Exhibit 4.5


                            VASCULAR SOLUTIONS, INC.


                                       to


                    ----------------------------------------
                                   as Trustee


                             SENIOR DEBT SECURITIES


                                    INDENTURE


                      Dated as of __________________, ____




<PAGE>


                            VASCULAR SOLUTIONS, INC.
         Reconciliation and tie between Trust Indenture Act of 1939 and
                 Indenture, dated as of __________________, ____


                             CROSS-REFERENCE TABLE*

                                 TRUST INDENTURE

        ACT SECTION                                            INDENTURE SECTION
        -----------                                            -----------------
         310(a)(1)    ......................................         812
           (a)(2)     ......................................         812
           (a)(3)     ......................................         N.A.
           (a)(4)     ......................................         N.A.
           (a)(5)     ......................................         812
            (b)       ......................................       809; 812
            (c)       ......................................         N.A.
           311(a)     ......................................         813
            (b)       ......................................         813
            (c)       ......................................         N.A.
           312(a)     ......................................         806
            (b)       ......................................         109
            (c)       ......................................         109
           313(a)     ......................................         807
           (b)(1)     ......................................         N.A.
           (b)(2)     ......................................         807
            (c)       ......................................         807
            (d)       ......................................         807
           314(a)     ......................................         504
            (b)       ......................................         N.A.
           (c)(1)     ......................................         104
           (c)(2)     ......................................         104
           (c)(3)     ......................................         N.A.
            (d)       ......................................         N.A.
            (e)       ......................................         104
            (f)       ......................................         N.A.
           315(a)     ......................................         801
            (b)       ......................................         805
            (c)       ......................................         801
            (d)       ......................................       705; 801
            (e)       ......................................         711
       316(a)(last    ......................................         101
        sentence)
         (a)(1)(A)    ......................................         705
         (a)(1)(B)    ......................................         704
           (a)(2)     ......................................         N.A.
            (b)       ......................................         707
            (c)       ......................................         106
         317(a)(1)    ......................................         708
           (a)(2)     ......................................         709


                                       i



<PAGE>





            (b)       ......................................         503
           318(a)     ......................................         1301
            (b)       ......................................         N.A.
            (c)       ......................................         1301

N.A. means not applicable.

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




                                       ii




<PAGE>




                                TABLE OF CONTENTS

                                                                            Page


ARTICLE I. DEFINITIONS AND INCORPORATION BY REFERENCE..........................1

         Section 101.   Definitions............................................1
         Section 102.   Other Definitions......................................6
         Section 103.   Incorporation by Reference of TIA......................7
         Section 104.   Compliance Certificates and Opinions...................7
         Section 105.   Form of Documents Delivered to Trustee.................8
         Section 106.   Acts of Holders........................................8
         Section 107.   Notices, Etc., to Trustee and Company.................10
         Section 108.   Notice to Holders; Waiver.............................11
         Section 109.   Communication by Holders with Other Holders...........11
         Section 110.   Rules of Construction.................................11

ARTICLE II. SECURITY FORMS....................................................12

         Section 201.   Forms Generally.......................................12
         Section 202.   Form of Trustee's Certificate of Authentication.......12
         Section 203.   Form of Legend for Global Securities..................12

ARTICLE III. THE SECURITIES...................................................13

         Section 301.   Amount Unlimited; Issuable in Series..................13
         Section 302.   Denominations.........................................15
         Section 303.   Execution, Authentication, Delivery and Dating........16
         Section 304.   Temporary Securities..................................18
         Section 305.   Registration, Registration of Transfer and Exchange...18
         Section 306.   Mutilated, Destroyed, Lost and Stolen Securities......20
         Section 307.   Payment of Interest; Interest Rights Preserved........21
         Section 308.   Persons Deemed Owners.................................22
         Section 309.   Cancellation..........................................22
         Section 310.   Computation of Interest...............................23
         Section 311.   CUSIP Number..........................................23

ARTICLE IV. REDEMPTION OF SECURITIES..........................................23

         Section 401.   Applicability of Article..............................23
         Section 402.   Notices to Trustee....................................23
         Section 403.   Selection of Securities to Be Redeemed................24
         Section 404.   Notice of Redemption..................................24
         Section 405.   Effect of Notice of Redemption........................25
         Section 406.   Deposit of Redemption Price...........................25
         Section 407.   Securities Payable on Redemption Date.................25
         Section 408.   Securities Redeemed in Part...........................26


                                      iii

<PAGE>



ARTICLE V. COVENANTS..........................................................26

         Section 501.   Payment of Principal, Premium and Interest............26
         Section 502.   Maintenance of Office or Agency.......................27
         Section 503.   Money for Securities Payments to Be Held in Trust.....27
         Section 504.   Commission Reports....................................28
         Section 505.   Compliance Certificate................................29
         Section 506.   Taxes.................................................30
         Section 507.   Stay, Extension and Usury Laws........................30
         Section 508.   Corporate Existence...................................30
         Section 509.   Calculation of Original Issue Discount................30
         Section 510.   Waiver of Certain Covenants...........................30

ARTICLE VI. SUCCESSORS........................................................31

         Section 601.   Limitations On Mergers, Consolidations or
                        Sales of Assets.......................................31
         Section 602.   Successor Corporation Substituted.....................31

ARTICLE VII. DEFAULTS AND REMEDIES............................................32

         Section 701.   Events of Default.....................................32
         Section 702.   Acceleration..........................................33
         Section 703.   Other Remedies........................................34
         Section 704.   Waiver of Past Defaults...............................34
         Section 705.   Control by Majority...................................34
         Section 706.   Limitation on Suits...................................35
         Section 707.   Rights of Holders to Receive Payment..................35
         Section 708.   Collection Suit by Trustee............................35
         Section 709.   Trustee May File Proofs of Claim......................36
         Section 710.   Priorities............................................36
         Section 711.   Undertaking for Costs.................................37

ARTICLE VIII. TRUSTEE.........................................................37

         Section 801.   Duties of Trustee.....................................37
         Section 802.   Rights of Trustee.....................................38
         Section 803.   Individual Rights of Trustee..........................39
         Section 804.   Trustee's Disclaimer..................................39
         Section 805.   Notice of Defaults....................................39
         Section 806.   Preservation of Information...........................39
         Section 807.   Reports by Trustee to Holders.........................39
         Section 808.   Compensation and Indemnity............................40
         Section 809.   Resignation and Removal; Appointment of Successor.....40
         Section 810.   Acceptance of Appointment by Successor................42
         Section 811.   Merger, Conversion, Consolidation or
                        Succession to Business................................43
         Section 812.   Eligibility; Disqualification.........................43
         Section 813.   Preferential Collection of Claims Against Company.....44


                                       iv


<PAGE>



         Section 814.   Appointment of Authenticating Agent...................44
         Section 815.   Trustee's Application for Instructions
                        from the Company......................................45

ARTICLE IX. DISCHARGE OF INDENTURE............................................46

         Section 901.   Defeasance and Discharge of this Indenture
                        and the Securities....................................46
         Section 902.   Legal Defeasance and Discharge........................46
         Section 903.   Covenant Defeasance...................................46
         Section 904.   Conditions to Legal or Covenant Defeasance............47
         Section 905.   Deposited Money and Government Securities
                        to be Held in Trust; Other Miscellaneous
                        Provisions............................................48
         Section 906.   Repayment to Company..................................49
         Section 907.   Reinstatement.........................................49

ARTICLE X. AMENDMENT, SUPPLEMENT AND WAIVER...................................50

         Section 1001.  Without Consent of Holders............................50
         Section 1002.  With Consent of Holders...............................51
         Section 1003.  Execution of Supplemental Indentures..................52
         Section 1004.  Effect of Supplemental Indentures.....................52
         Section 1005.  Compliance with TIA...................................52
         Section 1006.  Revocation and Effect of Consents.....................52
         Section 1007.  Reference in Securities to Supplemental Indentures....53
         Section 1008.  Notice of Supplemental Indentures.....................53

ARTICLE XI. SINKING FUNDS.....................................................53

         Section 1101.  Applicability of Article..............................53
         Section 1102.  Satisfaction of Sinking Fund
                        Payments with Securities..............................53
         Section 1103.  Redemption of Securities for Sinking Fund.............54

ARTICLE XII. REPURCHASE OF SECURITIES AT OPTION OF HOLDERS....................54

         Section 1201.  Applicability of Article..............................54
         Section 1202.  Notice of Repurchase Date.............................54
         Section 1203.  Deposit of Repurchase Price...........................55
         Section 1204.  Securities Payable on Repurchase Date.................55
         Section 1205.  Securities Repurchased in Part........................56

ARTICLE XIII. MISCELLANEOUS...................................................56

         Section 1301.  TIA Controls..........................................56
         Section 1302.  Rules by Trustee and Agents...........................56
         Section 1303.  Legal Holidays........................................56
         Section 1304.  No Personal Liability of Directors, Officers,
                        Employees and Stockholders............................57
         Section 1305.  Governing Law.........................................57
         Section 1306.  No Adverse Interpretation of Other Agreements.........57


                                        v


<PAGE>



         Section 1307.  Successors............................................57
         Section 1308.  Severability..........................................57
         Section 1309.  Benefits of Indenture.................................57
         Section 1310.  Counterpart Originals.................................57
         Section 1311.  Table of Contents, Headings, etc......................58




                                       vi


<PAGE>







     INDENTURE,   dated  as  of   __________________,   ____,  between  VASCULAR
SOLUTIONS,  INC., a corporation duly incorporated and existing under the laws of
the State of  Minnesota  (herein  called the  "COMPANY"),  having its  principal
office   at   6464   Sycamore   Court,   Minneapolis,   Minnesota   55369,   and
_____________________________________________,   a  _______________________,  as
Trustee  (herein called the  "TRUSTEE"),  having its principal  corporate  trust
office at ________________________________________.

                             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 notes or other
evidences of indebtedness (herein called the "SECURITIES"), to be issued in one
or more series as in this Indenture provided.

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

         NOW, THEREFORE, THIS INDENTURE WITNESSETH:

         For and in consideration of the premises and the purchase of the
Securities by the Holders thereof, it is mutually covenanted and agreed, for the
equal and proportionate benefit of all Holders of the Securities or of series
thereof (including holders from time to time of the Securities of any series
held through a Holder which is a Depositary (as defined herein)), as follows:

                                   ARTICLE I.
                   DEFINITIONS AND INCORPORATION BY REFERENCE

Section 101. DEFINITIONS.

         "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 purposes of this definition, "control"
(including, with correlative meanings, the terms "controlling," "controlled by"
and "under common control with"), as used with respect to any Person, shall mean
the possession, directly or indirectly, of the power to direct or cause the
direction of the management or policies of such Person, whether through the
ownership of voting securities, by agreement or otherwise.

         "AGENT" means any Authenticating Agent, Security Registrar, Paying
Agent or co-registrar.

         "BOARD OF DIRECTORS" means the Board of Directors of the Company or any
duly authorized (generally or in any particular respect) committee appointed by
that board.

         "BOARD RESOLUTION" means a copy of a resolution certified by the
Secretary or an Assistant Secretary of the Company to have been duly adopted by
the Board of Directors and to be in full force and effect on the date of such
certification. Where any provision of this Indenture refers to action to be
taken pursuant to a Board Resolution (including establishment of any series of
the Securities and the forms and terms thereof), such action may be taken by





                                        1


<PAGE>



any committee,  officer or employee of the Company  authorized to take such
action (generally or in any particular respect) by a Board Resolution.

         "BUSINESS DAY" means any day other than a Legal Holiday.

         "CAPITAL STOCK" means (i) in the case of a corporation, corporate stock
without limitation, common stock and preferred stock, (ii) in the case of an
association or business entity, any and all shares, interests, participations,
rights or other equivalents (however designated) of corporate stock, (iii) in
the case of a partnership, partnership interests (whether general or limited)
and (iv) any other interest or participation that confers on a Person the right
to receive a share of the profits and losses of, or distributions of assets of,
the issuing Person.

         "COMMISSION" means the Securities and Exchange Commission.

         "COMMON STOCK" means the common stock, par value $.01 per share, of the
Company.

         "COMPANY" means the Person named as the "Company" in the first
paragraph of this instrument, as obligor under the Securities, unless and until
a successor replaces the Company in accordance with Article 6 hereof and
thereafter means such successor.

         "COMPANY REQUEST" or "COMPANY ORDER" means a written request or order
signed in the name of the Company by its its President, its Chief Executive
Officer, its Chief Financial Officer, an Executive or Senior Vice President, its
Secretary or an Assistant Secretary, or by any other officer of the Company
authorized to sign by a Board Resolution, and delivered to the Trustee.

         "CORPORATE TRUST OFFICE" means the office of the Trustee at which at
any particular time its corporate trust business shall be principally
administered, which at the date of original execution of the Indenture is
_______________________________________________________.

         "DEFAULT" means any event that is or with the passage of time or the
giving of notice or both would be an Event of Default.

         "DEPOSITARY" means, with respect to the Securities of any series
issuable or issued in whole or in part in the form of one or more Global
Securities, the clearing agency registered under the Exchange Act, specified for
that purpose as contemplated by Section 301 or any successor clearing agency
registered under the Exchange Act as contemplated by Section 305, and if at any
time there is more than one such Person, "Depositary" as used with respect to
the Securities of any series shall mean the Depositary with respect to the
Securities of such series.

         "DISQUALIFIED STOCK" means any Capital Stock that, by its terms (or by
the terms of any security into which it is convertible or for which it is
exchangeable), or upon the happening of any event, matures or is mandatorily
redeemable, pursuant to a sinking fund obligation or otherwise, or redeemable at
the option of the Holder thereof, in whole or in part, on or prior to the date
that is 91 days after the date on which the Securities of any series then
outstanding mature.

         "EXCHANGE ACT" means the Securities Exchange Act of 1934, as amended.





                                        2


<PAGE>




         "GAAP" means generally accepted accounting principles set forth in the
opinions and pronouncements of the Accounting Principles Board of the American
Institute of Certified Public Accountants and statements and pronouncements of
the Financial Accounting Standards Board or in such other statements by such
other entity as have been approved by a significant segment of the accounting
profession in the United States, which are in effect from time to time.

         "GLOBAL SECURITY" means a Security bearing the legend specified in
Section 203 evidencing all or part of a series of Securities, issued to the
Depositary for such series or its nominee, and registered in the name of such
Depositary or nominee.

         "GOVERNMENT SECURITIES" means securities issued or directly and fully
guaranteed or insured by the United States government or any agency or
instrumentality thereof.

         "HOLDER" means a Person in whose name a Security is registered.

         "INDEBTEDNESS" means any indebtedness for money borrowed.

         "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 shall include the terms of particular series of Securities established as
contemplated by Section 301; provided, however, that, if at any time more than
one Person is acting as Trustee under this instrument due to the appointment of
one or more separate Trustees for any one or more separate series of Securities
pursuant to Section 809(e), "Indenture" shall mean, with respect to such series
of Securities for which any such Person is Trustee, this instrument as
originally executed or as it may from time to time be supplemented or amended by
one or more indentures supplemental hereto entered into pursuant to the
applicable provisions hereof and shall include the terms of particular series of
Securities for which such Person is Trustee established as contemplated by
Section 301, exclusive, however, of any provisions or terms which relate solely
to other series of Securities for which such Person is not Trustee, regardless
of when such terms or provisions were adopted, and exclusive of any provisions
or terms adopted by means of one or more indentures supplemental hereto executed
and delivered after such Person had become such Trustee but to which such
Person, as such Trustee, was not a party.

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

         "INTEREST PAYMENT DATE," when used with respect to any Security, means
the Stated Maturity of an installment of interest on such Security.

         "LIEN" means any mortgage, lien, pledge, charge, security interest or
encumbrance of any kind.

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





                                        3


<PAGE>




         "OFFICERS" means the President, the Chief Executive Officer, the Chief
Financial Officer, the Secretary, any Assistant Secretary and any Vice President
of the Company or any Subsidiary, as the case may be.

         "OFFICERS' CERTIFICATE" means a certificate signed by the President,
the Chief Executive Officer, the Chief Financial Officer, an Executive or Senior
Vice President, and by the Secretary or an Assistant Secretary of the Company,
and delivered to the Trustee.

         "OPINION OF COUNSEL" means an opinion from legal counsel who is
reasonably acceptable to the Trustee. The counsel may be an employee of or
counsel to the Company, any Subsidiary or the Trustee.

         "ORIGINAL ISSUE DISCOUNT SECURITY" means any Security which provides
for an amount less than the principal amount thereof to be due and payable upon
a declaration of acceleration of the Maturity thereof pursuant to Section 702.

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

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

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

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

provided, however, that in determining whether the Holders of the requisite
principal amount of the Outstanding Securities have given any request, demand,
authorization, direction, notice, consent or waiver hereunder or whether a
quorum is present at a meeting of Holders of Securities, (i) the principal
amount of an Original Issue Discount Security that shall be deemed to be
Outstanding shall be the amount of the principal thereof that would be due and
payable as of the date of such determination upon acceleration of the Maturity
thereof pursuant to Section 702, and (ii) Securities owned by the Company or any
other obligor upon the Securities or any Affiliate of the Company or of such
other obligor shall be disregarded and deemed not to be Outstanding, except
that, in determining whether the Trustee shall be protected in relying upon any
such request, demand, authorization, direction, notice, consent or waiver, only
Securities which a Responsible Officer of the Trustee actually knows to be so
owned shall be so disregarded. Securities so owned which have been pledged in
good faith may be regarded as




                                        4


<PAGE>



Outstanding if the pledgee establishes to the satisfaction of the
Trustee the pledgee's right so to act with respect to such Securities and that
the pledgee is not the Company or any other obligor upon the Securities or any
Affiliate of the Company or of such other obligor.

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

         "PERIODIC OFFERING" means an offering of Securities of a series from
time to time the specific terms of which Securities, including without
limitation the rate or rates of interest (or formula for determining the rate or
rates of interest), if any, thereon, the Stated Maturity or Maturities thereof
and the redemption provisions, if any, with respect thereto, are to be
determined by the Company or its agents upon the issuance of such Securities.

         "PERSON" means any individual, corporation, partnership, joint venture,
association, joint-stock company, trust, unincorporated organization (including
any subdivision or ongoing business of any such entity or substantially all of
the assets of any such entity, subdivision or business).

         "PLACE OF PAYMENT," when used with respect to the Securities of any
series, means the place or places where the principal of (and premium, if any)
and/or interest on the Securities of that series are payable.

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

         "REDEMPTION DATE," when used with respect to any Security or portion
thereof to be redeemed, means the date fixed for such redemption pursuant to
this Indenture.

         "REDEMPTION PRICE," when used with respect to any Security or portion
thereof to be redeemed, means the price at which it is to be redeemed pursuant
to this Indenture.

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

         "REPURCHASE DATE," when used with respect to any Security or portion
thereof to be repurchased, means the date fixed for such repurchase pursuant to
this Indenture.

         "REPURCHASE PRICE," when used with respect to any Security or portion
thereof to be repurchased, means the price at which it is to be repurchased
pursuant to this Indenture.

         "RESPONSIBLE OFFICER," shall mean, when used with respect to the
Trustee, any officer within the corporate trust department of the Trustee,
including any vice president, assistant vice president, assistant secretary,
assistant treasurer, trust officer or any other officer of the Trustee who
customarily performs functions similar to those performed by the Persons who at
the time




                                        5


<PAGE>



shall be such officers, respectively, or to whom any corporate trust matter is
referred because of such person's knowledge of and familiarity with the
particular subject and who shall have direct responsibility for the
administration of this Indenture.

         "SECURITIES" has the meaning stated in the first recital of this
Indenture and more particularly means any Securities authenticated and delivered
under this Indenture; provided, however, that if at any time there is more than
one Person acting as Trustee under this Indenture, "Securities" with respect to
the Indenture as to which such Person is Trustee shall have the meaning stated
in the first recital of this Indenture and shall more particularly mean
Securities authenticated and delivered under this Indenture, exclusive, however,
of Securities of any series as to which such Person is not Trustee.

         "SECURITIES ACT" means the Securities Act of 1933, as amended.

         "SECURITY REGISTER" and "SECURITY REGISTRAR" have the respective
meanings specified in Section 305.

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

         "SUBSIDIARY" means, with respect to any Person, (i) any corporation,
association or other business entity of which more than 50% of the total voting
power of shares of Capital Stock entitled (without regard to the occurrence of
any contingency) to vote in the election of directors, managers or trustees
thereof is at the time owned or controlled, directly or indirectly, by such
Person or one or more of the other Subsidiaries of that Person (or a combination
thereof) and (ii) any partnership (a) the sole general partner or the managing
general partner of which is such Person or a Subsidiary of such Person or (b)
the only general partners of which are such Person or of one or more
Subsidiaries of such Person (or any combination thereof).

         "TIA" means the Trust Indenture Act of 1939, as amended, as in effect
on the date on which this Indenture is qualified under the TIA.

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

Section 102.  OTHER DEFINITIONS.

                TERM                          DEFINED IN SECTION

         "BANKRUPTCY LAW"                             701
         "COVENANT DEFEASANCE"                        903
         "CUSTODIAN"                                  701





                                        6


<PAGE>




         "EVENT OF DEFAULT"                            701
         "LEGAL DEFEASANCE"                            902
         "LEGAL HOLIDAY"                              1303
         "NOTICE OF DEFAULT"                           701


Section 103.   INCORPORATION BY REFERENCE OF TIA.

         Whenever this Indenture refers to a provision of the TIA, the provision
is incorporated by reference in and made a part of this Indenture.

         The following TIA terms used in this Indenture have the following
meanings:

         "INDENTURE SECURITIES" means the Securities;

         "INDENTURE SECURITY HOLDER" means a Holder;

         "INDENTURE TO BE QUALIFIED" means this Indenture;

         "INDENTURE TRUSTEE" or "INSTITUTIONAL TRUSTEE" means the Trustee;

         "OBLIGOR" on the Securities means the Company and any successor obligor
upon the Securities.

                  All other terms used in this Indenture that are defined by the
TIA, defined by TIA reference to another statute or defined by Commission rule
under the TIA have the meanings so assigned to them.


Section 104.   COMPLIANCE CERTIFICATES AND OPINIONS.

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

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

                    (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;






                                        7


<PAGE>





                    (3)  a  statement   that,   in  the  opinion  of  each  such
               individual,  he or she has made such examination or investigation
               as is  necessary  to enable  him or her to  express  an  informed
               opinion  whether  such  covenant or condition  has been  complied
               with; and

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

         Every such certificate provided under this Indenture shall be without
personal recourse to the individual executing the same and may include an
express statement to such effect.



Section 105.   FORM OF DOCUMENTS DELIVERED TO TRUSTEE.

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

         Any certificate or opinion of any officer of the Company may be based,
insofar as it relates to legal matters, upon a certificate or opinion of, or
representations by, counsel, unless such officer knows, or in the exercise of
reasonable care should know, that the certificate, opinion or representations
with respect to the matters upon which such officer's certificate or opinion is
based are erroneous. Any such certificate or Opinion of Counsel may be based,
insofar as it relates to factual matters, upon a certificate or opinion of, or
representations by, an officer or officers of the Company stating that the
information with respect to such factual matters is in the possession of the
Company. Any certificate or opinion of counsel may be stated to be based on the
certificates or opinions of other counsel, in which event it shall be
accompanied by a copy of such other certificates or opinions.

         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. All applications, requests, certificates, statements or
other instruments given under this Indenture shall be without personal recourse
to any individual giving the same and may include an express statement to such
effect.

Section 106.   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  (including  Persons
who hold  their  Securities through a Holder which is a Depositary)  in person
or by an agent duly appointed in writing, and, except as herein otherwise
expressly  provided, such action shall become effective when such instrument or
instruments are delivered to the Trustee and, where it is hereby expressly
required,  to the  Company. Such instrument or instruments (and the action
embodied therein and evidenced thereby) are herein sometimes referred to as the
"Act" of the Holders signing such instrument or instruments. Proof of


                                        8
<PAGE>



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 801)  conclusive in favor of the Trustee and the Company, if made in the
manner provided in this Section.

         Without limiting the generality of the foregoing, a Holder, including a
Depositary that is a Holder of a Global Security, may make, give or take, by a
proxy or proxies duly appointed in writing, any request, demand, authorization,
direction, notice, consent, waiver or other action provided or permitted by this
Indenture to be made, given or taken by the Holders, and a Depositary that is a
Holder of a Global Security may provide its proxy or proxies to the beneficial
owners of interest in any such Global Security.

         (b) The fact and date of the execution by any Person of any such
instrument or writing may be proved in any reasonable manner provided that, in
any instance, the Trustee may require further proof with respect to any matter
referred to in this Section.

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

         (d) The Company may fix any day as the record date for the purpose of
determining the Holders (including Persons who hold Securities through a Holder
which is a Depositary) of Securities of any series entitled to give or take any
request, demand, authorization, direction, notice, consent, waiver or other
action, or to vote on any action, authorized or permitted to be given or taken
by Holders of Securities of such series. If not set by the Company prior to the
first solicitation of a Holder of Securities of such series made by any Person
in respect of any such action, or, in the case of any such vote, prior to such
vote, the record date for any such action or vote shall be the 30th day (or, if
later, the date of the most recent list of Holders required to be provided
pursuant to TIA ss. 312) prior to such first solicitation or vote, as the case
may be. With regard to any record date for action to be taken by the Holders
(including Persons who hold Securities through a Holder which is a Depositary)
of one or more series of Securities, only the Holders of Securities of such
series on such date (or their duly designated proxies) shall be entitled to give
or take, or vote on, the relevant action.

         With regard to any action that may be given or taken hereunder only by
Holders (including Persons who hold their Securities through a Holder which is a
Depositary) of a requisite principal amount of Outstanding Securities of any
series (or their duly appointed agents) and for which a record date is set
pursuant to this subsection (d), the Company may, at its option, set an
expiration date after which no such action purported to be given or taken by any
Holder shall be effective hereunder unless given or taken on or prior to such
expiration date by Holders (including Persons who hold Securities through a
Holder which is a Depositary) of the requisite principal amount of Outstanding
Securities of such series on such record date (or their duly appointed agents).
On or prior to any expiration date set pursuant to this subsection (d), the
Company may, on one or more occasions at its option, extend such date to any
later date. Nothing in this subsection (d) shall prevent any Holder (or any duly
appointed agent thereof) from giving or taking, after any expiration date, any
action identical to, or, at any time, contrary to or different from any action
given or taken, or purported to have been given and taken, hereunder by a Holder
on or prior to such date, in which event the Company may set a record date in
respect hereof pursuant to this subsection (d).





                                        9


<PAGE>




         Notwithstanding the foregoing, upon actual receipt by a Responsible
Officer of the Trustee, with respect to Securities of any series, of (i) any
Notice of Default pursuant to Section 701, (ii) any declaration or acceleration,
or any rescission and annulment of any such declaration, pursuant to Section
702, or (iii) any waiver given pursuant to Section 704 (any such notice,
declaration, rescission and annulment, or waiver being referred to herein as a
"DIRECTION"), a record date shall automatically and without any other action by
any Person be set for the purpose of determining the Holders (including Persons
who hold Securities through a Holder which is a Depositary) of Outstanding
Securities of such series entitled to join in such Direction, which record date
shall be the close of business on the day the Trustee receives such Direction.
The Holders (including Persons who hold Securities through a Holder which is a
Depositary) of Outstanding Securities of such series on such record date (or
their duly appointed agents), and only such Persons, shall be entitled to join
in such Direction, whether or not such Holders remain Holders after such record
date; provided that, unless such Direction shall have become effective by virtue
of Holders (including Persons who hold Securities through a Holder which is a
Depositary) of the requisite principal amount of Outstanding Securities of such
series on such record date (or their duly appointed agents) having joined
therein on or prior to the 90th day after such record date, such Direction shall
automatically and without any action by any Person be canceled and be of no
further effect. Nothing in this paragraph shall prevent a Holder (or duly
appointed agent thereof) from giving, before or after the expiration of such
90-day period, a Direction contrary to or different from, or, after the
expiration of such period, identical to, a Direction that has been canceled
pursuant to the proviso to the preceding sentence, in which event a new record
date in respect thereof shall be set pursuant to this subsection (d).

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

Section 107.  NOTICES, ETC., TO TRUSTEE AND COMPANY.

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

                         (1) the Trustee by any Holder or by the  Company  shall
                    be sufficient for every purpose  hereunder (unless otherwise
                    herein expressly provided) if in writing and mailed, postage
                    prepaid and return receipt  requested,  or sent by overnight
                    courier  to a  Responsible  Officer  of the  Trustee  at its
                    Corporate   Trust   Office,   Attention:   Corporate   Trust
                    Administration, or

                         (2) the Company by the  Trustee or by any Holder  shall
                    be sufficient for every purpose  hereunder (unless otherwise
                    herein expressly provided) if in writing and mailed, postage
                    prepaid and return receipt  requested,  or sent by overnight
                    courier to the Company addressed to it at the address of its
                    principal  office  specified in the first  paragraph of this
                    instrument (Attention: General




                                       10


<PAGE>



                    Counsel) or at any other address previously furnished
                    in writing to a Responsible Officer of the Trustee by the
                    Company.

Section 108.  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 (including
Persons who hold Securities through a Holder which is a Depositary if the name
and address of such beneficial holder has been provided in writing to the Person
required to give such notice prior to the date such notice is given) affected by
such event, at such Holder's address as it appears in the Security Register or
as provided in writing by the Depositary, not later than the latest date, and
not earlier than the earliest date, prescribed for the giving of such notice. In
any case where notice to Holders is given by mail, neither the failure to mail
such notice, nor any defect in any notice so mailed, to any particular Holder
shall affect the sufficiency of such notice with respect to other Holders. Any
notice mailed to the Holder in the manner herein prescribed shall be
conclusively deemed to have been received by such Holder, whether or not such
Holder actually receives such notice. Where this Indenture provides for notice
in any manner, such notice may be waived in writing by the Person entitled to
receive such notice, either before or after the event, and such waiver shall be
the equivalent of such notice. Waivers of notice by Holders shall be filed with
a Responsible Officer of the Trustee, but such filing shall not be a condition
precedent to the validity of any action taken in reliance upon such waiver.

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

Section 109.   COMMUNICATION BY HOLDERS WITH OTHER HOLDERS.

         Holders may communicate pursuant to TIA ss. 312(b) with other Holders
with respect to their rights under this Indenture or the Securities. The
Company, the Trustee, the Registrar and anyone else shall have the protection of
TIA ss. 312(c).

Section 110.  RULES OF CONSTRUCTION.

         Unless the context otherwise requires:

                         (1) a term has the meaning assigned to it;

                         (2) an accounting term not otherwise defined has the
                    meaning assigned to it in accordance with GAAP;

                         (3) "or" is not exclusive;

                         (4) words in the singular include the plural, and in
                    the plural include the singular; and





                                       11


<PAGE>




                    (5) provisions apply to successive events and transactions.

                                  ARTICLE II.
                                 SECURITY FORMS

Section 201.  FORMS GENERALLY.

         The Securities of each series, including Global Securities representing
Securities of such series, shall be in the form established, without the
approval of any Holders or the Trustee, by or pursuant to a Board Resolution in
accordance with Section 301 or by one or more indentures supplemental hereto, in
each case with such appropriate insertions, omissions, substitutions and other
variations as are required or permitted by this Indenture, and may have such
letters, numbers or other marks of identification and such legends or
endorsements placed thereon as may be required to comply with the rules of any
securities exchange or as may, consistently herewith, be determined by the
officers executing such Securities, as evidenced by their execution of the
Securities.

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

Section 202.   FORM OF TRUSTEE'S CERTIFICATE OF AUTHENTICATION.

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

         This is one of the Securities of the series designated therein and
issued pursuant to the within-mentioned Indenture.

                                           Dated:  _____________________________

                                          __________________________, as Trustee

                                          By  ________________________________
                                              Authorized Signatory


Section 203.  FORM OF LEGEND FOR GLOBAL SECURITIES.

         Any Global Security authenticated and delivered hereunder shall, in
addition to the provisions established by or pursuant to a Board Resolution or
in one or more indentures supplemental hereto in accordance with Section 201,
bear a legend in substantially the following form or such similar form as may be
required by the Depositary:

                  "Unless this certificate is presented by an authorized
                  representative of [Depositary] to the issuer or to its agent
                  for registration of transfer, exchange or payment, and any
                  certificate issued is registered in the name of [Depositary
                  Nominee] or such other name as requested by an authorized
                  representative of [Depositary] and any payment is made to
                  [Depositary Nominee], ANY




                                       12


<PAGE>




                  TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY
                  OR TO ANY PERSON IS WRONGFUL since the registered owner
                  hereof, [Depositary Nominee], has an interest herein."


                                  ARTICLE III.
                                 THE SECURITIES

Section 301.  AMOUNT UNLIMITED; ISSUABLE IN SERIES.

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

         The Securities may be issued in one or more series. There shall be
established, without the approval of any Holders or the Trustee, by or pursuant
to authority granted by one or more Board Resolutions, and, subject to Section
303, there shall be set forth in an Officers' Certificate, or established in one
or more indentures supplemental hereto, prior to the initial issuance of
Securities of any series, all or any of the following, as applicable:

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

                         (2) any limit upon the aggregate principal amount of
                    the Securities of the series which may be authenticated and
                    delivered under this Indenture (except for Securities
                    authenticated and delivered upon registration of transfer
                    of, or in lieu of, other Securities of the series pursuant
                    to Section 304, 305, 306, 1007 and 1205 and except for any
                    Securities which, pursuant to Section 303, are deemed never
                    to have been authenticated and delivered hereunder) and the
                    absence of such limitation  shall mean that the Company may
                    issue from time to time additional securities of such series
                    without limitation as to aggregate principal amount;

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

                         (4) the date or dates, or the method by which such date
                    or dates are determined or extended, on which the principal
                    or  installments of principal and premium, if any, of the
                    Securities of the series is or are payable;

                         (5) the rate or rates (which may be fixed or variable)
                    at which the Securities of the series shall bear interest,
                    if any, or the method by which such rate or rates shall be
                    determined, the date or dates from which such interest shall
                    accrue, the Interest Payment Dates on which such interest
                    shall be payable, the Regular Record Date for the interest
                    payable on any Interest Payment Date and the circumstances,
                    if any in which the Company may defer interest payments and




                                       13


<PAGE>



                    the basis upon which  interest shall be  calculated if
                    other than that of a 360-day year of twelve 30-day months;

                         (6) whether the Company shall be required to maintain
                    an office in the Borough of Manhattan, the City of New York
                    in accordance with Section 502 hereof and the place or
                    places, if any, where the principal of (and premium, if any)
                    and interest on Securities of the series shall be payable,
                    any Securities of the series may  be surrendered for
                    registration of transfer or exchange and notices and demands
                    to or upon the Company with respect to the Securities of the
                    series and this Indenture may be served, other than or in
                    addition to the Corporate Trust Office of the Trustee and
                    any office maintained for such purpose in the Borough of
                    Manhattan, the City of New York in accordance with Section
                    502 hereof;

                         (7) if applicable, the period or periods within which,
                    the price or prices at which and the terms and conditions
                    upon which Securities of the series may be redeemed, in
                    whole or in part, at the option of the Company;

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

                         (9)  whether  the  Securities  of the  series  will  be
                    convertible into or exchangeable for shares of Common Stock,
                    and if so, the terms and conditions upon which such
                    Securities will be so convertible or exchangeable, and any
                    deletions from or modifications or additions to this
                    Indenture to permit or to facilitate the issuance of such
                    convertible or exchangeable Securities or the administration
                    thereof;

                         (10) the identity of each Security Registrar and Paying
                    Agent, if other than or in addition to the Trustee;

                         (11) if the amount of  principal of, or any premium or
                    interest on, any Securities of the series may be determined
                    by reference to an index or pursuant to a formula, the
                    manner in which such amounts shall be determined;

                         (12) the applicability of, and any addition to or
                    change in, the covenants and definitions currently set forth
                    in this Indenture;

                         (13) if other than denominations of $1,000 or any
                    amount in excess thereof which is an integral multiple of
                    $1,000, the denominations in which Securities of the series
                    shall be issuable;

                         (14) any other event or events of default applicable
                    with respect to Securities  of the series in addition to or
                    in lieu of those provided in Section 701 and any change in
                    the right of the Trustee or the Holders to declare the
                    principal of or any premium or interest on such Securities
                    due and payable;


                                       14
<PAGE>



                         (15) if less than the principal amount thereof, the
                    portion of the principal amount of Securities of the series
                    which shall be payable upon declaration of acceleration of
                    the Maturity thereof pursuant to Section 702;

                         (16) whether the Securities  of the series shall be
                    issued in whole or in part in the form of one or more Global
                    Securities and, if so, (a) the Depositary with respect to
                    such Global Security or Securities and (b) the circumstances
                    under which any such Global Security may be exchanged for
                    Securities registered in the name of, and any  transfer f
                    such Global Security may be registered to, a Person other
                    than such Depositary or its nominee, if other than as set
                    forth in Section 305;

                         (17) if applicable, that the Securities of the series,
                    in whole or any  specified part, shall not be  defeasible
                    pursuant to Section 902 or Section 903 or both such Sections
                    and, if other than by a Company  Order, the manner in which
                    any election by the Company to defend such Securities shall
                    be evidenced;

                         (18) any other terms of the series (which  terms shall
                    not be inconsistent with the provisions of this Indenture,
                    except as permitted by Section 1001(v)); and

                         (19) CUSIP numbers.

         All Securities of any one series (other than Securities offered in a
Periodic Offering) shall be substantially identical except as to denomination
and except as may otherwise be provided by or pursuant to the Board Resolution
referred to above and, subject to Section 303, set forth, or determined in the
manner provided, in the Officers' Certificate referred to above or in any such
indenture supplemental hereto. All Securities of any one series need not be
issued at the same time. Unless otherwise provided, Securities of a single
series may have different terms, and a series may be reopened, without the
consent of the Holders of Securities of such series, for issuance of additional
Securities of such series.

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

         With respect to Securities of a series offered in a Periodic Offering,
such Board Resolution and Officers' Certificate or supplemental indenture may
provide general terms or parameters for Securities of such series and provide
either that the specific terms of particular Securities of such series shall be
specified in a Company Order or that such terms shall be determined by the
Company or its agents in accordance with other procedures specified in a Company
Order as contemplated by the third paragraph of Section 303.

Section 302.  DENOMINATIONS.

         Unless otherwise provided in the applicable Officers' Certificate or
supplemental indenture, the Securities of each series shall be issued in
registered form without coupons in such




                                       15


<PAGE>



denominations as shall be specified as contemplated by Section 301.  In
the absence of any such provisions with respect to the Securities of any series,
the Securities of such series shall be issuable in denominations of $1,000 or
any amount in excess thereof which is an integral multiple of $1,000.

Section 303.  EXECUTION, AUTHENTICATION, DELIVERY AND DATING.

         The Securities shall be executed on behalf of the Company by its
Chairman of the Board, its President, its Chief Executive Officer, its Chief
Operating Officer, its Chief Financial Officer or one of its Vice Presidents,
and attested by its Secretary or one of its Assistant Secretaries. The signature
of any of these officers on the Securities may be manual or facsimile.

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

         At any time and from time to time after the execution and delivery of
this Indenture, the Company may deliver Securities of any series executed by the
Company to the Trustee for authentication, together with a Company Order for the
authentication and delivery of such Securities, or, in the case of Securities
offered in a Periodic Offering, from time to time in accordance with such other
procedures (including, without limitation, the actual receipt by the Trustee of
electronic instructions from the Company or its duly authorized agents, promptly
confirmed in writing by the Company) acceptable to the Trustee as may be
specified from time to time by a Company Order for establishing the specific
terms of particular Securities being so offered, and the Trustee in accordance
with the Company Order shall authenticate and deliver such Securities. If the
form or forms or terms of the Securities of the series have been established by
or pursuant to one or more Board Resolutions as permitted by Sections 201 and
301, in authenticating such Securities and accepting the additional
responsibilities under this Indenture in relation to such Securities, the
Trustee shall be entitled to receive, and (subject to Section 801) shall be
fully protected in conclusively relying upon

          (a) an Opinion of Counsel stating:

                    (1) that the form or forms of such Securities have been
               established in conformity with the provisions of this Indenture;

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

                    (3) that  authentication and delivery of such Securities and
               the execution and delivery of the supplemental indenture, if any,
               by the Trustee will not violate the terms of the Indenture;

                    (4) that the Company has the corporate power to issue, and
               has duly authorized, such Securities; and





                                       16


<PAGE>




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

          (b) an executed supplemental indenture, if any;

          (c) a copy of a Board Resolution; and

          (d) an Officers' Certificate;

provided, however, that, with respect to Securities of a series offered in a
Periodic Offering, the Trustee shall be entitled to receive such Opinion of
Counsel in connection only with the first authentication of each form of
Securities of such series and that the opinions described in clauses (a)(2) and
(a)(5) above may state, respectively, that

                  (2) if the terms of such Securities are to be established
         pursuant to a Company Order or pursuant to such procedures as may be
         specified from time to time by a Company Order, all as contemplated by
         a Board Resolution or action taken pursuant thereto, such terms will
         have been duly authorized by the Company and established in conformity
         with the provisions of this Indenture; and

                  (5) that such Securities, when executed by the Company,
         completed, authenticated and delivered by the Trustee in accordance
         with this Indenture, and issued and delivered by the Company and paid
         for, all in accordance with any agreement of the Company relating to
         the offering, issuance and sale of such Securities, will be duly issued
         under this Indenture and will constitute valid and legally binding
         obligations of the Company, enforceable against the Company in
         accordance with their terms, subject to bankruptcy, insolvency,
         reorganization, moratorium, fraudulent conveyance or transfer and other
         laws of general applicability relating to or affecting the enforcement
         of creditors' rights and to general equity principles.

         With respect to Securities of a series offered in a Periodic Offering,
the Trustee may conclusively rely, as to the authorization by the Company of any
of such Securities, the form or forms and terms thereof and the legality,
validity, binding effect and enforceability thereof, upon the Opinion of
Counsel, Company Order and other documents delivered pursuant to Sections 201
and 301 and this Section, as applicable, in connection with the first
authentication of a form of Securities of such series and it shall not be
necessary for the Company to deliver such Opinion of Counsel and other documents
(except as may be required by the specified other procedures, if any, referred
to above) at or prior to the time of authentication of each Security of such
series unless and until a Responsible Officer of the Trustee receives notice
that such Opinion of Counsel or other documents have been superseded or revoked,
and may assume compliance with any conditions specified in such Opinion of
Counsel (other than any conditions to be performed




                                       17


<PAGE>



by the Trustee).  If such form or forms or terms have been so established, the
Trustee shall not be required to authenticate such Securities if the issue of
such Securities pursuant to this Indenture will affect the Trustee's own rights,
duties or immunities under the Securities and this Indenture.

         Each Security shall be dated the date of its authentication.

         No Security shall be entitled to any benefit under this Indenture or be
valid or obligatory for any purpose unless there appears on such Security a
certificate of authentication substantially in the form provided for herein
executed by a Responsible Officer of the Trustee by manual signature, and such
certificate upon any Security shall be conclusive evidence, and the only
evidence, that such Security has been duly authenticated and delivered hereunder
and is entitled to the benefits of this Indenture. Notwithstanding the
foregoing, if any Security shall have been authenticated and delivered hereunder
but never issued and sold by the Company, and the Company shall deliver such
Security to the Trustee for cancellation as provided in Section 309, for all
purposes of this Indenture such Security shall be deemed never to have been
authenticated and delivered hereunder and shall never be entitled to the
benefits of this Indenture.

Section 304.  TEMPORARY SECURITIES.

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

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

Section 305.  REGISTRATION, REGISTRATION OF TRANSFER AND EXCHANGE.

         The Company shall cause to be kept at the Corporate Trust Office of
the Trustee a register (the "SECURITY REGISTER") in which, subject to such
reasonable regulations as it may prescribe, the Company shall provide for the
registration of Securities and of transfers of Securities. The Trustee is hereby
appointed "SECURITY REGISTRAR" of each series of Securities for




                                       18


<PAGE>



the purpose of registering Securities and transfers of Securities as herein
provided at the Corporate Trust Office.

         Upon surrender for registration of transfer of any Security of any
series at the office or agency of the Company in any Place of Payment for such
series, the Company shall execute and a Responsible Officer of the Trustee
shall authenticate and deliver (in the name of the designated transferee or
transferees) one or more new Securities of the same series, of any authorized
denominations and of a like aggregate principal amount and tenor and bearing a
number not contemporaneously outstanding.

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

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

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

         No service charge shall be made for any registration of transfer or
exchange of Securities, but the Company may require payment of a sum sufficient
to cover any tax or other governmental charge that may be imposed in connection
with any registration of transfer or exchange of Securities, other than
exchanges pursuant to Section 304, 1007 or 1205 not involving any transfer.

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

         Notwithstanding the foregoing, except as otherwise specified as
contemplated by Section 301, no Global Security shall be exchangeable pursuant
to this Section 305 for Securities registered in the name of, and no transfer of
a Global Security of any series may be registered to, any Person other than the
Depositary for such Security or its nominee, unless (i) such Depositary notifies
the Company that it is unwilling or unable to continue as Depositary for such
Global




                                       19


<PAGE>



Security or the Company determines that the Depositary is unable to continue as
Depositary and the Company thereafter fails to appoint a successor Depositary,
(ii) the Company provides for such exchange or registration of transfer pursuant
to Section 301 of this Indenture, (iii) the Company executes and delivers to the
Trustee a Company Order that such Global Security shall be so exchangeable and
the transfer thereof so registrable, or (iv) there shall have occurred and be
continuing an Event of Default with respect to the Securities of such series
which entitles the Holders of such Securities to accelerate the maturity
thereof. Upon the occurrence in respect of any Global Security of any series of
any one or more of the conditions specified in clauses (i), (ii), (iii) or
(iv) of the preceding sentence or such other conditions as may be specified as
contemplated by Section 301 for such series, such Global Security may be
exchanged for Securities not bearing the legend specified in Section 203 and
registered in the names of such Persons as may be specified by the Depositary
(including Persons other than the Depositary or its nominees).

         Notwithstanding any other provision of this Indenture, a Global
Security may not be transferred except as a whole by the Depositary for such
Global Security to a nominee of the Depositary or by a nominee of the Depositary
to the Depositary or another nominee of the Depositary.

Section 306.  MUTILATED, DESTROYED, LOST AND STOLEN SECURITIES.

         If any mutilated Security, including a Global Security, is surrendered
to the Trustee or the Company, together with such security, bond or indemnity as
may be required by the Trustee or the Company to save each of them and any agent
of either of them harmless, the Company shall execute and the Trustee shall
authenticate and deliver in exchange therefor a new Security, including a new
Global Security if the mutilated Security was a Global Security, of the same
series and of like tenor and principal amount and bearing a number not
contemporaneously outstanding.

         If there shall be delivered to the Company and the Trustee (i) evidence
to their satisfaction of the destruction, loss or theft of any Security,
including a Global Security if the destroyed, lost or stolen Security was a
Global Security, and (ii) such security or indemnity as may be required by them
to save each of them and any agent of either of them harmless, then, in the
absence of notice to the Company or the Trustee that such 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 lieu of any such
destroyed, lost or stolen Security, a new Security, including a Global Security
if the destroyed, lost or stolen Security was a Global Security, of the same
series and of like tenor and principal amount and bearing a number not
contemporaneously outstanding.

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

         Upon the issuance of any new Security under this Section, the Company
may require the payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed




                                       20


<PAGE>



in relation thereto and any other expenses (including the fees and expenses of
the Trustee), if any, connected therewith.

         Every new Security of any series issued pursuant to this Section in
lieu of any destroyed, lost or stolen Security shall constitute an original
additional contractual obligation of the Company, whether or not the destroyed,
lost or stolen Security shall be at any time enforceable by anyone, and shall be
entitled to all the benefits of this Indenture equally and proportionately with
any and all other Securities of that series duly issued hereunder. A new
Security shall have such legends as appeared on the old Security unless the
Company determines otherwise.

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

Section 307.  PAYMENT OF INTEREST; INTEREST RIGHTS PRESERVED.

         Unless otherwise provided as contemplated by Section 301 with respect
to any series of Securities, interest on any Security which is payable, and is
punctually paid or duly provided for, on any Interest Payment Date shall be
paid to the Person in whose name that Security (or one or more Predecessor
Securities) is registered in the Security Register at the close of business on
the Regular Record Date for such Interest Payment Date.

         Any interest on any Security of any series which is payable but is not
punctually paid or duly provided for on any Interest Payment Date (herein called
"DEFAULTED INTEREST") shall forthwith cease to be payable to the Holder on the
relevant Regular Record Date by virtue of having been such Holder, and such
Defaulted Interest may be paid by the Company, at its election in each case, as
provided in clause (1) or (2) below:

                    (1) The Company may elect to make payment of any Defaulted
               Interest to the Persons in whose names theSecurities 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 shall notify the Trustee in
               writing of the amount of Defaulted Interest proposed to be paid
               on each Security of such series and the date of the proposed
               payment, and at the same time the Company shall deposit with the
               Trustee an amount of money equal to the aggregate amount proposed
               to be paid in respect of such Defaulted Interest or shall make
               arrangements satisfactory to the Trustee for such deposit prior
               to the date of the proposed payment, such money when deposited to
               be held in trust for the benefit of the Persons entitled to such
               Defaulted  Interest as in this clause provided. Thereupon the
               Trustee  shall fix a Special Record Date for the payment of such
               Defaulted  Interest which shall be not more than 15 days and not
               less than 5 days prior to the date of the  proposed payment and
               not less than 10 days after the receipt by the Trustee of the
               notice of the proposed payment. The Trustee shall promptly notify
               the Company of such  Special Record Date and, in the name and at
               the expense of the  Company, shall cause  notice of the proposed
               payment of such  Defaulted  Interest and the Special Record Date
               therefor to be mailed, first-




                                       21


<PAGE>



               class postage prepaid, to each Holder of Securities of such
               series at such  Holder's address as it appears in the
               Security Register, not less than 15 days prior to such Special
               Record Date.  Notice of the proposed  payment of such Defaulted
               Interest and the Special Record Date therefor having been so
               mailed, such Defaulted Interest shall be paid to the Persons in
               whose names the  Securities of such series (or their respective
               Predecessor Securities) are registered at the close of business
               on such Special Record Date and  shall no longer be payable
               pursuant to the following clause (2).

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

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

Section 308.  PERSONS DEEMED OWNERS.

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

         No holder of any beneficial interest in any Global Security held on its
behalf by a Depositary (or its nominees) shall have any rights under this
Indenture with respect to such Global security or any Security represented
thereby, and such Depositary may be treated by the Company, the Trustee, and any
agent of the Company or the Trustee as the owner of such Global Security or any
Security represented thereby for all purposes whatsoever. Notwithstanding the
foregoing, with respect to any Global Security, nothing herein shall prevent the
Company, the Trustee, or any agent of the Company or the Trustee, from giving
effect to any written certification, proxy or other authorization furnished by a
Depositary as Holder of such Global Security, or impair, as between a Depositary
and the owners of beneficial interests in such Global Security, the operation of
customary practices governing the exercise of the rights of the Depositary (or
its nominees) as Holder of such Global Security.

Section 309.  CANCELLATION.

         All Securities surrendered for payment, redemption, registration of
transfer or exchange or for credit against any sinking fund payment shall, if
surrendered to any Person other than the




                                       22


<PAGE>



Trustee, be delivered to the Trustee and shall be promptly canceled by it. The
Company may at any time deliver to the Trustee for cancellation any Securities
previously authenticated and delivered hereunder which the Company may
have acquired in any manner whatsoever, and may deliver to the Trustee (or
to any other Person for delivery to the Trustee) for cancellation any Securities
previously authenticated hereunder which the Company has not issued and sold,
and all Securities so delivered shall be promptly canceled by the Trustee. No
Securities shall be authenticated in lieu of or in exchange for any Securities
canceled as provided in this Section, except as expressly permitted by this
Indenture. The Trustee is hereby directed by the Company to cancel the
Securities held by the Trustee (subject to the record retention requirements
of the Exchange Act), and the Trustee shall return such cancelled Securities
to the Company.

Section 310.  COMPUTATION OF INTEREST.

         Except as otherwise specified pursuant to Section 301 for Securities of
any series, interest on the Securities of each series shall be computed on the
basis of a 360-day year of twelve 30-day months and no interest will accrue with
respect to the 31st day of any month.

Section 311.  CUSIP NUMBER.

         The Company in issuing the Securities may use "CUSIP" numbers, and if
it does so, the Trustee shall use the applicable CUSIP number in notices of
redemption or exchange as a convenience to Holders; provided that any such
notice may state that no representation is made as to the correctness or
accuracy of the CUSIP number printed in the notice or on the Securities, and
that reliance may be placed only on the other identification numbers printed on
the Securities. The Company will promptly notify the Trustee of any change in
any CUSIP number.

                                  ARTICLE IV.
                            REDEMPTION OF SECURITIES

Section 401.  APPLICABILITY OF ARTICLE.

         Unless otherwise specifically provided for in accordance with Section
301 with respect to any series of Securities, the Company shall have no
mandatory redemption or sinking fund obligations with respect to the Securities
of any series. Securities of any series which are redeemable before their Stated
Maturity in accordance with their terms as specifically established in
accordance with Section 301 shall be redeemable in accordance with their terms
and, except as otherwise provided by such terms, in accordance with this
Article.

Section 402.  NOTICES TO TRUSTEE.

         If the Company elects to redeem any Securities pursuant to any optional
redemption provisions established with respect to such series hereof, it shall
furnish to the Trustee, at least 40 days but not more than 60 days before the
Redemption Date, an Officers' Certificate setting forth (i) such Redemption
Date, (ii) the Redemption Price, (iii) if the Securities of such series have
different terms and less than all of the Securities of such series are to be
redeemed, the terms of the Securities to be redeemed and (iv) if less than all
the Securities of such series with identical terms are to be redeemed, the
principal amount of such Securities to be redeemed.





                                       23


<PAGE>




         In the case of any redemption of Securities prior to the expiration of
any restriction on such redemption provided in the terms of such Securities or
elsewhere in this Indenture, the Company shall furnish the Trustee with an
Officers' Certificate evidencing compliance with such restriction.

Section 403.  SELECTION OF SECURITIES TO BE REDEEMED.

         If less than all of the Securities of like tenor of any series are to
be redeemed at any time, the Trustee shall select the particular Securities to
be redeemed among the Holders on a pro rata basis (and in such manner as
complies with applicable legal and stock exchange requirements, if any) or in
such other manner as the Trustee, in the exercise of its reasonable discretion,
deems fair and appropriate. In the event of partial redemption by lot, the
particular Securities to be redeemed from the Outstanding Securities of like
tenor of such series shall be selected, unless otherwise provided herein, not
less than 30 nor more than 60 days prior to the Redemption Date by the Trustee
from the Outstanding Securities of like tenor of such series not previously
called for redemption.

         The Trustee shall promptly notify the Company in writing of the
Securities selected for redemption and, in the case of any Security selected for
partial redemption, the principal amount thereof to be redeemed. Securities and
portions of them selected shall be in amounts of $1,000 or whole multiples of
$1,000; except that if all of the Securities of a Holder are to be redeemed, the
entire outstanding amount of Securities held by such Holder, even if not a
multiple of $1,000, shall be redeemed. Except as provided in the preceding
sentence, provisions of this Indenture that apply to Securities called for
redemption also apply to portions of Securities called for redemption.

Section 404.  NOTICE OF REDEMPTION.

         At least 30 days but not more than 60 days before a Redemption Date,
notice of redemption shall be delivered by first-class mail, postage prepaid, to
each Holder whose Securities are to be redeemed at each such Holder's address
appearing in the Security Register.

         The notice shall identify the Securities to be redeemed and shall
state:

                         (1) the Redemption Date;

                         (2) the Redemption Price;

                         (3) if less than all the Outstanding Securities of like
                    tenor of any series are to be redeemed, the portion of the
                    principal amount of any Security of such series to be
                    redeemed and that, after the redemption date upon surrender
                    of such Security, a new Security or Securities in principal
                    amount equal to the unredeemed portion shall be issued;

                         (4) the place or places where such Securities are to be
                    surrendered for payment of the Redemption Price;





                                       24


<PAGE>





                         (5) that, unless the Company defaults in making such
                    redemption payment, interest on Securities called for
                    redemption ceases to accrue on and after the Redemption
                    Date;

                         (6) the paragraph of the Securities and/or Section of
                    this Indenture pursuant to which the Securities called for
                    redemption are being redeemed; and

                         (7) that no representation is made as to the
                    correctness or accuracy of the CUSIP number, if any, listed
                    in such notice or printed on the Securities.

         At the Company's request, the Trustee shall give the notice of
redemption in the Company's name and at its expense; PROVIDED, HOWEVER, that the
Company shall have delivered to the Trustee, at least 40 days prior to the
redemption date, an Officers' Certificate requesting that the Trustee give such
notice and setting forth the information to be stated in such notice as provided
in the preceding paragraph. The notice mailed in the manner herein provided
shall be conclusively presumed to have been duly given whether or not the Holder
receives such notice. In any case, failure to give such notice by mail or any
defect in the notice to the Holder of any Security shall not affect the validity
of the proceeding for the redemption of any other Security.

Section 405.  EFFECT OF NOTICE OF REDEMPTION.

         Once notice of redemption is mailed in accordance with Section 404
hereof, Securities called for redemption become due and payable on the
redemption date at the redemption price plus accrued and unpaid interest, if
any, to such date.

Section 406.  DEPOSIT OF REDEMPTION PRICE.

         At or before 10:00 a.m. Eastern Time on the Redemption Date, the
Company shall deposit with the Trustee or with a Paying Agent (or, if the
Company is acting as its own Paying Agent, segregate and hold in trust as
provided in Section 503) an amount of money, sufficient to pay the redemption
price of and accrued interest on all Securities to be redeemed on that date. The
Trustee or the Paying Agent shall promptly return to the Company any money
deposited with the Trustee or the Paying Agent by the Company in excess of the
amounts necessary to pay the Redemption Price of (including any applicable
premium), and accrued interest on, all Securities to be redeemed.

Section 407.  SECURITIES PAYABLE ON REDEMPTION DATE.

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




                                       25


<PAGE>




registered as such at the close of business on the relevant Regular Record Dates
according to their terms and the provisions of Section 307.

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

Section 408.  SECURITIES REDEEMED IN PART.

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

                                   ARTICLE V.
                                   COVENANTS

Section 501.  PAYMENT OF PRINCIPAL, PREMIUM AND INTEREST.

         The Company covenants and agrees for the benefit of each series of
Securities that it will duly and punctually pay the principal of (and premium,
if any) and interest on the Securities of such series in accordance with the
terms of such Securities and this Indenture. Principal of (premium, if any) and
interest on the Securities of any series shall be considered paid on the date
due if the Paying Agent, if other than the Company or a Subsidiary of the
Company, holds as of 10:00 a.m. Eastern Time on the due date money, deposited by
the Company in immediately available funds and designated for and sufficient to
pay all principal, premium, if any, and interest then due. Such Paying Agent
shall return to the Company, no later than one Business Day following the date
of payment, any money (including accrued interest) that exceeds such amount of
principal (premium, if any) and interest paid on the Securities of such series.

         The Company shall, unless otherwise provided for as contemplated by
Section 301, pay interest (including post-petition interest in any proceeding
under any Bankruptcy Law) on overdue principal of the Securities of any series
at the rate equal to 1% per annum in excess of the interest rate then applicable
to such series to the extent lawful. In addition, the Company shall pay interest
on the Securities of any series (including post-petition interest in any
proceeding under any Bankruptcy Law) on overdue installments of interest
(without regard to any applicable grace period) at the same rate to the extent
lawful.





                                       26


<PAGE>



Section 502.  MAINTENANCE OF OFFICE OR AGENCY.

         Unless otherwise provided for as contemplated by Section 301, the
Company shall maintain in the Borough of Manhattan, the City of New York, and in
each Place of Payment for any series of securities, an office or agency (which
may be an office of the Trustee or an affiliate of the Trustee, the Security
Registrar or co-registrar) where Securities of such series may be surrendered
for registration of transfer or exchange and where notices and demands to or
upon the Company in respect of the Securities of such series and this Indenture
may be served. The Company shall give prompt written notice to the Trustee of
the location, and any change in the location, of such office or agency. If at
any time the Company shall fail to maintain such an office or agency or shall
fail to furnish the Trustee with the address thereof, such presentations,
surrenders, notices and demands may be made or served at the Corporate Trust
Office of the Trustee, and the Company hereby appoints the Trustee as its agent
to receive all such presentations, surrenders, notices and demands.

         The Company may also from time to time designate one or more other
offices or agencies where the Securities of one or more series may be presented
or surrendered for any or all such purposes and may from time to time rescind
such designations; PROVIDED, HOWEVER, that no such designation or rescission
shall in any manner relieve the Company of its obligation, unless otherwise
provided for as contemplated by Section 301, to maintain an office or agency in
the Borough of Manhattan, the City of New York and in each Place of Payment for
Securities of any series for such purposes. The Company shall give prompt
written notice to the Trustee of any such designation or rescission and of any
change in the location of any such other office or agency.

Section 503.  MONEY FOR SECURITIES PAYMENTS TO BE HELD IN TRUST.

         If the Company shall at any time act as its own Paying Agent with
respect to any series of Securities, it will, on or before each due date of the
principal of (and premium, if any) or interest on any of the Securities of such
series, segregate and hold in trust for the benefit of the Persons entitled
thereto a sum in the currency in which such series of Securities is payable
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 failure so to act.

         Whenever the Company shall have one or more Paying Agents for any
series of Securities, it will, prior to each due date of the principal of (and
premium, if any) or interest on any 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
failure so to act.

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





                                       27


<PAGE>





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

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

                         (3) during the continuance of any such default by the
                    Company (or any other obligor upon the Securities of such
                    series) in the  making of any payment of principal (and
                    premium, if any) or interest on the  Securities of such
                    series, upon the written request of the Trustee, forthwith
                    pay to the Trustee all sums so held in trust by such Paying
                    Agent.

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

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

Section 504.  COMMISSION REPORTS.

              (i) So long as any of the Securities remain Outstanding, the
          Company shall cause copies of all current, quarterly and annual
          financial reports on Forms 8-K, 10-Q and 10-K, respectively, and all
          proxy statements, which the Company is then required to file with the
          Commission  pursuant to Section 13 or 15(d) of the Exchange Act to be
          filed with the Trustee and mailed to the Holders of such  series of
          Securities  at their addresses appearing in the Security Register
          maintained by the Security Registrar, in each case,




                                       28


<PAGE>




          within 15 days of filing with the Commission. The Company shall
          also comply with the provisions of TIA ss.314(a).

                (ii) If the Company is required to furnish annual or quarterly
          reports to its stockholders pursuant to the Exchange Act, the Company
          shall cause any such annual or quarterly report to its  stockholders
          and any other financial report furnished by it generally to its
          stockholders to be filed with the Trustee and mailed to the Holders of
          each series of Securities Outstanding at their addresses appearing in
          the Security Register maintained by the Security  Registrar,  and such
          reports shall  be in lieu of the delivery to such  Holders  of the
          reports on Form 10-K and 10-Q described in clause (i) above if they
          contain the information required by clause (i) above.

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

Section 505.  COMPLIANCE CERTIFICATE.

              (i) The Company shall deliver to the Trustee, within 120 days
          after the end of each fiscal year, an Officers' Certificate  stating
          that a review of the activities of the Company and its Subsidiaries
          during the preceding fiscal year has been made under the supervision
          of the signing Officers with a view to determining whether each has
          kept, observed, performed and fulfilled its obligations under this
          Indenture, and further stating, as to each such Officer signing such
          certificate, that to his or her knowledge each  entity has  kept,
          observed, performed and fulfilled each and every covenant contained in
          this Indenture and is not in default in the  performance or observance
          of any of the terms, provisions and conditions of this Indenture (or,
          if a Default or Event of Default shall have occurred, describing all
          such Defaults or Events of Default of which he or she may have
          knowledge and what action each is taking or proposes to take with
          respect thereto) and  that to his or her knowledge no event has
          occurred and remains in existence by reason of which payments on
          account of the principal of or interest, if any, on the Securities of
          any series is prohibited or if such event has occurred, a description
          of the event and what action each is taking or proposes to take with
          respect thereto.

              (ii) The Company shall, so long as any of the Securities of any
          series are Outstanding, deliver to the Trustee, forthwith upon any
          Officer becoming aware of (a) any  Default or Event of Default with
          respect to such series of Securities or (b) any event of default under
          any other mortgage, indenture or instrument, an Officers' Certificate
          specifying such Default, Event of Default or event of default and what
          action the Company is taking or proposes to take with respect thereto.





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<PAGE>





Section 506.  TAXES.

         The Company shall pay, and shall cause each of its Subsidiaries to pay,
prior to delinquency, all material taxes, assessments and governmental levies
except (i) as contested in good faith by appropriate proceedings and with
respect to which appropriate reserves have been taken, if required, in
accordance with GAAP or (ii) where the failure to effect such payment is not
adverse in any material respect to the Holders.

Section 507.  STAY, EXTENSION AND USURY LAWS.

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

Section 508.  CORPORATE EXISTENCE.

         Subject to Article 6 hereof, the Company shall do or cause to be done
all things necessary to preserve and keep in full force and effect (i) its
corporate existence, and the corporate, partnership or other existence of each
of its Subsidiaries, in accordance with the respective organizational documents
(as the same may be amended from time to time) of the Company and each
Subsidiary and (ii) the rights (charter and statutory), licenses and franchises
of the Company and its Subsidiaries; PROVIDED, HOWEVER, that the Company shall
not be required to preserve any such right, license or franchise, or the
corporate, partnership or other existence of any of its Subsidiaries, if the
Company shall determine that the preservation thereof is no longer desirable in
the conduct of the business of the Company and its Subsidiaries, taken as a
whole, and that the loss thereof is not adverse in any material respect to the
Holders.

Section 509.  CALCULATION OF ORIGINAL ISSUE DISCOUNT.

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

Section 510.  WAIVER OF CERTAIN COVENANTS.

         Except as otherwise specified as contemplated by Section 301 for
Securities of such series, the Company may, with respect to the Securities of
any series, omit in any particular instance to comply with any term, provision,
requirement or condition set forth in any covenant provided pursuant to Section
301(18), 1001(ii) or 1001(vii) for the benefit of the Holders of such series or
in Section 505, 506 or 601 if, before the time for such compliance, the Holders
of at least a majority in principal amount of the Outstanding Securities of such
series shall, by act of




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<PAGE>




such Holders, either waive such compliance in such instance or generally waive
compliance with such term, provision, requirement or condition, but no such
waiver shall extend to or affect such term, provision, requirement or condition
except to the extent so expressly waived, and, until such waiver shall become
effective, the obligations of the Company and the duties of the Trustee in
respect of any such term, provision, requirement or condition shall remain in
full force and effect.

                                  ARTICLE VI.
                                  SUCCESSORS

Section 601.  LIMITATIONS ON MERGERS, CONSOLIDATIONS OR SALES OF ASSETS.

         The Company may not consolidate or merge with or into (whether or not
the Company is the surviving corporation), or sell, assign, transfer, lease,
convey or otherwise dispose of all or substantially all of its properties or
assets in one or more related transactions, to another Person unless:

               (i) the Company is the  surviving Person or the Person formed by
          or  surviving  any such  consolidation or merger (if other than the
          Company) or to which such sale, assignment, transfer, lease,
          conveyance or other  disposition shall have been made is a corporation
          organized or existing under the laws of the United  States,  any state
          thereof or the District of Columbia;

               (ii) the Person formed by or surviving any such consolidation or
          merger (if other than the Company) or the Person to which such sale,
          assignment, transfer, lease, conveyance or other disposition shall
          have been made assumes all the obligations of the Company under the
          Securities and this Indenture pursuant to a supplemental indenture in
          a form reasonably satisfactory to the Trustee; and

               (iii) immediately after such transaction no Default or Event of
          Default exists.

Section 602.  SUCCESSOR CORPORATION SUBSTITUTED.

         Upon any consolidation or merger, or any sale, assignment, transfer,
lease, conveyance or other disposition of all or substantially all of the assets
of the Company in accordance with Section 601 hereof, the successor corporation
formed by such consolidation or into or with which the Company is merged or to
which such sale, assignment, transfer, lease, conveyance or other disposition is
made shall succeed to, and be substituted for (so that from and after the date
of such consolidation, merger, sale, assignment, transfer, lease, conveyance or
other disposition, the provisions of this Indenture referring to the "Company"
shall refer instead to the successor corporation), and may exercise every right
and power of the Company under this Indenture with the same effect as if such
successor Person has been named as the Company, herein.





                                       31


<PAGE>





                                  ARTICLE VII.
                             DEFAULTS AND REMEDIES

Section 701.  EVENTS OF DEFAULT.

         "EVENT OF DEFAULT," wherever used herein with respect to Securities of
any series, and unless otherwise provided with respect to Securities of any
series pursuant to Section 301, means any one of the following events (whatever
the reason for such Event of Default and whether it shall be voluntary or
involuntary or be effected by operation of law or pursuant to any judgment,
decree or order of any court or any order, rule or regulation of any
administrative or governmental body):

               (i) a default for 30 days in the payment when due of interest on
          any Security of such series;

               (ii) a default in payment when due of principal of or premium, if
          any, on any Security of such series at Maturity, upon redemption or
          otherwise;

               (iii) a failure by the Company to deposit any "mandatory sinking
          fund payment" (as defined in Section 1101 hereof), when and as due, in
          respect of the Securities of such series;

               (iv) a default in the performance or breach of Article 6;

               (v)  failure by the Company for 60 days after notice to comply
          with any of its other agreements in this Indenture or any Security of
          such series;

               (vi) the Company or any Subsidiary of the Company pursuant to or
          within the meaning of any Bankruptcy Law:

                    (a) commences a voluntary case,

                    (b) consents to the entry of an order for relief against it
               in an involuntary case in which it is the debtor,

                    (c) consents to the appointment of a Custodian of it or for
               all or substantially all of its property,

                    (d) makes a general assignment for the benefit of its
               creditors, or

                    (e) admits in writing its inability generally to pay its
               debts as the same become due;

               (vii) a court of competent jurisdiction enters an order or decree
          under any Bankruptcy Law that:

                    (a) is for relief against the Company or any Subsidiary of
               the Company in an involuntary case in which it is the debtor,





                                       32


<PAGE>






                    (b) appoints a Custodian of the Company or any Subsidiary
               thereof or for all or substantially all of the property of the
               Company or any Subsidiary thereof, or

                    (c) orders the liquidation of the Company or any Subsidiary
               of the Company, and the order or decree remains unstayed and in
               effect for 60 days; and

               (viii) any other Event of Default provided with respect to
          Securities of such series pursuant to Section 301.

         The term "BANKRUPTCY LAW" means title 11, U.S. Code or any similar
Federal or state law for the relief of debtors. The term "CUSTODIAN" means any
receiver, trustee, assignee, liquidator or similar official under any Bankruptcy
Law.

         A Default under clause (v) is not an Event of Default with respect to
any series of Securities until the Trustee notifies the Company in writing, or
the Holders of at least 25% in principal amount of the then Outstanding
Securities of such series notify the Company and the Trustee in writing, of the
Default and the Company does not cure the Default within 60 days after receipt
of such notice. The written notice must specify the Default, demand that it be
remedied and state that the notice is a "NOTICE OF DEFAULT."

         In the case of any Event of Default with respect to the Securities of
any series pursuant to the provisions of this Section 701 occurring by reason of
any willful action (or inaction) taken (or not taken) by or on behalf of the
Company or any of its Subsidiaries the primary purpose of which was to allow the
Company to avoid payment of the premium, if any, that the Company would have had
to pay with respect to the Securities of such series if the Company then had
elected to redeem such Securities pursuant to the optional redemption
provisions, if any, established in accordance with this Indenture with respect
to such Securities, an equivalent premium shall also become and be immediately
due and payable if such Securities are repaid to the extent permitted by law,
anything in this Indenture or in the Securities of such series to the contrary
notwithstanding.

Section 702.  ACCELERATION.

         If an Event of Default with respect to the Outstanding Securities of
any series (other than an Event of Default specified in clauses (vi) and (vii)
of Section 701) occurs and is continuing, the Trustee by notice to the Company,
or the Holders of not less than 25% in aggregate principal amount of the
Outstanding Securities of such series by written notice to the Company and the
Trustee, may declare the unpaid principal of (or, if any of the Securities of
such series are Original Issue Discount Securities, such lesser portion of the
principal amount of such Securities as may be specified in the terms thereof),
premium, if any, and any accrued and unpaid interest on all the Securities of
that series to be due and payable. Upon such declaration the principal (or
specified portion thereof), premium, if any, and interest shall be due and
payable immediately. If an Event of Default specified in clause (vi) or (vii) of
Section 701 occurs with respect to the Company or any Subsidiary thereof such an
amount shall IPSO FACTO become and be immediately due and payable without any
declaration or other act on the part of the Trustee or any Holder.




                                       33


<PAGE>





The Holders of a majority in principal amount of the Outstanding Securities of
such series by written notice to the Trustee may rescind an acceleration and its
consequences if the rescission would not conflict with any judgment or decree
and if all existing Events of Default with respect to such series (except
nonpayment of principal or interest that has become due solely because of the
acceleration) have been cured or waived.

Section 703.  OTHER REMEDIES.

         If an Event of Default with respect to the Outstanding Securities of
any series occurs and is continuing, the Trustee may pursue any available remedy
(under this Indenture or otherwise) to collect the payment of principal,
premium, if any, or interest on the Securities of such series or to enforce the
performance of any provision of such Securities or this Indenture.

         The Trustee may maintain a proceeding at the expense of the Company
with respect to the Outstanding Securities of any series even if it does not
possess any of the Securities of such series or does not produce any of them in
the proceeding. A delay or omission by the Trustee or any Holder of such
Securities in exercising any right or remedy accruing upon an Event of Default
shall not impair the right or remedy or constitute a waiver of or acquiescence
in the Event of Default. All remedies are cumulative to the extent permitted by
law.

Section 704.  WAIVER OF PAST DEFAULTS.

         Holders of not less than a majority in aggregate principal amount of
the Outstanding Securities of any series by written notice to the Trustee may
waive an existing Default or Event of Default with respect to the Securities of
such series and its consequences, except a continuing Default or Event of
Default in the payment of the principal of, premium, if any, or interest on any
Security of such series held by a nonconsenting Holder (other than a rescission
of acceleration of the Securities of such series by the Holders of at least a
majority in aggregate principal amount of the Securities of such series and a
waiver of the payment default resulting from such acceleration). Upon any such
waiver, such Default shall cease to exist, and any Event of Default with respect
to the Securities of such series 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 705.  CONTROL BY MAJORITY.

         Holders of a majority in principal amount of the Outstanding Securities
of any series may direct the time, method and place of conducting any proceeding
for any remedy available to the Trustee with respect to such series or
exercising any trust or power conferred on the Trustee with respect to such
series. However, the Trustee may refuse to follow any direction that conflicts
with law or this Indenture that the Trustee determines may be unduly prejudicial
to the rights of other Holders of Securities of such series or that may involve
the Trustee in personal liability. The Trustee may take any other action which
it deems proper which is not inconsistent with any such direction.





                                       34


<PAGE>






Section 706.  LIMITATION ON SUITS.

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

               (i) the Holder gives to the Trustee written notice of a
          continuing Event of Default with respect to the Securities of such
          series;

               (ii) the Holders of at least 25% in principal amount of the
          Outstanding Securities of such series make a written request to the
          Trustee to pursue the remedy;

               (iii) such Holder or Holders offer and, if requested, provide to
          the Trustee indemnity satisfactory to the Trustee against any loss,
          liability or expense;

               (iv) the Trustee does not comply with the request within 60 days
          after receipt of the request and the offer and the provision of
          indemnity; and

               (v) during such 60-day period the Holders of a majority in
          principal amount of the Outstanding  Securities of such series do not
          give the Trustee a direction inconsistent with the request.

A Holder may not use this Indenture to prejudice the rights of another Holder or
to obtain a preference or priority over another Holder.

Section 707.  RIGHTS OF HOLDERS TO RECEIVE PAYMENT.

         Notwithstanding any other provision in this Indenture, the Holder of
any Security shall have the right, which is absolute and unconditional, to
receive payment of the principal of (and premium, if any) and (subject to
Section 307) interest on such Security on the Stated Maturity or Maturities
expressed in such Security (or, in the case of redemption, on the Redemption
Date, or, in the case of a repurchase right at the option of the Holder, if any,
on the Repurchase Date specified pursuant to Section 301) and to institute suit
for the enforcement of any such payment, and such rights shall not be impaired
without the consent of such Holder.

Section 708.  COLLECTION SUIT BY TRUSTEE.

         If an Event of Default with respect to the Securities of any series
specified in Section 701(i) or (ii) occurs and is continuing, the Trustee is
authorized to recover judgment in its own name and as trustee of an express
trust against the Company or any other obligor for the whole amount of
principal, premium, if any, and interest remaining unpaid on the Securities of
such series and interest on overdue principal and, to the extent lawful,
interest, premium and such further amount as shall be sufficient to cover the
costs and expenses of collection, including the costs and expenses of
collection, including the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel.





                                       35


<PAGE>






Section 709.  TRUSTEE MAY FILE PROOFS OF CLAIM.

         The Trustee is authorized to file such proofs of claim and 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 the
Holders allowed in any judicial proceedings relative to the Company (or any
other obligor upon the Securities), its creditors or its property and shall be
entitled and empowered to collect, receive and distribute any money or other
property payable or deliverable on any such claims and any custodian in any such
judicial proceeding is hereby authorized by each Holder to make such payments to
the Trustee, and in the event that the Trustee shall make such payments directly
to the Holders, to pay to the Trustee any amount due to it for the compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel, and
any other amounts due the Trustee under Section 808 hereof. To the extent that
the payment of any such compensation, expenses, disbursements and advances of
the Trustee, its agents and counsel, and any other amounts due the Trustee under
Section 808 hereof out of the estate in any such proceeding, shall be denied for
any reason, payment of the same shall be secured by a Lien on, and shall be paid
out of, any and all distributions, dividends, money, securities and other
properties which the Holders may be entitled to receive in such proceeding
whether in liquidation or under any plan of reorganization or arrangement or
otherwise. Nothing herein contained shall be deemed to authorize the Trustee to
authorize or consent to or accept or adopt on behalf of any Holder any plan of
reorganization, arrangement, adjustment or composition affecting the Securities
of any series 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 710.  PRIORITIES.

         If the Trustee collects any money with respect to the Securities of any
series pursuant to this Article, it shall pay out the money in the following
order:

         First: to the Trustee, its agents and attorneys for amounts due under
Section 808, including payment of all compensation, expenses and liabilities
incurred, and all advances made, by the Trustee and the costs and expenses of
collection;

         Second: to Holders of the Securities of such series for amounts due and
unpaid on the Securities of such series for principal, premium, if any, and
interest, ratably, without preference or priority of any kind, according to the
amounts due and payable on the Securities of such series for principal, premium,
if any and interest, respectively;

         Third: without duplication, to Holders of the Securities of such series
for any other principal, interest, penalties, fees, indemnifications,
reimbursements, damages and other liabilities payable under the documentation
governing any Indebtedness owing to such Holders under this Indenture or the
Securities of such series; and

         Fourth:  to the Company.

         The Trustee may fix a record date and payment date for any payment to
Holders.





                                       36


<PAGE>






Section 711.  UNDERTAKING FOR COSTS.

         In any suit for the enforcement of any right or remedy under this
Indenture or in any suit against the Trustee for any action taken or omitted by
it as a Trustee, a court in its discretion may require the filing by any party
litigant in the suit of an undertaking to pay the costs of the suit, and the
court in its discretion may assess reasonable costs, including reasonable
attorneys' fees and expenses, against any party litigant in the suit, having due
regard to the merits and good faith of the claims or defenses made by the party
litigant. This Section does not apply to a suit by the Trustee, a suit by a
Holder pursuant to Section 707, or a suit by Holders of more than 10% in
principal amount of the Outstanding Securities of the affected series.



                                  ARTICLE VIII.
                                    TRUSTEE

Section 801.  DUTIES OF TRUSTEE.

               (i) With respect to the Securities of any series,  if an Event of
          Default has occurred and is  continuing,  the Trustee  shall  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.

               (ii) With respect to the Securities of any series,  except during
          the continuance of an Event of Default actually known to a Responsible
          Officer of the Trustee:

                    (a) the duties of the Trustee shall be determined  solely by
               the  express  provisions  of  this  Indenture  or the TIA and the
               Trustee need perform only those duties that are  specifically set
               forth in this Indenture or the TIA and no others,  and no implied
               covenants  or  obligations  shall  be read  into  this  Indenture
               against the Trustee, and

                    (b) 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  provision  hereof  are
               specifically required to be furnished to the Trustee, the Trustee
               shall be under a duty to examine the same to determine whether or
               not they conform to the  requirements of this Indenture (but need
               not  confirm  or   investigate   the  accuracy  or   mathematical
               calculations or other facts stated therein).

               (iii) The Trustee may not be relieved  from  liabilities  for its
          own negligent  action,  its own  negligent  failure to act, or its own
          willful misconduct, except that:

                    (a) this  paragraph  does not limit the effect of  paragraph
               (ii) of this Section;





                                       37


<PAGE>






                    (b) the Trustee shall no tbe liable for any error of
               judgment made in good faith by a Responsible Officer, unless it
               is proved that the Trustee was negligent in ascertaining the
               pertinent facts; and

                    (c) the Trustee shall not be liable with respect to any
               action it takes or omits to take in good faith in accordance with
               a direction received by it pursuant to Section 705 hereof.

               (iv) Whether or not therein expressly so provided, every
          provision of this Indenture that in any way relates to the Trustee is
          subject to paragraphs (i), (ii), and (iii) of this Section.

               (v) No provision of this Indenture shall require the Trustee to
          expend or risk its own funds or incur any liability. The Trustee may
          refuse to perform any duty or exercise any right or power unless it
          receives indemnity satisfactory to it against any loss, liability or
          expense.

               (vi) The Trustee shall not be liable for interest on any money
          received  by it except as the  Trustee may agree in writing  with the
          Company.  Money held in trust by the Trustee  need not be segregated
          from other funds except to the extent required by law.

Section 802.  RIGHTS OF TRUSTEE.

               (i) The Trustee may conclusively rely upon any document believed
          by it to be genuine and to have been signed or presented by the proper
          Person.  The Trustee need not investigate any fact or matter stated in
          any such document.

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

               (iii) Before the Trustee acts or refrains from acting, it may
          require an Officers' Certificate or an Opinion of Counsel or both. The
          Trustee shall not be liable for any action it takes or omits to take
          in good faith in reliance on such Officers' Certificate or Opinion of
          Counsel. 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 from liability in respect of any
          action taken, suffered or omitted by it hereunder in good faith and in
          reliance thereon.

               (iv) The Trustee may act through its attorneys and agents and
          shall not be responsible nor liable for the misconduct or negligence
          of any agent appointed with due care.

               (v) The Trustee shall not be liable for any action it takes or
          omits to take in good faith which it believes to be authorized or
          within its rights or powers conferred upon it by this Indenture.





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<PAGE>






Section 803.  INDIVIDUAL RIGHTS OF TRUSTEE.

         The Trustee in its individual or any other capacity may become the
owner or pledgee of Securities and may otherwise deal with the Company or any
Affiliate of the Company with the same rights it would have if it were not
Trustee, Authenticating Agent, Paying Agent, Security Registrar or such other
agent. Any Agent may do the same with like rights. However, the Trustee is
subject to Sections 812 and 813 hereof.

Section 804.  TRUSTEE'S DISCLAIMER.

         The Trustee and the Authenticating Agent shall not be responsible for
and make no representation as to the validity or adequacy of this Indenture or
the Securities of any series, nor shall the Trustee or the Authenticating Agent
be accountable for the Company's use of the proceeds from the Securities or any
money paid to the Company or upon the Company's direction under any provision of
this Indenture, nor shall it or the Authenticating Agent be responsible for the
use or application of any money received by any Paying Agent other than the
Trustee, nor shall it be responsible for any statement or recital herein or any
statement in the Securities of any series or any other document in connection
with the sale of the Securities or pursuant to this Indenture other than its
certificate of authentication.

Section 805.  NOTICE OF DEFAULTS.

         If a Default or Event of Default with respect to the Securities of any
series occurs and is continuing and if it is actually known to a Responsible
Officer of the Trustee, the Trustee shall mail to Holders of such Securities a
notice of the Default or Event of Default within 90 days after it occurs. Except
in the case of a Default or Event of Default in payment on any Security of any
series or in the payment of any sinking fund installment with respect to the
Securities of such series, the Trustee may withhold the notice if and so long as
a committee of its Responsible Officers in good faith determines that
withholding the notice is in the interests of the Holders of Securities of such
series.

Section 806.  PRESERVATION OF INFORMATION.

         The Trustee shall preserve, in as current a form as is reasonably
practicable, the names and addresses of Holders of such series of Securities
received by the Trustee in its capacity as Security Registrar.

Section 807.  REPORTS BY TRUSTEE TO HOLDERS.

         Within 60 days after of each year commencing with the later of , ____
or the first after the first issuance of Securities pursuant to this Indenture,
the Trustee shall mail to the Holders of Securities of all series a brief report
dated as of such reporting date that complies with TIA ss. 313(a) (but if no
event described in TIA ss. 313(a) has occurred within the twelve months
preceding the reporting date, no report need be transmitted). The Trustee also
shall comply with TIA ss. 313(b). The Trustee shall also transmit by mail all
reports as required by TIA ss. 313(c).





                                       39


<PAGE>






         A copy of each report at the time of its mailing to the Holders shall
be mailed to the Company and filed with the Commission and each stock exchange
on which the Securities are listed. The Company shall promptly notify the
Trustee when the Securities are listed on any stock exchange or delisted
therefrom.

Section 808.  COMPENSATION AND INDEMNITY.

         The Company shall pay to the Trustee from time to time such
compensation for its acceptance of this Indenture and services hereunder
mutually satisfactory to the Company and Trustee. The Trustee's compensation
shall not be limited by any law on compensation of a trustee of an express
trust. The Company shall reimburse the Trustee promptly upon request for all
disbursements, advances and expenses incurred or made by it in addition to the
compensation for its services. Such expenses shall include the reasonable
compensation, disbursements and expenses of the Trustee's agents and counsel.

         The Company shall fully indemnify the Trustee against any and all
losses, liabilities, claims, damages or expenses (including taxes other than
taxes based on the income of the Trustee) incurred by it arising out of or in
connection with the acceptance of its duties and the administration of the
trusts under this Indenture, except as set forth below. The Trustee shall notify
the Company promptly of any claim for which it may seek indemnity. Failure by
the Trustee to so notify the Company shall not relieve the Company of its
obligations hereunder. The Company shall defend the claim and the Trustee shall
cooperate in the defense. The Trustee may have separate counsel of its own
selection and the Company shall pay the reasonable fees and expenses of such
counsel. The Company need not pay for any settlement made without its consent,
which consent shall not be unreasonably withheld.

         The obligations of the Company under this Section 808 shall survive the
satisfaction and discharge of this Indenture.

         The Company need not reimburse any expense or indemnify against any
loss or liability incurred by the Trustee through its own negligence or willful
misconduct.

         To secure the Company's payment obligations in this Section 808, the
Trustee shall have a Lien prior to the Securities on all money or property held
or collected by the Trustee, except that held in trust to pay principal and
interest on the Securities of any series. Such Lien shall survive the
satisfaction and discharge of this Indenture.

         When the Trustee incurs expenses or renders services after an Event of
Default specified in Section 701(viii) or (ix) hereof occurs, the expenses and
the compensation for the services (including the fees and expenses of its agents
and counsel) are intended to constitute expenses of administration under any
Bankruptcy Law.

Section 809.  RESIGNATION AND REMOVAL; APPOINTMENT OF SUCCESSOR.

     (a) No resignation or removal of the Trustee and no appointment of a
successor Trustee pursuant to this Article shall become effective until the
acceptance of appointment by the  successor Trustee in accordance with the
applicable requirements of Section 810.





                                       40


<PAGE>






     (b) The Trustee may resign at any time with respect to the Securities of
one or more series by giving written notice thereof to the Company specifying
its intention to resign, the applicable series affected by such resignation, the
reason therefor and the date upon which such resignation shall become effective.
Notwithstanding the foregoing, unless the reason for such resignation is a
conflict pursuant to TIA ss.310(b) as provided in Section 812 hereof, the
Trustee must resign with respect to all Securities if the Trustee resigns with
respect to any series of Securities. If the instrument of acceptance by a
successor Trustee required by Section 810 shall not have been delivered to the
Trustee within 60 days after the giving of such  notice of resignation, the
resigning Trustee  may petition at the expense of the Company  any court of
competent  jurisdiction for the appointment of a successor Trustee with respect
to the Securities of such series.

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

     (d) If at any time:

               (1) the Trustee shall fail to comply with TIA ss.310(b) after
          written request therefor by the Company or by any Holder who has been
          a bona fide Holder of a Security for at least six months, or

               (2) the Trustee shall cease to be eligible under Section 812 and
          shall fail to resign after written request  therefor by the Company or
          by any such Holder, or

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

then, in any such case, (i) the Company by a Board Resolution may remove the
Trustee with respect to any one or more series of Securities or all Securities,
or (ii) subject to Section 711, any Holder who has been a bona fide Holder of a
Security for at least six months may, on behalf of himself and all others
similarly situated, petition any court of competent jurisdiction for the removal
of the Trustee with respect to such series of Securities and the appointment of
a successor Trustee or Trustees.

     (e) If the Trustee shall resign, be removed or become incapable of acting,
or if a vacancy shall occur in the office of Trustee for any cause, with respect
to the  Securities of one or more series, the Company, by a Board Resolution,
shall  promptly appoint a  successor  Trustee or Trustees  with respect to the
Securities of that or those series (it being  understood that any such successor
Trustee may be appointed with respect to the Securities of one or more or all of
such series and that at any time there shall be only one Trustee with respect to
the  Securities of any particular series).  If, within one year after such
resignation, removal or  incapability, or the occurrence of such vacancy, a
successor Trustee with respect  to the  Securities of any series shall be
appointed  by Act of the Holders of a majority in  principal amount of the
Outstanding




                                       41


<PAGE>





Securities of such series delivered to the Company and the retiring
Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance
of such appointment in accordance with the applicable  requirements of Section
810, become the successor Trustee with respect to the Securities of such series
and to that extent supersede the successor Trustee appointed by the Company. If
no successor Trustee with respect to the Securities of any series shall have
been so appointed by the Company or the Holders and accepted appointment in the
manner required by Section 810, any Holder who has been a bona fide Holder of a
Security of such series for at least six months may, on behalf of himself and
all others similarly situated, petition any court of competent jurisdiction for
the appointment of a successor Trustee with respect to the Securities of such
series.

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

Section 810.  ACCEPTANCE OF APPOINTMENT BY SUCCESSOR.

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

     (b) In case of the appointment hereunder of a successor Trustee with
respect to the Securities of one or more (but not all) series, the Company, the
retiring Trustee and each successor Trustee with respect to the Securities of
one or more series shall execute and deliver an indenture supplemental hereto
wherein each successor Trustee shall accept such appointment and which (1) shall
contain such provisions as shall be necessary or desirable to transfer and
confirm to, and to vest in,  each  successor Trustee  all the  rights, powers,
trusts and duties of the retiring Trustee with respect to the Securities of that
or those series to which the appointment of such successor Trustee relates, (2)
if the retiring Trustee is not retiring with respect to all Securities, shall
contain such provisions as shall be deemed  necessary or desirable to confirm
that all the rights, powers, trusts and duties of the  retiring  Trustee  with
respect to the Securities of that or those series as to which  the retiring
Trustee is not retiring shall continue to be vested in the retiring Trustee, and
(3) shall add to or change any of the provisions of this Indenture as shall be
necessary to provide for or facilitate the administration of  the trusts
hereunder by more than one Trustee, it being understood that nothing herein or
in such supplemental indenture shall constitute such Trustees co-trustees of the
same  trust and that each such Trustee shall be trustee of a trust or trusts
hereunderseparate and apart from any trust or trusts hereunder administered



                                       42


<PAGE>





by any other such Trustee; and upon the execution and delivery of such
supplemental indenture the resignation or removal of the retiring Trustee shall
become effective to the extent provided therein and each such successor Trustee,
without any further act, deed or conveyance, shall become vested with all the
rights, powers, trusts and duties of the retiring Trustee with respect to the
Securities of that or those series to which the appointment of such successor
Trustee relates; but, on request of the Company or any successor Trustee, such
retiring  Trustee shall duly  assign,  transfer  and deliver to such  successor
Trustee all  property and money held by such  retiring  Trustee hereunder with
respect to the Securities of that or those series to which the appointment of
such  successor Trustee  relates.  Whenever  there is a successor Trustee with
respect to one or more (but less than all) series of securities issued pursuant
to this  Indenture, the terms "Indenture" and "Securities" shall  have the
meanings specified in the provisos to the respective  definitions of those terms
in Section 101 which contemplate such situation.

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

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

Section 811.  MERGER, CONVERSION, CONSOLIDATION OR SUCCESSION TO BUSINESS.

         Any Corporation into which the Trustee may be merged or converted or
with which it may be consolidated, or any Corporation resulting from any merger,
conversion or consolidation to which the Trustee shall be a party, or any
Corporation succeeding to all or substantially all the corporate trust business
of the Trustee, shall be the successor of the Trustee hereunder, provided such
Corporation shall be otherwise qualified and eligible under this Article,
without the execution or filing of any paper or any further act on the part of
any of the parties hereto. In case any Securities shall have been authenticated,
but not delivered, by the Trustee then in office, any successor by merger,
conversion or consolidation to such authenticating Trustee may adopt such
authentication and deliver the Securities so authenticated with the same effect
as if such successor Trustee had itself authenticated such Securities; in case
any of the Securities shall not have been authenticated by the Trustee then in
office, any successor by merger, conversion or consolidation to such Trustee may
authenticate such Securities either in the name of such predecessor hereunder or
in the name of the successor Trustee; and in all such cases such certificates
shall have the full force which it is anywhere in the Securities or in this
Indenture provided that the certificate of the Trustee shall have; provided,
however, that the right to adopt the certificate of authentication of any
predecessor Trustee or to authenticate Securities in the name of any predecessor
Trustee shall apply only to its successor or successors by merger, conversion or
consolidation.

Section 812.  ELIGIBILITY; DISQUALIFICATION.

         There shall at all times be a Trustee hereunder which shall be a
corporation organized and doing business under the laws of the United States of
America or of any state thereof authorized under such laws to exercise corporate
trustee power, shall be subject to supervision or



                                       43


<PAGE>





examination by Federal or state authority and shall have a combined capital and
surplus of at least $50 million as set forth in its most recent published annual
report of condition.

         This Indenture shall always have a Trustee who satisfies the
requirements of TIA ss.310(a)(1), (2) and (5). The Trustee is subject to TIA
ss.310(b).

Section 813.  PREFERENTIAL COLLECTION OF CLAIMS AGAINST COMPANY.

         The Trustee is subject to TIA ss. 311(a), excluding any creditor
relationship listed in TIA ss. 311(b). A Trustee who has resigned or been
removed shall be subject to TIA ss. 311(a) to the extent indicated therein.

Section 814.  APPOINTMENT OF AUTHENTICATING AGENT.

         At any time when any of the Securities remain Outstanding the Trustee,
with the concurrence of the Company, may appoint an Authenticating Agent or
Agents with respect to one or more series of Securities which shall be
authorized to act on behalf of the Trustee to authenticate Securities of such
series, and Securities so authenticated shall be entitled to the benefits of
this Indenture and shall be valid and obligatory for all purposes as if
authenticated by the Trustee hereunder. Wherever reference is made in this
Indenture to the authentication and delivery of Securities by the Trustee or the
Trustee's certificate of authentication, such reference shall be deemed to
include authentication and delivery on behalf of the Trustee by an
Authenticating Agent and a certificate of authentication executed on behalf of
the Trustee by an Authenticating Agent. Each Authenticating Agent shall be
acceptable to the Company and shall at all times be a Corporation organized and
doing business under the laws of the United States of America, any State thereof
or the District of Columbia authorized under such laws to act as Authenticating
Agent, having a combined capital and surplus of not less than $50,000,000 and
subject to supervision or examination by Federal, State or District of Columbia
authority. If such Authenticating Agent publishes reports of condition at least
annually, pursuant to law or to the requirements of said supervising or
examining authority, then for the purposes of this Section, the combined capital
and surplus of such Authenticating Agent shall be deemed to be its combined
capital and surplus as set forth in its most recent report of condition so
published. If at any time an Authenticating Agent shall cease to be eligible in
accordance with the provisions of this Section, such Authenticating Agent shall
resign immediately in the manner and with the effect specified in this Section.

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

         An Authenticating Agent may resign at any time by giving written notice
thereof to the Trustee and to the Company. The Trustee may at anytime terminate
the agency of an Authenticating Agent by giving written notice thereof to such
Authenticating Agent and to the



                                       44


<PAGE>





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

         The Trustee agrees to pay to each Authenticating Agent from time to
time reasonable compensation for its services under this Section, and the
Trustee shall be entitled to reimbursement for such payments subject to Section
808.

         If an appointment with respect to one or more series is made pursuant
to this Section, the Securities of such series may have endorsed thereon, in
addition to the Trustee's certificate of authentication an alternate certificate
of authentication in the following form:

         This is one of the Securities of the series designated herein and
issued pursuant to the within-mentioned Indenture.

                                         Dated:  ______________________________

                                          _________________________, as Trustee

                                          By  _________________________________
                                              Authorized Signatory

                                          ______________________________, as
                                          Authenticating Agent

                                          By  _________________________________
                                              Authorized Signatory

Section 815.  TRUSTEE'S APPLICATION FOR INSTRUCTIONS FROM THE COMPANY.

         Any application by the Trustee for written instructions from the
Company may, at the option of the Trustee, set forth in writing any action
proposed to be taken or omitted by the Trustee under this Indenture and the date
on and/or after which such action shall be taken or such omission shall be
effective. The Trustee shall not be liable for any action taken by, or omission
of, the Trustee in accordance with a proposal included in such application on or
after the date specified in such application (which date shall not be less than
three Business Days after the date any officer of the Company actually receives
such application, unless any such officer shall have consented in writing to any
earlier date) unless prior to taking any such action (or the effective date of
the case of an omission), the Trustee shall have received written instructions
in response to such application specifying the action to be taken or omitted.




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<PAGE>






                                  ARTICLE IX.
                            DISCHARGE OF INDENTURE

Section 901.  DEFEASANCE AND DISCHARGE OF THIS INDENTURE AND THE SECURITIES.

         The Company may, at the option of its Board of Directors evidenced by a
Board Resolution set forth in an Officers' Certificate, at any time, with
respect to the Securities of any series, elect to have either Section 902 or 903
be applied to the Outstanding Securities of such series upon compliance with the
conditions set forth below in this Article 9.

Section 902.  LEGAL DEFEASANCE AND DISCHARGE.

         Upon the Company's exercise under Section 901 of the option applicable
to this Section 902, the Company shall be deemed to have been discharged from
its obligations with respect to the Outstanding Securities of any series on the
date the conditions set forth below are satisfied with respect to such series
(hereinafter, "LEGAL DEFEASANCE"). For this purpose, such Legal Defeasance means
that the Company shall be deemed to have paid and discharged the entire
Indebtedness represented by the Outstanding Securities of such series, which
shall thereafter be deemed to be "Outstanding" only for the purposes of Section
905 and the other Sections of this Indenture referred to in clauses (i) and (ii)
of this Section 902, and to have satisfied all its other obligations under the
Securities of such series and this Indenture as it relates to such series (and
the Trustee, on demand of and at the expense of the Company, shall execute
proper instruments acknowledging the same), except for the following which shall
survive until otherwise terminated or discharged hereunder: (i) the rights of
Holders of Outstanding Securities of such series to receive solely from the
trust fund described in Section 904, and as more fully set forth in such
Section, payments in respect of the principal of, premium, if any, and interest
on such Securities when such payments are due, (ii) the Company's obligations
with respect to such Securities under Sections 305, 306 and 502, (iii) the
rights, powers, trusts, duties and immunities of the Trustee hereunder,
including, without limitation, the Trustee's rights under Section 808, and the
Company's obligations in connection therewith and (iv) this Article 9. Subject
to compliance with this Article 9, the Company may exercise its option under
this Section 902 notwithstanding the prior exercise of its option under Section
903 with respect to the Securities of such series.

Section 903.  COVENANT DEFEASANCE.

         Unless specifically otherwise provided in a Board Resolution, Officers'
Certificate or indenture supplemental hereto provided pursuant to Section 301,
upon the Company's exercise under Section 901 of the option applicable to this
Section 903, the Company shall be released from its obligations under the
covenants contained in Sections 504, 505 and 506 and Article 6 and any covenants
created as contemplated by Section 301(12) with respect to the Outstanding
Securities of any series on and after the date the conditions set forth below
are satisfied with respect to such series (hereinafter, "COVENANT DEFEASANCE"),
and the Securities of such series shall thereafter be deemed not "outstanding"
for the purposes of any direction, waiver, consent or declaration or act of
Holders of such Securities (and the consequences of any thereof) in connection
with such covenants, but shall continue to be deemed "Outstanding" for all other
purposes hereunder (it being understood that such Securities shall not be deemed
outstanding for



                                       46


<PAGE>






accounting purposes). For this purpose, such Covenant Defeasance means that,
with respect to the Outstanding Securities of any series, the Company may omit
to comply with and shall have no liability in respect of any term, condition or
limitation set forth in any such covenant, whether directly or indirectly, by
reason of any reference elsewhere herein to any such covenant or by reason of
any reference in any such covenant to any other provision herein or in any other
document and such omission to comply shall not constitute a Default or an Event
of Default with respect to such series of Securities under Section 701(iv) or
(v) but, except as specified above, the remainder of this Indenture and such
Securities shall be unaffected thereby. In addition, upon the Company's exercise
under Section 901 of the option applicable to this Section 903, subject to the
satisfaction of the conditions set forth in Section 904, any failure or omission
to comply with such covenants shall not constitute a Default or Event of Default
with respect to the Securities.

Section 904.  CONDITIONS TO LEGAL OR COVENANT DEFEASANCE.

         The following shall be the conditions to application of either Section
902 or Section 903 to the Outstanding Securities of any series:

               (i) The Company shall  irrevocably have deposited or caused to be
          deposited  with  the  Trustee  (or  another  trustee   satisfying  the
          requirements  of  Section  812 who  shall  agree  to  comply  with the
          provisions of this Article 9 applicable to it) as trust funds in trust
          for the purpose of making the following payments, specifically pledged
          as security for, and  dedicated  solely to, the benefit of the Holders
          of the  Securities  of such  series,  (a) cash in U.S.  Dollars  in an
          amount,  or (b) non-callable  Government  Securities which through the
          scheduled  payment of  principal  and  interest in respect  thereof in
          accordance  with  their  terms  will  provide,  not later than one day
          before the due date of any payment, cash in U.S. Dollars in an amount,
          or (c) a combination  thereof, in such amounts, as will be sufficient,
          in the opinion of a nationally  recognized firm of independent  public
          accountants  expressed in a written certification thereof delivered to
          the Trustee,  to pay and  discharge  and which shall be applied by the
          Trustee (or other  qualifying  trustee) to pay and  discharge  (A) the
          principal  of,  premium,  if  any,  and  interest  on the  Outstanding
          Securities of such series on the Stated  Maturity or on the applicable
          Redemption  Date, as the case may be, of such principal or installment
          of  principal,  premium,  if any, or interest on the day on which such
          payments  are due and  payable  and (B)  any  mandatory  sinking  fund
          payments or analogous  payments  applicable to the  Securities of such
          series  on the day on  which  such  payments  are due and  payable  in
          accordance  with the  terms  of this  Indenture  and such  Securities;
          PROVIDED  that the Trustee shall have been  irrevocably  instructed to
          apply  such  money or the  proceeds  of such  non-callable  Government
          Securities  to said  payments  with respect to the  Securities of such
          series.

               (ii) In the case of an election  under  Section  902, the Company
          shall  have  delivered  to the  Trustee  an  Opinion of Counsel in the
          United States reasonably  satisfactory to the Trustee  confirming that
          (a) the Company has received from, or there has been published by, the
          Internal Revenue Service a ruling or (b) since the date hereof,  there
          has been a change in the applicable  federal income tax law, in either
          case to the effect that,  and based thereon such opinion shall confirm
          that,  the Holders of the  Outstanding  Securities of such series will
          not recognize income, gain or loss for federal



                                       47


<PAGE>





          income tax purposes as a result of such Legal  Defeasance and
          will be subject to federal income tax on the same amounts, in the same
          manner and at the same times as would have been the case if such Legal
          Defeasance has not occurred.

               (iii) In the case of an election  under  Section 903, the Company
          shall  have  delivered  to the  Trustee  an  Opinion of Counsel in the
          United  States  to the  effect  that the  Holders  of the  Outstanding
          Securities of such series will not recognize income,  gain or loss for
          federal  income tax purposes as a result of such  Covenant  Defeasance
          and will be subject to Federal  income tax in the same amount,  in the
          same  manner and at the same times as would have been the case if such
          Covenant Defeasance had not occurred.

               (iv)  No  Default  or  Event  of  Default  with  respect  to  the
          Securities of such series shall have occurred and be continuing on the
          date of such deposit or, in so far as Subsection  701(viii) or 701(ix)
          is  concerned,  at any time in the period ending on the 91st day after
          the date of such  deposit  (it being  understood  that this  condition
          shall not be deemed satisfied until the expiration of such period).

               (v) Such Legal Defeasance or Covenant Defeasance shall not result
          in a breach or  violation  of, or  constitute  a default  under,  this
          Indenture or any other  material  agreement or instrument to which the
          Company is a party or by which the Company is bound.

               (vi) In the case of an election  under either Section 902 or 903,
          the Company shall have  delivered to the Trustee an Opinion of Counsel
          to the effect that after the 91st day following the deposit,  assuming
          no filing by or against  the  Company as a  "debtor"  in a  proceeding
          under any  applicable  Bankruptcy  Law,  the trust  funds  will not be
          subject to the effect of any applicable Bankruptcy Law.

               (vii) In the case of an election under either Section 902 or 903,
          the  Company  shall  have   delivered  to  the  Trustee  an  Officers'
          Certificate  stating that the deposit made by the Company  pursuant to
          its election under Section 902 or 903 was not made by the Company with
          the intent of preferring the Holders of the series of Securities to be
          defeased  over other  creditors  of the  Company or with the intent of
          defeating,  hindering, delaying or defrauding creditors of the Company
          or others.

               (viii)  The  Company  shall  have  delivered  to the  Trustee  an
          Officers'  Certificate and an Opinion of Counsel in the United States,
          each stating that all  conditions  precedent  provided for relating to
          either  the  Legal  Defeasance  under  Section  902  or  the  Covenant
          Defeasance  under  Section 903 (as the case may be) have been complied
          with as contemplated by this Section 904.

Section 905.  DEPOSITED MONEY AND GOVERNMENT SECURITIES TO BE HELD IN TRUST;
              OTHER MISCELLANEOUS PROVISIONS.

         Subject to Section 906, all money and non-callable Government
Securities (including the proceeds thereof) deposited with the Trustee (or other
qualifying trustee, collectively for purposes of this Section 905, the
"TRUSTEE") pursuant to Section 904 in respect of the Outstanding Securities of
any series shall be held in trust and applied by the Trustee, in



                                       48


<PAGE>





accordance with the provisions of such Securities and this Indenture, to the
payment, either directly or through any Paying Agent (including the Company
acting as Paying Agent) as the Trustee may determine, to the Holders of the
Securities of such series of all sums due and to become due thereon in respect
of principal, premium, if any, and interest, but such money need not be
segregated from other funds except to the extent required by law.

         The Company shall pay and indemnify the Trustee against any tax, fee or
other charge imposed on or assessed against the cash or non-callable Government
Securities deposited pursuant to Section 904 or the principal and interest
received in respect thereof other than any such tax, fee or other charge which
by law is for the account of the Holders of the Outstanding Securities of such
series.

         Anything in this Article 9 to the contrary notwithstanding, the Trustee
shall deliver or pay to the Company from time to time upon the Company's request
any money or non-callable Government Securities held by it as provided in
Section 904 which, in the opinion of a nationally recognized firm of independent
public accountants expressed in a written certification thereof delivered to the
Trustee (which may be the opinion delivered under Section 904(i)), are in excess
of the amount thereof which would then be required to be deposited to effect an
equivalent Legal Defeasance or Covenant Defeasance.

Section 906.  REPAYMENT TO COMPANY.

         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, premium, if any,
or interest on any Security and remaining unclaimed for two years after such
principal, and premium, if any, or interest has become due and payable shall be
paid to the Company on its request or (if then held by the Company) shall be
discharged from such trust; and the Holder of such Security shall thereafter, as
an unsecured general creditor, look only to the Company for payment thereof, and
all liability of the Trustee or such Paying Agent with respect to such trust
money, and all liability of the Company as trustee thereof, shall thereupon
cease; provided, however, that the Trustee or such Paying Agent, before being
required to make any such repayment, may at the expense of the Company cause to
be published once, in the NEW YORK TIMES and THE WALL STREET JOURNAL (national
edition), 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
notification or publication, any unclaimed balance of such money then remaining
will be repaid to the Company.

Section 907.  REINSTATEMENT.

         If the Trustee or Paying Agent is unable to apply any U.S. Dollars or
non-callable Government Securities in accordance with Section 902 or 903, as the
case may be, by reason of any order or judgment of any court or governmental
authority enjoining, restraining or otherwise prohibiting such application, then
the Company's obligations under this Indenture and the Securities of any series
to be defeased shall be revived and reinstated as though no deposit had occurred
pursuant to Section 902 or 903 until such time as the Trustee or Paying Agent is
permitted to apply all such money in accordance with Section 902 or 903, as the
case may be; provided, however, that, if the Company makes any payment of
principal of, premium, if any, or interest on any such Security following the
reinstatement of its obligations, the Company shall be



                                       49


<PAGE>





subrogated to the rights of the Holders of such Security to receive such payment
from the money held by the Trustee or Paying Agent.

                                   ARTICLE X.
                        AMENDMENT, SUPPLEMENT AND WAIVER

Section 1001.  WITHOUT CONSENT OF HOLDERS.

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

               (i) to evidence the  succession of another  Person to the Company
          and the  assumption  by any such  successor  of the  covenants  of the
          Company herein and in the Securities; or

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

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

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

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

               (vi) to secure the Securities of any series; or

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

               (viii) to evidence and provide for the  acceptance of appointment
          hereunder by a successor Trustee with respect to the Securities of one
          or more series and to add to or change any of the  provisions  of this
          Indenture as shall be necessary to provide for or




                                       50


<PAGE>





          facilitate  the  administration  of the trusts  hereunder by more
          than one Trustee, pursuant to the requirements of Section 810; or

               (ix)  to  cure  any  ambiguity  or  defect  in or to  correct  or
          supplement  any provision  herein which may be  inconsistent  with any
          other provision in this Indenture or any Security of any series, or to
          make any other provisions with respect to matters or questions arising
          under this Indenture,  provided such action shall not adversely affect
          the  interests  of the  Holders  of  Securities  of any  series in any
          material respect; or

               (x) to comply with  requirements  of the  Commission  in order to
          effect or maintain the qualification of this Indenture under the TIA.

Section 1002.  WITH CONSENT OF HOLDERS.

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

               (i)  change  the  Stated  Maturity  of the  principal  of, or any
          installment  of  principal  of  or  interest  on,  any  such  affected
          Security,  or  reduce  the  principal  amount  thereof  or the rate of
          interest  thereon or any premium payable upon the redemption  thereof,
          or reduce the amount of the  principal of an Original  Issue  Discount
          Security  that  would  be  due  and  payable  upon  a  declaration  of
          acceleration  of the  Maturity  thereof  pursuant  to Section  702, or
          change any Place of Payment  where,  or the coin or currency in which,
          any such  Security or any premium or the interest  thereon is payable,
          or impair the right to institute suit for the  enforcement of any such
          payment on or after the Stated  Maturity  thereof  (or, in the case of
          redemption  or  repayment,  on or  after  the  Redemption  Date or any
          repayment date), or

               (ii) reduce the percentage in principal amount of the Outstanding
          Securities of any series, the consent of whose Holders is required for
          any  modifications or amendments to the Indenture with respect to such
          series or to the terms and  conditions  of such series or to approve a
          supplemental  indenture with respect to such series, or the consent of
          whose  Holders is required  for any waiver with respect to such series
          of compliance  with certain  provisions  of this  Indenture or certain
          defaults  hereunder  and  their  consequences  provided  for  in  this
          Indenture, or

               (iii) modify any of the provisions of Sections 704 or 707 or this
          Section 1002 or Article 8, except to increase any such  percentage  or
          to provide that certain other  provisions of this Indenture  cannot be
          modified  or  waived  without  the  consent  of  the  Holder  of  each
          Outstanding  Security  affected thereby;  provided however,  that this
          clause


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<PAGE>





          shall not be deemed to require  the  consent  of any Holder  with
          respect to changes in the references to "the Trustee" and  concomitant
          changes in this  Section  1002 and Article 8, or the  deletion of this
          proviso,  in accordance  with the  requirements of Sections 810(b) and
          1001(viii).

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

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

Section 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 801) shall be fully protected in conclusively 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 Securities of the series affected thereby theretofore or thereafter
authenticated and delivered hereunder shall be bound thereby to the extent
provided therein.

Section 1005.  COMPLIANCE WITH TIA.

         Every amendment or supplement to this Indenture or the Securities of
any series shall be set forth in a supplemental indenture that complies with the
TIA as then in effect.

Section 1006.  REVOCATION AND EFFECT OF CONSENTS.

          Until an amendment, supplemental waiver or waiver becomes
effective, a consent to it by a Holder is a continuing consent by the Holder and
every subsequent Holder of a Security or portion of a Security that evidences
the same debt as the consenting Holder's Security, even if notation of the
consent is not made on any Security. A supplemental indenture, amendment or
waiver becomes effective in accordance with its terms and thereafter binds every
Holder of the series of Securities to which such amendment, supplemental waiver
or waiver relates.



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<PAGE>






         The Company may, but shall not be obligated to, fix a record date for
determining which Holders of the Securities of any series must consent to such
amendment or waiver. If the Company fixes a record date, the record date shall
be fixed at (i) the later of 30 days prior to the first solicitation of such
consent or the date of the most recent list of Holders furnished to the Trustee
prior to such solicitation or (ii) such other date as the Company shall
designate.

Section 1007.  REFERENCE IN SECURITIES TO SUPPLEMENTAL INDENTURES.

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

Section 1008.  NOTICE OF SUPPLEMENTAL INDENTURES.

         Promptly after the execution by the Company and the Trustee of any
supplemental indenture pursuant to the provisions of Section 1002, the Company
shall give notice thereof to the Holders of each Outstanding Security so
affected, pursuant to Section 108, setting forth in general terms the substance
of such supplemental indenture.

                                   ARTICLE XI.
                                  SINKING FUNDS

Section 1101.  APPLICABILITY OF ARTICLE.

         Unless otherwise specifically provided for in accordance with Section
301 with respect to any series of Securities, the Company shall have no sinking
fund obligations with respect to Securities of any series. The sinking fund
obligations as to any series of Securities for which such obligations exist
shall be as provided by the terms of such series of Securities as specifically
established in accordance with Section 301 and, except as otherwise provided by
such terms, as provided in this Article.

         The minimum amount of any sinking fund payment provided for by the
terms of Securities of any series is herein referred to as a "mandatory sinking
fund payment", and any payment in excess of such minimum amount provided for by
the terms of Securities of any series is herein referred to as an "optional
sinking fund payment". If provided for by the terms of Securities of any series,
the cash amount of any sinking fund payment may be subject to reduction as
provided in Section 1102. Each sinking fund payment shall be applied to the
redemption of Securities of any series as provided for by the terms of
Securities of such series.

Section 1102.  SATISFACTION OF SINKING FUND PAYMENTS WITH SECURITIES.

         The Company (1) may deliver Outstanding Securities of like tenor of a
series (other than any previously called for redemption) and (2) may apply as a
credit Securities of like tenor of a series which have been redeemed either at
the election of the Company pursuant to the terms of


                                       53


<PAGE>






such Securities or through the application of permitted optional sinking fund
payments pursuant to the terms of such Securities, in each case in satisfaction
of all or any part of any sinking fund payment with respect to the Securities of
like tenor of such series required to be made pursuant to the terms of such
Securities as provided for by the terms of such series; provided that such
Securities have not been previously so credited. Such Securities shall be
received and credited for such purpose by the Trustee at the Redemption Price
specified in such Securities for redemption through operation of the sinking
fund and the amount of such sinking fund payment shall be reduced accordingly.
Such Securities shall be first applied to the sinking fund payment next due and
any excess shall be applied to the following sinking fund payments in the order
they are due.

Section 1103.  REDEMPTION OF SECURITIES FOR SINKING FUND.

         Not less than 60 days prior to each sinking fund payment date for
Securities of like tenor of a series, the Company shall deliver to the Trustee
an Officers' Certificate specifying the amount of the next ensuing sinking fund
payment for such Securities pursuant to the terms of such Securities, the
portion thereof, if any, which is to be satisfied by payment of cash and the
portion thereof, if any, which is to be satisfied by delivering and crediting
Securities of like tenor of that series pursuant to Section 1102 and, at the
time of delivery of such Officers' Certificate, will also deliver to the Trustee
any Securities to be so delivered. Not less than 30 days before each such
sinking fund payment date the Trustee shall select the Securities to be redeemed
upon such sinking fund payment date in the manner specified in Section 403 and
cause notice of the redemption thereof to be given in the name of and at the
expense of the Company in the manner provided in Section 404. Such notice having
been duly given, the redemption of such Securities shall be made upon the terms
and in the manner stated in Sections 407 and 408.

                                  ARTICLE XII.
                  REPURCHASE OF SECURITIES AT OPTION OF HOLDERS

Section 1201.  APPLICABILITY OF ARTICLE.

         Unless otherwise specifically provided for in accordance with Section
301 with respect to any series of Securities, the Company shall have no
repurchase obligations with respect to Securities of any series. Securities of
any series which are repurchasable before their Stated Maturity at the option of
the Holders in accordance with their terms as specifically established in
accordance with Section 301 shall be repurchasable in accordance with their
terms and, except as otherwise provided by such terms, in accordance with this
Article.

Section 1202.  NOTICE OF REPURCHASE DATE.

         Notice of any Repurchase Date with respect to Securities of any series
shall, unless otherwise specified by the terms of such Securities, be given by
the Company not less than 45 nor more than 60 days prior to such Repurchase Date
to each Holder of Securities of such series subject to repurchase in accordance
with Section 108.

         The notice as to Repurchase Date shall state:

                    (1) the Repurchase Date;



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<PAGE>







                    (2) the Repurchase Price;

                    (3) the place or places where such Securities are to be
               surrendered for payment of the Repurchase Price and the date by
               which such Securities must be so surrendered in order to be
               repurchased;

                    (4) a description of the procedure which a Holder must
               follow to exercise a repurchase right;

                    (5) that exercise of the option to elect repurchase is
               irrevocable; and

                    (6) the CUSIP numbers.

No failure of the Company to give the foregoing notice shall limit any Holder's
right to exercise a repurchase right.

Section 1203.  DEPOSIT OF REPURCHASE PRICE.

         On or prior to the Repurchase 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 503) the amounts
required to be deposited in accordance with the applicable repurchase right
provisions or, if no such amount is specified, an amount of money sufficient to
pay the Repurchase Price of and (unless the Repurchase Date shall be an Interest
Payment Date) accrued interest, if any, on all of the Securities of such series
which are to be repurchased on that date.

Section 1204.  SECURITIES PAYABLE ON REPURCHASE DATE.

         The form of option to elect repurchase having been delivered as
specified in the form of Security for such series as provided in Article 2, the
Securities of such series so to be repurchased shall, on the Repurchase Date,
become due and payable at the Repurchase Price applicable thereto and from and
after such date (unless the Company shall default in the payment of the
Repurchase Price and accrued interest) such Securities shall cease to bear
interest. Upon surrender of any such Security for repurchase in accordance with
said notice, such Security shall be paid by the Company at the Repurchase Price
together with accrued interest to the Repurchase Date; provided, however, that
installments of interest whose Stated Maturity is on or prior to such Repurchase
Date shall be payable to the Holders of such Securities, or one or more
Predecessor Securities, registered as such at the close of business on the
relevant Regular and Special Record Dates according to their terms and the
provisions of Section 307.

         If the amount deposited in accordance with Section 1203 is insufficient
to pay the Repurchase Price of all of the Securities as to which the option to
elect repurchase exists under this Indenture and has been exercised, the Trustee
shall select the particular Securities to be repurchased on a PRO RATA basis
among all such Holders of all series of Securities having such repurchase right
and so exercising the option to elect repurchase (and in such manner as complies
with applicable legal and stock exchange requirements, if any). The Trustee
shall promptly notify the Company in writing of the Securities selected for
repurchase and the principal amount thereof. Securities and portions of them
selected shall be in amounts of $1,000


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<PAGE>






or whole multiples of $1,000.  Except as provided in this paragraph, provisions
of this Indenture that apply to Securities to be repurchased also apply to
portions of Securities to be repurchased.

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

Section 1205.   SECURITIES REPURCHASED IN PART.

         Any Security which by its terms may be repurchased in part at the
option of the Holder and which is to be repurchased only in part, or which is
repurchased only in part in accordance with Section 1204, shall be surrendered
at any office or agency of the Company designated for that purpose pursuant to
Section 502 (with, if the Company or the Trustee so requires, due endorsement
by, or a written instrument of transfer in form satisfactory to the Company and
the Trustee duly executed by, the Holder thereof or such Holder's attorney duly
authorized in writing), and the Company shall execute, and a Responsible Officer
of the Trustee shall authenticate and deliver to the Holder of such Security
without service charge, a new Security or Securities of the same series and of
like tenor of any authorized denomination as requested by such Holder, in
aggregate principal amount equal to and in exchange for the unrepurchased
portion of the principal of the Security so surrendered. To the extent a series
of Securities represented by a Global Security is to be repurchased in part
only, a notation of such redemption shall be made by the Trustee in the schedule
of exchanges on the Global Security.

                                  ARTICLE XIII.
                                  MISCELLANEOUS

Section 1301.  TIA CONTROLS.

         If any provision of this Indenture limits, qualifies or conflicts with
the duties imposed by TIA ss.318(c), the imposed duties shall control.

Section 1302.  RULES BY TRUSTEE AND AGENTS.

         The Trustee may make reasonable rules for action by or at a meeting of
Holders. The Authenticating Agent, the Security Registrar or the Paying Agent
may make reasonable rules and set reasonable requirements for their respective
functions.

Section 1303.  LEGAL HOLIDAYS.

         A "LEGAL HOLIDAY" is a Saturday, a Sunday or a day on which banking
institutions in The City of New York or Minneapolis, Minnesota or at a place of
payment are authorized or obligated by law, regulation or executive order to
remain closed. If a payment date is a Legal Holiday at a place of payment,
payment may be made at that place on the next succeeding day that is not a Legal
Holiday, and no interest shall accrue for the intervening period.



                                       56


<PAGE>







Section 1304.  NO PERSONAL LIABILITY OF DIRECTORS, OFFICERS,
               EMPLOYEES AND STOCKHOLDERS.

         No director, officer, employee, incorporator or stockholder of the
Company, as such, shall have any liability for any obligations of the Company
under the Securities, this Indenture or for any claim based on, in respect of,
or by reason of, such obligations or their creation. Each Holder of the
Securities by accepting a Security waives and releases all such liability. The
waiver and release are part of the consideration for issuance of the Securities.

Section 1305.  GOVERNING LAW.

         This Indenture shall be governed by and interpreted under the laws of
the State of New York, and any dispute arising out of, connected with, related
to, or incidental to the relationship established between the Company, the
Trustee and the Holders in connection with this Indenture, and whether arising
in contract, tort, equity or otherwise, shall be resolved in accordance with the
internal laws (as opposed to the conflicts of laws provisions) and decisions of
the State of New York.

Section 1306.  NO ADVERSE INTERPRETATION OF OTHER AGREEMENTS.

         This Indenture may not be used to interpret another indenture, loan or
debt agreement of the Company or its Subsidiaries. Any such indenture, loan or
debt agreement may not be used to interpret this Indenture.

Section 1307.  SUCCESSORS.

         All agreements of the Company in this Indenture and the Securities
shall bind its successors. All agreements of the Trustee in this Indenture shall
bind its successor.

Section 1308.  SEVERABILITY.

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

Section 1309.  BENEFITS OF INDENTURE.

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

Section 1310.  COUNTERPART ORIGINALS.

         The parties may sign any number of copies of this Indenture. Each
signed copy shall be an original and shall be sufficient to prove this
Indenture, but all of them together represent the same agreement.



                                       57


<PAGE>







Section 1311.  TABLE OF CONTENTS, HEADINGS, ETC.

         The Table of Contents, Cross-Reference Table and Headings of the
Articles and Sections of this Indenture have been inserted for convenience of
reference only, are not to be considered a part of this Indenture and shall in
no way modify or restrict any of the terms or provisions hereof.

                                      * * *





                                       58


<PAGE>







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

                                             VASCULAR SOLUTIONS, INC.


                                             __________________________________
                                             Name:
                                             Title:

Attest:


_________________________________
Name:
Secretary


                                             _______________________, as Trustee



                                             __________________________________
                                             Name:
                                             Title:





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