<PAGE>

                                                                   Exhibit 4.8.1

                        COUNTRYWIDE FINANCIAL CORPORATION
                                     Issuer

                          COUNTRYWIDE HOME LOANS, INC.
                                    Guarantor

                                       TO

                              THE BANK OF NEW YORK

                                     Trustee

                                    INDENTURE

                          Dated as of April [__], 2004

                                 Debt Securities

<PAGE>

                        COUNTRYWIDE FINANCIAL CORPORATION

           RECONCILIATION AND TIE BETWEEN TRUST INDENTURE ACT OF 1939
                   AND INDENTURE, DATED AS OF APRIL [__], 2004

<TABLE>
<CAPTION>
ACT SECTION                                                                             INDENTURE SECTION
<C>                                                                                     <C>
310(a)(1).............................................................................           708
     (a)(2)...........................................................................           708
310(a)(3).............................................................................          N.A.
     (a)(4)...........................................................................          N.A.
310(b)................................................................................           709
310(c)................................................................................          N.A.
311(a) and (b)........................................................................           705
311(c)................................................................................          N.A.
312(a)................................................................................   801, 802(a)
312(b) and (c)........................................................................           802
313(a)................................................................................           803
313(b)................................................................................           803
313(c)................................................................................           803
313(d)................................................................................           803
314(a)................................................................................           804
314(b)................................................................................          N.A.
314(c)(1) and (2).....................................................................           102
314(c)(3).............................................................................          N.A.
314(d)................................................................................          N.A.
314(e)................................................................................           102
314(f)................................................................................          N.A.
315(a), (c) and (d)...................................................................           701
315(b)................................................................................           604
315(e)................................................................................           614
316(a)(1).............................................................................           612
316(a)(2).............................................................................       Omitted
316(a) last sentence..................................................................           101
316(b)................................................................................           612
317(a)................................................................................           602
317(b)................................................................................          1103
318(a)................................................................................           107
</TABLE>

-------------------------
THIS RECONCILIATION AND TIE SHALL NOT, FOR ANY PURPOSE, BE DEEMED TO BE PART OF
THE INDENTURE.

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                         PAGE
<S>                                                                                      <C>
                                   ARTICLE ONE
             DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

SECTION 101.     Definitions...........................................................    2
SECTION 102.     Compliance Certificates and Opinions..................................    9
SECTION 103.     Form of Documents Delivered to Trustee................................    9
SECTION 104.     Acts of Holders.......................................................   10
SECTION 105.     Notices, etc., to Trustee, Company and Guarantor......................   11
SECTION 106.     Notice to Holders; Waiver.............................................   11
SECTION 107.     Conflict with Trust Indenture Act.....................................   12
SECTION 108.     Effect of Headings and Table of Contents..............................   12
SECTION 109.     Successors and Assigns................................................   12
SECTION 110.     Separability Clause...................................................   12
SECTION 111.     Benefits of Indenture.................................................   12
SECTION 112.     Governing Law.........................................................   12
SECTION 113.     Legal Holidays........................................................   12
SECTION 114.     Moneys of Different Currencies to be Segregated.......................   13
SECTION 115.     Payment to Be in Proper Currency......................................   13

                                   ARTICLE TWO
                     FORMS OF DEBT SECURITIES AND GUARANTEES

SECTION 201.     Forms Generally.......................................................   14
SECTION 202.     Forms of Debt Securities and Guarantees...............................   14
SECTION 203.     Form of Trustee's Certificate of Authentication.......................   14
SECTION 204.     CUSIP Numbers.........................................................   15

                                  ARTICLE THREE
                               THE DEBT SECURITIES

SECTION 301.     Amount Unlimited; Issuable in Series..................................   16
SECTION 302.     Denominations.........................................................   18
SECTION 303.     Execution, Authentication, Delivery and Dating........................   18
SECTION 304.     Temporary Debt Securities.............................................   20
SECTION 305.     Registration, Registration of Transfer and Exchange...................   21
SECTION 306.     Mutilated, Destroyed, Lost and Stolen Debt Securities.................   23
SECTION 307.     Payment of Interest; Interest Rights Preserved........................   23
SECTION 308.     Persons Deemed Owners.................................................   26
SECTION 309.     Cancellation..........................................................   26
SECTION 310.     Computation of Interest...............................................   26
SECTION 311.     Payment in Currencies.................................................   27

                                  ARTICLE FOUR
                          GUARANTEES OF DEBT SECURITIES

SECTION 401.     Unconditional Guarantee...............................................   31
SECTION 402.     Execution, Authentication and Delivery................................   31
</TABLE>

                                       -i-

<PAGE>

                                TABLE OF CONTENTS
                                   (CONTINUED)

<TABLE>
<CAPTION>
                                                                                         PAGE
<S>                                                                                      <C>

                                  ARTICLE FIVE
                           SATISFACTION AND DISCHARGE

SECTION 501.     Satisfaction and Discharge of Indenture...............................   33
SECTION 502.     Application of Trust Money............................................   34

                                   ARTICLE SIX
                                    REMEDIES

SECTION 601.     Events of Default.....................................................   35
SECTION 602.     Acceleration of Maturity; Rescission and Annulment....................   36
SECTION 603.     Collection of Indebtedness and Suits for Enforcement by Trustee.......   37
SECTION 604.     Trustee May File Proofs of Claim......................................   38
SECTION 605.     Trustee May Enforce Claims without Possession of Debt Securities......   38
SECTION 606.     Application of Money Collected........................................   39
SECTION 607.     Limitation on Suits...................................................   39
SECTION 608.     Unconditional Right of Holders to Receive Principal, Premium
                 (if any) and Interest.................................................   40
SECTION 609.     Restoration of Rights and Remedies....................................   40
SECTION 610.     Rights and Remedies Cumulative........................................   40
SECTION 611.     Delay or Omission Not Waiver..........................................   40
SECTION 612.     Control by Holders....................................................   41
SECTION 613.     Waiver of Past Defaults...............................................   41
SECTION 614.     Undertaking for Costs.................................................   41
SECTION 615.     Waiver of Stay or Extension Laws......................................   42

                                  ARTICLE SEVEN
                                   THE TRUSTEE

SECTION 701.     Certain Duties and Responsibilities...................................   43
SECTION 702.     Notice of Defaults....................................................   44
SECTION 703.     Certain Rights of Trustee.............................................   44
SECTION 704.     Not Responsible for Recitals or Issuance of Debt Securities...........   45
SECTION 705.     May Hold Debt Securities..............................................   46
SECTION 706.     Money Held in Trust...................................................   46
SECTION 707.     Compensation and Reimbursement........................................   46
SECTION 708.     Corporate Trustee Required; Eligibility...............................   47
SECTION 709.     Resignation and Removal; Appointment of Successor.....................   47
SECTION 710.     Acceptance of Appointment by Successor................................   49
SECTION 711.     Merger, Conversion, Consolidation or Succession to Business...........   50

                                  ARTICLE EIGHT
          HOLDERS' LISTS AND REPORTS BY TRUSTEE, COMPANY AND GUARANTOR

SECTION 801.     Company and Guarantor to Furnish Trustee Names and Addresses
                 of Holders............................................................   51
SECTION 802.     Preservation of Information; Communications to Holders................   51
SECTION 803.     Reports by Trustee....................................................   51
</TABLE>

                                      -ii-

<PAGE>

                                TABLE OF CONTENTS
                                   (CONTINUED)

<TABLE>
<CAPTION>
                                                                                         PAGE
<S>                                                                                      <C>
SECTION 804.     Reports by Company and Guarantor......................................   52

                                  ARTICLE NINE
                  CONSOLIDATION, MERGER, CONVEYANCE OR TRANSFER

SECTION 901.     Company May Consolidate, etc., Only on Certain Terms..................   53
SECTION 902.     Successor Corporation Substituted.....................................   53
SECTION 903.     Guarantor May Consolidate, etc., Only on Certain Terms................   53
SECTION 904.     Successor Corporation Substituted.....................................   54
SECTION 905.     Assumption by Guarantor...............................................   54

                                   ARTICLE TEN
                             SUPPLEMENTAL INDENTURES

SECTION 1001.    Supplemental Indentures without Consent of Holders....................   55
SECTION 1002.    Supplemental Indentures with Consent of Holders.......................   56
SECTION 1003.    Execution of Supplemental Indentures..................................   57
SECTION 1004.    Effect of Supplemental Indentures.....................................   57
SECTION 1005.    Notice to Holders.....................................................   57
SECTION 1006.    Conformity with Trust Indenture Act...................................   58
SECTION 1007.    Reference in Debt Securities to Supplemental Indentures...............   58

                                 ARTICLE ELEVEN
                                    COVENANTS

SECTION 1101.    Payment of Principal, Premium and Interest............................   59
SECTION 1102.    Maintenance of Office or Agency.......................................   59
SECTION 1103.    Money for Debt Securities Payments to Be Held in Trust................   59
SECTION 1104.    Investment Company Act................................................   61
SECTION 1105.    Officers' Certificate as to Default...................................   61

                                 ARTICLE TWELVE
                          REDEMPTION OF DEBT SECURITIES

SECTION 1201.    Applicability of Article..............................................   62
SECTION 1202.    Election to Redeem, Notice to Trustee.................................   62
SECTION 1203.    Selection by Trustee of Debt Securities to Be Redeemed................   62
SECTION 1204.    Notice of Redemption..................................................   62
SECTION 1205.    Deposit of Redemption Price...........................................   63
SECTION 1206.    Debt Securities Payable on Redemption Date............................   63
SECTION 1207.    Debt Securities Redeemed in Part......................................   64

                                ARTICLE THIRTEEN
                                  SINKING FUNDS

SECTION 1301.    Applicability of Article..............................................   65
SECTION 1302.    Satisfaction of Sinking Fund Payments with Debt Securities............   65
SECTION 1303.    Redemption of Debt Securities for Sinking Fund........................   65
</TABLE>

                                     -iii-

<PAGE>

                                TABLE OF CONTENTS
                                   (CONTINUED)

<TABLE>
<CAPTION>
                                                                                         PAGE
<S>                                                                                      <C>
                                ARTICLE FOURTEEN
                                   DEFEASANCE

SECTION 1401.    Applicability of Article..............................................   67
SECTION 1402.    Defeasance Upon Deposit of Moneys or U.S. Government Obligations......   67
SECTION 1403.    Deposited Moneys and U.S. Government Obligations To Be Held
                 in Trust..............................................................   69
SECTION 1404.    Repayment to Company..................................................   69

                                 ARTICLE FIFTEEN
                       REPAYMENT AT THE OPTION OF HOLDERS

SECTION 1501.    Applicability of Article..............................................   70
SECTION 1502.    Repayment of Debt Securities..........................................   70
SECTION 1503.    Exercise of Option....................................................   70
SECTION 1504.    When Debt Securities Surrendered for Repayment Become Due and
                 Payable...............................................................   71
SECTION 1505.    Debt Securities Repaid in Part........................................   71
</TABLE>

                                      -iv-

<PAGE>

         INDENTURE dated as of April [__], 2004, among COUNTRYWIDE FINANCIAL
CORPORATION, a Delaware corporation (hereinafter called the "Company"),
COUNTRYWIDE HOME LOANS, INC., a New York corporation (hereinafter called the
"Guarantor"), each having its principal office at 4500 Park Granada, Calabasas,
CA 91302 and THE BANK OF NEW YORK, a New York corporation (hereinafter called
the "Trustee"), having its Corporate Trust Office at 101 Barclay Street, New
York, New York 10286.

                             RECITALS OF THE COMPANY

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

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

                            RECITALS OF THE GUARANTOR

         The Guarantor has duly authorized the execution and delivery of this
Indenture to provide for the issuance of the Guarantees provided herein and the
endorsement of such Guarantees on the Debt Securities. All things necessary to
make this Indenture a valid agreement of the Guarantor, in accordance with its
terms, have been done.

         This Indenture is subject to the provisions of the Trust Indenture Act
of 1939, as amended, and the rules and regulations of the Securities and
Exchange Commission promulgated thereunder that are required to be part of this
Indenture and, to the extent applicable, shall be governed by such provisions.

                   NOW, THEREFORE, THIS INDENTURE WITNESSETH:

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

<PAGE>

                                  ARTICLE ONE

             DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

                  SECTION  101. Definitions.

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

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

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

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

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

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

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

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

                  "Board of Directors" means either the board of directors of
the Company or the Guarantor, as the case may be, or the executive or any other
committee of that board duly authorized to act in respect hereof.

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

                  "Business Day", when with respect to any Place of Payment,
unless otherwise specified in a Board Resolution, and an Officers' Certificate,
or in a supplemental indenture,

                                       2
<PAGE>

means each Monday, Tuesday, Wednesday, Thursday and Friday that is not a day on
which banking institutions in an applicable Place of Payment or the city in
which the Trustee's Corporate Trust Office is located or in New York, New York
or Los Angeles, California are authorized or obligated by law, executive order
or regulation to remain closed.

                  For purposes of Section 311(b)(4) of the Trust Indenture Act,
the term "cash transaction" means any transaction in which full payment for
goods or securities sold is made within seven days after delivery of the goods
or securities in currency or in checks or other orders drawn upon the banks or
bankers and payable upon demand.

                  "Commission" 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 instrument such commission
is not existing and performing the duties now assigned to it under the Trust
Indenture Act, then the body performing such duties on such date.

                  "Company" means the Person named as the "Company" 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
"Company" shall mean such successor corporation.

                  "Company Request", "Company Order", "Guarantor Request" and
"Guarantor Order" mean, respectively, a written request or order signed in the
name of the Company or the Guarantor, as the case may be, by the Chairman of the
Board, the President or a Vice President, and by the Treasurer, an Assistant
Treasurer, the Controller, an Assistant Controller, the Secretary or an
Assistant Secretary of the Company or the Guarantor, as the case may be, and
delivered to the Trustee.

                  "Components", with respect to a composite currency, means the
currency amounts that are components of such composite currency on the
Conversion Date with respect to such composite currency. If the official unit of
any component currency is altered by way of combination or subdivision, the
amount of such currency in the Component shall be proportionately divided or
multiplied. If two or more component currencies are consolidated into a single
currency, the amounts of those currencies as Components shall be replaced by an
amount in such single currency equal to the sum of the amounts of such
consolidated component currencies expressed in such single currency, and such
amount shall thereafter be a Component. If after such Conversion Date any
component currency shall be divided into two or more currencies, the amount of
such currency as a Component shall be replaced by amounts of such two or more
currencies, each of which shall be equal to the amount of such former component
currency divided by the number of currencies into which such component currency
was divided, and such amounts shall thereafter be Components.

                  "Conversion Date", with respect to a composite currency, has
the meaning specified in Section 311.

                  "Corporate Trust Office" means the corporate trust office of
the Trustee at which at any particular time its corporate trust business shall
be principally administered, which office at the date of execution of this
instrument is located at 101 Barclay Street, New York, New York 10286.

                                       3
<PAGE>

                  The term "corporation" includes corporations, associations,
companies and business trusts.

                  "Current Stated Principal Maturity" has the meaning specified
in Section 312.

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

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

                  "Discharged" has the meaning specified in Section 1402.

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

                  "Event of Default" has the meaning specified in Section 601.

                  "Exchange Rate" means, unless otherwise specified in
accordance with Section 301, (a) with respect to Dollars in which payment is to
be made on a series of Debt Securities denominated in a composite currency, the
exchange rate between Dollars and such composite currency reported by the agency
or organization, if any, designated pursuant to Section 301(11) on the
applicable Regular or Special Record Date with respect to an Interest Payment
Date or the fifteenth day immediately preceding the Maturity of an installment
of principal, or on such other date provided herein, as the case may be; (b)
with respect to Dollars in which payment is to be made on a series of Debt
Securities denominated in a Foreign Currency, the noon Dollar buying rate for
that currency for cable transfers quoted by the Exchange Rate Agent in The City
of New York on the Regular or Special Record Date with respect to an Interest
Payment Date or the fifteenth day immediately preceding the Maturity of an
installment of principal, or on such other date provided herein, as the case
maybe, as certified for customs purposes by the Federal Reserve Bank of New York
and (c) with respect to Foreign Currency in which payment is to be made on a
series of Debt Securities converted into Dollars pursuant to Section 311(d), the
noon Dollar selling rate for that currency for cable transfers quoted by the
Exchange Rate Agent in The City of New York on the second Business Day preceding
an Interest Payment Date or the second Business Day preceding the Maturity of an
installment of principal, or on such other date provided herein, as the case may
be, as certified for customs purposes by the Federal Reserve Bank of New York.
If for any reason such rates are not available with respect to one or more
currencies for which an Exchange Rate is required, the Company shall use such
quotation of the Federal Reserve Bank of New York as of the most recent
available date, or quotations from one or more commercial banks in The City of
New York or in the country of issue of the currency in question, or such other
quotations as the Company, in each case, shall deem appropriate. If there is
more than one market for dealing in any currency by reason of foreign exchange
regulations or otherwise, the market to be used in respect of such currency
shall be the largest market upon which a nonresident issuer of securities
designated in such currency would purchase such currency in order to make
payments in respect of such securities.

                  "Exchange Rate Agent" means the New York clearing house bank
designated pursuant to Section 301, or any successor thereto.

                                       4
<PAGE>

                  "Exchange Rate Officer's Certificate", with respect to any
date for the payment of principal of (and premium, if any) and interest on any
series of Debt Securities, means a certificate setting forth the applicable
Exchange Rate as of the Regular or Special Record Date with respect to an
Interest Payment Date or the fifteenth day immediately preceding the maturity of
an installment of principal, as the case may be, and the amounts payable in
Dollars in respect of the principal of (and premium, if any) and interest on
Debt Securities denominated in any Foreign Currency, and signed by the Chairman
of the Board, the President, any Vice President, any Assistant Vice President,
the Treasurer, any Assistant Treasurer, the Controller or any Assistant
Controller of the Company and delivered to the Trustee.

                  "Extension Notice" has the meaning specified in Section 312.

                  "Extension Period" has the meaning specified in Section 312.

                  "Final Maturity" has the meaning specified in Section 312.

                  "Foreign Currency" means any currency, currency unit or
composite currency issued by the government of one or more countries other than
the United States of America or by any recognized confederation or association
of such governments.

                  "Guarantee" means an unconditional guarantee of the payment of
the Debt Securities by the Guarantor, as more fully described in Article Four.

                  "Guarantor" means the Person named as the "Guarantor" 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 "Guarantor" shall mean such successor corporation.

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

                  "Indenture" means this instrument as originally executed or as
it may from time to time be supplemented or amended by one or more indentures
supplemental hereto entered into pursuant to the applicable provisions hereof
and, unless the context otherwise requires, shall include the terms of a
particular series of Debt Securities established as contemplated by Section 301.

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

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

                  "Maturity", when used with respect to any Debt Security, means
the date on which the principal of such Debt Security 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.

                                       5
<PAGE>

                  "Officers' Certificate" means a certificate signed by the
Chairman of the Board, the President, any Managing Director, any Vice President,
the Treasurer, an Assistant Treasurer, the Controller, an Assistant Controller,
the Secretary or an Assistant Secretary of the Company or the Guarantor, as the
case may be, that complies with the requirements of Section 314(e) of the Trust
Indenture Act and is delivered to the Trustee.

                  "Opinion of Counsel" means a written opinion of counsel, who
may be an employee of, or counsel to, the Company or the Guarantor, as the case
may be, and who shall be reasonably satisfactory to the Trustee, which is
delivered to the Trustee.

                  "Optional Reset Date" has the meaning specified in Section
307(b).

                  "Original Issue Discount Security" means, except as otherwise
defined in a Debt Security, any Debt Security which is issued with original
issue discount within the meaning of Section 1273(a) of the Internal Revenue
Code of 1986, as amended, and the regulations thereunder.

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

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

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

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

provided, however, that in determining whether the Holders of the requisite
principal amount of Debt Securities Outstanding have given any request, demand,
authorization, direction, notice, consent or waiver hereunder, Debt Securities
owned by the Company, the Guarantor or any other obligor upon the Debt
Securities or any Affiliate of the Company, the Guarantor or of such other
obligor shall be disregarded and deemed not to be Outstanding, except that, in
determining whether the Trustee shall be protected in relying upon such request,
demand, authorization, direction, notice, consent or waiver, only Debt
Securities which the Trustee knows to be so

                                       6
<PAGE>

owned shall be so disregarded. Debt Securities so owned which have been pledged
in good faith may be regarded as Outstanding if the pledgee establishes to the
satisfaction of the Trustee the pledgee's right so to act with respect to such
Debt Securities and that the pledgee is not the Company, the Guarantor or any
other obligor upon the Debt Securities or any Affiliate of the Company, the
Guarantor or of such other obligor. The Trustee shall not be deemed to know that
any Debt Securities are so owned unless it has received written notice of such
fact at its Corporate Trust Office or unless one of its Responsible Officers has
actual knowledge thereof.

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

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

                  "Place of Payment", when used with respect to the Debt
Securities of any series, unless otherwise specified in a Board Resolution, and
an Officers' Certificate, or in a supplemental indenture, means the office or
agency of the Company in the Borough of Manhattan, The City and State of New
York, and such other place or places, if any, where the principal of (and
premium, if any) and interest on the Debt Securities of that series are payable
as specified as contemplated by Section 301.

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

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

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

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

                  "Repayment Date" means, when used with respect to any Debt
Security to be repaid at the option of the Holder, the date fixed for such
repayment by or pursuant to this Indenture.

                  "Repayment Price" means, when used with respect to any Debt
Security to be repaid at the option of the Holder, the price at which it is to
be repaid by or pursuant to this Indenture.

                  "Required Currency" means the currency in which the Debt
Securities of any series are payable, in accordance with their terms or pursuant
to an election made by one or more

                                       7
<PAGE>

Holders pursuant to Section 301 hereof. If, however, the Required Currency is
unavailable for the reasons stated in Section 311(d)(i) or (ii), the Required
Currency shall mean U.S. Dollars.

                  "Reset Notice" has the meaning specified in Section 307(b).

                   "Responsible Officer", when used with respect to the Trustee,
means any officer of the Trustee assigned to its corporate trust department or
similar group and also means, with respect to a particular corporate trust
matter, any other officer to whom such matter is referred because of his
knowledge of and familiarity with the particular subject.

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

                  For purposes of Section 311(b)(6) of the Trust Indenture Act,
the term "self-liquidating paper" means any draft, bill of exchanges, acceptance
or obligation which is made, drawn, negotiated or incurred by the Company or the
Guarantor or any other obligor upon the Debt Securities for the purpose of
financing the purchase, processing, manufacture, shipment, storage or sale of
goods, wares or merchandise and which is secured by documents evidencing title
to, possession of or a lien upon, the goods, wares or merchandise or the
receivables or proceeds arising from the sale of the goods, wares or merchandise
previously constituting the security, provided the security is received by the
Trustee simultaneously with the creation of the creditor relationship with such
Person arising from the making, drawing, negotiation or incurring of the draft,
bill of exchange, acceptance or obligation.

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

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

                  "Stated Principal Maturity" means the Stated Maturity for the
payment of principal, or any installment of principal, of any Debt Security.

                  "Subsidiary" means any corporation at least a majority of the
outstanding Voting Stock of which shall at the time directly or indirectly be
owned or controlled by the Company, or by one or more Subsidiaries, or by the
Guarantor or one or more Subsidiaries.

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

                  "Trust Indenture Act" means the Trust Indenture Act of 1939
and any reference herein to such Act or a particular provision thereof shall
mean such Act or provision, as the case

                                       8
<PAGE>

may be, as amended or replaced from time to time or as supplemented from time to
time by rules or regulations adopted by the Commission under or in furtherance
of the purposes of such Act or provision, as the case may be.

                  "U.S. Government Obligations" has the meaning specified in
Section 1402.

                  "Voting Stock", as applied to the stock of any corporation,
means stock of any class or classes, however designated, having ordinary voting
power for the election of a majority of the directors of such corporation, other
than stock having such power only by reason of the happening of a contingency.

                  SECTION  102. Compliance Certificates and Opinions.

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

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

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

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

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

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

                  SECTION  103. Form of Documents Delivered to Trustee.

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

                                       9
<PAGE>

                  Any certificate or opinion of an officer of the Company or the
Guarantor 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 is 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 or the Guarantor, as the case may be, stating that the information with
respect to such factual matters is in the possession of the Company or the
Guarantor, as the case may be, unless such counsel knows, or in the exercise of
reasonable care should know, that the certificate or opinion or representations
with respect to such matters are erroneous.

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

                  SECTION  104. Acts of Holders.

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

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

                  (c)      The ownership, principal amount and serial numbers of
Debt Securities held by any Person, and the date of the commencement and the
date of the termination of holding the same, shall be proved by the Security
Register.

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

                  (e)      For purposes of determining the aggregate principal
amount of Outstanding Debt Securities of any series the Holders of which are
required, requested or permitted to give any request, demand, authorization,
direction, notice, consent, waiver or take

                                       10
<PAGE>

any other Act under this Indenture, each Debt Security denominated in a Foreign
Currency shall be deemed to have a principal amount determined by an Exchange
Rate Agent (as evidenced by a certificate of such Exchange Rate Agent) by
converting the principal amount of such Debt Security in the Foreign Currency in
which such Debt Security is denominated into Dollars at the Exchange Rate as of
9:00 A.M., New York time, on the date such Act is delivered to the Trustee and,
where it is hereby expressly required, to the Company (or, if there is no such
rate on such date for the reasons specified in Section 311(d)(i) of the
Indenture, such rate on the rate specified in such Section).

                 SECTION  105. Notices, etc., to Trustee, Company and Guarantor.

                 Except as provided in Sections 601(4) and (5), any request,
demand, authorization, direction, notice, consent, waiver or other Act of
Holders or other document provided or permitted by this Indenture to be made
upon, given or furnished to, or filed with,

                 (1)      the Trustee by any Holder or by the Company or the
         Guarantor 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

                 (2)      the Company or the Guarantor 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 or the Guarantor, as the case may
         be, addressed to it at the address of its principal office specified in
         the first paragraph of this instrument or at any other address
         previously furnished in writing to the Trustee by the Company or the
         Guarantor, as the case may be, Attention: Chairman of the Board of
         Directors, 4500 Park Granada, Calabasas, California 91302.

                 SECTION  106. Notice to Holders; Waiver.

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

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

                                       11
<PAGE>

                  SECTION 107. Conflict with Trust Indenture Act.

                  If any provision hereof limits, qualifies or conflicts with
any duties under any required provision of the Trust Indenture Act imposed
hereon by Section 318(c) thereof, such required provision shall control.

                  SECTION 108. Effect of Headings and Table of Contents.

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

                  SECTION 109. Successors and Assigns.

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

                  SECTION 110. Separability Clause.

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

                  SECTION 111. Benefits of Indenture.

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

                  SECTION 112. Governing Law.

                  This Indenture, the Debt Securities and the Guarantees shall
be governed by and construed in accordance with the laws of the State of New
York applicable no agreements made and to be performed in said state.

                  SECTION 113. Legal Holidays.

                  Unless otherwise specifically provided for in the applicable
Debt Securities, in any case where any Interest Payment Date, Redemption Date,
Repayment Date, sinking fund payment date, Stated Maturity, Stated Principal
Maturity or Maturity of any Debt Security shall not be a Business Day at any
Place of Payment, then the required payment of principal, premium, if any,
and/or interest 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, Redemption Date,
Repayment Date, sinking fund payment date, Stated Maturity, Stated Principal
Maturity or Maturity, and no interest shall accrue on such payment for the
period from and after such Interest Payment Date, Repayment Date, Redemption
Date, sinking fund payment date, Stated Maturity, Stated Principal Maturity or
Maturity, as the case may be, to the next succeeding Business Day.

                                       12
<PAGE>

                  SECTION 114. Moneys of Different Currencies to be Segregated.

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

                  SECTION 115. Payment to Be in Proper Currency.

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

                  Any costs incurred by or on behalf of the Company or the
Guarantor, as the case may be (other than costs incurred by the Trustee that are
passed on to the Company as provided above) in correction with the conversion of
any Foreign Currency to Dollars pursuant to an election made by a Holder in
accordance with Section 301 shall be borne by the Holder making such an election
through deduction from payments required to be made to such Holder pursuant to
the terms of this Indenture.

                                       13
<PAGE>

                                  ARTICLE TWO

                     FORMS OF DEBT SECURITIES AND GUARANTEES

                  SECTION 201. Forms Generally.

                  The Debt Securities and the Guarantees relating thereto shall
have such appropriate insertions, omissions, substitutions and other variations
as are required or permitted by this Indenture, and may have such letters,
numbers or other marks of identification or designation and such legends or
endorsements placed thereon, as the Company or the Guarantor, as the case may
be, may deem appropriate and as are not inconsistent with the provisions of this
Indenture, or as may be required to comply with any law or with any rule or
regulation made pursuant thereto or with any rule or regulation of any
securities exchange on which any of the Debt Securities may be listed, or to
conform to usage, all as determined by the officers executing such Debt
Securities, as conclusively evidenced by their execution of such Debt
Securities.

                  The Trustee's certificate of authentication shall be in
substantially the form set forth in Section 203.

                  SECTION 202. Forms of Debt Securities and Guarantees.

                  Each Debt Security and the related Guarantee shall be in one
of the forms approved from time to time by or pursuant to a Board Resolution and
an Officers' Certificate or one or more indentures supplemental hereto which
shall set forth the information required by Section 301. If the form for a
series of Debt Securities or the related Guarantees is established by action
taken pursuant to a Board Resolution, a copy of an appropriate record of such
action shall be certified by the Secretary or an Assistant Secretary of the
Company or the Guarantor, as the case may be, and delivered to the Trustee at or
prior to the delivery of the Officers' Certificate setting forth the form for
such series.

                  SECTION 203. Form of Trustee's Certificate of Authentication.

                  The form of the Trustee's certificate of authentication to be
borne by the Debt Securities shall be substantially as follows:

                                       14
<PAGE>

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

                                                 THE BANK OF NEW YORK,
                                                        as Trustee

                                                 By:____________________________
                                                        Authorized Signatory

                  SECTION 204. CUSIP Numbers.

                  The Company in issuing the Securities may use "CUSIP" numbers
(if then generally in use), and, if so, the Trustee shall use "CUSIP" numbers in
notices of redemption as a convenience to Holders; provided that any such notice
may state that no representation is made as to the correctness of such numbers
either as printed on the Securities or as contained in any notice of 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 "CUSIP" numbers.

                                       15
<PAGE>

                                 ARTICLE THREE

                               THE DEBT SECURITIES

                  SECTION 301. Amount Unlimited; Issuable in Series.

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

                  The Debt Securities may be issued in one or more series. There
shall be established in or pursuant to a Board Resolution, and set forth in an
Officers' Certificate, or established in one or more indentures supplemental
hereto, with such notification to the Trustee in advance of the issuance of the
Debt Securities of any Series as may be agreed upon by the parties hereto:

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

                  (2)      the limit, if any, upon the aggregate principal
         amount of the Debt Securities of the series which may be authenticated
         and delivered under this Indenture (except for Debt Securities
         authenticated and delivered upon registration or, transfer of, or in
         exchange for, or in lieu of, other Debt Securities of the series
         pursuant to Section 304, 305, 306, 1007 or 1207);

                  (3)      the date or dates, or the method or methods, if any,
         by which such date or dates shall be determined or extended, on which
         the principal of the Debt Securities of the series is payable;

                  (4)      the rate or rates, if any, at which the Debt
         Securities of the series shall bear interest, if any, or the method or
         methods, if any, by which such rate or rates are to be determined or
         reset, the date or dates, if any, from which such interest shall
         accrue, or the method or methods, if any, by which such date or dates
         shall be determined or reset, the Interest Payment Dates, if any, on
         which such interest shall be payable and the Regular Record Dates, if
         any, for the interest payable on such Interest Payment Dates, and the
         basis upon which interest shall be calculated if other than that of a
         360-day year of twelve 30-day months;

                  (5)      the place or places, if any, in addition to or other
         than the office or agency of the Company in the Borough of Manhattan,
         The City of New York and State of New York, where the principal of (and
         premium, if any) and interest on Debt Securities of the series shall be
         payable, any Debt Securities may be surrendered for registration of
         transfer or exchange and notices or demands to or upon the Company or
         the Guarantor in respect of such Debt Securities and related Guarantees
         and this Indenture may be served;

                  (6)      the period or periods within which or the date or
         dates on which, if any, the price or prices at which and the terms and
         conditions upon which Debt Securities of the series may be redeemed, in
         whole or in part, at the option of the Company;

                                       16
<PAGE>

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

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

                  (9)      if other than the principal amount thereof, the
         portion of the principal amount of Debt Securities of the series which
         shall be payable upon declaration of acceleration of the Maturity
         thereof pursuant to Section 602;

                  (10)     provisions, if any, for the defeasance of Debt
         Securities of the series;

                  (11)     (A) the currency of denomination of the Debt
         Securities of any series, which may be in Dollars or any Foreign
         Currency, (B) if such Debt Securities are denominated in a Foreign
         Currency which is a composite currency, the agency or organization, if
         any, responsible for overseeing such composite currency and (C) if such
         Debt Securities are denominated in a Foreign Currency other than a
         composite currency, the capital city of the country of such Foreign
         Currency;

                  (12)     the designation of the currency or currencies in
         which payment of the principal of (and premium, if any) and interest on
         the Debt Securities of the series will be made, and, if such currency
         or currencies is a Foreign Currency, whether payment of the principal
         (and premium, if any) or the interest on such Debt Securities, at the
         election of a Holder thereof, may instead be payable in Dollars and the
         terms and conditions upon which such election may be made;

                  (13)     any additional Events of Default or restrictive
         covenants provided for with respect to Debt Securities of the series;

                  (14)     any other terms of the series (which terms shall not
         be inconsistent with the provisions of this Indenture), including any
         terms which may be required or advisable under United States laws or
         regulations or advisable in connection wish the marketing of Debt
         Securities of the series;

                  (15)     if the Debt Securities of such series are to be
         denominated or payable in a Foreign Currency, the designation of the
         initial Exchange Rate Agent and, if other than as set forth herein, the
         definition of the Exchange Rate;

                  (16)     the form of Debt Securities of such series and, if
         issuable in global form, the name of the depository with respect
         thereto and the terms upon which and the circumstances under which such
         Notes may be exchanged; and

                  (17)     the ability, if any, of the Holder of a Debt Security
         to renew all or any portion of a Debt Security.

                                       17
<PAGE>

                  All Debt Securities of any one series shall be substantially
identical except as to the currency of payments due thereunder, denomination,
the rate or rates of interest, if any, and Maturity and except as may otherwise
be provided in or pursuant to such Board Resolution and set forth in such
Officers' Certificate or in any such indenture supplemental hereto. In addition,
all Debt 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
issuance of additional Debt Securities of such series or to establish additional
terms of such series of Debt Securities.

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

                  SECTION 302. Denominations.

                  Unless otherwise specified in a supplemental indenture, the
Debt Securities of each series shall be issuable in registered form without
coupons in such denominations as shall be specified in accordance with the
requirements of Section 301. In the absence of any such provisions with respect
to the Debt Securities of any series, the Debt Securities of such series shall
be issuable in denominations of $1,000 or any integral multiple thereto. Debt
Securities denominated in a Foreign Currency shall be issuable in such
denominations as are established with respect to such Debt Securities in or
pursuant to this Indenture.

                  SECTION 303. Execution, Authentication, Delivery and Dating.

                  (a)      The Debt Securities shall be executed on behalf of
the Company by its Chairman of the Board, its President or one of its Vice
Presidents, under its corporate seal reproduced thereon attested by its
Secretary or one of its Assistant Secretaries. The signature of any of these
officers on the Debt Securities may be manual or facsimile.

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

                  (b)      At any time and from time to time after the execution
and delivery of this Indenture, the Company may deliver Debt Securities of any
series executed by the Company, with the related Guarantees endorsed thereon by
the Guarantor, to the Trustee for authentication, together with a Company Order
for the authentication and delivery of each such series of such Debt Securities,
and the Trustee in accordance with the Company Order shall authenticate and
deliver such Debt Securities. The Trustee shall be entitled to receive, prior to
the authentication and delivery of such Debt Securities, the supplemental
indenture or the Board Resolution by or pursuant to which the form and terms of
such Debt Securities have been approved (and, if such form or terms are
approved, pursuant to a Board Resolution, an Officers' Certificate approving
such terms and form), an Officers' Certificate as to the absence of any event
which is, or after

                                       18
<PAGE>

notice or lapse of time or both would become, an Event of Default, and an
Opinion of Counsel stating that:

                  (1)      all instruments furnished by the Company to the
         Trustee in connection with the authentication and delivery of such Debt
         Securities conform to the requirements of this Indenture and constitute
         sufficient authority hereunder for the Trustee to authenticate and
         deliver such Debt Securities;

                  (2)      the form and terms of such Debt Securities have been
         established in conformity with the provisions of this Indenture;

                  (3)      in the event that the form or terms of such Debt
         Securities have been established in a supplemental indenture the
         execution and delivery of such supplemental indenture have been duly
         authorized by all necessary corporate action of the Company, such
         supplemental indenture has been duly executed and delivered by the
         Company and, assuming due authorization, execution and delivery by the
         Trustee, will constitute a legal, valid and binding obligation
         enforceable against the Company in accordance with its terms, subject
         to applicable bankruptcy, insolvency and similar laws affecting
         creditors' rights generally and subject, as to enforceability, to
         general principles of equity (regardless of whether enforcement is
         sought in a proceeding in equity or at law);

                  (4)      the execution and delivery of such Debt Securities
         have been duly authorized by all necessary corporate action of the
         Company and such Debt Securities have been duly executed by the
         Company, and, assuming due authentication by the Trustee and delivery
         by the Company, will constitute the legal, valid and binding
         obligations of the Company enforceable against the Company in
         accordance with their terms, entitled to the benefit of the Indenture,
         subject to applicable bankruptcy, insolvency and similar laws affecting
         creditors' rights generally and subject, as to enforceability, to
         general principles of equity (regardless of whether enforcement is
         sought in a proceeding in equity or at law);

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

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

                  (c)      If all the Debt Securities of any series are not to
be issued at one time, it shall not be necessary to deliver an Opinion of
Counsel and Officers' Certificates at the time of issuance of each Debt
Security, but such opinion and certificate, with appropriate modifications,
shall be delivered at or before the time of issuance of the first Debt Security
of such series. Any request by the Company that the Trustee authenticate Debt
Securities of such series will be deemed to be a certification by the Company
that (i) all conditions precedent provided for in this Indenture relating to the
authentication and delivery of such Debt Securities have been complied with and
(ii) there has not occurred an event which is, or after notice or lapse of time
or both, would become an Event of Default.

                  Notwithstanding the above, if the terms of Debt Securities are
to be established pursuant to a supplemental indenture, the Company shall
deliver to the Trustee, together with

                                       19
<PAGE>

such supplemental indenture, the Opinion of Counsel referred to in subsection
(b), above, and the Officers' Certificate, referred to in subsection (b), above,
regarding the absence of an Event of Default.

                  (d)      The Trustee shall not be required to authenticate
such Debt Securities if the issuance of such Debt Securities pursuant to this
Indenture will affect the Trustee's own rights, duties or immunities under the
Debt Securities and this Indenture or otherwise in a manner which is not
reasonably acceptable to the Trustee or if the Trustee determines that such
authentication may not lawfully be made or if the Trustee reasonably determines
that such authentication would be prejudicial to the Holders of Outstanding Debt
Securities.

                  (e)      Each Debt Security shall be dated the date of its
authentication.

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

                  SECTION 304. Temporary Debt Securities.

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

                  Except in the case of temporary Debt Securities in global
form, which shall be exchanged in accordance with the provisions thereof, if
temporary Debt Securities of any series are issued, the Company will cause
definitive Debt Securities of such series to be prepared without unreasonable
delay. After the preparation of definitive Debt Securities of such series, the
temporary Debt Securities of such series shall be exchangeable for definitive
Debt Securities of such series upon surrender of the temporary Debt Securities
of such series at the office or agency of the Company or the Guarantor in a
Place of Payment for such series, without charge to the Holder. Upon surrender
for cancellation of any one or more temporary Debt Securities of any series, the
Company shall execute and the Trustee shall authenticate and deliver in exchange
therefor a like principal amount of definitive Debt Securities (having the
Guarantees duly endorsed thereon) of the same series of authorized denominations
and of the same Stated Maturity. Unless otherwise specified as contemplated by
Section 301 with respect to temporary Debt Securities in global form until so
exchanged, the temporary Debt Securities of any series shall in all respects be
entitled to the same benefits under this Indenture as definitive Debt Securities
of such series.

                                       20
<PAGE>

               SECTION 305. Registration, Registration of Transfer and Exchange.

               The Company shall cause to be kept at one of its offices or
agencies maintained pursuant to Section 1102 a register (the register maintained
in such office being herein sometimes referred to as the "Security Register") in
which, subject to such reasonable regulations as it may prescribe, the Company
shall provide for the registration of Debt Securities and of transfers of Debt
Securities. Said office or agency is hereby appointed "Security Registrar" for
the purpose of registering Debt Securities and transfers of Debt Securities as
herein provided.

               Upon surrender for registration of transfer of any Debt
Security of any series at the office or agency of the Company maintained for
such purpose, the Company shall execute, and the Trustee shall authenticate and
deliver, in the name of the designated transferee or transferees, one or more
new Debt Securities (having the Guarantees duly endorsed thereon) of the same
series of any authorized denomination or denominations, of like tenor and
aggregate principal amount.

               Unless otherwise specified as contemplated by Section 301 with
respect to Debt Securities in global form at the option of the Holder, Debt
Securities of any series may be exchanged for other Debt Securities of the same
series containing identical terms and provisions of any authorized denomination
or denominations, of like aggregate principal amount, upon surrender of the Debt
Securities to be exchanged at such office or agency. Whenever any Debt
Securities are so surrendered for exchange, the Company shall execute, and the
Trustee shall authenticate and deliver, the Debt Securities (having the
Guarantees duly endorsed thereon) which the Holder making the exchange is
entitled to receive.

               Notwithstanding the foregoing, unless otherwise specified as
contemplated in Section 301, any global Debt Security shall be exchangeable for
definitive Debt Securities only if (i) the depository is at any time unwilling,
unable or ineligible to continue as Depository and a successor depository is not
appointed by the Company within 60 days of the date the Company is so informed
in writing, (ii) the Company executes and delivers to the Trustee a Company
Order to the effect that such global Debt Security shall be so exchangeable, or
(iii) an Event of Default has occurred and is continuing with respect to the
Debt Securities. If the beneficial owners of interests in a global Debt Security
are entitled to exchange such interests for definitive Debt Securities, 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 Debt Securities in such form and denominations as are
required by or pursuant to this Indenture, and of the same series, containing
identical terms and in aggregate principal amount equal to the principal amount
of, such global Debt Security, executed by the Company. On or after the earliest
date on which such interests may be so exchanged, such global Debt Security
shall be surrendered from time to time by the depository specified in the
Company Order with respect thereto, and in accordance with instructions given to
the Trustee and such depository, as the case may be (which instructions shall be
in writing but need be contained in or accompanied by an Officers' Certificate
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's agent for
such purpose, to be exchanged, in whole or in part, for definitive Debt
Securities as described above without charge. The Trustee shall authenticate and
make available for delivery, in exchange for each

                                       21
<PAGE>

portion of such surrendered global Debt Security, a like aggregate principal
amount of definitive Debt Securities of the same series of authorized
denominations and of like tenor as the portion of such global Debt Security to
be exchanged; provided, however, that no such exchanges may occur during a
period beginning at the opening of business 15 days before any selection of Debt
Securities of the same series and continuing identical terms to be redeemed and
ending on the relevant Redemption Date. Promptly following any such exchange in
part, such global Debt Security shall be returned by the Trustee to such
Depository. If a Debt Security is issued in exchange for any portion of a global
Debt Security after the close of business at the office or agency of the Company
for such Debt Security where such exchange occurs on or after (i) any Regular
Record Date for such Debt Security and before the opening of business at such
office or agency on the next Interest Payment Date, or (ii) any Special Record
Date for such Debt Security 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 shall not be payable on such Interest
Payment Date or proposed date for payment, as the case may be, in respect of
such Debt Security, but shall 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 Debt Security shall be
payable in accordance with the provisions of this Indenture.

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

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

                  No service charge shall be made for any registration of
transfer or exchange of Debt 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 transfer, registration of transfer or exchange of
Debt Securities, other than exchanges pursuant to Section 304, 1007 or 1207 not
involving any transfer.

                  Except as otherwise provided in or pursuant to this Indenture
the Company shall not be required (i) to issue, register the transfer of or
exchange Debt Securities of any particular series during a period beginning at
the opening of business 15 days before the day of the mailing of a notice of
redemption of Debt Securities of such series selected for redemption under
Section 1203 and ending at the close of business on the day of such mailing,
(ii) to register the transfer of or exchange any Debt Security called for
redemption in whole or in part, except the unredeemed portion of any Debt
Security being redeemed in part, or (iii) to issue, register the transfer of or
exchange any Debt Security which has been surrendered for repayment at the
option of the Holder thereof, except the portion, if any, of such Debt Security
not to be so repaid.

                                       22
<PAGE>

                  SECTION  306. Mutilated, Destroyed, Lost and Stolen Debt
                                Securities.

                  If (i) any mutilated Debt Security is surrendered to the
Trustee, or (ii) the Company and the Trustee receive evidence to their
satisfaction of the destruction, loss or theft of any Debt Security, and there
is delivered to the Company, the Guarantor and the Trustee such security or
indemnity as may be required by them to save each of them harmless, then, in the
absence of notice to the Company or the Trustee that such Debt Security has been
acquired by a bona fide purchaser, the Company shall execute and upon its
written request the Trustee shall authenticate and deliver, in exchange for any
such mutilated Debt Security or in lieu of any such destroyed, lost or stolen
Debt Security, a new Debt Security (having a Guarantee duly endorsed thereon)
containing identical provisions and of like principal amount bearing a number
not contemporaneously outstanding.

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

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

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

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

                  SECTION 307. Payment of Interest; Interest Rights Preserved.

                  (a)      Unless otherwise specified as contemplated by Section
301, interest on any Debt 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 Debt Security (or one or more Predecessor Securities) is
registered at the close of business on the Regular Record Date for such
interest, except that in the case of a Debt Security issued between a Regular
Record Date and the initial Interest Payment Date relating to such Regular
Record Date, interest for the period beginning on the date of issue and ending
on such initial Interest Payment Date shall be paid to the person to whom such
Debt Security shall have been originally issued. Unless otherwise specified as
contemplated by Section 301, at the option of the Company, payment of interest
on any Debt Security may be made by check mailed to the address of the Person
entitled thereto as such address shall appear in the Security Register.

                                       23
<PAGE>

                  Unless otherwise specified as contemplated by Section 301, any
interest on any Debt Security of any series which is payable, but is not
punctually paid or duly provided for, on any Interest Payment Date (herein
called "Defaulted Interest") shall forthwith cease to be payable to the
registered Holder on the relevant Regular Record Date by virtue of his having
been such Holder, and such Defaulted Interest may be paid by the Company or the
Guarantor, at its election in each case, as provided in Clause (1) or (2) below:

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

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

                  (b)      The provisions of this Section 307(b) may be made
applicable to any series of Debt Securities issued pursuant to Section 301 (with
such modifications, additions or substitutions as may be specified pursuant to
such Section 301). The interest rate (or the spread and/or spread multiplier
used to calculate such interest rate, if applicable) on any Debt Security of
such series may be reset by the Company at its option on the date or dates
specified in such Debt Security (each, an "Optional Reset Date"). The Company
may exercise such option with

                                       24
<PAGE>

respect to any such Debt Security by notifying the Trustee of such exercise at
least 45 but not more than 60 calendar days prior to an Optional Reset Date for
such Debt Security. If the Company so notifies the Trustee of such exercise, not
later than 40 calendar days prior to such Optional Reset Date the Trustee shall
transmit, in the manner provided for in Section 106, to the Holder of such Debt
Security a notice (the "Reset Notice") indicating (i) that the Company has
elected to reset the interest rate (or the spread and/or spread multiplier used
to calculate such interest rate, if applicable), (ii) such new interest rate (or
such new spread and/or spread multiplier, if applicable) and (iii) the
provisions, if any, for redemption by the Company during the period from such
Optional Reset Date to the next Optional Reset Date or, if there is no such next
Optional Reset Date, to the Stated Principal Maturity of such Debt Security
(each such period, a "Subsequent Interest Period"), including the date or dates
on which, or the period or periods during which, and the price or prices at
which such redemption may occur during such Subsequent Interest Period.

                  Notwithstanding the foregoing, not later than 20 calendar days
prior to the applicable Optional Reset Date for a Debt Security, the Company
may, at its option, revoke the interest rate (or the spread and/or spread
multiplier used to calculate such interest rate, if applicable) provided for in
the Reset Notice and establish an interest rate (or a spread and/or spread
multiplier used to calculate such interest rate, if applicable) that is higher
than the interest rate (or the spread and/or spread multiplier, if applicable)
provided for in the Reset Notice, for the Subsequent Interest Period by causing
the Trustee to transmit, in the manner provided for in Section 106, notice of
such higher interest rate (or such higher spread and/or spread multiplier, if
applicable) to the Holder of such Debt Security. Such notice shall be
irrevocable. All Debt Securities with respect to which the interest rate (or the
spread and/or spread multiplier used to calculate such interest rate, if
applicable) is reset on an Optional Reset Date, and with respect to which the
Holders of such Debt Securities have not surrendered such Debt Securities for
repayment (or have validly revoked any such surrender) pursuant to the next
succeeding paragraph, will bear such higher interest rate (or such higher spread
and/or spread multiplier, if applicable).

                  If the provisions of Section 307(b) are made applicable to any
Debt Security and the Company notifies the Trustee of the exercise of its option
to reset the interest rate (or the spread and/or spread multiplier used to
calculate such interest rate, if applicable) on such Debt Security on an
Optional Reset Date, the Holder of such Debt Security will have the option to
elect repayment by the Company of such Debt Security on such Optional Reset Date
at a price equal to the principal amount thereof plus any accrued interest to
such Optional Reset Date. In order to obtain repayment of such Debt Security on
such Optional Reset Date, the Holder must follow the procedures set forth in
Section 1503 for repayment at the option of Holders, except that (i) the period
for delivery of such Debt Security or notification to the Trustee shall be at
least 25 but not more than 35 calendar days prior to such Optional Reset Date
and (ii) if the Holder has surrendered such Debt Security for repayment
following receipt of the Reset Notice, the Holder may revoke such surrender for
repayment by written notice to the Trustee received prior to 5:00 P.M., New York
City time, on the tenth calendar day prior to such Optional Reset Date.

                  Subject to the foregoing provisions of this Section and
Section 305, each Debt Security delivered under this Indenture upon registration
of transfer of or in exchange for or in

                                       25
<PAGE>

lieu of any other Debt Security shall carry the rights to interest accrued and
unpaid, and to accrue, which were carried by such other Debt Security.

                  SECTION 308. Persons Deemed Owners.

                  Prior to due presentment of a Debt Security for registration
of transfer, the Company, the Guarantor, the Trustee and any agent of the
Company, the Guarantor or the Trustee may treat the Person in whose name such
Debt Security is registered as the owner of such Debt Security for the purpose
of receiving payment of principal of (and premium, if any) and (subject to
Sections 305 and 307) interest on such Debt Security and for all other purposes
whatsoever, whether or not such Debt Security be overdue, and neither the
Company, the Guarantor, the Trustee nor any agent of the Company, the Guarantor
or the Trustee shall be affected by notice to the contrary.

                  No holder of any beneficial interest in any global Debt
Security held on its behalf by a depository shall have any rights under this
Indenture with respect to such global Debt Security, and such depository may be
treated by the Company, the Guarantor, the Trustee, and any agent of the
Company, the Guarantor or the Trustee as the owner of such global Debt Security
for all purposes whatsoever. None of the Company, the Guarantor, the Trustee nor
any agent of the Company, the Guarantor or the Trustee will have any
responsibility or liability for any aspect of the records relating to or
payments made on account of beneficial ownership interests of a global Debt
Security or for maintaining, supervising or reviewing any records relating to
such beneficial ownership interests.

                  SECTION 309. Cancellation.

                  Unless otherwise provided with respect to a series of Debt
Securities, all Debt Securities surrendered for payment, redemption, repayment,
registration of transfer or exchange or for credit against any sinking fund
payment shall, if surrendered to any Person other than the Trustee, be delivered
to the Trustee and shall be promptly cancelled by it. The Company or the
Guarantor may at any time deliver to the Trustee for cancellation any Debt
Securities previously authenticated and delivered hereunder which the Company or
the Guarantor may have acquired in any manner whatsoever, and all Debt
Securities so delivered shall be promptly cancelled by the Trustee. No Debt
Securities shall be authenticated in lieu of or in exchange for any Debt
Securities cancelled as provided in this Section, except as expressly permitted
by this Indenture. All cancelled Debt Securities held by the Trustee shall be
retained by the Trustee for such period as it may, in its sole discretion,
determine unless by a Company Order or a Guarantor Order the Company or the
Guarantor, as the case may be, shall direct that the cancelled Debt Securities
be returned to it.

                  SECTION 310. Computation of Interest.

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

                                       26
<PAGE>

                  SECTION 311. Payment in Currencies.

                  (a)      Payment of the principal of (and premium, if any) and
interest on the Debt Securities of any series shall be made in the currency or
currencies specified pursuant to Section 301; provided that in the case of Debt
Securities of a series denominated in one or more Foreign Currencies the Holder
of a Debt Security of such series may elect to receive such payment in Dollars
if authorized pursuant to Section 301(12).

                  A Holder may make such election by delivering to the Trustee a
written notice thereof, substantially in the form attached hereto as Exhibit A
or in such other form as may be acceptable to the Trustee, not later than the
close of business on the Regular or Special Record Date immediately preceding
the applicable Interest Payment Date or the fifteenth day immediately preceding
the Maturity of an installment of principal, as the case may be. Such election
shall remain in effect with respect to such Holder until such Holder delivers to
the Trustee a written notice rescinding such election, provided that any such
notice must be delivered to the Trustee not later than the close of business on
the Regular or Special Record Date immediately preceding the next Interest
Payment Date or the fifteenth day immediately preceding the Maturity of an
installment of principal, as the case may be, in order to be effective for the
payment to be made thereon; and provided, further, that no such rescission may
be made with respect to payments to be made on any Debt Security with respect to
which notice of redemption has been given by the Company pursuant to Article
Twelve or a notice of option to elect repayment has been sent by a Holder or
transferee pursuant to Article Fifteen.

                  (b)      If at least one Holder has made the election referred
to in subsection (a) above to receive payments in Dollars on a series of Debt
Securities denominated in one or more Foreign Currencies, then the Trustee shall
deliver to the Company, not later than the fourth Business Day after the Regular
or Special Record Date with respect to an Interest Payment Date or the tenth day
immediately preceding the Maturity of an installment of principal, as the case
may be, a written notice specifying the amount of principal of (and premium, if
any) and interest on such series of Debt Securities to be paid in Dollars on
such payment date.

                  (c)      Except as otherwise specified as contemplated by
Section 301 hereof, if at least one Holder has made the election referred to in
subsection (a) above to receive payments in Dollars on a series of Debt
Securities denominated in one or more Foreign Currencies, then the amount
receivable by Holders of a series of Debt Securities who have elected payment in
Dollars shall be determined by the Company on the basis of the applicable
Exchange Rate set forth in the applicable Exchange Rate Officer's Certificate.
The Company shall deliver, not later than the eighth day following each Regular
or Special Record Date or the sixth day immediately preceding the Maturity of an
installment of principal, as the case may be, to the Trustee an Exchange Rate
Officer's Certificate in respect of the payments to be made to such Holders on
such payment date.

                  (d)      (i) If the Foreign Currency in which a series of Debt
Securities is denominated is not available to the Company for making payment
thereof due to the imposition of exchange controls or other circumstances beyond
the control of the Company, then with respect to each date for the payment of
principal of (and premium, if any) and interest on such series of Debt
Securities occurring after the final date on which the Foreign Currency was so

                                       27
<PAGE>

used, all payments with respect to the Debt Securities of any such series shall
be made in Dollars. If payment is to be made in Dollars to the Holders of any
such series of Debt Securities pursuant to the provisions of the preceding
sentence, then the amount to be paid in Dollars on a payment date by the Company
to the Trustee and by the Trustee or any Paying Agent to Holders shall be
determined by an Exchange Rate Agent and shall be equal to the sum obtained by
converting the specified Foreign Currency into Dollars at the applicable
Exchange Rate, or if no rate is quoted for such Foreign Currency, the last date
such rate is quoted.

                  (ii) If any composite currency in which a Debt Security is
denominated or payable ceases to be used for the purposes for which it was
established or is not available due to circumstances beyond the control of the
Company, then with respect to each date for the payment of principal of (and
premium, if any) and interest on a series of Debt Securities denominated in such
composite currency (the "Conversion Date") occurring after the last date on
which the composite currency was so used, all payments with respect to the Debt
Securities of any such series shall be made in Dollars. If payment with respect
to Debt Securities of a series denominated in a composite currency is to be made
in Dollars pursuant to the provisions of the preceding sentence, then the amount
to be paid in Dollars on a payment date by the Company to the Trustee and by the
Trustee or any Paying Agent to Holders shall be determined by an Exchange Rate
Agent and shall be equal to the sum of the amounts obtained by converting each
Component of such composite currency into Dollars at its respective Exchange
Rate, multiplied by the number of units of the composite currency that would
have been so paid had the composite currency not ceased to be so used.

                  (e)      All decisions and determinations of an Exchange Rate
Agent regarding the Exchange Rate or conversion of Foreign Currency (other than
a composite currency) into Dollars pursuant to subsection (d) (i) above or the
conversion of a composite currency into Dollars pursuant to subsection (d) (ii)
shall, in the absence of manifest error, be conclusive for all purposes and
irrevocably binding upon the Company, the Trustee, any Paying Agent and all
Holders of the Debt Securities. If a Foreign Currency (other than a composite
currency) in which payment of a series of Debt Securities may be made, pursuant
to subsection (a) above, is not available to the Company for making payments
thereof due to the imposition of exchange controls or other circumstances beyond
the control of the Company, the Company, after learning thereof, will give
notice thereof to the Trustee immediately (and the Trustee promptly thereafter
will give notice to the Holders in the manner provided in Section 106)
specifying the last date on which the Foreign Currency was used for the payment
of principal of (and premium, if any) or interest on such series of Debt
Securities. In the event any composite currency in which a Debt Security is
denominated or payable ceases to be used for the purposes for which it was
established or is not available due to circumstances beyond the control of the
Company, the Company, after learning thereof, will give notice thereof to the
Trustee immediately (and the Trustee promptly thereafter will give notice to the
Holders in the manner provided in Section 106). In the event of any subsequent
change in any Component, the Company, after learning thereof, will give notice
to the Trustee similarly (and the Trustee promptly thereafter will give notice
to the Holders in the manner provided in Section 106). The Trustee shall be
fully justified and protected in relying and acting upon the information so
received by it from the Company and shall not otherwise have any duty or
obligation to determine such information independently.

                  SECTION 312. Optional Extension of Stated Principal Maturity.

                                       28
<PAGE>

                  The provisions of this Section 312 may be made applicable to
any series of Debt Securities issued pursuant to Section 301 (with such
modifications, additions or substitutions as may be specified pursuant to such
Section 301). The Stated Principal Maturity of any Debt Security of such series
may be extended by the Company at its option for the period or periods specified
in such Debt Security (each such period, an "Extension Period") up to but not
beyond the date (the "Final Maturity") specified in such Debt Security. The
Company may exercise such option with respect to any such Debt Security by
notifying the Trustee of such exercise at least 45 but not more than 60 calendar
days prior to the Stated Principal Maturity of such Debt Security then in effect
(the "Current Stated Principal Maturity"). If the Company so notifies the
Trustee of such exercise, not later than 40 calendar days prior to the Current
Stated Principal Maturity the Trustee shall transmit, in the manner provided for
in Section 106, to the Holder of such Debt Security a notice (the "Extension
Notice") indicating (i) that the Company has elected to extend the Current
Stated Principal Maturity, (ii) the new Stated Principal Maturity and the Final
Maturity, (iii) the interest rate (or the spread and/or spread multiplier used
to calculate such interest rate, if applicable) applicable to the Extension
Period and (iv) the provisions, if any, for redemption by the Company during
such Extension Period, including the date or dates on which, or the period or
periods during which, and the price or prices at which such redemption may occur
during such Extension Period. Upon the Trustee's transmittal of the Extension
Notice to the Holder of such Debt Security, the Current Stated Principal
Maturity of such Debt Security shall be extended automatically and, except as
modified by the Extension Notice and as described in the next two paragraphs,
such Debt Security will have the same terms as prior to the transmittal of such
Extension Notice.

                  Notwithstanding the foregoing, not later than 20 calendar days
prior to the Current Stated Principal Maturity of such Debt Security, the
Company may, at its option, revoke the interest rate (or the spread and/or
spread multiplier used to calculate such interest rate, if applicable) provided
for in the Extension Notice and establish an interest rate (or a spread and/or
spread multiplier used to calculate such interest rate, if applicable) that is
higher than the interest rate (or the spread and/or spread multiplier, if
applicable) provided for in the Extension Notice for the Extension Period by
causing the Trustee to transmit, in the manner provided for in Section 106,
notice of such higher interest rate (or such higher spread and/or spread
multiplier, if applicable) to the Holder of such Debt Security. Such notice
shall be irrevocable. All Debt Securities with respect to which the Current
Stated Principal Maturity is extended, and with respect to which the Holders of
such Debt Securities have not surrendered such Debt Securities for repayment (or
have validly revoked any such surrender), will bear such higher interest rate
(or such higher spread and/or spread multiplier, if applicable).

                  If the provisions of this Section 312 are made applicable to
any Debt Security and the Company notifies the Trustee of the exercise of its
option to extend the Current Stated Principal Maturity of such Debt Security,
the Holder of such Debt Security will have the option to elect repayment of such
Debt Security by the Company on the Current Stated Principal Maturity at a price
equal to the principal amount thereof plus any accrued interest to the Current
Stated Principal Maturity. In order to obtain repayment of such Debt Security on
the Current Stated Principal Maturity, the Holder must follow the procedures set
forth in Section 1503 for repayment at the option of Holders, except that (i)
the period for delivery of such Debt Security or notification to the Trustee
shall be at least 25 but not more than 35 calendar days prior to the Current
Stated Principal Maturity and (ii) if the Holder has surrendered such Debt
Security for

                                       29
<PAGE>

repayment following receipt of the Extension Notice, the Holder may
revoke such surrender for repayment prior to 5:00 P.M., New York City time, on
the tenth calendar day prior to the Current Stated Principal Maturity.

                                       30
<PAGE>

                                  ARTICLE FOUR

                          GUARANTEES OF DEBT SECURITIES

                  SECTION 401. Unconditional Guarantee.

                  The Guarantor hereby unconditionally guarantees to each Holder
of a Debt Security authenticated and delivered by the Trustee the due and
punctual payment of the principal of and premium, if any, and any interest on
such Debt Security and the due and punctual payment of the sinking fund
payments, if any, provided for pursuant to the terms of such Debt Security, when
and as the same shall become due and payable, whether at maturity, by
acceleration, redemption or otherwise, in accordance with the terms of such Debt
Security and of this Indenture. In case of the failure of the Company punctually
to pay any such principal, premium, interest or sinking fund payment, the
Guarantor hereby agrees to cause any such payment to be made punctually when and
as the same shall become due and payable, whether at maturity, upon
acceleration, redemption or otherwise, and as if such payment were made by the
Company.

                  The Guarantor hereby agrees that its obligations hereunder
shall be as principal and not merely as surety, and shall be absolute,
irrevocable and unconditional, irrespective of, and shall be unaffected by, any
invalidity, irregularity or unenforceability of such Debt Security or this
Indenture, any failure to enforce the provisions of any such Debt Security or
this Indenture, or any waiver, modification, consent or indulgence granted to
the Company with respect thereto by the Holder of such Debt Security or the
Trustee, the recovery of any judgment against the Company or any action to
enforce the same, or any other circumstances which may otherwise constitute a
legal or equitable discharge of a surety or guarantor. The Guarantor hereby
waives diligence, presentment, demand of payment, filing of claims with a court
in the event of merger, insolvency or bankruptcy of the Company, any right to
require a proceeding first against the Company, protest or notice with respect
to any such Debt Security or the indebtedness evidenced thereby and all demands
whatsoever, and covenants that the Guarantees will not be discharged except by
payment in full of the principal of and premium, if any, and interest on, and
any sinking fund payments required with respect to, the Debt Securities and the
complete performance of all other obligations contained in the Debt Securities.

                  The Guarantor shall be subrogated to all rights of the Holder
of any Debt Security against the Company in respect of any amounts paid to such
Holder by the Guarantor pursuant to the provisions of the Guarantees; provided,
however, that the Guarantor shall not be entitled to enforce, or to receive any
payments arising out of or based upon, such right of subrogation until the
principal of and premium, if any, and interest on, and any sinking fund payments
required with respect to, all Debt Securities of the same series shall have been
paid in full.

                  SECTION 402. Execution, Authentication and Delivery.

                  To evidence the Guarantees to the Holders specified in Section
401, the Guarantor hereby agrees to execute a Guarantee on each Debt Security
authenticated and delivered by the Trustee. The Guarantees shall be executed on
behalf of the Guarantor by its Chairman of the Board, one of its Vice Chairmen,
its President or one of its Vice Presidents, under its corporate

                                       31
<PAGE>

seal reproduced thereon, and attested by its Secretary or one of its Assistant
Secretaries. The signature of any of these officers on the Guarantees may be
manual or facsimile.

                  Guarantees bearing the manual or facsimile signatures of
individuals who were at any time the proper officers of the Guarantor shall bind
the Guarantor notwithstanding that such individuals or any of them have ceased
to hold such offices prior to the authentication and delivery of such Guarantees
or did not hold such offices au the date of such Guarantees. The delivery by the
Trustee of a Debt Security with such a Guarantee endorsed thereon shall, after
the authentication of such Debt Security hereunder, constitute due delivery of
such Guarantee on behalf of the Guarantor.

                  No Guarantee endorsed on any Debt Security shall be entitled
to any benefit under this Indenture or be valid or obligatory for any purpose
unless there appears on the Debt Security on which such Guarantee is endorsed a
certificate of authentication substantially in the form provided for herein
executed by the Trustee by manual signature.

                                       32
<PAGE>

                                  ARTICLE FIVE

                           SATISFACTION AND DISCHARGE

                  SECTION 501. Satisfaction and Discharge of Indenture.

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

                  (1)      either

                           (A)      all Debt Securities of such series
                  theretofore authenticated and delivered (other than (i) Debt
                  Securities of such series which have been destroyed, lost or
                  stolen and which have been replaced or paid as provided in
                  Section 306 and (ii) Debt Securities of such series for whose
                  payment money in the Required Currency 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 1103) have been
                  delivered to the Trustee for cancellation; or

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

                                    (i)      have become due and payable, or

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

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

                  and the Company or the Guarantor, in the case of (i), (ii) or
                  (iii) above, has irrevocably deposited or caused to be
                  deposited with the Trustee as trust funds in trust for the
                  purpose an amount in the Required Currency sufficient to pay
                  and discharge the entire indebtedness on such Debt Securities
                  for principal (and premium, if any) and interest to the date
                  of such deposit (in the case of Debt Securities which become
                  due and payable) or to the Stated Maturity or Redemption Date,
                  as the case may be;

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

                                       33
<PAGE>

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

                  In the event that there are Debt Securities of two or more
series hereunder, the Trustee shall be required to execute an instrument
acknowledging satisfaction and discharge of the Indenture only if requested to
do so with respect to the Debt Securities of such series as to which it is
Trustee and if the other conditions thereto are met.

                  Notwithstanding the satisfaction and discharge of this
Indenture with respect to any series of Debt Securities, the obligations of the
Company and the Guarantor pursuant to Section 115, the obligations of the
Company and the Guarantor to the Trustee under Section 707 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 502 and the last
paragraph of Section 1103 shall survive.

                  SECTION 502. Application of Trust Money.

                  Subject to the provisions of the last paragraph of Section
1103, all money deposited with the Trustee pursuant to Section 501 shall be held
in trust and applied by it, in accordance with the provisions of the Debt
Securities and this Indenture, to the payment, either directly or through any
Paying Agent (including the Company acting as its own Paying Agent) as the
Trustee may determine, to the Persons entitled thereto, of the principal (and
premium, if any) and interest for whose payment such money has been deposited
with the Trustee.

                                       34
<PAGE>

                                  ARTICLE SIX

                                    REMEDIES

                  SECTION 601. Events of Default.

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

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

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

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

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

                  (5)      if an 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 for borrowed money
         of the Company, the Guarantor or any Subsidiary (including this
         Indenture), whether such indebtedness now exists or shall hereafter be
         created, shall happen and shall result in such indebtedness in an
         amount in excess of $100,000,000 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 for a
         period of 10 days after there has been given, by registered or
         certified mail, to the Company and the Guarantor by the Trustee or to
         the Company, the Guarantor and the Trustee by the Holders of at least
         25% in aggregate principal amount of the Outstanding Debt Securities of
         such series, a written notice specifying such event of default and
         requiring it to be remedied and stating that such notice is a "Notice
         of Default" hereunder; or

                                       35
<PAGE>

                  (6)      the entry of a decree or order for relief in respect
         of the Company or the Guarantor by a court having jurisdiction in the
         premises in an involuntary case under the Federal bankruptcy laws, as
         now or hereafter constituted, or any other Federal or State bankruptcy,
         insolvency or other similar law, or appointing a receiver, liquidator,
         assignee, custodian, trustee, sequestrator (or other similar official)
         of the Company or the Guarantor or of any substantial part of its
         property, or ordering the winding up or liquidation of its affairs, and
         the continuance of any such decree or order unstayed and in effect for
         a period of 90 consecutive days; or

                  (7)      the commencement by the Company or the Guarantor of a
         voluntary case under the Federal bankruptcy laws, as now or hereafter
         constituted, or any other applicable Federal or State bankruptcy,
         insolvency or other similar law, or the consent by it to the entry of
         an order for relief in an involuntary case under any such law or to the
         appointment of a receiver, liquidator, assignee, custodian, trustee,
         sequestrator (or other similar official) of the Company or the
         Guarantor or of any substantial part of its property, or the making by
         it of an assignment for the benefit of creditors, or the admission by
         it in writing of its inability to pay its debts generally as they
         become due, or the taking of any corporate action in furtherance of any
         of the foregoing; or

                  (8)      any other Event of Default provided with respect to
         the Debt Securities of such series.

                  SECTION 602. Acceleration of Maturity; Rescission and
                               Annulment.

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

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

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

                           (A)      all overdue installments of interest on all
                  Debt Securities of such series,

                                       36
<PAGE>

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

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

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

                  (2)      all Events of Default with respect to Debt Securities
         of such series, other than the non-payment of the principal of Debt
         Securities of such series which have become due solely by such
         declaration of acceleration, have been cured or waived as provided in
         Section 613.

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

                  SECTION 603. Collection of Indebtedness and Suits for
                               Enforcement by Trustee.

                  The Company and the Guarantor covenant that if:

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

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

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

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

                                       37
<PAGE>

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

                  SECTION 604. Trustee May File Proofs of Claim.

                  In case of the pendency of any receivership, insolvency,
liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or
other judicial proceedings, or any voluntary or involuntary case under the
Federal bankruptcy laws as now or hereafter constituted, relative to the Company
or any other obligor upon the Debt Securities of a particular series or the
property of the Company, the Guarantor or such other obligor or their creditors,
the Trustee (irrespective of whether the principal of such Debt 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 or
the Guarantor for the payment of overdue principal or interest) shall be
entitled and empowered, by intervention in such proceeding or otherwise,

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

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

and any receiver, assignee, trustee, custodian, liquidator, sequestrator (or
other similar official) in any such proceeding is hereby authorized by each
Holder (i) to make such payments to the Trustee, and (ii) in the event that the
Trustee shall consent to the making of such payments directly to the Holders, to
pay to the Trustee any amount due it for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, and any other
amounts due the Trustee under Section 707.

                  Nothing herein contained shall be deemed to authorize the
Trustee to authorize or consent to or accept or adopt on behalf of any Holder
any plan of reorganization, arrangement, adjustment or composition affecting the
Debt Securities or the rights of any Holder thereof, or to authorize the Trustee
to vote in respect of the claim of any Holder in any such proceeding.

                  SECTION 605. Trustee May Enforce Claims without Possession of
                               Debt Securities.

                  All rights of action and claims under this Indenture or the
Debt Securities or the related Guarantees may be prosecuted and enforced by the
Trustee without the possession of any of the Debt Securities or the production
thereof in any proceeding relating thereto, and any such proceeding instituted
by the Trustee shall be brought in its own name, as trustee of an express

                                       38
<PAGE>

trust, and any recovery of judgment shall, after provision for the payment of
the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel, be for the ratable benefit of the Holders of
the Debt Securities in respect of which such judgment has been recovered.

                  SECTION 606. Application of Money Collected.

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

                  FIRST: To the payment of all amounts due the Trustee under
                         Section 707;

                  SECOND: To the payment of the amounts then due and unpaid for
         principal of (and premium, if any) and interest on the Debt Securities,
         in respect of which or for the benefit of which such money has been
         collected ratably, without preference or priority of any kind,
         according to the amounts due and payable on such Debt Securities for
         principal (and premium, if any) and interest, respectively. The Holders
         of each series of Debt Securities denominated in a Foreign Currency
         shall be entitled to receive a ratable portion of the amount determined
         by an Exchange Rate Agent by converting the principal amount
         Outstanding of such series of Debt Securities in the currency in which
         such series of Debt Securities is denominated into Dollars at the
         Exchange Rate as of the date of declaration of acceleration of the
         Maturity of the Debt Securities (or, if there is no such rate on such
         date for the reasons specified in Section 311(d) of the Indenture, such
         rate on the date specified in such Section); and

                  THIRD: The balance, if any, to the Person or Persons entitled
                         thereto.

                  SECTION 607. Limitation on Suits.

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

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

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

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

                                       39
<PAGE>

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

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

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

                  SECTION 608. Unconditional Right of Holders to Receive
                               Principal, Premium (if any) and Interest.

                  Notwithstanding any other provision in this Indenture, the
Holder of any Debt Security shall have the right, which is absolute and
unconditional, to receive payment of the principal of (and premium, if any) and
(subject to Section 307) interest on such Debt Security on the respective Stated
Maturity or Maturities expressed in such Debt Security (or, in the case of
redemption, on the Redemption Date or, in the case of repayment, on the
Repayment 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.

                  SECTION 609. Restoration of Rights and Remedies.

                  If the Trustee or any Holder has instituted any proceeding to
enforce any right or remedy under this Indenture and such proceeding has been
discontinued or abandoned for any reason, or has been determined adversely to
the Trustee or to such Holder, then and in every such case the Company, the
Guarantor, the Trustee and the Holders 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
the Holders shall continue as though no such proceeding had been instituted.

                  SECTION 610. Rights and Remedies Cumulative.

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

                  SECTION 611. Delay or Omission Not Waiver.

                  No delay or omission of the Trustee or of any Holder of any
Debt Security to exercise any right or remedy accruing upon any Event of Default
shall impair any such right or

                                       40
<PAGE>

remedy or constitute a waiver of any such Event of Default or an acquiescence
therein. Every right and remedy given by this Article or by law to the Trustee
or to the Holders may be exercised from time to time, and as often as may be
deemed expedient, by the Trustee or by the Holders, as the case may be.

                  SECTION 612. Control by Holders.

                  The Holders of a majority in aggregate principal amount of the
Outstanding Debt 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 Debt Securities of such series, provided, that the Trustee shall
have the right to decline to follow any such direction

                  (1)      if the Trustee being advised by counsel shall
         determine that the action so directed may not lawfully be taken, or if
         the Trustee in good faith shall, by a Responsible Officer or Officers
         of the Trustee, determine that the proceedings would be illegal or in
         conflict with this Indenture or involve it in personal liability; and

                  (2)      subject to the provisions of Section 701, if the
         Trustee in good faith shall, by a Responsible Officer or Responsible
         Officers of the Trustee, determine that the proceeding so directed
         would be unjustly prejudicial to the Holders of Debt Securities of such
         series not joining in any such direction, and the Trustee may take any
         other action deemed proper by the Trustee which is not inconsistent
         with such direction.

                  SECTION 613. Waiver of Past Defaults.

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

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

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

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

                  SECTION 614. Undertaking for Costs.

                  All parties to this Indenture agree, and each Holder of any
Debt Security by his acceptance thereof shall be deemed to have agreed, that any
court may in its discretion require, in any suit for the enforcement of any
right or remedy under this Indenture, or in any suit against the Trustee for any
action taken, suffered or omitted by it as Trustee, the filing by any party

                                       41
<PAGE>

litigant in such suit of an undertaking to pay the costs of such suit, and that
such court may in its discretion assess reasonable costs, including reasonable
attorneys' fees, against any party litigant in such suit, having due regard to
the merits and good faith of the claims or defenses made by such party litigant;
but the provisions of this Section shall not apply to any suit instituted by the
Trustee, to any suit instituted by any Holder, or group of Holders, holding more
than 10% in aggregate principal amount of the Outstanding Debt Securities of any
series, or to any suit instituted by any Holder for the enforcement of the
payment of the principal of (or premium, if any) or interest on any Debt
Security on or after the respective Stated Maturity or Maturities expressed in
such Debt Security (or, in the case of redemption or repayment, on or after the
related Redemption Date or Repayment Date, as the case may be).

                  SECTION 615. Waiver of Stay or Extension Laws.

                  The Company and the Guarantor covenant (to the extent that
they may lawfully do so) that they 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
and the Guarantor (to the extent that they may lawfully do so) hereby expressly
waive all benefit or advantage of any such law, and covenant 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.

                                       42
<PAGE>

                                 ARTICLE SEVEN

                                  THE TRUSTEE

                  SECTION 701. Certain Duties and Responsibilities.

                  (a)      With respect to Debt Securities of any series, except
during the continuance of an Event of Default with respect to the Debt
Securities of such series,

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

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

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

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

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

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

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

                  (d)      No provision of this Indenture shall require the
Trustee to expend or risk its own funds or otherwise incur any financial
liability in the performance of any of its duties hereunder, or in the exercise
of any of its rights or powers, if it shall have reasonable grounds for

                                       43
<PAGE>

believing that repayment of such funds or adequate indemnity against such risk
or liability is not reasonably assured to it.

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

                  SECTION 702. Notice of Defaults.

                  Within 90 days after the occurrence of any default hereunder
with respect to Debt Securities of any series, the Trustee shall transmit by
mail to all Holders of Debt Securities of such series, as their names and
addresses appear in the Security Register, notice of such default hereunder
known to the Trustee, unless such default shall have been cured or waived;
provided, however, that, except in the case of a default in the payment of the
principal of (or premium, if any) or interest on any Debt Security of such
series or in the payment of any sinking fund installment with respect to Debt
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 interest of the
Holders of Debt Securities of such series; and provided, further, that in the
case of any default of the character specified in Section 601(4) with respect to
Debt Securities of such series no such notice to Holders shall be given until at
least 30 days after the occurrence thereof. For the purpose of this Section, the
term "default" means any event which is, or after notice or lapse of time or
both would become, an Event of Default with respect to Debt Securities of such
series.

                  SECTION 703. Certain Rights of Trustee.

                  Subject to Sections 315(a) through (d) of the Trust Indenture
Act:

                  (a)      the Trustee may exclusively rely and shall be fully
         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 believed by it to be genuine and to have been signed or
         presented by the proper party or parties;

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

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

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

                                       44
<PAGE>

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

                  (f)      the Trustee shall not be bound to make any
investigation into the facts or matters stated in any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent,
order, bond, debenture, note, other evidence of indebtedness or other paper or
document, but the Trustee, in its discretion, may make such further inquiry or
investigation into such facts or matters as it may see fit, and, if the Trustee
shall determine to make such further inquiry or investigation, it shall be
entitled to examine the books, records and premises of the Company or the
Guarantor relevant to the facts or matters that are the subject of its inquiry,
personally or by agent or attorney at the sole cost of the Company and shall
incur no liability or additional liability of any kind by reason of such inquiry
or investigation;

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

                  (h)      the Trustee shall not be charged with knowledge of
any Event of Default with respect to the Debt Securities of any series for which
it is acting as Trustee unless either (1) a Responsible Officer of the Trustee
shall have actual knowledge of the Event of Default or (2) written notice of
such Event of Default shall have been given to the Trustee by the Company or the
Guarantor or any other obligor on such Debt Securities or by any Holder of such
Debt Securities;

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

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

                  SECTION 704. Not Responsible for Recitals or Issuance of Debt
                               Securities.

                  The recitals contained herein and in the Debt Securities,
except the Trustee's certificates of authentication, shall be taken as the
statements of the Company or the Guarantor, as the case may be, and the Trustee
assumes no responsibility for their correctness. The Trustee makes no
representations as to the validity or sufficiency of this Indenture or of the
Debt Securities of any series or the related Guarantees. The Trustee shall not
be accountable for the use or application by the Company or the Guarantor of any
Debt Securities or the proceeds thereof.

                                       45
<PAGE>

                  SECTION 705. May Hold Debt Securities.

                  The Trustee, any Paying Agent, the Security Registrar or any
other agent of the Company or the Guarantor, in its individual or any other
capacity, may become the owner or pledgee of Debt Securities, and, subject to
Sections 310(b) and 311 of the Trust Indenture Act, may otherwise deal with the
Company and the Guarantor with the same rights it would have if it were not
Trustee, Paying Agent, Security Registrar or such other agent.

                  SECTION 706. Money Held in Trust.

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

                  SECTION 707. Compensation and Reimbursement.

                  The Company and the Guarantor agree

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

                  (2)      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
         those incurred in connection with any application to the Commission for
         a stay pursuant to Section 310(b) of the Trust Indenture Act (whether
         or not granted) and 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

                  (3)      to indemnify the Trustee for, and to hold it harmless
         against, any loss, liability or expense (including attorneys' fees and
         expenses) incurred without negligence or bad faith on its part, arising
         out of or in connection with the acceptance or administration of this
         trust or performance of its duties hereunder, including the costs and
         expenses of defending itself against any claim (whether asserted by the
         Company, or any Holder or any other Person) or liability in connection
         with the exercise or performance of any of its powers or duties
         hereunder.

                  As security for the performance of the obligations of the
Company and the Guarantor under this Section the Trustee shall have a claim
prior to the Debt Securities upon all property and funds held or collected by
the Trustee as such, except funds held in trust for the payment of principal of
(and premium, if any) or interest on Debt Securities.

                                       46
<PAGE>

                  SECTION 708. Corporate Trustee Required; Eligibility.

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

                  SECTION 709. Resignation and Removal; Appointment of
                               Successor.

                  (a)      No resignation or removal of the Trustee and no
appointment of a successor Trustee pursuant to this Article shall become
effective until the acceptance of appointment by the successor Trustee under
Section 710.

                  (b)      The Trustee may resign at any time with respect to
the Debt Securities of one or more series by giving written notice thereof to
the Company and the Guarantor. 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 resignation (or notice of removal pursuant to the
following paragraph (c)), the resigning Trustee may, at the cost of the Company,
petition any court of competent jurisdiction for the appointment of a successor
Trustee with respect to the Debt Securities of such series.

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

                  (d)      If at any time:

                  (1)      the Trustee shall fail to comply with the obligations
         imposed upon it under Section 310(b) of the Trust Indenture Act with
         respect to the Debt Securities of any series after written request
         therefor by the Company or the Guarantor or by any Holder who has been
         a bona fide Holder of a Debt Security of such series for at least six
         months, or

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

                  (3)      the Trustee shall become incapable of acting or a
         decree or order for relief by a court having jurisdiction in the
         premises shall have been entered in respect of the Trustee in an
         involuntary case under the Federal bankruptcy laws, as now or hereafter
         constituted, or any other applicable Federal or State bankruptcy,
         insolvency or similar law; or a decree or order by a court having
         jurisdiction in the premises shall have been entered for the
         appointment of a receiver, custodian, liquidator, assignee, trustee,
         seques-trator (or other similar official) of the Trustee or of its
         property or affairs, or any public

                                       47
<PAGE>

         officer shall take charge or control of the Trustee or of its property
         or affairs for the purpose of rehabilitation, conservation, winding up
         or liquidation; or

                  (4)      the Trustee shall commence a voluntary case under the
         Federal bankruptcy laws, as now or hereafter constituted, or any other
         applicable Federal or State bankruptcy, insolvency or similar law or
         shall consent to the appointment of or taking possession by a receiver,
         custodian, liquidator, assignee, trustee, sequestrator (or other
         similar official) of the Trustee or its property or affairs, or shall
         make an assignment for the benefit of creditors, or shall admit in
         writing its inability to pay its debts generally as they become due, or
         shall take corporate action in furtherance of any such action,

then, in any such case, (i) the Company or the Guarantor, by a Board Resolution,
may remove the Trustee with respect to all Debt Securities or the Debt
Securities of such series, or (ii) subject to Section 315(e) of the Trust
Indenture Act, any Holder who has been a bona fide Holder of a Debt 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 for the Debt Securities of such series and the appointment of a
successor Trustee.

                  (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 Debt Securities of one or more series, the
Company or the Guarantor, by or pursuant to a Board Resolution, shall promptly
appoint a successor Trustee or Trustees with respect to the Debt Securities of
that or those series (it being understood that any such successor Trustee may be
appointed with respect to the Debt 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
Debt Securities of any particular series) and shall comply with the applicable
requirements of Section 710. If, within one year after such resignation, removal
or incapability, or the occurrence of such vacancy, a successor Trustee with
respect to the Debt Securities of any series shall be appointed by Act of the
Holders of a majority in aggregate principal amount of the Outstanding Debt
Securities of such series delivered to the Company, the Guarantor and the
retiring Trustee, the successor Trustee so appointed shall, forthwith upon its
acceptance of such appointment, become the successor Trustee with respect to the
Debt Securities of such series and to that extent supersede the successor
Trustee appointed by the Company if no successor Trustee with respect to the
Debt Securities of any series shall have been so appointed by the Company or the
Guarantor or the Holders and accepted appointment in the manner hereinafter
provided, any Holder who has been a bona fide Holder of a Debt 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 Debt Securities of such
series.

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

                                       48
<PAGE>

                  SECTION 710. Acceptance of Appointment by Successor.

                  (a)      In the case of an appointment hereunder of a
successor Trustee with respect to all Debt Securities, every such successor
Trustee so appointed shall execute, acknowledge and deliver to the Company, the
Guarantor and to the retiring Trustee an instrument accepting such appointment,
and thereupon the resignation or removal of the retiring Trustee shall become
effective and such successor Trustee, without any further act, deed or
conveyance, shall become vested with all the rights, powers, trusts and duties
of the retiring Trustee; but, on request of the Company, the Guarantor 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 to its lien, if any, provided for in
Section 707.

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

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

                                       49
<PAGE>

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

                  SECTION 711. Merger, Conversion, Consolidation or Succession
                               to Business.

                  Any corporation into which the Trustee may be merged or
converted or with which it may be consolidated, or any corporation resulting
from any merger, conversion or consolidation to which the Trustee shall be a
party, or any corporation succeeding to all or substantially all 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 Debt 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 Debt Securities so authenticated
with the same effect as if such successor Trustee had itself authenticated such
Debt Securities. In case any Debt Securities shall not have been authenticated
by such predecessor Trustee, any such successor Trustee, by merger, conversion
or consolidation, may authenticate and deliver such Debt Securities, in either
its own name or that of its predecessor Trustee, with the full force and effect
which this Indenture provides for the certificate of authentication of the
Trustee.

                                       50
<PAGE>

                                  ARTICLE EIGHT

          HOLDERS' LISTS AND REPORTS BY TRUSTEE, COMPANY AND GUARANTOR

                  SECTION 801. Company and Guarantor to Furnish Trustee Names
                               and Addresses of Holders.

                  In accordance with Section 312(a) of the Trust Indenture Act,
the Company and the Guarantor will furnish or cause to be furnished to the
Trustee with respect to Debt Securities of each series for which it acts as
Trustee:

                  (a)      semiannually, not more than 15 days after the Regular
Record Date in respect of the Debt Securities of such series or on June 30 and
December 31 of each year with respect to each series of Debt Securities for
which there are no Regular Record Dates, a list, in such form as the Trustee may
reasonably require, of the names and addresses of the Holders as of such Regular
Record Date or June 15 or December 15, as the case may be, and

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

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

                  SECTION 802. Preservation of Information; Communications to
                               Holders.

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

                  (b)      Every Holder of Debt Securities, by receiving and
holding the same, agrees with the Company, the Guarantor and the Trustee that
neither the Company, the Guarantor nor the Trustee shall be held accountable by
reason of the disclosure of any such information as to the names and addresses
of the Holders in accordance with Section 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.

                  SECTION 803. Reports by Trustee.

                  (a)      Within 120 days after December 31 of each year
commencing with the first December 31 after the first issuance of Securities
pursuant to this Indenture the Trustee shall transmit to the Holders of
Securities, in the manner and to the extent provided in Section 313(c) of the
Trust Indenture Act, a brief report based as of such December 31, if required by
Section 313(a) of the Trust Indenture Act. The Trustee also shall comply with
Section 313(b) of the Trust Indenture Act and shall transmit to Holders such
other reports, if any, as may be required pursuant to the Trust Indenture Act.

                                       51
<PAGE>

                  (b)      Reports pursuant to this Section shall be transmitted
in the manner and to the Persons required by Sections 313(c) and 313(d) of the
Trust Indenture Act.

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

                  SECTION 804. Reports by Company and Guarantor.

                  The Company and the Guarantor, pursuant to Section 314(a) of
the Trust Indenture Act, will:

                  (1)      file with the Trustee, within 15 days after the
         Company or the Guarantor, as the case may be, is required to file the
         same with the Commission, copies of the annual reports and of the
         information, documents and other reports (or copies of such portions of
         any of the foregoing as the Commission may from time to time by rules
         and regulations prescribe) which the Company or the Guarantor 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 or the
         Guarantor is not required to file information, documents or reports
         pursuant to either of said Sections, then it will 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;

                  (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 and the Guarantor, as the case may
         be, with the conditions and covenants of this Indenture as may be
         required from time to time by such rules and regulations; and

                  (3)      transmit by mail to all Holders, as their names and
         addressees appear in the Security Register, within 30 days after the
         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 or the Guarantor 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.

                                       52
<PAGE>

                                  ARTICLE NINE

                 CONSOLIDATION, MERGER, CONVEYANCE OR TRANSFER

                  SECTION 901. Company May Consolidate, etc., Only on Certain
                               Terms.

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

                  (1)      the corporation formed by such consolidation or into
         which the Company is merged or the Person which acquires by conveyance
         or transfer 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 political subdivision thereof
         or any State thereof and shall expressly assume, by an indenture
         supplemental hereto, executed and delivered to the Trustee, in form
         satisfactory to the Trustee, the due and punctual payment of the
         principal of (and premium, if any) and interest on all the Debt
         Securities and the performance of every covenant of this Indenture on
         the part of the Company to be performed or observed;

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

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

                  (4)      the Guarantor has delivered to the Trustee an
         Officer's Certificate and an Opinion of Counsel, each stating that the
         Guarantor's obligations hereunder shall remain in full force and effect
         thereafter.

                  SECTION 902. Successor Corporation Substituted.

                  Upon any consolidation with or merger into any other
corporation, or any conveyance or transfer of the properties and assets of the
Company substantially as an entirety in accordance with Section 901, the
successor corporation formed by such consolidation or into which the Company is
merged or the successor Person to which such conveyance or transfer is made
shall succeed to, and be substituted for, and may exercise every right and power
of, the Company under this Indenture with the same effect as if such successor
had been named as the Company herein, and thereafter the predecessor corporation
shall be relieved of all obligations and covenants under this Indenture and the
Debt Securities.

                  SECTION 903. Guarantor May Consolidate, etc., Only on Certain
                               Terms.

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

                                       53
<PAGE>

                  (1)      the corporation formed by such consolidation or into
         which the Guarantor is merged or the Person which acquires by
         conveyance or transfer the properties and assets of the Guarantor
         substantially as an entirety shall be a corporation organized and
         existing under the laws of the United States of America, any political
         subdivision thereof or any State thereof and shall expressly assume, by
         an indenture supplemental hereto, executed and delivered to the
         Trustee, in form satisfactory to the Trustee, the Guarantees endorsed
         on the Debt Securities and the performance of every covenant of this
         Indenture on the part of the Guarantor to be performed or observed;

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

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

                  SECTION 904. Successor Corporation Substituted.

                  Upon any consolidation with or merger into any other
corporation, or any conveyance or transfer of the properties and assets of the
Guarantor substantially as an entirety in accordance with Section 903, the
successor corporation formed by such consolidation or into which the Guarantor
is merged or the successor Person to which such conveyance or transfer is made
shall succeed to, and be substituted for, and may exercise every right and power
of, the Guarantor under this Indenture with the same effect as if such successor
had been named as the Guarantor herein, and thereafter the predecessor
corporation shall be relieved of all obligations and covenants under this
Indenture and the Guarantees.

                  SECTION 905. Assumption by Guarantor.

                  The Guarantor, or a Subsidiary thereof, may directly assume,
by an indenture supplemental hereto, executed and delivered to the Trustee, in
form satisfactory to the Trustee, the due and punctual payment of the principal
of (and premium, if any) and interest on all the Debt Securities and the
performance of every covenant of this Indenture on the part of the Company to be
performed or observed. Upon any such assumption, the Guarantor or such
Subsidiary 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 the
Guarantor or such Subsidiary had been named as the Company herein and the
Company shall be released from its liability as obligor on the Debt Securities.
No such assumption shall be permitted unless the Guarantor has delivered to the
Trustee an Officers' Certificate and an Opinion of Counsel, each stating that
such assumption and supplemental indenture comply with this Article, and that
all conditions precedent herein provided for relating to such transaction have
been complied with and that, in the event of assumption by a Subsidiary, the
Guarantees remain in full force and effect.

                                       54
<PAGE>

                                   ARTICLE TEN

                             SUPPLEMENTAL INDENTURES

                  SECTION 1001. Supplemental Indentures without Consent of
                                Holders.

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

                  (1)      to evidence the succession of another corporation to
         the Company or the Guarantor and the assumption by such successor of
         the obligations and covenants of the Company or the Guarantor herein
         and in the Debt Securities or the related Guarantees, as the case may
         be; or

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

                  (3)      to add any additional Events of Default (and if such
         Events of Default are to be applicable to less than all series of Debt
         Securities, stating that such Events of Default are expressly being
         included solely to be applicable to such series); or

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

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

                  (6)      to establish the form or terms of Debt Securities of
         any series as permitted by Sections 202 and 301; or

                  (7)      to evidence and provide for the acceptance of
         appointment hereunder by a successor Trustee with respect to the Debt
         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 710; or

                  (8)      to secure the Debt Securities; or

                                       55
<PAGE>

                  (9)      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 any provision of this Indenture, provided such other
         provisions shall not adversely affect the interests of the Holders of
         Debt Securities of any series in any material respect; or

                  (10)     to modify, eliminate or add to the provisions of this
         Indenture to such extent as shall be necessary to effect the
         qualification of this Indenture under the Trust Indenture Act or under
         any similar federal statute hereafter enacted and to add to this
         Indenture such other provisions as may be expressly required under the
         Trust Indenture Act; or

                  (11)     to effect the assumption by the Guarantor or a
         Subsidiary thereof pursuant to Section 905.

                  SECTION 1002. Supplemental Indentures with Consent of Holders.

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

                  (1)      change the Stated Principal Maturity (except as
         permitted pursuant to Section 312 hereof) of the principal of, or
         change the Stated Maturity of any installment of interest on, any Debt
         Security, or reduce the principal amount thereof or, except as
         permitted pursuant to Section 307(b) hereof, the interest thereon or
         any premium payable upon redemption or repayment thereof, or reduce the
         amount of the principal of an Original Issue Discount Security that
         would be due and payable upon a declaration of acceleration of the
         Maturity thereof pursuant to Section 602, or adversely affect any right
         of repayment at the option of a Holder of any Debt Security, or reduce
         the amount of, or postpone the date fixed for, any payment under any
         sinking fund or analogous provisions of any Debt Security, or change
         any Place of Payment, or the coin or currency or currency unit in which
         any Debt Security or the interest thereon is payable, or change or
         eliminate the rights of a Holder under Section 311, 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 or
         repayment, on or after the Redemption Date or the Repayment Date, as
         the case may be), or

                  (2)      reduce the percentage in aggregate principal amount
         of the Outstanding Debt 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

                                       56
<PAGE>

         compliance with certain provisions of this Indenture or certain
         defaults hereunder and their consequences) provided for in this
         Indenture, or

                  (3)      modify any of the provisions of this Section or
         Section 613, 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 Debt Security
         affected thereby, or

                  (4)      modify or effect in any manner adverse to the Holders
         the terms and conditions of the obligations of the Guarantor in respect
         of the due and punctual payments of principal of, or premium, if any,
         or interest on, or sinking fund requirements, if any, with respect to,
         the Debt Securities.

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

                  A 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 Debt Securities, or
which modifies the rights of the Holders of Debt 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 Debt Securities of any other
series.

                  SECTION 1003. Execution of Supplemental Indentures.

                  In executing, or accepting the additional trusts created by,
any supplemental indenture permitted by this Article or the modifications
thereby of the trusts created by this Indenture, the Trustee shall be entitled
to receive, and (subject to Section 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. The Trustee may, but shall not be obligated to, enter into any such
supplemental indenture which affects the Trustee's own rights, duties or
immunities under this Indenture or otherwise.

                  SECTION 1004. Effect of Supplemental Indentures.

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

                  SECTION 1005. Notice to Holders.

                  Promptly after the execution by the Company and the Trustee of
any supplemental indenture under Section 1002 of this Article, the Company shall
transmit by mail a notice, setting forth in general terms the substance of such
supplemental indenture, to all Holders of Debt Securities, as the names and
addresses of such Holders appear on the Security Register for each series of
Debt Securities.

                                       57
<PAGE>

                  SECTION 1006. Conformity with Trust Indenture Act.

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

                  SECTION 1007. Reference in Debt Securities to Supplemental
                                Indentures.

                  Debt 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 or the Trustee shall so determine, new Debt 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 Debt
Securities of such series.

                                       58
<PAGE>

                                 ARTICLE ELEVEN

                                    COVENANTS

                  SECTION 1101. Payment of Principal, Premium and Interest.

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

                  SECTION 1102. Maintenance of Office or Agency.

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

                  The Company or the Guarantor may also from time to time
designate one or more other offices or agencies (in or outside of such Place of
Payment) where the Debt Securities of one or more series may be presented or
surrendered for any or all of 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 or the Guarantor of their obligation to
maintain an office or agency in each Place of Payment for any series of Debt
Securities, for such purposes. The Company or the Guarantor will give prompt
written notice to the Trustee of any such designation and any change in the
location of any such other office or agency.

                  Unless otherwise set forth in, or pursuant to, a Board
Resolution or indenture supplemental hereto with respect to a series of Debt
Securities, the Company and the Guarantor hereby initially designate as the
Place of Payment for each series of Debt Securities, the Borough of Manhattan,
The City and State of New York, and initially appoint the Trustee at its
Corporate Trust Office as the Company's office or agency for each such purpose
in such city.

                  SECTION 1103. Money for Debt Securities Payments to Be Held in
                                Trust.

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

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<PAGE>

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

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

                  (1)      hold all sums held by it for the payment of the
         principal of (and premium, if any) or interest on Debt Securities of
         such series in trust for the benefit of the Persons entitled thereto
         until such sums shall be paid to such Persons or otherwise disposed of
         as herein provided;

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

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

                  The Company or the Guarantor 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 or Guarantor Order direct any Paying Agent to
pay, to the Trustee all sums held in trust by the Company or such Paying Agent,
such sums to be held by the Trustee upon the same trusts as those upon which
such sums were held by the Company or such Paying Agent; and, upon such payment
by any Paying Agent to the Trustee, such Paying Agent shall be released from all
further liability with respect to such money.

                  Unless otherwise specified as contemplated by Section 301, any
money deposited with the Trustee or any Paying Agent, or then held by the
Company, in trust for the payment of the principal of (and premium, if any) or
interest on any Debt 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 deposited by the
Guarantor, paid to the Guarantor or Guarantor Request), or (if then held by the
Company) shall be discharged from such trust; and the Holder of such Debt
Security shall thereafter, as an unsecured general creditor, look only to the
Company and the Guarantor 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 a newspaper
published in the English

                                       60
<PAGE>

language, customarily published on each Business Day and of general circulation
in the Borough of Manhattan, The City and State of New York, and each Place of
Payment with respect to Debt Securities of the series with respect to which such
moneys are so held or cause to be mailed to each such Holder, 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, any unclaimed balance of such money then remaining will be repaid to
the Company or the Guarantor, as the case may be.

                  SECTION 1104. Investment Company Act.

                  The Company will not take any action if as a result thereof it
would be required to register as an investment company under the Investment
Company Act of 1940, as amended.

                  SECTION 1105. Officers' Certificate as to Default.

                  The Company and the Guarantor will each deliver to the
Trustee, on or before a date not more than four months after the end of their
fiscal year ending after the date hereof, an Officers' Certificate from their
principal executive officer, principal financial officer or principal accounting
officer, stating whether or not to the best knowledge of the signers thereof the
Company or the Guarantor, as the case may be, is in default in the performance
and observance of any of the terms, provisions and conditions of this Indenture
(without regard to any period of grace or requirement of notice provided
hereunder), and, if the Company or the Guarantor, as the case may be, shall be
in default, specifying all such defaults and the nature thereof of which they
may have knowledge.

                  The Company and the Guarantor will deliver written notice to
the Trustee five days after any officer thereof has knowledge of the occurrence
of any event which with the giving of notice or the lapse of time or both would
become an Event of Default under Subsection (5) of Section 601.

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<PAGE>

                                 ARTICLE TWELVE

                         REDEMPTION OF DEBT SECURITIES

                  SECTION 1201. Applicability of Article.

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

                  SECTION 1202. Election to Redeem, Notice to Trustee.

                  The election of the Company to redeem any Debt Securities
shall be evidenced by a Board Resolution. In case of any redemption at the
election of the Company of less than all of the Debt Securities of any series,
the Company shall, at least 60 days prior to the Redemption Date fixed by the
Company (unless a shorter notice shall be satisfactory to the Trustee), notify
the Trustee of such Redemption Date and of the principal amount of Debt
Securities of such series to be redeemed. In the case of any redemption of Debt
Securities prior to the expiration of any restriction on such redemption
provided in the terms of such Debt Securities or elsewhere in this Indenture,
the Company shall furnish the Trustee with an Officers' Certificate evidencing
compliance with such restriction.

                  SECTION 1203. Selection by Trustee of Debt Securities to Be
                                Redeemed.

                  If less than all the Debt Securities of any series are to be
redeemed, the particular Debt Securities to be redeemed shall be selected not
more than 60 days prior to the Redemption Date by the Trustee, from the
Outstanding Debt 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 (equal to the minimum
authorized denomination for Debt Securities of such series or any integral
multiple thereof) of the principal amount of Debt Securities of such series of a
denomination larger than the minimum authorized denomination for Debt Securities
of such series.

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

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

                  SECTION 1204. Notice of Redemption.

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

                                       62
<PAGE>

                  All notices of redemption shall state:

                  (1)      the Redemption Date,

                  (2)      the Redemption Price,

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

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

                  (5)      the Place or Places of Payment where such Debt
         Securities are to be surrendered for payment of the Redemption Price,

                  (6)      that the redemption is in connection with a sinking
         fund, if such is the case, and

                  (7)      if applicable, the CUSIP number for such Debt
         Security.

                  Notice of redemption of Debt Securities to be redeemed at the
election of the Company shall be given by the Company or, at the Company's
request, by the Trustee in the name and at the expense of the Company.

                  SECTION 1205. Deposit of Redemption Price.

                  On or prior to any Redemption Date, the Company shall deposit
with the Trustee or with a Paying Agent (or, if the Company is acting as its own
Paying Agent, segregate and hold in trust as provided in Section 1103) an amount
of money in the currency in which the Debt Securities of such series are payable
(except as otherwise specified pursuant to Section 301 for the Debt Securities
of such series and except, if applicable, as provided in Section 311) sufficient
to pay the Redemption Price of, and (unless otherwise specified pursuant to
Section 301 for the Debt Securities of such series and the Redemption Date is an
Interest Payment Date) accrued interest on, all the Debt Securities or portion
thereof, as the case may be, which are to be redeemed on that date.

                  SECTION 1206. Debt Securities Payable on Redemption Date.

                  Notice of redemption having been given as aforesaid, the Debt
Securities so to be redeemed shall become due and payable and shall be paid by
the Company on the Redemption Date and at the Redemption Price therein specified
and on and after such Redemption Date (unless the Company shall default in the
payment of the Redemption Price and any accrued interest in respect of such Debt
Securities on such Redemption Date) such Debt Securities shall, if the same were
interest bearing, cease to bear interest. Upon surrender of any such Debt
Security for redemption in accordance with said notice, the Redemption Price of
such Debt Security so to be repaid shall be paid by the Company, together with
accrued interest, if any, to

                                       63
<PAGE>

the Redemption Date; provided, however, that installments of interest, if any,
on an Interest Payment Date that is prior to the Redemption Date (or, if
specified pursuant to Section 301, that is on the Redemption Date) shall be
payable (but without interest thereon, unless the Company shall default in
payment thereof) to the Holder of such Debt Security, or one or more Predecessor
Securities, registered as such at 5:00 P.M., New York City time, on the relevant
Record Date according to its or their terms and the provisions of Section 307.

                  If any Debt Security called for redemption shall not be so
paid upon surrender thereof, the Redemption Price shall, until paid, bear
interest from the Redemption Date at the rate of interest (or the manner of
calculating the rate of interest) applicable to such Debt Security on the day
prior to the Redemption Date or, in the case of an Original Issue Discount
Security, at the yield to maturity of such Original Issue Discount Security.

                  SECTION 1207. Debt Securities Redeemed in Part.

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

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                                ARTICLE THIRTEEN

                                 SINKING FUNDS

                  SECTION 1301. Applicability of Article.

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

                  The minimum amount of any sinking fund payment provided for by
the terms of Debt Securities of any series is herein referred to as a "mandatory
sinking fund payment," and any payment in excess of such minimum amount provided
for by the terms of Debt Securities of any series is herein referred to as an
"optional sinking fund payment." If provided for by the terms of Debt Securities
of any series, the amount of any cash sinking fund payment may be subject to
reduction as provided in Section 1302. Each sinking fund payment shall be
applied to the redemption of Debt Securities of any series as provided for by
the terms of Debt Securities of such series.

                  SECTION 1302. Satisfaction of Sinking Fund Payments with Debt
                                Securities.

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

                  SECTION 1303. Redemption of Debt Securities for Sinking Fund.

                  Not less than 60 days prior to each sinking fund payment date
for any series of Debt Securities (unless a shorter period shall be satisfactory
to the Trustee), the Company will deliver to the Trustee an Officers'
Certificate specifying the amount of the next ensuing sinking fund payment for
that series pursuant to the terms of that series, the portion thereof, if any,
which is to be satisfied by payment of cash, the portion thereof, if any, which
is to be satisfied by crediting Debt Securities of than series pursuant to
Section 1302 and, prior to or concurrently with the delivery of such Officers'
Certificate, will also deliver to the Trustee any Debt Securities to be so
credited and not theretofore delivered to the Trustee. Not less than 45 days
(unless a shorter period shall be satisfactory to the Trustee) before each such
sinking fund payment date the Trustee shall select the Debt Securities to be
redeemed upon such sinking fund payment date in the manner specified in Section
1203 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

                                       65
<PAGE>

1204. Such notice having been duly given, the redemption of such Debt Securities
shall be made upon the terms and in the manner stated in Sections 1205, 1206 and
1207.

                                       66
<PAGE>

                                ARTICLE FOURTEEN

                                   DEFEASANCE

                  SECTION 1401. Applicability of Article.

                  If, pursuant to Section 301, provision is made for the
defeasance of Debt Securities of a series, then the provisions of this Article
shall be applicable except as otherwise specified as contemplated by Section 301
for Debt Securities of such series.

                  SECTION 1402. Defeasance Upon Deposit of Moneys or U.S.
                                Government Obligations.

                  At the Company's option, either (a) the Company shall be
deemed to have been Discharged (as defined below) from its obligations with
respect to Debt Securities of any series on the 91st day after the applicable
conditions set forth below have been satisfied or (b) the Company shall cease to
be under any obligation to comply with any term, provision or condition set
forth in Section 901, with respect to Debt Securities of any series at any time
after the applicable conditions set forth below have been satisfied:

                  (1)      the Company shall have deposited or caused to be
         deposited irrevocably with the Trustee as trust funds in trust,
         specifically pledged as security for, and dedicated solely to, the
         benefit of the Holders of the Debt Securities of such series (i) money
         in the Required Currency in an amount, or (ii) in the case of Debt
         Securities denominated in Dollars, U.S. Government Obligations (as
         defined below), which through the payment of interest and principal in
         respect thereof in accordance with their terms will provide (without
         any reinvestment of such interest or principal), not later than one day
         before the due date of any payment, money in an amount, or (iii) a
         combination of (i) and (ii) sufficient, in the opinion (with respect to
         (ii) and (iii) of a nationally recognized firm of independent public
         accountants expressed in a written certification thereof delivered to
         the Trustee at or prior to the time of such deposit, to pay and
         discharge each installment-of principal (including any mandatory
         sinking fund Payments) of, and premium, if any, and interest on, the
         Outstanding Debt Securities of such series on the dates such
         installments of interest, premium or principal are due;

                  (2)      the Company shall have delivered to the Trustee an
         Officers' Certificate certifying as to whether the Debt Securities of
         such series are then listed on the New York Stock Exchange;

                  (3)      if the Debt Securities of such series are then listed
         on the New York Stock Exchange, the Company shall have delivered to the
         Trustee an Opinion of Counsel to the effect that the Company's exercise
         of its option under this Section would not cause such Debt Securities
         to be delisted;

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

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<PAGE>

         deposit as evidenced to the Trustee in an Officers' Certificate
         delivered to the Trustee concurrently with such deposit;

                  (5)      the Company shall have delivered to the Trustee an
         Opinion of Counsel to the effect that (and containing no assumption or
         qualification) (i) Holders of the Debt Securities of such series will
         not recognize income, gain or loss for Federal income tax purposes as a
         result of the Company's exercise of its option under this Section and
         will be subject to Federal income tax on the same amount and in the
         same manner and at the same time as would have been the case if such
         option had not been exercised, and, in the case of the Debt Securities
         of such series being Discharged, accompanied by a ruling to that effect
         received from or published by the Internal Revenue Service (it being
         understood that (A) such Opinion shall also state that such ruling is
         consistent with the conclusions reached in such Opinion and (B) the
         Trustee shall be under no obligation to investigate the basis or
         correctness of such ruling) and (ii) all conditions precedent to the
         Discharge pursuant to this Section have been complied with;

                  (6)      the Company shall have delivered to the Trustee an
         Opinion of Counsel to the effect that the Company's exercise of its
         option under this provision will not cause any violation of the
         Investment Company Act of 1940, as amended, on the part of the Company,
         the trust, the trust funds representing the Company's deposit or the
         Trustee; and

                  (b)      the Company shall have paid or duly provided for
         payment of all amounts then due to the Trustee pursuant to Section 707.

                  "Discharged" means that the Company shall be deemed to have
paid and discharged the entire indebtedness represented by, and obligations
under, the Debt Securities of such series and to have satisfied all the
obligations under this Indenture relating to the Debt Securities of such series
(and the Trustee, at the expense of the Company, shall execute proper
instruments acknowledging the same), except (A) the rights of Holders of Debt
Securities of such series to receive, from the trust fund described in clause
(1) above, payment of the principal of, and premium, if any, and the interest on
such Debt Securities when such payments are due, (B) the Company's obligations
with respect to the Debt Securities of such series under Sections 305, 306, 1102
and 1403 and (C) the rights, powers, trusts, duties and immunities of the
Trustee hereunder, including without limitation, the provisions of Section 707.

                  "U.S. Government Obligations" means securities that are (i)
direct obligations of the United States of America for the payment of which its
full faith and credit is pledged or (ii) obligations of a Person controlled or
supervised by and acting as an agency or instrumentality of the United States of
America the payment of which is unconditionally guaranteed as a full faith and
credit obligation by the United States of America, which, in either case under
clauses (i) or (ii) are not callable or redeemable at the option of the issuer
thereof.

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<PAGE>

                  SECTION 1403. Deposited Moneys and U.S. Government Obligations
                                To Be Held in Trust.

                  All moneys and U.S. Government Obligations deposited with the
Trustee pursuant to Section 1402 in respect of Debt Securities of a series shall
be held in trust and applied by it, in accordance with the provisions of such
Debt Securities and this Indenture, to the payment, either directly or through
any Paying Agent (including the Company acting as it own Paying Agent) as the
Trustee may determine, to the Holders of such Debt Securities, of all sums due
and to become due thereon for principal, premium, if any, and interest, if any,
but such money need not be segregated from other funds except to the extent
required by law.

                  SECTION 1404. Repayment to Company.

                  The Trustee and any Paying Agent shall promptly pay or return
to the Company upon Company Request any money and U.S. Government Obligations
held by them at any time that are not required for the payment of the principal
of, and premium, if any, and interest on, the Debt Securities of any series for
which money or U.S. Government Obligations have been deposited pursuant to
Section 1402.

                  The provisions of the last paragraph of Section 1103 shall
apply to any money held by the Trustee or any Paying Agent under this Article
that remains unclaimed for two years after the Maturity of any Series of Debt
Securities for which money or U.S. Government Obligations have been deposited
pursuant to Section 1402.

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<PAGE>

                                ARTICLE FIFTEEN

                       REPAYMENT AT THE OPTION OF HOLDERS

                  SECTION 1501. Applicability of Article.

                  Repayment of Debt Securities of any series before their Stated
Maturity at the option of Holders thereof shall be made in accordance with the
terms of such Debt Securities and (except as otherwise specified by the terms of
such series established pursuant to Section 301) in accordance with this Article
Fifteen.

                  SECTION 1502. Repayment of Debt Securities.

                  Debt Securities of any series subject to repayment in whole or
in part at the option of the Holders thereof will, unless otherwise provided in
the terms of such Debt Securities, be repaid at the Repayment Price thereof,
together with interest, if any, thereon accrued to the Repayment Date specified
in or pursuant to the terms of such Debt Securities. On or prior to the
Repayment 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 1103) an amount of money in the currency in
which the Debt Securities of such series are payable (except as otherwise
specified pursuant to Section 301 for the Debt Securities of such series and
except, if applicable, as provided in Section 311) sufficient to pay the
Repayment Price of and (unless otherwise specified pursuant to Section 301 for
the Debt Securities of such series and the Repayment Date is an Interest Payment
Date) accrued interest on, all the Debt Securities or portions thereof, as the
case may be, to be repaid on such date.

                  SECTION 1503. Exercise of Option.

                  Debt Securities of any series subject to repayment at the
option of the Holders thereof will contain an "Option to Elect Repayment" form.
In order to be repaid at the option of the Holder, any Debt Security so
providing for such repayment, together with the "Option to Elect Repayment" form
duly completed by the Holder (or by the Holder's attorney duly authorized in
writing), must be received by or on behalf of the Company at the Place of
Payment therefor specified in the terms of such Debt Security (or at such other
place or places of which the Company shall from time to time notify the Holders
of such Debt Securities) not more than 60 nor less than 30 calendar days prior
to the Repayment Date. If less than the entire principal amount of such Debt
Security is to be repaid in accordance with the terms of such Debt Security, the
portion of such Debt Security to be repaid, in increments of the minimum
denomination for Debt Securities of such series, and the denomination or
denominations of the Debt Security or Debt Securities to be issued to the Holder
for the portion of such Debt Security surrendered that is not to be repaid, must
be specified. Any Debt Security providing for repayment at the option of the
Holder thereof may not be repaid in part if, following such repayment, the
unpaid principal amount of such Debt Security would be less than the minimum
denomination of Debt Securities of the series of which such Debt Security to be
repaid is a part. Except as may be otherwise provided in any Debt Security
providing for repayment at the option of the Holder thereof, exercise of the
repayment option by the Holder shall be irrevocable unless waived by the
Company.

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<PAGE>

                  SECTION 1504. When Debt Securities Surrendered for Repayment
                                Become Due and Payable.

                  If Debt Securities of any series providing for repayment at
the option of the Holders thereof shall have been surrendered as provided in
this Article Fifteen and as provided by or pursuant to the terms of such Debt
Securities, such Debt Securities or the portions thereof, as the case may be, to
be repaid shall become due and payable and shall be paid by the Company on the
Repayment Date therein specified, and on and after such Repayment Date (unless
the Company shall default in the payment of the Repayment Price and any accrued
interest in respect of such Debt Securities on such Repayment Date) such Debt
Securities shall, if the same were interest bearing, cease to bear interest.
Upon surrender of any such Debt Security for repayment in accordance with such
provisions, the Repayment Price of such Debt Security so to be repaid shall be
paid by the Company, together with accrued interest, if any, to the Repayment
Date; provided, however, that installments of interest, if any, on an Interest
Payment Date that is prior to the Repayment Date (or, if specified pursuant to
Section 301, that is on the Repayment Date) shall be payable (but without
interest thereon, unless the Company shall default in the payment thereof) to
the Holder of such Debt Security, or one or more Predecessor Securities,
registered as such at 5:00 P.M., New York City time, on the relevant Regular
Record Date according to its or their terms and the provisions of Section 307.

                  If any Debt Security surrendered for repayment shall not be so
repaid upon surrender thereof, the Repayment Price shall, until paid, bear
interest from the Repayment Date at the rate of interest (or manner of
calculating the rate of interest) applicable to such Debt Security on the day
prior to the Repayment Date or, in the case of an Original Issue Discount
Security, at the yield to maturity of such Original Issue Discount Security.

                  SECTION 1505. Debt Securities Repaid in Part.

                  Upon surrender of any Debt Security which is to be repaid in
part only, the Company shall execute and the Trustee shall authenticate and
deliver to the Holder of such Debt Security, without service charge and at the
expense of the Company, a new Debt Security or Debt Securities of the same
series, of any authorized denomination specified by the Holder, in an aggregate
principal amount equal to and in exchange for the portion of the principal of
such Debt Security so surrendered which is not to be repaid.

                                   * * * * *

                                       71
<PAGE>

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

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

                                         COUNTRYWIDE FINANCIAL CORPORATION

                                         By:
                                            ------------------------------------
                                            Title:

                                         COUNTRYWIDE HOME LOANS, INC.

                                         By:
                                            ------------------------------------
                                            Title:

                                         THE BANK OF NEW YORK, as Trustee

                                         By:
                                            ------------------------------------
                                            Title:

                                       72
<PAGE>

State of California      )
County of Los Angeles    )   SS.:

         On the ___ day of April, 2004, before me personally came , to me known,
who, being by me duly sworn, did depose and say that he is of Countrywide Home
Loans, Inc., one of the corporations described in and which executed the
foregoing instrument; that he knows the seal of said corporation; that the seal
affixed to said instrument is such corporate seal; that it was so affixed by
authority of the Board of Directors of said corporation, and that he signed his
name thereto by like authority.

                                                 -------------------------------
                                                 Notary Public

             Seal

                                       73
<PAGE>

State of California      )
County of Los Angeles    )   SS.:

         On the ___ day of April, 2004, before me personally came , to me known,
who, being by me duly sworn, did depose and say that he is of Countrywide
Financial Corporation, one of the corporations described in and which executed
the foregoing instrument; that he knows the seal of said corporation; that the
seal affixed to said instrument is such corporate seal; that it was so affixed
by authority of the Board of Directors of said corporation, and that he signed
his name thereto by like authority.

                                                 -------------------------------
                                                 Notary Public

             Seal

                                       74

<PAGE>

                         )
                         )   SS.:

         On the ___ day of April, 2004, before me personally came to me known,
who, being by me duly sworn, did depose and say that he is of The Bank of New
York, one of the corporations described in and which executed the foregoing
instrument; that he knows the seal of said corporation; that the seal affixed to
said instrument is such corporate seal; that it was so affixed by authority of
the Board of Directors of said corporation, and that he signed his name thereto
by like authority.

                                                 -------------------------------
                                                 Notary Public
                                                 No.
                                                 Qualified in __________ County
                                                 Commission Expires

[Seal]

                                       75
<PAGE>

                                                                       Exhibit A

                     Form of election to receive payments in
                    U.S. Dollars or to rescind such election

         The undersigned, registered owner of certificate number -
_______________ (the "Certificate"), representing [name of series of Debt
Securities] (the "Debt Securities") in an aggregate principal amount of
_______________, hereby

         [ ]      elects to receive all payments in respect of the Debt
                  Securities in U.S. Dollars. Subject to the terms and
                  conditions set forth in the indenture under which the Debt
                  Securities were issued (the "Indenture"), this election shall
                  take effect on the next Record Date (as defined in the
                  Indenture) after this election form is received by the Trustee
                  and shall remain in effect until it is rescinded by the
                  undersigned or until the Certificate is transferred or paid in
                  full at Maturity.

         [ ]      rescinds the election previously submitted by the
                  undersigned to receive all payments in respect of the Debt
                  Securities in U.S. Dollars represented by the Certificate.
                  Subject to the terms and conditions set forth in the
                  Indenture, this rescission shall take effect on the next
                  Record Date (as defined in such Indenture) after this election
                  form is received by the Trustee, or, in the case of Maturity
                  of an installment of principal, the fifteenth day immediately
                  preceding such Maturity.

         The undersigned acknowledges that, except as provided in the Indenture,
any costs incurred by or on behalf of the Company in connection with the
conversion of foreign currency into U.S. Dollars shall be borne by the
undersigned through deduction from payments required to be made to the
undersigned pursuant to the terms of the Indenture.

         All capitalized terms used herein, unless otherwise defined herein,
shall have the meanings assigned to them in the Indenture.

                                              ----------------------------------
                                              (Name of Owner)

                                              ----------------------------------
                                              (Signature of owner)

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