Redemption Date</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>49</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Section 1107.</FONT></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=left width="91%"><FONT face="Times New Roman" size=2>Securities Redeemed in Part</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>49</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 1108.</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Conversion Arrangements on Call for Redemption</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>50</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%" colSpan=2><FONT face="Times New Roman" size=2>ARTICLE TWELVE</FONT></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="91%"><FONT face="Times New Roman" size=2>SINKING FUNDS</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>50</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 1201.</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Applicability of Article</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>50</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Section 1202.</FONT></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=left width="91%"><FONT face="Times New Roman" size=2>Satisfaction of Sinking Fund Payments With
    Securities</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>50</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 1203.</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Redemption of Securities For Sinking Fund</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>51</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%" colSpan=2><FONT face="Times New Roman" size=2>ARTICLE THIRTEEN</FONT></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="91%"><FONT face="Times New Roman" size=2>REPAYMENT AT THE OPTION OF HOLDERS</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>51</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 1301.</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Applicability of Article</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>51</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%" colSpan=2><FONT face="Times New Roman" size=2>ARTICLE FOURTEEN</FONT></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="91%"><FONT face="Times New Roman" size=2>MEETINGS OF HOLDERS</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>51</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 1401.</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Purposes for Which Meetings May Be Called</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>51</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Section 1402.</FONT></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=left width="91%"><FONT face="Times New Roman" size=2>Call, Notice and Place of Meetings</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>51</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 1403.</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Persons Entitled To Vote At Meetings</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>52</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Section 1404.</FONT></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=left width="91%"><FONT face="Times New Roman" size=2>Quorum; Action</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>52</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 1405.</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Determination of Voting Rights; Conduct and Adjournment of
      Meetings</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>52</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Section 1406.</FONT></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=left width="91%"><FONT face="Times New Roman" size=2>Counting Votes and Recording Action of Meetings</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>53</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%">&nbsp;</TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=left width="91%"></TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=2>ARTICLE FIFTEEN</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>SUBORDINATION</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>53</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Section 1501.</FONT></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=left width="91%"><FONT face="Times New Roman" size=2>Securities Subordinated To Senior Indebtedness</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>53</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 1502.</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Subrogation</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>55</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Section 1503.</FONT></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=left width="91%"><FONT face="Times New Roman" size=2>Obligation Of Company Unconditional</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>55</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 1504.</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Payment On Securities Permitted</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>56</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Section 1505.</FONT></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=left width="91%"><FONT face="Times New Roman" size=2>Effectuation Of Subordination by Trustee</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>56</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 1506.</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Knowledge Of Trustee</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>56</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Section 1507.</FONT></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=left width="91%"><FONT face="Times New Roman" size=2>Trustee&#146;s Relation To Senior Indebtedness</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>56</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 1508.</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Rights Of Holders Of Senior Indebtedness Not
    Impaired</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>57</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="5%" colSpan=2><FONT face="Times New Roman" size=2>ARTICLE SIXTEEN</FONT></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="91%"><FONT face="Times New Roman" size=2>CONVERSION</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>57</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 1601.</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Conversion Privilege</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>57</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Section 1602.</FONT></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=left width="91%"><FONT face="Times New Roman" size=2>Manner of Exercise of Convertible Privilege</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>57</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 1603.</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Cash
      Adjustment Upon Conversion</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>58</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Section 1604.</FONT></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=left width="91%"><FONT face="Times New Roman" size=2>Conversion Price</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>58</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 1605.</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Adjustment of Conversion Price</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>58</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Section 1606.</FONT></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=left width="91%"><FONT face="Times New Roman" size=2>Effect of Reclassifications, Consolidations, Merges or Sales
      on Conversions</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>60</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 1607.</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Taxes on Conversions</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>60</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Section 1608.</FONT></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=left width="91%"><FONT face="Times New Roman" size=2>Company to Reserve Common Stock</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>61</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Section 1609.</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Disclaimer by Trustee of Responsibility for Certain
      Matters</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>61</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Section 1610.</FONT></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=left width="91%"><FONT face="Times New Roman" size=2>Company to Give Notice of Certain Events</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>61</FONT></TD></TR></TABLE><BR>
<P align=center><FONT face="Times New Roman" size=2>iv</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>SOUTHERN FIRST
BANCSHARES, INC. </FONT></B></P>
<P style="text-indent: 15pt" align=left><FONT face="Times New Roman" size=2>Reconciliation and tie between
Trust Indenture Act of 1939, as amended, and Subordinated Indenture, dated as
of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 20 .
</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="5%"><FONT face="Times New Roman" size=2>Trust Indenture Act Section</FONT></TD>
    <TD noWrap align=left width="89%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="5%" STYLE="border-bottom: #000000 1pt solid; text-align: center"><FONT face="Times New Roman" size=2>Indenture Section</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=4>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=2>Section 310(a) (1)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="5%" BGCOLOR="#c0c0c0" STYLE="text-align: left"><FONT face="Times New Roman" size=2>607</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" colSpan=2><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (a) (2)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="5%" STYLE="text-align: left"><FONT face="Times New Roman" size=2>607</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (a) (5)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="5%" BGCOLOR="#c0c0c0" STYLE="text-align: left"><FONT face="Times New Roman" size=2>607</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" colSpan=2><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (b)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="5%" STYLE="text-align: left"><FONT face="Times New Roman" size=2>607</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=2>Section 311(a)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="5%" BGCOLOR="#c0c0c0" STYLE="text-align: left"><FONT face="Times New Roman" size=2>604</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" colSpan=2><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (b)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="5%" STYLE="text-align: left"><FONT face="Times New Roman" size=2>604</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (b) (2)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="5%" BGCOLOR="#c0c0c0" STYLE="text-align: left"><FONT face="Times New Roman" size=2>108</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" colSpan=2><FONT face="Times New Roman" size=2>Section 312(a)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="5%" STYLE="text-align: left"><FONT face="Times New Roman" size=2>701, 702(a)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (b)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="5%" BGCOLOR="#c0c0c0" STYLE="text-align: left"><FONT face="Times New Roman" size=2>702(a)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" colSpan=2><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (c)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="5%" STYLE="text-align: left"><FONT face="Times New Roman" size=2>702(b)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=2>Section 313(a)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="5%" BGCOLOR="#c0c0c0" STYLE="text-align: left"><FONT face="Times New Roman" size=2>703(a), 703(b)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" colSpan=2><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (b) (2)</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="5%" STYLE="text-align: left"><FONT face="Times New Roman" size=2>108</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (c)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="5%" BGCOLOR="#c0c0c0" STYLE="text-align: left"><FONT face="Times New Roman" size=2>703(c)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" colSpan=2><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (d)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="5%" STYLE="text-align: left"><FONT face="Times New Roman" size=2>703(c)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=2>Section 314(a)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="5%" BGCOLOR="#c0c0c0" STYLE="text-align: left"><FONT face="Times New Roman" size=2>704</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" colSpan=2><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (c) (1)</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="5%" STYLE="text-align: left"><FONT face="Times New Roman" size=2>102</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (c) (2)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="5%" BGCOLOR="#c0c0c0" STYLE="text-align: left"><FONT face="Times New Roman" size=2>102</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" colSpan=2><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (c) (3)</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="5%" STYLE="text-align: left"><FONT face="Times New Roman" size=2>108</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (e)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="5%" BGCOLOR="#c0c0c0" STYLE="text-align: left"><FONT face="Times New Roman" size=2>102</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" colSpan=2><FONT face="Times New Roman" size=2>Section 315(a)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="5%" STYLE="text-align: left"><FONT face="Times New Roman" size=2>108</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (b)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="5%" BGCOLOR="#c0c0c0" STYLE="text-align: left"><FONT face="Times New Roman" size=2>601</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" colSpan=2><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (c)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="5%" STYLE="text-align: left"><FONT face="Times New Roman" size=2>108</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (d)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="5%" BGCOLOR="#c0c0c0" STYLE="text-align: left"><FONT face="Times New Roman" size=2>108</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" colSpan=2><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (d) (1)</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="5%" STYLE="text-align: left"><FONT face="Times New Roman" size=2>108</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (d) (2)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="5%" BGCOLOR="#c0c0c0" STYLE="text-align: left"><FONT face="Times New Roman" size=2>108</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" colSpan=2><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (d) (3)</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="5%" STYLE="text-align: left"><FONT face="Times New Roman" size=2>108</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (e)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="5%" BGCOLOR="#c0c0c0" STYLE="text-align: left"><FONT face="Times New Roman" size=2>108</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" colSpan=2><FONT face="Times New Roman" size=2>Section 316(a)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="5%" STYLE="text-align: left"><FONT face="Times New Roman" size=2>104</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (a) (1) (A)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="5%" BGCOLOR="#c0c0c0" STYLE="text-align: left"><FONT face="Times New Roman" size=2>512</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" colSpan=2><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (a) (1) (B)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="5%" STYLE="text-align: left"><FONT face="Times New Roman" size=2>513</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (b)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="5%" BGCOLOR="#c0c0c0" STYLE="text-align: left"><FONT face="Times New Roman" size=2>508</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" colSpan=2><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (c)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="5%" STYLE="text-align: left"><FONT face="Times New Roman" size=2>104</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=2>Section 317(a) (1)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="5%" BGCOLOR="#c0c0c0" STYLE="text-align: left"><FONT face="Times New Roman" size=2>505</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" colSpan=2><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (a)&nbsp;(2)</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="5%" STYLE="text-align: left"><FONT face="Times New Roman" size=2>504</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (b)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="5%" BGCOLOR="#c0c0c0" STYLE="text-align: left"><FONT face="Times New Roman" size=2>1003</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" colSpan=2><FONT face="Times New Roman" size=2>Section 318(a)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="5%" STYLE="text-align: left"><FONT face="Times New Roman" size=2>108</FONT></TD></TR></TABLE><BR>
<P style="text-indent: 15pt" align=left><FONT face="Times New Roman" size=2>Note: This reconciliation and
tie shall not, for any purpose, be deemed to be a part of this Subordinated
Indenture. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>1</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><FONT face="Times New Roman" size=2>SUBORDINATED INDENTURE, dated
as
of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
, 20 (the &#147;Indenture&#148;), is made by and between SOUTHERN FIRST BANCSHARES, INC.,
a corporation duly organized and existing under the laws of the State of South
Carolina (the &#147;Company&#148;), having its principal office at 100 Verdae Boulevard,
Suite 100, Greenville, South Carolina 29607 and
[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
], having its principal office at
[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
], not in its individual capacity but solely as Trustee (the &#147;Trustee&#148;).
</FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>RECITALS </FONT></B></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>The
Company has duly authorized the execution and delivery of this Indenture to
provide for the issuance from time to time of its unsecured subordinated
debentures, notes or other evidences of indebtedness (the &#147;Securities&#148;),
unlimited as to principal amount, to bear such rates of interest, to mature at
such time or times, to be issued in one or more series and to have such other
provisions as shall be fixed as hereinafter provided. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>The
Company has duly authorized the execution and delivery of this Indenture and all
things necessary to make this Indenture a valid agreement of the Company, in
accordance with its terms, have been done. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>This
Indenture is subject to the provisions of the Trust Indenture Act of 1939, as
amended, that are required to be part of this Indenture and shall, to the extent
applicable, be governed by such provisions. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>NOW, THEREFORE, THIS
INDENTURE WITNESSETH: </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>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 or
Coupons appertaining to any Securities, as follows: </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>ARTICLE
ONE</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>DEFINITIONS AND OTHER
PROVISIONS OF GENERAL APPLICATION</FONT></B></P>
<P style="TEXT-INDENT: 15pt" align=left><B><FONT face="Times New Roman" size=2>Section 101. Definitions </FONT></B></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>For
all purposes of this Indenture, except as otherwise expressly provided or unless
the context otherwise requires: </FONT></P>
<TABLE style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;
    </TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(1)</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>the terms
      defined in this Article have the meanings assigned to them in this
      Article, and include the plural as well as the
    singular;<BR>&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(2)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>all other
      terms used herein which are defined in the Trust Indenture Act, either
      directly or by reference therein, have the meanings assigned to them
      therein;<BR>&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(3)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>all
      accounting terms not otherwise defined herein have the meanings assigned
      to them in accordance with generally accepted accounting principles and,
      except as otherwise herein expressly provided, the term &#147;generally
      accepted accounting principles&#148; with respect to any computation required
      or permitted hereunder shall mean such accounting principles as are
      generally accepted at the date of such computation;<BR>&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(4)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>the words
      &#147;herein&#148;, &#147;hereof&#148;, &#147;hereto&#148; and &#147;hereunder&#148; and other words of similar
      import refer to this Indenture as a whole and not to any particular
      Article, Section or other subdivision;<BR>&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(5)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>the word
      &#147;or&#148; is not exclusive;<BR>&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(6)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>all words
      in the singular include the plural and all words in the plural include the
      singular; and<BR>&nbsp;</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(7)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>the word
      &#147;including&#148; means &#147;including without
limitations.&#148;</FONT></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman" size=2>2</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>Certain terms used principally in certain Articles hereof are defined in
those Articles. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>&#147;Act&#148;, when used with respect to any Holders, has the meaning specified
in Section 104. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Additional
Amounts</FONT></I><FONT face="Times New Roman" size=2>&#148; means any additional
amounts which are required hereby or by any Security, under circumstances
specified herein or therein, to be paid by the Company in respect of certain
taxes imposed on Holders specified therein and which are owing to such Holders.
</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Affiliate</FONT></I><FONT face="Times New Roman" size=2>&#148; 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,
&#147;control&#148;, when used with respect to any specified Person means the power to
direct the management and policies of such Person, directly or indirectly,
whether through the ownership of voting Securities, by contract or otherwise;
and the terms &#147;controlling&#148; and &#147;controlled&#148; have the meanings correlative to
the foregoing. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Authenticating
Agent</FONT></I><FONT face="Times New Roman" size=2>&#148; means any Person
authorized by the Trustee pursuant to Section 611 to act on behalf of the
Trustee to authenticate Securities of one or more series. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Authorized
Newspaper</FONT></I><FONT face="Times New Roman" size=2>&#148; means a newspaper, in
an official language of the country of publication or in the English language,
customarily published on each Business Day, whether or not published on Legal
Holidays, and of general circulation in each place in connection with which the
term is used or in the financial community of each such place. Where successive
publications are required to be made in Authorized Newspapers the successive
publications may be made in the same or in different newspapers in the same city
meeting the foregoing requirements and in each case on any Business Day.
</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Bank</FONT></I><FONT face="Times New Roman" size=2>&#148; means (i) any institution organized under the
laws of the United States, any State of the United States, the District of
Columbia, any territory of the United States, Puerto Rico, Guam, American Samoa
or the Virgin Islands which (a) accepts deposits that the depositor has a legal
right to withdraw on demand, and (b) engages in the business of making
commercial loans and (ii) any trust company organized under any of the foregoing
laws. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Bearer
Security</FONT></I><FONT face="Times New Roman" size=2>&#148; means any Security in
the form established pursuant to Section 201 which is payable to bearer.
</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Board Of
Directors</FONT></I><FONT face="Times New Roman" size=2>&#148; means the board of
directors of the Company or any committee of that board duly authorized to act
for the Company hereunder. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Board
Resolution</FONT></I><FONT face="Times New Roman" size=2>&#148; means a copy of a
resolution certified by the Secretary or an Assistant Secretary of the Company
to have been duly adopted by the Board of Directors, or a duly authorized
committee thereof, and to be in full force and effect on the date of such
certification, and delivered to the Trustee. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Business
Day</FONT></I><FONT face="Times New Roman" size=2>&#148; except as may otherwise be
provided herein or in any Security, means any day, other than a Saturday or a
Sunday, that is neither a Legal Holiday nor a day on which banking institutions
are authorized or required by law, regulation or executive order to close.
</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Called
Securities</FONT></I><FONT face="Times New Roman" size=2>&#148; means any Convertible
Security that is called for redemption by the Company. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Capital
Stock</FONT></I><FONT face="Times New Roman" size=2>&#148; means, as to shares of a
particular corporation, outstanding shares of stock of any class whether now or
hereafter authorized, irrespective of whether such class shall be limited to a
fixed sum or percentage in respect of the rights of the holders thereof to
participate in dividends and in the distribution of assets upon the voluntary
liquidation, dissolution or winding up of such corporation. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Commission</FONT></I><FONT face="Times New Roman" size=2>&#148; means the Securities and Exchange Commission, as
from time to time constituted, created under the Securities Exchange Act of 1934
or, if at any time after the execution of this Indenture such Commission is not
existing and performing the duties now assigned to it under the Trust Indenture
Act, then the body performing such duties at such time. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>3</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Common
Stock</FONT></I><FONT face="Times New Roman" size=2>&#148; means all shares now or
hereafter authorized of the class of common stock of the Company presently
authorized and stock of any other class into which such shares may hereafter
have been changed. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Company</FONT></I><FONT face="Times New Roman" size=2>&#148; means the Person named as the &#147;Company&#148; in the
first paragraph of this instrument until a successor corporation shall have
become such pursuant to the applicable provisions of this Indenture, and
thereafter &#147;Company&#148; shall mean such successor corporation, and any other
obligor upon the Securities. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Company
Request</FONT></I><FONT face="Times New Roman" size=2>&#148; and &#147;Company Order&#148; mean
a written request or order, as the case may be, signed in the name of the
Company by the Chairman of the Board of Directors, a Vice Chairman, the
President or a Vice President, and by the Treasurer, an Assistant Treasurer, the
Secretary or an Assistant Secretary of the Company, and delivered to the
Trustee. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Subsidiary
Bank</FONT></I><FONT face="Times New Roman" size=2>&#148; means any Subsidiary which
is a Bank. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Convertible
Security</FONT></I><FONT face="Times New Roman" size=2>&#148; or &#147;Convertible
Securities&#148; means any Security or Securities, as the case may be, which are by
their terms convertible into Common Stock. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Conversion
Price</FONT></I><FONT face="Times New Roman" size=2>&#148; means the price per share
of Common Stock from time to time in effect at which any Convertible Security
may be converted into Common Stock as determined by or pursuant to the terms of
this Indenture. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Corporate Trust
Office</FONT></I><FONT face="Times New Roman" size=2>&#148; means, the principal
office of the Trustee, at which at any particular time its corporate trust
business shall be administered, which office at the date of original execution
of this Indenture is located at [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Corporation</FONT></I><FONT face="Times New Roman" size=2>&#148; includes
corporations, associations, companies and business trusts. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Coupon</FONT></I><FONT face="Times New Roman" size=2>&#148; means any interest coupon appertaining to a
Bearer Security. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Date of
Conversion</FONT></I><FONT face="Times New Roman" size=2>&#148; with respect to any
Convertible Security or portion thereof to be converted, means the date on which
such Convertible Security shall be surrendered for conversion and notice given
in accordance with the provisions of Article Sixteen. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Defaulted
Interest</FONT></I><FONT face="Times New Roman" size=2>&#148; has the meaning
specified in Section 308. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Dollars</FONT></I><FONT face="Times New Roman" size=2>&#148; or &#147;$&#148; means a dollar or other equivalent unit
in the currency of the United States, except as may otherwise be provided herein
or in any Security. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Event Of
Default</FONT></I><FONT face="Times New Roman" size=2>&#148; has the meaning
specified in Section 501. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Government
Obligations</FONT></I><FONT face="Times New Roman" size=2>&#148;, with respect to any
Securities unless otherwise specified herein or therein, means (i) direct
obligations of the United States of America or the government or governments
which issued the currency, currency unit or composite currency in which any
Securities are payable, for the payment of which its full faith and credit is
pledged or (ii) obligations of a Person controlled or supervised by and acting
as an agency or instrumentality of the United States of America or such
government or governments which issued the currency, currency unit or composite
currency in which such Securities are payable, the payment of which is
unconditionally guaranteed as a full faith and credit obligation by the United
States of America or such other government or governments, which, in either
case, are not callable or redeemable at the option of the issuer or issuers
thereof, and shall also include a depository receipt issued by a bank or trust
company as custodian with respect to any such Government Obligation or a
specific payment of interest on or principal of 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 the Government
Obligation evidenced by such depository receipt. &nbsp;</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>4</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Holder</FONT></I><FONT face="Times New Roman" size=2>&#148;, in the case of any Registered Security, means
the Person in whose name such Security is registered in the Security Register
and, in the case of any Bearer Security, means the bearer thereof and, in the
case of any Coupon, means the bearer thereof. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Indenture</FONT></I><FONT face="Times New Roman" size=2>&#148; means this instrument as originally executed or
as it may from time to time be supplemented or amended by one or more indentures
supplemental hereto entered into pursuant to the applicable provisions hereof,
and with respect to any Security shall include the terms of such Securities
established as contemplated by Section 301; PROVIDED, HOWEVER, that, if at any
time more than one Person is acting as Trustee under this instrument,
&#147;INDENTURE&#148; shall mean, with respect to any one or more series of Securities for
which such Person is Trustee, this instrument as originally executed or as it
may from time to time be supplemented or amended by one or more indentures
supplemental hereto entered into pursuant to the applicable provisions hereof
and shall include the terms of the or those particular series of Securities for
which such Person is Trustee established as contemplated by Section 301,
exclusive, however, of any provisions or terms which relate solely to other
series of Securities for which such Person is Trustee, regardless of when such
terms or provisions were adopted, and exclusive of any provisions or terms
adopted by means of one or more indentures supplemental hereto executed and
delivered after such Person had become such Trustee but to which such Person, as
such Trustee, was not a party. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>&#147;I</FONT><I><FONT face="Times New Roman" size=2>ndependent Public
Accountant</FONT></I><FONT face="Times New Roman" size=2>s&#148; means accountants or
a firm of accountants that are independent public accountants with respect to
the Company within the meaning of the Securities Act of 1933, as amended, and
the rules and regulations promulgated by the Commission thereunder who may be
the independent public accountants regularly retained by the Company or who may
be other independent public accountants. Such accountants or firm shall be
entitled to rely upon any Opinion of Counsel as to the interpretation of any
legal matters relating to the Indenture or certificates required to be provided
hereunder. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Interest</FONT></I><FONT face="Times New Roman" size=2>&#148;, with respect to any Original Issue Discount
Security which by its terms bears interest only after Maturity, means interest
payable after Maturity and, with respect to any Security which provides for the
payment of Additional Amounts pursuant to Section 1004, includes such Additional
Amounts. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Interest Payment
Date</FONT></I><FONT face="Times New Roman" size=2>&#148;, with respect to any
Security, means the Stated Maturity of an installment of interest on such
Security. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Legal
Holiday</FONT></I><FONT face="Times New Roman" size=2>&#148;, except as otherwise may
be provided herein or in any Securities, with respect to any Place of Payment or
other location, means a Saturday, a Sunday or a day on which banking
institutions or trust companies in such Place of Payment or other location are
not authorized or obligated to be open. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Maturity</FONT></I><FONT face="Times New Roman" size=2>&#148;, with respect to any Security, means the date on
which the principal of such Security or an installment of principal becomes due
and payable as therein or herein provided, whether at the Stated Maturity or by
declaration of acceleration, notice of redemption, notice of option to elect
repayment or otherwise. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Officers&#146;
Certificate</FONT></I><FONT face="Times New Roman" size=2>&#148; means a certificate
signed by the Chairman of the Board, a Vice Chairman, the President or a Vice
President, and by the Treasurer, an Assistant Treasurer, the Secretary or an
Assistant Secretary of the Company, and delivered to the Trustee. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Opinion Of
Counsel</FONT></I><FONT face="Times New Roman" size=2>,&#148; except as otherwise
provided herein or in any Security, means a written Opinion of Counsel, who may
be an employee of or counsel for the Company or other counsel. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Original Issue Discount
Security</FONT></I><FONT face="Times New Roman" size=2>&#148; means a Security issued
pursuant to this Indenture which provides for declaration of an amount less than
the principal thereof to be due and payable upon acceleration pursuant to
Section 502. </FONT></P>

<P align=center><FONT face="Times New Roman" size=2>5</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Outstanding</FONT></I><FONT face="Times New Roman" size=2>&#148;, with respect
to Securities, means, as of the date of determination, all Securities
theretofore authenticated and delivered under this Indenture, except:
</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(i)
Securities theretofore cancelled by the Trustee or the Security Registrar or
delivered to the Trustee or the Security Registrar for cancellation; </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(ii)
Securities, or portions thereof for whose payment or redemption or repayment at
the option of the Holder money in the necessary amount has been theretofore
deposited with the Trustee or any Paying Agent (other than the Company) in trust
or set aside and segregated in trust by the Company (if the Company shall act as
its own Paying Agent) for the Holders of such Securities and any Coupons
appertaining thereto, PROVIDED that, if such Securities are to be redeemed,
notice of such redemption has been duly given pursuant to this Indenture or
provision therefor satisfactory to the Trustee has been made; </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(iii) Securities, except to the extent provided in Section 403, with
respect to which the Company has effected defeasance and/or covenant defeasance
pursuant to Section 403 hereof; and </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(iv)
Securities which have been paid pursuant to Section 307 or in exchange for or in
lieu of which other Securities have been authenticated and delivered pursuant to
this Indenture, other than any such Securities in respect of which there shall
have been presented to the Trustee proof satisfactory to it that such Securities
are held by a bona fide purchaser in whose hands such Securities are valid
obligations of the Company; </FONT></P>
<P align=left><I><FONT face="Times New Roman" size=2>provided,
however</FONT></I><FONT face="Times New Roman" size=2>, that in determining
whether the Holders of the requisite principal amount of Outstanding Securities
have given any request, demand, authorization, direction, notice, consent or
waiver hereunder or are present at a meeting of Holders of Securities for quorum
purposes and for purposes of making the calculations required by Section 313 of
the Trust Indenture Act, (i) the principal amount of an Original Issue Discount
Security that may be counted in making such determination or calculation and
that shall be deemed to be outstanding for such purposes shall be equal to the
amount of the principal thereof that pursuant to the terms of such Original
Issue Discount Security would be declared (or shall have been declared to be)
due and payable upon a declaration of acceleration pursuant to Section 502 at
the time of such determination or calculation, and (ii) the principal amount of
any Security denominated other than in Dollars that may be counted in making
such determination or calculation and that shall be deemed outstanding for such
purpose shall be equal to the Dollar equivalent, determined by the Company as of
the date such Security is originally issued by the Company, of the principal
amount (or, in the case of an Original Issue Discount Security, the Dollar
equivalent as of such date of original issuance of the amount determined as
provided in clause (i) above) of such Security, and (iii) Securities owned by
the Company or any other obligor upon the Securities or any Affiliate of the
Company or such other obligor, shall be disregarded and deemed not to be
Outstanding, except that, in determining whether the Trustee shall be protected
in making any such calculation or relying upon any such request, demand,
authorization, direction, notice, consent or waiver, only Securities which a
Responsible Officer of the Trustee actually knows to be so owned shall be so
disregarded. </FONT><FONT face="Times New Roman" size=2>Securities so owned
which have been pledged in good faith may be regarded as Outstanding if the
pledgee establishes to the satisfaction of the Trustee the pledgee&#146;s right so to
act with respect to such Securities and that the pledgee is not the Company or
any other obligor upon the Securities or any Affiliate of the Company or such
other obligor. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Paying
Agent</FONT></I><FONT face="Times New Roman" size=2>&#148; means any Person
authorized by the Company to pay the principal of (and premium, if any) or
interest on any Security or Coupon on behalf of the Company. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Person</FONT></I><FONT face="Times New Roman" size=2>&#148; means any individual, corporation, partnership,
joint venture, association, joint-stock company, trust, unincorporated
organization or government or any agency or political subdivision thereof.
</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Place Of
Payment</FONT></I><FONT face="Times New Roman" size=2>&#148;, with respect to any
Security, means the place or places where the principal of (and premium, if any)
and interest on the Securities of that series are payable as specified in or
pursuant to Section 301(9) or Section 1002. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Predecessor
Security</FONT></I><FONT face="Times New Roman" size=2>&#148; of any particular
Security means every previous Security evidencing all or a portion of the same
debt as that evidenced by such particular Security; and, for the purposes of
this definition, any Security authenticated and delivered under Section 307 in
exchange for or in lieu of a lost, destroyed, mutilated or stolen Security or
any Security to which a mutilated, destroyed, lost or stolen Coupon appertains
shall be deemed to evidence the same debt as the lost, destroyed, mutilated or
stolen Security or the Security to which a mutilated, destroyed, lost or stolen
Coupon appertains. &nbsp;</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>6</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Redemption
Date</FONT></I><FONT face="Times New Roman" size=2>&#148;, with respect to any
Security or portion thereof to be redeemed, means the date fixed for such
redemption by or pursuant to this Indenture. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Redemption
Price</FONT></I><FONT face="Times New Roman" size=2>&#148;, with respect to any
Security or portion thereof to be redeemed, means the price at which it is to be
redeemed as determined by or pursuant to the provisions of this Indenture.
</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Registered
Security</FONT></I><FONT face="Times New Roman" size=2>&#148; means any Security
established pursuant to Section 201 which is registered and the transfer or
exchange thereof is registrable in the Security Register. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Regular Record
Date</FONT></I><FONT face="Times New Roman" size=2>&#148; for the interest payable on
any Registered Security on any Interest Payment Date therefor means the date, if
any, specified in such Security as the &#147;Regular Record Date&#148;. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Responsible
Officer</FONT></I><FONT face="Times New Roman" size=2>&#148; when used with respect
to the Trustee means any officer within the corporate trust department of the
Trustee, including the vice president, any assistant vice president, assistant
treasurer, or any other officer of the Trustee who customarily performs
functions similar to those performed by the Persons who at the time shall be
such officers, respectively, or to whom any corporate trust matter is referred
because of such person&#146;s knowledge of and familiarity with the particular
subject and who shall have direct responsibility for the administration of this
Indenture.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Security&#148; or
&#147;Securities</FONT></I><FONT face="Times New Roman" size=2>&#148; means any Security
or Securities, as the case may be, authenticated and delivered under this
Indenture; PROVIDED, HOWEVER, that if at any time there is more than one Person
acting as Trustee under this Indenture, &#147;Securities&#148; with respect to the
Indenture as to which such Person is Trustee shall have the meaning stated in
the first recital of this Indenture and shall more particularly mean Securities
authenticated and delivered under this Indenture, exclusive, however, of
Securities of any series as to which such Person is not Trustee. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Security
Register</FONT></I><FONT face="Times New Roman" size=2>&#148; and &#147;Security
Registrar&#148; have the respective meanings specified in Section 306. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Senior
Indebtedness</FONT></I><FONT face="Times New Roman" size=2>&#148; means: (i) the
principal and any premium or interest for money borrowed or purchased by the
Company; (ii) the principal and any premium or interest for money borrowed or
purchased by another Person and guaranteed by the Company; (iii) any deferred
obligation for the payment of the purchase price of property or assets evidenced
by a note or similar agreement; (iv) an obligation arising from direct credit
substitutes; and (v) any obligation associated with derivative products such as
interest and foreign exchange rate contracts, commodity contracts and similar
arrangements; in each case, whether outstanding on the date this Subordinated
Indenture becomes effective, or created, assumed or incurred after that date.
Senior Indebtedness excludes any indebtedness that: (a) expressly states that it
is junior to, or ranks equally in right of payment with, the Securities; or (b)
is identified as junior to, or equal in right of payment with, the Securities in
any Board Resolution or in any supplemental indenture. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Special Record
Date</FONT></I><FONT face="Times New Roman" size=2>&#148; for the payment of any
Defaulted Interest on any registered Security means a date fixed by the Trustee
pursuant to Section 308. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Stated
Maturity</FONT></I><FONT face="Times New Roman" size=2>&#148;, with respect to any
Security or any installment of principal thereof or interest thereon, means the
date specified in such Security or a Coupon representing such installment of
interest as the fixed date on which the principal of such Security or such
installment of principal or interest is due and payable. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Subsidiary</FONT></I><FONT face="Times New Roman" size=2>&#148; means any corporation of which at the time of
determination the Company and/or one or more Subsidiaries owns or controls
directly or indirectly more than 50% of the shares of Voting Stock. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Trust Indenture
Act</FONT></I><FONT face="Times New Roman" size=2>&#148; means the Trust Indenture
Act of 1939 as in force at the date as of which this instrument was executed,
except as provided in Section 905. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>7</FONT></P>
<HR align=center width="100%" noShade SIZE=2>


<!-- PART02 - EXHIBIT 4.6 -->
<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>

<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Trustee</FONT></I><FONT face="Times New Roman" size=2>&#148; means the Person named as the &#147;Trustee&#148; in the first paragraph of this
instrument 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 &#147;Trustee&#148; shall mean each Person who is then a Trustee
hereunder; PROVIDED, HOWEVER, that if at any time there is more than one such
Person, &#147;Trustee&#148; shall mean each such Person and as used with respect to the
Securities of any series shall mean the Trustee with respect to the Securities
of that series. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>United States</FONT></I><FONT face="Times New Roman" size=2>&#148;, except as otherwise provided herein or in any
Security, means the United States of America (including the States
and the District of Columbia), its territories and possessions and other areas
subject to its jurisdiction. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>United States Alien</FONT></I><FONT face="Times New Roman" size=2>&#148;, except as otherwise provided herein or in any
Security, means any Person who, for United States Federal income tax purposes,
is a foreign corporation, a non-resident alien individual, a non-resident alien
fiduciary of a foreign estate or trust, or a foreign partnership one or more of
the members of which is, for United States Federal income tax purposes, a
foreign corporation, a non-resident alien individual or a non-resident alien
fiduciary of a foreign estate or trust. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>U.S. Depository</FONT></I><FONT face="Times New Roman" size=2>&#148; or &#147;Depository&#148; means, with respect to any
Security issuable or issued in the form of one or more global Securities, the
Person designated as U.S. Depository by the Company pursuant to Section 301,
which must be a clearing agency registered under the Securities Exchange Act of
1934, as amended, and, if so provided pursuant to Section 301 with respect to
any Security, any successor to such Person. If at any time there is more than
one such Person, &#147;U.S. Depository&#148; or &#147;Depository&#148; shall mean, with respect to
any Securities, the qualifying entity which has been appointed with respect to
such Securities. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Vice President</FONT></I><FONT face="Times New Roman" size=2>&#148;, with respect to the Company or the Trustee,
means any vice president, whether or not designated by a number or a word or
words added before or after the title &#147;Vice President&#148;. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><I><FONT face="Times New Roman" size=2>Voting Stock</FONT></I><FONT face="Times New Roman" size=2>&#148; means stock of a corporation of the class or
classes having general voting power under ordinary circumstances to elect at
least a majority of the board of directors, managers or trustees of such
corporation provided that, for the purposes hereof, stock which carries only the
right to vote conditionally on the happening of an event shall not be considered
voting stock whether or not such event shall have happened. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section 102. Compliance
Certificates and Opinions. </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Upon any application or
request by the Company to the Trustee to take any action under any provision of
this Indenture, the Company shall furnish to the Trustee an Officers&#146;
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 or any of
them is specifically required by any provision of this Indenture relating to
such particular application or request, no additional certificate or opinion
need be furnished. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Every certificate or opinion
with respect to compliance with a condition or covenant provided for in this
Indenture and in any applicable Security (except Section 1005) shall include:
</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(1)</FONT></TD>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>a statement that each
      individual signing such certificate or opinion has read such condition or
      covenant and the definitions herein and in any applicable Security
      relating thereto;</FONT></TD></TR>
  <TR>
    <TD noWrap></TD>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(2)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>a brief statement as
      to the nature and scope of the examination or investigation upon which the
      statements or opinions contained in such certificate or opinion are
      based;</FONT></TD></TR>
  <TR>
    <TD noWrap></TD>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(3)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>a statement that, in
      the opinion of each such individual, he has made such examination or
      investigation as is necessary to enable him to express an informed opinion
      as to whether or not such condition or covenant has been complied with;
      and</FONT></TD></TR>


      <TR>
    <TD noWrap></TD>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(4)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>a statement as to
      whether, in the opinion of each such individual, such condition or
      covenant has been complied with.</FONT></TD></TR>

      </TABLE>
<P align=center><FONT face="Times New Roman" size=2>8</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>

<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section 103. Form of
Documents Delivered to Trustee. </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Any certificate or opinion of
an officer of the Company may be based, insofar as it relates to legal matters,
upon a certificate or opinion of, or representations by, counsel, unless such
officer knows, or in the exercise of reasonable care should know, that the
certificate or opinion or representations with respect to the matters upon which
his certificate or opinion is based are erroneous. Any such certificate or
Opinion of Counsel may be based, insofar as it relates to factual matters, upon
a certificate or opinion of, or representations by, an officer or officers of
the Company stating that the information with respect to such factual matters is
in the possession of the Company unless such counsel knows, or in the exercise
of reasonable care should know, that the certificate or opinion or
representations with respect to such matters are erroneous. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Where any Person is required
to make, give or execute two or more applications, requests, consents,
certificates, statements, opinions or other instruments under this Indenture or
any Security, they may, but need not, be consolidated and form one instrument.
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section 104. Acts of
Holders. </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(a) Any request, demand,
authorization, direction, notice, consent, waiver or other action provided by
this Indenture to be given or taken by Holders may be embodied in and evidenced
by one or more instruments of substantially similar tenor signed by such Holders
in person or by agent duly appointed in writing. If, but only if, Securities of
a series are issuable as Bearer Securities, any request, demand, authorization,
direction, notice, consent, waiver or other action provided by this Indenture to
be given or taken by Holders of Securities of such series may, alternatively, be
embodied in and evidenced by the record of Holders of Securities of such series
voting in favor thereof, either in person or by proxies duly appointed in
writing, at any meeting of Holders of Securities of such series duly called and
held in accordance with the provisions of Article Fourteen, 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 &#147;Act&#148; 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 315 of the Trust Indenture Act) conclusive in favor of the Trustee and
the Company and any agent of the Trustee or the Company, if made in the manner
provided in this Section. The record of any meeting of Holders of Securities
shall be proved in the manner provided in Section 1406. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Without limiting the
generality of this Section 104, unless otherwise established in or pursuant to a
Board Resolution or set forth or determined in an Officers&#146; Certificate, or
established in one or more indentures supplemental hereto, pursuant to Section
301, a Holder, including a U.S. Depository that is a Holder of a global
Security, may make, give or take, by a proxy, or proxies, duly appointed in
writing, any request, demand, authorization, direction, notice, consent, waiver
or other action provided in this Indenture to be made, given or taken by
Holders, and a U.S. Depository that is a Holder of a global Security may provide
its proxy or proxies to the beneficial owners of interests in any such global
Security through such U.S. Depository&#146;s standing instructions and customary
practices. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>9</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Trustee shall fix a record
date, which shall be not more than 30 days prior to the first solicitation of
such Holders, for the purpose of determining the Persons who are beneficial
owners of interest in any permanent global Security held by a U.S. Depository
entitled under the procedures of such U.S. Depository to make, give or take, by
a proxy or proxies duly appointed in writing, any request, demand,
authorization, direction, notice, consent, waiver or other action provided in
this Indenture to be made, given or taken by Holders. If such a record date is
fixed, the Holders on such record date or their duly appointed proxy or proxies,
and only such Persons, shall be entitled to make, give or take such request,
demand, authorization, direction, notice, consent, waiver or other action,
whether or not such Holders remain Holders after such record date. No such
request, demand, authorization, direction, notice, consent, waiver or other
action shall be valid or effective if made, given or taken more than 90 days
after such record date. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(b) The fact and date of the
execution by any Person of any such instrument or writing may be proved in any
reasonable manner which the Trustee deems sufficient and in accordance with such
reasonable rules as the Trustee may determine; and the Trustee may in any
instance require further proof with respect to any of the matters referred to in
this Section. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(c) The ownership, principal
amount and serial numbers of Registered Securities held by any Person, and the
date of the commencement and the date of termination of holding the same, shall
be proved by the Security Register. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(d) The ownership, principal
amount and serial numbers of Bearer Securities held by any Person, and the date
of the commencement and the date of termination of holding the same, may be
proved by the production of such Bearer Securities or by a certificate executed,
as depositary, by any Bank, banker or other depositary reasonably acceptable to
the Company, wherever situated, if such certificate shall be deemed by the
Trustee to be satisfactory, showing that at the date therein mentioned such
Person had on deposit with such depositary, or exhibited to it, the Bearer
Securities therein described; or such facts may be proved by the certificate or
affidavit of the Person holding such Bearer Securities, if such certificate or
affidavit is deemed by the Trustee to be satisfactory. The Trustee and the
Company may assume that such ownership of any Bearer Security continues until
(1) another certificate or affidavit bearing a later date issued in respect of
the same Bearer Security is produced, or (2) such Bearer Security is produced to
the Trustee by some other Person, or (3) such Bearer Security is surrendered in
exchange for a Registered Security, or (4) such Bearer Security is no longer
Outstanding. The principal amount and serial numbers of Bearer Securities held
by the Person so executing such instrument or writing and the date of the
commencement and the date of termination of holding the same may also be proved
in any other manner which the Trustee deems sufficient. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(e) If the Company shall
solicit from the Holders of any Registered Securities any request, demand,
authorization, direction, notice, consent, waiver or other Act, the Company may
at its option, by Board Resolutions, fix in advance a record date, which shall
be not more than 30 days prior to the first solicitation of such Holders, for
the determination of Holders of Registered Securities entitled to give such
request, demand, authorization, direction, notice, consent, waiver or other Act,
but the Company shall have no obligation to do so. If such a record date is
fixed, such request, demand, authorization, direction, notice, consent, waiver
or other Act may be given before or after such record date, but only the Holders
of Registered Securities of record at the close of business on such record date
shall be deemed to be Holders for the purposes of determining whether Holders of
the requisite proportion of Outstanding Securities have authorized or agreed or
consented to such request, demand, authorization, direction, notice, consent,
waiver or other Act, and for that purpose the Outstanding Securities shall be
computed as of such record date; provided no such authorization, agreement or
consent of the Holders of Registered Securities shall be deemed effective unless
it shall become effective pursuant to the provisions of this Indenture not later
than six months after the record date. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(f) Any request, demand,
authorization, direction, notice, consent, waiver or other action by the Holder
of any Security shall bind every future Holder of the same Security and the
Holder of every Security issued upon the registration of transfer thereof or in
exchange therefor or in lieu thereof in respect of anything done or suffered to
be done by the Trustee, any Security Registrar, any Paying Agent or the Company
in reliance thereon, whether or not notation of such action is made upon such
Security. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>10</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section 105. Notices, Etc.,
to Trustee and Company. </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Any request, demand,
authorization, direction, notice, consent, waiver or Act of Holders or other
document provided or permitted by this Indenture to be made upon, given or
furnished to, or filed with, </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(1) the Trustee by any Holder
or by the Company shall be sufficient for every purpose hereunder if made,
given, furnished or filed in writing to or with the Trustee at its Corporate
Trust Office, or </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(2) the Company by the Trustee
or by any Holder shall be sufficient for every purpose hereunder (unless
otherwise herein expressly provided) if in writing and mailed, first-class
postage prepaid, to the Company addressed to the attention of its Treasurer at
the address of its principal office specified in the first paragraph of this
Indenture or at any other address previously furnished in writing to a
Responsible Officer of the Trustee by the Company. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section 106. Notice to
Holders; Waiver. </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Except as otherwise expressly
provided herein or in any Security, where this Indenture provides for notice to
Holders of any event, </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(1) such notice shall be
sufficiently given to Holders of Registered Securities if in writing and mailed,
first-class postage prepaid, to each Holder of a Registered Security affected by
such event, at his address as it appears in the Security Register, not later
than the latest date, and not earlier than the earliest date, prescribed for the
giving of such Notice; and </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(2) such notice shall be
sufficiently given to Holders of Bearer Securities, if any, if published in an
Authorized Newspaper and, if such Securities are then listed on any stock
exchange outside the United States, in an Authorized Newspaper in such city as
the Company shall advise the Trustee that such stock exchange so requires, on a
Business Day at least twice, the first such publication to be not earlier than
the earliest date and not later than the latest date prescribed for the giving
of such notice. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In any case where notice to
Holders of Registered Securities is given by mail, neither the failure to mail
such notice, nor any defect in any notice so mailed, to any particular Holder of
a Registered Security shall affect the sufficiency of such notice with respect
to other Holders of Registered Securities or the sufficiency of any notice to
Holders of Bearer Securities given as provided herein. Any notice which is
mailed in the manner herein provided shall be conclusively presumed to have been
duly given or provided. In the case by reason of the suspension of regular mail
service or by reason of any other cause it shall be impracticable to give such
notice by mail, then such notification as shall be made with the approval of the
Trustee shall constitute a sufficient notification for every purpose hereunder.
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In case by reason of the
suspension of publication of any Authorized Newspaper or Authorized Newspapers
or by reason of any other cause it shall be impracticable to publish any notice
to Holders of Bearer Securities as provided above, then such notification to
Holders of Bearer Securities as shall be given with the approval of the Trustee
shall constitute sufficient notice to such Holders for every purpose hereunder.
Neither failure to give notice by publication to Holders of Bearer Securities as
provided above, nor any defect in any notice so published, shall affect the
sufficiency of any notice mailed to Holders of Registered Securities as provided
above. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Where this Indenture provides
for notice in any manner, such notice may be waived in writing by the Person
entitled to receive such notice, either before or after the event, and such
waiver shall be the equivalent of such notice. Waivers of notice by Holders
shall be filed with the Trustee, but such filing shall not be a condition
precedent to the validity of any action taken in reliance upon such waiver.
</FONT></P>

<P align=center><FONT face="Times New Roman" size=2>11</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section 107. Language of
Notices. </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Any request, demand,
authorization, direction, notice, consent, election or waiver required or
permitted under this Indenture shall be in the English language, except that, if
the Company so elects, any published notice may be in an official language of
the country of publication. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section 108. Conflict With
Trust Indenture Act. </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If any provision hereof
limits, qualifies or conflicts with the duties imposed pursuant to Section
318(c) of the Trust Indenture Act, such imposed duties shall control.
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section 109. Effect of
Headings and Table of Contents. </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Article and Section
headings herein and the Table of Contents are for convenience only and shall not
affect the construction hereof. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section 110. Successors and
Assigns. </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>All covenants and agreements
in this Indenture by the Company shall bind its successors and assigns, whether
so expressed or not. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section 111. Separability
Clause. </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In case any provision in this
Indenture, any Security or any Coupon shall be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining
provisions shall not in any way be affected or impaired thereby. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section 112. Benefits Of
Indenture. </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Nothing in this Indenture, any
Security or any Coupon, express or implied, shall give to any Person, other than
the parties hereto, any Security Registrar, any Paying Agent and their
successors hereunder and the Holders of Securities or Coupon, any benefit or any
legal or equitable right, remedy or claim under this Indenture. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section 113. Governing Law.
</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>This Indenture, the Securities
and the Coupons shall be governed by and construed in accordance with the laws
of the State of New York applicable to agreements made or instruments entered
into and, in each case, performed in said state. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section 114. Legal
Holidays. </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In any case where any Interest
Payment Date, Redemption Date or Stated Maturity of any Security, or the last
day on which a Holder has the right to convert these Securities, is not a
Business Day at any Place of Payment, then (notwithstanding any other provision
of this Indenture, any Security or Coupon other than a provision in any Security
or any Coupon that specifically states that such provision shall apply in lieu
of this Section) payment of interest or any Additional Amounts or principal (and
premium, if any) or conversion of the Securities need not be made at such Place
of Payment on such date, but may be made on the next succeeding Business Day at
such Place of Payment with the same force and effect as if made on the Interest
Payment Date or Redemption Date, or at the Stated Maturity, or the last such day
of conversion, and 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. </FONT></P>

<P align=center><FONT face="Times New Roman" size=2>12</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>ARTICLE TWO
</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>SECURITIES FORMS
</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section 201. Forms
Generally. </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Each Registered Security,
Bearer Security, Coupon and temporary global Security issued pursuant to this
Indenture shall be in the form established by or pursuant to a Board Resolution
or in one or more indentures supplemental hereto, shall have appropriate
insertions, omissions, substitutions and other variations as are required or
permitted by this Indenture or any indenture supplemental hereto and may have
such letters, numbers or other marks of identification and such legends or
endorsements placed thereon as may, consistently herewith, be determined by the
officers executing such Security, as evidenced by their execution of such
Security. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Definitive Securities and
definitive Coupons shall be printed, lithographed or engraved or produced by any
combination of these methods on a steel engraved border or steel engraved
borders or may be produced in any other manner, all as determined by the
officers of the Company executing such Securities or Coupons, as evidenced by
their execution of such Securities or Coupons. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section 202. Form of
Trustee&#146;s Certificate of Authentication. </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Subject to Section 611, the
Trustee&#146;s certificate of authentication shall be in substantially the following
form: </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>This certificate represents
Securities of the series designated therein referred to in the within-mentioned
Indenture. </FONT></P>
<DIV align=right>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="60%"><FONT face="Times New Roman" size=2>Dated:</FONT></TD>
    <TD noWrap align=left width="40%" colSpan=2><FONT face="Times New Roman" size=2>[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      ],</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="60%"></TD>
    <TD noWrap align=left width="40%" colSpan=2><FONT face="Times New Roman" size=2>not in its
      individual capacity but solely</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="60%"></TD>
    <TD noWrap align=left width="40%" colSpan=2><FONT face="Times New Roman" size=2>as
      Trustee</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="60%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>By:</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="39%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="60%"></TD>
    <TD noWrap style="text-align: center" width="40%" colSpan=2><FONT size=2 face="Times New Roman">Authorized Signatory</FONT></TD></TR></TABLE></DIV><BR>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section 203. Securities in
Global Form. </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If Securities of a series are
issuable in global form, any such Security may provide that it shall represent
the aggregate amount of Outstanding Securities of such series from time to time
endorsed thereon and may also provide that the aggregate amount of Outstanding
Securities represented thereby may from time to time be increased or reduced to
reflect exchanges. Any endorsement of any Security in global form to reflect the
amount, or any increase or decrease in the amount, or changes in the rights of
Holders, of Outstanding Securities represented thereby shall be made in such
manner and by such Person or Persons as shall be specified therein or in the
Company Order to be delivered pursuant to Section 304 or 305 with respect
thereto. Subject to the provisions of Section 304 and, if applicable, Section
305, the Trustee shall deliver and redeliver any Security in permanent global
form in the manner and upon instructions given by the Person or Persons
specified therein or in the applicable Company Order. If a Company Order
pursuant to Section 304 or 305 has been, or simultaneously is, delivered, any
instructions by the Company with respect to a Security in global form shall be
in writing but need not comply with Section 102 and need not be accompanied by
an Opinion of Counsel. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The provisions of the
immediately preceding sentence shall apply to any Security represented by a
Security in global form if such Security was never issued and sold by the
Company and the Company delivers to the Trustee the Security in global form
together with written instructions (which need not comply with Section 102 and
need not be accompanied by an Opinion of Counsel) with regard to the reduction
in the principal amount of Securities represented thereby. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Notwithstanding the provisions
of Section 308, unless otherwise specified as contemplated by Section 301,
payment of principal of and any premium and interest on any Security in
permanent global form shall be made to the Person or Persons specified therein.
</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>13</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Notwithstanding the provisions
of Section 309, and except as provided in the preceding paragraph, the Company,
the Trustee and any agent of the Company and the Trustee shall treat as the
Holder of such principal amount of Outstanding Securities represented by a
permanent global Security (i) in the case of a permanent global Security in
registered form, the Holder of such permanent global Security in registered
form, or (ii) in the case of a permanent global Security in bearer form, the
Person or Persons specified pursuant to Section 301. </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>ARTICLE THREE
</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>THE SECURITIES
</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section 301. Amount
Unlimited; Issuable in Series. </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The aggregate principal amount
of Securities which may be authenticated and delivered under this Indenture is unlimited. The
Securities shall be subordinated in right of payment to Senior Indebtedness as
provided in Article Fifteen. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Securities may be issued
in one or more series. There shall be established in or pursuant to one or more
Board Resolutions, and set forth in an Officers&#146; Certificate, or established in
one or more indentures supplemental hereto, </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(1)</FONT></TD>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>the title of the
      Securities and the series in which such Securities shall be
      included;</FONT></TD></TR>
  <TR>
    <TD noWrap></TD>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(2)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>any limit upon the
      aggregate principal amount of the Securities of such title or 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 the series pursuant to Section 305, 306, 307, 906, 1107 or
      1502 or the terms of such Securities);</FONT></TD></TR>
  <TR>
    <TD noWrap></TD>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(3)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>whether Securities of
      the series are to be issuable as Registered Securities, Bearer Securities
      or both and, if the Securities are to be issuable exclusively or
      alternatively as Bearer Securities, whether the Bearer Securities are to
      be issuable with Coupons, without Coupons or both, and any restrictions
      applicable to the offer, sale delivery or conversion of the Bearer
      Securities and the terms, if any, upon which Bearer Securities may be
      exchanged for Registered Securities and vice versa;</FONT></TD></TR>
  <TR>
    <TD noWrap></TD>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(4)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>whether any
      Securities of the series are to be issuable initially or otherwise in
      global form and, if so, (i) whether beneficial owners of interests in any
      such global Security may exchange such interest for Securities of such
      series and of like tenor of any authorized form and denomination and the
      circumstances under which any such exchanges may occur, if other than in
      the manner specified in Section 306, (ii) the name of the depository or
      the U.S. Depository, as the case may be, with respect to any global
      Security and (iii) the manner in which interest payable on a global
      Security will be paid;</FONT></TD></TR>
  <TR>
    <TD noWrap></TD>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(5)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>the date as of which
      any Bearer Securities of the series and any global Security representing
      Outstanding Securities of the series shall be dated if other than the date
      of original issuance of the first Security of the series to be
      issued;</FONT></TD></TR>
  <TR>
    <TD noWrap></TD>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(6)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>if Securities of the
      series are to be issuable as Bearer Securities, whether interest in
      respect of any portion of a temporary Bearer Security in global form
      (representing all of the Outstanding Bearer Securities of the series)
      payable in respect of an Interest Payment Date prior to the exchange of
      such temporary Bearer Security for definitive Securities of the series
      shall be paid to any clearing organization with respect to the portion of
      such temporary Bearer Security held for its account and, in such event,
      the terms and conditions (including any certification requirements) upon
      which any such interest payment received by a clearing organization will
      be credited to the Persons entitled to interest payable on such Interest
      Payment Date;</FONT></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman" size=2>14</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(7)</FONT></TD>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>the date or dates, or
      the method, if any, by which such date or dates shall be determined, on
      which the principal of such Securities is payable;</FONT></TD></TR>
  <TR>
    <TD noWrap>&nbsp;</TD>
    <TD width="100%" colSpan=3></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(8)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>the rate or rates at
      which such Securities shall bear interest, if any, or the method, if any,
      by which such rate or rates are to be determined, the date or dates, if
      any, from which such interest shall accrue or the method, if any, by which
      such date or dates are to be determined, the Interest Payment Dates, if
      any, on which such interest shall be payable and the Regular Record Date,
      if any, for the interest payable on Registered Securities on any Interest
      Payment Date, whether and under what circumstances Additional Amounts on
      such Securities or any of them shall be payable, and the basis upon which
      interest shall be calculated if other than that of a 360-day year of
      twelve 30-day months;</FONT></TD></TR>
  <TR>
    <TD noWrap>&nbsp;</TD>
    <TD width="100%" colSpan=3></TD></TR>
  <TR>
    <TD vAlign=top noWrap>&nbsp;</TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(9)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>the place or places,
      if any, where the principal of (and premium, if any) and interest
      (including Additional Amounts), if any, on such Securities shall be
      payable, any Registered Securities of the series may be surrendered for
      registration of transfer, Securities of the series may be surrendered for
      exchange or conversion and notices or demands to or upon the Company in
      respect of the Securities of the series and this Indenture may be
      served;</FONT></TD></TR>
  <TR>
    <TD noWrap>&nbsp;</TD>
    <TD width="100%" colSpan=3></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(10)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>whether the
      Securities of the series or any of them are to be redeemable at the option
      of the Company and, if so, the period or periods within which, the price
      or prices at which and the other terms and conditions upon which such
      Securities may be redeemed, in whole or in part, at the option of the
      Company;</FONT></TD></TR>
  <TR>
    <TD noWrap>&nbsp;</TD>
    <TD width="100%" colSpan=3></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(11)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>whether the Company
      is obligated to redeem, or purchase Securities of the series or any of
      them pursuant to any sinking fund or at the option of any Holder thereof
      and, if so, the period or periods within which, the price or prices at
      which and the other terms and conditions upon which such Securities shall
      be redeemed or purchased, in whole or in part, pursuant to such
      obligation, and any provisions for the remarketing of the Securities of
      the series so redeemed or purchased;</FONT></TD></TR>
  <TR>
    <TD noWrap>&nbsp;</TD>
    <TD width="100%" colSpan=3></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(12)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>the denominations in
      which Registered Securities of the series, if any, shall be issuable if
      other than denominations of $1,000 and any integral multiple thereof, and
      the denominations in which Bearer Securities of the series, if any, shall
      be issuable if other than the denomination of $5,000;</FONT></TD></TR>
  <TR>
    <TD noWrap>&nbsp;</TD>
    <TD width="100%" colSpan=3></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(13)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>if other than the
      principal amount thereof, the portion of the principal amount of the
      Securities of the series of any of them which shall be payable upon
      declaration of acceleration of the Maturity thereof pursuant to Section
      502 or the method by which such portion is to be determined;</FONT></TD></TR>
  <TR>
    <TD noWrap>&nbsp;</TD>
    <TD width="100%" colSpan=3></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(14)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>if other than such
      coin or currency of the United States of America as at the time of payment
      is legal tender for payment of public or private debts, the coin or
      currency, composite currencies or currency unit or units in which payment
      of the principal of (and premium, if any) or interest, if any, on or any
      Additional Amounts in respect of the Securities of the series or any of
      them shall be payable;</FONT></TD></TR>
  <TR>
    <TD noWrap>&nbsp;</TD>
    <TD width="100%" colSpan=3></TD></TR>
  <TR>
    <TD vAlign=top noWrap>&nbsp;</TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(15)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>if the principal of
      (and premium, if any) or interest, if any, on or any Additional Amounts in
      respect of the Securities of the series or any of them are to be payable,
      at the election of the Company or a Holder thereof, in a coin or currency,
      composite currencies or currency unit or units other than that in which
      the Securities of the series or any of them are stated to be payable, the
      period or periods within which, and the terms and conditions upon which,
      such election may be made;</FONT></TD></TR>
  <TR>
    <TD noWrap>&nbsp;</TD>
    <TD width="100%" colSpan=3></TD></TR>
  <TR>
    <TD vAlign=top noWrap>&nbsp;</TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(16)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>whether the amount of
      payments of principal of (and premium, if any) or interest (including
      Additional Amounts), if any, on the Securities of the series may be
      determined with reference to an index, formula or other method (which
      index, formula or method may be based, without limitation, on one or more
      currencies, currency units, composite currencies, commodities, equity
      indices or other indices), and, if so, the terms and conditions upon which
      and the manner in which such amounts shall be determined and paid or
      payable;</FONT></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman" size=2>15</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(17)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>whether the principal
      of (and premium, if any) or interest (including Additional Amounts), if
      any, on the Securities of the series are to be payable, at the election of
      the Company or any Holder thereof or otherwise, in a currency or
      currencies, currency unit or units or composite currency or currencies
      other than that in which such Securities or any of them are denominated or
      stated to be payable, the period or periods within which, and the other
      terms and conditions upon which, such election, if any, may be made, and
      the time and manner of determining the exchange rate between the currency
      or currencies, currency unit or units or composite currency or currencies
      in which such Securities or any of them are denominated or stated to be
      payable and the currency or currencies, currency unit or units or
      composite currency or currencies in which such Securities or any of them
      are to be so payable;</FONT></TD></TR>
  <TR>
    <TD noWrap></TD>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(18)</FONT></TD>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>any deletions from,
      modifications of or additions to the Events of Default or covenants of the
      Company with respect to the Securities of the series or any of them,
      whether or not such Events of Default or covenants are consistent with the
      Events of Default or covenants set forth herein;</FONT></TD></TR>
  <TR>
    <TD noWrap></TD>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(19)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>the applicability, if
      any, of Section 403 to the Securities of the series and any provisions in
      modification of, in addition to or in lieu of any of the provisions of
      Section 403;</FONT></TD></TR>
  <TR>
    <TD noWrap></TD>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(20)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>if the Securities of
      the series or any of them are to be issued upon the exercise of warrants,
      the time, manner and place for such Securities to be authenticated and
      delivered;</FONT></TD></TR>
  <TR>
    <TD noWrap></TD>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(21)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>if the Securities of
      the series are to be issuable in definitive form (whether upon original
      issue or upon exchange of a temporary Security of such series) only upon
      receipt of certain certificates or other documents or satisfaction of
      other conditions, then the form and terms of such certificates, documents
      or conditions;</FONT></TD></TR>
  <TR>
    <TD noWrap></TD>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(22)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>if there is more than
      one Trustee, the identity of the Trustee and, if not the Trustee, the
      identity of each Security Registrar, Paying Agent and/or Authenticating
      Agent with respect to the Securities of the series;</FONT></TD></TR>
  <TR>
    <TD noWrap></TD>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(23)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>whether any of the
      Securities of a series shall be issued as Original Issue Discount
      Securities; and</FONT></TD></TR>
  <TR>
    <TD noWrap></TD>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(24)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>any other terms of
      the Securities of the series or any of them.</FONT></TD></TR></TABLE>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>All Securities of any one
series and Coupons appertaining to Bearer Securities of such series, if any,
shall be substantially identical except as to denomination and the rate or rates
of interest, if any, and Stated Maturity, the date from which interest, if any,
shall accrue and except as may otherwise be provided by the Company in or
pursuant to one or more Board Resolutions and set forth in such Officers&#146;
Certificate or in any indenture or indentures supplemental hereto pertaining to
such series of Securities. All Securities of any one series need not be issued
at the same time and, unless otherwise so provided by the Company, a series may
be reopened for issuances of additional Securities of such series. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If any of the terms of the
Securities of any series were established by action taken by or pursuant to a
Board Resolution, the Board Resolution shall be delivered to the Trustee at or
prior to the delivery of the Officers&#146; Certificate setting forth the terms of
such series. </FONT></P>

<P align=center><FONT face="Times New Roman" size=2>16</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section 302. Denominations.
</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Unless otherwise established
with respect to any Securities pursuant to Section 301, the Registered
Securities of each series, if any, denominated in Dollars shall be issuable in
registered form without coupons in denominations of $1,000 and any integral
multiple thereof, and the Bearer Securities of each series, if any, </FONT><FONT face="Times New Roman" size=2>denominated in Dollars shall be issuable in the
denomination of $1,000. Securities not denominated in Dollars shall be issuable
in such denominations as are established with respect to such Securities
pursuant to Section 301. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section 303. Securities in
Foreign Countries </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Whenever this Indenture
provides for (i) any action by, or the determination of any of the rights of,
Holders of Securities of any series in which not all of such Securities are
denominated in the same currency, or (ii) any distribution to Holders of
Securities, in the absence of any provision to the contrary in the form of
Security of any particular series, any amount in respect of any Security
denominated in a currency other than United States dollars shall be treated for
any such action or distribution as that amount of United States dollars that
could be obtained for such amount on such reasonable basis of exchange and as of
the record date with respect to Registered Securities of such series (if any)
for such action, determination of rights or distribution (or, if there shall be
no applicable record date, such other date reasonably proximate to the date of
such action, determination of rights or distribution) as the Company may specify
in a written notice to the Trustee or, in the absence of such written notice, as
the Trustee may determine. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section 304. Execution,
Authentication, Delivery and Dating. </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Securities and any Coupons
appertaining thereto shall be executed on behalf of the Company by its Chairman
of the Board, Deputy Chairman, one of its Vice Chairmen, its President or one of
its Vice Presidents under its corporate seal reproduced thereon and attested by
its Secretary or one of its Assistant Secretaries. The signature of any of these
officers on the Securities and any Coupons appertaining thereto may be manual or
facsimile. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Securities and Coupons bearing
the manual or facsimile signatures of individuals who were at any time the
proper officers of the Company shall bind the Company, notwithstanding that such
individuals or any of them have ceased to hold such offices prior to the
authentication and delivery of such Securities or did not hold such offices at
the date of such Securities. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>At any time and from time to
time after the execution and delivery of this Indenture, the Company may deliver
Securities of any series, together with any Coupons appertaining thereto,
executed by the Company, to the Trustee for authentication, and, provided that
the Board Resolution or Resolutions and Officers&#146; Certificate or supplemental
indenture or indentures with respect to such Securities referred to in Section
301 and a Company Order for the authentication and delivery of such Securities,
has been delivered to the Trustee, the Trustee in accordance with the Company
Order and subject to the provisions hereof of such Securities shall authenticate
and deliver such Securities. In authenticating such Securities, and accepting
the additional responsibilities under this Indenture in relation to such
Securities and any Coupons appertaining thereto, the Trustee shall be entitled
to receive, and (subject to Sections 315(a) through 315(b) of the Trust
Indenture Act) shall be fully protected in relying upon,</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(1)</FONT></TD>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width="100%" colSpan=3><FONT face="Times New Roman" size=2>an Opinion of Counsel
      stating, to the effect</FONT></TD></TR>
  <TR>
    <TD noWrap></TD>
    <TD width="100%" colSpan=5>&nbsp;</TD></TR>
  <TR>
    <TD noWrap></TD>
    <TD noWrap></TD>
    <TD noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(A)</FONT></TD>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>that the form or forms and terms of such
      Securities and Coupons, if any, have been established in conformity with
      the provisions of this Indenture;</FONT></TD></TR>
  <TR>
    <TD noWrap colSpan=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap>&nbsp;</TD>
    <TD noWrap>&nbsp;</TD>
    <TD width="100%">&nbsp;</TD></TR>
  <TR>
    <TD noWrap></TD>
    <TD noWrap></TD>
    <TD noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(B)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>that all conditions precedent to the
      authentication and delivery of such Securities and Coupons, if any,
      appertaining thereto, have been complied with and that such Securities,
      and Coupons, when completed by appropriate insertion and executed and
      delivered by the Company to the Trustee for authentication pursuant to
      this Indenture, and authenticated and delivered by the Trustee and issued
      by the Company in the manner and subject to any conditions specified in
      such Opinion of Counsel, will constitute legally valid and binding
      obligations of the Company, enforceable against the Company in accordance
      with their terms, subject to bankruptcy, insolvency, reorganization,
      moratorium, fraudulent transfer or other similar laws affecting the
      enforcement of creditors&#146; rights generally, and subject to general
      principles of equity (regardless of whether enforcement is sought in a
      proceeding in equity or at law) and will entitle
the Holders thereof to
      the benefits of the Indenture; such Opinion of Counsel need express no
      opinion as to the availability of equitable remedies;</FONT></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman" size=2>17</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>


  <TR>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(C)</FONT></TD>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>that all laws and
      requirements in respect of the execution and delivery by the Company of
      such Securities and Coupons, if any, have been complied with;
  and</FONT></TD></TR>
  <TR>
    <TD noWrap></TD>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(D)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>as to such other
      matters as the Trustee may reasonably request; and</FONT></TD></TR>
  </TABLE>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(2) an Officers&#146; Certificate
stating that, to the best knowledge of the Persons executing such certificate,
no Event of Default with respect to any of the Securities shall have occurred
and be continuing. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If all the Securities of any
series are not to be issued at one time, it shall not be necessary to deliver an
Opinion of Counsel and an Officers&#146; Certificate at the time of issuance of each
Security, but such opinion and certificate, with appropriate modifications to
cover future issuances, shall be delivered at or before the time of issuance of
the first Security of such series. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Trustee shall not be
required to authenticate or to cause an Authenticating Agent to authenticate any
Securities if the issue of such Securities pursuant to this Indenture will
affect the Trustee&#146;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 or if the Trustee, being advised by counsel, determines that such
action may not lawfully be taken or if the Trustee in good faith shall determine
that such action would expose the Trustee to personal liability to existing
Holders. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Each Registered Security shall
be dated the date of its authentication. Each Bearer Security and any temporary
Bearer Security in global form shall be dated as of the date specified as
contemplated by Section 301. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>No Security or Coupon 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 in Section 202 or 611 executed by or on
behalf of the Trustee by the manual signature of one of its authorized officers,
and such certificate upon any Security shall be conclusive evidence, and the
only evidence, that such Security has been duly authenticated and delivered
hereunder. Except as permitted by Section 307 or 308, the Trustee shall not
authenticate and deliver any Bearer Security unless all appurtenant Coupons for
interest then matured have been detached and cancelled. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section 305. Temporary
Securities. </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Pending the preparation of
definitive Securities of any series, the Company may execute and deliver to the
Trustee and, upon Company Order the Trustee shall authenticate and deliver, in
the manner provided in Section 304, temporary Securities of such series which
are printed, lithographed, typewritten, mimeographed or otherwise produced, in
any authorized denomination, substantially of the tenor of the definitive
Securities in lieu of which they are issued, in registered form or, if
authorized, in bearer form with one or more Coupons or without Coupons and with
such appropriate insertions, omissions, substitutions and other variations as
the officers of the Company executing such Securities may determine, as
conclusively evidenced by their execution of such Securities. In the case of
Securities of any series, such temporary Securities may be in global form.
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Except in the case of
temporary Securities in global form, which shall be exchanged in accordance with
the provisions thereof, if temporary Securities of any series are issued, the
Company shall cause definitive Securities of such series to be prepared without
unreasonable delay. After the preparation of definitive Securities of any
series, the temporary Securities of such series, if any, shall be exchangeable
upon request for definitive Securities of such series containing identical terms
and provisions upon surrender of the temporary Securities of such series at an
office or agency of the Company maintained for such purpose pursuant to Section
1002, without charge to any Holder. Upon surrender for cancellation of any one
or more temporary Securities of any series (accompanied by any unmatured Coupons
appertaining thereto), the Company shall execute and the Trustee shall
authenticate and deliver in exchange therefor a like principal amount of
definitive Securities of authorized denominations of the same series containing
identical terms and provisions; PROVIDED, HOWEVER, that no definitive Bearer
Security, except as provided pursuant to Section
301, shall be delivered in exchange for a temporary Registered Security; and
PROVIDED, FURTHER, that a definitive Bearer Security shall be delivered in
exchange for a temporary Bearer Security only in compliance with the conditions
set forth herein or therein. Unless otherwise specified as contemplated by
Section 301 with respect to a temporary global Security, until so exchanged the
temporary Securities of any series shall in all respects be entitled to the same
benefits under this Indenture as definitive Securities of such series. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>18</FONT></P>
<HR align=center width="100%" noShade size="2">

<!-- PART03 - EXHIBIT 4.6 -->
<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>

<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section 306. Registration,
Transfer and Exchange. </FONT></B></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>With
respect to the Registered Securities of each series, if any, the Company shall
cause to be kept, at an office or agency of the Company maintained pursuant to
Section 1002, a register (each such register being herein sometimes referred to
as the &#147;Security Register&#148;) in which, subject to such reasonable regulations as
it may prescribe, the Company shall provide for the registration of the
Registered Securities of each series and of transfers of the Registered
Securities of such series. In the event that the Trustee shall not be the
Security Registrar, it shall have the right to examine the Security Register at
all reasonable times. [Southern First Bancshares, Inc.] is hereby initially
appointed as Security Registrar for each series of Securities. In the event that
[Southern First Bancshares, Inc.] shall cease to be Security Registrar with
respect to a series of Securities, the Trustee shall have the right to examine
the Security Register for such series at all reasonable times. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>Upon
surrender for registration of transfer of any Registered Security of any series
at any office or agency of the Company maintained for such series pursuant to
Section 1002, the Company shall execute, and the Trustee shall authenticate and
deliver, in the name of the designated transferee or transferees, one or more
new Registered Securities of the same series of any authorized denominations, of
a like aggregate principal amount bearing a number not contemporaneously
outstanding and containing identical terms and provisions. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>At
the option of the Holder, Registered Securities of any series may be exchanged
for other Registered Securities of the same series containing identical terms
and provisions, in any authorized denominations, and of a like aggregate
principal amount, upon surrender of the Securities to be exchanged at any such
office or agency. Whenever any Registered Securities are so surrendered for
exchange, the Company shall execute, and the Trustee shall authenticate and
deliver, the Registered Securities which the Holder making the exchange is
entitled to receive. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>If
specified as contemplated by Section 301 with respect to Securities of any
series, at the option of the Holder, Bearer Securities of such series may be
exchanged for Registered Securities of such series containing identical terms
and provisions, of any authorized denominations and aggregate principal amount,
upon surrender of the Bearer Securities to be exchanged at any such office or
agency for such series, with all unmatured Coupons and all matured Coupons in
default thereto appertaining. If the Holder of a Bearer Security is unable to
produce any such unmatured Coupon or Coupons or matured Coupon or Coupons in
default, such exchange may be effected if the Bearer Securities are accompanied
by payment in funds acceptable to the Company and the Trustee in an amount equal
to the face amount of such missing Coupon or Coupons, or the surrender of such
missing Coupon or Coupons may be waived by the Company and the Trustee if there
is furnished to them such Security or indemnity as they may require to save each
of them and any Paying Agent harmless. If thereafter the Holder of such Security
shall surrender to any Paying Agent any such missing Coupon in respect of which
such a payment shall have been made, such Holder shall be entitled to receive
the amount of such payment; PROVIDED, HOWEVER, that, except as otherwise
provided in Section 1002, interest represented by Coupons shall be payable only
upon presentation and surrender of those Coupons at an office or agency for such
series located outside the United States. Notwithstanding the foregoing, in case
a Bearer Security of any series is surrendered at any such office or agency in
exchange for a Registered Security of such series and like tenor after the close
of business at such office or agency on (i) any Regular Record Date and before
the opening of business at such office or agency on the relevant Interest
Payment Date, or (ii) any Special Record Date and before the opening of business
at such office or agency on the related date for payment of Defaulted Interest,
such Bearer Security shall be surrendered without the Coupon relating to such
Interest Payment Date or proposed date of payment, as the case may be (or, if
such Coupon is so surrendered with such Bearer Security, such Coupon shall be
returned to the person so surrendering the Bearer Security), and interest or
Defaulted Interest, as the case may be, will not be payable on such Interest
Payment Date or proposed date for payment, as the case may be, in respect of the
Registered Security issued in exchange for such Bearer Security, but will be
payable only to the Holder of such Coupon when due in accordance with the
provisions of this Indenture. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>19</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>If
specified as contemplated by Section 301 with respect to Securities of any
series, at the option of the Holder, Registered Securities of such series may be
exchanged for Bearer Securities upon such terms and conditions as may be
provided pursuant hereto with respect to such series. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>Whenever any Securities are so surrendered for exchange as contemplated
by the immediately preceding two paragraphs, the Company shall execute, and the
Trustee shall authenticate and deliver, the Securities which the Holder making
the exchange is entitled to receive. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>Notwithstanding the foregoing, except as otherwise specified as
contemplated by Section 301, any global Security of any series shall be
exchangeable for Securities of such series only if (i) the Securities Depository
is at any time unwilling or unable or ineligible to continue as Securities
Depository and a successor depository is not appointed by the Company within 90
days of the date the Company is so notified in writing, (ii) the Company
executes and delivers to the Trustee a Company Order to the effect that such
global Security shall be so exchangeable, or (iii) an Event of Default has
occurred and is continuing with respect to the Securities. If the beneficial
owners of interests in a global Security are entitled to exchange such interests
for Securities of such series and of like tenor and principal amount of any
authorized form and denomination, as specified as contemplated by Section 301,
then without unnecessary delay but in any event not later than the earliest date
on which such interests may be so exchanged, the Company shall deliver to the
Trustee definitive Securities of that series in aggregate principal amount equal
to the principal amount of such global Security, executed by the Company. On or
after the earliest date on which such interests may be so exchanged, such global
Security shall be surrendered from time to time by the U.S. Depository or such
other depository as shall be specified in the Company Order with respect
thereto, and in accordance with instructions given to the Trustee and the U.S.
Depository or such other depository, as the case may be (which instructions
shall be in writing but need not comply with Section 102 or be accompanied by an
Opinion of Counsel), as shall be specified in the Company Order with respect
thereto to the Trustee, as the Company&#146;s agent for such purpose, to be
exchanged, in whole or in part, for definitive Securities of the same series
without charge. The Trustee shall authenticate and make available for delivery,
in exchange for each portion of such surrendered global Security, a like
aggregate principal amount of definitive Securities of the same series of
authorized denominations and of like tenor as the portion of such global
Security to be exchanged which (unless the Securities of such series are not
issuable both as Bearer Securities and as Registered Securities, in which case
the definitive Securities exchanged for the global Security shall be issuable
only in the form in which the Securities are issuable, as specified as
contemplated by Section 301) shall be in the form of Bearer Securities or
Registered Securities, or any combination thereof, as shall be specified by the
beneficial owner thereof; PROVIDED, HOWEVER, that no such exchanges may occur
during a period beginning at the opening of business 15 days before any
selection of Securities of such series to be redeemed and ending on the relevant
Redemption Date; and provided, further, that (unless otherwise specified as
contemplated by Section 301) no Bearer Security delivered in exchange for a
portion of a global Security shall be mailed or otherwise delivered to any
location in the United States. </FONT><FONT face="Times New Roman" size=2>Promptly following any such exchange in part, such global Security shall
be returned by the Trustee to such Depository or the U.S. Depository, as the
case may be, or such other Depository or U.S. Depository referred to above in
accordance with the instructions of the Company referred to above. If a
Registered Security is issued in exchange for any portion of a global Security
after the close of business at the office or agency where such exchange occurs
on (i) any Regular Record Date and before the opening of business at such office
or agency on the relevant Interest Payment Date, or (ii) any Special Record Date
and before the opening of business at such office or agency on the related
proposed date for payment of interest or Defaulted Interest, as the case may be,
interest will not be payable on such Interest Payment Date or proposed date for
payment, as the case may be, in respect of such Registered Security, but will be
payable on such Interest Payment Date or proposed date for payment, as the case
may be, only to the Person to whom interest in respect of such portion of such
global Security is payable in accordance with the provisions of this Indenture.
</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>All
Securities endorsed thereon issued upon any registration of transfer or exchange
of Securities shall be the valid obligations of the Company evidencing the same
debt, and entitling the Holders thereof to the same benefits under this
Indenture as the Securities surrendered upon such registration of transfer or
exchange. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>Every Registered Security presented or surrendered for registration of
transfer or for exchange, redemption or conversion shall (if so required by the
Company or the Security Registrar for such series of Security presented) be duly
endorsed, or be accompanied by a written instrument of transfer in form
satisfactory to the Company and such Security Registrar duly executed by the
Holder thereof or his attorney duly authorized in writing. &nbsp;</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>20</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>No
service charge shall be made for any registration of transfer or exchange,
redemption or conversion of Securities, but the Company may require payment of a
sum sufficient to cover any tax or other governmental charge that may be imposed
in connection with any registration of transfer or exchange of Securities, other
than exchanges pursuant to Section 305, 906 or 1107 not involving any transfer.
</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>Except as otherwise specified as contemplated by Section 301, the Company
shall not be required (i) to issue, register the transfer of or exchange any
Securities of any series during a period beginning at the opening of business 15
days before the day of the selection for redemption of Securities of such series
under Section 1103 and ending at the close of business on the day of such
selection, or (ii) to register the transfer of or exchange any Registered
Security so selected for redemption in whole or in part, except in the case of
any Security to be redeemed in part, the portion thereof not to be redeemed, or
(iii) to exchange any Bearer Security so selected for redemption except, to the
extent provided with respect to such Security, that such a Bearer Security may
be exchanged for a Registered Security of that series, provided that such
Registered Security shall be immediately surrendered for redemption with written
instruction for payment consistent with the provisions of this Indenture or (iv)
to issue, register the transfer of or exchange any Security which, in accordance
with its terms specified as contemplated by Section 301, has been surrendered
for repayment at the option of the Holder, except the portion, if any, of such
Security not to be repaid. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><B><FONT face="Times New Roman" size=2>Section 307. Mutilated, Destroyed, Lost and Stolen Securities.
</FONT></B></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>If
any mutilated Security or a Security with a mutilated Coupon appertaining to it
is surrendered to the Trustee, subject to the provisions of this Section 307,
the Company shall execute and the Trustee shall authenticate and deliver in
exchange therefor a new Security of the same series containing identical terms
and of like principal amount and bearing a number not contemporaneously
outstanding, with Coupons corresponding to the Coupons, if any, appertaining to
the surrendered Security. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>If
there be delivered to the Company and to the Trustee (i) evidence to their
satisfaction of the destruction, loss or theft of any Security or Coupon, and
(ii) such Security or indemnity as may be required by them to save each of them
and any agent of either of them harmless, then, in the absence of notice to the
Company or the Trustee that such Security or Coupon has been acquired by a bona
fide purchaser, the Company shall execute and upon its request the Trustee shall
authenticate and deliver, in exchange for or in lieu of any such mutilated,
destroyed, lost or stolen Security or in exchange for the Security to which a
destroyed, lost or stolen Coupon appertains with all appurtenant Coupons not
destroyed, lost or stolen, a new Security of the same series containing
identical terms and of like principal amount and bearing a number not
contemporaneously outstanding, with Coupons corresponding to the Coupons, if
any, appertaining to such destroyed, lost or stolen Security or to the Security
to which such destroyed, lost or stolen Coupon appertains. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>Notwithstanding the foregoing provisions of this Section 307, in case any
such mutilated, destroyed, lost or stolen Security or Coupon has become or is
about to become due and payable, the Company in its discretion may, instead of
issuing a new Security, pay such Security or Coupon; PROVIDED, HOWEVER, that
payment of principal of (and premium, if any) and any interest on Bearer
Securities shall, except as otherwise provided in Section 1002, be payable only
at an office or agency located outside the United States and, unless otherwise
specified as contemplated by Section 301, any interest on Bearer Securities
shall be payable only upon presentation and surrender of the Coupons
appertaining thereto. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>Upon
the issuance of any new Security under this Section, the Company may require the
payment of a sum sufficient to cover any tax or other governmental charge that
may be imposed in relation thereto and any other expenses (including the fees
and expenses of the Trustee) connected therewith. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>Every new Security of any series, with its Coupons, if any, issued
pursuant to this Section in lieu of any destroyed, lost or stolen Security and
its Coupons, if any, or the destroyed, lost or stolen Coupon shall constitute a
separate obligation of the Company, whether or not the destroyed, lost or stolen
Security and its Coupons, if any, or the destroyed, lost or stolen Coupon shall
be at any time enforceable by anyone, and shall be entitled to all the benefits
of this Indenture equally and proportionately with any and all other Securities
of that series and their Coupons, if any. &nbsp;</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>21</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>The
provisions of this Section are exclusive and shall preclude (to the extent
lawful) all other rights and remedies with respect to the replacement or payment
of mutilated, destroyed, lost or stolen Securities or Coupons. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><B><FONT face="Times New Roman" size=2>Section 308. Payment of Interest; Interest Rights Preserved.
</FONT></B></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>Unless otherwise specified as contemplated by Section 301, interest on
any Registered Security which is payable, and is punctually paid or duly
provided for, on any Interest Payment Date shall be paid to the Person in whose
name that Security (or one or more Predecessor Securities) is registered as of
the close of business on the Regular Record Date for such interest. In case a
Bearer Security of any series is surrendered in exchange for a Registered
Security of such series after the close of business (at an office or agency in a
Place of Payment for such series) on any Regular Record Date and before the
opening of business (at such office or agency) on the next succeeding Interest
Payment Date, such Bearer Security shall be surrendered without the Coupon
relating to such Interest Payment Date and interest will not be payable on such
Interest Payment Date in respect of the Registered Security issued in exchange
of such Bearer Security, but will be payable only to the Holder of such Coupon
when due in accordance with the provisions of this Indenture. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>Any
interest on any Registered Security of any series which shall be payable, but
shall not be punctually paid or duly provided for, on any Interest Payment Date
for such Registered Security (herein called &#147;Defaulted Interest&#148;) shall
forthwith cease to be payable to the Holder on the relevant Regular Record Date
by virtue of having been such Holder; and such Defaulted Interest may be paid by
the Company, at its election in each case, as provided in Clause (1) or (2)
below: </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(1)
The Company may elect to make payment of any Defaulted Interest to the Persons
in whose names the Registered Securities affected (or their respective
Predecessor Securities) are registered at the close of business on a Special
Record Date for the payment of such Defaulted Interest, which shall be fixed in
the following manner. The Company shall notify the Trustee in writing of the
amount of Defaulted Interest proposed to be paid on each such Registered
Security and the date of the proposed payment, and at the same time the Company
shall deposit with the Trustee an amount of money equal to the aggregate amount
proposed to be paid in respect of such Defaulted Interest or shall make
arrangements satisfactory to the Trustee for such deposit on or prior to the
date of the proposed payment. Money will be held in trust for the benefit of the
Persons entitled to such Defaulted Interest as in this Clause provided.
Thereupon, the Trustee shall fix a Special Record Date for the payment of such
Defaulted Interest which shall be not more than 15 days and not less than 10
days prior to the date of the proposed payment and not less than 10 days after
the receipt by the Trustee of the notice of the proposed payment. The Trustee
shall promptly notify the Company of such Special Record Date and, in the name
and at the expense of the Company shall cause notice of the proposed payment of
such Defaulted Interest and the Special Record Date therefor to be mailed,
first-class postage prepaid, to each Holder of such Registered Securities at his
address as it appears in the Security Register not less than 10 days prior to
such Special Record Date. Notice of the proposed payment of such Defaulted
Interest and the Special Record Date therefor having been mailed as aforesaid,
such Defaulted Interest shall be paid to the Persons in whose names such
Registered Securities (or their respective Predecessor Securities) are
registered at the close of business on such Special Record Date and shall no
longer be payable pursuant to the following Clause (2). In case a Bearer
Security of any series is surrendered at the office or agency in a Place of
Payment for such series in exchange for a Registered Security of such series
after the close of business at such office or agency on any Special Record Date
and before the opening of business at such office or agency on the related
proposed date for payment of Defaulted Interest, such Bearer Security shall be
surrendered without the Coupon relating to such proposed date of payment and
Defaulted Interest will not be payable on such proposed date of payment in
respect of the Registered Security issued in exchange for such Bearer Security,
but will be payable only to the Holder of such Coupon when due in accordance
with the provisions of this Indenture. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(2)
The Company may make payment of any Defaulted Interest 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 payment shall be deemed
practicable by the Trustee. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>22</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>At
the option of the Company, interest on Registered Securities of any series that
bear interest may be paid by mailing a check to the address of the person
entitled thereto as such address shall appear in the Security Register.
</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>Subject to the foregoing provisions of this Section and Section 306, 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.
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section 309. Persons Deemed
Owners. </FONT></B></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>Prior to due presentment of a Registered Security for registration of
transfer, the Company, the Trustee and any agent of the Company or the Trustee
may treat the Person in whose name such Registered Security is registered as the
owner of such Registered Security for the purpose of receiving payment of
principal of (and premium, if any), and (subject to Sections 306 and 308)
interest on or any Additional Amounts with respect to, such Registered Security
and for all other purposes whatsoever, whether or not any payment with respect
to such Registered Security be overdue, and neither the Company, the Trustee nor
any agent of the Company or the Trustee shall be affected by notice to the
contrary. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>The
Company, the Trustee and any agent of the Company or the Trustee may treat the
bearer of any Bearer Security and the bearer of any Coupon as the absolute owner
of such Security or Coupon for the purpose of receiving payment thereof or on
account thereof and for all other purposes whatsoever, whether or not any
payment with respect to such Security or Coupon be overdue, and neither the
Company, the Trustee nor any agent of the Company or the Trustee shall be
affected by notice to the contrary. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section 310. Cancellation.
</FONT></B></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>All
Securities and Coupons surrendered for payment, redemption, registration of
transfer or exchange or for credit against any sinking fund payment shall, if
surrendered to any Person other than the Trustee or the Security Registrar, be
delivered to the Trustee or the Security Registrar, and any such Securities and
Coupons and Securities and Coupons surrendered directly to the Trustee or the
Security Registrar for any such purpose shall be promptly cancelled by the
Trustee or the Security Registrar, as the case may be. The Company may at any
time deliver to the Trustee or the Security Registrar for cancellation any
Securities previously authenticated and delivered hereunder which the Company
may have acquired in any manner whatsoever, and all Securities so delivered
shall be promptly cancelled by the Trustee or the Security Registrar, as the
case may be. No Securities shall be authenticated in lieu of or in exchange for
any Securities cancelled as provided in this Section, except as expressly
permitted by this Indenture or as otherwise specified as contemplated by Section
301. All cancelled Securities and Coupons held by the Trustee or the Security
Registrar shall be returned to the Company by the Trustee or the Security
Registrar, as the case may be, upon a Company Order. The Trustee shall promptly
notify the Company of all cancelled Securities. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section 311. Computation of
Interest. </FONT></B></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>Except as otherwise specified as contemplated by Section 301 for
Securities of any series, interest on the Securities of each series shall be
computed on the basis of 360-day year of twelve 30-day months. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section 312. Cusip Numbers.
</FONT></B></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>The
Company in issuing the Securities may use &#147;CUSIP&#148; numbers (if then generally in
use), and if so, the Trustee shall use &#147;CUSIP&#148; numbers in notices of redemption
as a convenience to Holders; PROVIDED that any such notice may state that no
representation is made as to the correctness of such numbers either as printed
on the Securities or as contained in any notice of a redemption and that
reliance may be placed only on the other identification numbers printed on the
Securities, and any such redemption shall not be affected by any defect in or
omission of such numbers. The Company will promptly notify the Trustee of any
change in the &#147;CUSIP&#148; numbers. </FONT></P>

<P align=center><FONT face="Times New Roman" size=2>23</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>ARTICLE FOUR
</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>SATISFACTION AND
DISCHARGE </FONT></B></P>
<P style="TEXT-INDENT: 15pt" align=left><B><FONT face="Times New Roman" size=2>Section 401. Satisfaction and Discharge of Indenture. </FONT></B></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>Upon
the direction of the Company by a Company Order, this Indenture shall cease to
be of further effect with respect to any series of Securities specified in such
Company Order (except as to any surviving rights of registration of transfer or
exchange of Securities of such series herein expressly provided for and any
right to receive Additional Amounts, as provided in Section 1004), and the
Trustee, on receipt of a Company Order, at the expense of the Company, shall
execute proper instruments acknowledging satisfaction and discharge of this
Indenture as to such series, when </FONT></P>
<TABLE style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(1)</FONT></TD>
    <TD vAlign=top width="100%" colSpan=3><FONT face="Times New Roman" size=2>either</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD vAlign=top width="100%" colSpan=3></TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(A)</FONT></TD>
    <TD vAlign=top width="100%" colSpan=2><FONT face="Times New Roman" size=2>all Securities of
      such series theretofore authenticated and delivered and all Coupons
      appertaining thereto (other than (i) Coupons appertaining to Bearer
      Securities of such series surrendered for exchange for Registered
      Securities of such series and maturing after such exchange, whose
      surrender is not required or has been waived as provided in Section 306,
      (ii) Securities and Coupons of such series which have been destroyed, lost
      or stolen and which have been replaced or paid as provided in Section 307,
      (iii) Coupons appertaining to Securities of such series called for
      redemption and maturing after the relevant Redemption Date, whose
      surrender has been waived as provided in Section 1107, and (iv) Securities
      and Coupons of such series for whose payment money has theretofore been
      deposited in trust or segregated and held in trust by the Company and
      thereafter repaid to the Company or discharged from such trust, as
      provided in Section 1003) have been delivered to the Trustee for
      cancellation; or</FONT></TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD vAlign=top width="100%" colSpan=2></TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(B)</FONT></TD>
    <TD vAlign=top width="100%" colSpan=2><FONT face="Times New Roman" size=2>all Securities of
      such series and, in the case of (i) or (ii) below, any such Coupons
      appertaining thereto not theretofore delivered to the Trustee for
      cancellation</FONT></TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD vAlign=top width="100%"></TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(i)</FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>have become due and
      payable, or</FONT></TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(ii)</FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>will become due and
      payable at their Stated Maturity within one year and such Securities are
      not convertible into other Securities, or</FONT></TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(iii)</FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>if redeemable at the
      option of the Company, such Securities are not convertible into other
      Securities and are to be called for redemption within one year under
      arrangements satisfactory to the Trustee for the giving of notice of
      redemption by the Trustee in the name, and at the expense, of the
      Company,</FONT></TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top width="100%" colSpan=3><FONT face="Times New Roman" size=2>and the Company, in
      the case of (i), (ii) or (iii) above, has deposited or caused to be
      deposited with the Trustee as trust funds in trust for the purpose, lawful
      money of the United States Government Obligations which through the
      payment of interest and principal or other amounts in respect thereof in
      accordance with their terms will provide not later than the opening of
      business on the due dates of any payment of principal (and premium, if
      any) and interest, or any Additional Amounts with respect thereto, or a
      combination thereof, in an amount sufficient to pay and discharge the
      entire indebtedness on such Securities and Coupons not theretofore
      delivered to the Trustee for cancellation, for principal (and premium, if
      any) and interest, or any Additional Amounts with respect thereto, to the
      date of such deposit (in the case of Securities which have become due and
      payable) or to the Stated Maturity or Redemption Date, as the case may
      be;</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(2)</FONT></TD>
    <TD vAlign=top width="100%" colSpan=3><FONT face="Times New Roman" size=2>the Company has paid
      or caused to be paid all other sums payable hereunder by the Company;
      and</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(3)</FONT></TD>
    <TD vAlign=top width="100%" colSpan=3><FONT face="Times New Roman" size=2>the Company has
      delivered to the Trustee an Officers&#146; Certificate and an Opinion of
      Counsel, each stating that all conditions precedent herein provided for
      relating to the satisfaction and discharge of this Indenture as to such
      series have been complied with.</FONT></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman" size=2>24</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>In
the event there are two or more Trustees hereunder, then the effectiveness of
any such instrument shall be conditioned upon receipt of such instruments from
all Trustees hereunder.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>Notwithstanding the satisfaction and discharge of this Indenture, the
obligations of the Company to the Trustee under Section 606 and, if money shall
have been deposited with the Trustee pursuant to subclause (B) of Clause (1) of
this Section, the obligations of the Trustee under Section 402 and the last
paragraph of Section 1003 shall survive such satisfaction and
discharge.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section 402. Application of
Trust Money.</FONT></B></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>Subject to the provisions of the last paragraph of Section 1003, all
money deposited with the Trustee pursuant to Section 401 or this section 402
shall be held in trust and applied by it, in accordance with the provisions of
the Securities, the Coupons and this Indenture, to the payment, either directly
or through any Paying Agent (including the Company acting as its own Paying
Agent) as the Trustee may determine, to the Persons entitled thereto, of the
principal (and premium, if any) and any interest or any Additional Amounts for
whose payment such money has been deposited with the Trustee; but such money
need not be segregated from other funds except to the extent required by
law.</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>All
monies deposited with the Trustee pursuant to Section 401 (and held by it or any
Paying Agent) for the payment of Securities subsequently converted shall be
returned to the Company upon Company Request.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section 403. Satisfaction,
Discharge and Defeasance of Securities of Any Series.</FONT></B></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>If
pursuant to Section 301 provision is made for defeasance of Securities of any
series pursuant to Section 403, the Company shall be deemed to have paid and
discharged the entire indebtedness on all the Outstanding Securities of such
series and the Trustee, at the expense of the Company, shall execute proper
instruments acknowledging satisfaction and discharge of such indebtedness,
when</FONT></P>
<TABLE style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(1)</FONT></TD>
    <TD vAlign=top width="100%" colSpan=4><FONT face="Times New Roman" size=2>either</FONT></TD></TR>
  <TR>
    <TD></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD width="100%" colSpan=2></TD></TR>
  <TR>
    <TD></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(A)</FONT></TD>
    <TD width="100%" colSpan=2><FONT face="Times New Roman" size=2>with respect to all
      Outstanding Securities of such series and any Coupons appertaining
      thereto,</FONT></TD></TR>
  <TR>
    <TD></TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD width="100%"></TD></TR>
  <TR>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(i)</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>the Company has deposited or caused to be
      deposited with the Trustee, as trust funds in trust for such purpose, an
      amount sufficient to pay and discharge the entire indebtedness on all
      Outstanding Securities of such series for principal (and premium, if any),
      any Additional Amounts, and interest to the Stated Maturity or any
      Redemption Date as contemplated by the penultimate paragraph of this
      Section 403, as the case may be; or</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD></TD>
    <TD></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"></TD></TR>
  <TR>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(ii)</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>with respect to any Series of Securities
      which are denominated in United States dollars, the Company has deposited
      or caused to be deposited with the Trustee, as obligations in trust for
      such purpose, such amount of direct obligations of, or obligations the
      timely payment of the principal of and interest on which are fully
      guaranteed by, the United States of America and which are not callable at
      the option of the issuer thereof as will, together with the income to
      accrue thereon without consideration of any reinvestment thereof, be
      sufficient to pay and discharge the entire indebtedness on all Outstanding
      Securities of such series for principal (and premium, if any), any
      Additional Amounts, and interest to the stated Maturity or any Redemption
      Date as contemplated by the penultimate paragraph of this Section 403;
      or</FONT></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman" size=2>25</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(B)</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>the Company has properly fulfilled such
      other means of satisfaction and discharge as is specified, as contemplated
      by Section 301, to be applicable to the Securities of such series;
      and</FONT></TD></TR>
  <TR>
    <TD></TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD width="100%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(2)</FONT></TD>
    <TD width="101%" colSpan=2><FONT face="Times New Roman" size=2>the Company has paid or
      caused to be paid all other sums payable hereunder with respect to the
      Outstanding Securities of such series; and</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="101%" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(3)</FONT></TD>
    <TD width="101%" colSpan=2><FONT face="Times New Roman" size=2>the Company has
      delivered to the Trustee a certificate signed by a nationally recognized
      firm of Independent Public Accountants certifying as to the sufficiency of
      the amounts deposited pursuant to subsections (A) (i) or (ii) of this
      Section for payment of the principal (and premium, if any) and interest on
      the dates such payments are due, an Officers&#146; Certificate and an Opinion
      of Counsel, each such Certificate and opinion stating that no Event of
      Default or event which with notice or lapse of time or both would become
      an Event of Default with respect to such Securities shall have occurred
      and all conditions precedent herein provided for relating to the
      satisfaction and discharge of the entire indebtedness on all Outstanding
      Securities of any such series have been complied with; and</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="101%" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(4)</FONT></TD>
    <TD width="101%" colSpan=2><FONT face="Times New Roman" size=2>the Company has
      delivered to the Trustee</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="101%" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD></TD>
    <TD></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(A)</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>a ruling from the Internal Revenue Service
      or an opinion of independent counsel that the holders of the Securities of
      such series will not recognize income, gain or loss for Federal income tax
      purposes as a result of such deposit, defeasance and discharge and will be
      subject to Federal income tax on the same amount and in the same manner
      and at the same times, as would have been the case if such deposit,
      defeasance and discharge had not occurred; and</FONT></TD></TR>
  <TR>
    <TD></TD>
    <TD></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%">&nbsp;</TD></TR>
  <TR>
    <TD></TD>
    <TD></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(B)</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>if the Securities of such series are then
      listed on the Nasdaq Global Market, an Opinion of Counsel that the
      Securities of such series will not be delisted as a result of the exercise
      of this option.</FONT></TD></TR></TABLE>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>Any
deposits with the Trustee referred to in subsection (1) (A) of this Section
shall be irrevocable and shall be made under the terms of an escrow trust
agreement in form and substance satisfactory to the Trustee. If any Outstanding
Securities of such series are to be redeemed prior to their Stated Maturity,
whether pursuant to any optional redemption or repayment provisions or in
accordance with any mandatory sinking fund requirement, the Company shall make
such arrangements as are satisfactory to the Trustee for the giving of notice of
redemption by the Trustee in the name, and at the expense, of the Company.
</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>Upon
the satisfaction of the conditions set forth in this Section 403 with respect to
all the Outstanding Securities of any series, the terms and conditions of such
series, including the terms and conditions with respect thereto set forth in
this Indenture, other than the provisions of Sections 306, 307, and 1002, other
than the right of Holders of Securities and any Coupons of such series to
receive, from the trust fund described in this Section, payment of the principal
(and premium, if any) of, the interest on or any Additional Amounts with respect
to such Securities and Coupons (if any) appertaining thereto when such payments
are due, other than any right of conversion of such Securities and the rights,
powers, duties and immunities of the Trustee hereunder, shall no longer be
binding upon, or applicable to, the Company except those responsibilities and
obligations which by the terms of the Indenture survive the termination of the
Indenture; PROVIDED that the Company shall not be discharged from any payment
obligations in respect of Securities of such series which are deemed not to be
Outstanding under clause (iii) of the definition thereof if such obligations
continue to be valid obligations of the Company under applicable law.
</FONT></P>

<P align=center><FONT face="Times New Roman" size=2>26</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>ARTICLE FIVE
</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>REMEDIES </FONT></B></P>
<P style="TEXT-INDENT: 15pt" align=left><B><FONT face="Times New Roman" size=2>Section 501. Events of Default. </FONT></B></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>&#147;Event of Default&#148;, wherever used herein with respect to Securities of
any series, means any one of the following events (whatever the reason for such
Event of Default and whether it shall be voluntary or be effected by operation
of law pursuant to any judgment, decree or order of any court or any order, rule
or regulation of any administrative or governmental body): </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(1)
a court having jurisdiction in the premises shall enter a decree or order for
relief in respect of the Company or the Subsidiary Bank in an involuntary case
under any applicable bankruptcy, insolvency or other similar law now or
hereafter in effect, and adjudging it a bankrupt or insolvent or appointing a
receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar
official) of the Company or the Subsidiary Bank or for any substantial part of
its property, or ordering the winding-up or liquidation of its affairs, and such
decree or order shall remain unstayed and in effect for a period of 60
consecutive days; or </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(2)
the Company or the Subsidiary Bank shall commence a voluntary case under any
applicable bankruptcy, insolvency or other similar law now or hereafter in
effect, or shall consent to the entry of an order for relief in any involuntary
case under any such law, or shall consent to the appointment of or taking
possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator
(or similar official) of the Company or the Subsidiary Bank or for any
substantial part of its property, or shall make any general assignment for the
benefit of creditors, or shall fail generally to pay its debts as they become
due or shall take any corporate action in furtherance of any of the foregoing.
</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>If
an Event of Default with respect to Securities of any series occurs and is
continuing, the Trustee may in its discretion proceed to protect and enforce its
rights and the rights of the Holders of Securities of such series and any
related Coupons by such appropriate judicial proceedings as the Trustee shall
deem most effectual to protect and enforce any such rights, whether for the
specific enforcement of any covenant or agreement in this Indenture or in aid of
the exercise of any power granted herein, or to enforce any other proper remedy.
</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><B><FONT face="Times New Roman" size=2>Section 502. Acceleration of Maturity; Rescission and Annulment.
</FONT></B></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>If
an Event of Default with respect to Securities of any series at the time
outstanding occurs and is continuing, then the Trustee or the Holders of not
less than 25% in principal amount of the Outstanding Securities of that series
may declare the principal of all the Securities of that series, or such lesser
amount as may be provided for in the Securities of that series, to be due and
payable immediately, by a notice in writing to the Company (and to the Trustee
if given by the Holders), and upon any such declaration such principal or such
lesser amount shall become immediately due and payable. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>At
any time after such a declaration of acceleration with respect to Securities of
any series has been made and before a judgment or decree for payment of the
money due has been obtained by the Trustee as hereinafter in this Article
provided, the Holders of not less than a majority in principal amount of the
Outstanding Securities of that series, by written notice to the Company and the
Trustee, may rescind and annul such declaration and its consequences if
</FONT></P>
<TABLE style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(1)</FONT></TD>
    <TD vAlign=top width="100%" colSpan=2><FONT face="Times New Roman" size=2>the Company has paid or
      deposited with the Trustee a sum sufficient to pay</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top width="100%" colSpan=2></TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(A)</FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>all overdue installments
      of interest on and any Additional Amounts payable in respect of all
      Securities of such series,</FONT></TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top width="100%"></TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(B)</FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>the principal of (and
      premium, if any, on) any Securities of such series which have become due
      otherwise than by such declaration of acceleration and interest thereon at
      the rate or rates borne by or provided for in such
  Securities,</FONT></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman" size=2>27</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(C)</FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>to the extent that
      payment of such interest is lawful, interest upon overdue installments of
      interest or any Additional Amounts at the rate or rates borne by or
      provided for in such Securities, and</FONT></TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top width="100%"></TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(D)</FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>all sums paid or
      advanced by the Trustee hereunder and the reasonable compensation,
      expenses, disbursements and advances of the Trustee, its agents and
      counsel as provided in Section 606 hereof; and</FONT></TD></TR>
  <TR>
    <TD vAlign=top>&nbsp;</TD>
    <TD vAlign=top></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(2)</FONT></TD>
    <TD vAlign=top width="100%" colSpan=2><FONT face="Times New Roman" size=2>all Events of Default
      with respect to Securities of such series, have been cured or waived as
      provided in Section 513.</FONT></TD></TR></TABLE>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>No
such rescission shall affect any subsequent default or impair any right
consequent thereon. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><B><FONT face="Times New Roman" size=2>Section 503. Collection of Indebtedness and Suits For Enforcement By
Trustee. </FONT></B></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>The
Company covenants that if </FONT></P>
<TABLE style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(1)</FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>default is
      made in the payment of any installment of interest on or any Additional
      Amounts payable in respect of any Security when such interest or
      Additional Amounts shall have become due and payable and such default
      continues for a period of 30 days, or</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top width="100%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(2)</FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>default is
      made in the payment of the principal of (or premium, if any, on) any
      Security at its Maturity,</FONT></TD></TR></TABLE>
<P align=left><FONT face="Times New Roman" size=2>then the Company will, upon
demand of the Trustee, pay to it, for the benefit of the Holders of such
Securities and any Coupons appertaining thereto, the whole amount then due and
payable on such Securities and Coupons for principal (and premium, if any) and
interest or Additional Amounts, if any, with interest upon the overdue principal
(and premium, if any) and, to the extent that payment of such interest shall be
legally enforceable, upon overdue installments of interest or any Additional
Amounts, at the rate or rates borne by or provided for in such Securities, and,
in addition thereto, such further amount as shall be sufficient to cover the
costs and expenses of collection, including the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel.
</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>If
the Company fails to pay such amounts forthwith upon such demand, the Trustee,
in its own name and as trustee of an express trust, may institute a judicial
proceeding for the collection of the sums so due and unpaid, and 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. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>If
an Event of Default with respect to Securities of any series occurs and is
continuing, the Trustee may in its discretion proceed to protect and enforce its
rights and the rights of the Holders of Securities of such series and any
Coupons appertaining thereto 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 such Securities or in aid of the exercise of any power granted
herein, or to enforce any other proper remedy. </FONT></P>

<P align=center><FONT face="Times New Roman" size=2>28</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>

<P style="TEXT-INDENT: 15pt" align=left><B><FONT face="Times New Roman" size=2>Section 504. Trustee May File Proofs of Claim. </FONT></B></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>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 any overdue principal or interest) shall be entitled and
empowered, by intervention in such proceeding or otherwise, </FONT></P>

<TABLE style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(1)</FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>to file
      and prove a claim for the whole amount or such lesser amount as may be
      provided for in the Securities of such series, of principal (and premium,
      if any) and interest and any Additional Amounts owing and unpaid in
      respect of the Securities and any Coupons appertaining thereto and to file
      such other papers or documents as may be necessary or advisable in order
      to have the claims of the Trustee (including any claim for the reasonable
      compensation, expenses, disbursements and advances of the Trustee, its
      agents or counsel) and of the Holders allowed in such judicial proceeding,
      and</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top width="100%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(2)</FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>to collect
      and receive any moneys or other property payable or deliverable on any
      such claims and to distribute the same;</FONT></TD></TR></TABLE>
<P align=left><FONT face="Times New Roman" size=2>and
any custodian, receiver, assignee, trustee, liquidator, sequestrator or other
similar official in any such judicial proceeding is hereby authorized by each
Holder of Securities or Coupons to make such payments to the Trustee and, in the
event that the Trustee shall consent to the making of such payments directly to
the Holders of Securities or Coupons, to pay to the Trustee any amount due to it
for the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel and any other amounts due the Trustee under
Section 606. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>Nothing herein contained shall be deemed to authorize the Trustee to
authorize or consent to or accept or adopt on behalf of any Holder of a Security
or Coupon any plan of reorganization, arrangement, adjustment or composition
affecting the Securities or Coupons or the rights of any Holder thereof, or to
authorize the Trustee to vote in respect of the claim of any Holder of a
Security or Coupon in any such proceeding. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><B><FONT face="Times New Roman" size=2>Section 505. Trustee May
Enforce Claims Without Possession of Securities or Coupons. </FONT></B></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>All
rights of action and claims under this Indenture or any of the Securities or
coupons may be prosecuted and enforced by the Trustee without the possession of
any of the Securities or Coupons or the production thereof in any proceeding
relating thereto, and any such proceeding instituted by the Trustee shall be
brought in its own name as trustee of an express trust, and any recovery or
judgment, after provision for the payment of the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel,
shall be for the ratable benefit of the Holders of the Security and Coupon in
respect of which such judgment has been recovered. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><B><FONT face="Times New Roman" size=2>Section 506. Application of
Money Collected. </FONT></B></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>Any
money collected by the Trustee pursuant to this Article shall be applied in the
following order, at the date or dates fixed by the Trustee and, in case of the
distribution of such money on account of principal (and premium, if any),
interest or any Additional Amounts, upon presentation of the Securities or
Coupons, or both, as the case may be, and the notation thereon of the payment if
only partially paid and upon surrender thereof if fully paid: </FONT></P>
<TABLE style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="3%"><FONT face="Times New Roman" size=2>FIRST:</FONT></TD>
    <TD vAlign=top align=left width="95%">
      <P align=left><FONT face="Times New Roman" size=2>To the payment of all
      amounts due the Trustee and any predecessor Trustee under Section 606;
      <BR>&nbsp;</FONT></P></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="3%"><FONT face="Times New Roman" size=2>SECOND:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top align=left width="95%">
      <P align=left><FONT face="Times New Roman" size=2>To the payment of the
      amounts then due and unpaid upon the Securities and Coupons for principal
      (and premium, if any) and interest or any Additional Amounts payable 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 aggregate amounts due and payable on such Securities and Coupons
      for principal (and premium, if any), interest or any Additional Amounts,
      respectively; <BR>&nbsp;</FONT></P></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="2%"></TD>
    <TD vAlign=top noWrap align=left width="3%"><FONT face="Times New Roman" size=2>THIRD:</FONT></TD>
    <TD vAlign=top align=left width="95%">
      <P align=left><FONT face="Times New Roman" size=2>The balance, if any, to
      the Company. </FONT></P></TD></TR></TABLE><BR>

<P align=center><FONT face="Times New Roman" size=2>29</FONT></P>
<HR align=center width="100%" noShade size="2">


<!-- PART04 - EXHIBIT 4.6 -->
<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P style="TEXT-INDENT: 15pt" align=left><B><FONT face="Times New Roman" size=2>Section 507. Limitation on
Suits. </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>No Holder of any Security of
any series or any related Coupons shall have any right to institute any
proceeding, judicial or otherwise, with respect to this Indenture, or for the
appointment of a receiver or trustee, or for any other remedy hereunder, unless
</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(1)</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>such
      Holder has previously given written notice to the Trustee of a continuing
      Event of Default with respect to the Securities of such
  series;</FONT></TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(2)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>the
      Holders of not less than 25% in principal amount of the Outstanding
      Securities of that series shall have made written request to the Trustee
      to institute proceedings in respect of such Event of Default in its own
      name as Trustee hereunder;</FONT></TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(3)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>such
      Holder or Holders have offered indemnity reasonably satisfactory to the
      Trustee against the costs, expenses and liabilities to be incurred in
      compliance with such request;</FONT></TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(4)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>the
      Trustee for 60 days after its receipt of such notice, request and offer of
      indemnity has failed to institute any such proceeding; and</FONT></TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(5)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>no
      direction inconsistent with such written request has been given to the
      Trustee during such 60- day period by the Holders of a majority in
      principal amount of the Outstanding Securities of such
  series;</FONT></TD></TR></TABLE>
<P align=left><FONT face="Times New Roman" size=2>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 or any
Security to affect, disturb or prejudice the rights of any other such Holders or
Holders of Securities of any other series, or to obtain or to seek to obtain
priority or preference over any other Holders or to enforce any right under this
Indenture, except in the manner herein provided and for the equal and ratable
benefit of all such Holders. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section 508. Unconditional
Right of Holders to Receive Principal, Premium, Interest and Additional Amounts.
</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Notwithstanding any other
provision in this Indenture, the Holder of any Security or coupon shall have the
right, which is absolute and unconditional, to receive payment of the principal
of (and premium, if any) and (subject to Sections 306 and 308) interest on or
any Additional Amounts in respect of such Security or payment of such Coupon on
the respective Stated Maturity or Maturities specified in such Security or
Coupon (or, in the case of redemption, on the Redemption Date) and to institute
suit for the enforcement of any such payment, and such right shall not be
impaired without the consent of such Holder. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section 509. Restoration of
Rights and Remedies. </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If the Trustee or any Holder
of a Security or Coupon has instituted any proceeding to enforce any right or
remedy under this Indenture and such proceeding has been discontinued or
abandoned for any reason, or has been determined adversely to the Trustee or to
such Holder, then and in every such case the Company, the Trustee and each such
Holder shall, subject to any determination in such proceeding, be restored
severally and respectively to their former positions hereunder, and thereafter
all rights and remedies of the Trustee and each such Holder shall continue as
though no such proceeding had been instituted. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 30pt"><B><FONT face="Times New Roman" size=2>Section 510. Rights and
Remedies Cumulative. </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Except as otherwise provided
with respect to the replacement or payment of mutilated, destroyed, lost or
stolen Securities or Coupons in the last paragraph of Section 307, no right or
remedy herein conferred upon or reserved to the Trustee or to the Holders of a
Security or Coupon is intended to be exclusive of any other right or remedy, and
every right and remedy, to the extent permitted by law, shall be cumulative and
in addition to every other right and remedy given hereunder or now or hereafter
existing at law or in equity or otherwise. The assertion or employment of any
right or remedy hereunder, or otherwise, shall not prevent the concurrent
assertion or employment of any other appropriate right or
remedy.&nbsp;</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>30</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section 511. Delay or
Omission Not Waiver. </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>No delay or omission of the
Trustee or of any Holder of any Security or coupon to exercise any right or
remedy accruing upon any Event of Default shall impair any such right or remedy
or constitute a waiver of any such Event of Default or an acquiescence therein.
Every right and remedy given by this Article or by law to the Trustee or to the
Holders of Securities or Coupons may be exercised from time to time, and as
often as may be deemed expedient, by the Trustee or by the Holders of Securities
or Coupons, as the case may be. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section 512. Control By
Holders. </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Holders of a majority in
principal amount of the Outstanding Securities of any series shall have the
right to direct the time, method and place of conducting any proceeding for any
remedy available to the Trustee or exercising any trust or power conferred on
the Trustee with respect to the Securities of such series and any Coupons
appertaining thereto, PROVIDED that </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(1)</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>such
      direction shall not be in conflict with any rule of law or with this
      Indenture,</FONT></TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(2)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>the
      Trustee may take any other action deemed proper by the Trustee which is
      not inconsistent with such direction, and</FONT></TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(3)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>such
      direction is not unduly prejudicial to the rights of other Holders of
      Securities of such series.</FONT></TD></TR></TABLE>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section 513. Waiver of Past
Defaults. </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Holders of not less than a
majority in principal amount of the outstanding Securities of any series may on
behalf of the Holders of all the Securities of such Series and any Coupons
appertaining thereto waive any past default hereunder with respect to such
series and its consequences, except a default </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(1)</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>in the
      payment of the principal of (and premium, if any) or interest on or
      Additional Amounts payable in respect of any Security of such series or
      any Coupons appertaining thereto, or</FONT></TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(2)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>in respect
      of a covenant or provision hereof which under Article Nine cannot be
      modified or amended without the consent of the Holder of each Outstanding
      Security of such series affected.</FONT></TD></TR></TABLE>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Upon any such waiver, such
default shall cease to exist, and any Event of Default arising therefrom shall
be deemed to have been cured, for every purpose of this Indenture; but no such
waiver shall extend to any subsequent or other default or impair any right
consequent thereon. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section 514. Waiver of Stay
or Extension Laws. </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Company covenants (to the
extent that it may lawfully do so) that it will not at any time insist upon, or
plead, or in any manner whatsoever claim or take the benefit or advantage of,
any stay or extension law wherever enacted, now or at any time hereafter in
force, which may affect the covenants or the performance of this Indenture; and
the Company (to the extent that it may lawfully do so) hereby expressly waives
all benefit or advantage of any such law and covenants that it will not hinder,
delay or impede the execution of any power herein granted to the Trustee, but
will suffer and permit the execution of every such power as though no such law
had been enacted. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>31</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>ARTICLE SIX
</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>THE TRUSTEE
</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section 601. Notice of
Defaults. </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Within 90 days after the
occurrence of any default hereunder with respect to the Securities of any
series, the Trustee shall transmit to the Holders in the manner and to the
extent provided in Section 313(c) of the Trust Indenture Act, notice of such
default hereunder known to a Responsible Officer of the Trustee, unless such
default shall have been cured or waived; PROVIDED, HOWEVER, that, except in the
case of a default in the payment of the principal of (or premium, if any) or
interest on, or any Additional Amounts with respect to, any Security of such
series or in the payment of any sinking fund installment with respect to
Securities of such series, the Trustee shall be protected in withholding such
notice if and so long as the board of directors, the executive committee or a
trust committee of directors and/or Responsible Officers of the Trustee in good
faith determine that the withholding of such notice is in the interests of the
Holders of Securities and Coupons of such series. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section 602. Certain Rights
of Trustee. </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Subject to the provisions of
Sections 315(a) through 315(d) of the Trust Indenture Act: </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(1)</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>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,
      or other paper or document reasonably believed by it to be genuine and to
      have been signed or presented by the proper party or parties;</FONT></TD></TR>
  <TR>
    <TD></TD>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(2)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>any request or
      direction of the Company mentioned herein shall be sufficiently evidenced
      by a Company Request or a Company Order (other than delivery of any
      Security, together with any Coupons appertaining thereto to the Trustee
      for authentication and delivery pursuant to Section 304 which shall be
      sufficiently evidenced as provided therein) and any resolution of the
      Board of Directors may be sufficiently evidenced by a Board Resolution or
      Board Resolutions;</FONT></TD></TR>
  <TR>
    <TD></TD>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(3)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>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,
      conclusively rely upon an Officers&#146; Certificate;</FONT></TD></TR>
  <TR>
    <TD></TD>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(4)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>the Trustee may
      consult with counsel of its selection and the advice of such counsel or
      any Opinion of Counsel shall be full and complete authorization and
      protection in respect of any action taken, suffered or omitted by it
      hereunder in good faith and in reliance thereon;</FONT></TD></TR>
  <TR>
    <TD></TD>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(5)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>the Trustee shall be
      under no obligation to exercise any of the rights or powers vested in it
      by this Indenture at the request or direction of any of the Holders of
      Securities of any series or any Coupons appertaining thereto pursuant to
      this Indenture, unless such Holders shall have offered to the Trustee
      reasonable Security or indemnity satisfactory to it against the costs,
      expenses and liabilities which might be incurred by it in compliance with
      such request or direction;</FONT></TD></TR>
  <TR>
    <TD></TD>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(6)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>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 or other paper or
      document, but the Trustee, in its discretion, may make such further
      inquiry or investigation into such facts or matters as it may see fit,
      and, if the Trustee shall determine to make such further inquiry or
      investigation, it shall be entitled to examine the books, records and
      premises of the Company, personally or by agent or attorney at the sole
      cost to the Company and shall incur no liability or additional liability
      of any kind by reason of such inquiry or investigation;</FONT></TD></TR>
  <TR>
    <TD></TD>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(7)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>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;</FONT></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman" size=2>32</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(8)</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>the
      Trustee shall not be liable for any action taken, suffered, 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;</FONT></TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(9)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>the
      Trustee shall not be deemed to have knowledge or notice of any default or
      Event of Default unless a Responsible Officer of the Trustee has actual
      knowledge thereof or unless written notice of any event which is in fact
      such a default or Event of Default is received by the Trustee at the
      Corporate Trust Office of the Trustee, and such notice references the
      Securities and this Indenture; and</FONT></TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(10)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>the
      rights, privileges, protections, immunities and benefits given to the
      Trustee, including, without limitation, its right to be indemnified, are
      extended to, and shall be enforceable by, the Trustee in each of its
      capacities hereunder, and to each agent, custodian and other Person
      employed to act hereunder.</FONT></TD></TR></TABLE>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section 603. Not
Responsible For Recitals or Issuance of Securities. </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The recitals contained herein
and in the Securities, except the Trustee&#146;s certificate of authentication, and
in any coupons shall be taken as the statements of the Company 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 or Coupons, except that the
Trustee represents that it is duly authorized to execute and deliver this
Indenture, authenticate the Securities and perform its obligations hereunder and
that the statements made by it in a Statement of Eligibility and Qualification
on Form T-l supplied to the Company are true and accurate, subject to the
qualifications set forth therein. The Trustee or any Authenticating Agent shall
not be accountable for the use or application by the Company of Securities or
the proceeds thereof. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section 604. May Hold
Securities. </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Trustee, any
Authenticating Agent, any Paying Agent, any Security Registrar or any other
Person that may be an agent of the Trustee or the Company, in its individual or
any other capacity, may become the owner or pledgee of Securities and Coupons
and, subject to Sections 310(b) and 311 of the Trust Indenture Act, may
otherwise deal with the Company with the same rights it would have if it were
not Trustee, Authenticating Agent, Paying Agent, Security Registrar or such
other Person. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section 605. Money Held In
Trust. </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Money held by the Trustee in
trust hereunder need not be segregated from other funds except to the extent
required by law and shall be held uninvested. The Trustee shall be under no
liability for interest on any money received by it hereunder. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section 606. Compensation
and Reimbursement. </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Company agrees </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(1)</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>to pay to
      the Trustee from time to time such compensation for all services rendered
      by it hereunder as shall be mutually agreed upon by the Company and the
      Trustee in writing (which compensation shall not be limited by any
      provision of law in regard to the compensation of a trustee of an express
      trust);</FONT></TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(2)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>except as
      otherwise expressly provided herein, to reimburse the Trustee upon its
      request for all reasonable expenses, disbursements and advances incurred
      or made by the Trustee in accordance with any provision of this Indenture
      (including the reasonable compensation and the reasonable expenses and
      disbursements of its agents and counsel), except any such expense,
      disbursement or advance as may be attributable to its negligence or bad
      faith; and</FONT></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman" size=2>33</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(3)</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>to
      indemnify each of the Trustee and any predecessor Trustee and its agents
      for, and to hold them harmless against, any loss, liability, claim, damage
      or expense including taxes (other than taxes based upon, measured by or
      determined by the income of the Trustee) incurred without negligence or
      bad faith on their part, arising out of or in connection with the
      acceptance or administration of the trust or trusts hereunder, including
      the costs and expenses of defending themselves against any claim or
      liability in connection with the exercise or performance of any of their
      powers or duties hereunder.</FONT></TD></TR></TABLE>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>As Security for the
performance of the obligations of the Company under this Section, the Trustee
shall have a lien prior to the Securities of any series upon all property and
funds held or collected by the Trustee as such, except funds held in trust for
the payment of principal of (or premium, if any) or interest on Securities. When
the Trustee incurs expenses or renders services after an Event of Default
occurs, the expenses and compensation for the services of the Trustee are
intended to constitute expenses of administration under any bankruptcy law or
any similar federal or state law for the relief of debtors. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The provisions of this Section
606 shall survive the termination of this Indenture and the resignation or
removal of the Trustee. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section 607. Corporate
Trustee Required; Eligibility; Conflicting Interests. </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>There shall at all times be a
Trustee hereunder that is a corporation permitted by Section 310(a) (1) and (5)
of the Trust Indenture Act to act as trustee under the Trust Indenture Act and
that has a combined capital and surplus (computed in accordance with Section
310(a) (2) of the Trust Indenture Act) of at least $50,000,000. If at any time
the Trustee shall cease to be eligible in accordance with the provisions of this
Section, it shall resign immediately in the manner and with the effect
hereinafter specified in this Article. If the Trustee has or shall acquire any
conflicting interest, as defined in Section 310(b) of the Trust Indenture Act,
with respect to the Securities of any series, the Trustee shall take such action
as is required pursuant to said Section 310(b). </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section 608. Resignation
and Removal; Appointment of Successor. </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(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 pursuant to Section 609. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(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 609 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 such
series. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(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. If an instrument of acceptance by a
successor Trustee shall not have been delivered to the Trustee within 30 days
after the giving of such notice of removal, the Trustee being removed may
petition, at the expense of the Company, any court of competent jurisdiction for
the appointment of a successor Trustee with respect to the Securities of such
series. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(d) If at any time:
</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(1)</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>the
      Trustee shall fail to comply with the obligations imposed upon it under
      Section 310(b) of the Trust Indenture Act after written request therefor
      by the Company or by any Holder of a Security who has been a bona fide
      Holder of a Security for at least six months, or
</FONT></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman" size=2>34</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(2)</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>the
      Trustee shall cease to be eligible under Section 607 and shall fail to
      resign after written request therefor by the Company or by any such Holder
      of a Security, or</FONT></TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(3)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>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,</FONT></TD></TR></TABLE>
<P align=left><FONT face="Times New Roman" size=2>then, in any such case, (a)
the Company, by or pursuant to Board Resolution, may remove the Trustee with
respect to all Securities, or (b) subject to Section 315(c) of the Trust
Indenture Act any Holder of a Security who has been a bona fide Holder of a
Security of any series 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 of such series and the
appointment of a successor Trustee or Trustees. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(e) If the Trustee shall
resign, be removed or become incapable of acting, or if a vacancy shall occur in
the office of Trustee for any cause, with respect to the Securities of one or
more series, the Company, by or pursuant to 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 there shall be only one Trustee with respect to the
Securities of any particular series) and shall comply with the applicable
requirements of Section 609. 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 609, become the successor Trustee
with respect to the Securities of such series and to that extent supersede the
successor Trustee appointed by the Company. If no successor Trustee with respect
to the Securities of any series shall have been so appointed by the Company or
the Holders of Securities and accepted appointment in the manner required by
Section 609, any Holder of a Security who has been a bona fide Holder of a
Security of such series for at least six months may, on behalf of himself and
all others similarly situated, petition any court of competent jurisdiction for
the appointment of a successor Trustee with respect to the Securities of such
series. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(f) The Company shall give
notice of each resignation and each removal of the Trustee with respect to the
Securities of any series and each appointment of a successor Trustee with
respect to the Securities of any series by mailing written notice of such event
by first-class mail, postage prepaid, to the Holders of Registered Securities,
if any, of such series as their names and addresses appear in the Security
Register and, if Securities of such series are issued as Bearer Securities, by
publishing notice of such event once in an Authorized Newspaper in each Place of
Payment located outside the United States. 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. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section 609. Acceptance of
Appointment By Successor. </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(a) In case of the appointment
hereunder of a successor Trustee with respect to all Securities, every such
successor Trustee so appointed shall execute, acknowledge and deliver to the
Company and the retiring Trustee an instrument accepting such appointment, and
thereupon the resignation or removal of the retiring Trustee shall become
effective and such successor Trustee, without any further act, deed or
conveyance, shall become vested with all the rights, powers, trusts and duties
of the retiring Trustee; but, on the request of the Company and/or the successor
Trustee, such retiring Trustee shall, upon payment of its charges, execute and
deliver an instrument transferring to such successor Trustee all the rights,
powers and trusts of the retiring Trustee and shall duly assign, transfer and
deliver to such successor Trustee all property and money held by such retiring
Trustee hereunder, subject nevertheless to its claim, if any, provided for in
Section 606. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>35</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(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, 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 that no
Trustee shall be responsible for any notice given to, or received by, or any act
or failure to act on the part of any other Trustee hereunder, 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,
such retiring Trustee shall with respect to the Securities of that or those
series to which the appointment of such successor Trustee relates have no
further responsibility for the exercise of rights and powers or for the
performance of the duties and obligations vested in the Trustee under this
Indenture other than as hereinafter expressly set forth, and each such successor
Trustee without any further act, deed or conveyance, shall become vested with
all the rights, powers, trusts and duties of the retiring Trustee with respect
to the Securities of that or those series to which the appointment of such
successor Trustee relates; but, on request of the Company or any successor
Trustee, such retiring Trustee shall duly assign, transfer and deliver to such
successor Trustee, to the extent contemplated by such supplemental indenture,
the 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. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(c) Upon request of any such
successor Trustee, the Company shall execute any and all instruments for more
fully and certainly vesting in and confirming to such successor Trustee all such
rights, powers and trusts referred to in paragraph (a) or (b) of this Section,
as the case may be. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(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. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section 610. Merger,
Conversion, Consolidation or Succession to Business. </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Any corporation into which the
Trustee may be merged or converted or with which it may be consolidated, or any
corporation resulting from any merger, conversion or consolidation to which the
Trustee shall be a party, or any corporation succeeding to all or substantially
all of the corporate trust business of the Trustee, shall be the successor of
the Trustee hereunder, provided such corporation shall be otherwise qualified
and eligible under this Article, without the execution or filing of any paper or
any further act on the part of any of the parties hereto. In 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. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section 611. Appointment of
Authenticating Agent. </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Trustee may appoint an
Authenticating Agent or Authenticating Agents, which may be an Affiliate of the
Company, with respect to one or more series of Securities which shall be
authorized to act on behalf of the Trustee to authenticate Securities of that or
those series issued upon original issue or exchange, registration of transfer or
partial redemption thereof or pursuant to Section 307, and Securities so
authenticated shall be entitled to the benefits of this Indenture and shall be
valid and obligatory for all purposes as if authenticated by the Trustee
hereunder. Wherever reference is made in this Indenture to the authentication
and delivery of Securities by the Trustee or the Trustee&#146;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.&nbsp;</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>36</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Each Authenticating Agent
shall be acceptable to the Company and, except as specified as contemplated by
Section 301, shall at all times be a corporation that would be permitted by
Section 310(a) (1) and (5) of the Trust Indenture Act to be able to act as a
trustee under an indenture qualified under the Trust Indenture Act, is
authorized under applicable law and by its charter to act as such and that has a
combined capital and surplus (computed in accordance with Section 310(a) (2) of
the Trust Indenture Act) of not less that $50,000,000. 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. If the
Authenticating Agent has or shall acquire any conflicting interest, as defined
in Section 310(b) of the Trust Indenture Act, with respect to the Securities of
any series, the Authenticating Agent shall take action as is required pursuant
to said Section 310 (b). </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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 and
shall (i) mail written notice of such appointment by first-class mail, postage
prepaid, to all Holders of Registered Securities, if any, of the series with
respect to which such Authenticating Agent will serve, as their names and
addresses appear in the Security Register, and (ii) if Securities of the series
are issued as Bearer Securities, publish notice of such appointment at least
once in an Authorized Newspaper in the place where such successor Authenticating
Agent has its principal office if such office is located outside the United
States. 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. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Company agrees to pay each
Authenticating Agent from time to time reasonable compensation for its services
under this Section. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The provisions of Sections
309, 603 and 604 shall be applicable to each Authenticating Agent. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If an appointment with respect
to one or more series is made pursuant to this Section, the Securities of such
series may have endorsed thereon, in addition to or in lieu of the Trustee&#146;s
certificate of authentication, an alternate certificate of authentication in the
following form: </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>This certificate represents
Securities of the series designated herein referred to in the within-mentioned
Indenture. </FONT></P>
<DIV align=right>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="79%" colSpan=2><FONT face="Times New Roman" size=2>Dated:
      [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT><FONT face="Times New Roman" size=2>],</FONT></TD>
    <TD noWrap align=left width="20%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%" colSpan=2><FONT face="Times New Roman" size=2>not
      in its individual capacity but solely as Trustee</FONT></TD>
    <TD noWrap align=left width="20%"></TD></TR>
  <TR>
    <TD width="79%" colSpan=2>&nbsp;</TD>
    <TD width="20%"></TD></TR>
  <TR>
    <TD width="79%" colSpan=2>&nbsp;</TD>
    <TD width="20%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>By:</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="78%">&nbsp;</TD>
    <TD noWrap align=left width="20%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="78%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
      Authenticating Agent</FONT></TD>
    <TD noWrap align=left width="20%"></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="78%">&nbsp;</TD>
    <TD noWrap align=left width="20%"></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">By:</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="78%"></TD>
    <TD noWrap align=left width="20%"></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="78%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized
      Signatory</FONT></TD>
    <TD noWrap align=left width="20%"></TD></TR></TABLE></DIV><BR>
<P align=center><FONT face="Times New Roman" size=2>37</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If all of the Securities of
any 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
in writing (which writing need not comply with Section 102) by the Company,
shall appoint in accordance with this Section an Authenticating Agent having an
office in a Place of Payment designated by the Company with respect to such
series of Securities. </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>ARTICLE SEVEN
</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>HOLDERS&#146; LISTS AND
REPORTS BY TRUSTEE AND COMPANY</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section 701. Company to
Furnish Trustee Names and Addresses of Holders.</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In accordance with Section
312(a) of the Trust Indenture Act, the Company will furnish or cause to be
furnished to the Trustee </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(1)</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>semi-annually, not
      later than 15 days after the Regular Record Date for interest for each
      series of Securities, a list, in such form as the Trustee may reasonably
      require, of the names and addresses of the Holders of Registered
      Securities of such series as of such Regular Record Date, or if there is
      no Regular Record Date for interest for such series of Securities,
      semi-annually, upon such dates as are set forth in the Board Resolution or
      indenture supplemental hereto authorizing such series, and</FONT></TD></TR>
  <TR>
    <TD></TD>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(2)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>at such other times
      as the Trustee may request in writing, within 30 days after the receipt by
      the Company of any such request, a list of similar form and content as of
      a date not more than 15 days prior to the time such list is
      furnished,</FONT></TD></TR></TABLE>
<P align=left><I><FONT face="Times New Roman" size=2>provided,
however,</FONT></I><FONT face="Times New Roman" size=2> that so long as the
Trustee is the Security Registrar no such list shall be required to be
furnished. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section 702. Preservation
of Information; Communications to Holders. </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(a) The Trustee shall comply
with the obligations imposed upon it pursuant to Section 312 of the Trust
Indenture Act. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(b) Every Holder of Securities
or Coupons, by receiving and holding the same, agrees with the Company and the Trustee that
neither the Company nor the Trustee nor any Paying Agent nor any Security
Registrar shall be held accountable by reason of the disclosure of any such
information as to the names and addresses of the Holders of Securities in
accordance with Section 312 of the Trust Indenture Act, regardless of the source
from which such information was derived, and that the Trustee shall not be held
accountable by reason of mailing any material pursuant to a request made under
Section 312(b) of the Trust Indenture Act. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section 703. Reports By
Trustee. </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(a) Within 60 days after May
15 of each year commencing with the year following the first issuance of
Securities pursuant to Section 301, if required by Section 313(a) of the Trust
Indenture Act, the Trustee shall transmit pursuant to Section 313(c) of the
Trust Indenture Act a brief report dated as of such May 15 with respect to any
of the events specified in said Section 313(a) which may have occurred since the
later of the immediately preceding May 15 and the date of this Indenture.
</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>38</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(b) The Trustee shall transmit
the reports required by Section 313(a) of the Trust Indenture Act at the times
specified therein. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(c) Reports pursuant to this
Section shall be transmitted in the manner and to the Persons required by
Sections 313(c) and (d) of the Trust Indenture Act. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section 704. Reports By
Company. </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Company, pursuant to
Section 314(a) of the Trust Indenture Act, shall: </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(1)</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>file with
      the Trustee, within 15 days after the Company actually files the same with
      the Commission, copies of the annual reports and of the information,
      documents and other reports (or copies of such portions of any of the
      foregoing as the Commission may from time to time by rules and regulations
      prescribe) which the Company may be required to file with the Commission
      pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of
      1934; or, if the Company is not required to file information, documents or
      reports pursuant to either of said Sections, then it shall file with the
      Trustee and the Commission, in accordance with rules and regulations
      prescribed from time to time by the Commission, such of the supplementary
      and periodic information, documents and reports which may be required
      pursuant to Section 13 of the Securities Exchange Act of 1934 in respect
      of a Security listed and registered on a national Securities exchange as
      may be prescribed from time to time in such rules and
    regulations;</FONT></TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(2)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>file with
      the Trustee and the Commission, in accordance with rules and regulations
      prescribed from time to time by the Commission, such additional
      information, documents and reports with respect to compliance by the
      Company with respect to compliance by such obligor with the conditions and
      covenants of this Indenture as may be required from time to time by such
      rules and regulations; and</FONT></TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(3)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>transmit
      within 30 days after the actual filing thereof with the Trustee, in the
      manner and to the extent provided in Section 313(c) of the Trust Indenture
      Act, such summaries of any information, documents and reports required to
      be filed by the Company pursuant to paragraphs (1) and (2) of this Section
      as may be required by rules and regulations prescribed from time to time
      by the Commission; and</FONT></TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(4)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>transmit
      within 90 days of December 31 of each year to the Trustee, a brief
      certificate from the principal executive officer, principal financial
      officer or principal accounting officer of the Company as to his or her
      knowledge of such obligor&#146;s compliance with all conditions and covenants
      under the Indenture as determined without regard to any period of grace or
      requirement of notice provided under the
Indenture.</FONT></TD></TR></TABLE>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Delivery of such reports,
information and documents to the Trustee is for informational purposes only and
the Trustee&#146;s receipt of such shall not constitute constructive or other notice
of any information contained therein or determinable from information contained
therein, including the Company&#146;s compliance with any of its covenants hereunder
(as to which the Trustee is entitled to rely exclusively on Officers&#146;
Certificates). </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>ARTICLE EIGHT
</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>CONSOLIDATION, MERGER AND
SALES </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section 801. Company May
Consolidate Etc., Only on Certain Terms. </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Nothing contained in this
Indenture or in any of the Securities shall prevent any consolidation or merger
of the Company with or into any other Person or Persons (whether or not
affiliated with the Company), or successive consolidations or mergers in which
the Company or its successor or successors shall be a party or parties, or shall
prevent any conveyance, transfer or lease of the property of the Company as an
entirety or substantially as an entirety, to any other Person (whether or not
affiliated with the Company); PROVIDED, HOWEVER, that:&nbsp;&nbsp;</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>39</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(1)</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>in case
      the Company shall consolidate with or merge into another Person or convey,
      transfer or lease its properties and assets substantially as an entirety
      to any Person, the entity formed by such consolidation or into which the
      Company is merged or the Person which acquires by conveyance or transfer,
      or which leases, the properties and assets of the Company substantially as
      an entirety shall be a corporation organized and existing under the laws
      of the United States of America, any State thereof or the District of
      Columbia and shall expressly assume, by an indenture (or indentures, if at
      such time there is more than one Trustee) supplemental hereto, executed
      and delivered by the successor Person to the Trustee, in form satisfactory
      to the Trustee, the due and punctual payment of the principal of (and
      premium, if any) and interest on or any Additional Amounts in respect of
      all the Securities and the performance of every other covenant of this
      Indenture on the part of the Company to be performed or
  observed;</FONT></TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(2)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>immediately after giving effect to such transaction and treating
      any indebtedness which becomes an obligation of the Company or a
      Subsidiary as a result of such transaction as having been incurred by the
      Company or such Subsidiary at the time of such transaction, no Event of
      Default, and no event which, after notice or lapse of time or both, would
      become an Event of Default, shall have happened and be continuing;
      and</FONT></TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(3)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>each of
      the Company and the successor Person has delivered to the Trustee an
      Officers&#146; Certificate and an Opinion of Counsel, each stating that such
      consolidation, merger, conveyance, transfer or lease and such supplemental
      indenture comply with this Article and that all conditions precedent
      herein provided for relating to such transaction have been complied
      with.</FONT></TD></TR></TABLE>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section 802. Successor
Corporation Substituted For Company. </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Upon any consolidation or
merger or any conveyance, transfer or lease of the properties and assets of the
Company substantially as an entirety to any Person in accordance with Section
801, the successor Person formed by such consolidation or into which the Company
is merged or to which such conveyance, transfer or lease is made shall succeed
to, and be substituted for, and may exercise every right and power of, the
Company under this Indenture with the same effect as if such successor Person
had been named as the Company herein, and thereafter, except in the case of a
lease to another Person, the predecessor Person shall be relieved of all
obligations and covenants under this Indenture and the Securities and the
Coupons. </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>ARTICLE NINE
</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>SUPPLEMENTAL INDENTURES
</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section 901. Supplemental
Indentures Without Consent of Holders. </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Without the consent of any
Holders of Securities or Coupons, the Company, when authorized by Board
Resolutions, 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: </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(1)</FONT></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>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;</FONT></TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(2)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>to add to
      the covenants of the Company for the benefit of the Holders of all or any
      series of Securities (and if such covenants are to be for the benefit of
      less than all series of Securities, stating that such covenants are
      expressly being included solely for the benefit of such series) or to
      surrender any right or power herein conferred upon the
  Company;</FONT></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman" size=2>40</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<!-- PART05 - EXHIBIT 4.6 -->
<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>

<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(3)</FONT></TD>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>to add to or change any of the provisions of
      this Indenture to provide that Bearer Securities may be registrable as to
      principal, to change or eliminate any restrictions on the payment of
      principal (or premium, if any) on Registered Securities or of principal
      (or premium, if any) or any interest on Bearer Securities, to permit
      Registered Securities to be exchanged for Bearer Securities or to permit
      or facilitate the issuance of Securities in uncertified form, PROVIDED any
      such action shall not adversely affect the interests of the Holders of
      Securities of any series or any Coupons appertaining thereto in any
      material respect;</FONT></TD></TR>
  <TR>
    <TD noWrap></TD>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(4)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>to establish the form or terms of Securities
      of any series and any Coupons appertaining thereto as permitted by
      Sections 201 and 301;</FONT></TD></TR>
  <TR>
    <TD noWrap></TD>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(5)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>to evidence and provide for the acceptance
      of appointment hereunder by a successor Trustee with respect to the
      Securities of one or more series and to add to or change any of the
      provisions of this Indenture as shall be necessary to provide for or
      facilitate the administration of the trusts hereunder by more than one
      Trustee, pursuant to the requirements of Section 609(b);</FONT></TD></TR>
  <TR>
    <TD noWrap></TD>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(6)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>to cure any ambiguity, to correct or
      supplement any provision herein which may be defective or inconsistent
      with any other provision herein, or to make any other provisions with
      respect to matters or questions arising under this Indenture which shall
      not be inconsistent with the provisions of this Indenture and which shall
      not adversely affect the interest of the Holders of Securities of any
      series or any related coupons in any material respect;</FONT></TD></TR>
  <TR>
    <TD noWrap></TD>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(7)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>to add to, delete from or revise the
      conditions, limitations and restrictions on the authorized amount, terms
      or purposes of issue, authentication and delivery of Securities, as herein
      set forth;</FONT></TD></TR>
  <TR>
    <TD noWrap></TD>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(8)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>to add any additional Events of
      Default;</FONT></TD></TR>
  <TR>
    <TD noWrap></TD>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(9)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>to modify, eliminate or add to the
      provisions of this Indenture to such extent as shall be necessary to
      conform the obligations of the Company and the Trustee under this
      Indenture to the obligations imposed on such Persons hereunder pursuant to
      the Trust Indenture Act or under any similar federal statute hereafter
      enacted and rules or regulations of the Commission
thereunder;</FONT></TD></TR>
  <TR>
    <TD noWrap></TD>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(10)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>to make provisions with respect to the
      conversion rights of Holders of Convertible Securities pursuant to the
      requirements of Section 1606; or</FONT></TD></TR>
  <TR>
    <TD noWrap></TD>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(11)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>to add to, change or eliminate any of the
      provisions of this Indenture in respect to one or more series of
      Securities; provided, however, that any such addition, change or
      elimination (i) shall neither (A) apply to any Security of any series
      issued prior to the execution of such supplemental indenture and entitled
      to the benefit of such provision nor (B) modify the rights of the Holder
      of any such pre-existing series of any Security with respect to the
      application of such provision to such pre-existing series of a Security or
      (ii) shall become effective only when there is no such pre-existing
      series of a Security outstanding.</FONT></TD></TR></TABLE>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section 902. Supplemental
Indentures With Consent of Holders. </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>With the consent of the
Holders of not less than a majority in principal amount of the Outstanding
</FONT><FONT face="Times New Roman" size=2>Securities of each series affected by
such supplemental indenture, by Act of said Holders delivered to the Company and
the Trustee, the Company, when authorized by 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 or of modifying in any manner the rights of the
Holders of Securities of such series under this Indenture; PROVIDED, HOWEVER,
that no such supplemental Indenture shall, without the consent of the Holder of
each Outstanding Security affected thereby, shall </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>41</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD noWrap></TD>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">(1)</FONT></TD>
    <TD noWrap></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>change the Stated
      Maturity of the principal of, or any installment of interest on, any
      Security, or reduce the principal amount thereof or the rate of interest
      thereon or any Additional Amounts payable in respect thereof, or any
      premium payable upon the redemption thereof, or change the obligation of
      the Company to pay Additional Amounts pursuant to Section 1004 (except as
      contemplated by Section 801(1) and permitted by Section 901(1)), or reduce
      the amount of the principal of an Original Issue Discount Security that
      would be due and payable upon a declaration of acceleration of the
      Maturity thereof pursuant to Section 502, or change the Place of Payment,
      coin or currency in which any Security 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</FONT></TD></TR>
  <TR>
    <TD noWrap></TD>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(2)</FONT></TD>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>reduce the percentage
      in principal amount of the Outstanding Securities of any series, the
      consent of whose Holders is required for any such supplemental indenture,
      or the consent of whose Holders is required for any waiver (of compliance
      with certain provisions of this Indenture or certain defaults hereunder
      and their consequences) provided for in this Indenture, or reduce the
      requirements of Section 1404 for quorum or voting, or</FONT></TD></TR>
  <TR>
    <TD noWrap></TD>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(3)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>modify any of the
      provisions of this section, or Sections 512, 513 or Section 1011, except
      to increase any such percentage or to provide that certain other
      provisions of this Indenture cannot be modified or waived without the
      consent of the Holder of each Outstanding Security affected
    thereby.</FONT></TD></TR></TABLE>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Company may, but shall not
be obligated to, fix a record date for the purposes of determining the Persons
entitled to consent to any indenture supplemental hereto. If a record date is
fixed, the Holders on such record date, or their duly designated proxies, and
only such Persons, shall be entitled to consent to such supplemental indenture,
whether or not such Holders remain Holders after such record date; PROVIDED,
that unless such consent shall have become effective by virtue of the requisite
percentage having been obtained prior to the date which is 90 days after such
record date, any such consent previously given shall automatically and without
further action by any Holder be cancelled and of no further effect. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>A supplemental indenture which
changes or eliminates any covenant or other provision of this Indenture which
has expressly been included solely for the benefit of one or more particular
series of Securities, or which modifies the rights of the Holders of Securities
of such series with respect to such covenant or other provision, shall be deemed
not to affect the rights under this Indenture of the Holders of Securities of
any other series. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>It shall not be necessary for
any Act of Holders of Securities 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. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section 903. Execution of
Supplemental Indentures. </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>As a condition to executing,
or accepting the additional trusts created by, any supplemental indenture
permitted by this Article or the modifications thereby of the trust created by
this Indenture, the Trustee shall be provided with, and (subject to Section 315
of the Trust Indenture Act) shall be fully protected in relying upon, an Opinion
of Counsel stating that the execution of such supplemental indenture is
authorized or permitted by this Indenture and that it complies with the terms of
this Indenture. The Trustee may, but shall not be obligated to, enter into any
such supplemental indenture which affects the Trustee&#146;s own rights, duties or
immunities under this Indenture or otherwise. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section 904. Effect of
Supplemental Indentures. </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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 a Security theretofore or
thereafter authenticated and delivered hereunder and of any Coupons appertaining
thereto shall be bound thereby. </FONT></P>

<P align=center><FONT face="Times New Roman" size=2>42</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section 905. Conformity
With Trust Indenture Act. </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Every supplemental indenture
executed pursuant to this Article shall conform to the requirements of the Trust
Indenture Act as then in effect. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section 906. Reference in
Securities to Supplemental Indentures. </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Securities of any series
authenticated and delivered after the execution of any supplemental indenture
pursuant to this Article may, and shall if required by the Trustee, bear a
notation in form approved by the Trustee as to any matter provided for in such
supplemental indenture. If the Company shall so determine, new Securities of any
series so modified as to conform, in the opinion of the Trustee and the Company,
to any such supplemental indenture may be prepared and executed by the Company
and authenticated and delivered by the Trustee in exchange for Outstanding
Securities of such series. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section 907. Subordination
Unimpaired. </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>No supplemental indenture
entered into under this Article Nine shall modify, directly or indirectly, the
provisions of Article Fifteen or the definition of Senior Indebtedness in
Section 101 in any manner that might alter or impair the subordination of the
Securities with respect to Senior Indebtedness then outstanding, unless each
holder of such Senior Indebtedness has consented thereto in writing. </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>ARTICLE TEN
</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>COVENANTS </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section 1001. Payment of
Principal, Premium, If Any, and Interest. </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Company covenants and
agrees for the benefit of the Holders of each series of Securities that it will
duly and punctually pay the principal of (and premium, if any), interest on or
any Additional Amounts payable in respect of the Securities of that series in
accordance with the terms of such series of Securities, any Coupons appertaining
thereto and this Indenture. Any interest due on and any Additional Amounts
payable in respect of Bearer Securities on or before Maturity, other than
Additional Amounts, if any, payable as provided in Section 1004 in respect of
principal of (or premium, if any, on) such a Security, shall be payable only
upon presentation and surrender of the several coupons for such interest
installments as are evidenced thereby as they severally mature. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section 1002. Maintenance
of Office or Agency. </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Company will maintain in  each Place of
Payment for any series of Securities an office or agency where  Securities of such series (but not Bearer Securities, except
as otherwise  provided below, unless such Place of Payment is located outside the United  States) may be presented or
surrendered for payment, where Securities of that  series may be surrendered for registration of transfer or exchange and
where  notices and demands to or upon the Company in respect of the Securities of that  series and this Indenture may be
served. If Securities of a series are issuable  as Bearer Securities, the Company shall maintain, subject to any laws or
regulations applicable thereto, an office or agency in a Place of Payment for  such series which is located outside the
United States where Securities of such  series and the related Coupons may be presented and surrendered for payment
(including payment of any Additional Amounts payable on Securities of such  series pursuant to Section 1004)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;; PROVIDED, HOWEVER, that if the Securities of  such series are
listed on The Stock Exchange of the United Kingdom and the  Republic of Ireland or the Luxembourg Stock Exchange or any other
stock exchange  located outside the United States and such stock exchange shall so require, the  Company will maintain a
Paying Agent in London, Luxembourg or any other required  city located outside the United States, as the case may be, so long
as the  Securities of such series are listed on such exchange. The Company will give  prompt written notice to the Trustee of
the location, and any change in the  location, of such office or agency. If at any time the Company shall fail to  maintain
any such required office or agency or shall fail to furnish the Trustee  with the address thereof, such presentations,
surrenders, notices and demands  may be made or served at the Corporate Trust Office of the Trustee, except that  Bearer
Securities of that series and the related Coupons may be presented and  surrendered for payment (including payment of any
Additional Amounts payable on  Bearer Securities of that series pursuant to Section 1004) at the place  specified for the
purpose pursuant to Section 301, and the Company hereby  appoints the Trustee as its agent to receive all such presentations,
surrenders,  notices and demands.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>43</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Except as otherwise specified
as contemplated by Section 301, no payment of principal, premium or interest on
Bearer Securities shall be made at any office or agency of the Company in the
United States or by check mailed to any address in the United States or by
transfer to an account maintained with a bank located in the United States;
PROVIDED, HOWEVER, payment of principal of and any premium and interest in U.S.
dollars (including Additional Amounts payable in respect thereof) on any Bearer
Security may be made at the Corporate Trust Office or any office or agency
designated by the Company if (but only if) payment of the full amount of such
principal, premium, interest or Additional Amounts at all offices outside the
United States maintained for the purpose by the Company in accordance with this
Indenture is illegal or effectively precluded by exchange controls or other
similar restrictions. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Company may also from time
to time designate one or more other offices or agencies where the Securities of
one or more series may be presented or surrendered for any or all such purposes
and may from time to time rescind such designations; PROVIDED, HOWEVER, that no
such designation or rescission shall in any manner relieve the Company of their
obligation to maintain an office or agency in each Place of Payment for
Securities of any series for such purposes. The Company will give prompt written
notice to the Trustee of any such designation or rescission and of any change in
the location of any such other office or agency. Unless otherwise specified as
contemplated by Section 301, the Company hereby designates as the Place of
Payment for each series the Corporate Trust Office of the Trustee. Pursuant to
Section 301(9) of this Indenture, the Company may subsequently appoint a place
or places where such Securities may be payable. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section 1003. Money For
Securities Payments to Be Held in Trust. </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If the Company shall at any
time act as its own Paying Agent with respect to any series of Securities, it
will, on or before each due date of the principal of (and premium, if any), or
interest on, any of the Securities of that series, segregate and hold in trust
for the benefit of the Person entitled thereto a sum sufficient to pay the
principal (and premium, if any) or interest so becoming due until such sums
shall be paid to such Persons or otherwise disposed of as herein provided, and
will promptly notify the Trustee of its action or failure so to act. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Whenever the Company shall
have one or more Paying Agents for any series of Securities, it will, on or
prior to each due date of the principal of (and premium, if any), or interest
on, any Securities of that series, deposit with any Paying Agent a sum
sufficient to pay the principal (and premium, if any) or interest so becoming
due, such sum to be held in trust for the benefit of the Persons entitled to
such principal, premium or interest, and (unless such Paying Agent is the
Trustee) the Company will promptly notify the Trustee of its action or failure
so to act. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Company will cause each
Paying Agent for any series of Securities other than the Trustee to execute and
deliver to the Trustee an instrument in which such Paying Agent shall agree with
the Trustee, subject to the provisions of this Section, that such Paying Agent
will: </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(1)</FONT></TD>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>hold all sums held by
      it for the payment of the principal of (and premium, if any) or interest
      on Securities of that series in trust for the benefit of the Persons
      entitled thereto until such sums shall be paid to such Persons or
      otherwise disposed of as herein provided;</FONT></TD></TR>
  <TR>
    <TD noWrap></TD>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(2)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>give the Trustee
      notice of any default by the Company (or any other obligor upon the
      Securities of that series) in the making of any payment of principal (and
      premium, if any) or interest on the Securities of that series;
    and</FONT></TD></TR>
  <TR>
    <TD noWrap></TD>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(3)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>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.</FONT></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman" size=2>44</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Company may at any time,
for the purpose of obtaining the satisfaction and discharge of this Indenture or
for any other purpose, pay, or by Company Order direct any Paying Agent to pay,
to the Trustee all sums held in trust by the Company or such Paying Agent, such
sums to be held by the Trustee upon the same terms as those upon which such sums
were held by the Company or such Paying Agent; and, upon such payment by any
Paying Agent to the Trustee, such Paying Agent shall be released from all
further liability with respect to such money. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Except as otherwise provided
hereby or pursuant hereto, 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 and Additional Amounts on any Security of any
series and remaining unclaimed for two years after such principal (and premium,
if any) or interest has become due and payable shall be paid to the Company on
Company Request, or (if then held by the Company) shall be discharged from such
trust; and the Holder of such Security or any Coupon appertaining thereto shall
thereafter, as an unsecured general creditor, look only to the Company for
payment thereof, and all liability of the Trustee or such Paying Agent with
respect to such trust money, and all liability of the Company as trustee
thereof, shall thereupon cease; PROVIDED, HOWEVER, that the Trustee or such
Paying Agent, before being required to make any such repayment, may at the
expense of the Company cause to be published once, in an Authorized Newspaper in
each Place of Payment for such series or to be mailed to Holders of Registered
Securities for such series, or both, notice that such money remains unclaimed
and that, after a date specified therein, which shall not be less than 30 days
from the date of such publication or mailing nor shall it be later than two
years after such principal (and premium, if any) or interest has become due and
payable, any unclaimed balance of such money then remaining will be repaid to
the Company. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section 1004. Additional
Amounts. </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If any Securities of a series
provide for the payment of Additional Amounts, the Company agrees to pay to the
Holder of any such Security of any such series or any Coupon appertaining
thereto Additional Amounts as provided therein. Whenever in this Indenture there
is mentioned, in any context, the payment of the principal of (or premium, if
any) or interest on, or in respect of, any Security of any series or any related
Coupon or the net proceeds received on the sale or exchange of any Security of
any series, such mention shall be deemed to include mention of the payment of
Additional Amounts provided by the terms of such series established hereby or
pursuant hereto to the extent that, in such context, Additional Amounts are,
were or would be payable in respect thereof pursuant to such terms and express
mention of the payment of Additional Amounts (if applicable) in any provisions
hereof shall not be construed as excluding Additional Amounts in those
provisions hereof where such express mention is not made. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Except as otherwise provided
herein or pursuant hereto, if the Securities of a series provide for the Payment
of Additional Amounts, at least 10 days prior to the first Interest Payment Date
with respect to such series of Securities (or if the Securities of that series
shall not bear interest prior to Maturity, the first day on which a payment of
principal (and premium, if any, is made), and at least 10 days prior to each
date of payment of principal (and premium, if any) or interest if there has been
any change with respect to the matters set forth in the below-mentioned
Officers&#146; Certificate, the Company will furnish the Trustee and the principal
Paying Agent or Paying Agents, if other than the Trustee, an Officers&#146;
Certificate instructing the Trustee and such Paying Agent or Paying Agents
whether such payment of principal (and premium, if any) of or interest on the
Securities of that series shall be made to Holders of Securities of that series
or the Coupons appertaining thereto who are United States Aliens without
withholding for or on account of any tax, assessment or other governmental
charge described in the Securities of that series. If any such withholding shall
be required, then such Officers&#146; Certificate shall specify by country the
amount, if any, required to be withheld on such payments to such Holders of
Securities or Coupons and the Company agrees to pay to the Trustee or such
Paying Agent the Additional Amounts required by this Section. The Company
covenants to indemnify the Trustee and any Paying Agent for, and to hold them
harmless against, any loss, liability or expense reasonably incurred without
negligence or bad faith on their part arising out of or in connection with
actions taken or omitted by any of them in reliance on any Officers&#146; Certificate
furnished pursuant to this Section. </FONT></P>

<P align=center><FONT face="Times New Roman" size=2>45</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section 1005. Statement As
To Compliance; Notice of Certain Defaults. </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(a) The Company will, in
addition to the reports required by Section 704(4), deliver to the Trustee,
within 120 days after the end of each fiscal year (which on the date hereof ends
on December 31), commencing </FONT><FONT face="Times New Roman" size=2>December
31, 2013, a written statement, which need not comply with Section 102, signed by
the Chairman of the Board, a Deputy Chairman, Vice Chairman, the President or a
Vice President and by the Treasurer or an Assistant Treasurer of the Company,
stating, as to each signer thereof, that </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(1)</FONT></TD>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>a review of the
      activities of the Company during such year and of performance under this
      Indenture has been made under his supervision, and</FONT></TD></TR>
  <TR>
    <TD noWrap></TD>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(2)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>to the best of his
      knowledge, based on such review, (a) the Company has fulfilled all of its
      obligations under this Indenture throughout such year, or, if there has
      been a default in the fulfillment of any such obligation, specifying each
      such default known to him and the nature and status thereof, and (b) no
      event has occurred and is continuing which is, or after notice or lapse of
      time or both would become, an Event of Default, or, if such an event has
      occurred and is continuing, specifying each such event known to him and
      the nature and status thereof.</FONT></TD></TR></TABLE>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(b) The Company will deliver
to the Trustee as soon as possible, and in any event, within five days after the
occurrence thereof, written notice of any event which after notice or lapse of
time or both would become an Event of Default. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section 1006. Payment of
Taxes and Other Claims. </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Company will pay or
discharge or cause to be paid or discharged, before the same shall become
delinquent, (1) all taxes, assessments and governmental charges levied or
imposed upon the Company or any Subsidiary or upon the income, profits or
property of the Company or any Subsidiary, and (2) all lawful claims for labor,
materials and supplies which, if unpaid, might by law become a lien upon the
property of the Company or any subsidiary; PROVIDED, HOWEVER, that the Company
shall not be required to pay or discharge or cause to be paid or discharged any
such tax, assessment, charge or claim whose amount, applicability or validity is
being contested in good faith by appropriate proceedings. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section 1007. Corporate
Existence. </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Subject to Article Eight, the
Company will do or cause to be done all things necessary to preserve and keep in
full force and effect its corporate existence, rights (charter and statutory)
and franchises and the corporate existence, rights (charter and statutory) and
franchises of the Subsidiary Bank; PROVIDED, HOWEVER, that the Company shall not
be required to preserve any such corporate existence, right or franchise if the
Company shall determine that the preservation thereof is no longer desirable in
the conduct of the business of the Company and its Subsidiaries considered as a
whole and that the loss thereof is not disadvantageous in any material respect
to the Holders. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section 1008. Waiver of
Certain Covenants. </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Company may omit in any
particular instance to comply with any term, provision or condition set forth in
Section 1006 with respect to the Securities of any series if before the time for
such compliance the Holders of at least a majority in principal amount of the
Outstanding Securities of such series shall, by Act of such Holders, either
waive such compliance in such instance or generally waive compliance with such
term, provision or condition, but no such waiver shall extend to or affect such
term, provision or condition except to the extent so expressly waived, and,
until such waiver shall become effective, the obligations of the Company and the
duties of the Trustee in respect of any such term, provision or condition shall
remain in full force and effect. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section 1009. Calculation
of Original Issue Discount.</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Company shall file with
the Trustee promptly at the end of each calendar year (i) a written notice
specifying the amount of original issue discount (including daily rates and
accrual periods) accrued on Outstanding Securities as of the end of such year
and (ii) such other specific information relating to such original issue
discount as may then be relevant under the Internal Revenue Code of 1986, as
amended from time to time. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>46</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>ARTICLE ELEVEN
</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>REDEMPTION OF SECURITIES
</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section 1101. Applicability
of Article. </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Redemption of Securities of
any series at the option of the Company as permitted or required by the terms of
such Securities shall be made in accordance with the terms of such Securities
and (except as otherwise provided herein or pursuant hereto) this Article.
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section 1102. Election To
Redeem; Notice To Trustee. </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The election of the Company to
redeem any Securities shall be evidenced by Board Resolution. In case of any
redemption at the election of the Company of the Securities of any series, with
the same issue date, interest rate and Stated Maturity, the Company shall, at
least 60 days prior to the Redemption Date fixed by the Company (unless a
shorter notice shall be satisfactory to the Trustee), notify the Trustee of such
Redemption Date and of the principal amount of Securities of such series to be
redeemed. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section 1103. Selection By
Trustee of Securities To Be Redeemed. </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If less than all the
Securities of any series with the same issue date, interest rate, Stated
Maturity and other terms are to be redeemed, the particular Securities to be
redeemed shall be selected not more than 60 days prior to the Redemption Date by
the Trustee from the Outstanding Securities of such series not previously called
for redemption, by such method as the Trustee shall deem fair and appropriate
and which may provide for the selection for redemption of portions of the
principal amount of Registered Securities of such series; PROVIDED, HOWEVER,
that no such partial redemption shall reduce the portion of the principal amount
of a Registered Security of such series not redeemed to less than the minimum
denomination for a Security of such series established herein pursuant hereto.
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If any Convertible Security
selected for partial redemption is converted in part before termination of the
conversion right with respect to the portion of the Security so selected, the
converted portion of such Security shall be deemed (so far as may be) to be the
portion selected for redemption. Securities which have been converted during a
selection of Securities to be redeemed shall be treated by the Trustee as
Outstanding for the purpose of such selection. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Trustee shall promptly
notify the Company and the Security Registrar (if other than itself) in writing
of the Securities selected for redemption and, in the case of any Securities
selected for partial redemption, the principal amount thereof to be redeemed.
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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 of such Securities
which has been or is to be redeemed. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section 1104. Notice of
Redemption. </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Notice of redemption shall be
given in the manner provided in Section 106, not less than 30 nor more than 60
days prior to the Redemption Date, unless a shorter period is specified in the
Securities to be redeemed, to the Holders of Securities to be redeemed. Failure
to give notice by mailing in the manner herein provided to the Holder of any
Registered Securities designated for redemption as a whole or in part, or any
defect in the notice to any such Holder, shall not affect the validity of the
proceedings for the redemption of any other Securities or portion thereof.
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Any notice that is mailed to
the Holder of any Registered Securities in the manner herein provided shall be
conclusively presumed to have been duly given, whether or not such Holder
receives the notice. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>47</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>All notices of redemption
shall state: </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(1)</FONT></TD>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>the Redemption Date,</FONT></TD></TR>
  <TR>
    <TD noWrap></TD>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(2)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>the Redemption Price,</FONT></TD></TR>
  <TR>
    <TD noWrap></TD>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(3)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>if less than all outstanding Securities of
      any series are to be redeemed, the identification (and, in the case of
      partial redemption, the principal amount) of the particular Securities to
      be redeemed,</FONT></TD></TR>
  <TR>
    <TD noWrap></TD>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(4)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>in case any Registered Security is to be
      redeemed in part only, the notice which relates to such Security shall
      state that on and after the Redemption Date, upon surrender of such
      Security, the Holder of such Security will receive, without charge, a new
      Registered Security or Registered Securities of authorized denominations
      for the principal amount thereof remaining unredeemed,</FONT></TD></TR>
  <TR>
    <TD noWrap></TD>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(5)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>in the case of Convertible Securities, the
      Conversion Price then in effect, the date on which the right to convert
      the principal amount of the Securities or the portions thereof to be
      redeemed will terminate and the place or places where such Securities may
      be surrendered for conversion,</FONT></TD></TR>
  <TR>
    <TD noWrap></TD>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(6)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>that on the Redemption Date the Redemption
      Price will become due and payable upon each such Security to be redeemed
      only, as to Bearer Securities, against tender of such Security and any
      Coupons appertaining thereto, and, if applicable, that interest thereon
      and Additional Amounts, if any, shall cease to accrue on and after said
      date,</FONT></TD></TR>
  <TR>
    <TD noWrap></TD>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(7)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>the place or places where such Securities,
      together, in the case of Bearer Securities with all Coupons appertaining
      thereto, if any, maturing after the Redemption Date, are to be surrendered
      for payment of the Redemption Price,</FONT></TD></TR>
  <TR>
    <TD noWrap></TD>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(8)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>that the redemption is for a sinking fund,
      if such is the case, and</FONT></TD></TR>
  <TR>
    <TD noWrap></TD>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(9)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>the CUSIP number, if
  any.</FONT></TD></TR></TABLE>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>A notice of redemption
published as contemplated by Section 106 need not identify particular Registered
Securities to be redeemed. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Notice of redemption of
Securities to be redeemed at the election of the Company shall be given by the
Company or, at the Company&#146;s request, by the Trustee in the name and at the
expense of the Company. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section 1105. Deposit of
Redemption Price. </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>On or prior to any Redemption
Date, the Company shall deposit with the Trustee or with a Paying Agent (or, if
the Company is acting as its own Paying Agent, segregate and hold in trust as
provided in Section 1003) an amount of money sufficient to pay the Redemption
Price of, and (except if the Redemption Date shall be an Interest Payment Date)
accrued interest on and any Additional Amounts with respect thereto, all the
Securities or portions thereof which are to be redeemed on that date.
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If any Convertible Security or
portion thereof called for redemption is converted pursuant to Article
</FONT><FONT face="Times New Roman" size=2>Fifteen, any money deposited with the
Trustee or so segregated and held in trust for the redemption of such Security
or portion thereof shall (subject to any right of the Holder of the Security on
a Regular Record Date preceding such conversion to receive interest) be paid to
the Company upon Company Request or, if then held by the Company, shall be
discharged from such trust. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>48</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section 1106. Securities
Payable on Redemption Date. </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Notice of redemption having
been given as aforesaid, the Securities so to be redeemed shall, on the
</FONT><FONT face="Times New Roman" size=2>Redemption Date, become due and
payable at the Redemption Price therein specified, and from and after such date
</FONT><FONT face="Times New Roman" size=2>(unless the Company shall default in
the payment of the Redemption Price and accrued interest) such Securities shall
cease to bear interest and the Coupons for such interest appertaining to any
Bearer Securities so to be redeemed, except to the extent provided below, shall
be void. Upon surrender of any such Security for redemption in accordance with
said notice, together with all Coupons, if any, appertaining thereto maturing
after the Redemption Date, such Security shall be paid by the Company at the
Redemption Price, together with accrued interest (or any Additional Amounts) to
the Redemption Date; PROVIDED, HOWEVER, that installments of interest on Bearer
Securities whose Stated Maturity is on or prior to the Redemption Date shall be
payable only upon presentation and surrender of coupons for such interest (at an
office or agency located outside the United States except as otherwise provided
in Section 1002), and PROVIDED, FURTHER, that installments of interest on
Registered Securities whose Stated Maturity is on or prior to the Redemption
Date shall be payable to the Holders of such Securities, or one or more
Predecessor Securities, registered as such at the close of business on the
Regular Record Dates according to their terms and the provisions of Section 308.
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If any Bearer Security
surrendered for redemption shall not be accompanied by all appurtenant Coupons
maturing after the Redemption Date, such Security may be paid after deducting
from the Redemption Price an amount equal to the face amount of all such missing
Coupons, or the surrender of such missing Coupon or Coupons may be waived by the
Company and the Trustee if there be furnished to them such Security or indemnity
as they may require to save each of them and any Paying Agent harmless. If
thereafter the Holder of such Security shall surrender to the Trustee or any
Paying Agent any such missing coupon in respect of which a deduction shall have
been made from the Redemption Price, such Holder shall be entitled to receive
the amount so deducted; PROVIDED, HOWEVER, that interest (or any Additional
Amounts) represented by Coupons shall be payable only upon presentation and
surrender of those Coupons at an office or agency located outside of the United
States except as otherwise provided in Section 1002.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If any Security called for
redemption shall not be so paid upon surrender thereof for redemption, the
principal (and premium, if any) shall, until paid, bear interest from the
Redemption Date at the rate prescribed therefor in the Security. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section 1107. Securities
Redeemed in Part. </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Any Registered Security which
is to be redeemed only in part shall be surrendered at any office or agency of
the Company maintained for that purpose pursuant to Section 1002 (with, if the
Company or the Trustee so requires, due endorsement by, or a written instrument
of transfer in form satisfactory to the Company and the Trustee duly executed
by, the Holder thereof or his attorney duly authorized in writing) and the
Company shall execute and the Trustee shall authenticate and deliver to the
Holder of such Security without service charge, a new Registered Security or
Securities of the same series, containing identical terms and provisions, of any
authorized denomination as requested by such Holder in aggregate principal
amount equal to and in exchange for the unredeemed portion of the principal of
the Security so surrendered. If a Security in global form is so surrendered, the
Company shall execute, and the Trustee shall authenticate and deliver to the
U.S. Depository or other depository for such Security in global form as shall be
specified in the Company Order with respect thereto to the Trustee, without
service charge, a new Security in global form in a denomination equal to and in
exchange for the unredeemed portion of the principal of the Security in global
form so surrendered. </FONT></P>

<P align=center><FONT face="Times New Roman" size=2>49</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section 1108. Conversion
Arrangements on Call for Redemption. </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Notwithstanding anything to
the contrary contained in this Indenture, in connection with any redemption of
Convertible Securities of any series, the Company, by an agreement with one or
more investment bankers or other purchasers, may arrange for such purchasers to
purchase all such Convertible Securities called for redemption (the &#147;Called
Securities&#148;) which are either (i) surrendered for redemption or (ii) not duly
surrendered for redemption or conversion prior to the close of business on the
Redemption Date, and to convert the same into shares of Common Stock, by the
purchasers&#146; depositing with the Trustee (acting as Paying Agent with respect to
the deposit of such amount and as conversion agent with respect to the
conversion of such Called Securities), in trust for the Holders of the Called
Securities, on or prior to the Redemption Date in the manner agreed to by the
Company and such purchasers, an amount sufficient to pay the Redemption Price,
payable by the Company on redemption of such Called Securities. In connection
with any such arrangement for purchase and conversion, the Trustee as Paying
</FONT><FONT face="Times New Roman" size=2>Agent shall pay on or after the
Redemption Date such amounts so deposited by the purchasers in exchange for
Called Securities surrendered for redemption prior to the close of business on
the Redemption Date and for all Called Securities surrendered after such
Redemption Date. Notwithstanding anything to the contrary contained in this
Article Eleven, the obligation of the Company to pay the Redemption Price of
such Called Securities shall be satisfied and discharged to the extent such
amount is so paid by such purchasers. However, nothing in this Section 1108
shall in any way relieve the Company of the obligation to pay such Redemption
Price on all Called Securities to the extent such amount is not so paid by said
purchasers. For all purposes of this Indenture, any Called Securities
surrendered by the Holders for redemption, and any Called Securities not duly
surrendered for redemption or conversion prior to the close of business on the
Redemption Date, shall be deemed acquired by such purchasers from such Holders
and surrendered by such purchasers for conversion and shall in all respects be
deemed to have been converted, all as of immediately prior to the close of
business on the Redemption Date, subject to the deposit by the Purchasers of the
above amount as aforesaid. Nothing in this Section 1108 shall in any way limit
the right of any Holder of a Security to convert his Security pursuant to the
terms of this Indenture and of such Security at any time prior to the close of
business on the Redemption Date applicable thereto. </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>ARTICLE TWELVE
</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>SINKING FUNDS
</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section 1201. Applicability
of Article. </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The provisions of this Article
shall be applicable to any sinking fund for the retirement of Securities of a
series, except as otherwise permitted or required by any form of Security of
such series issued pursuant to this Indenture. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The minimum amount of any
sinking fund payment provided for by the terms of Securities of any series is
herein referred to as a &#147;mandatory sinking fund payment&#148;, and any payment in
excess of such minimum amount provided for by the terms of Securities of such
series is herein referred to as an &#147;optional sinking fund payment&#148;. If provided
for by the terms of Securities of any series, the cash amount of any sinking
fund payment may be subject to reduction as provided in Section 1202. Each
sinking fund payment shall be applied to the redemption of Securities of any
series as provided for by the terms of Securities of such series. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section 1202. Satisfaction
of Sinking Fund Payments With Securities. </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Company may, in
satisfaction of all or any part of any sinking fund payment with respect to the
Securities of such series to be made pursuant to the terms of such Securities as
provided for by the terms of such series (1) deliver Outstanding Securities of
such series (other than any of such Securities previously called for redemption
or any of such Securities in respect of which cash shall have been released to
the Company), together in the case of any Bearer Securities of such series with
all unmatured Coupons appertaining thereto, and (2) apply as a credit Securities
of such series which have been redeemed either at the election of the Company
pursuant to the terms of such series of Securities or through the application of
permitted optional sinking fund payments pursuant to the terms of such
Securities, PROVIDED that such series of Securities have not been previously so
credited. Such Securities shall be received and credited for such purpose by the
Trustee at the Redemption Price specified in such Securities for redemption
through operation of the sinking fund and the amount of such sinking fund
payment shall be reduced accordingly. If as a result of the delivery or credit
of Securities of any series in lieu of cash payments pursuant to this Section
1202, the principal amount of Securities of such series to be redeemed in order
to exhaust the aforesaid cash payment shall be less than $100,000, the Trustee
need not call Securities of such series for redemption, except upon Company
Request, and such cash payment shall be held by the Trustee or a Paying Agent
and applied to the next succeeding sinking fund payment, PROVIDED, HOWEVER, that
the Trustee or such Paying Agent shall at the request of the Company from time
to time pay over and deliver to the Company any cash payment so being held by
the Trustee or such Paying Agent upon delivery by the Company to the Trustee of
Securities of that series purchased by the Company having an unpaid principal
amount equal to the cash payment requested to be released to the Company.
</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>50</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section 1203. Redemption of
Securities For Sinking Fund. </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Not less than 75 days prior to
each sinking fund payment date for any series of Securities, the Company will
deliver to the Trustee an Officers&#146; Certificate specifying the amount of the
next ensuing mandatory sinking fund payment for that series pursuant to the
terms of that series, the portion thereof, if any, which is to be satisfied by
payment of cash and the portion thereof, if any, which is to be satisfied by
delivering and crediting of Securities of that series pursuant to Section 1202,
and the optional amount, if any, to be added in cash to the next ensuing
mandatory sinking fund payment, and will also deliver to the Trustee any
Securities to be so credited and not theretofore delivered. If such Officers&#146;
Certificate shall specify an optional amount to be added in cash to the next
ensuing mandatory sinking fund payment, the Company shall thereupon be obligated
to pay the amount therein specified. Not less than 60 days before each such
sinking fund payment date the Trustee shall select the Securities to be redeemed
upon such sinking fund payment date in the manner specified in Section 1103 and
cause notice of the redemption thereof to be given in the name of and at the
expense of the Company in the manner provided in Section 1104. Such notice
having been duly given, the redemption of such Securities shall be made upon the
terms and in the manner stated in Sections 1106 and 1107. </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>ARTICLE THIRTEEN
</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>REPAYMENT AT THE OPTION
OF HOLDERS </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section 1301. Applicability
of Article. </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Securities of any series which
are repayable at the option of the Holders thereof before their Stated Maturity
shall be repaid in accordance with the terms of the Securities of such series.
The repayment of any principal amount of Securities pursuant to such option of
the Holder to require repayment of Securities before their Stated Maturity, for
purposes of Section 310, shall not operate as a payment, redemption or
satisfaction of the indebtedness represented by such Securities unless and until
the Company, at its option, shall deliver or surrender the same to the Trustee
with a directive that such Securities be cancelled. Notwithstanding anything to
the contrary contained in this Article Thirteen, in connection with any
repayment of Securities, the Company may arrange for the purchase of any
Securities by an agreement with one or more investment bankers or other
purchasers to purchase such Securities by paying to the Holders of such
Securities on or before the close of business on the repayment date an amount
not less than the repayment price payable by the Company on repayment of such
Securities, and the obligation of the Company to pay the repayment price of such
Securities shall be satisfied and discharged to the extent such payment is so
paid by such purchasers. </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>ARTICLE FOURTEEN
</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>MEETINGS OF HOLDERS
</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section 1401. Purposes For
Which Meetings May Be Called. </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>A meeting of Holders of
Securities of such series may be called at any time and from time to time
pursuant to this Article to make, give or take any request, demand,
authorization, direction, notice, consent, waiver or other action provided by
this Indenture to be made, given or taken by Holders of Securities of such
series. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Section 1402. Call, Notice
and Place of Meetings. </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(a) The Trustee may at any
time call a meeting of Holders of Securities of any series for any purpose
specified in Section 1401, to be held at such time and at such place in the
Principle Office of the Trustee, or, if Securities of such series are to be
issued as Bearer Securities, in London, as the Trustee shall determine. Notice
of every meeting of Holders of Securities of any series, setting forth the time
and the place of such meeting and in general terms the action proposed to be
taken at such meeting, shall be given, in the manner provided in Section 106,
not less than 21 nor more than 180 days prior to the date fixed for the meeting.
</FONT></P>

<P align=center><FONT face="Times New Roman" size=2>51</FONT></P>
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<!-- PART06 - EXHIBIT 4.6 -->
<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>

<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(b) In case at any time the
Company, pursuant to Board Resolution, or the Holders of at least 10% in
principal amount of the Outstanding Securities of any series shall have
requested the Trustee to call a meeting of the Holders of Securities of such series for any purpose specified in Section
1401, by written request setting forth in reasonable detail the action proposed
to be taken at the meeting, and the Trustee shall not have made the first
publication of the notice of such meeting within 21 days after receipt of such
request or shall not thereafter proceed to cause the meeting to be held as
provided herein, then the Company or the Holders of Securities of such series in
the amount above specified, as the case may be, may determine the time and the
place for such meeting and may call such meeting for such purposes by giving
notice thereof as provided in subsection (a) of this Section. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><B><FONT face="Times New Roman" size=2>Section 1403. Persons Entitled To Vote At Meetings. </FONT></B></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>To
be entitled to vote at any meeting of Holders of Securities of any series, a
Person shall be (1) a Holder of one or more Outstanding Securities of such
series, or (2) a Person appointed by an instrument in writing as proxy for a
Holder or Holders of one or more Outstanding Securities of such series by such
Holder or Holders. The only Persons who shall be entitled to be present or to
speak at any meeting of Holders of Securities of any series shall be the Persons
entitled to vote at such meeting and their counsel, any representatives of the
Trustee and its counsel and any representatives of the Company and its counsel.
</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><B><FONT face="Times New Roman" size=2>Section 1404. Quorum; Action. </FONT></B></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>The
Persons entitled to vote a majority in principal amount of the Outstanding
Securities of a series shall constitute a quorum for a meeting of Holders of
Securities of such series. In the absence of a quorum within 30 minutes after
the time appointed for any such meeting, the meeting shall, if convened at the
request of Holders of Securities of such series, be dissolved. In any other case
the meeting may be adjourned for a period of not less than 10 days as determined
by the chairman of the meeting prior to the adjournment of such meeting. In the
absence of a quorum at any such adjourned meeting, such adjourned meeting may be
further adjourned for a period of not less than 10 days as determined by the
chairman of the meeting prior to the adjournment of such adjourned meeting.
Notice of the reconvening of any adjourned meeting shall be given as provided in
section 1402 (a), except that such notice need be given only once not less than
five days prior to the date on which the meeting is scheduled to be reconvened.
Notice of the reconvening of an adjourned meeting shall state expressly the
percentage, as provided above, of the principal amount of the Outstanding
Securities of such series which shall constitute a quorum. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>Except as limited by the proviso to Section 902, 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 principal amount of the Outstanding Securities of that series;
PROVIDED, HOWEVER, that, except as limited by the proviso to Section 902, any
resolution with respect to any request, demand, authorization, direction,
notice, consent, waiver or other action which this Indenture expressly provides
may be made, given or taken by the Holders of a specified percentage, which is
less than a majority, in principal amount of the Outstanding Securities of a
series may be adopted at a meeting or an adjourned meeting duly reconvened and
at which a quorum is present as aforesaid by the affirmative vote of the Holders
of such specified percentage in principal amount of the Outstanding Securities
of that series. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>Any
resolution passed or decision taken at any meeting of Holders of Securities of
any series duly held in accordance with this Section shall be binding on all the
Holders of Securities of such series and the Coupons appertaining thereto,
whether or not present or represented at the meeting. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><B><FONT face="Times New Roman" size=2>Section 1405. Determination of Voting Rights; Conduct and Adjournment of
Meetings. </FONT></B></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(a)
Notwithstanding any other provisions of this Indenture, the Trustee may make
such reasonable regulations as it may deem advisable for any meeting of Holders
of Securities of such series in regard to proof of the holding of Securities of
such series and of the appointment of proxies and in regard to the appointment
and duties of inspectors of votes, the submission and examination of proxies,
certificates and other evidence of the right to vote, and such other matters
concerning the conduct of the meeting as it shall deem appropriate. Except as
otherwise permitted or required by any such regulations, the holding of
Securities shall be proved in the manner specified in Section 104 and the
appointment of any proxy shall be proved in the manner specified in Section 104
or by having the signature of the person executing the proxy witnessed or
guaranteed by any trust company, bank or banker authorized by Section 104 to
certify to the holding of Bearer Securities. Such regulations may provide that
written instruments appointing proxies, regular on their face, may be presumed
valid and genuine without the proof specified in Section 104 or other proof.
&nbsp;</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>52</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(b)
The Trustee shall, by an instrument in writing, appoint a temporary chairman of
the meeting, unless the meeting shall have been called by the Company or by
Holders of Securities as provided in Section 1402(b), in which case the Company
or the Holders of Securities of the series calling the meeting, as the case may
be, shall in like manner appoint a temporary chairman. A permanent chairman and
a permanent secretary of the meeting shall be elected by vote of the Persons
entitled to vote a majority in principal amount of the Outstanding Securities of
such series represented at the meeting. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(c)
At any meeting each Holder of a Security of such series or proxy shall be
entitled to one vote for each $1,000 principal amount of Securities of such
series held or represented by him; PROVIDED, HOWEVER, that no vote shall be cast
or counted at any meeting in respect of any Security challenged as not
Outstanding and ruled by the chairman of the meeting to be not Outstanding. The
chairman of the meeting shall have no right to vote, except as a Holder of a
Security of such series or proxy. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(d)
Any meeting of Holders of Securities of any series duly called pursuant to
Section 1402 at which a quorum is present may be adjourned from time to time by
Persons entitled to vote a majority in principal amount of the Outstanding
Securities of such series represented at the meeting; and the meeting may be
held as so adjourned without further notice. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><B><FONT face="Times New Roman" size=2>Section 1406. Counting Votes and Recording Action of Meetings.
</FONT></B></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>The
vote upon any resolution submitted to any meeting of Holders of Securities of
any series shall be by written ballots on which shall be subscribed the
signatures of the Holders of Securities of such series or of their
representatives by proxy and the principal amounts and serial numbers of the
Outstanding Securities of such series held or represented by them. The permanent
chairman of the meeting shall appoint two inspectors of votes who shall count
all votes cast at the meeting for or against any resolution and who shall make
and file with the secretary of the meeting their verified written reports in
triplicate of all votes cast at the meeting. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>A
record, at least in triplicate, of the proceedings of each meeting of Holders of
Securities of any series shall be prepared by the secretary of the meeting and
there shall be attached to said record the original reports of the inspectors of
votes on any vote by ballot taken thereat and affidavits by one or more persons
having knowledge of the facts setting forth a copy of the notice of the meeting
and showing that said notice was given as provided in Section 1402 and, if
applicable, Section 1404. 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. </FONT></P>
<P style="TEXT-INDENT: 0pt" align=center><B><FONT face="Times New Roman" size=2>ARTICLE FIFTEEN </FONT></B></P>
<P style="TEXT-INDENT: 0pt" align=center><B><FONT face="Times New Roman" size=2>SUBORDINATION </FONT></B></P>
<P style="TEXT-INDENT: 15pt" align=left><B><FONT face="Times New Roman" size=2>Section 1501. Securities Subordinated To Senior Indebtedness.
</FONT></B></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>The
Company covenants and agrees, and each Holder of Securities, by its acceptance
thereof, likewise covenants and agrees, that the indebtedness evidenced by the
Securities and the payment of the principal of (and premium, if any) and
interest on and any Additional Amounts payable in respect thereof is hereby
expressly subordinated, to the extent and in the manner hereinafter set forth,
in right of payment to the prior payment in full of Senior Indebtedness.
</FONT></P>

<P style="TEXT-INDENT: 0pt" align=center><FONT face="Times New Roman" size=2>53</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>Anything in this Indenture or in the Securities of any series to the
contrary notwithstanding, the indebtedness evidenced by the Securities shall be
subordinate and junior in right of payment, to the extent and in the manner
hereinafter set forth, to all Senior Indebtedness: </FONT></P>
<TABLE style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;
    </TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(1)</FONT></TD>
    <TD vAlign=top width="100%" colSpan=2><FONT face="Times New Roman" size=2>In the event of any insolvency or bankruptcy proceedings, and any
      receivership, liquidation, reorganization, arrangement or other similar
      proceedings in connection therewith, relative to the Company or to its
      property, and in the event of any proceedings for voluntary liquidation,
      dissolution or other winding-up of the Company, whether or not involving
      insolvency or bankruptcy, then the holders of Senior Indebtedness shall be
      entitled to receive payment in full of all principal, premium and interest
      on all Senior Indebtedness before the Holders of the Securities are
      entitled to receive any payment on account of principal, premium, if any,
      interest or Additional Amounts upon the Securities, and to that end (but
      subject to the power of a court of competent jurisdiction to make other
      equitable provisions reflecting the rights conferred in the Securities
      upon Senior Indebtedness and the Holders thereof with respect to the
      subordinated indebtedness represented by the Securities and the Holders
      hereof by a lawful plan of reorganization under applicable bankruptcy law)
      the holders of Senior Indebtedness shall be entitled to receive for
      application in payment thereof any payment or distribution of any kind or
      character, whether in cash or property or securities, which may be payable
      or deliverable in any such proceedings in respect of the Securities after
      giving effect to any concurrent payment or distribution in respect of such
      Senior Indebtedness, except securities which are subordinate and junior in
      right of payment to the payment of all Senior Indebtedness then
      outstanding;</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD vAlign=top width="100%" colSpan=2></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(2)</FONT></TD>
    <TD vAlign=top width="100%" colSpan=2><FONT face="Times New Roman" size=2>In the event that any Security of any series is declared or
      otherwise becomes due and payable before its expressed maturity because of
      the occurrence of an Event of Default hereunder (under circumstances when
      the provisions of the foregoing clause (1) or the following clause (3)
      shall not be applicable), the holders of Senior Indebtedness outstanding
      at the time such Security so becomes due and payable because of such
      occurrence of an Event of Default hereunder shall, so long as such
      declaration has not been rescinded and annulled pursuant to Section 502,
      be entitled to receive payment in full of all principal of, and premium
      and interest on, all such Senior Indebtedness before the Holders of the
      Securities of such series are entitled to receive any payment on account
      of principal of, premium, if any, or interest and Additional Amounts on
      the Securities of such series. However, nothing herein shall prevent the
      Holders of Securities from seeking any remedy allowed at law or at equity
      so long as any judgment or decree obtained thereby makes provision for
      enforcing this clause; and</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(3)</FONT></TD>
    <TD vAlign=top width="100%" colSpan=2><FONT face="Times New Roman" size=2>In the event that any default shall occur and be continuing with
      respect to any Senior Indebtedness permitting the holders of such Senior
      Indebtedness to accelerate the maturity thereof, if either</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top width="100%" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(A)</FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>notice of
      such default, in writing or by telegram, shall have been given to the
      Company and to the Trustee, provided that judicial proceedings shall be
      commenced in respect of such default within 180 days in the case of a
      default in payment of principal or interest and within 90 days in the case
      of any other default after the giving of such notice, and provided further
      that only one such notice shall be given pursuant to this Section 1601(3)
      in any twelve months period, or</FONT></TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD vAlign=top width="100%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(B)</FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>judicial
      proceedings shall be pending in respect of such default, the Holders of
      the Securities and the Trustee for their benefit shall not be entitled to
      receive any payment on account of principal, premium, if any, or interest
      and Additional Amounts thereon (including any such payment which would
      cause such default) unless payment in full of all principal of, and
      premium and interest on, such Senior Indebtedness shall have been made or
      provided for. The Trustee, forthwith upon receipt of any notice received
      by it pursuant to this Section 1601(3), shall, as soon as practicable,
      send a notice thereof to each Holder of Securities at the time outstanding
      as the names and addresses of such Holders appear on the Security
      Register.</FONT></TD></TR></TABLE>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>In
case despite the foregoing provisions, any payment or distribution shall, in any
such event, be paid or delivered to any Holder of the Securities or to the
Trustee for their benefit before all Senior Indebtedness shall have been paid in
full, such payment or distribution shall be held in trust for and so paid and
delivered to the holders of Senior Indebtedness (or their duly authorized
representatives) until all Senior Indebtedness shall have been paid in full.
&nbsp;</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>54</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>The
Company shall give written notice to the Trustee within five days after the
occurrence of any insolvency, bankruptcy, receivership, liquidation,
reorganization, arrangement or similar proceeding of the Company within the
meaning of this Section 1601. Upon any payment or distribution of assets of the
Company referred to in this Article Fifteen, the Trustee, subject to the
provisions of Section 315(a) through 315(b) of the Trust Indenture Act, and the
Holders of the Securities shall be entitled to rely upon a certificate of the
trustee in bankruptcy, receiver, assignee for the benefit of creditors or other
liquidating agent 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 distribution, the holders of the 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 Fifteen. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>The
Trustee shall be entitled to conclusively rely on the delivery to it of a
written notice by a person representing himself to be a holder of Senior
Indebtedness (or a trustee or agent on behalf of such holder) to establish that
such notice has been given by a holder of Senior Indebtedness (or a trustee or
agent on behalf of any such holder). In the event that the Trustee determines,
in good faith, that further evidence is required with respect to the right of
any person as a holder of Senior Indebtedness to participate in any payment or
distribution pursuant to this Section 1601, the Trustee may request such person
to furnish evidence to the reasonable satisfaction of the Trustee as to the
amount of Senior Indebtedness held by such person, as to the extent to which
such person is entitled to participate in such payment or distribution, and as
to other facts pertinent to the rights of such person under this Section 1601,
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. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><B><FONT face="Times New Roman" size=2>Section 1502. Subrogation. </FONT></B></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>Subject to the payment in full of all Senior Indebtedness to which the
indebtedness evidenced by the Securities is in the circumstances subordinated as
provided in Section 1601, the Holders of the Securities shall be subrogated to
the rights of the holders of such Senior Indebtedness to receive payments or
distributions of cash, property or securities of the Company applicable to such
Senior Indebtedness until all amounts owing on the Securities shall be paid in
full. As between the Company, its creditors other than holders of such Senior
Indebtedness, and the Holders of the Securities, no such payment or distribution
made to the holders of such Senior Indebtedness by virtue of this Article
Fifteen which otherwise would have been made to the Holders of the Securities
shall be deemed to be a payment by the Company on account of such Senior
Indebtedness, it being understood that the provisions of this Article Fifteen
are and are intended solely for the purpose of defining the relative rights of
the Holders of the Securities on the one hand, and the holders of the Senior
Indebtedness, on the other hand. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><B><FONT face="Times New Roman" size=2>Section 1503. Obligation Of Company Unconditional. </FONT></B></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>Nothing contained in this Article Fifteen or elsewhere in this Indenture
or in the Securities, </FONT></P>
<TABLE style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(1)</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>is intended to or shall impair as between
      its creditors other than the holders of Senior Indebtedness and the
      Holders of the Securities, the obligation of the Company which is absolute
      and unconditional, to pay to the Holders of the Securities the principal
      of (and premium, if any), interest on, or any Additional Amounts with
      respect to, the Securities as and when the same shall become due and
      payable in accordance with their terms, or</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD width="100%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(2)</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>is intended to or shall affect the relative
      rights of the Holders of the Securities and creditors of the Company other
      than the holders of Senior Indebtedness, or</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(3)</FONT></TD>
    <TD width="100%">
      <P><FONT face="Times New Roman" size=2>prevent the Trustee or the Holder
      of any Security from exercising all remedies otherwise permitted by
      applicable law upon default under this Indenture, subject to the rights,
      if any, under this Article Fifteen of the holders of Senior Indebtedness
      in respect of cash, property or securities of the Company received upon
      the exercise of any such Upon any payment or distribution of assets of the
      Company referred to in this Article Fifteen, the Trustee and the Holders
      of the Securities shall be entitled to rely upon any order or decree made
      by any court of competent jurisdiction in which any such dissolution,
      winding up, liquidation or reorganization proceeding affecting the affairs
      of the Company is pending or upon a certificate of the trustee in
      bankruptcy, receiver, assignee for the benefit of creditors, liquidating
      trustee or agent or other person making any payment or distribution,
      delivered to the Trustee or to the Holders of the Securities, for the
      purpose of ascertaining the persons entitled to participate in such
      payment or distribution, the holders of the Senior Indebtedness and other
      indebtedness of the Company the amount thereof or payable thereon, the
      amount paid or distributed thereon and all other facts pertinent thereto
      or to this Article Fifteen. </FONT></P></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman" size=2>55</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P style="TEXT-INDENT: 15pt" align=left><B><FONT face="Times New Roman" size=2>Section 1504. Payment On Securities Permitted. </FONT></B></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>Nothing contained in this Article Fifteen or elsewhere in this Indenture,
or in any of the Securities, shall affect the obligation of the Company to make,
or prevent the Company from making payment of the principal of (or premium, if
any), interest or any Additional Amounts on the Securities in accordance with
the provisions hereof and thereof, except as otherwise provided in this Article
Fifteen. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><B><FONT face="Times New Roman" size=2>Section 1505. Effectuation Of Subordination by Trustee. </FONT></B></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>Each
Holder of Securities, by his or her acceptance thereof, authorizes and directs
the Trustee in his or her behalf to take such action as may be necessary or
appropriate to effectuate the subordination provided in this Article Fifteen and
appoints the Trustee his or her attorney-in-fact for any and all such purposes.
</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><B><FONT face="Times New Roman" size=2>Section 1506. Knowledge Of Trustee. </FONT></B></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>Notwithstanding the provisions of this Article Fifteen or any other
provisions of this Indenture, the Trustee shall not be charged with knowledge of
the existence of any facts which would prohibit the making of any payment of
monies to or by the Trustee, or the taking of any other action by the Trustee,
unless and until the Trustee shall have received written notice thereof from the
Company, any Holder of the Securities, any paying agent of the Company or the
holder or representative of any class of Senior Indebtedness. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><B><FONT face="Times New Roman" size=2>Section 1507. Trustee&#146;s Relation To Senior Indebtedness. </FONT></B></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>Except as otherwise provided in the Trust Indenture Act, the Trustee
shall be entitled to all the rights set forth in this Article Fifteen with
respect to any Senior Indebtedness at the time held by it, to the same extent as
any other holder of Senior Indebtedness, and nothing in this Indenture shall
deprive the Trustee of any of its rights as such holder. Notwithstanding
anything in this Indenture or in the Securities of any series, nothing in this
Article Fifteen shall apply to or limit claims of or payment to the Trustee
under or pursuant to Sections 506 and 606. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>With
respect to holders of Senior Indebtedness, the Trustee undertakes to perform or
to observe only such of its covenants and obligations as are specifically set
forth in this Article Fifteen, and no implied covenants or obligations with
respect to the holders of Senior Indebtedness shall be read into this Indenture
against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty
to the holders of Senior Indebtedness and the Trustee shall not be liable to any
holder of Senior Indebtedness if it shall pay over or deliver to Holders, the
Company or any other Person monies or assets to which any holder of Senior
Indebtedness shall be entitled by virtue of this Article Fifteen or otherwise.
</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>No
recourse may be taken with respect to the obligations of the Issuer or the
Trustee against the Trustee in its individual capacity. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>56</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P style="TEXT-INDENT: 15pt" align=left><B><FONT face="Times New Roman" size=2>Section 1508. Rights Of Holders Of Senior Indebtedness Not Impaired.
</FONT></B></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>No
right of any present or future holder of any Senior Indebtedness 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 non-compliance
by the Company with the terms, provisions or covenants of this Indenture,
regardless of any knowledge thereof any such holder may have or be otherwise
charged with. </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>ARTICLE SIXTEEN
</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>CONVERSION
</FONT></B></P>
<P style="TEXT-INDENT: 15pt" align=left><B><FONT face="Times New Roman" size=2>Section 1601. Conversion Privilege. </FONT></B></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>Subject to and upon compliance with the provisions of this Article
Fifteen and the terms of the Convertible Securities of the series proposed to be
converted, at the option of the Holder, any Convertible Security or any portion
of the principal amount thereof which is $1,000 or an integral multiple thereof,
may be converted into shares of Common Stock, as said shares shall be
constituted at the Date of Conversion, at the Conversion Price for such
Convertible Securities of such series in effect at the Date of Conversion.
</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><B><FONT face="Times New Roman" size=2>Section 1602. Manner of Exercise of Convertible Privilege.
</FONT></B></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>In
order to exercise the conversion privilege, the Holder of any Convertible
Security to be converted shall surrender such Convertible Security to the
Company at its office or agency, together with the conversion notice in the form
provided on the Securities (or separate written notice) duly executed, and, if
so required by the Company, accompanied by instruments of transfer, in form
satisfactory to the Company and to the Trustee, duly executed by the Holder or
by his duly authorized attorney in writing. Any Registered Convertible Security
so surrendered during the period from the close of business on the Regular
Record Date preceding an Interest Payment Date for such Registered Convertible
Security to the opening of business on such Interest Payment Date shall (unless
any such Registered Convertible Security or the portion thereof being converted
shall have been called for redemption on a Redemption Date during such period,
in which event no interest shall be payable with respect to such Registered
Convertible Security or portion thereof, as the case may be, following such
Redemption Date) also be accompanied by payment in Clearing House funds or other
funds acceptable to the Company of an amount equal to the interest payable on
such Interest Payment Date on the principal amount of such Registered
Convertible Security then being converted; provided, however, that no such
payment need be made if there shall exist, at the time of conversion, a default
in the payment of interest on the Convertible Securities of such series. Except
as provided in the immediately preceding sentence, no adjustment shall be made
for interest accrued on any Convertible Security that shall be converted or for
dividends on any shares of Common Stock that shall be delivered upon the
conversion of such Convertible Securities. The funds so delivered to such office
or agency shall be paid to the Company on or after such Interest Payment Date,
unless the Company shall default in the payment of the interest due on such
Interest Payment Date, in which event such funds shall be repaid to the Person
who delivered the same. As promptly as practicable after the surrender of any
Convertible Security for conversion as aforesaid, the Company shall deliver at
said office or agency to such Holder, or on his written order, a certificate or
certificates for the number of full shares deliverable upon the conversion of
such Convertible Security or portion thereof and a check or cash in respect of
any fraction of a share of Common Stock otherwise deliverable upon such
conversion, all as provided in this Article Fifteen, together with a Convertible
Security or Convertible Securities of the same series in principal amount equal
to the unconverted and unredeemed portion, if any, of the Convertible Security
so converted in accordance with Section 306 hereof. Such conversion shall be
deemed to have been effected on the date on which such notice shall have been
received at said office or agency and such Convertible Security shall have been
surrendered as aforesaid, and the Person or Persons in whose name or names any
certificate or certificates for shares of Common Stock shall be deliverable upon
such conversion shall be deemed to have become on said date the Holder or
Holders of record of the shares represented thereby, provided, however, that any
such surrender on any date when the stock transfer books of the Company shall be
closed shall constitute the Person or Persons in whose name or names the
certificates are to be delivered as the record Holder or Holders thereof for all
purposes on the next succeeding day on which such stock transfer books are open,
but such conversion shall be at the Conversion Price in effect on the date of
such surrender. &nbsp;</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>57</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P style="TEXT-INDENT: 15pt" align=left><B><FONT face="Times New Roman" size=2>Section 1603. Cash Adjustment Upon Conversion. </FONT></B></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>The
Company shall not be required to deliver fractions of shares of Common Stock
upon conversions of Convertible Securities. If more than one Convertible
Security shall be surrendered for conversion at one time by the same Holder, the
number of full shares which shall be deliverable upon conversion thereof shall
be computed on the basis of the aggregate principal amount of the Securities so
surrendered. If any fractional interest in a share of Common Stock would be
deliverable upon the conversion of any Convertible Security or Securities, the
Company shall make an adjustment therefor in cash equal to the current market
value of such fractional interest computed to the nearest cent either on the
basis of the last reported sale price regular way of the Common Stock on the
Nasdaq Global Market (or, if not listed on the Nasdaq Global Market, then on
such other exchange on which the shares of Common Stock are listed as the
Company may designate) on the last Business Day prior to the Date of Conversion
or, if there shall not have been a sale on such last Business Day, on the basis
of the average of the bid and asked quotations therefor on such exchange on such
last Business Day or, if the Common Stock shall not then be listed on any
exchange, at the highest bid quotation in the over-the- counter market on such
last Business Day as reported by the National Association of Securities Dealers
through NASDAQ, its automated system for reporting quotes, or its successor or
such other generally accepted source of publicly reported bid and asked
quotations as the Company may reasonably designate. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><B><FONT face="Times New Roman" size=2>Section 1604. Conversion Price. </FONT></B></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>The
Conversion Price applicable to any series of Convertible Securities shall be the
initial Conversion Price set forth on the Officers&#146; Certificate or supplemental
indenture establishing such series adjusted as provided in this Article Fifteen.
</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><B><FONT face="Times New Roman" size=2>Section 1605. Adjustment of Conversion Price. </FONT></B></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>The
Conversion Price applicable to any series of Convertible Securities shall be
adjusted from time to time as follows: </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(a)
In case the Company shall, at any time or from time to time while the Securities
of any series are outstanding, (i) pay a dividend on its Common Stock in shares
of Common Stock, (ii) subdivide its outstanding shares of Common Stock into a
larger number of shares, or (iii) combine its outstanding Common Stock into a
smaller number of shares, the Conversion Price for such series in effect
immediately prior thereto shall be adjusted so that the Holder of any Security
of such series thereafter surrendered for conversion shall be entitled to
receive the number of shares of Common Stock or other securities of the Company
which he would have owned or have been entitled to receive after the happening
of any of the events described above, had such Convertible Security of such
series been converted immediately prior to the happening of such event. An
adjustment made pursuant to this subdivision (a) shall become effective, in the
case of a dividend, on the payment date retroactively to immediately after the
opening of business on the day following the record date for the determination
of shareholders entitled to receive such dividend, subject to the provisions of
paragraph (g) of this Section 1605, and shall become effective in the case of a
subdivision or combination immediately after the opening of business on the day
following the day when such subdivision or combination, as the case may be,
becomes effective. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(b)
In case the Company shall, at any time or from time to time while the
Convertible Securities of any series are outstanding, issue rights or warrants
to all holders of its shares of Common Stock entitling them (for a period
expiring within 45 days of the record date mentioned below) to subscribe for or
purchase shares of Common Stock at a price per share less than the current
market price per share of Common Stock (as defined in paragraph (d) below) at
such record date, the Conversion Price of any series of Convertible Securities
in effect immediately prior to the issuance of such rights or warrants shall be
adjusted as follows: the number of shares of Common Stock into which $1,000
principal amount of Convertible Securities of such series was theretofore
convertible shall be multiplied by a fraction, of which the numerator shall be
the number of shares of Common Stock outstanding immediately prior to such
record date plus the number of additional shares of Common Stock offered for
subscription or purchase, and of which the denominator shall be the number of
shares of Common Stock outstanding immediately prior to such record date plus
the number of shares which the aggregate offering price of the total number of
shares so offered would purchase at such current market price; and the
Conversion Price for such series of Convertible Securities shall be adjusted by
dividing $1,000 by the new number of shares into which $1,000 principal amount
of Securities of such series shall be convertible as aforesaid. Such adjustment
shall become effective on the date of such issuance retroactively to immediately
after the opening of business on the day following the record date for the
determination of shareholders entitled to receive such rights or warrants,
subject to the provisions of paragraph (g) of this Section 1605. In determining
whether any rights or warrants entitle the holders to subscribe for or purchase
shares of Common Stock at less than such current market price, and in
determining the aggregate offering price of such shares, there shall be taken
into account any consideration received by the Company for such rights or
warrants, the value of such consideration, if other than cash, to be determined
by the Board of Directors.&nbsp;</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>58</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(c)
In case the Company shall, at any time from time to time while the Convertible
Securities of any series are outstanding, distribute to all holders of shares of
its Common Stock evidences of its indebtedness or securities or assets
(excluding cash dividends or cash distributions payable out of consolidated net
earnings or retained earnings) or rights or warrants to subscribe for shares of
Common Stock at a price per share less than the current market price per share
of Common Stock, determined in the manner set forth in paragraph (d) below, but
excluding rights or warrants referred to in paragraph (b) above, the Conversion
Price for such series of Convertible Securities in effect immediately prior to
such distribution shall be adjusted by multiplying the number of shares of
Common Stock into which $1,000 principal amount of Convertible Securities of
such series of Convertible Securities was theretofore convertible by a fraction,
of which the numerator shall be the current market price per share of Common
Stock (as defined in paragraph (d) below) on the record date for such
distribution, and of which the denominator shall be such current market price
per share of the Common Stock, less the then fair market value (as determined by
the Board of Directors of the Company, whose determination shall be conclusive)
of the portion of such evidences of indebtedness, securities or assets or of
such subscription rights or warrants so distributed applicable to one share of
Common Stock; and the Conversion Price for such series of Convertible Securities
shall be adjusted by dividing $1,000 by the new number of shares into which
$1,000 principal amount of Convertible Securities of such series shall be
convertible as aforesaid. Such adjustment shall become effective on the date of
such distribution retroactively to immediately after the opening of business on
the day following the record date for the determination of shareholders entitled
to receive such distribution, subject to the provisions of paragraph (g) of this
Section 1605. For the purposes of this paragraph (c) consolidated net earnings
or retained earnings shall be computed by adding thereto all charges against
retained earnings on account of dividends paid in shares of Common Stock in
respect of which the Conversion Price has been adjusted, all as determined by
Independent Public Accountants, whose determination shall be conclusive.
</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(d)
For the purpose of any computation under paragraphs (b) and (c) above, the
current market price per share of Common Stock at any date shall be deemed to be
the average of the market values of the shares of Common Stock for the ten
consecutive Business Days immediately preceding the day in question. The market
value of the Common Stock for each day shall be determined as provided in
Section 1603 hereof. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(e)
The Company may make such reductions in the Conversion Price for any series of
Convertible Securities, in addition to those required by paragraphs (a), (b) and
(c) of this Section as it considers to be advisable in order that any event
treated for Federal income tax purposes as a dividend of stock or stock rights
shall not be taxable to the recipients. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(f)
Except as herein otherwise provided, no adjustment in the Conversion Price for
any series of Convertible Securities shall be made by reason of the issuance, in
exchange for cash, property or services, of shares of Common Stock, or any
securities convertible into or exchangeable for shares of Common Stock, or
carrying the right to purchase any of the foregoing. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(g)
If the Company shall take a record of the holders of its shares of Common Stock
for the purpose of entitling them to receive any dividend or any subscription or
purchase rights or any distribution and shall, thereafter and before the
distribution to shareholders of any such dividend, subscription or purchase
rights or distribution, legally abandon its plan to pay or deliver such
dividend, subscription or purchase rights or distribution, then no adjustment of
the Conversion Price for any series of Convertible Securities shall be required
by reason of the taking of such record. &nbsp;</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>59</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(h)
No adjustment in the Conversion Price for any series of Convertible Securities
shall be required unless such adjustment would require an increase or decrease
of at least 1% in such price; provided, however, that any adjustments which by
reason of this paragraph (h) are not required to be made shall be carried
forward and taken into account in any subsequent adjustment. All calculations
under this Article Fifteen shall be made to the nearest cent or to the nearest
one-hundredth of a share, as the case may be. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(i)
Whenever the Conversion Price for any series of Convertible Securities is
adjusted as herein provided, the Company shall (i) forthwith place on file at
the Principal Office of the Trustee an Officers&#146; Certificate showing in detail
the facts requiring such adjustment and the Conversion Price after such
adjustment and shall exhibit the same from time to time to any Holder of
Convertible Securities of such series desiring an inspection thereof, and (ii)
cause a notice stating that such adjustment has been effected and the adjusted
Conversion Price to be mailed to the Holders of Registered Convertible
Securities of such series at their last addresses as they shall appear on the
Security Register. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>(j)
The Company may delete, modify or vary any of the provisions applicable to
conversion of the Convertible Securities of any series, or may add new
provisions applicable thereto, all as may be contained in the Board Resolutions
and Officers&#146; Certificate or supplemental indenture establishing such series.
</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><B><FONT face="Times New Roman" size=2>Section 1606. Effect of Reclassifications, Consolidations, Mergers or
Sales on Conversion Privilege. </FONT></B></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>In
case of any reclassification or change of outstanding shares of the class of
Common Stock issuable upon conversion of the Convertible Securities (other than
a change in par value, or from par value to no par value, or from no par value
to par value, or as a result of a subdivision or combination), or in case of any
merger or consolidation of the Company with one or more other corporations
(other than a merger or consolidation in which the Company is the continuing
corporation and which does not result in any reclassification or change of
outstanding shares of Common Stock issuable upon conversion of the Securities),
or in case of the merger of the Company into another corporation, or in case of
any sale or conveyance to another corporation of the property of the Company as
an entirety or substantially as an entirety, the Holder of Convertible
Securities then outstanding shall have the right to convert such Convertible
Security into the kind and amount of shares of capital stock or other securities
and property, including cash, receivable upon such reclassification, change,
consolidation, merger, sale or conveyance by a holder of the number of shares of
Common Stock into which such Convertible Security might have been converted
immediately prior to such reclassification, change, consolidation, merger, sale
or conveyance. In any such case the Company, or such successor or purchasing
corporation, as the case may be, shall execute with the Trustee one or more
supplemental indentures (which shall conform to the Trust Indenture Act of 1939
as in force at the date of the execution of such supplemental indenture)
containing provisions to the effect set forth above in this Section 1606 and
providing further for adjustments which shall be as nearly equivalent as may be
practicable to the adjustments provided for in this Article Fifteen; and any
such adjustment which shall be approved by the Board of Directors and set forth
in such supplemental indenture or supplemental indentures shall be conclusive
for all purposes of this Section, and the Trustee shall not be under any
responsibility to determine the correctness of any provision contained in such
supplemental indenture or supplemental indentures relating to either the kind or
amount of shares of stock or securities or property receivable by Holders of
Securities of any series upon the conversion of their Convertible Securities
after any such reclassification, change, consolidation, merger, sale or
conveyance. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>The
above provisions of this Section 1606 shall similarly apply to successive
reclassifications, changes, consolidations, mergers, sales and conveyances.
</FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><B><FONT face="Times New Roman" size=2>Section 1607. Taxes on Conversions. </FONT></B></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>The
issue of stock certificates on conversions of Convertible Securities shall be
made without charge to the converting Holder of Convertible Securities for any
tax in respect of the issue thereof. The Company shall not, however, be required
to pay any tax which may be payable in respect of any transfer involved in the
issue and delivery of shares in any name other than that of the Holder of any
Registered Convertible Security converted, and the Company shall not be required
to issue or deliver any such stock certificate unless and until the Person or
Persons requesting the issue thereof shall have paid to the Company the amount
of such tax or shall have established to the satisfaction of the Company that
such tax has been paid.&nbsp;</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>60</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P style="TEXT-INDENT: 15pt" align=left><B><FONT face="Times New Roman" size=2>Section 1608. Company to Reserve Common Stock. </FONT></B></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>The
Company shall at all times reserve and keep available out of the aggregate of
its authorized but unissued shares or its issued shares held in its treasury, or
both, for the purpose of effecting the conversion of the Securities, such number
of its duly authorized shares of Common Stock as shall from time to time be
sufficient to effect the conversion of all outstanding Securities. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>If
any shares of Common Stock reserved or to be reserved for the purpose of
conversion of Securities hereunder require registration with or approval of any
governmental authority under any Federal or State law before such shares may be
validly delivered upon conversion, then the Company covenants that it will in
good faith and as expeditiously as possible endeavor to secure registration or
approval, as the case may be. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>The
Company covenants that all shares of Common Stock which may be delivered upon
conversion of Convertible Securities shall upon delivery be fully paid and
nonassessable by the Company and free from all taxes, liens and charges with
respect to the issue or delivery thereof. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><B><FONT face="Times New Roman" size=2>Section 1609. Disclaimer by Trustee of Responsibility for Certain
Matters. </FONT></B></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>Neither the Trustee nor any conversion agent shall at any time be under
any duty or responsibility to any Holder of Convertible Securities of any series
to determine whether any facts exist which may require any adjustment of the
Conversion Price for such series, or with respect to the nature or extent of any
such adjustment when made, or with respect to the method employed, or herein or
in any supplemental indenture provided to be employed, in making the same,
subject, however, to the provisions of Sections 315(a) through 315(b) of the
Trust Indenture Act. Neither the Trustee nor any conversion agent shall be
accountable with respect to the validity or value (or the kind or amount) of any
shares of Common Stock, or of any securities or property which may at any time
be issued or delivered upon the conversion of any Convertible Security; and
neither of them makes any representation with respect thereto. Neither the
Trustee nor any conversion agent shall be responsible for any failure of the
Company to make any cash payment or to issue, transfer or deliver any shares of
Common Stock or stock certificates or other securities or property upon the
surrender of any Security for the purpose of conversion or, subject to Sections
315(a) through 315(b) of the Trust Indenture Act, to comply with any of the
covenants of the Company contained in this Article Sixteen. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><B><FONT face="Times New Roman" size=2>Section 1610. Company to Give Notice of Certain Events. </FONT></B></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>In
the event: </FONT></P>
<TABLE style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(1)</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>that the Company
      shall pay any dividend or make any distribution to the holders of shares
      of Common Stock otherwise than in cash charged against consolidated net
      earnings or retained earnings of the Company and its consolidated net
      earnings or retained earnings of the Company and its consolidated
      subsidiaries or in Common Stock; or</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD width="100%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(2)</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>that the Company
      shall offer for subscription or purchase, pro rata, to the holders of
      shares of Common Stock any additional shares of stock of any class or any
      securities convertible into or exchangeable for stock of any class;
      or</FONT></TD></TR>

        <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD width="100%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(3)</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>of any
      reclassification or change in outstanding shares of the class of Common
      Stock issuable upon the conversion of the Securities (other than a change
      in par value, or from par value to no par value, or from no par value to
      par value, or as a result of a subdivision or combination), or of any
      merger or consolidation of the Company with, or merger of the Company
      into, another corporation (other than a merger or consolidation in which
      the Company is the continuing corporation and which does not result in any
      reclassification or change of outstanding shares of Common Stock issuable
      upon conversion of the Securities), or of any sale or conveyance to
      another corporation of the property of the Company as an entirety or
      substantially as an entirety; </FONT></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman" size=2>61</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=left><FONT face="Times New Roman" size=2>then, and in any one or more
of such events, the Company will give to the Trustee and each conversion agent
written notice thereof at least fifteen days prior to (i) the record date fixed
with respect to any of the events specified in (1) and (2) above, and (ii) the
effective date of any of the events specified in (3) above; and shall mail
promptly a copy of such notice to the Holders of Registered Convertible
Securities at their last addresses as they shall appear upon the Security
Register. Failure to give such notice, or any defect therein, shall not affect
the legality or validity of such dividend, distribution, reclassification,
consolidation, merger, sale, transfer, dissolution, liquidation or winding up.
</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>* * * * * </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>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. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=left><FONT face="Times New Roman" size=2>IN
WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly
executed as of the day and year first above written. </FONT></P>
<DIV align=right>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2><FONT face="Times New Roman" size=2>SOUTHERN FIRST BANCSHARES, INC.</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>By:</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="98%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="98%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Name:</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="98%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Title:</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2><FONT face="Times New Roman" size=2>[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      ],</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2><FONT face="Times New Roman" size=2>not in its individual capacity but solely as
      Trustee</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>By:</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="98%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="98%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Name:</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="98%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Title:</FONT></TD></TR></TABLE></DIV><BR>
<P align=center><FONT face="Times New Roman" size=2>62</FONT></P>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.11
<SEQUENCE>4
<FILENAME>sfb3234121-ex411.htm
<DESCRIPTION>FORM OF DEPOSIT AGREEMENT
<TEXT>

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<P align=right><B><FONT face="Times New Roman" size=2>Exhibit 4.11
</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>FORM OF DEPOSIT AGREEMENT
</FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>This DEPOSIT AGREEMENT
(&#147;</FONT><U><FONT face="Times New Roman" size=2>Deposit
Agreement</FONT></U><FONT face="Times New Roman" size=2>&#148;) is made and entered
into as of </FONT><FONT face="Times New Roman" size=2>, 20 , by and among
Southern First Bancshares, Inc., a South Carolina corporation,
[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ], and all holders from time to time of Receipts
(as hereinafter defined) issued hereunder. </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>WITNESSETH:
</FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>WHEREAS, it is desired to
provide, as hereinafter set forth in this Deposit Agreement, for the deposit of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
shares of Preferred Stock (as hereinafter defined) with the Depositary (as
hereinafter defined) for the purposes set forth in this Deposit Agreement and
for the issuance hereunder of the Receipts evidencing Depositary Shares (as
hereinafter defined), on the date hereof representing a fractional interest in
the deposited Preferred Stock; and </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>WHEREAS, the Receipts are
to be substantially in the form as set forth in </FONT><U><FONT face="Times New Roman" size=2>Exhibit A</FONT></U><FONT face="Times New Roman" size=2> annexed to this Deposit Agreement, with appropriate insertions,
modifications and omissions, as hereinafter provided in this Deposit Agreement;
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>NOW, THEREFORE, in
consideration of the premises contained herein, it is agreed by and among the
parties hereto as follows: </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>ARTICLE I<BR>DEFINITIONS </FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The following definitions
shall apply to the respective terms (in the singular and plural forms of such
terms) used in this Deposit Agreement and the Receipts: </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><U><FONT face="Times New Roman" size=2>Articles of Incorporation</FONT></U><FONT face="Times New Roman" size=2>&#148; shall mean the Articles of Incorporation of the
Company, as amended and supplemented from time to time. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><U><FONT face="Times New Roman" size=2>Articles of Amendment</FONT></U><FONT face="Times New Roman" size=2>&#148; shall mean the Articles of Amendment filed by
the Company with the Secretary of State of the State of South Carolina
designating shares of preferred stock of the Company as Preferred Stock.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><U><FONT face="Times New Roman" size=2>Company</FONT></U><FONT face="Times New Roman" size=2>&#148; shall mean Southern First Bancshares, Inc., a South Carolina
corporation, and its successors. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><U><FONT face="Times New Roman" size=2>Corporate Office</FONT></U><FONT face="Times New Roman" size=2>&#148; shall mean the corporate office of the
Depositary at which at any particular time its business in respect of matters
governed by this Deposit Agreement shall be administered, which at the date of
this Deposit Agreement is located at [
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;].
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><U><FONT face="Times New Roman" size=2>Depositary</FONT></U><FONT face="Times New Roman" size=2>&#148; shall mean
[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;],
and any successor as depositary hereunder. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><U><FONT face="Times New Roman" size=2>Depositary Share</FONT></U><FONT face="Times New Roman" size=2>&#148; shall mean a 1/ fractional interest of a share
of Preferred Stock deposited with the Depositary hereunder and the same
proportionate interest in any and all other property received by the Depositary
in respect of such share of Preferred Stock and held under this Deposit
Agreement, all as evidenced by the Receipts issued hereunder. Subject to the
terms of this Deposit Agreement, each owner of a Depositary Share is entitled,
proportionately, to all the rights, preferences and privileges of the Preferred
Stock represented by such Depositary Share, including the dividend and
distribution, voting, redemption, conversion and liquidation rights contained in
the Articles of Amendment. </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><U><FONT face="Times New Roman" size=2>Exchange Event</FONT></U><FONT face="Times New Roman" size=2>&#148; shall mean with respect to any Global Registered
Receipt: </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(1) (A) the Global Receipt
Depository which is the holder of such Global Registered Receipt or Receipts
notifies the Company that it is no longer willing or able to properly discharge
its responsibilities under any Letter of Representations or that it is no longer
eligible or in good standing under the Securities Exchange Act of 1934, as
amended, and (B) the Company has not appointed a qualified successor Global
Receipt Depository within ninety (90) calendar days after the Company received
such notice, or </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>(2) the Company in its sole
discretion notifies the Depositary in writing that the Receipts or portion
thereof issued or issuable in the form of one or more Global Registered Receipts
shall no longer be represented by such Global Receipt or Receipts. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;Global Receipt Depository&#148;
shall mean, with respect to any Receipt issued hereunder, The Depository Trust
Company (&#147;DTC&#148;) or such other entity designated as Global Receipt Depository by
the Company in or pursuant to this Deposit Agreement, which Person must be, to
the extent required by any applicable law or regulation, a clearing agency
registered under the Securities Exchange Act of 1934, as amended. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><U><FONT face="Times New Roman" size=2>Global Registered Receipts</FONT></U><FONT face="Times New Roman" size=2>&#148; shall mean a global registered Receipt
registered in the name of a nominee of DTC. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><U><FONT face="Times New Roman" size=2>Letter of Representations</FONT></U><FONT face="Times New Roman" size=2>&#148; shall mean any applicable agreement among the
Company, the Depositary and a Global Receipt Depository with respect to such
Global Receipt Depository&#146;s rights and obligations with respect to any Global
Registered Receipts, as the same may be amended, supplemented, restated or
otherwise modified from time to time and any successor agreement thereto.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><U><FONT face="Times New Roman" size=2>Preferred Stock</FONT></U><FONT face="Times New Roman" size=2>&#148; shall mean shares of the Company&#146;s [description
of preferred stock]. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><U><FONT face="Times New Roman" size=2>Receipt</FONT></U><FONT face="Times New Roman" size=2>&#148; shall mean a Depositary Receipt issued hereunder to evidence one or
more Depositary Shares, whether in definitive or temporary form, substantially
in the form as set forth in Exhibit A hereto. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><U><FONT face="Times New Roman" size=2>record date</FONT></U><FONT face="Times New Roman" size=2>&#148; shall mean the date fixed pursuant to Section 4.04. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><U><FONT face="Times New Roman" size=2>record holder</FONT></U><FONT face="Times New Roman" size=2>&#148; or &#147;</FONT><U><FONT face="Times New Roman" size=2>holder</FONT></U><FONT face="Times New Roman" size=2>&#148; as applied to a
Receipt shall mean the person in whose name a Receipt is registered on the books
maintained by the Depositary for such purpose. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><U><FONT face="Times New Roman" size=2>redemption date</FONT></U><FONT face="Times New Roman" size=2>&#148; shall mean the date fixed for redemption of
Preferred Stock and Depositary Shares contemplated in Section 2.03. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><U><FONT face="Times New Roman" size=2>Registrar</FONT></U><FONT face="Times New Roman" size=2>&#148; shall mean [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], or any bank or trust company appointed to register
ownership and transfers of Receipts or the deposited Preferred Stock, as the
case may be, as herein provided. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><U><FONT face="Times New Roman" size=2>Securities Act</FONT></U><FONT face="Times New Roman" size=2>&#148; shall mean the Securities Act of 1933, as
amended. </FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><U><FONT face="Times New Roman" size=2>Signature Guarantee</FONT></U><FONT face="Times New Roman" size=2>&#148; shall have the meaning as set forth in Section
2.04. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><U><FONT face="Times New Roman" size=2>Special Damages</FONT></U><FONT face="Times New Roman" size=2>&#148; shall have the meaning as set forth in Section
5.07. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>&#147;</FONT><U><FONT face="Times New Roman" size=2>Transfer Agent</FONT></U><FONT face="Times New Roman" size=2>&#148; shall mean [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], or any bank or trust company
appointed to transfer the Receipts or the deposited Preferred Stock, as the case
may be, as herein provided. </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>ARTICLE
II<BR></FONT></B><B><FONT face="Times New Roman" size=2>FORM OF RECEIPTS,
DEPOSIT OF PREFERRED STOCK, EXECUTION AND DELIVERY, TRANSFER, SURRENDER AND
REDEMPTION OF RECEIPTS </FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>SECTION 2.01.
</FONT><I><U><FONT face="Times New Roman" size=2>Form and Transferability of
Receipts</FONT></U></I><FONT face="Times New Roman" size=2>. Definitive Receipts
shall be engraved or printed or lithographed with steel-engraved borders and
underlying tint and shall be substantially in the form as set forth in Exhibit A
annexed to this Deposit Agreement, with appropriate insertions, modifications
and omissions, as hereinafter provided. Pending the preparation of definitive
Receipts, the Depositary, upon the written order of the Company, delivered in
compliance with Section 2.02, shall execute and deliver temporary Receipts which
may be printed, lithographed, typewritten, mimeographed or otherwise
substantially of the tenor of the definitive Receipts in lieu of which they are
issued and with such appropriate insertions, omissions, substitutions and other
variations as the persons executing such Receipts may determine, as evidenced by
their execution of such Receipts. If temporary Receipts are issued, the Company
and the Depositary will cause definitive Receipts to be prepared without
unreasonable delay. After the preparation of definitive Receipts, the temporary
Receipts shall be exchangeable for definitive Receipts upon surrender of the
temporary Receipts at the Corporate Office or such other offices, if any, as the
Depositary may designate, without charge to the holder. Upon surrender for
cancellation of any one or more temporary Receipts, the Depositary shall execute
and deliver in exchange therefor definitive Receipts representing the same
number of Depositary Shares as represented by the surrendered temporary Receipt
or Receipts. Such exchange shall be made at the Company&#146;s expense and without
any charge therefor. Until so exchanged, the temporary Receipts shall in all
respects be entitled to the same benefits under this Deposit Agreement, and with
respect to the Preferred Stock deposited, as definitive Receipts. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Receipts shall be executed
by the Depositary by the manual or facsimile signature of a duly authorized
signatory of the Depositary, provided that if a Registrar (other than the
Depositary) shall have been appointed then such Receipts shall also be
countersigned by manual signature of a duly authorized signatory of such
Registrar. No Receipt shall be entitled to any benefits under this Deposit
Agreement or be valid or obligatory for any purpose unless it shall have been
executed as provided in the preceding sentence. The Depositary shall record on
its books each Receipt executed as provided above and delivered as hereinafter
provided. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Except as the Depositary
may otherwise determine, Receipts shall be in denominations of any number of
whole Depositary Shares. All Receipts shall be dated the date of their issuance.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Receipts may be endorsed
with or have incorporated in the text thereof such legends or recitals or
changes not inconsistent with the provisions of this Deposit Agreement as may be
required by the Company or required to comply with any applicable law or
regulation or with the rules and regulations of any securities exchange or
interdealer quotation system upon which the Preferred Stock, the Depositary
Shares or the Receipts may be listed or quoted or to conform with any usage with
respect thereto, or to indicate any special limitations or restrictions to which
any particular Receipts are subject, in each case, as directed by the Company.
</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Title to any Receipt (and
to the Depositary Shares evidenced by such Receipt) that is properly endorsed or
accompanied by a properly executed instrument of transfer or endorsement shall
be transferable by delivery with the same effect as in the case of a negotiable
instrument; provided, however, that until a Receipt shall be transferred on the
books of the Registrar, the Depositary may, notwithstanding any notice to the
contrary, treat the record holder thereof at such time as the absolute owner
thereof for the purpose of determining the person entitled to dividends or other
distributions, the exercise of any redemption or voting rights or to any notice
provided for in this Deposit Agreement and for all other purposes. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Receipts may be issued
in the form of one or more Global Registered Receipts, in which case, the
Depositary shall, in accordance with the other provisions of this Deposit
Agreement, execute and deliver one or more Global Registered Receipts evidencing
the Receipts, which (i) shall represent the aggregate number of Depositary
Shares to be represented by such Receipts, (ii) shall be registered in the name
of the Global Receipt Depository therefor or its nominee. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Notwithstanding any other
provision of this Deposit Agreement to the contrary, unless otherwise provided
in the Global Registered Receipt, a Global Registered Receipt may only be
transferred in whole and only by the applicable Global Receipt Depository for
such Global Registered Receipt to a nominee of such Global Receipt Depository,
or by a nominee of such Global Receipt Depository to such Global Receipt
Depository or another nominee of such Global Receipt Depository, or by such
Global Receipt Depository or any such nominee to a successor Global Receipt
Depository for such Global Registered Receipt selected or approved by the
Company or to a nominee of such successor Global Receipt Depository. Except as
provided below, owners solely of beneficial interests in a Global Registered
Receipt shall not be entitled to receive physical delivery of the Receipts
represented by such Global Registered Receipt. Neither any such beneficial owner
nor any direct or indirect participant of a Global Receipt Depository shall have
any rights under this Deposit Agreement with respect to any Global Registered
Receipt held on their behalf by a Global Receipt Depository and such Global
Receipt Depository may be treated by the Company, the Depositary and any
director, officer, employee or agent of the Company or the Depositary as the
holder of such Global Registered Receipt for all purposes whatsoever. Unless and
until definitive Receipts are delivered to the owners of the beneficial
interests in a Global Registered Receipt, (1) the applicable Global Receipt
Depository will make book-entry transfers among its participants and receive and
transmit all payments and distributions in respect of the Global Registered
Receipts to such participants, in each case, in accordance with its applicable
procedures and arrangements, and (2) whenever any notice, payment or other
communication to the holders of Global Registered Receipts is required under
this Deposit Agreement, the Company and the Depositary shall give all such
notices, payments and communications specified herein to be given to such
holders to the applicable Global Receipt Depository. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If an Exchange Event has
occurred with respect to any Global Registered Receipt, then, in any such event,
the Depositary shall, upon receipt of a written order from the Company for the
execution and delivery of individual definitive registered Receipts in exchange
for such Global Registered Receipt, shall execute and deliver, individual
definitive registered Receipts, in authorized denominations and of like tenor
and terms in an aggregate principal amount equal to the principal amount of the
Global Registered Receipt in exchange for such Global Registered Receipt.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Definitive registered
Receipts issued in exchange for a Global Registered Receipt pursuant to this
Section shall be registered in such names and in such authorized denominations
as the Global Receipt Depository for such Global Registered Receipt, pursuant to
instructions from its participants, shall instruct the Depositary in writing.
The Depositary shall deliver such Receipts to the persons in whose names such
Receipts are so registered. </FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Notwithstanding anything to
the contrary in this Deposit Agreement, should the Company determine that the
Receipts should be issued as a Global Registered Receipt, the parties hereto
shall comply with the terms of each Letter of Representations. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>SECTION 2.02.
</FONT><I><U><FONT face="Times New Roman" size=2>Deposit of Preferred Stock;
Execution and Delivery of Receipts in Respect</FONT></U></I><I><FONT face="Times New Roman" size=2> </FONT></I><I><U><FONT face="Times New Roman" size=2>Thereof</FONT></U></I><FONT face="Times New Roman" size=2>. Concurrently
with the execution of this Deposit Agreement, the Company is delivering to the
Depositary a certificate or certificates, registered in the name of the
Depositary and evidencing ___ shares of Preferred Stock, properly endorsed or
accompanied, if required by the Depositary, by a duly executed instrument of
transfer or endorsement, in form satisfactory to the Depositary, together with
(i) all such certifications as may be required by the Depositary in accordance
with the provisions of this Deposit Agreement and (ii) a written letter of
instruction of the Company directing the Depositary to execute and deliver to,
or upon the written order of, the person or persons stated in such order a
Receipt or Receipts for the Depositary Shares representing such deposited
Preferred Stock. The Depositary acknowledges receipt of the deposited Preferred
Stock and related documentation and agrees to hold such deposited Preferred
Stock in an account to be established by the Depositary at the Corporate Office
or at such other office as the Depositary shall determine. The Company hereby
appoints the Depositary as the Registrar and Transfer Agent for the Preferred
Stock deposited hereunder and the Depositary hereby accepts such appointment
and, as such, will reflect changes in the number of shares (including any
fractional shares) of deposited Preferred Stock held by it by notation,
book-entry or other appropriate method. The Depositary also acknowledges that
the Company may deposit additional shares of Preferred Stock from time to time
after the date hereof. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If required by the
Depositary, Preferred Stock presented for deposit by the Company at any time,
whether or not the register of stockholders of the Company is closed, shall also
be accompanied by an agreement or assignment, or other instrument satisfactory
to the Depositary, that will provide for the prompt transfer to the Depositary
or its nominee of any distribution or right to subscribe for additional
Preferred Stock or to receive other property that any person in whose name the
Preferred Stock is or has been registered may thereafter receive upon or in
respect of such deposited Preferred Stock, or in lieu thereof such agreement of
indemnity or other agreement as shall be satisfactory to the
Depositary.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Upon receipt by the
Depositary of a certificate or certificates for Preferred Stock deposited
hereunder, together with the other documents specified above, and upon
registering such Preferred Stock in the name of the Depositary, the Depositary,
subject to the terms and conditions of this Deposit Agreement, shall execute and
deliver to, or upon the order of, the person or persons named in the written
order delivered to the Depositary referred to in the first paragraph of this
Section 2.02 a Receipt or Receipts for the number of whole Depositary Shares
representing the Preferred Stock so deposited and registered in such name or
names as may be requested by such person or persons. The Depositary shall
execute and deliver such Receipt or Receipts at the Corporate Office, except
that, at the request, risk and expense of any person requesting such delivery,
such delivery may be made at such other place as may be designated by such
person. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Other than in the case of
splits, combinations or other reclassifications affecting the Preferred Stock,
or in the case of distributions of Preferred Stock, if any, there shall be
deposited hereunder not more than the number of shares constituting the
Preferred Stock as set forth in the Articles of Amendment, as such may be
amended. </FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Company shall deliver
to the Depositary from time to time such quantities of Receipts as the
Depositary may request to enable the Depositary to perform its obligations under
this Deposit Agreement. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>SECTION 2.03.
</FONT><I><U><FONT face="Times New Roman" size=2>Optional Redemption of
Preferred Stock for Cash</FONT></U></I><FONT face="Times New Roman" size=2>.
Whenever the Company shall elect to redeem shares of deposited Preferred Stock
for cash in accordance with the provisions of the Articles of Amendment, it
shall (unless otherwise agreed in writing with the Depositary) give the
Depositary not less than 30 days&#146; prior written notice of the date of such
proposed redemption and of the number of such shares of Preferred Stock held by
the Depositary to be redeemed and the applicable redemption price, as set forth
in the Articles of Amendment, including the amount, if any, of accrued and
unpaid dividends thereon to and including the date fixed for redemption. The
Depositary shall mail, first-class postage prepaid, notice of the redemption of
Preferred Stock and the proposed simultaneous redemption of the Depositary
Shares representing the Preferred Stock to be redeemed, not less than 30 nor
more than 60 days prior to the date fixed for redemption of such Preferred Stock
and Depositary Shares (the &#147;redemption date&#148;), to the record holders of the
Receipts evidencing the Depositary Shares to be so redeemed, at the addresses of
such holders as the same appear on the records of the Depositary; provided that
if the Depositary Shares are held in the form of Global Registered Receipts
through the Global Receipt Depositary, the Company may provide such notice of
redemption in any manner permitted by such Global Receipt Depositary. No failure
to give such notice or any defect thereto or in the mailing thereof shall affect
the sufficiency of notice or validity of the proceedings for redemption except
as to a holder to whom notice was defective or not given. A redemption notice
which has been mailed in the manner provided herein shall be conclusively
presumed to have been duly given on the date mailed whether or not the holder
received the redemption notice. The Company shall provide the Depositary with
such notice, and each such notice shall state: the redemption date; the
redemption price and accrued and unpaid dividends payable on the redemption
date; the number of shares of deposited Preferred Stock and Depositary Shares to
be redeemed; if fewer than all the Depositary Shares held by any holder are to
be redeemed, the number of such Depositary Shares held by such holder to be so
redeemed; the place or places where Receipts evidencing the Depositary Shares to
be redeemed are to be surrendered for payment of the redemption price and
accrued and unpaid dividends payable on the redemption date; and that from and
after the redemption date dividends in respect of the Preferred Stock
represented by the Depositary Shares to be redeemed will cease to accrue. If
fewer than all of the outstanding Depositary Shares are to be redeemed, the
Depositary Shares to be redeemed shall be redeemed pro rata (as nearly as may be
practicable without creating fractional Depositary Shares) or by any other
equitable method determined by the Company. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In the event that notice of
redemption has been made as described in the immediately preceding paragraph and
the Company shall then have paid or caused to be paid in full to the Depositary
the redemption price (determined pursuant to the Articles of Amendment) of the
Preferred Stock deposited with the Depositary to be redeemed (including any
accrued and unpaid dividends to and including the redemption date), the
Depositary shall redeem the number of Depositary Shares representing such
Preferred Stock so called for redemption by the Company and from and after the
redemption date (unless the Company shall have failed to pay for the shares of
Preferred Stock to be redeemed by it as set forth in the Company&#146;s notice
provided for in the preceding paragraph), all dividends in respect of the shares
of Preferred Stock called for redemption shall cease to accrue, the Depositary
Shares called for redemption shall be deemed no longer to be outstanding and all
rights of the holders of Receipts evidencing such Depositary Shares (except the
right to receive the redemption price plus all accrued and unpaid dividends to
and including the redemption date) shall, to the extent of such Depositary
Shares, cease and terminate. Upon surrender in accordance with said notice of
the Receipts evidencing such Depositary Shares (properly endorsed or assigned
for transfer, if the Depositary or applicable law shall so require), such
Depositary Shares shall be redeemed at a redemption price of $ per Depositary
Share plus all accrued and unpaid dividends to and including the redemption
date. The foregoing shall be further subject to the terms and conditions of the
Articles of Amendment. In the event of any conflict between the provisions of
this Deposit Agreement and the provisions of the Articles of Amendment, the
provisions of the Articles of Amendment will govern and the Company will
instruct the Depositary accordingly. </FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If fewer than all of the
Depositary Shares evidenced by a Receipt are called for redemption, the
Depositary will deliver to the holder of such Receipt upon its surrender to the
Depositary, together with payment of the redemption price for and all other
amounts payable in respect of the Depositary Shares called for redemption, a new
Receipt evidencing such holder&#146;s Depositary Shares evidenced by such prior
Receipt that are not called for redemption. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Company acknowledges
that the bank accounts maintained by the Depositary in connection with the
performance of the services described herein will be in the name of the
Depositary and that the Depositary may receive investment earnings in connection
with the investment at the Depositary&#146;s risk and for its benefit of funds held
in those accounts from time to time. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>SECTION 2.04.
</FONT><I><U><FONT face="Times New Roman" size=2>Registration of Transfers of
Receipts</FONT></U></I><FONT face="Times New Roman" size=2>. The Company hereby
appoints the Depositary as the Registrar and Transfer Agent for the Receipts and
the Depositary hereby accepts such appointment and, as such, the Depositary
shall register on its books from time to time transfers of Receipts upon any
surrender thereof by the holder in person or by a duly authorized attorney,
agent or representative, properly endorsed or accompanied by a properly executed
instrument of transfer or endorsement and including a guarantee of the signature
thereon by a participant in a signature guarantee medallion program approved by
the Securities Transfer Association (a &#147;Signature Guarantee&#148;), together with
evidence of the payment of any transfer taxes as may be required by applicable
law. Upon such surrender, the Depositary shall execute a new Receipt or Receipts
and deliver the same to or upon the order of the person entitled thereto
evidencing the same aggregate number of Depositary Shares evidenced by the
Receipt or Receipts surrendered.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>SECTION 2.05.
</FONT><I><U><FONT face="Times New Roman" size=2>Combinations and Split-ups of
Receipts</FONT></U></I><FONT face="Times New Roman" size=2>. Upon surrender of a
Receipt or Receipts at the Corporate Office or such other office as the
Depositary may designate for the purpose of effecting a split up or combination
of Receipts, subject to the terms and conditions of this Deposit Agreement, the
Depositary shall execute and deliver a new Receipt or Receipts in the authorized
denominations requested evidencing the same aggregate number of Depositary
Shares evidenced by the Receipt or Receipts surrendered. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>SECTION 2.06.
</FONT><I><U><FONT face="Times New Roman" size=2>Surrender of Receipts and
Withdrawal of Preferred Stock</FONT></U></I><FONT face="Times New Roman" size=2>. Any holder of a Receipt or Receipts may withdraw any or all of the
whole shares of deposited Preferred Stock represented by the Depositary Shares
evidenced by such Receipt or Receipts and all money and other property, if any,
represented by such Depositary Shares by surrendering such Receipt or Receipts
at the Corporate Office or at such other office as the Depositary may designate
for such withdrawals. Fractional shares of Preferred Stock may not be withdrawn
by any holder. After such surrender, without unreasonable delay, the Depositary
shall deliver to such holder, or to the person or persons designated by such
holder as hereinafter provided, the number of whole shares of such Preferred
Stock and all such money and other property, if any, represented by the
Depositary Shares evidenced by the Receipt or Receipts so surrendered for
withdrawal, but holders of such whole shares of Preferred Stock will not
thereafter be entitled to deposit such Preferred Stock hereunder or to receive
Depositary Shares therefor. If the Receipt or Receipts delivered by the holder
to the Depositary in connection with such withdrawal shall evidence a number of
Depositary Shares in excess of the number of Depositary Shares representing the
number of whole shares of deposited Preferred Stock to be withdrawn, the
Depositary shall at the same time, in addition to such number of whole shares of
Preferred Stock and such money and other property, if any, to be withdrawn,
deliver to such holder, or (subject to Section 2.04) upon his order, a new
Receipt or Receipts evidencing such excess number of Depositary Shares. Delivery
of such Preferred Stock and such money and other property being withdrawn may be
made by the delivery of such certificates, documents of title and other
instruments as the Depositary may deem appropriate, which, if required by the
Depositary, shall be properly endorsed or accompanied by a properly executed
instrument of transfer or endorsement. </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If the deposited Preferred
Stock and the money and other property being withdrawn are to be delivered to a
person or persons other than the record holder of the Receipt or Receipts being
surrendered for withdrawal of Preferred Stock, such holder shall execute and
deliver to the Depositary a written order so directing the Depositary and the
Depositary may require that the Receipt or Receipts surrendered by such holder
for withdrawal of such whole shares of Preferred Stock be properly endorsed in
blank or accompanied by a properly executed instrument of transfer or
endorsement in blank with a Signature Guarantee. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Depositary shall
deliver the whole shares of deposited Preferred Stock and the money and other
property, if any, represented by the Depositary Shares evidenced by Receipts
surrendered for withdrawal at the Corporate Office, except that, at the request,
risk and expense of the holder surrendering such Receipt or Receipts and for the
account of the holder thereof, such delivery may be made at such other place as
may be designated by such holder. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>SECTION 2.07.
</FONT><I><U><FONT face="Times New Roman" size=2>Limitations on Execution and
Delivery, Transfer, Split-up, Combination</FONT></U></I><FONT face="Times New Roman" size=2>. As a condition precedent to the execution and
delivery, transfer, split-up, combination, surrender or exchange of any Receipt,
the Depositary or the Company may require any or all of the following: (i)
payment to it of a sum sufficient for the payment (or, in the event that the
Depositary or the Company shall have made such payment, the reimbursement to it)
of any tax or other governmental charge with respect thereto (including any such
tax or charge with respect to the Preferred Stock being withdrawn); (ii) the
production of proof satisfactory to it as to the identity and genuineness of any
signature (or the authority of any signature), including a Signature Guarantee;
and (iii) compliance with such regulations, if any, as the Depositary or the
Company may establish consistent with the provisions of this Deposit Agreement
and as may be required by any securities exchange upon which the deposited
Preferred Stock, the Depositary Shares or the Receipts may be included for
quotation or listed. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The transfer of Receipts
may be refused, and the transfer, split-up, combination, surrender, exchange or
redemption of outstanding Receipts may be suspended (i) during any period when
the register of stockholders of the Company is closed or (ii) if any such action
is deemed reasonably necessary or advisable by the Depositary or the Company at
any time or from time to time because of any requirement of applicable law or of
any government or governmental body or commission, or under any provision of
this Deposit Agreement.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>SECTION 2.08.
</FONT><I><U><FONT face="Times New Roman" size=2>Lost Receipts,
etc</FONT></U></I><I><FONT face="Times New Roman" size=2>.</FONT></I><FONT face="Times New Roman" size=2> In case any Receipt shall be mutilated or
destroyed or lost or stolen, the Depositary in its discretion may execute and
deliver a Receipt of like form and tenor in exchange and substitution for such
mutilated Receipt or in lieu of and in substitution for such destroyed, lost or
stolen Receipt, provided that the holder thereof provides the Depositary with
(i) evidence reasonably satisfactory to the Depositary of such destruction, loss
or theft of such Receipt, of the authenticity thereof and of his ownership
thereof and (ii) reasonable indemnification and the provision of an open penalty
surety bond, in each case, satisfactory to the Depositary and the Company and
holding the Depositary and the Company harmless.</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>SECTION 2.09.
</FONT><I><U><FONT face="Times New Roman" size=2>Cancellation and Destruction of
Surrendered Receipts</FONT></U></I><FONT face="Times New Roman" size=2>. All
Receipts surrendered to the Depositary shall be cancelled by the Depositary.
Except as prohibited by applicable law or regulation, the Depositary is
authorized to destroy such Receipts so cancelled.</FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>ARTICLE
III<BR></FONT></B><B><FONT face="Times New Roman" size=2>CERTAIN OBLIGATIONS OF
HOLDERS OF RECEIPTS AND THE COMPANY </FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>SECTION 3.01.
</FONT><I><U><FONT face="Times New Roman" size=2>Filing Proofs, Certificates and
Other Information</FONT></U></I><FONT face="Times New Roman" size=2>. Any holder
of a Receipt may be required from time to time to file such proof of residence
or other information and to execute such certificates as the Depositary or the
Company may reasonably deem necessary or proper. The Depositary or the Company
may withhold or delay the delivery of any Receipt, the transfer, redemption or
exchange of any Receipt, the withdrawal of the deposited Preferred Stock
represented by the Depositary Shares evidenced by any Receipt, the distribution
of any distribution or the sale of any rights or of the proceeds thereof, until
such proof or other information is filed or such certificates are executed.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>SECTION 3.02.
</FONT><I><U><FONT face="Times New Roman" size=2>Payment of Fees and
Expenses</FONT></U></I><FONT face="Times New Roman" size=2>. Holders of Receipts
shall be obligated to make payments to the Depositary of certain fees and
expenses, as provided in Section 5.08, or provide evidence reasonably
satisfactory to the Depositary that such fees and expenses have been paid. Until
such payment is made, transfer of any Receipt or any withdrawal of the Preferred
Stock or money or other property, if any, represented by the Depositary Shares
evidenced by such Receipt may be refused, any distribution may be withheld, and
any part or all of the Preferred Stock or other property represented by the
Depositary Shares evidenced by such Receipt may be sold for the account of the
holder thereof (after attempting by reasonable means to notify such holder a
reasonable number of days prior to such sale). Any distribution so withheld and
the proceeds of any such sale may be applied to any payment of such fees or
expenses, the holder of such Receipt remaining liable for any deficiency.
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>SECTION 3.03.
</FONT><I><U><FONT face="Times New Roman" size=2>Representations and Warranties
as to Preferred Stock</FONT></U></I><FONT face="Times New Roman" size=2>. In the
case of the initial deposit of the Preferred Stock hereunder, the Company shall
be deemed thereby to represent and warrant that the Preferred Stock and each
certificate therefor are valid and that such deposit has been duly authorized.
The Company hereby further represents and warrants that such Preferred Stock is
validly issued, fully paid and non-assessable. Such representations and
warranties shall survive the deposit of the Preferred Stock and the issuance of
Receipts. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>SECTION 3.04.
</FONT><I><U><FONT face="Times New Roman" size=2>Representation and Warranty as
to Receipts and Depositary Shares</FONT></U></I><FONT face="Times New Roman" size=2>. The Company hereby represents and warrants that the Receipts, when
issued, will evidence legal and valid interests in the Depositary Shares and
each Depositary Share will represent a legal and valid fractional interest in a
share of deposited Preferred Stock represented by such Depositary Share. Such
representation and warranty shall survive the deposit of the Preferred Stock and
the issuance of Receipts evidencing the Depositary Shares. </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>ARTICLE
IV<BR></FONT></B><B><FONT face="Times New Roman" size=2>THE PREFERRED STOCK;
NOTICES </FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>SECTION 4.01.
</FONT><I><U><FONT face="Times New Roman" size=2>Dividends and Other Cash
Distributions</FONT></U></I><FONT face="Times New Roman" size=2>. Whenever the
Depositary shall receive any dividend or other cash distributions on the
deposited Preferred Stock, including any cash received upon redemption of any
shares of Preferred Stock pursuant to Section 2.03, the Depositary shall,
subject to Section 3.02, distribute to record holders of Receipts on the record
date fixed pursuant to Section 4.04 such amounts of such sum as are, as nearly
as practicable, in proportion to the respective numbers of Depositary Shares
evidenced by the Receipts held by such holders; provided, however, that, in case
the Company or the Depositary shall be required by law to withhold and shall
withhold from any cash distribution in respect of the Preferred Stock an amount
on account of taxes or as otherwise required by law, regulation or court
process, the amount made available for distribution or distributed in respect of
Depositary Shares shall be reduced accordingly. The Depositary shall distribute
or make available for distribution, as the case may be, only such amount,
however, as can be distributed without attributing to any holder of Receipts a
fraction of one cent, and any balance not so distributable shall be held by the
Depositary (without liability for interest thereon) and shall be added to and be
treated as part of the next sum received by the Depositary for distribution to
record holders of Receipts then outstanding. </FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>SECTION 4.02.
</FONT><I><U><FONT face="Times New Roman" size=2>Distributions Other Than
Cash</FONT></U></I><FONT face="Times New Roman" size=2>. Whenever the Depositary
shall receive any distribution other than cash on the deposited Preferred Stock,
the Depositary shall, subject to Section 3.02, distribute to record holders of
Receipts on the record date fixed pursuant to Section 4.04 such amounts of the
securities or other property received by it as are, as nearly as practicable, in
proportion to the respective numbers of Depositary Shares evidenced by the
Receipts held by such holders, in any manner that the Depositary and the Company
may deem equitable and practicable for accomplishing such distribution. If in
the opinion of the Depositary after consultation with the Company, such
distribution cannot be made proportionately among such record holders, or if for
any other reason (including any requirement that the Company or the Depositary
withhold an amount on account of taxes) the Depositary deems, after consultation
with the Company, such distribution not to be feasible, the Depositary may, with
the approval of the Company, adopt such method as it deems equitable and
practicable for the purpose of effecting such distribution, including the sale
(at public or private sale) of the securities or other property thus received,
or any part thereof, at such place or places and upon such terms as the
Depositary may deem proper. The net proceeds of any such sale shall, subject to
Section 3.02, be distributed or made available for distribution, as the case may
be, by the Depositary to record holders of Receipts as provided by Section 4.01
in the case of a distribution received in cash. The Depositary shall not be
obligated hereunder to make any distribution of such securities to the holders
of Receipts unless the Company shall have provided to the Depositary, upon
request of the Depositary, an opinion of counsel stating that such securities
have been registered under the Securities Act or do not need to be registered
thereunder in order to be freely transferable. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>SECTION 4.03.
</FONT><I><U><FONT face="Times New Roman" size=2>Subscription Rights,
Preferences or Privileges</FONT></U></I><FONT face="Times New Roman" size=2>. If
the Company shall at any time offer or cause to be offered with respect to the
deposited Preferred Stock any rights, preferences or privileges to subscribe for
or to purchase any securities or any rights, preferences or privileges of any
other nature, the offering of such rights, preferences or privileges shall in
each such instance be communicated to the Depositary and thereafter made
available by the Depositary to the record holders of Receipts in such manner as
the Company shall instruct (including by the issue to such record holders of
warrants representing such rights, preferences or privileges); provided,
however, that (a) if at the time of issue or offer of any such rights,
preferences or privileges the Company determines upon advice of its legal
counsel that it is not lawful or feasible to make such rights, preferences or
privileges available to the holders of Receipts (by the issue of warrants or
otherwise) or (b) if and to the extent instructed by holders of Receipts who do
not desire to exercise such rights, preferences or privileges, the Depositary
shall then, if so instructed by the Company, and if applicable laws or the terms
of such rights, preferences or privileges so permit, sell such rights,
preferences or privileges of such holders at public or private sale, at such
place or places and upon such terms as it may deem proper. The net proceeds of
any such sale shall, subject to Section 3.01 and Section 3.02, be distributed by
the Depositary to the record holders of Receipts entitled thereto as provided by
Section 4.01 in the case of a distribution received in cash. The Depositary
shall not be obligated hereunder to make any distribution of such rights,
preferences or privileges, unless the Company shall have provided to the
Depositary, upon request of the Depositary, an opinion of counsel stating that
such rights, preferences or privileges have been registered under the Securities
Act or do not need to be registered thereunder in order to be freely
transferable. </FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>SECTION 4.04.
</FONT><I><U><FONT face="Times New Roman" size=2>Notice of Distributions; Fixing
of Record Date for Holders of Receipts</FONT></U></I><FONT face="Times New Roman" size=2>. Whenever any dividend or other cash
distributions shall become payable, any distribution other than cash shall be
made, or any rights, preferences or privileges shall at any time be offered,
with respect to the deposited Preferred Stock, or whenever the Depositary shall
receive notice of (i) any meeting at which holders of such Preferred Stock are
entitled to vote or of which holders of such Preferred Stock are entitled to
notice or (ii) any election on the part of the Company to redeem any shares of
such Preferred Stock, the Depositary shall in each such instance fix a record
date (which shall be the same date as the record date, if any, fixed by the
Company with respect to the Preferred Stock) for the determination of the
holders of Receipts (a) who shall be entitled to receive such dividend,
distribution, rights, preferences or privileges or the net proceeds of the sale
thereof, (b) who shall be entitled to give instructions for the exercise of
voting rights at any such meeting or to receive notice of such meeting or (c)
whose Depositary Shares are to be so redeemed. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>SECTION 4.05.
</FONT><I><U><FONT face="Times New Roman" size=2>Voting
Rights</FONT></U></I><I><FONT face="Times New Roman" size=2>.</FONT></I><FONT face="Times New Roman" size=2> Upon receipt of notice of any meeting at which
the holders of deposited Preferred Stock are entitled to vote, the Depositary
shall, as soon as practicable thereafter, mail to the record holders of Receipts
a notice, which shall be provided by the Company and which shall contain (i)
such information as is contained in such notice of meeting, (ii) a statement
that the holders of Receipts at the close of business on a specified record date
fixed pursuant to Section 4.04 will be entitled, subject to any applicable
provision of law, to instruct the Depositary as to the exercise of the voting
rights pertaining to the amount of Preferred Stock represented by their
respective Depositary Shares and (iii) a brief statement as to the manner in
which such instructions may be given. Upon the written request of a holder of a
Receipt on such record date, the Depositary shall vote or cause to be voted the
amount of Preferred Stock represented by the Depositary Shares evidenced by such
Receipt in accordance with the instructions set forth in such request. To the
extent any such instructions request the voting of a fractional interest of a
share of deposited Preferred Stock, the Depositary shall aggregate such interest
with all other fractional interests resulting from requests with the same voting
instructions and shall vote the number of whole votes resulting from such
aggregation in accordance with the instructions received in such requests. The
Company hereby agrees to take all reasonable action that may be reasonably
deemed necessary by the Depositary in order to enable the Depositary to vote
such Preferred Stock or cause such Preferred Stock to be voted. In the absence
of specific instructions from the holder of a Receipt, the Depositary will
abstain from voting to the extent of the Preferred Stock represented by the
Depositary Shares evidenced by such Receipt. The Depositary shall not be
required or allowed to exercise discretion in voting any Preferred Stock
represented by the Depositary Shares evidenced by such Receipt. </FONT></P>

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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>SECTION 4.06.
</FONT><I><U><FONT face="Times New Roman" size=2>Changes Affecting Preferred
Stock; Reclassifications, Recapitalizations, etc</FONT></U></I><FONT face="Times New Roman" size=2>. Upon any change in par or stated value,
split-up, combination or any other reclassification of Preferred Stock, or upon
any recapitalization, reorganization, merger, amalgamation or consolidation
affecting the Company or to which the Company is a party, or upon the sale of
all or substantially all of the Company&#146;s assets, the Depositary shall, upon the
instructions of the Company, (i) make such adjustments in (a) the fraction of an
interest represented by one Depositary Share in one share of Preferred Stock and
(b) the ratio of the redemption price per Depositary Share to the redemption
price of a share of Preferred Stock, in each case as may be required by or as is
consistent with the provisions of the Articles of Amendment to fully reflect the
effects of such change in liquidation preference, split-up, combination or other
reclassification of stock, or of such recapitalization, reorganization, merger,
amalgamation, consolidation, or of such sale and (ii) treat any shares of stock
or other securities or property (including cash) that shall be received by the
Depositary in exchange for or upon conversion of or in respect of the Preferred
Stock as new deposited property under this Deposit Agreement, and Receipts then
outstanding shall thenceforth represent the proportionate interests of holders
thereof in the new deposited property so received in exchange for or upon
conversion of or in respect of such Preferred Stock. In any such case the
Depositary may, in its discretion, with the approval of the Company, execute and
deliver additional Receipts, or may call for the surrender of all outstanding
Receipts to be exchanged for new Receipts specifically describing such new
deposited property. Anything to the contrary herein notwithstanding, holders of
Receipts shall have the right from and after the effective date of any such
change in par or stated value, split-up, combination or other reclassification
of the Preferred Stock, or any such recapitalization, reorganization, merger,
amalgamation or consolidation, or any such sale of substantially all the assets
of the Company to surrender such Receipts to the Depositary with instructions to
convert, exchange or surrender the Preferred Stock represented thereby only into
or for, as the case may be, the kind and amount of shares of stock and other
securities and property and cash into which the deposited Preferred Stock
evidenced by such Receipts might have been converted or for which such Preferred
Stock might have been exchanged or surrendered immediately prior to the
effective date of such transaction, subject to any subsequent change in par or
stated value, split-up, combination or other reclassification or any subsequent
recapitalization, reorganization, merger, amalgamation or consolidation or sale
of substantially all the assets. The Company shall cause effective provision to
be made in the charter of the resulting or surviving corporation (if other than
the Company) for protection of such rights as may be applicable upon exchange of
the deposited Preferred Stock for securities or property or cash of the
surviving corporation in connection with the transactions set forth above. The
Company shall cause any such surviving corporation (if other than the Company)
expressly to assume the obligations of the Company hereunder. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>SECTION 4.07.
</FONT><I><U><FONT face="Times New Roman" size=2>Inspection of
Reports</FONT></U></I><FONT face="Times New Roman" size=2>. The Depositary shall
make available for inspection by holders of Receipts at the Corporate Office and
at such other places as the Depositary may from time to time deem advisable
during normal business hours any reports and communications received from the
Company that are both received by the Depositary as the holder of the deposited
Preferred Stock and made generally available to the holders of the Preferred
Stock. In addition, the Depositary shall transmit certain notices and reports to
the holders of Receipts as provided in Section 5.05. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>SECTION 4.08.
</FONT><I><U><FONT face="Times New Roman" size=2>Lists of Receipt
Holders</FONT></U></I><FONT face="Times New Roman" size=2>. Promptly upon
reasonable request from time to time by the Company, the Depositary shall
furnish to the Company a list, as of a recent date specified by the Company, of
the names, addresses and holdings of Depositary Shares of all persons in whose
names Receipts are registered on the books of the Depositary. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>SECTION 4.09.
</FONT><I><U><FONT face="Times New Roman" size=2>Withholding</FONT></U></I><FONT face="Times New Roman" size=2>. Notwithstanding any other provision of this
Deposit Agreement to the contrary, in the event that the Depositary determines
that any distribution in property is subject to any tax which the Depositary is
obligated by applicable law to withhold, the Depositary may dispose of all or a
portion of such property in such amounts and in such manner as the Depositary
reasonably deems necessary and practicable to pay such taxes, by public or
private sale, and the Depositary shall distribute the net proceeds of any such
sale or the balance of any such property after deduction of such taxes to the
holders of Receipts entitled thereto in proportion to the number of Depositary
Shares held by them, respectively; provided, however, that in the event the
Depositary determines that such distribution of property is subject to
withholding tax only with respect to some but not all holders of Receipts, the
Depositary will use its best efforts (i) to sell only that portion of such
property distributable to such holders that is required to generate sufficient
proceeds to pay such withholding tax and (ii) to effect any such sale in such a
manner so as to avoid affecting the rights of any other holders of Receipts to
receive such distribution in property. </FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>ARTICLE
V<BR></FONT></B><B><FONT face="Times New Roman" size=2>THE DEPOSITARY AND THE
COMPANY </FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>SECTION 5.01.
</FONT><I><U><FONT face="Times New Roman" size=2>Maintenance of Offices,
Agencies and Transfer Books by the Registrar</FONT></U></I><FONT face="Times New Roman" size=2>. The Depositary shall maintain at the Corporate
Office facilities for the execution and delivery, transfer, surrender and
exchange, split-up, combination and redemption of Receipts and the withdrawal of
Preferred Stock. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Depositary shall keep
books at the Corporate Office for the registration and transfer of Receipts,
which books at all reasonable times shall be open for inspection by the record
holders of Receipts as provided by applicable law. The Depositary may close such
books, at any time or from time to time, when deemed expedient by it in
connection with the performance of its duties hereunder. The Depositary may
maintain such books in customary electronic form. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If the Receipts or the
Depositary Shares evidenced thereby or the Preferred Stock represented by such
Depositary Shares shall be listed on the Nasdaq Global Select Market or any
other stock exchange, or quoted on any interdealer quotation system, the
Depositary will, at the request and expense of the Company, arrange such
facilities for the delivery, transfer, surrender, redemption and exchange of
such Receipts, such Depositary Shares or such Preferred Stock as maybe required
by applicable law or applicable stock exchange or quotation system
regulations.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>SECTION 5.02.
</FONT><I><U><FONT face="Times New Roman" size=2>Prevention or Delay in
Performance by the Depositary or the Company</FONT></U></I><FONT face="Times New Roman" size=2>. Neither the Depositary nor the Company shall
incur any liability to any holder of any Receipt, if by reason of any provision
of any present or future law or regulation thereunder of the United States of
America or of any other governmental authority or, in the case of the Depositary
or the Registrar, by reason of any provision, present or future, of the Articles
of Incorporation or the Articles of Amendment or, by reason of any act of God or
war or other circumstance beyond the control of the relevant party, the
Depositary, or the Company shall be prevented or forbidden from doing or
performing any act or thing that the terms of this Deposit Agreement provide
shall be done or performed; nor shall the Depositary, the Registrar or the
Company incur any liability to any holder of a Receipt by reason of any
nonperformance or delay, caused as aforesaid, in the performance of any act or
thing that the terms of this Deposit Agreement provide shall or may be done or
performed, or by reason of any exercise of, or failure to exercise, any
discretion provided for in this Deposit Agreement.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>SECTION 5.03.
</FONT><I><U><FONT face="Times New Roman" size=2>Obligations of the Depositary
and the Company</FONT></U></I><FONT face="Times New Roman" size=2>. The
Depositary shall at all times act in good faith and shall use its best efforts
within reasonable time limits to insure the accuracy of all services performed
pursuant to this Deposit Agreement. The Company assumes no obligation and shall
not be subject to any liability under this Deposit Agreement or any Receipt to
holders of Receipts other than from acts or omissions arising out of conduct
constituting bad faith, gross negligence or willful misconduct in the
performance of such duties as are specifically set forth in this Deposit
Agreement.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Company shall not be
under any obligation to appear in, prosecute or defend any action, suit or other
proceeding with respect to the deposited Preferred Stock, Depositary Shares or
Receipts that in its reasonable opinion may involve it in expense or liability,
unless indemnity reasonably satisfactory to it against all expense and liability
be furnished as often as may be required.</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Company shall not be
liable for any action or any failure to act by it in reliance upon the advice of
legal counsel or accountants, or information provided by any holder of a Receipt
or any other person believed by it in good faith to be competent to give such
advice or information. The Company may rely and shall be protected in acting
upon any written notice, request, direction or other document believed by it in
good faith to be genuine and to have been signed or presented by the proper
party or parties.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In the event the Depositary
shall receive conflicting claims, requests or instructions from any holders of
Receipts, on the one hand, and the Company, on the other hand, the Depositary
shall be entitled to act on such claims, requests or instructions received from
the Company, and shall be entitled to the full indemnification set forth in
Section 5.06 hereof in connection with any action so taken.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Depositary shall not be
responsible for any failure to carry out any instruction to vote any of the
deposited Preferred Stock or for the manner or effect of any such vote made, as
long as any such action or non-action is in good faith and does not result from
gross negligence or willful misconduct of the Depositary. The Depositary
undertakes to perform such duties and only such duties as are specifically set
forth in this Deposit Agreement, and no implied covenants, obligations or
liabilities shall be read into this Deposit Agreement against the
Depositary.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Depositary, its parent,
affiliate, or subsidiaries, may own, buy, sell or deal in any class of
securities of the Company and its affiliates and in Receipts or Depositary
Shares or become pecuniarily interested in any transaction in which the Company
or its affiliates may be interested or contract with or lend money to or
otherwise act as fully or as freely as if it were not the Depositary hereunder.
If so appointed, the Depositary may also act as transfer agent or registrar of
any of the securities of the Company and its affiliates, or act in any other
capacity for the Company or its affiliates.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>It is intended that the
Depositary shall not be deemed to be an &#147;issuer&#148; of the securities under the
federal securities laws or applicable state securities laws, it being expressly
understood and agreed that the Depositary is acting only in a ministerial
capacity as Depositary for the deposited Preferred Stock; provided, however,
that the Depositary agrees to comply with all information reporting and
withholding requirements applicable to it under law or this Deposit Agreement in
its capacity as Depositary.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Depositary makes no
representation and has no responsibility as to the validity of the registration
statement pursuant to which the Depositary Shares are registered under the
Securities Act, the deposited Preferred Stock, the Depositary Shares, the
Receipts (except its countersignature thereon) or any instruments referred to
therein or herein, or as to the correctness of any statement made therein or
herein; provided, however, that the Depositary is responsible for its
representations in this Deposit Agreement.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Company represents that
it has registered the deposited Preferred Stock and the Depositary Shares for
sale in accordance with applicable securities laws.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>SECTION 5.04.
</FONT><I><U><FONT face="Times New Roman" size=2>Resignation and Removal of the
Depositary</FONT></U></I><FONT face="Times New Roman" size=2>; Appointment of
Successor Depositary. The Depositary may at any time resign as Depositary
hereunder by notice of its election to do so delivered to the Company, such
resignation to take effect upon the appointment of a successor depositary and
its acceptance of such appointment as hereinafter provided.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Depositary may at any
time be removed by the Company by notice of such removal delivered to the
Depositary, such removal to take effect upon the appointment of a successor
depositary and its acceptance of such appointment as hereinafter
provided.</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In case at any time the
Depositary acting hereunder shall resign or be removed, the Company shall,
within 60 days after the delivery of the notice of resignation or removal, as
the case may be, appoint a successor depositary, which shall be a bank or trust
company having its principal office in the United States of America and having a
combined capital and surplus of at least $50,000,000. If a successor depositary
shall not have been appointed in 60 days, the resigning Depositary may, at the
expense of the Company, petition a court of competent jurisdiction to appoint a
successor depositary. Every successor depositary shall execute and deliver to
its predecessor and to the Company an instrument in writing accepting its
appointment hereunder, and thereupon such successor depositary, without any
further act or deed, shall become fully vested with all the rights, powers,
duties and obligations of its predecessor and for all purposes shall be the
Depositary under this Deposit Agreement, and such predecessor, upon payment of
all sums due it and on the written request of the Company, shall promptly
execute and deliver an instrument transferring to such successor all rights and
powers of such predecessor hereunder, and shall duly assign, transfer and
deliver all rights, title and interest in the deposited Preferred Stock and any
moneys or property held hereunder to such successor and shall deliver to such
successor a list of the record holders of all outstanding Receipts. Any
successor depositary shall promptly mail notice of its appointment to the record
holders of Receipts.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Any corporation or other
legal entity into or with which the Depositary may be merged, consolidated or
converted shall be the successor of such Depositary without the execution or
filing of any document or any further act. Such successor depositary may execute
the Receipts either in the name of the predecessor depositary or in the name of
the successor depositary.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>SECTION 5.05.
</FONT><I><U><FONT face="Times New Roman" size=2>Notices, Reports and
Documents</FONT></U></I><FONT face="Times New Roman" size=2>. The Company agrees
that it will deliver to the Depositary, and the Depositary will, promptly after
receipt thereof transmit to the record holders of Receipts, in each case at the
address recorded in the Depositary&#146;s books, copies of all notices and reports
(including financial statements) required by law, by the rules of any national
securities exchange or interdealer quotation system upon which the Preferred
Stock, the Depositary Shares or the Receipts are listed or quoted or by the
Articles of Incorporation and the Articles of Amendment to be furnished by the
Company to holders of the deposited Preferred Stock and, if requested by the
holder of any Receipt, a copy of this Deposit Agreement, the form of Receipt,
the Articles of Amendment and the form of Preferred Stock. Such transmission
will be at the Company&#146;s expense and the Company will provide the Depositary
with such number of copies of such documents as the Depositary may reasonably
request. In addition, the Depositary will transmit to the record holders of
Receipts at the Company&#146;s expense such other documents as may be requested by
the Company.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>SECTION 5.06.
</FONT><I><U><FONT face="Times New Roman" size=2>Indemnification by the
Company</FONT></U></I><FONT face="Times New Roman" size=2>. The Company agrees
to indemnify the Depositary against, and hold it harmless from, any claim,
action, suit, penalty, liability, costs and expenses (including reasonable
attorneys&#146; fees) of any kind and nature whatsoever that may arise out of, or in
connection with, its acting as Depositary under this Deposit Agreement and the
Receipts, except for any liability to the extent arising out of the willful
misconduct, gross negligence, or bad faith on the part of the Depositary. The
obligations of the Company set forth in this Section 5.06 shall survive any
succession of any Depositary or termination of this Deposit
Agreement.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>SECTION 5.07.
</FONT><I><U><FONT face="Times New Roman" size=2>Damages</FONT></U></I><FONT face="Times New Roman" size=2>. The Depositary shall not be liable for any
incidental, indirect, special or consequential damages of any nature whatsoever,
including, but not limited to, loss of anticipated profits (collectively,
&#147;Special Damages&#148;), occasioned by breach of any provision of this Deposit
Agreement by the Depositary even if apprised of the possibility of such damages.
The Company shall not be liable to the Depositary for Special Damages occasioned
by breach of any provision of this Deposit Agreement by the Company even if
apprised of the possibility of such damages.</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>SECTION 5.08.
</FONT><I><U><FONT face="Times New Roman" size=2>Fees, Charges and
Expenses</FONT></U></I><FONT face="Times New Roman" size=2>. No charges and
expenses of the Depositary hereunder shall be payable by any person, except as
provided in this Section 5.08. The Company shall pay all transfer and other
taxes and governmental charges arising solely from the existence of this Deposit
Agreement. The Company shall also pay all fees and expenses of the Depositary in
connection with the initial deposit of the Preferred Stock and the initial
issuance of the Depositary Shares evidenced by the Receipts, any redemption of
the Preferred Stock at the option of the Company and all withdrawals of the
Preferred Stock by holders of Receipts. If a holder of Receipts requests the
Depositary to perform duties not required under this Deposit Agreement, the
Depositary shall notify the holder of the expected cost of the performance of
such duties prior to the performance thereof. Upon approval of such cost by such
holder, such holder will thereafter be liable for the charges and expenses
related to such performance. All other fees and expenses of the Depositary
hereunder (including, in each case, fees and expenses of counsel) incident to
the performance of its obligations hereunder will be promptly paid by the
Company. The Depositary shall present its statement for fees and expenses to the
Company every month or at such other intervals as the Company and the Depositary
may agree.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>SECTION 5.09.
</FONT><I><U><FONT face="Times New Roman" size=2>Additional Depositary Rights
and Duties</FONT></U></I><FONT face="Times New Roman" size=2>. The Depositary
shall:</FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(a)</FONT></TD>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>have no duties or
      obligations other than those specifically set forth herein. Depositary
      shall not be liable for any improper payment made in accordance with the
      information provided by the Company;</FONT></TD></TR>
  <TR>
    <TD noWrap></TD>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(b)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>not be obligated to
      take any legal action hereunder that might, in its judgment, involve any
      expense or liability, unless it has been furnished with reasonable
      indemnity by the Company;</FONT></TD></TR>
  <TR>
    <TD noWrap></TD>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(c)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>be able to rely on
      and shall be protected in acting on the written or oral instructions with
      respect to any matter relating to its actions as Depositary specifically
      covered by this Deposit Agreement, of any officer of the Company
      authorized to give instructions;</FONT></TD></TR>
  <TR>
    <TD noWrap></TD>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(d)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>be able to rely on
      and shall be protected in acting upon any certificate, instrument,
      opinion, notice, letter, telegram or any other document or security
      delivered to it and believed by it reasonably and in good faith to be
      genuine and to have been signed by the proper party or
  parties;</FONT></TD></TR>
  <TR>
    <TD noWrap></TD>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(e)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>not be responsible
      for or liable in any respect on account of the identity, authority or
      rights of any person executing or delivering or purporting to execute or
      deliver any document or property under this Deposit Agreement, and shall
      have no responsibility with respect to the use or application of any
      property delivered by it pursuant to the provisions hereof;</FONT></TD></TR>
  <TR>
    <TD noWrap></TD>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(f)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>be able to consult
      with counsel satisfactory to it (including counsel for the Company) and
      the advice or opinion of such 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 accordance with advice or
      opinion of such counsel;</FONT></TD></TR>
  <TR>
    <TD noWrap></TD>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(g)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>not be liable for
      anything which it may do or refrain from doing in connection with this
      Deposit Agreement except for its own gross negligence, willful misconduct
      or bad faith;</FONT></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(h)</FONT></TD>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>not be bound by any
      notice or demand, or any waiver or modification of this Deposit Agreement
      or any of the terms hereof, unless evidenced by a writing delivered to the
      Depositary signed by the proper authority or authorities;</FONT></TD></TR>
  <TR>
    <TD noWrap></TD>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(i)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>have no duty to
      enforce any obligation of any person to make delivery, or to direct or
      cause any delivery to be made, or to enforce any obligation of any person
      to perform any other act; and</FONT></TD></TR>
  <TR>
    <TD noWrap></TD>
    <TD width="100%" colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(j)</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>have the right to
      assume, in the absence of written notice to the contrary from the proper
      person or persons, that a fact or an event by reason of which an action
      would or might be taken by the Depositary does not exist or has not
      occurred without incurring liability for any action taken or omitted, or
      any action suffered by the Depositary to be taken or omitted, in good
      faith or in the exercise of the Depositary&#146;s best judgment, in reliance
      upon such assumption.</FONT></TD></TR></TABLE>
<P align=center><B><FONT face="Times New Roman" size=2>ARTICLE VI
<BR></FONT></B><B><FONT face="Times New Roman" size=2>AMENDMENT AND TERMINATION
</FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>SECTION 6.01.
</FONT><I><U><FONT face="Times New Roman" size=2>Amendment</FONT></U></I><FONT face="Times New Roman" size=2>. The form of the Receipts and any provision of
this Deposit Agreement may at any time and from time to time be amended by
agreement between the Company and the Depositary in any respect that they may
deem necessary or desirable; provided, however, that no such amendment (other
than any change in the fees of the Depositary that are payable by the Company)
which (i) shall materially and adversely alter any substantial existing right of
the holders of Receipts or (ii) would be materially and adversely inconsistent
with the rights granted to the holders of the Preferred Stock pursuant to the
Articles of Amendment shall be effective unless such amendment shall have been
approved by the holders of Receipts evidencing at least a majority of the
Depositary Shares then outstanding. In no event shall any amendment impair the
right, subject to the provisions of Section 2.06 and Section 2.07 and Article
III, of any holder of any Depositary Shares to surrender the Receipt evidencing
such Depositary Shares with instructions to the Depositary to deliver to the
holder the whole shares of the deposited Preferred Stock and all money and other
property if any, represented thereby, except in order to comply with mandatory
provisions of applicable law. Every holder of an outstanding Receipt at the time
any such amendment becomes effective shall be deemed, by continuing to hold such
Receipt, to consent and agree to such amendment and to be bound by this Deposit
Agreement as amended thereby.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>SECTION 6.02.
</FONT><I><U><FONT face="Times New Roman" size=2>Termination</FONT></U></I><FONT face="Times New Roman" size=2>. This Deposit Agreement may be terminated by the
Company upon not less than 30 days&#146; prior written notice to the Depositary,
whereupon the Depositary shall deliver or make available to each holder of a
Receipt, upon surrender of the Receipt held by such holder, such number of whole
or fractional shares of deposited Preferred Stock as are represented by the
Depositary Shares evidenced by such Receipt, together with any other property
held by the Depositary in respect of such Receipt. This Deposit Agreement will
automatically terminate if (i) all outstanding Depositary Shares shall have been
(A) redeemed pursuant to Section 2.03 and/or (B) surrendered in connection with
withdrawal of Preferred Stock pursuant to Section 2.06, or (ii) there shall have
been made a final distribution in respect of the deposited Preferred Stock in
connection with any liquidation, dissolution or winding up of the Company and
such distribution shall have been distributed to the holders of Receipts
entitled thereto.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Upon the termination of
this Deposit Agreement, (i) the Company shall be discharged from all obligations
under this Deposit Agreement except for its obligations to the Depositary under
Section 5.06 and Section 5.08 and (ii) the Depositary shall be discharged from
all obligations under this Deposit Agreement.</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>ARTICLE VII
<BR>MISCELLANEOUS</FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>SECTION 7.01.
</FONT><I><U><FONT face="Times New Roman" size=2>Counterparts</FONT></U></I><FONT face="Times New Roman" size=2>. This
Deposit Agreement may be executed in any number of counterparts, and by each of
the parties hereto on separate counterparts, each of which counterparts, when so
executed and delivered, shall be deemed an original, but all such counterparts
taken together shall constitute one and the same instrument. Delivery of an
executed counterpart of a signature page to this Deposit Agreement by facsimile
shall be effective as delivery of a manually executed counterpart of this
Deposit Agreement.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>SECTION 7.02.
</FONT><I><U><FONT face="Times New Roman" size=2>Exclusive Benefits of
Parties</FONT></U></I><FONT face="Times New Roman" size=2>. This Deposit
Agreement is for the exclusive benefit of the parties hereto, and their
respective successors hereunder, and shall not be deemed to give any legal or
equitable right, remedy or claim to any other person whatsoever.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>SECTION 7.03.
</FONT><I><U><FONT face="Times New Roman" size=2>Invalidity of
Provisions</FONT></U></I><FONT face="Times New Roman" size=2>. In case any one
or more of the provisions contained in this Deposit Agreement or in the Receipts
should be or become invalid, illegal or unenforceable in any respect, the
validity, legality and enforceability of the remaining provisions contained
herein or therein shall in no way be affected, prejudiced or disturbed
thereby.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>SECTION 7.04.
</FONT><I><U><FONT face="Times New Roman" size=2>Notices</FONT></U></I><FONT face="Times New Roman" size=2>. Unless otherwise expressly provided herein, all
notices, requests, demands and other communications hereunder or under the
Receipts shall be in writing, shall be delivered by hand or by First Class Mail,
postage prepaid, shall be deemed given when received and shall be addressed to
the Depositary and the Company at the respective addresses listed below or to
such other addresses as they shall designate from time to time in writing,
forwarded in like manner.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>If to the Depositary,
to:</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>[
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]
</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>If to the Company,
to:</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>Southern First Bancshares,
Inc. <BR>100 Verdae Boulevard, Suite 100 <BR>Greenville, South Carolina 29606
<BR>Attention:</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Any notices given to any
record holder of a Receipt hereunder or under the Receipts shall be in writing
and shall be deemed to have been duly given if personally delivered or sent by
First Class mail, postage prepaid, addressed to such record holder at the
address of such record holder as it appears on the books of the Depositary or,
if such holder shall have filed with the Depositary in a timely manner a written
request that notices intended for such holder he mailed to some other address,
at the address designated in such request.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>SECTION 7.05.
</FONT><I><U><FONT face="Times New Roman" size=2>Holders of Receipts Are
Parties</FONT></U></I><FONT face="Times New Roman" size=2>. The holders of
Receipts from time to time shall be deemed to be parties to this Deposit
Agreement amid shall be bound by all of the terms and conditions hereof and of
the Receipts by acceptance of delivery thereof.</FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>SECTION 7.06.
</FONT><I><U><FONT face="Times New Roman" size=2>Governing
Law</FONT></U></I><FONT face="Times New Roman" size=2>. This Deposit Agreement
and the Receipts and all rights hereunder and thereunder and provisions hereof
and thereof shall be governed by, and construed in accordance with, the internal
laws of the State of , without regard to its conflicts of law
provisions.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>SECTION 7.07.
</FONT><I><U><FONT face="Times New Roman" size=2>Inspection of Deposit Agreement
and Articles of Amendment</FONT></U></I><FONT face="Times New Roman" size=2>.
Copies of this Deposit Agreement and the Articles of Amendment shall be filed
with the Depositary and shall be open to inspection during business hours at the
Corporate Office by any holder of any Receipt.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>SECTION 7.08.
</FONT><I><U><FONT face="Times New Roman" size=2>Headings</FONT></U></I><FONT face="Times New Roman" size=2>. The headings of articles and sections in this
Deposit Agreement and in the form of the Receipt set forth in Exhibit A hereto
have been inserted for convenience only and are not to be regarded as a part of
this Deposit Agreement or to have any bearing upon the meaning or interpretation
of any provision contained herein or in the Receipts.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>IN WITNESS WHEREOF, the
Company and the Depositary have caused this Deposit Agreement to be duly
executed on their behalf as of the day and year first above set forth and all
holders of Receipts shall become parties hereto by and upon acceptance by them
of delivery of Receipts issued in accordance with the terms hereof.</FONT></P>
<DIV align=right>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" colSpan=2><FONT face="Times New Roman" size=2>SOUTHERN
      FIRST BANCSHARES, INC.</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>By:</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="99%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="99%"><FONT face="Times New Roman" size=2>Name:</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="99%"><FONT face="Times New Roman" size=2>Title:</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD width="100%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" colSpan=2><FONT face="Times New Roman" size=2>[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;],
      as Depositary</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>By:</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="99%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="99%"><FONT face="Times New Roman" size=2>Name:</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="99%"><FONT face="Times New Roman" size=2>Title:</FONT></TD></TR></TABLE></DIV><BR>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>EXHIBIT A
<BR></FONT></B><FONT face="Times New Roman" size=2>[FORM OF FACE OF RECEIPT]
<BR>DEPOSITARY SHARES <BR></FONT><FONT face="Times New Roman" size=2>DR
__________<BR></FONT><FONT face="Times New Roman" size=2>DEPOSITARY RECEIPT FOR
DEPOSITARY SHARES EACH <BR>REPRESENTING 1/_________OF ONE SHARE OF
<BR></FONT><FONT face="Times New Roman" size=2>[DESCRIPTION OF PREFERRED STOCK],
<BR>OF <BR></FONT><FONT face="Times New Roman" size=2>SOUTHERN FIRST BANCSHARES,
INC. <BR></FONT><FONT face="Times New Roman" size=2>INCORPORATED UNDER THE LAWS
OF THE STATE OF SOUTH CAROLINA <BR>CUSIP _____________<BR>SEE REVERSE FOR
CERTAIN DEFINITIONS </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
], as Depositary (the &#147;Depositary&#148;), hereby certifies that Cede &amp; Co. is the
registered owner of ___ Depositary Shares (&#147;</FONT><U><FONT face="Times New Roman" size=2>Depositary Shares</FONT></U><FONT face="Times New Roman" size=2>&#148;), each Depositary Share representing 1/___of one
share of [</FONT><B><FONT face="Times New Roman" size=2>Description of Preferred
Stock</FONT></B><FONT face="Times New Roman" size=2>], (the &#147;</FONT><U><FONT face="Times New Roman" size=2>Stock</FONT></U><FONT face="Times New Roman" size=2>&#148;), of Southern First Bancshares, Inc. a South Carolina corporation (the
&#147;</FONT><U><FONT face="Times New Roman" size=2>Corporation</FONT></U><FONT face="Times New Roman" size=2>&#148;), on deposit with the Depositary, subject to the
terms and entitled to the benefits of the Deposit Agreement dated as of ______, 20__ (the &#147;</FONT><U><FONT face="Times New Roman" size=2>Deposit
Agreement</FONT></U><FONT face="Times New Roman" size=2>&#148;), among the
Corporation, the Depositary, and the holders from time to time of the Depositary
Receipts. By accepting this Depositary Receipt, the holder hereof becomes a
party to and agrees to be bound by all the terms and conditions of the Deposit
Agreement. This Depositary Receipt shall not be valid or obligatory for any
purpose or entitled to any benefits under the Deposit Agreement unless it shall
have been executed by the Depositary by the manual signature of a duly
authorized officer or, if executed in facsimile by the Depositary, countersigned
by a Registrar in respect of the Depositary Receipts by the manual signature of
a duly authorized officer thereof.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>This Depositary Receipt is
transferable in [_______________________].</FONT></P>
<DIV align=right>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" colSpan=2><FONT face="Times New Roman" size=2>Dated: ___,
      20__</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="100%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" colSpan=2><FONT face="Times New Roman" size=2>[Wilmington
      Trust Company], Depositary</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="100%" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD width="100%" colSpan=2>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>By:&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="99%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="99%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized
    Officer</FONT></TD></TR></TABLE></DIV><BR>
<P align=center><FONT face="Times New Roman" size=2>A-1 </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><FONT face="Times New Roman" size=2>[FORM OF REVERSE OF RECEIPT]
<BR>SOUTHERN FIRST BANCSHARES, INC. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>SOUTHERN FIRST BANCSHARES,
INC. WILL FURNISH WITHOUT CHARGE TO EACH RECEIPTHOLDER WHO SO REQUESTS A COPY OF
THE DEPOSIT AGREEMENT AND A COPY OR SUMMARY OF THE ARTICLES OF AMENDMENT
ESTABLISHING THE </FONT><B><FONT face="Times New Roman" size=2>[DESCRIPTION OF
PREFERRED STOCK]</FONT></B><FONT face="Times New Roman" size=2> OF SOUTHERN
FIRST BANCSHARES, INC. ANY SUCH REQUEST IS TO BE ADDRESSED TO THE DEPOSITARY
NAMED ON THE FACE OF THIS RECEIPT. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Corporation will
furnish without charge to each stockholder who so requests the powers,
designations, preferences and relative, participating, optional or other special
rights of each class of stock or series thereof of the Corporation, and the
qualifications, limitations or restrictions of such preferences and/or rights.
Such request may be made to the Corporation.</FONT></P>
<P STYLE="text-align: center"><FONT face="Times New Roman" size=2>EXPLANATION OF
ABBREVIATIONS </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The following abbreviations
when used in the form of ownership on the face of this certificate shall be
construed as though they were written out in full according to applicable laws
or regulations. Abbreviations in addition to those appearing below may be
used.</FONT></P>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom style="line-height: 14pt">
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="24%"><B><FONT face="Times New Roman" size=2>Abbreviation</FONT></B></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="23%"><B><FONT face="Times New Roman" size=2>Equivalent
    Phrase</FONT></B></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="25%"><B><FONT face="Times New Roman" size=2>Abbreviation</FONT></B></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="25%"><B><FONT face="Times New Roman" size=2>Equivalent
    Phrase</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD STYLE="text-align: left; width: 24%; background-color: #c0c0c0; vertical-align: top"><FONT face="Times New Roman" size=2>JT
    TEN</FONT></TD>
    <TD STYLE="text-align: left; width: 1%; background-color: #c0c0c0; vertical-align: top"></TD>
    <TD STYLE="text-align: left; width: 23%; background-color: #c0c0c0; vertical-align: top"><FONT face="Times New Roman" size=2>As joint
      tenants, with right of survivorship and not as tenants in common</FONT></TD>
    <TD STYLE="text-align: left; width: 1%; background-color: #c0c0c0; vertical-align: top"></TD>
    <TD STYLE="text-align: left; width: 25%; background-color: #c0c0c0; vertical-align: top"><FONT face="Times New Roman" size=2>TEN BY
      ENT</FONT></TD>
    <TD STYLE="text-align: left; width: 1%; background-color: #c0c0c0; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 25%; background-color: #c0c0c0; vertical-align: top"><FONT face="Times New Roman" size=2>As tenants
      by the entireties</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="24%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="23%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD align=left width="25%" bgColor=#c0c0c0></TD>
    <TD align=left width="1%" bgColor=#c0c0c0></TD>
    <TD align=left width="25%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD STYLE="text-align: left; width: 24%; vertical-align: top"><FONT face="Times New Roman" size=2>TEN IN COM</FONT></TD>
    <TD STYLE="text-align: left; width: 1%; vertical-align: top"></TD>
    <TD STYLE="text-align: left; width: 23%; vertical-align: top"><FONT face="Times New Roman" size=2>As tenants in common</FONT></TD>
    <TD STYLE="text-align: left; width: 1%; vertical-align: top"></TD>
    <TD STYLE="text-align: left; width: 25%; vertical-align: top"><FONT face="Times New Roman" size=2>UNIF GIFT MIN ACT</FONT></TD>
    <TD STYLE="text-align: left; width: 1%; vertical-align: top"></TD>
    <TD STYLE="text-align: left; width: 25%; vertical-align: top"><FONT face="Times New Roman" size=2>Uniform Gifts to Minors
    Act</FONT></TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom style="line-height: 14pt">
    <TD noWrap style="text-align: center" width="11%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="18%"><STRONG><FONT size=2 face="Times New Roman">Equivalent</FONT></STRONG></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="18%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="19%"><B><FONT face="Times New Roman" size=2>Equivalent</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="14%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="16%"><STRONG><FONT size=2 face="Times New Roman">Equivalent</FONT></STRONG></TD></TR>
  <TR vAlign=bottom style="line-height: 14pt">
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="11%"><STRONG><FONT size=2 face="Times New Roman">Abbreviation</FONT></STRONG></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="18%"><STRONG><FONT size=2 face="Times New Roman">Word</FONT></STRONG></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="18%"><STRONG><FONT size=2 face="Times New Roman">Abbreviation</FONT></STRONG></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="19%"><STRONG><FONT size=2 face="Times New Roman">Word</FONT></STRONG></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="14%"><B><FONT face="Times New Roman" size=2>Abbreviation</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="16%"><STRONG><FONT size=2 face="Times New Roman">Word</FONT></STRONG></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="11%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>ADM</FONT></TD>
    <TD vAlign=top align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD vAlign=top align=left width="18%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Administrator(s), Administrator</FONT></TD>
    <TD vAlign=top align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="18%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>EX</FONT></TD>
    <TD vAlign=top align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="19%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Executor(s), Executrix</FONT></TD>
    <TD vAlign=top align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="14%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>PAR</FONT></TD>
    <TD vAlign=top align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Paragraph</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="11%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD vAlign=top align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="18%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="18%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="19%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="14%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="16%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="11%"><FONT face="Times New Roman" size=2>AGMT</FONT></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="18%"><FONT face="Times New Roman" size=2>Agreement</FONT></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="18%"><FONT face="Times New Roman" size=2>FBO</FONT></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="19%"><FONT face="Times New Roman" size=2>For the
      benefit of</FONT></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="14%"><FONT face="Times New Roman" size=2>PL</FONT></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="16%"><FONT face="Times New Roman" size=2>Public
      Law</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="11%">&nbsp;</TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="18%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="18%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="19%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="14%"></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="16%"></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="11%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>ART</FONT></TD>
    <TD vAlign=top align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="18%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Article</FONT></TD>
    <TD vAlign=top align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="18%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>FDN</FONT></TD>
    <TD vAlign=top align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="19%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Foundation</FONT></TD>
    <TD vAlign=top align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="14%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>TR</FONT></TD>
    <TD vAlign=top align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>(As) trustee(s), for, or</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="101%" bgColor=#c0c0c0 colSpan=11>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="11%"><FONT face="Times New Roman" size=2>CH</FONT></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="18%"><FONT face="Times New Roman" size=2>Chapter</FONT></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="18%"><FONT face="Times New Roman" size=2>GDN</FONT></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="19%"><FONT face="Times New Roman" size=2>Guardian(s)</FONT></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="14%"><FONT face="Times New Roman" size=2>U</FONT></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="16%"><FONT face="Times New Roman" size=2>Under</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="101%" colSpan=11>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="11%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>CUST</FONT></TD>
    <TD vAlign=top align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="18%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Custodian for</FONT></TD>
    <TD vAlign=top align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="18%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>GDNSHP</FONT></TD>
    <TD vAlign=top align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="19%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Guardianship</FONT></TD>
    <TD vAlign=top align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="14%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>UA</FONT></TD>
    <TD vAlign=top align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Under agreement</FONT></TD></TR>
  <TR>
    <TD vAlign=top width="101%" bgColor=#c0c0c0 colSpan=11>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="11%"><FONT face="Times New Roman" size=2>DEC</FONT></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="18%"><FONT face="Times New Roman" size=2>Declaration</FONT></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="18%"><FONT face="Times New Roman" size=2>MIN</FONT></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="19%"><FONT face="Times New Roman" size=2>Minor(s)</FONT></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="14%"><FONT face="Times New Roman" size=2>UW</FONT></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="16%"><FONT face="Times New Roman" size=2>Under will
      of, Of will of, Under Last will &amp;
testament</FONT></TD></TR></TABLE><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>For value received,
___hereby sell(s), assign(s) and transfer(s) unto</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>A-2 </FONT></P>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><FONT face="Times New Roman" size=2>PLEASE INSERT SOCIAL
SECURITY OR OTHER IDENTIFYING NUMBER OF <BR>ASSIGNEE PLEASE PRINT OR TYPEWRITE
NAME AND ADDRESS INCLUDING <BR></FONT><FONT face="Times New Roman" size=2>POSTAL
ZIP CODE OF ASSIGNEE</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>Depositary Shares
represented by the within Receipt, and do(es) hereby irrevocably constitute and
appoint ___Attorney to transfer the said Depositary Shares on the books of the
within named Depositary with full power of substitution in the
premises.</FONT></P>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="2%"><FONT face="Times New Roman" size=2>Dated:</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="43%">&nbsp;</TD>
    <TD noWrap align=left width="5%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="50%"></TD></TR>
    <TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR>
    <TD noWrap align=left width="50%" colSpan=3></TD>
    <TD align=left width="50%">
      <P align=justify><FONT face="Times New Roman" size=2>NOTICE: The signature
      to the assignment must correspond with the name as written upon the face
      of this Receipt in every particular, without alteration or enlargement or
      any change whatsoever.</FONT></P></TD></TR></TABLE><BR>
<P align=justify><FONT face="Times New Roman" size=2>SIGNATURE
GUARANTEED</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>NOTICE: The signature(s)
should be guaranteed by an eligible guarantor institution (banks, stockbrokers,
savings and loan associations, and credit unions with membership in an approved
signature guarantee medallion program), pursuant to Rule 17Ad-15 under the
Securities Exchange Act of 1934.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>A-3 </FONT></P>
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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>5
<FILENAME>sfb3234121-ex51.htm
<DESCRIPTION>OPINION OF NELSON MULLINS RILEY & SCARBOROUGH LLP
<TEXT>

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<BR>
<P align=right><FONT face="Times New Roman" size=2>Exhibit 5.1 </FONT></P><IMG src="sfb3234121-ex51x1x1.jpg" border=0><BR>
<P style="PADDING-LEFT: 15pt" align=justify><B><FONT face="Times New Roman" size=2>Nelson Mullins Riley &amp; Scarborough LLP <BR></FONT></B><FONT face="Times New Roman" size=1>Attorneys and Counselors at Law <BR></FONT><FONT face="Times New Roman" size=1>104 South Main Street / Ninth Floor / Greenville,
South Carolina 29601 <BR>Tel: 864.250.2300 Fax:
864.232.2925<BR>www.nelsonmullins.com </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>March 30, 2017 </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>Southern First Bancshares,
Inc.<BR>100 Verdae Boulevard, Suite 100<BR>Greenville, South Carolina 29606
</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>Re: Registration Statement on
Form S-3 filed by Southern First Bancshares, Inc. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>Ladies and
Gentlemen:</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We have acted as counsel to
Southern First Bancshares, Inc., a South Carolina corporation (the &#147;Company&#148;),
in connection with the Registration Statement on Form S-3 (the &#147;Registration
Statement&#148;) filed with the Securities and Exchange Commission (the &#147;Commission&#148;)
on February 18, 2014 pursuant to the Securities Act of 1933 (the &#147;Securities
Act&#148;). The Registration Statement, including the Prospectus (the &#147;Prospectus&#148;)
as supplemented by the various Prospectus Supplements (&#147;Prospectus
Supplements&#148;), relates to the registration of up to $50,000,000 of certain
classes of securities (the &#147;Securities&#148;) consisting of: </FONT></P>
<TABLE style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top noWrap>&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(a)</FONT></TD>
    <TD VALIGN="TOP" WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>senior debt securities
      issued by the Company (the &#147;Senior Debt Securities&#148;) consisting of
      unsecured senior debentures, notes and/or other evidences of indebtedness,
      in one or more series, to be issued from time to time under a form of
      Indenture filed as an exhibit to the Registration Statement (as
      supplemented or amended, the &#147;Senior Indenture&#148;), proposed to be entered
      between the Company and a trustee (any such trustee, the &#147;Senior Indenture
      Trustee&#148;) to be chosen by the Company and qualified to act as such under
      the Trust Indenture Act of 1939 (the &#147;TIA&#148;);</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD VALIGN="TOP" WIDTH="100%" STYLE="text-align: justify"></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(b)</FONT></TD>
    <TD VALIGN="TOP" WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>subordinated debt
      securities issued by the Company (the &#147;Subordinated Debt Securities,&#148; and
      collectively with the Senior Debt Securities, the &#147;Debt Securities&#148;)
      consisting of unsecured subordinated debentures, notes and/or other
      evidences of indebtedness, in one or more series, to be issued under a
      form of Subordinated Indenture filed as an exhibit to the Registration
      Statement (as supplemented or amended, the &#147;Subordinated Indenture&#148; and
      together with the Senior Indenture, the &#147;Indentures&#148;), proposed to be
      entered into between the Company and a trustee (any such trustee, the
      &#147;Subordinated Indenture Trustee&#148;) chosen by the Company and qualified to
      act as such under the TIA;</FONT></TD></TR>
    <TR>
    <TD NOWRAP STYLE="vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(c)</FONT></TD>
    <TD VALIGN="TOP" WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>shares of common stock
      of the Company, $0.01 par value per share (the &#147;Common
  Stock&#148;);</FONT></TD></TR></TABLE><BR>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<TABLE style="FONT-SIZE: 10pt; LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(d)</FONT></TD>
    <TD VALIGN="TOP" WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>shares of
      preferred stock of the Company, $0.01 par value per share (the &#147;Preferred
      Stock&#148;), to be issued in one or more series, and fractional shares of
      Preferred Stock (the &#147;Depositary Shares&#148;), which may be evidenced by
      depositary receipts (&#147;Depositary Receipts&#148;) to be issued under a form of
      Deposit Agreement filed as an exhibit to the Registration
    Statement;</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD VALIGN="TOP" WIDTH="100%" STYLE="text-align: justify"></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(e)</FONT></TD>
    <TD VALIGN="TOP" WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>purchase
      contracts to be issued in a form that will be filed as an exhibit to a
      post-effective amendment to the Registration Statement or incorporated by
      reference therein (&#147;Purchase Contracts&#148;) obligating holders to purchase
      from the Company and the Company to sell to holders a fixed or varying
      number of shares of Common Stock, Preferred Stock, Depositary Shares or
      Debt Securities that may be fixed at the time of issuance or may be
      determined by reference to a specific formula set forth in the Purchase
      Contracts;</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD VALIGN="TOP" WIDTH="100%" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(f)</FONT></TD>
    <TD VALIGN="TOP" WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>two or
      more Securities described in the Prospectus offered as units (&#147;Units&#148;) to
      be issued under a unit agreement (the &#147;Unit Agreement&#148;) in a form that
      will be filed as an exhibit to a post-effective amendment to the
      Registration Statement or incorporated by reference therein;</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD VALIGN="TOP" WIDTH="100%" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(g)</FONT></TD>
    <TD VALIGN="TOP" WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>warrants
      to purchase Senior Debt Securities, Subordinated Debt Securities, Common
      Stock, Preferred Stock or Depositary Shares, or any combination of these
      Securities registered under the Registration Statement (the &#147;Warrants&#148;),
      to be issued under a warrant agreement (the &#147;Warrant Agreement&#148;) in a form
      that will be filed as an exhibit to a post-effective amendment to the
      Registration Statement or incorporated by reference therein;
  and</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD VALIGN="TOP" WIDTH="100%" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(h)</FONT></TD>
    <TD VALIGN="TOP" WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>rights
      offered to shareholders of the Company to purchase additional shares of
      Common Stock or Preferred Stock (the &#147;Rights&#148;), to be issued under a
      rights agreement (the &#147;Rights Agreement&#148;) in a form that will be filed as
      an exhibit to a post-effective amendment to the Registration Statement or
      incorporated by reference therein.</FONT></TD></TR></TABLE>
<P style="TEXT-INDENT: 15pt" align=justify><FONT face="Times New Roman" size=2>For
purposes of giving the opinions hereinafter set forth, we have examined such
documents, records and matters of law as we have deemed necessary for the
purposes of such opinions. We have examined, among other documents, originals or
copies of the following: </FONT></P>
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  <TR>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(a)</FONT></TD>
    <TD VALIGN="TOP" WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>The
      Articles of Incorporation of the Company filed with the South Carolina
      Secretary of State on March 29, 1999, the Amended and Restated Articles of
      Incorporation filed with the South Carolina Secretary of State on July 16,
      1999 and the Articles of Amendment to the Amended and Restated Articles of
      Incorporation filed with the South Carolina Secretary of State on December
      27, 2007 and February 24, 2009 (collectively, the &#147;Articles of
      Incorporation&#148;);</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD VALIGN="TOP" WIDTH="100%" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(b)</FONT></TD>
    <TD VALIGN="TOP" WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>The
      Amended and Restated Bylaws of the Company (&#147;Bylaws&#148;) filed as Exhibit 3.4
      to the Company&#146;s Form 10-K filed with the Commission on March 24,
      2008;</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD VALIGN="TOP" WIDTH="100%" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(c)</FONT></TD>
    <TD VALIGN="TOP" WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>The
      Registration Statement, including the Prospectus;</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD VALIGN="TOP" WIDTH="100%" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(d)</FONT></TD>
    <TD VALIGN="TOP" WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>The form
      of Senior Indenture filed with the Registration Statement;</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD VALIGN="TOP" WIDTH="100%" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(e)</FONT></TD>
    <TD VALIGN="TOP" WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>The form
      of Subordinated Indenture filed with the Registration Statement;
    and</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD VALIGN="TOP" WIDTH="100%" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(f)</FONT></TD>
    <TD VALIGN="TOP" WIDTH="100%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>The form
      of Deposit Agreement filed with the Registration
  Statement.</FONT></TD></TR></TABLE><BR>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P style="TEXT-INDENT: 15pt" align=justify><FONT face="Times New Roman" size=2>In
our examination, we have assumed the legal capacity of all natural persons, the
authenticity of all documents submitted to us as originals, the conformity to
original documents of all documents submitted to us as certified or photostatic
copies, and the authenticity of the originals of such copies. We have also
assumed the genuineness of the signatures of persons signing all documents in
connection with which this opinion is rendered, the authority of such persons
signing on behalf of the parties thereto other than the Company, and the due
authorization, execution and delivery of all documents by parties thereto other
than the Company. As to any facts material to the opinions expressed herein, we
have not undertaken to independently establish or verify any such factual
information, but rather we have relied upon statements and representations of
officers and other representatives of the Company and others. We have also
assumed that (1) any applicable indenture and trustee will have been qualified
under the TIA, (2) appropriate corporate actions will be taken by the Company to
authorize the forms, terms, execution and delivery of any supplemental
indentures, the terms of any series of Debt Securities, and any other agreements
or instruments pursuant to which any Securities will be issued and any
certificates that will evidence any Securities, (3) any required consents,
approvals, authorizations and other orders of the Commission and any other
regulatory authorities or third parties will be obtained in connection with the
issuance of any Securities, and (4) the Registration Statement shall have become
effective pursuant to the provisions of the Securities Act. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=justify><FONT face="Times New Roman" size=2>Based on the foregoing and subject to such legal considerations as we
have deemed relevant, we are of the opinion that: </FONT></P>
<P style="TEXT-INDENT: 15pt" align=justify><FONT face="Times New Roman" size=2>(1)
When, as and if (i) the terms of the Debt Securities and of their issuance and
sale have been duly authorized by the Company, as applicable, and duly
established in conformity with the applicable Indenture, and (ii) the Debt
Securities have been duly executed, authenticated and delivered in accordance
with the applicable Indenture against payment of the purchase price therefor (in
an amount not less than the par value per share of any Common Stock into which
such Debt Securities may be converted), and issued and sold as contemplated in
the Registration Statement, the Prospectus and the related Prospectus
Supplement, the Debt Securities will constitute valid and binding obligations of
the Company, as applicable. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=justify><FONT face="Times New Roman" size=2>(2)
When, as and if (i) the terms of the issuance and sale of the Common Stock have
been duly authorized by the Company, and (ii) the Common Stock has been duly
issued and sold against payment of the purchase price therefor in an amount not
less than the par value per share of Common Stock and issued and sold as
contemplated in the Registration Statement, the Prospectus and the related
Prospectus Supplement, and certificates representing such shares of Common Stock
have been duly executed by the duly authorized officers of the Company in
accordance with applicable law and, if appropriate, by the Company&#146;s transfer
agent, the Common Stock will be validly issued, fully paid, and non-assessable.
</FONT></P>
<P style="TEXT-INDENT: 15pt" align=justify><FONT face="Times New Roman" size=2>(3)
When, as and if (i) the terms of the Preferred Stock of a particular series and
of its issuance and sale have been duly authorized by the Company and duly
established in conformity with the Company&#146;s Articles of Incorporation and
Bylaws and applicable law, (ii) articles of amendment to the Articles of
Incorporation with respect to the Preferred Stock of such series have been duly
filed with the South Carolina Secretary of State, and (iii) the Preferred Stock
of such series has been duly issued and sold against payment of the purchase
price therefor in an amount not less than the par value per share of Preferred
Stock and as contemplated in the Registration Statement, the Prospectus and the
related Prospectus Supplement, and certificates representing such shares of
Preferred Stock have been duly executed by the duly authorized officers of the
Company in accordance with applicable law and, if appropriate, by the Company&#146;s
transfer agent, the Preferred Stock of such series will be validly issued, fully
paid, and non-assessable. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=justify><FONT face="Times New Roman" size=2>(4)
When, as and if (i) the deposit agreement relating to the Depositary Shares has
been duly authorized, executed and delivered by the parties thereto, (ii) the
terms of the Preferred Stock of a particular series and of its issuance and
sale, and the issuance and sale of the Depositary Shares of such series, have
been duly authorized by the Company and duly established in conformity with the
Articles of Incorporation, Bylaws, applicable law, and the related deposit
agreement, (iii) the articles of amendment to the Articles of Incorporation with
respect to the Preferred Stock of such series have been duly filed with the
South Carolina Secretary of State, (iv) the Preferred Stock of such series has
been duly issued and sold against payment of the purchase price therefor in an
amount not less than the par value per share of Preferred Stock and certificates
representing such shares of Preferred Stock have been duly executed by the duly
authorized officers of the Company in accordance with applicable law and
delivered to the depositary, and (v) the Depositary Receipts evidencing the
Depositary Shares have been executed and countersigned in accordance with the
related deposit agreement and issued against deposit of the Preferred Stock and
against payment therefor as contemplated in the Registration Statement, the
Prospectus, the related Prospectus Supplement, and the related deposit
agreement, the Depositary Receipts evidencing the Depositary Shares of such
series of Preferred Stock will be validly issued and will entitle the holders
thereof to the rights specified in the Depositary Shares and the related deposit
agreement. </FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P style="TEXT-INDENT: 15pt" align=justify><FONT face="Times New Roman" size=2>(5)
When, as and if (i) the terms of the Purchase Contracts and of their issuance
and sale have been duly authorized by the Company and duly established in
conformity with Company&#146;s Articles of Incorporation and Bylaws and applicable
law, (ii) the Purchase Contracts have been duly authorized, executed and
delivered by the parties thereto, and (iii) such Purchase Contracts have been
duly executed and delivered (including by being countersigned by the applicable
Purchase Contract Agent in accordance with the applicable Purchase Contract
Agreement, if required by the applicable Purchase Contract Agreement) and issued
and sold against payment of the purchase price therefor and issued and sold as
contemplated in the Registration Statement, the Prospectus and the related
Prospectus Supplement, such Purchase Contracts will constitute valid and binding
obligations of the Company. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=justify><FONT face="Times New Roman" size=2>(6)
When, as and if (i) the terms of the Units and of their issuance and sale have
been duly authorized by the Company and duly established in conformity with
Company&#146;s Articles of Incorporation and Bylaws and applicable law, (ii) the
applicable Units have been duly authorized, executed and delivered by the
parties thereto, and (iii) such Units have been duly executed and delivered
(including by being countersigned by the applicable Unit Agent in accordance
with the applicable Unit Agreement, if required by the applicable Unit
Agreement) and issued and sold against payment of the purchase price therefor
and issued and sold as contemplated in the Registration Statement, the
Prospectus and the related Prospectus Supplement, such Units will constitute
valid and binding obligations of the Company. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=justify><FONT face="Times New Roman" size=2>(7)
When, as and if (i) the terms of the Warrants and of their issuance and sale
have been duly authorized by the Company and duly established in conformity with
Company&#146;s Articles of Incorporation and Bylaws and applicable law, (ii) the
applicable warrant agreement has been duly authorized, executed and delivered by
the parties thereto, and (iii) such Warrants have been duly executed and
delivered in accordance with the applicable Warrant Agreement (including by
being countersigned by the applicable Warrant Agent in accordance with the
applicable Warrant Agreement, if required by the applicable Warrant Agreement)
and issued and sold against payment of the purchase price therefor and issued
and sold as contemplated in the Registration Statement, the Prospectus and the
related Prospectus Supplement, such Warrants will constitute valid and binding
obligations of the Company. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=justify><FONT face="Times New Roman" size=2>(8)
When, as and if (i) the terms of the Rights and of their issuance have been duly
authorized by the Company and duly established in conformity with Company&#146;s
Articles of Incorporation and Bylaws and applicable law, (ii) the agreements,
instruments or certificates creating, affecting or evidencing the Rights have
been duly authorized, executed and delivered by the parties thereto, and (iii)
such Rights have been issued as contemplated in the Registration Statement, the
Prospectus and the related Prospectus Supplement, such Rights will constitute
valid and binding obligations of the Company.&nbsp;</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P style="TEXT-INDENT: 15pt" align=justify><FONT face="Times New Roman" size=2>The
opinions expressed above are subject to the qualifications that we express no
opinion as to the applicability of, compliance with, or effect of (i) any
bankruptcy, insolvency, reorganization, fraudulent transfer, fraudulent
conveyance, moratorium or other similar law or judicially developed doctrine in
this area (such as substantive consolidation or equitable subordination)
affecting the enforcement of creditors&#146; rights generally, (ii) general
principles of equity (regardless of whether enforcement is considered in a
proceeding in equity or at law), (iii) public policy considerations which may
limit the rights of parties to obtain certain remedies and (iv) any laws except
the South Carolina Business Corporation Act (including the statutory provisions,
all applicable provisions of the South Carolina Constitution and reported
judicial decisions interpreting those laws) and, to the extent set forth as the
governing law in an agreement filed as an exhibit to the Registration Statement
under which Securities are to be issued as described in this opinion, the laws
of the State of New York, in each case, that, in our experience, are normally
applicable to transactions of the type contemplated by the Registration
Statement. We advise you that issues addressed by this letter may be governed in
whole or in part by other laws, but we express no opinion as to whether any
relevant difference exists between the laws upon which our opinions are based
and any other laws which may actually govern. The Securities may be issued from
time to time on a delayed or continuous basis, but this opinion is limited to
the laws, including the rules and regulations thereunder, as in effect on the
date hereof, which laws are subject to change with possible retroactive effect.
We disclaim any obligations to advise you of any change in any of these sources
of law or subsequent legal or factual developments which might affect any
matters or opinions set forth herein. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=justify><FONT face="Times New Roman" size=2>For
purposes of each of our opinions, appropriate corporate action with respect to
any issuance of Securities involving Common Stock or Preferred Stock (including
any Purchase Contracts, Units, Rights, Warrants or convertible Debt Securities
involving Common Stock or Preferred Stock) would include, without limitation,
the requirement that the Company not approve any issuance of Common Stock or
Preferred Stock in excess of the number of shares of Common Stock or Preferred
Stock, as the case may be, authorized and properly available for such issuance.
</FONT></P>
<P style="TEXT-INDENT: 15pt" align=justify><FONT face="Times New Roman" size=2>We
hereby consent to the filing of this opinion as Exhibit 5.1 to the Registration
Statement and to the reference to us as counsel for the Company under the
caption &#147;Experts&#148; in the prospectus comprising a part of such Registration
Statement. In giving such consent, we do not thereby admit that we are included
in the category of persons whose consent is required under Section 7 of the
Securities Act or the rules and regulations of the Commission promulgated
thereunder. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=justify><FONT face="Times New Roman" size=2>We
do not find it necessary for the purposes of this opinion, and accordingly we do
not purport to cover herein, the application of the securities or &#147;Blue Sky&#148;
laws of the various states to the issuance of the Securities. </FONT></P>
<P style="TEXT-INDENT: 15pt" align=justify><FONT face="Times New Roman" size=2>This
opinion is limited to the specific issues addressed herein, and no opinion may
be inferred or implied beyond that expressly stated herein. We assume no
obligation to revise or supplement this opinion for events occurring or coming
to our attention after the date hereof. </FONT></P>
<DIV align=right>
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  <TR>
    <TD width="100%">
      <P align=justify><FONT face="Times New Roman" size=2>Very truly yours,
      </FONT></P>
      <P align=justify><FONT face="Times New Roman" size=2>/s/ Nelson Mullins Riley
      &amp; Scarborough LLP </FONT></P>
      <P align=justify><FONT face="Times New Roman" size=2>Nelson Mullins Riley
      &amp; Scarborough LLP </FONT></P></TD></TR></TABLE></DIV><BR>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12.1
<SEQUENCE>6
<FILENAME>sfb3234121-ex121.htm
<DESCRIPTION>COMPUTATION OF CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
<TEXT>

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<BODY bgcolor=#ffffff>
<BR>
<P align=right><B><FONT face="Times New Roman" size=2>Exhibit
12.1</FONT></B></P>
<P align=left><B><FONT face="Times New Roman" size=2>Computation of Ratio of
Earnings to Fixed Charges </FONT></B></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=left width="79%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1.5pt solid" noWrap align=right width="20%" colSpan=10>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="20%" colSpan=10><B><FONT face="Times New Roman" size=2>For the years ended
      December 31,</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="79%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><B><FONT face="Times New Roman" size=2>2016</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><B><FONT face="Times New Roman" size=2>2015</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><B><FONT face="Times New Roman" size=2>2014</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><B><FONT face="Times New Roman" size=2>2013</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><B><FONT face="Times New Roman" size=2>2012</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>Including Interest on
      Deposits:</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"><FONT face="Times New Roman" size=2>Earnings:</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income before
      income taxes</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>20,369</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>15,536</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>9,738</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>7,536</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>5,695</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="79%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed
    charges</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>8,192</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>7,501</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>6,908</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>7,097</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>8,702</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="79%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
      earnings</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>28,561</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>23,037</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>16,646</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>14,633</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>14,397</FONT></TD></TR>
  <TR>
    <TD width="99%" bgColor=#c0c0c0 colSpan=11>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"><FONT face="Times New Roman" size=2>Fixed charges:</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest on
      deposits</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>3,941</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>3,585</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2,820</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2,862</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>4,177</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="79%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest on
      borrowings</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>4,251</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>3,916</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>4,088</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>4,235</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>4,525</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
      fixed charges</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>8,192</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>7,501</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>6,908</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>7,097</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>8,702</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="79%"><FONT face="Times New Roman" size=2>Preferred dividend
      requirements</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>-</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>-</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>-</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>-</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>-</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="79%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
      fixed charges and preferred dividends</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>8,192</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>7,501</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>6,908</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>7,097</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>8,702</FONT></TD></TR>
  <TR>
    <TD width="99%" bgColor=#c0c0c0 colSpan=11>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"><FONT face="Times New Roman" size=2>Ratio of earnings to fixed charges, including interest on
      deposits</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>3.49
      x</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>3.07
      x</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>2.41
      x</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>2.06
      x</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>1.65
      x</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Ratio of earnings to fixed charges and preferred
      dividends,</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>including interest on deposits</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>3.49
      x</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>3.07
      x</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2.41
      x</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2.06
      x</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>1.65
      x</FONT></TD></TR>
  <TR>
    <TD width="99%" bgColor=#c0c0c0 colSpan=11>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"><B><FONT face="Times New Roman" size=2>Excluding Interest on Deposits:</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Earnings:</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income before
      income taxes</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>20,369</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>15,536</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>9,738</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>7,536</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>5,695</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="79%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed
    charges</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>4,251</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>3,916</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>4,088</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>4,235</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>4,525</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="79%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
      earnings</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>24,620</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>19,452</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>13,826</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>11,771</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>10,220</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=11>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Fixed charges:</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="79%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest on
      borrowings</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>4,251</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>3,916</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>4,088</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>4,235</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>4,525</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
      fixed charges</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>4,251</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>3,916</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>4,088</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>4,235</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>4,525</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="79%"><FONT face="Times New Roman" size=2>Preferred dividend
      requirements</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>-</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>-</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>-</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>-</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face="Times New Roman" size=2>-</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="79%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
      fixed charges and preferred dividends</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>4,251</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>3,916</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>4,088</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>4,235</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>4,525</FONT></TD></TR>
  <TR>
    <TD width="99%" bgColor=#c0c0c0 colSpan=11>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%"><FONT face="Times New Roman" size=2>Ratio of earnings to fixed charges, excluding interest on
      deposits</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>5.79
      x</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>4.97
      x</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>3.38
      x</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>2.78
      x</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>2.26
      x</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="79%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Ratio of earnings to fixed charges and preferred
      dividends,</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="79%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>excluding interest on
      deposits</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>5.79 x</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>4.97 x</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>3.38 x</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2.78 x</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2.26
x</FONT></TD></TR></TABLE><BR>
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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>7
<FILENAME>sfb3234121-ex231.htm
<DESCRIPTION>CONSENT OF ELLIOTT DAVIS DECOSIMO, LLC
<TEXT>

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<HEAD>
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<BR>
<P align=right><B><FONT face="Times New Roman" size=2>Exhibit 23.1
</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2>CONSENT OF INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM </FONT></B></P>
<P align=left><FONT face="Times New Roman" size=2>We consent to the
incorporation by reference in the Registration Statement on Form S-3 of Southern
First Bancshares, Inc. of our report dated March 3, 2017 appearing in the annual
report on Form 10-K of Southern First Bancshares, Inc. for the year ended
December 31, 2016 and to the reference to us under the heading &#147;Experts&#148; in the
Prospectus, which is part of the Registration Statement. </FONT></P>
<P align=left><FONT face="Times New Roman" size=2>/s/ Elliott Davis Decosimo, LLC
</FONT></P>
<P align=left><FONT face="Times New Roman" size=2><BR>Greenville, South
Carolina<BR>March 30, 2017 </FONT></P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
