Document:

<Page>

                                                                     EXHIBIT 4.8
================================================================================

                             ILLINOIS POWER COMPANY

                                       AND

                           BNY MIDWEST TRUST COMPANY

                                     TRUSTEE

                                     FORM OF

                             SUBORDINATED INDENTURE

================================================================================

                        Dated as of ______________, _____

<Page>

Certain Sections of this Indenture relating to Sections 3.10 through 3.18,
inclusive of the Trust Indenture Act of 1939:

<Table>
<Caption>
Trust Indenture
Act Section                                             Indenture Section
-----------                                             -----------------
<S>                                                     <C>
310(a)(1)............................................   6.09
310(a)(2)............................................   6.09
310(a)(3)............................................   Not Applicable
310(a)(4)............................................   Not Applicable
310(a)(5)............................................   6.09
310(b)...............................................   6.08
310(c)...............................................   Not Applicable
                                                        6.10
311(a)...............................................   6.13
311(b)...............................................   6.13
311(c)...............................................   Not Applicable
312(a)...............................................   7.01
                                                        7.02
312(b)...............................................   7.02
312(c)...............................................   7.02
313(a)...............................................   7.03
313(b)...............................................   7.03
313(c)...............................................   7.03
313(d)...............................................   7.03
314(a)(1)-(3)........................................   7.04, 10.07
314(a)(4)............................................   1.01
                                                        10.04
314(b)...............................................   Not Applicable
314(c)(1)............................................   1.02
314(c)(2)............................................   1.02
314(c)(3)............................................   Not Applicable
314(d)...............................................   Not Applicable
314(e)...............................................   1.02
315(a)...............................................   6.01
315(b)...............................................   6.02
315(c)...............................................   6.01
315(d)...............................................   6.01
315(e)...............................................   5.14
315(f)...............................................   Not Applicable
316(a)...............................................   1.01
316(a)(1)(A).........................................   5.02
                                                        5.12
316(a)(1)(B).........................................   5.13
316(a)(2)............................................   Not Applicable
316(b)...............................................   5.08
316(c)...............................................   1.04

<Page>

<Caption>
Trust Indenture
Act Section                                             Indenture Section
-----------                                             -----------------
<S>                                                     <C>
317(a)(1)............................................   5.03
317(a)(2)............................................   5.04
317(b)...............................................   10.03
318(a)...............................................   1.08
</Table>

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

<Page>

                                TABLE OF CONTENTS

<Table>
<S>                                                                                                              <C>
ARTICLE I. DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION................................................1
         SECTION 1.01   Definitions...............................................................................1
         SECTION 1.02   Compliance Certificates and Opinions.....................................................10
         SECTION 1.03   Form of Documents Delivered to Trustee...................................................10
         SECTION 1.04   Acts of Holders..........................................................................11
         SECTION 1.05   Notices, etc., to Trustee and Company....................................................12
         SECTION 1.06   Notice to Holders of Securities; Waiver..................................................13
         SECTION 1.07   Language of Notices, etc.................................................................14
         SECTION 1.08   Conflict with Trust Indenture Act........................................................14
         SECTION 1.09   Effect of Headings and Table of Contents.................................................14
         SECTION 1.10   Successors and Assigns...................................................................14
         SECTION 1.11   Separability Clause......................................................................14
         SECTION 1.12   Benefits of Indenture....................................................................14
         SECTION 1.13   Governing Law............................................................................14
         SECTION 1.14   Legal Holidays...........................................................................15

ARTICLE II. SECURITY FORMS.......................................................................................15
         SECTION 2.01   Forms Generally..........................................................................15
         SECTION 2.02   Form of Trustee's Certificate of Authentication..........................................15
         SECTION 2.03   Securities in Global Form................................................................16
         SECTION 2.04   Form of Legend for Book-Entry Securities.................................................16

ARTICLE III. THE SECURITIES......................................................................................17
         SECTION 3.01   Amount Unlimited; Issuable in Series.....................................................17
         SECTION 3.02   Denominations............................................................................20
         SECTION 3.03   Execution, Authentication, Delivery and Dating...........................................20
         SECTION 3.04   Temporary Securities.....................................................................22
         SECTION 3.05   Registration, Registration of Transfer and Exchange......................................24
         SECTION 3.06   Mutilated, Destroyed, Lost and Stolen Securities and Coupons.............................27
         SECTION 3.07   Payment of Interest; Interest Rights Preserved...........................................28
         SECTION 3.08   Persons Deemed Owners....................................................................29
         SECTION 3.09   Cancellation.............................................................................30
         SECTION 3.10   Computation of Interest..................................................................30

ARTICLE IV. SATISFACTION AND DISCHARGE...........................................................................30
         SECTION 4.01   Satisfaction and Discharge of Indenture..................................................30
         SECTION 4.02   Application of Trust Money...............................................................32

ARTICLE V. REMEDIES..............................................................................................32
         SECTION 5.01   Events of Default........................................................................32
         SECTION 5.02   Acceleration of Maturity; Rescission and Annulment.......................................33
         SECTION 5.03   Collection of Indebtedness and Suits for Enforcement by Trustee..........................34

                                       i
<Page>

         SECTION 5.04   Trustee May File Proofs of Claim.........................................................35
         SECTION 5.05   Trustee May Enforce Claims Without Possession of Securities or Coupons...................35
         SECTION 5.06   Application of Money Collected...........................................................35
         SECTION 5.07   Limitation on Suits......................................................................36
         SECTION 5.08   Unconditional Right of Holders to Receive Principal, Premium and Interest................37
         SECTION 5.09   Restoration of Rights and Remedies.......................................................37
         SECTION 5.10   Rights and Remedies Cumulative...........................................................37
         SECTION 5.11   Delay or Omission Not Waiver.............................................................38
         SECTION 5.12   Control by Holders of Securities.........................................................38
         SECTION 5.13   Waiver of Past Defaults..................................................................38
         SECTION 5.14   Undertaking for Costs....................................................................39
         SECTION 5.15   Waiver of Stay or Extension Laws.........................................................39

ARTICLE VI. THE TRUSTEE..........................................................................................39
         SECTION 6.01   Certain Duties and Responsibilities......................................................39
         SECTION 6.02   Notice of Defaults.......................................................................39
         SECTION 6.03   Certain Rights of Trustee................................................................39
         SECTION 6.04   Not Responsible for Recitals or Issuance of Securities...................................40
         SECTION 6.05   May Hold Securities......................................................................41
         SECTION 6.06   Money Held in Trust......................................................................41
         SECTION 6.07   Compensation and Reimbursement...........................................................41
         SECTION 6.08   Disqualification; Conflicting Interests..................................................42
         SECTION 6.09   Corporate Trustee Required; Eligibility..................................................42
         SECTION 6.10   Resignation and Removal; Appointment of Successor........................................42
         SECTION 6.11   Acceptance of Appointment by Successor...................................................43
         SECTION 6.12   Merger, Conversion, Consolidation or Succession to Business..............................44
         SECTION 6.13   Preferential Collection of Claims Against Company........................................45
         SECTION 6.14   Appointment of Authenticating Agent......................................................45

ARTICLE VII. HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY...................................................47
         SECTION 7.01   Company to Furnish Trustee Names and Addresses of Holders................................47
         SECTION 7.02   Preservation of Information; Communications to Holders...................................47
         SECTION 7.03   Reports by Trustee.......................................................................47
         SECTION 7.04   Reports by Company.......................................................................48

ARTICLE VIII. CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE...............................................48
         SECTION 8.01   Company May Consolidate, etc., Only on Certain Terms.....................................48
         SECTION 8.02   Successor Substituted....................................................................48

ARTICLE IX. SUPPLEMENTAL INDENTURES..............................................................................49
         SECTION 9.01   Supplemental Indentures without Consent of Holders.......................................49

                                      ii
<Page>

         SECTION 9.02   Supplemental Indentures with Consent of Holders..........................................50
         SECTION 9.03   Execution of Supplemental Indentures.....................................................51
         SECTION 9.04   Effect of Supplemental Indentures........................................................51
         SECTION 9.05   Conformity with Trust Indenture Act......................................................51
         SECTION 9.06   Reference in Securities to Supplemental Indentures.......................................52
         SECTION 9.07   Subordinated Unimpaired..................................................................52

ARTICLE X. COVENANTS.............................................................................................52
         SECTION 10.01  Payment of Principal, Premium and Interest...............................................52
         SECTION 10.02  Corporate Existence and Maintenance of Office or Agency..................................52
         SECTION 10.03  Money for Securities Payments to Be Held in Trust........................................54
         SECTION 10.04  Additional Amounts.......................................................................55
         SECTION 10.05  Purchase of Securities by Company or Subsidiary..........................................55
         SECTION 10.06  Appointment to Fill Vacancies in Trustee's Office........................................56
         SECTION 10.07  Statement by Officer as to Default.......................................................56
         SECTION 10.08  Waiver of Certain Covenants..............................................................56

ARTICLE XI. REDEMPTION OF SECURITIES.............................................................................56
         SECTION 11.01  Applicability of Article.................................................................56
         SECTION 11.02  Election to Redeem; Notice to Trustee....................................................56
         SECTION 11.03  Selection of Securities to Be Redeemed...................................................57
         SECTION 11.04  Notice of Redemption.....................................................................57
         SECTION 11.05  Deposit of Redemption Price..............................................................58
         SECTION 11.06  Securities Payable on Redemption Date....................................................58
         SECTION 11.07  Securities Redeemed in Part..............................................................59

ARTICLE XII. SINKING FUNDS.......................................................................................60
         SECTION 12.01  Applicability of Article.................................................................60
         SECTION 12.02  Satisfaction of Sinking Fund Payments with Securities....................................60
         SECTION 12.03  Redemption of Securities for Sinking Fund................................................60

ARTICLE XIII. DEFEASANCE AND COVENANT DEFEASANCE.................................................................61
         SECTION 13.01  Company's Option to Effect Defeasance or Covenant Defeasance.............................61
         SECTION 13.02  Defeasance and Discharge.................................................................61
         SECTION 13.03  Covenant Defeasance......................................................................61
         SECTION 13.04  Conditions to Defeasance or Covenant Defeasance..........................................61
         SECTION 13.05  Deposited Money and U.S. Government Obligations to Be Held in Trust;
                        Other Miscellaneous Provisions...........................................................63
         SECTION 13.06  Reinstatement............................................................................64

ARTICLE XIV. MEETINGS OF HOLDERS OF BEARER SECURITIES............................................................64
         SECTION 14.01  Purposes for Which Meetings May Be Called................................................64
         SECTION 14.02  Call, Notice and Place of Meetings.......................................................64
         SECTION 14.03  Persons Entitled to Vote at Meetings.....................................................65
         SECTION 14.04  Quorum; Action...........................................................................65
         SECTION 14.05  Determination of Voting Rights; Conduct and Adjournment of Meetings......................65

                                     iii
<Page>

         SECTION 14.06  Counting Votes and Recording Action of Meetings..........................................66

ARTICLE XV. SUBORDINATION........................................................................................67
         SECTION 15.01  Securities Subordinated to Senior Indebtedness...........................................67
         SECTION 15.02  Reliance on Certificate of Liquidating Agent; Further Evidence as to
                        Ownership of Senior Indebtedness.........................................................69
         SECTION 15.03  Application by Trustee of Assets Deposited with It.......................................69
         SECTION 15.04  Disputes with Holders of Certain Senior Indebtedness.....................................70
         SECTION 15.05  Trustee Not Charged with Knowledge of Prohibition........................................70
         SECTION 15.06  Trustee to Effectuate Subordination......................................................71
         SECTION 15.07  Rights of Trustee as Holder of Senior Indebtedness.......................................71
         SECTION 15.08  Article Applicable to Paying Agents......................................................71
         SECTION 15.09  Subordination Rights Not Impaired by Acts or Omissions of the Company or
                        Holders of Senior Indebtedness...........................................................71
         SECTION 15.10  Holders of Senior Indebtedness...........................................................72
</Table>

                                      iv
<Page>

      THIS FORM OF SUBORDINATED INDENTURE, dated as of _______, ____, between
Illinois Power Company, a corporation duly organized and existing under the
laws of the State of Illinois (herein called the "COMPANY"), having its
principal office at 500 South 27th Street, Decatur, Illinois 62521, and BNY
Midwest Trust Company, as Trustee (herein called the "TRUSTEE").

                             RECITALS OF THE COMPANY

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

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

      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 agreed, for the equal and
proportionate benefit of all Holders of the Securities or of a series
thereof, as follows:

                                   ARTICLE I.
                        DEFINITIONS AND OTHER PROVISIONS
                             OF GENERAL APPLICATION

SECTION 1.01  DEFINITIONS.

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

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

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

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

                                       1
<Page>

                  (4) the words "herein," "hereof" and "hereunder" and other
words of similar import refer to this Indenture as a whole and not to any
particular Article, Section or other subdivision, and the words "date of this
Indenture" and "date hereof" and other words of similar import refer to the
effective date of the original execution and delivery of this Indenture, viz.
_________, ______.

         "ACT," when used with respect to any Holder of a Security, has the
meaning specified in SECTION 1.04.

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

         "AUTHENTICATING AGENT" means any Person authorized by the Trustee
pursuant to SECTION 6.14 to act on behalf of the Trustee to authenticate
Securities of one or more series.

         "AUTHORIZED NEWSPAPER" means a newspaper, in the English language or
in an official language of the country of publication, customarily published
on each Business Day, whether or not published on Saturdays, Sundays or
holidays, and of general circulation in the place in connection with which
the term is used or in the financial community of such place. Where
successive publications are required to be made in Authorized Newspapers, the
successive publications may be made in the same or in different newspapers in
the same city meeting the foregoing requirements and in each case on any
Business Day.

         "BEARER SECURITY" means any Security in the form established
pursuant to SECTION 2.01 which is payable to bearer, including, without
limitation, a Security in temporary or permanent global form.

         "BOARD OF DIRECTORS" means, with respect to the Company, either the
board of directors of the Company or any duly authorized committee of that
board, and, with respect to any Subsidiary of the Company, either the board
of directors of such Subsidiary or any duly authorized committee of that
board or, if the Subsidiary is not a corporation, the group of Persons having
authority to manage the Subsidiary or any duly authorized committee of that
group.

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

         "BOOK-ENTRY SECURITY" means a Security bearing the legend specified
in SECTION 2.04, evidencing all or part of a series of Securities, issued to
the Depository for such series or its nominee, and registered in the name of
such Depository or nominee. Book-Entry Securities shall not be deemed to be
Securities in global form for purposes of SECTIONS 2.01 and 2.03 and ARTICLE
THREE of this Indenture.

                                       2
<Page>

         "BUSINESS DAY," when used with respect to any Place of Payment or
any other particular location referred to in this Indenture or in the
Securities, means each Monday, Tuesday, Wednesday, Thursday and Friday which
is not a day on which banking institutions in that Place of Payment or other
location are authorized or obligated by law or executive order to close.

         "CAPITALIZED LEASE OBLIGATION" means rental obligations under a
lease that are required to be capitalized for financial reporting purposes in
accordance with generally accepted accounting principles, and the amount of
Indebtedness represented by such obligations shall be the capitalized amount
of such obligations, as determined in accordance with generally accepted
accounting principles.

         "CAPITAL STOCK" means, with respect to any corporation, any and all
shares, interests, rights to purchase (other than convertible or exchangeable
Indebtedness), warrants, options, participations or other equivalents of or
interests (however designated) in stock issued by that corporation.

         "CERTIFICATION DATE" means with respect to Securities of any series
(i), if Bearer Securities of such series are not to be initially represented
by a temporary global Security, the date of delivery of the definitive Bearer
Security and (ii), if Bearer Securities of such series are initially
represented by a temporary global Security, the earlier of (A) the Exchange
Date with respect to Securities of such series and (B), if the first Interest
Payment Date with respect to Securities of such series is prior to such
Exchange Date, such Interest Payment Date.

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

         "COMMON DEPOSITARY" has the meaning specified in SECTION 3.04.

         "COMMON STOCK" means the Common Stock, no par value per share, of
the Company as the same exists at the date of execution and delivery of this
Indenture or other Capital Stock of the Company into which such Common Stock
is converted, reclassified or changed from time to time.

         "COMPANY" means the Person named as the "COMPANY" in the first
paragraph of this instrument until a successor Person shall have become such
pursuant to the applicable provisions of this Indenture, and thereafter
"COMPANY" shall mean such successor Person.

         "COMPANY REQUEST" or "COMPANY ORDER" means a written request or
order signed in the name of the Company by its Chairman of the Board, its
President or a Vice President, and by its Treasurer, an Assistant Treasurer,
its Secretary or an Assistant Secretary, and delivered to the Trustee.

                                       3
<Page>

         "CORPORATE TRUST OFFICE" means the principal office of the Trustee
in Chicago, Illinois, at which at any particular time its corporate trust
business shall be administered.

         The term "CORPORATION" means a corporation, association, limited
liability company, joint-stock company, business trust or similar
organization.

         The term "COUPON" means any interest coupon appertaining to a Bearer
Security.

         "DEFAULTED INTEREST" has the meaning specified in SECTION 3.07.

         "DEPOSITORY" means, with respect to the Securities of any series
issuable or issued in whole or in part in the form of one or more Book-Entry
Securities, the clearing agency registered under the Securities Exchange Act
of 1934, as amended, specified for that purpose as contemplated by SECTION
3.01.

         "DISQUALIFIED CAPITAL STOCK" means (a) except as set forth in (b),
with respect to any Person, Capital Stock of such Person that, by its terms is,
or upon the happening of an event or the passage of time would be, required to
be redeemed or repurchased (including at the option of the holder thereof) by
such Person or any of its Subsidiaries, in whole or in part, on or prior to the
latest Stated Maturity of the principal of any Outstanding Securities and (b)
with respect to any Subsidiary of such Person (including with respect to any
Subsidiary of the Company), any Capital Stock other than any common stock with
no preference, privileges, or redemption or repayment provisions.

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

         "EURO-CLEAR" means the operator of the Euro-clear System.

         "EVENT OF DEFAULT" has the meaning specified in SECTION 5.01.

         "EXCHANGE DATE" has the meaning specified in SECTION 3.04.

         "HOLDER," when used with respect to any Security, means in the case
of a Registered Security the Person in whose name the Security is registered
in the Security Register and in the

                                       4
<Page>

case of a Bearer Security the bearer thereof and, when used with respect to
any coupon, means the bearer thereof.

         "INDEBTEDNESS" means, with respect to any Person, without
duplication, (a) all liabilities and obligations, contingent or otherwise, of
any such Person, (i) in respect of borrowed money (whether or not the
recourse of the lender is to the whole of the assets of such Person or only
to a portion thereof), (ii) evidenced by bonds, notes, debentures or similar
instruments, (iii) representing the balance deferred and unpaid of the
purchase price of any property or services, except such as would constitute
trade payables to trade creditors in the ordinary course of business, (iv)
evidenced by bankers' acceptances or similar instruments issued or accepted
by banks, (v) for the payment of money relating to a Capitalized Lease
Obligation, or (vi) evidenced by a letter of credit or a reimbursement
obligation of such Person with respect to any letter of credit; (b) all net
obligations of such Person under Interest Swap and Hedging Obligations; (c)
all liabilities of others of the kind described in the preceding clause (a)
or (b) that such Person has guaranteed or that is otherwise its legal
liability and all obligations to purchase, redeem or acquire any Capital
Stock; and (d) any and all deferrals, renewals, extensions, refinancings,
refundings (whether direct or indirect) of any liability of the kind
described in any of the preceding clause (a), (b) or (c), or this clause (d),
whether or not between or among the same parties.

         "INDENTURE" means this instrument as originally executed or as it
may from time to time be (i) supplemented or amended by one or more
indentures supplemental hereto entered into pursuant to the applicable
provisions hereof or (ii) restated to cumulate the terms of such supplemental
indentures, and shall include the terms of a particular series of Securities
established as contemplated by SECTION 3.01 and the provisions of the Trust
Indenture Act that are deemed to be a part of and govern this instrument.

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

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

         "INTEREST SWAP AND HEDGING OBLIGATION" means any obligation of any
Person pursuant to any interest rate swap agreement, interest rate cap
agreement, interest rate collar agreement, interest rate exchange agreement,
currency exchange agreement or any other agreement or arrangement designed to
protect against fluctuations in interest rates or currency values, including,
without limitation, any arrangement whereby, directly or indirectly, such
Person is entitled to receive from time to time periodic payments calculated
by applying either a fixed or floating rate of interest on a stated notional
amount in exchange for periodic payments made by such Person calculated by
applying a fixed or floating rate of interest on the same notional amount.

         "ISSUE DATE" means the Date on which Securities are originally
issued under this Indenture.

                                       5
<Page>

         "JUNIOR SECURITY" of any Person means any Qualified Capital Stock of
any Person and any Indebtedness of such Person that is subordinated in right
of payment to the Securities of each series then Outstanding and has no
scheduled installment of principal due, by redemption, sinking fund payment
or otherwise, on or prior to the latest Stated Maturity of the principal of
any Outstanding Securities.

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

         "OFFICERS' CERTIFICATE" means a certificate complying with the
provisions of SECTION 1.02 signed by the Chairman of the Board, the President
or a Vice President, and by the Treasurer, an Assistant Treasurer, the
Secretary or an Assistant Secretary, of the Company, and delivered to the
Trustee.

         "OPINION OF COUNSEL" means a written opinion of counsel, who may be
an employee of or counsel for the Company, and who shall be reasonably
acceptable to the Trustee.

         "ORIGINAL ISSUE DISCOUNT SECURITY" means any Security which is
issued at a price lower than the principal amount payable upon the Stated
Maturity thereof and which provides for an amount less than the principal
amount thereof to be due and payable upon redemption thereof or upon a
declaration of acceleration of the Maturity thereof pursuant to SECTION 5.02.

         "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 cancelled by the
Trustee or delivered to the Trustee for cancellation;

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

                           (iii) Securities which have been paid pursuant to
SECTION 3.06 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

                                      6
<Page>

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; and

                           (iv) For purposes of selection for redemption,
Securities not deemed Outstanding pursuant to SECTION 11.03, 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 (a) 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 5.02, (b) the principal amount of a Security denominated in a foreign
currency or currencies, including composite currencies, shall be the Dollar
equivalent, determined on the date of original issuance of such Security in the
manner provided as contemplated by SECTION 3.01, of the principal amount (or,
in the case of an Original Issue Discount Security, the Dollar equivalent on
the date of original issuance of such Security of the amount determined as
provided in (i) above) of such Security, and (c) 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, or upon any such determination as to the presence of a
quorum, only Securities which the Trustee knows to be so owned shall be so
disregarded. Securities so owned which have been pledged in good faith may be
regarded as Outstanding if the pledgee establishes to the satisfaction of the
Trustee the pledgee's right so to act with respect to such Securities and that
the pledgee is not the Company, 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 or any premium or interest on any Securities on behalf of the
Company.

         "PAYMENT BLOCKAGE PERIOD" has the meaning specified in SECTION 15.01.

         "PAYMENT DEFAULT" has the meaning specified in SECTION 15.01.

         "PAYMENT NOTICE" has the meaning specified in SECTION 15.01.

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

         "PLACE OF PAYMENT," when used with respect to the Securities of any
series, means the place or places as specified in accordance with SECTION
3.01 where, subject to the provisions of SECTION 10.02, the principal of and
any premium and 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 3.06 in

                                       7
<Page>

exchange for or in lieu of a mutilated, destroyed, lost or stolen Security or
a Security to which a mutilated, destroyed, lost or stolen coupon appertains
shall be deemed to evidence the same debt as the mutilated, destroyed, lost
or stolen Security or the Security to which the mutilated, destroyed, lost or
stolen coupon appertains, as the case may be.

         "QUALIFIED CAPITAL STOCK" means any Capital Stock of the Company
that is not Disqualified Capital Stock.

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

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

         "REGISTERED SECURITY" means any Security in the form established
pursuant to SECTION 2.01 which is registered in the Security Register.

         "REGULAR RECORD DATE" for the interest payable on any Interest
Payment Date on the Registered Securities of any series means the date
specified for that purpose as contemplated by SECTION 3.01.

         "RESPONSIBLE OFFICER," when used with respect to the Trustee, shall
mean any officer in the corporate trust department (or any successor group)
of the Trustee, including any Vice President, any Trust Officer, or any other
officer of the Trustee customarily performing functions similar to those
performed by the persons who at the time shall be such officers,
respectively, or to whom any corporate trust matter is referred at the
Corporate Trust Office because of his or her knowledge of and familiarity
with the particular subject.

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

         "SECURITY REGISTER" and "SECURITY REGISTRAR" have the respective
meanings specified in SECTION 3.05.

         "SENIOR INDEBTEDNESS" means Indebtedness of the Company, whether
outstanding on the date of this Indenture or thereafter created, incurred,
assumed, guaranteed or in effect guaranteed by the Company, unless the
instrument creating or evidencing such Indebtedness provides that such
Indebtedness is not senior or superior, in right of payment, to the
Securities or to other Indebtedness which is PARI PASSU with, or subordinated
to, the Securities; PROVIDED, HOWEVER, that in no event shall Senior
Indebtedness include (a) Indebtedness of the Company owed or owing to any
Subsidiary of the Company or any officer, director or employee of the Company
or any Subsidiary of the Company except in respect of deferred compensation
in an amount not to exceed $10,000,000 at any one time, (b) Indebtedness to
trade creditors, (c) any liability for taxes owed or owing by the Company and
(d) the Securities.

                                       8
<Page>

         "SPECIAL RECORD DATE" for the payment of any Defaulted Interest on
the Registered Securities of any series means a date fixed by the Trustee
pursuant to SECTION 3.07.

         "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 or a coupon representing such installment of
interest as the fixed date on which the principal of such Security or such
installment of principal or interest is due and payable.

         "SUBSIDIARY" of a Person means (i) any corporation more than 50% of
the outstanding securities having ordinary voting power of which is owned,
directly or indirectly, by such Person or by one or more of its Subsidiaries,
or by such Person and one or more of its Subsidiaries, or (ii) any
partnership or similar business organization more than 50% of the ownership
interests having ordinary voting power of which shall at the time be so
owned. For the purposes of this definition, "SECURITIES HAVING ORDINARY
VOTING POWER" means securities or other equity interests which ordinarily
have voting power for the election of directors, or persons having management
power with respect to the Person, whether at all times or only so long as no
senior class of securities has such voting power by reason of any contingency.

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

         "TRUST INDENTURE ACT" means the Trust Indenture Act of 1939 as in
force at the date as of which this Indenture was executed, except as provided
in SECTION 9.05; PROVIDED, HOWEVER, that in the event the Trust Indenture Act
of 1939 is amended after such date, "TRUST INDENTURE ACT" means, to the
extent required by any such amendment, the Trust Indenture Act of 1939 as so
amended.

         "UNITED STATES" means the United States of America (including the
States and the District of Columbia), its territories, its possessions and
other areas subject to its jurisdiction.

         "UNITED STATES ALIEN" means any Person who, for United States
Federal income tax purposes, is a foreign corporation, a non-resident alien
individual, a non- resident alien fiduciary of a foreign estate or trust, or
a foreign partnership one or more of the members of which is, for United
States Federal income tax purposes, a foreign corporation, a non-resident
alien individual or a non- resident alien fiduciary of a foreign estate or
trust.

         "U.S. GOVERNMENT OBLIGATIONS" has the meaning specified in SECTION
13.04.

         "VICE PRESIDENT," when used with respect to the Company or the
Trustee, means any vice president, whether or not designated by a number or a
word or words added before or after the title "vice president."

                                       9
<Page>

SECTION 1.02  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 such certificates and opinions as may be required
under the Trust Indenture Act. Each such certificate or opinion shall be
given in the form of an Officers' Certificate, if to be given by an officer
of the Company, or an Opinion of Counsel, if to be given by counsel, and
shall comply with the requirements of the Trust Indenture Act and any other
requirements set forth in this Indenture.

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

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

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

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

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

SECTION 1.03  FORM OF DOCUMENTS DELIVERED TO TRUSTEE.

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

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

         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.

                                      10
<Page>

SECTION 1.04  ACTS OF HOLDERS.

         (a)      Any request, demand, authorization, direction, notice,
consent, waiver or other action provided by this Indenture to be given or
taken by Holders may be embodied in and evidenced by one or more instruments
of substantially similar tenor signed by such Holders in person or by an
agent duly appointed in writing. If Securities of a series are issuable as
Bearer Securities, any request, demand, authorization, direction, notice,
consent, waiver or other action provided by this Indenture to be given or
taken by Holders of such series may, alternatively, be embodied in and
evidenced by the record of Holders of Securities of such series voting in
favor thereof, either in person or by proxies duly appointed in writing, at
any meeting of Holders of Securities of such series duly called and held in
accordance with the provisions of ARTICLE FOURTEEN, or a combination of such
instruments and any such record. Except as herein otherwise expressly
provided, such action shall become effective when such instrument or
instruments or record or both are delivered to the Trustee and, where it is
hereby expressly required, to the Company. Such instrument or instruments and
any such record (and the action embodied therein and evidenced thereby) are
herein sometimes referred to as the "ACT" of the Holders signing such
instrument or instruments and so voting at any such meeting. Proof of
execution of any such instrument or of a writing appointing any such agent or
proxy or of the holding by any Person of a Security, shall be sufficient for
any purpose of this Indenture and (subject to SECTION 6.01) conclusive in
favor of the Trustee and the Company, if made in the manner provided in this
Section. The record of any meeting of Holders of Securities shall be proved
in the manner provided in SECTION 14.06.

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

         (c)      The Company may, in the circumstances permitted by the
Trust Indenture Act, fix any day as the record date for the purpose of
determining the Holders of Registered Securities of any series entitled to
give or take any request, demand, authorization, direction, notice, consent,
waiver or other action, or to vote on any action, authorized or permitted to
be given or taken by Holders of Securities of such series. If not set by the
Company prior to the first solicitation of a Holder of Securities of such
series made by any Person in respect of any such action, or, in the case of
any such vote, prior to such vote, the record date for any such action or
vote shall be the 30th day (or, if later, the date of the most recent list of
Holders required to be provided pursuant to SECTION 7.01) prior to such first
solicitation or vote, as the case may be. With regard to any record date for
action to be taken by the Holders of one or more series of Securities, only
the Holders of Securities of such series on such date (or their duly
designated proxies) shall be entitled to give or take, or vote on, the
relevant action.

         (d)      The principal amount and serial numbers of Registered
Securities held by any Person, and the date of holding the same, shall be
proved by the Security Register.

                                      11
<Page>

         (e)      The principal amount and serial numbers of Bearer
Securities held by any Person, and the date of holding the same, may be
proved by the production of such Bearer Securities or by a certificate
executed, as depositary, by any trust company, bank, banker or other
depositary, wherever situated, if such certificate shall be deemed by the
Trustee to be satisfactory, showing that at the date therein mentioned such
Person had on deposit with such depositary, or exhibited to it, the Bearer
Securities therein described; or such facts may be proved by the certificate
or affidavit of the Person holding such Bearer Securities, if such
certificate or affidavit is deemed by the Trustee to be satisfactory. The
Trustee and the Company may assume that such ownership of any Bearer Security
continues until (1) another certificate or affidavit bearing a later date
issued in respect of the same Bearer Security is produced, or (2) such Bearer
Security is produced to the Trustee by some other Person, or (3) such Bearer
Security is surrendered in exchange for a Registered Security, or (4) such
Bearer Security is no longer Outstanding. The principal amount and serial
numbers of Bearer Securities held by any Person, and the date of holding the
same, may also be proved in any other manner which the Trustee deems
sufficient.

         (f)      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. Any Holder or subsequent Holder may revoke
the request, demand, authorization, direction, notice, consent, waiver or
other Act as to his Security or portion of his Security; PROVIDED, HOWEVER,
that such revocation shall be effective only if the Trustee receives notice
of such revocation before the date the Act becomes effective.

         (g)      Without limiting the foregoing, a Holder entitled hereunder
to give or take any action hereunder with regard to any particular Security
may do so with regard to all or any part of the principal amount of such
Security or by one or more duly appointed agents each of which may do so
pursuant to such appointment with regard to all or any different part of such
principal amount.

SECTION 1.05  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 if made, given, furnished or filed
in writing to or with the Trustee at its Corporate Trust Office, Attention:
Corporate Trust Department, 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, first-class postage prepaid, to the
Company addressed to it at the address of its principal office specified in
the first paragraph of this Indenture, to the attention of its Treasurer, or
at any other address previously furnished in writing to the Trustee by the
Company; and in the case of Bearer

                                      12
<Page>

Securities, at the address of an office or agency located outside the United
States maintained by the Company in accordance with SECTION 10.02.

SECTION 1.06  NOTICE TO HOLDERS OF SECURITIES; WAIVER.

         Except as otherwise expressly provided herein, where this Indenture
provides for notice to Holders of Securities of any event,

                  (1)      such notice shall be sufficiently given to Holders
of Registered Securities if in writing and mailed, first-class postage
prepaid, to each Holder of a Registered Security affected by such event, at
the address of such Holder as it appears in the Security Register, not later
than the latest date, and not earlier than the earliest date, prescribed for
the giving of such notice; and

                  (2)      such notice shall be sufficiently given to Holders
of Bearer Securities if published in an Authorized Newspaper in The City of
New York and in such other city or cities as may be specified in such
Securities on a Business Day at least twice, the first such publication to be
not earlier than the earliest date, and not later than the latest date,
prescribed for the giving of such notice.

         In case by reason of the suspension of regular mail service or by
reason of any other cause it shall be impracticable to give such notice to
Holders of Registered Securities by mail, then such notification as shall be
made with the approval of the Trustee shall constitute sufficient notice to
such Holders for every purpose hereunder. In any case where notice to Holders
of Registered Securities is given by mail, neither the failure to mail such
notice, nor any defect in any notice so mailed, to any particular Holder of a
Registered Security shall affect the sufficiency of such notice with respect
to other Holders of Registered Securities or the sufficiency of any notice to
Holders of Bearer Securities given as provided herein.

         In case by the reason of the suspension of publication of any
Authorized Newspaper or Authorized Newspapers or by reason of any other cause
it shall be impracticable to publish any notice to Holders of Bearer
Securities as provided above, then such notification to Holders of Bearer
Securities as shall be given with the approval of the Trustee shall
constitute sufficient notice to such Holders for every purpose hereunder.
Neither the failure to give notice by publication to Holders of Bearer
Securities as provided above, nor any defect in any notice so published,
shall affect the sufficiency of any notice to Holders of Registered
Securities given as provided herein.

         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 of Securities shall be filed with
the Trustee, but such filing shall not be a condition precedent to the
validity of any action taken in reliance upon such waiver.

                                      13
<Page>

SECTION 1.07  LANGUAGE OF NOTICES, ETC.

         Any request, demand, authorization, direction, notice, consent or
waiver required or permitted under this Indenture shall be in the English
language, except that any published notice may be in an official language of the
country of publication.

SECTION 1.08  CONFLICT WITH TRUST INDENTURE ACT.

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

SECTION 1.09  EFFECT OF HEADINGS AND TABLE OF CONTENTS.

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

SECTION 1.10  SUCCESSORS AND ASSIGNS.

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

SECTION 1.11  SEPARABILITY CLAUSE.

         In case any provision in this Indenture or the Securities or coupons
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 1.12  BENEFITS OF INDENTURE.

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

SECTION 1.13  GOVERNING LAW.

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

                                       14
<Page>

SECTION 1.14  LEGAL HOLIDAYS.

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

                                   ARTICLE II.
                                 SECURITY FORMS

SECTION 2.01  FORMS GENERALLY.

         The Registered Securities, if any, of each series and the Bearer
Securities, if any, of each series and related coupons shall be in substantially
the form (including temporary or permanent global form) as shall be established
by or pursuant to a Board Resolution of the Company or in one or more indentures
supplemental hereto, in each case with such appropriate insertions, omissions,
substitutions and other variations as are required or permitted by this
Indenture, and may have such letters, numbers or other marks of identification
and such legends or endorsements placed thereon as may be required to comply
with law, or with the rules of any securities exchange or to conform to general
usage, all as may, consistently herewith, be determined by the officers
executing such Securities or coupons, as evidenced by their execution of the
Securities or coupons. If temporary Securities of any series are issued in
global form as permitted by SECTION 3.04, the form thereof shall be established
as provided in the preceding sentence. A copy of the Board Resolution of the
Company establishing the forms of Securities or coupons of any series (or any
such temporary global Security) 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 Company Order contemplated by SECTION 3.03 for the
authentication and delivery of such Securities (or any such temporary global
Security) or coupons.

         Unless otherwise specified as contemplated by SECTION 3.01, Securities
in bearer form shall have interest coupons attached.

         The definitive Securities and coupons, if any, shall 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 or coupons.

SECTION 2.02  FORM OF TRUSTEE'S CERTIFICATE OF AUTHENTICATION.

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

                                       15
<Page>

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

                                      BNY MIDWEST TRUST COMPANY,
                                      as Trustee

                                      By:_______________________________________
                                         Authorized Officer.

SECTION 2.03  SECURITIES IN GLOBAL FORM.

         If Securities of a series are issuable in global form, as contemplated
by SECTION 3.01, then, notwithstanding CLAUSE (10) of SECTION 3.01 and the
provisions of SECTION 3.02, any such Security shall represent such of the
Outstanding Securities of such series as shall be specified therein and may
provide that it shall represent the aggregate amount of Outstanding Securities
from time to time endorsed thereon and that the aggregate amount of Outstanding
Securities represented thereby may be reduced to reflect exchanges. Any
endorsement of a Security in global form to reflect the amount, or any increase
or decrease in the amount, of Outstanding Securities represented thereby shall
be made by the Trustee in such manner and upon instructions given by such Person
or Persons as shall be specified therein or in the Company Order to be delivered
to the Trustee pursuant to SECTION 3.03 or SECTION 3.04. Subject to the
provisions of SECTION 3.03 and, if applicable, SECTION 3.04, the Trustee shall
deliver and redeliver any Security in permanent global form in the manner and
upon instructions given by the Person or Persons specified therein or in the
applicable Company Order. If a Company Order pursuant to SECTION 3.03 or 3.04
has been, or simultaneously is, delivered, any instructions by the Company with
respect to endorsement or delivery or redelivery of a Security in global form
shall be in writing but need not comply with SECTION 1.02 and need not be
accompanied by an Opinion of Counsel.

         The provisions of the last sentence of SECTION 3.03 shall apply to any
Security represented by a Security in global form if such Security was never
issued and sold by the Company and the Company delivers to the Trustee the
Security in global form together with written instructions (which need not
comply with SECTION 1.02 and need not be accompanied by an Opinion of Counsel)
with regard to the reduction in the principal amount of Securities represented
thereby, together with the written statement contemplated by the last sentence
of SECTION 3.03.

         Notwithstanding the provisions of SECTIONS 2.01 and 3.07, unless
otherwise specified as contemplated by SECTION 3.01, payment of principal of and
any premium and interest on any Security in permanent global form shall be made
to the Person or Persons specified therein.

SECTION 2.04  FORM OF LEGEND FOR BOOK-ENTRY SECURITIES.

         Any Book-Entry Security authenticated and delivered hereunder shall
bear a legend in substantially the following form:

                                       16
<Page>

         "This Security is a Book-Entry Security within the meaning of the
Indenture hereinafter referred to and is registered in the name of a Depository
or a nominee of a Depository. This Security is exchangeable for Securities
registered in the name of a Person other than the Depository or its nominee only
in the limited circumstances described in the Indenture, and no transfer of this
Security (other than a transfer of this Security as a whole by the Depository to
a nominee of the Depository or by a nominee of the Depository to the Depository
or another nominee of the Depository) may be registered except in such limited
circumstances."

                                  ARTICLE III.
                                 THE SECURITIES

SECTION 3.01  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, and each such
series shall rank equally and PARI PASSU with each other series, but all
Securities issued hereunder shall be subordinate and junior in right of payment,
to the extent and in the manner set forth in ARTICLE SIXTEEN, to all Senior
Indebtedness. There shall be established in or pursuant to a Board Resolution of
the Company and, subject to SECTION 3.03, set forth, or determined in the manner
provided, in an Officers' Certificate, or established in one or more indentures
supplemental hereto, prior to the issuance of Securities of any series:

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

                  (2)      any limit upon the aggregate principal amount of the
Securities of the series which may be authenticated and delivered under this
Indenture (except for Securities authenticated and delivered upon registration
of transfer of, or in exchange for, or in lieu of, other Securities of the
series pursuant to SECTION 3.04, 3.05, 3.06, 9.06 or 11.07 and except for any
Securities which, pursuant to SECTION 3.03, are deemed never to have been
authenticated and delivered hereunder);

                  (3)      whether Securities of the series are to be issuable
as Registered Securities, Bearer Securities or both, whether any Securities of
the series are to be issuable initially in temporary global form and whether any
Securities of the series are to be issuable in permanent global form, as Book
Entry Securities, or otherwise, with or without coupons and, if so, whether
beneficial owners of interests in any such permanent global Security may
exchange such interests for Securities of such series and of like tenor of any
authorized form and denomination and the circumstances under which any such
exchanges may occur, if other than in the manner provided in SECTION 3.05;

                  (4)      the Person to whom any interest on any Registered
Security of the series shall be payable, if other than the Person in whose name
that Security (or one or more Predecessor Securities) is registered at the close
of business on the Regular Record Date for such interest, the manner in which,
or the Person to whom, any interest on any Bearer Security of the series shall
be payable, if otherwise than upon presentation and surrender of the coupons

                                       17
<Page>

appertaining thereto as they severally mature and the extent to which, or the
manner in which, any interest payable on a temporary global Security on an
Interest Payment Date will be paid if other than in the manner provided in
SECTION 3.04;

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

                  (6)      the rate or rates at which the Securities of the
series shall bear interest, if any, or the method by which such rate shall be
determined, the date or dates from which any such interest shall accrue, the
Interest Payment Dates on which any such interest shall be payable, the Regular
Record Date for any interest payable on any Registered Securities on any
Interest Payment Date and whether, and under what circumstances, additional
amounts with respect to such Securities shall be payable as set forth in SECTION
10.04;

                  (7)      the place or places where, subject to the
provisions of SECTION 10.02, the principal of and any premium and interest on
Securities of the series shall be payable, any Registered Securities of the
series may be surrendered for registration of transfer and notices and demands
to or upon the Company in respect of the Securities of the series and this
Indenture may be served;

                  (8)      the right, if any, of the Company to redeem
Securities of the series, in whole or in part, at its option and 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 so redeemed;

                  (9)      the obligation, if any, of the Company to redeem,
purchase, or repay Securities of the series pursuant to any mandatory
redemption, 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,
purchased or repaid, in whole or in part, pursuant to such obligation;

                  (10)     the denominations in which any Registered Securities
of the series shall be issuable, if other than denominations of $1,000 and any
integral multiple thereof, and the denomination or denominations in which any
Bearer Securities of the series shall be issuable, if other than the
denomination of $5,000;

                  (11)     the currency or currencies, including composite
currencies, in which payment of the principal of and any premium and interest on
any Securities of the series shall be payable if other than the currency of the
United States and the manner of determining the equivalent thereof in the
currency of the United States for purposes of the definition of "OUTSTANDING" in
SECTION 1.01;

                  (12)     if the amount of payments of principal of and any
premium or interest on any Securities of the series may be determined with
reference to an index, the manner in which such amounts shall be determined;

                  (13)     if other than the principal amount thereof, the
portion of the principal amount of any Securities of the series which shall be
payable upon declaration of acceleration of the Maturity thereof pursuant to
SECTION 5.02;

                                       18
<Page>

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

                  (15)     whether the Securities of the series shall be issued
upon original issuance in whole or in part in the form of one or more Book-Entry
Securities and, in such case, (a) the Depository with respect to such Book-
Entry Security or Securities and (b) the circumstances under which any such
Book-Entry Security may be exchanged for Securities registered in the name of,
and any transfer of such Book-Entry Security may be registered to, a Person
other than such Depository or its nominee, if other than as set forth in SECTION
3.05;

                  (16)     if either or both of the provisions of SECTION 13.02
or 13.03 are applicable to the Securities of such series and any additional
means of discharge pursuant to SECTION 13.02 or 13.03 and any additional
conditions to the provisions of SECTION 13.02 or 13.03;

                  (17)     any other Events of Default or covenants with respect
to the Securities of such series;

                  (18)     any subordination provisions with respect to the
Securities of such series in addition to or in lieu of those set forth in
ARTICLE SIXTEEN hereof; and

                  (19)     any other terms of the series (which terms shall not
be inconsistent with the provisions of this Indenture except as permitted by
SECTION 9.01(5)).

         All Securities of any one series and the coupons appertaining to any
Bearer Securities of such series shall be substantially identical except, in the
case of Registered Securities, as to denomination and except as may otherwise be
provided in or pursuant to the Board Resolution referred to above and (subject
to SECTION 3.03) set forth, or determined in the manner provided, in the
Officers' Certificate referred to above or in any such indenture supplemental
hereto.

         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.

                                       19
<Page>

SECTION 3.02  DENOMINATIONS.

         Unless otherwise provided as contemplated by SECTION 3.01 with respect
to any series of Securities, any Registered Securities of a series shall be
issuable in denominations of $1,000 and any integral multiple thereof and any
Bearer Securities of a series shall be issuable in the denomination of $5,000.

SECTION 3.03  EXECUTION, AUTHENTICATION, DELIVERY AND DATING.

         The Securities shall be executed on behalf of the Company by its
Chairman of the Board, its President, its Treasurer or its Chief Financial
Officer, under its corporate seal reproduced thereon attested by its Secretary
or one of its Assistant Secretaries. The signature of any of these officers on
the Securities may be manual or facsimile. Coupons shall bear the facsimile
signature of the Treasurer or any Assistant Treasurer of the Company.

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

         At any time and from time to time after the execution and delivery of
this Indenture, the Company may deliver Securities of any series, together with
any coupons appertaining thereto, executed by the Company to the Trustee for
authentication, together with a Company Order for the authentication and
delivery of such Securities, and the Trustee in accordance with the Company
Order shall authenticate and deliver such Securities; PROVIDED, HOWEVER, that,
unless otherwise provided with respect to such series, in connection with its
original issuance, during the "restricted period" (as defined in Section
1.163-5(c)(2)(i)(D)(7) of the United States Treasury Regulations) (the
"RESTRICTED PERIOD") no Bearer Security shall be mailed or otherwise delivered
to any location in the United States; and PROVIDED, FURTHER, that, unless
otherwise provided with respect to such series, a Bearer Security may be
delivered in connection with its original issuance only if the Person entitled
to receive such Bearer Security shall have furnished a certificate in the form
set forth in Exhibit A to this Indenture, dated no earlier than the
Certification Date. If any Security shall be represented by a permanent global
Bearer Security, then, for purposes of this Section and SECTION 3.04, the
notation of a beneficial owner's interest therein upon original issuance of such
Security or upon exchange of a portion of a temporary global Security shall be
deemed to be delivery in connection with its original issuance during the
restricted period of such beneficial owner's interest in such permanent global
Security. Except as permitted by SECTION 3.06, the Trustee shall not
authenticate and deliver any Bearer Security unless all appurtenant coupons for
interest then matured have been detached and cancelled.

         In authenticating Securities, the Trustee shall be entitled to receive,
and (subject to SECTION 6.01) shall be fully protected in relying upon, an
Opinion of Counsel stating:

                                       20
<Page>

         (a)      that the forms of such Securities and coupons established by
or pursuant to a Board Resolution of the Company as contemplated by SECTION 2.01
have been established in conformity with the provisions of this Indenture;

         (b)      if the terms of such Securities and any coupons have been
established by or pursuant to a Board Resolution of the Company as permitted by
SECTION 3.01, that such terms have been established in conformity with the
provisions of this Indenture; and

         (c)      that such Securities, together with any coupons appertaining
thereto, when authenticated and delivered by the Trustee and issued by the
Company in the manner and subject to any conditions specified in such Opinion of
Counsel, will constitute valid and legally binding obligations of the Company
enforceable in accordance with their terms, subject to bankruptcy, insolvency,
fraudulent transfer, reorganization and other laws of general applicability
relating to or affecting creditors' rights and to general equity principles.

         Such Opinion of Counsel shall also cover such other matters as the
Trustee may reasonably request.

         The Trustee shall not be required to authenticate such Securities the
forms or terms of which have been established by or pursuant to a Board
Resolution of the Company 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 or otherwise in a manner which is not reasonably
acceptable to the Trustee.

         Notwithstanding the provisions of SECTION 3.01 and of the two preceding
paragraphs, if all Securities of a series are not to be originally issued at one
time, it shall not be necessary to deliver the Officers' Certificate otherwise
required pursuant to SECTION 3.01 or the Company Order and Opinion of Counsel
otherwise required pursuant to such preceding paragraphs at or prior to the time
of authentication of each Security of such series if such documents are
delivered at or prior to the authentication upon issuance of the first Security
of such series to be issued.

         After the original issuance of the first Security of such series to be
issued, any separate request by the Company that the Trustee authenticate
Securities of such series for original issuance will be deemed to be a
certification by the Company (which, subject to SECTION 6.01, the Trustee shall
be fully protected in relying on) that it is in compliance with all conditions
precedent provided for in this Indenture relating to the authentication and
delivery of such Securities.

         Each Registered Security shall be dated the date of its authentication;
and each Bearer Security shall be dated as of the date of original issuance of
the first Security of such series to be issued.

         No Security or coupon shall be entitled to any benefit under this
Indenture or be valid or obligatory for any purpose unless there appears on such
Security, or the Security to which such coupon appertains, a certificate of
authentication substantially in the form provided for herein executed by 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. Notwithstanding the foregoing, if any
Security shall have been

                                       21
<Page>

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 3.09 together with a written statement
(which need not comply with SECTION 1.02 and need not be accompanied by an
Opinion of Counsel) stating that such Security has never been issued and sold
by the Company, for all purposes of this Indenture such Security shall be
deemed never to have been authenticated and delivered hereunder and shall
never be entitled to the benefits of this Indenture.

SECTION 3.04  TEMPORARY SECURITIES.

         Pending the preparation of definitive Securities of any series, the
Company may execute, and upon Company Order 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, in registered
form or, if authorized, in bearer form with one or more coupons or without
coupons, and with such appropriate insertions, omissions, substitutions and
other variations as the officers executing such Securities may determine, as
evidenced by their execution of such Securities. In the case of any series
issuable as Bearer Securities, such temporary Securities may be in global form.
A temporary Bearer Security shall be delivered only in compliance with the
conditions set forth in SECTION 3.03.

         Except in the case of temporary Securities in global form (which shall
be exchanged in accordance with the provisions of the following paragraphs), 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 for definitive Securities of such series upon
surrender of the temporary Securities of such series at the office or agency of
the Company maintained pursuant to SECTION 10.02 in a Place of Payment for such
series for the purpose of exchanges of Securities of such series without charge
to the Holder. Upon surrender for cancellation of any one or more temporary
Securities of any series (accompanied by any unmatured coupons appertaining
thereto) the Company shall execute and the Trustee shall authenticate and
deliver in exchange therefor a like aggregate principal amount of definitive
Securities of the same series and of like tenor of authorized denominations;
PROVIDED, HOWEVER, that no definitive Bearer Security shall be issued in
exchange for a temporary Registered Security.

         If temporary Securities of any series are issued in global form, any
such temporary global Security shall, unless otherwise provided therein, be
delivered to the London office of a depositary or common depositary (the "COMMON
DEPOSITARY"), for the benefit of Euro-clear and CEDEL S.A., for credit to the
respective accounts of the beneficial owners of such Securities (or to such
other accounts as they may direct).

         Without unnecessary delay but in any event not later than the date
specified in, or determined pursuant to the terms of, any such temporary global
Security of a series (the "EXCHANGE DATE"), the Company shall deliver to the
Trustee definitive Securities of that series in aggregate principal amount equal
to the principal amount of such temporary global Security, executed by the
Company. On or after the Exchange Date such temporary global Security shall

                                       22
<Page>

be surrendered by the Common Depositary to the Trustee, as the Company's
agent for such purpose, to be exchanged, in whole or from time to time in
part, for definitive Securities of that series without charge and the Trustee
shall authenticate and deliver, in exchange for each portion of such
temporary global Security, a like aggregate principal amount of definitive
Securities of the same series of authorized denominations and of like tenor
as the portion of such temporary global Security to be exchanged; PROVIDED,
HOWEVER, that, unless otherwise specified in such temporary global Security,
upon such presentation by the Common Depositary, such temporary global
Security is accompanied by a certificate dated the Exchange

         Date or a subsequent date and signed by Euro-clear as to the portion of
such temporary global Security held for its account then to be exchanged and a
certificate dated the Exchange Date or a subsequent date and signed by CEDEL
S.A. as to the portion of such temporary global Security held for its account
then to be exchanged, each in the form set forth in Exhibit B to this Indenture.
The definitive Securities to be delivered in exchange for any such temporary
global Security shall be in bearer form, registered form, permanent global
bearer form or permanent global registered form, or any combination thereof, as
specified as contemplated by SECTION 3.01, and if any combination thereof is so
specified, as requested by the beneficial owner thereof; PROVIDED, HOWEVER, that
no definitive Bearer Security or permanent global Security shall be delivered in
exchange for a temporary Bearer Security except in compliance with the
conditions set forth in SECTION 3.03.

         Unless otherwise specified in the temporary global Security, the
interest of a beneficial owner of Securities of a series in a temporary global
Security shall be exchanged on the Exchange Date for definitive Securities (and
where the form of the definitive Securities is not specified by the Holder for
an interest in a permanent global Security) of the same series and of like tenor
unless, on or prior to the Exchange Date, such beneficial owner has not
delivered to Euro- clear or CEDEL S.A., as the case may be, a certificate in the
form set forth in Exhibit A to this Indenture dated no earlier than the
Certification Date, copies of which certificate shall be available from the
offices of Euro-clear and CEDEL S.A., the Trustee, any Authenticating Agent
appointed for such series of Securities and each Paying Agent and after the
Exchange Date, the interest of a beneficial owner of Securities of a series in a
temporary global Security shall be exchanged for definitive Securities (and
where the form of the definitive Securities is not specified by the Holder for
an interest in a permanent global Security) of the same series and of like tenor
following such beneficial owner's delivery to Euro-clear or CEDEL S.A., as the
case may be, of a certificate in the form set forth in Exhibit A to this
Indenture dated no earlier than the Certification Date. Unless otherwise
specified in such temporary global Security, any exchange shall be made free of
charge to the beneficial owners of such temporary global Security, except that a
Person receiving definitive Securities must bear the cost of insurance, postage,
transportation and the like in the event that such Person does not take delivery
of such definitive Securities in person at the offices of Euro-clear or CEDEL
S.A. Definitive Securities in bearer form to be delivered in exchange for any
portion of a temporary global Security shall be delivered only outside the
United States.

         Until exchanged in full as hereinabove provided, the temporary
Securities of any series shall in all respects be entitled to the same benefits
under this Indenture as definitive Securities of the same series and of like
tenor authenticated and delivered hereunder, except that, unless otherwise
specified as contemplated by SECTION 3.01, interest payable on a temporary
global

                                       23
<Page>

Security on an Interest Payment Date for Securities of such series shall be
payable to Euro-clear and CEDEL S.A. on such Interest Payment Date upon delivery
by Euro- clear and CEDEL S.A. to the Trustee of a certificate or certificates in
the form set forth in Exhibit B to this Indenture, for credit without further
interest on or after such Interest Payment Date to the respective accounts of
the Persons who are the beneficial owners of such temporary global Security on
such Interest Payment Date and who have each delivered to Euro-clear or CEDEL
S.A., as the case may be, a certificate in the form set forth in Exhibit A to
this Indenture. Any interest so received by Euro-clear and CEDEL S.A. and not
paid as herein provided shall be returned to the Trustee immediately prior to
the expiration of two years after such Interest Payment Date in order to be
repaid to the Company in accordance with SECTION 10.03.

SECTION 3.05  REGISTRATION, REGISTRATION OF TRANSFER AND EXCHANGE.

         The Company shall cause to be kept at an office or agency to be
maintained by the Company in accordance with SECTION 10.02 a register (being the
combined register of the Security Registrar and all transfer agents designated
pursuant to SECTION 10.02 for the purpose of registration of transfer of
Securities and sometimes collectively referred to as the "SECURITY REGISTER") in
which, subject to such reasonable regulations as it may prescribe, the Company
shall provide for the registration of each series of Registered Securities and
the registration of transfers of such Registered Securities. The Company shall
serve initially as "SECURITY REGISTRAR" for the purpose of registering
Registered Securities and transfers of Registered Securities as herein provided.

         Upon surrender for registration of transfer of any Registered Security
of any series at the office or agency of the Company maintained pursuant to
SECTION 10.02 for such purpose in a Place of Payment for such series, the
Company shall execute, and the Trustee shall authenticate and deliver, in the
name of the designated transferee or transferees, one or more new Registered
Securities of the same series of any authorized denominations and of a like
aggregate principal amount and tenor.

         At the option of the Holder, Registered Securities of any series may be
exchanged for other Registered 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 any such office or agency. Whenever any
Securities are so surrendered for exchange, the Company shall execute, and the
Trustee shall authenticate and deliver, the Securities which the Holder making
the exchange is entitled to receive. Unless otherwise provided with respect to
any series of Securities, Bearer Securities may not be issued in exchange for
Registered Securities.

         At the option of the Holder, Bearer Securities of any series may be
exchanged for Registered Securities of the same series of any authorized
denominations and of a like aggregate principal amount and tenor, upon surrender
of the Bearer Securities to be exchanged at any such office or agency, with all
unmatured coupons and all matured coupons in default thereto appertaining. If
the Holder of a Bearer Security is unable to produce any such unmatured coupon
or coupons or matured coupon or coupons in default, such exchange may be
effected if the Bearer Securities are accompanied by payment in funds acceptable
to the Company in an amount equal to the face amount of such missing coupon or
coupons, or the surrender of such missing coupon or coupons may be waived by the
Company and the Trustee if there is furnished to them

                                      24
<Page>

such security or indemnity as they may require to save each of them and any
Paying Agent harmless. If thereafter the Holder of such Security shall surrender
to any Paying Agent any such missing coupon in respect of which such a payment
shall have been made, such Holder shall be entitled to receive the amount of
such payment; PROVIDED, HOWEVER, that, except as otherwise provided in SECTION
10.02, interest represented by coupons shall be payable only upon presentation
and surrender of those coupons at an office or agency located outside the United
States. Notwithstanding the foregoing, in case a Bearer Security of any series
is surrendered at any such office or agency in exchange for a Registered
Security of the same series and like tenor after the close of business at such
office or agency on (i) any Regular Record Date and before the opening of
business at such office or agency on the relevant Interest Payment Date, or (ii)
any Special Record Date and before the opening of business at such office or
agency on the related proposed date for payment of Defaulted Interest, such
Bearer Security shall be surrendered without the coupon relating to such
Interest Payment Date or proposed date for payment, as the case may be, and
interest or Defaulted Interest, as the case may be, will not be payable on such
Interest Payment Date or proposed date for payment, as the case may be, in
respect of the Registered Security issued in exchange for such Bearer Security
but will be payable only to the Holder of such coupon when due in accordance
with the provisions of this Indenture.

         Whenever any Securities are so surrendered for exchange, the Company
shall execute, and the Trustee shall authenticate and deliver, the Securities
which the Holder making the exchange is entitled to receive.

         Notwithstanding the foregoing, except as otherwise specified as
contemplated by SECTION 3.01, any permanent global Security shall be
exchangeable only as provided in this paragraph. If the beneficial owners of
interests in a permanent global Security are entitled to exchange such
interests for Securities of such series and of like tenor and principal amount
of another authorized form and denomination, as specified as contemplated by
SECTION 3.01, then without unnecessary delay but in any event not later than
the earliest date on which such interests may be so exchanged, the Company
shall deliver to the Trustee definitive Securities of that series in an
aggregate principal amount equal to the principal amount of such permanent
global Security, executed by the Company. On or after the earliest date on
which such interests may be so exchanged, such permanent global Security shall
be surrendered from time to time in accordance with instructions given to the
Trustee and the Common Depositary (which instructions shall be in writing but
need not comply with SECTION 1.02 or be accompanied by an Opinion of Counsel)
by the Common Depositary or such other depositary or Common Depositary as
shall be specified in the Company Order with respect thereto to the Trustee,
as the Company's agent for such purpose, to be exchanged, in whole or in part,
for definitive Securities of the same series without charge and the Trustee
shall authenticate and deliver, in exchange for each portion of such permanent
global Security, a like aggregate principal amount of definitive Securities of
the same series of authorized denominations and of like tenor as the portion
of such permanent global Security to be exchanged which, unless the Securities
of the series are not issuable both as Bearer Securities and as Registered
Securities, as specified as contemplated by SECTION 3.01, shall be in the form
of Bearer Securities or Registered Securities, or any combination thereof, as
shall be specified by the beneficial owner thereof; PROVIDED, HOWEVER, that no
such exchanges may occur during a period beginning at the opening of business
15 days before any selection of Securities of that series is to be redeemed
and ending on

                                      25
<Page>

the relevant Redemption Date; and PROVIDED, FURTHER, that no Bearer Security
delivered in exchange for a portion of a permanent global Security shall be
mailed or otherwise delivered to any location in the United States. Promptly
following any such exchange in part, such permanent global Security shall be
returned by the Trustee to the Common Depositary or such other depositary or
Common Depositary referred to above in accordance with the instructions of the
Company referred to above. If a Registered Security is issued in exchange for
any portion of a permanent global Security after the close of business at the
office or agency where such exchange occurs on (i) any Regular Record Date and
before the opening of business at such office or agency on the relevant Interest
Payment Date, or (ii) any Special Record Date and before the opening of business
at such office or agency on the related proposed date for payment of Defaulted
Interest, interest or Defaulted Interest, as the case may be, will not be
payable on such Interest Payment Date or proposed date for payment, as the case
may be, in respect of such Registered Security, but will be payable on such
Interest Payment Date or proposed date for payment, as the case may be, only to
the Person to whom interest in respect of such portion of such permanent global
Security is payable in accordance with provisions of this Indenture.

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

         No service charge shall be made for any registration of transfer or
exchange of Securities, but the Company may require payment of a sum sufficient
to cover any tax or other governmental charge that may be imposed in connection
with any registration of transfer or exchange of Securities, other than
exchanges pursuant to SECTION 3.04, 9.06 or 11.07 not involving any transfer.

         The Company shall not be required (i) to issue, register the transfer
of or exchange Securities of any series during a period beginning at the opening
of business 15 days before any selection of Securities of that series to be
redeemed and ending at the close of business on (A) if Securities of the series
are issuable only as Registered Securities, the day of the mailing of the
relevant notice of redemption and (B) if Securities of the series are issuable
as Bearer Securities, the day of the first publication of the relevant notice of
redemption, or if Securities of the series are also issuable as Registered
Securities and there is no publication, the mailing of the relevant notice of
redemption, or (ii) to register the transfer of or exchange any Registered
Security so selected for redemption, in whole or in part, except the unredeemed
portion of any Registered Security being redeemed in part, or (iii) to exchange
any Bearer Security so selected for redemption except that such a Bearer
Security may be exchanged for a Registered Security of that series and like
tenor, provided that such Registered Security shall be simultaneously
surrendered for redemption.

                                      26
<Page>

         Notwithstanding the foregoing and except as otherwise specified or
contemplated by SECTION 3.01, any Book-Entry Security shall be exchangeable
pursuant to this SECTION 3.05 or SECTIONS 3.04, 9.06 and 11.07 for Securities
registered in the name of, and a transfer of a Book-Entry Security of any series
may be registered to, any Person other than the Depository for such Security or
its nominee only if (i) such Depository notifies the Company that it is
unwilling or unable to continue as Depository for such Book-Entry Security or if
at any time such Depository ceases to be a clearing agency registered under the
Securities Exchange Act of 1934, as amended, (ii) the Company executes and
delivers to the Trustee a Company Order that such Book-Entry Security shall be
so exchangeable and the transfer thereof so registrable or (iii) there shall
have occurred and be continuing an Event of Default, with respect to the
Securities of such series. Upon the occurrence in respect of any Book-Entry
Security of any series of any one or more of the conditions specified in clause
(i), (ii) or (iii) of the preceding sentence or such other conditions as may be
specified, such Book- Entry Security may be exchanged for Securities registered
in the names of, and the transfer of such Book-Entry Security may be registered
to, such Persons (including Persons other than the Depository with respect to
such series and its nominees) as such Depository shall direct. Notwithstanding
any other provision of this Indenture, any Security authenticated and delivered
upon registration of transfer of, or in exchange for, or in lieu of, any Book-
Entry Security shall also be a Book-Entry Security and shall bear the legend
specified in SECTION 2.04 except for any Security authenticated and delivered in
exchange for, or upon registration of transfer of, a Book-Entry Security
pursuant to the preceding sentence.

SECTION 3.06  MUTILATED, DESTROYED, LOST AND STOLEN SECURITIES AND COUPONS.

         If any mutilated Security or a Security with a mutilated coupon
appertaining thereto is surrendered to the Trustee, the Company shall execute
and the Trustee shall authenticate and deliver in exchange therefor a new
Security of the same series and of like tenor and principal amount and bearing a
number not contemporaneously outstanding, with coupons corresponding to the
coupons, if any, appertaining to the surrendered Security.

         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 or
coupon and (ii) such security or indemnity as may be required by them to save
each of them and any agent of either of them harmless, then, in the absence of
notice to the Company or the Trustee that such Security or coupon has been
acquired by a bona fide purchaser, the Company shall execute and the Trustee
shall authenticate and deliver, in lieu of any such destroyed, lost or stolen
Security or in exchange for the Security to which a destroyed, lost or stolen
coupon appertains (with all appurtenant coupons not destroyed, lost or stolen),
a new Security of the same series and of like tenor and principal amount and
bearing a number not contemporaneously outstanding, with coupons corresponding
to the coupons, if any, appertaining to such destroyed, lost or stolen Security
or to the Security to which such destroyed, lost or stolen coupon appertains.

         In case any such mutilated, destroyed, lost or stolen Security or
coupon has become or is about to become due and payable, the Company in its
discretion may, instead of issuing a new Security, pay such Security or coupon
(without surrender thereof except in the case of a mutilated Security or
coupon); PROVIDED, HOWEVER, that the principal of and any premium and interest
on

                                      27
<Page>

Bearer Securities shall, except as otherwise provided in SECTION 10.02, be
payable only at an office or agency located outside the United States.

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

         Every new Security of any series with its coupons, if any, issued
pursuant to this Section in lieu of any destroyed, lost or stolen Security or in
exchange for a Security to which a destroyed, lost or stolen coupon appertains,
shall constitute an original additional contractual obligation of the Company,
whether or not the destroyed, lost or stolen Security and its coupons, if any,
or the destroyed, lost or stolen coupon shall be at any time enforceable by
anyone, and any such new Security and coupons, if any, shall be entitled to all
the benefits of this Indenture equally and proportionately with any and all
other Securities of that series and their coupons, if any, duly issued
hereunder.

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

SECTION 3.07  PAYMENT OF INTEREST; INTEREST RIGHTS PRESERVED.

         Unless otherwise provided as contemplated by SECTION 3.01 with respect
to any series of Securities, interest on any Registered Security which is
payable, and is punctually paid or duly provided for, on any Interest Payment
Date shall be paid to the Person in whose name that Security (or one or more
Predecessor Securities) is registered at the close of business on the Regular
Record Date for such interest. Unless otherwise so provided, at the option of
the Company, payment of interest on any Registered Security may be made by check
mailed on or before the due date to the address of the Person entitled thereto
as such address shall appear in the Security Register.

         Any interest on any Registered 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 the Registered Securities of
such series (or their respective Predecessor Securities) are registered at the
close of business on a Special Record Date for the payment of such Defaulted
Interest, which shall be fixed in the following manner. The Company shall notify
the Trustee in writing of the amount of Defaulted Interest proposed to be paid
on each Registered 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

                                      28
<Page>

held in trust for the benefit of the Persons entitled to such Defaulted Interest
as in this Clause provided. Thereupon the Trustee shall fix a Special Record
Date for the payment of such Defaulted Interest which shall be not more than 15
days and not less than 10 days prior to the date of the proposed payment and not
less than 10 days after the receipt by the Trustee of the notice of the proposed
payment. The Trustee shall promptly notify the Company of such Special Record
Date and, in the name and at the expense of the Company, shall cause notice of
the proposed payment of such Defaulted Interest and the Special Record Date
therefor to be mailed, first-class postage prepaid, to each Holder of Registered
Securities of such series at the address of such Holder as it appears in the
Security Register, not less than 10 days prior to such Special Record Date. The
Trustee may, in its discretion, in the name and at the expense of the Company,
cause a similar notice to be published at least once in an Authorized Newspaper,
provided such publication shall not be a condition precedent to the
establishment of 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
Registered 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 Registered Securities of any series in any other lawful manner
not inconsistent with the requirements of any securities exchange on which such
Securities may be then listed, and upon such notice as may be required by such
exchange, if, after notice given by the Company to the Trustee of the proposed
payment pursuant to this Clause, such manner of payment shall be deemed
practicable by the Trustee.

         Subject to the foregoing provisions of this Section and SECTION 3.05,
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 3.08  PERSONS DEEMED OWNERS.

         Prior to due presentment of a Registered Security for registration of
transfer, the Company, the Trustee and any agent of the Company or the Trustee
may treat the Person in whose name such Registered Security is registered as the
owner of such Registered Security for the purpose of receiving payment of
principal of (and premium, if any) and (subject to SECTIONS 3.05 and 3.07) any
interest on such Registered Security and for all other purposes whatsoever,
whether or not such Security be overdue, and none of the Company, the Trustee
nor any agent of the Company or the Trustee shall be affected by notice to the
contrary.

         Title to any Bearer Security and any coupons appertaining thereto shall
pass by delivery. The Company, the Trustee and any agent of the Company or the
Trustee may treat the bearer of any Bearer Security and the bearer of any coupon
as the owner of such Bearer Security or coupon for the purpose of receiving
payment thereof or on account thereof and for all other purposes whatsoever,
whether or not such Security or coupon be overdue, and neither the Company, the
Trustee nor any agent of the Company or the Trustee shall be affected by notice
to the contrary.

                                      29
<Page>

         Notwithstanding the foregoing, with respect to any Book-Entry 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 Depository or impair, as between a
Depository and holders of beneficial interests in any Book-Entry Security, the
operation of customary practices governing the exercise of the rights of the
Depository (or its nominee) as Holder of such Book-Entry Security.

SECTION 3.09  CANCELLATION.

         All Securities and coupons surrendered for payment, redemption,
registration of transfer or for credit against any sinking fund payment shall,
if surrendered to any Person other than the Trustee, be delivered to the
Trustee. All Registered Securities and matured coupons so delivered shall be
promptly cancelled by the Trustee. All Bearer Securities and unmatured coupons
so delivered shall be held by the Trustee and, upon instruction by a Company
Order, shall be cancelled or held for reissuance. Bearer Securities and
unmatured coupons held for reissuance may be reissued only in replacement of
mutilated, lost, stolen or destroyed Bearer Securities of the same series and
like tenor or the related coupons pursuant to SECTION 3.06. All Bearer
Securities and unmatured coupons held by the Trustee pending such cancellation
or reissuance shall be deemed to be delivered for all purposes of this
Indenture and the Securities. 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 cancelled by the Trustee. No Securities shall be
authenticated in lieu of or in exchange for any Securities cancelled as
provided in this Section, except as expressly permitted by this Indenture. All
cancelled Securities and coupons held by the Trustee shall be disposed of in
accordance with its customary practice.

SECTION 3.10  COMPUTATION OF INTEREST.

         Except as otherwise specified as contemplated by SECTION 3.01 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.

                                   ARTICLE IV.
                           SATISFACTION AND DISCHARGE

SECTION 4.01  SATISFACTION AND DISCHARGE OF INDENTURE.

         This Indenture shall upon Company Request cease to be of further effect
with respect to Securities of a Series (except as to any surviving rights of
registration of transfer or exchange of Securities herein expressly provided
for, and any right to receive additional amounts, as provided in SECTION 10.04),
and the Trustee, at the expense of the Company, shall execute proper instruments
acknowledging satisfaction and discharge of this Indenture with respect to
Securities of a Series, when

                  (1)      either

                                      30
<Page>

                           (A)      all Securities of such Series theretofore
authenticated and delivered and all coupons, if any, appertaining thereto
(other than (i) coupons appertaining to Bearer Securities surrendered for
exchange for Registered Securities and maturing after such exchange, whose
surrender is not required or has been waived as provided in SECTION 3.05, (ii)
Securities and coupons which have been destroyed, lost or stolen and which
have been replaced or paid as provided in SECTION 3.06, (iii) coupons
appertaining to Securities called for redemption and maturing after the
relevant Redemption Date, whose surrender has been waived as provided in
SECTION 11.06, and (iv) Securities and coupons for whose payment money has
theretofore been deposited in trust or segregated and held in trust by the
Company and thereafter repaid to the Company or discharged from such trust, as
provided in SECTION 10.03) have been delivered to the Trustee for
cancellation; or

                           (B)      with respect to all such Securities and, in
the case of (i) or (ii) below, any coupons appertaining thereto not theretofore
delivered to the Trustee for cancellation

                                    (i)      have become due and payable, or

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

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

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

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

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

         Notwithstanding the satisfaction and discharge of this Indenture, the
obligations of the Company to the Trustee under SECTION 6.07, the obligations of
the Trustee to any Authenticating Agent under SECTION 6.14 and, if money shall
have been deposited with the Trustee pursuant to CLAUSE (1)(B) of this Section,
the obligations of the Company under SECTIONS 3.06, 6.10(e) and 7.01 and the
obligations of the Trustee under SECTION 4.02 and the last paragraph of SECTION
10.03 shall survive.

                                      31
<Page>

SECTION 4.02  APPLICATION OF TRUST MONEY.

         Subject to the provisions of the last paragraph of SECTION 10.03, all
money deposited with the Trustee pursuant to SECTION 4.01 shall be held in trust
and applied by it, in accordance with the provisions of the Securities, the
coupons and this Indenture, to the payment, either directly or through any
Paying Agent (including the Company acting as its own Paying Agent) as the
Trustee may determine, to the Persons entitled thereto, of the principal and any
premium and interest for whose payment such money has been deposited.

                                   ARTICLE V.
                                    REMEDIES

SECTION 5.01  EVENTS OF DEFAULT.

         "EVENT OF DEFAULT," wherever used herein with respect to Securities of
any series, means any one of the following events (whatever the reason for such
Event of Default and whether it shall be voluntary or involuntary or be effected
by the provisions of ARTICLE FIFTEEN hereof or by operation of law or pursuant
to any judgment, decree or order, rule or regulation of any administrative or
governmental body), unless it is either inapplicable to a particular series of
Securities or it is specifically deleted or modified in or pursuant to the terms
of such series or in the form of Security of such series:

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

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

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

                  (4)      default in the performance, or breach, of any
covenant or warranty of the Company in this Indenture (other than a covenant or
warranty a default in whose performance or whose breach is elsewhere in this
Section specifically dealt with or which has expressly been included in this
Indenture solely for the benefit of series of Securities other than that
series), and continuance of such default or breach for a period of 90 days after
there has been given, by registered or certified mail, to the Company by the
Trustee or to the Company and the Trustee by the Holders of at least 33% in
principal amount of the Outstanding Securities of that series a written notice
specifying such default or breach and requiring it to be remedied and stating
that such notice is a "NOTICE OF DEFAULT" hereunder; or

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

                                      32
<Page>

substantial part of the property of the Company, or ordering the winding up or
liquidation of its affairs, and the continuance of any such decree or order for
relief or any such other decree or order unstayed and in effect for a period of
90 consecutive days; or

                  (6)      the commencement by the Company of a voluntary case
or proceeding under any applicable Federal or state bankruptcy, insolvency,
reorganization or other similar law or of any other case or proceeding to be
adjudicated a bankrupt or insolvent, or the consent by it to the entry of a
decree or order for relief in respect of the Company in an involuntary case or
proceeding under any applicable Federal or state bankruptcy, insolvency,
reorganization or other similar law or the commencement of any bankruptcy or
insolvency case or proceeding against the Company, or the filing by the Company
of a petition or answer or consent seeking reorganization or relief under any
applicable Federal or state law, or the consent by the Company to the filing of
such petition or to the appointment of or taking possession by a custodian,
receiver, liquidator, assignee, trustee, sequestrator or similar official of the
Company or of any substantial part of the property of the Company, or the making
by the Company of an assignment for the benefit of creditors, or the admission
by the Company in writing of its inability to pay its debts generally as they
become due, or the taking of corporate action by the Company in furtherance of
any such action; or

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

SECTION 5.02 ACCELERATION OF MATURITY; RESCISSION AND ANNULMENT.

         If an Event of Default with respect to Securities of any series at the
time Outstanding occurs and is continuing, then in every such case the Trustee
or the Holders of not less than 33% in principal amount of the Outstanding
Securities of that series may declare the principal amount (or, if any of the
Securities of that series are Original Issue Discount Securities, such portion
of the principal amount of such Securities as may be specified in the terms
thereof) of all of the Securities of that series to be due and payable
immediately, by a notice in writing to the Company (and to the Trustee if given
by Holders), and upon any such declaration such principal amount (or specified
amount) shall become immediately due and payable.

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

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

                           (A)      all overdue interest on, and any additional
amounts payable as set forth in SECTION 10.04 on, all Securities of that series
and any coupons appertaining thereto,

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

                                      33
<Page>

                           (C)      to the extent that payment of such
interest is lawful, interest upon overdue interest, and any additional
amounts payable as set forth in SECTION 10.04 on, at the rate or rates
prescribed therefor in such Securities, and

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

and

                  (2)      all Events of Default with respect to Securities
of that series, other than the non-payment of the principal of Securities of
that series which have become due solely by such declaration of acceleration,
have been cured or waived as provided in SECTION 5.13.

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

SECTION 5.03  COLLECTION OF INDEBTEDNESS AND SUITS FOR ENFORCEMENT BY TRUSTEE.

         The Company covenants that if

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

                  (2)      default is made in the payment of the principal of
(or premium, if any, on) any Security at the Maturity thereof, the Company
will, upon demand of the Trustee, pay to it, for the benefit of the Holders
of such Securities and coupons, the whole amount then due and payable on such
Securities and coupons for principal and any premium and interest and, to the
extent that payment of such interest shall be legally enforceable, interest
on any overdue principal and premium and on any overdue interest, at the rate
or rates prescribed therefor in such Securities (or, in the case of Original
Issue Discount Securities, the Securities' yield to maturity) and, in
addition thereto, such further amount as shall be sufficient to cover the
costs and expenses of collection, including the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel.

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

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

                                       34
<Page>

SECTION 5.04  TRUSTEE MAY FILE PROOFS OF CLAIM.

         In case of any judicial proceeding relative to the Company (or any
other obligor upon the Securities), or the property or the creditors of the
Company, the Trustee shall be entitled and empowered, by intervention in such
proceeding or otherwise, to take any and all actions authorized under the
Trust Indenture Act in order to have claims of the Holders and the Trustee
allowed in any such proceeding. In particular, subject to ARTICLE FIFTEEN
hereof, the Trustee shall be authorized to collect and receive any moneys or
other property payable or deliverable on any such claims and to distribute
the same; and any custodian, receiver, assignee, trustee, liquidator,
sequestrator or other similar official in any such judicial proceeding is
hereby authorized by each Holder to make such payments to the Trustee and, in
the event that the Trustee shall consent to the making of such payments
directly to the Holders, to pay to the Trustee any amount due it for the
reasonable compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel, and any other amounts due the Trustee under SECTION
6.07.

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

SECTION 5.05  TRUSTEE MAY ENFORCE CLAIMS WITHOUT POSSESSION OF SECURITIES OR
COUPONS.

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

SECTION 5.06  APPLICATION OF MONEY COLLECTED.

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

         FIRST: To the payment of all amounts due the Trustee under SECTION
6.07; and

         SECOND: Subject to ARTICLE FIFTEEN hereof, to the payment of the
amounts then due and unpaid for principal of and any premium and interest on the
Securities and coupons in respect of which or for the benefit of which such
money has been collected, ratably, without

                                       35

<Page>

preference or priority of any kind, according to the amounts due and payable
on such Securities and coupons for principal and any premium and interest,
respectively.

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

         In any case in which Securities are Outstanding that are denominated
in more than one currency and the Trustee is directed to make ratable
payments under this Section to Holders of such Securities, unless otherwise
provided with respect to any series of Securities, the Trustee shall
calculate the amount of such payments as follows: (i) as of the day the
Trustee collects an amount under this Article, the Trustee shall, as to each
Holder of a Security to whom an amount is due and payable under this Section
that is denominated in a foreign currency, determine that amount in Dollars
that would be obtained for the amount owing such Holder, using the rate of
exchange at which in accordance with normal banking procedures the Trustee
could purchase in The City of New York Dollars with such amount owing; (ii)
calculate the sum of all Dollar amounts determined under (i) and add thereto
any amounts due and payable in Dollars; and (iii) using the individual
amounts determined in (i) or any individual amounts due and payable in
Dollars, as the case may be, as a numerator, and the sum calculated in (ii)
as a denominator, calculate as to each Holder of a Security to whom an amount
is owed under this Section the fraction of the amount collected under this
Article payable to such Holder. Any expenses incurred by the Trustee in
actually converting amounts owing Holders of Securities denominated in a
currency other than that in which any amount is collected under this Article
shall be likewise (in accordance with this paragraph) borne ratably by all
Holders of Securities to whom amounts are payable under this Section.

         To the fullest extent allowed under applicable law, if for the
purpose of obtaining judgment against the Company in any court it is
necessary to convert the sum due in respect of the principal of, or premium,
if any, or interest on, the Securities of any series (the "REQUIRED
CURRENCY") into a currency in which a judgment will be rendered (the
"JUDGMENT CURRENCY"), the rate of exchange used shall be the rate at which in
accordance with normal banking procedures the Trustee could purchase in The
City of New York the Required Currency with the Judgment Currency on the
Business Day in the City of New York next preceding that on which final
judgment is given. Neither the Company nor the Trustee shall be liable for
any shortfall nor shall it benefit from any windfall in payments to Holders
of Securities under this Section caused by a change in exchange rates between
the time the amount of a judgment against the Company is calculated as above
and the time the Trustee converts the Judgment Currency into the Required
Currency to make payments under this Section to Holders of Securities, but
payment of such judgment shall discharge all amounts owed by the Company on
the claim or claims underlying such judgment.

SECTION 5.07  LIMITATION ON SUITS.

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

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

                                       36
<Page>

                  (2)      the Holders of not less than 33% in principal
amount of the Outstanding Securities of that series shall have made written
request to the Trustee to institute proceedings in respect of such Event of
Default in its own name as Trustee hereunder;

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

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

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

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

SECTION 5.08  UNCONDITIONAL RIGHT OF HOLDERS TO RECEIVE PRINCIPAL, PREMIUM AND
INTEREST.

         Notwithstanding any other provision in this Indenture (but subject to
ARTICLE FIFTEEN hereof), the Holder of any Security or coupon shall have the
right, which is absolute and unconditional, to receive payment of the
principal of and any premium and (subject to SECTIONS 3.05 and 3.07) any
interest on such Security or payment of such coupon on the Stated Maturity or
Maturities expressed in such Security or coupon (or, in the case of
redemption, on the Redemption Date), and to institute suit for the enforcement
of any such payment, and such rights shall not be impaired without the consent
of such Holder.

SECTION 5.09  RESTORATION OF RIGHTS AND REMEDIES.

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

SECTION 5.10  RIGHTS AND REMEDIES CUMULATIVE.

         Except as otherwise provided with respect to the replacement or
payment of mutilated, destroyed, lost or stolen Securities or coupons in the
last paragraph of SECTION 3.06, no right or remedy herein conferred upon or
reserved to the Trustee or to the Holders of Securities or coupons is
intended to be exclusive of any other right or remedy, and every right and
remedy shall, to the extent permitted by law, be cumulative and in addition
to every other right and

                                       37
<Page>

remedy given hereunder or now or hereafter existing at law or in equity or
otherwise. The assertion or employment of any right or remedy hereunder, or
otherwise, shall not prevent the concurrent assertion or employment of any
other appropriate right or remedy.

SECTION 5.11  DELAY OR OMISSION NOT WAIVER.

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

SECTION 5.12  CONTROL BY HOLDERS OF SECURITIES.

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

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

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

                  (3)      the Trustee shall not be obligated to take any
action unduly prejudicial to Holders not joining in such direction or
involving the Trustee in personal liability.

SECTION 5.13  WAIVER OF PAST DEFAULTS.

         The Holders of a majority in principal amount of the Outstanding
Securities of any series may on behalf of the Holders of all the Securities
of such series waive any past default hereunder with respect to the
Securities of such series and its consequences, except a default

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

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

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

                                       38
<Page>

SECTION 5.14  UNDERTAKING FOR COSTS.

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

SECTION 5.15  WAIVER OF STAY OR EXTENSION LAWS.

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

                                   ARTICLE VI.
                                   THE TRUSTEE

SECTION 6.01  CERTAIN DUTIES AND RESPONSIBILITIES.

         The duties and responsibilities of the Trustee shall be as provided
by the Trust Indenture Act. Notwithstanding the foregoing, no provision of
this Indenture shall require the Trustee to expend or risk its own funds or
otherwise incur any financial liability in the performance of any of its
duties hereunder, or in the exercise of any of its rights or powers, if it
shall have reasonable grounds for believing that repayment of such funds or
adequate indemnity against such risk or liability is not reasonably assured
to it. Whether or not therein expressly so provided, every provision of this
Indenture relating to the conduct or affecting the liability of or affording
protection to the Trustee shall be subject to the provisions of this Section.

SECTION 6.02  NOTICE OF DEFAULTS.

         If a default occurs hereunder with respect to Securities of any
series, the Trustee shall give the Holders of Securities of such series
notice of such default as and to the extent provided by the Trust Indenture
Act; PROVIDED, HOWEVER, that in the case of any default of the character
specified in SECTION 5.01(4) with respect to Securities of such series, no
such notice to Holders shall be given until at least 30 days after the
occurrence thereof. For the purpose of this Section, the term "DEFAULT" means
any event which is, or after notice or lapse of time or both would become, an
Event of Default with respect to Securities of such series.

SECTION 6.03  CERTAIN RIGHTS OF TRUSTEE.

         Subject to the provisions of SECTION 6.01:

                                       39
<Page>

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

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

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

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

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

                  (6)      the Trustee shall not be bound to make any
investigation into the facts or matters stated in any resolution,
certificate, statement, instrument, opinion, report, notice, request,
direction, consent, order, bond, debenture, note, other evidence of
indebtedness or other paper or document, but the Trustee, in its discretion,
may make such further inquiry or investigation into such facts or matters as
it may see fit, and, if the Trustee shall determine to make such further
inquiry or investigation, it shall be entitled to examine the books, records
and premises of the Company, personally or by agent or attorney; and

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

SECTION 6.04  NOT RESPONSIBLE FOR RECITALS OR ISSUANCE OF SECURITIES.

         The recitals contained herein and in the Securities (except the
Trustee's certificates of authentication) and in any coupons shall be taken
as the statements of the Company and the Trustee or any Authenticating Agent
assumes no responsibility for their correctness. The Trustee makes no
representations as to the validity or sufficiency of this Indenture or of the
Securities or coupons. The Trustee or any Authenticating Agent shall not be
accountable for the use or application by the Company of Securities or the
proceeds thereof.

                                       40
<Page>

SECTION 6.05  MAY HOLD SECURITIES.

         The Trustee, any Authenticating Agent, any Paying Agent, any
Security Registrar or any other agent of the Company, in its individual or
any other capacity, may become the owner or pledgee of Securities and coupons
and, subject to SECTIONS 6.08 and 6.13, may otherwise deal with the Company
with the same rights it would have if it were not Trustee, Authenticating
Agent, Paying Agent, Security Registrar or such other agent.

SECTION 6.06  MONEY HELD IN TRUST.

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

SECTION 6.07  COMPENSATION AND REIMBURSEMENT.

         The Company agrees

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

                  (2)      except as otherwise expressly provided herein, to
reimburse the Trustee and each predecessor Trustee upon its request for all
reasonable expenses, disbursements and advances incurred or made by the
Trustee in accordance with any provision of this Indenture (including the
reasonable compensation and the expenses and disbursements of its agents and
counsel), except any such expense, disbursement or advance as may be
attributable to its negligence or bad faith; and

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

         The obligations of the Company under this Section shall not be
subordinated to the payment of Senior Indebtedness pursuant to ARTICLE
FIFTEEN hereof, and as security for the performance of such obligations, the
Trustee shall have a lien prior to the Securities upon all property and funds
held or collected by the Trustee as such, except funds held in trust for the
benefit of the Holders of particular Securities.

         Any expenses and compensation for any services rendered by the
Trustee after the occurrence of an Event of Default specified in CLAUSE (5)
or (6) of SECTION 5.01 shall constitute expenses and compensation for
services of administration under all applicable federal or state bankruptcy,
insolvency, reorganization or other similar laws.

         The provisions of this Section shall survive the termination of this
Indenture.

                                       41
<Page>

SECTION 6.08  DISQUALIFICATION; CONFLICTING INTERESTS.

         If the Trustee has or shall acquire a conflicting interest within
the meaning of the Trust Indenture Act, the Trustee shall either eliminate
such interest or resign, to the extent and in the manner provided by, and
subject to the provisions of, the Trust Indenture Act and this Indenture.

SECTION 6.09  CORPORATE TRUSTEE REQUIRED; ELIGIBILITY.

         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,
any State thereof or the District of Columbia, authorized under such laws to
exercise corporate trust powers, having a combined capital and surplus of at
least $50,000,000, subject to supervision or examination by Federal or State
authority. If such corporation publishes reports of condition at least
annually, pursuant to law or to the requirements of said supervising or
examining authority, then for the purposes of this Section, the combined
capital and surplus of such corporation shall be deemed to be its combined
capital and surplus as set forth in its most recent report of condition so
published. If at any time the Trustee shall cease to be eligible in
accordance with the provisions of this Section, it shall resign immediately
in the manner and with the effect hereinafter specified in this Article. No
obligor upon any Security issued under this Indenture or a person directly or
indirectly controlling, controlled by or under common control with such
obligor shall serve as Trustee under this Indenture.

SECTION 6.10  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 6.11.

         (b)      The Trustee may resign at any time with respect to the
Securities of one or more series by giving written notice thereof to the
Company. If the instrument of acceptance by a successor Trustee required by
SECTION 6.11 shall not have been delivered to the Trustee within 30 days
after the giving of such notice of resignation, the resigning Trustee may
petition any court of competent jurisdiction for the appointment of a
successor Trustee with respect to the Securities of such series.

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

         (d)      If at any time:

                  (1)      the Trustee shall fail to comply with SECTION 6.08
after written request therefor by the Company or by any Holder of a Security
who has been a bona fide Holder of a Security for at least six months, or

                  (2)      the Trustee shall cease to be eligible under
SECTION 6.09 and shall fail to resign after written request therefor by the
Company or by any such Holder, or

                                       42
<Page>

                  (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 a 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 case, (i) the
Company by a Board Resolution may remove the Trustee with respect to all
Securities, or (ii) subject to SECTION 5.14, any Holder of a Security who has
been a bona fide Holder of a Security for at least six months may, on behalf
of himself and all others similarly situated, petition any court of competent
jurisdiction for the removal of the Trustee with respect to all Securities
and the appointment of a successor Trustee or Trustees.

         (e)      If the Trustee shall resign, be removed or become incapable
of acting, or if a vacancy shall occur in the office of the 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 series and that at any time there shall be
only one Trustee with respect to the Securities of any particular series) and
shall comply with the applicable requirements of SECTION 6.11. If, within one
year after such resignation, removal or incapability, or the occurrence of
such vacancy, a successor Trustee with respect to the Securities of any
series shall be appointed by Act of the Holders of a majority in principal
amount of the Outstanding Securities of such series delivered to the Company
and the retiring Trustee, the successor Trustee so appointed shall, forthwith
upon its acceptance of such appointment in accordance with the applicable
requirements of SECTION 6.11, become the successor Trustee with respect to
the Securities of such series and to that extent supersede the successor
Trustee appointed by the Company. If no successor Trustee with respect to the
Securities of any series shall have been so appointed by the Company or the
Holders of Securities of such series and accepted appointment in the manner
required by SECTION 6.11, any Holder of a Security who has been a bona fide
Holder of a Security of such series for at least six months may, on behalf of
himself and all others similarly situated, petition any court of competent
jurisdiction for the appointment of a successor Trustee with respect to the
Securities of such series. Such court may thereupon, after such notice, if
any, as it may deem proper, appoint a successor Trustee.

         (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 in the manner provided in SECTION 1.06. 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 6.11  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 further act, deed or conveyance, shall become
vested with all the rights, powers, trusts and duties of the retiring
Trustee, with like effect as if originally named Trustee hereunder; but on
the request of the Company or the successor Trustee, such retiring

                                       43
<Page>

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. Any Trustee ceasing to act shall, nevertheless, retain a prior
lien upon all property or funds held or collected by such Trustee to secure
any amounts then due it pursuant to the provisions of SECTION 6.07.

         (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 as co-trustees of
the same trust and that each such Trustee shall be trustee of a trust or trusts
hereunder separate and apart from any trust or trusts hereunder administered by
any other such Trustee; and upon the execution and delivery of such supplemental
indenture the resignation or removal of the retiring Trustee shall become
effective to the extent provided therein and each such successor Trustee,
without any further act, deed or conveyance, shall become vested with all
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.

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

         (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 6.12  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

                                       44
<Page>

such corporation shall be otherwise qualified and eligible under this
Article, without the execution or filing of any paper or any further act on
the part of any of the parties hereto. In case any Securities shall have been
authenticated, but not delivered, by the Trustee then in office, any
successor by merger, conversion or consolidation to such authenticating
Trustee may adopt such authentication and deliver the Securities so
authenticated with the same effect as if such successor Trustee had itself
authenticated such Securities.

SECTION 6.13  PREFERENTIAL COLLECTION OF CLAIMS AGAINST COMPANY.

         If and when the Trustee shall be or become a creditor of the Company
(or any other obligor upon the Securities), the Trustee shall be subject to the
provisions of the Trust Indenture Act regarding the collection of claims against
the Company (or any such other obligor).

SECTION 6.14  APPOINTMENT OF AUTHENTICATING AGENT.

         The Trustee may, by an instrument in writing, appoint an Authenticating
Agent or Agents with respect to one or more series of Securities which may be
authorized to act on behalf of the Trustee to authenticate Securities of such
series issued upon original issue or upon exchange, registration of transfer or
partial redemption thereof or pursuant to SECTION 3.06, 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. 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, any State thereof or the District of Columbia (or, if Bearer Securities,
organized and doing business under the laws of the country in which the Bearer
Securities are eligible), authorized under such laws to act as Authenticating
Agent, having a combined capital and surplus of not less than $50,000,000 and
subject to supervision or examination by Federal or State authority (or, if
Bearer Securities, an authority of the country in which the Bearer Securities
are eligible). 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 such 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 such Authenticating Agent.

                                       45
<Page>

         An Authenticating Agent may, and if it shall cease to be eligible
shall, resign at any time by giving written notice thereof to the Trustee and to
the Company. The Trustee may at any time terminate the agency of an
Authenticating Agent by giving written notice thereof to such Authenticating
Agent and to the Company. Upon receiving such notice of resignation or upon such
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 Registered Securities, if any, of the series
with respect to which such Authenticating Agent will serve, as their names and
addresses appear in the Security Register. 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 be reimbursed for such payment, subject to the
provisions of SECTION 6.07.

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

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

                                     BNY Midwest Trust Company,
                                     As Trustee

                                     By:________________________________________
                                        As Authenticating Agent

                                     By:________________________________________
                                        Authorized Officer

         If all the Securities of a series may not be originally issued at one
time, and if the Company has an Affiliate eligible to be appointed as an
Authenticating Agent hereunder or the Trustee does not have an office capable of
authenticating Securities upon original issuance located in a Place of Payment
where the Company wishes to have Securities of such series authenticated upon
original issuance, the Trustee, if so requested by the Company in writing (which
writing need not comply with SECTION 1.02 and need not be accompanied by an
Opinion of Counsel), shall appoint in accordance with this Section an
Authenticating Agent (which, if so requested by the Company, shall be such
Affiliate of the Company) having an office in a Place of Payment designated by
the Company with respect to such series of Securities.

                                       46
<Page>

                                  ARTICLE VII.
                HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY

SECTION 7.01  COMPANY TO FURNISH TRUSTEE NAMES AND ADDRESSES OF HOLDERS.

         With respect to each series of Securities, the Company will furnish or
cause to be furnished to the Trustee:

         (a)      semi-annually, not later than 15 days after a Regular Record
Date, a list, in such form as the Trustee may reasonably require, containing all
the information in the possession or control of the Company, or any of its
Paying Agents other than the Trustee, as to the names and addresses of the
Holders of Securities as of the immediately preceding Regular Record Date, and

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

excluding from any such list names and addresses received by the Trustee in its
capacity as Security Registrar.

SECTION 7.02  PRESERVATION OF INFORMATION; COMMUNICATIONS TO HOLDERS.

         (a)      The Trustee shall preserve, in as current a form as is
reasonably practicable, the names and addresses of Holders contained in the most
recent list furnished to the Trustee as provided in SECTION 7.01, and the names
and addresses of Holders received by the Trustee in its capacity as Security
Registrar. The Trustee may destroy any list furnished to it as provided in
SECTION 7.01 upon receipt of a new list so furnished.

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

         (c)      Every Holder of Securities or coupons, by receiving and
holding the same, agrees with the Company and the Trustee that neither the
Company nor the Trustee nor any agent of any of them shall be held accountable
by reason of any disclosure of information as to names and addresses of Holders
made pursuant to the Trust Indenture Act and that the Trustee shall not be held
accountable by reason of mailing any material pursuant to a request made under
SECTION 7.02(b).

SECTION 7.03  REPORTS BY TRUSTEE.

         (a)      on or before July 15 in each year following the date hereof,
the Trustee shall transmit to Holders such reports concerning the Trustee and
its actions under this Indenture as may be required pursuant to the Trust
Indenture Act at the times and in the manner provided pursuant thereto.

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

                                       47
<Page>

Commission and with the Company. The Company will notify the Trustee when any
Securities are listed (or delisted) on any stock exchange.

SECTION 7.04  REPORTS BY COMPANY.

         In addition to the certificates delivered to the Trustee pursuant to
SECTION 10.07, the Company shall file with the Trustee and the Commission, and
transmit to Holders, such information, documents and other reports, and such
summaries thereof, as may be required pursuant to the Trust Indenture Act at the
times and in the manner provided pursuant to such Act; provided that any such
information, documents or reports required to be filed with the Commission
pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934, as
amended, shall be filed with the Trustee within 15 days after the same is so
required to be filed with the Commission.

                                  ARTICLE VIII.
              CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE

SECTION 8.01  COMPANY MAY CONSOLIDATE, ETC., ONLY ON CERTAIN TERMS.

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

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

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

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

SECTION 8.02  SUCCESSOR SUBSTITUTED.

         Upon any consolidation of the Company with, or merger of the Company
into, any other Person or any conveyance, transfer or lease of the properties
and assets of the Company substantially as an entirety in accordance with
SECTION 8.01, the successor Person formed by such consolidation or into which
the Company is merged or to which such conveyance, transfer or

                                       48
<Page>

lease is made shall succeed to, and be substituted for, and may exercise
every right and power of, the Company under this Indenture with the same
effect as if such successor Person had been named as the Company herein, and
thereafter, except in the case of a lease, the predecessor Person shall be
relieved of all obligations and covenants under this Indenture and the
Securities and coupons and may liquidate and dissolve.

                                   ARTICLE IX.
                             SUPPLEMENTAL INDENTURES

SECTION 9.01  SUPPLEMENTAL INDENTURES WITHOUT CONSENT OF HOLDERS.

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

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

                  (2)      to add to the covenants of the Company for the
benefit of the Holders of all or any series of Securities and any coupons
appertaining thereto (and if such covenants are to be for the benefit of less
than all series of Securities, stating that such covenants are expressly being
included solely for the benefit of such series), to convey, transfer, assign,
mortgage or pledge any property to or with the Trustee or otherwise secure any
series of the Securities or to surrender any right or power herein conferred
upon the Company; or

                  (3)      to add any additional Events of Default with respect
to all or any series of the Securities (and, if such Event of Default is
applicable to less than all series of Securities, specifying the series to which
such Event of Default is applicable); or

                  (4)      to add to or change any of the provisions of this
Indenture to provide that Bearer Securities may be registrable as to principal,
to change or eliminate any restrictions on the payment of principal of or any
premium or interest on Bearer Securities, to permit Bearer Securities to be
issued in exchange for Registered Securities, to permit Bearer Securities to be
issued in exchange for Bearer Securities of other authorized denominations or to
permit or facilitate the issuance of Securities in uncertificated form, provided
that any such action shall not adversely affect the interests of the Holders of
Securities of any series or any related coupons in any material respect; or

                  (5)      to add to, change or eliminate any of the provisions
of this Indenture in respect of one or more series of Securities, provided that
any such addition, change or elimination (A) shall neither (i) 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 (ii) modify the
rights of the Holder of any such Security with respect to such provision or (B)
shall become effective only when there is no such Security Outstanding; or

                                       49
<Page>

                  (6)      to establish the form or terms of Securities of any
series and any related coupons as permitted by SECTIONS 2.01 and 3.01; or

                  (7)      to evidence and provide for the acceptance of
appointment hereunder by a successor Trustee with respect to the Securities of
one or more series and to add to or change any of the provisions of this
Indenture as shall be necessary to provide for or facilitate the administration
of the trusts hereunder by more than one Trustee, pursuant to the requirements
of SECTION 6.11(b); or

                  (8)      to cure any ambiguity, to correct or supplement any
provision herein or in any supplemental indenture which may be defective or
inconsistent with any other provision herein or in any supplemental indenture,
or to make any other provisions with respect to matters or questions arising
under this Indenture; PROVIDED, HOWEVER, that such action shall not adversely
affect the interests of the Holders of Securities of any series or any related
coupons in any material respect.

SECTION 9.02  SUPPLEMENTAL INDENTURES WITH CONSENT OF HOLDERS.

         With the consent of the Holders of a majority in principal amount of
the Outstanding Securities of each series affected by such supplemental
indenture, by Act of said Holders delivered to the Company and the Trustee, the
Company, when authorized by Board Resolution, and the Trustee may enter into an
indenture or indentures supplemental hereto for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of
this Indenture or of modifying in any manner the rights of the Holders of
Securities of such series and any related coupons under this Indenture;
PROVIDED, HOWEVER, that no such supplemental indenture shall, without the
consent of the Holder of each Outstanding Security affected thereby,

                  (1)      change the Stated Maturity of the principal of, or
any installment of principal of or interest on, any Security, or reduce the
principal amount thereof or the rate of interest thereon or any premium
payable upon the redemption thereof, or change the Redemption Date thereof, or
change any obligation of the Company to pay additional amounts pursuant to
SECTION 10.04 (except as contemplated by SECTION 8.01(1) and permitted by
SECTION 9.01(1)), or reduce the amount of the principal of an Original Issue
Discount Security that would be due and payable upon a declaration of
acceleration of the Maturity thereof pursuant to SECTION 5.02 or change the
coin or currency in which any Security or any premium or interest thereon is
payable, or change any right of redemption, purchase or repayment by the
Company at the option of the Holder, or impair the right to institute suit for
the enforcement of any such payment on or after the Stated Maturity thereof
(or, in the case of redemption, on or after the Redemption Date), or

                  (2)      reduce the percentage in principal amount of the
Outstanding Securities of any series, the consent of whose Holders is required
for any such supplemental indenture, or the

                                       50
<Page>

consent of whose Holders is required for any waiver (of compliance with
certain provisions of this Indenture or certain defaults hereunder and their
consequences) provided for in this Indenture, or reduce the requirements of
SECTION 14.04 for quorum or voting, or

                  (3)      change any obligation of the Company to maintain an
office or agency in the places and for the purposes specified in SECTION 10.02,
or

                  (4)      modify any of the provisions of this Section, SECTION
5.13 or SECTION 10.08 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 shall not be deemed to require the consent
of any Holder of a Security or coupon with respect to changes in the references
to "the Trustee" and concomitant changes in this Section and SECTION 10.08 or
the deletion of this provision, in accordance with the requirements of SECTIONS
6.11(b) and 9.01(8).

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

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

SECTION 9.03  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 6.01) shall be fully protected in relying upon, an
Opinion of Counsel stating that the execution of such supplemental indenture is
authorized or permitted by this Indenture. The Trustee may, but shall not be
obligated to, enter into any such supplemental indenture which affects the
Trustee's own rights, duties or immunities under this Indenture or otherwise.

SECTION 9.04  EFFECT OF SUPPLEMENTAL INDENTURES.

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

SECTION 9.05  CONFORMITY WITH TRUST INDENTURE ACT.

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

                                       51
<Page>

SECTION 9.06  REFERENCE IN SECURITIES TO SUPPLEMENTAL INDENTURES.

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

SECTION 9.07  SUBORDINATED UNIMPAIRED.

         This Indenture may not be amended to alter the subordination of any
Outstanding Securities without the written consent of the holders of Senior
Indebtedness then outstanding that would be adversely affected thereby in
accordance with the terms of the instruments governing such Senior Indebtedness.

                                   ARTICLE X.
                                   COVENANTS

SECTION 10.01 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 any premium
and interest on the Securities of that series in accordance with the terms of
the Securities, any coupons appertaining thereto and this Indenture. Unless
otherwise specified as contemplated by SECTION 3.01 with respect to any series
of Securities, any interest due on Bearer Securities on or before Maturity shall
be payable only upon presentation and surrender of the several coupons for such
interest installments as are evidenced thereby as they severally mature.

SECTION 10.02 CORPORATE EXISTENCE AND MAINTENANCE OF OFFICE OR AGENCY.

         Except as expressly permitted by this Indenture, the Company will do or
cause to be done all things necessary to preserve and keep in full force and
effect the corporate existence of the Company.

         If Securities of a series are issuable only as Registered Securities,
the Company will maintain in each Place of Payment for such series an office
or agency where Securities of that series may be presented or surrendered for
payment where Securities of that series may be surrendered for registration of
transfer or exchange and where notices and demands to or upon the Company in
respect of the Securities of that series and this Indenture may be served. If
Securities of a series are issuable as Bearer Securities, the Company will
maintain (A) in the Borough of Manhattan, The City of New York, an office or
agency where any Registered Securities of that series may be presented or
surrendered for payment where any Registered Securities of that series may be
surrendered for registration of transfer, where Securities of that series may
be surrendered for exchange, where notices and demands to or upon the Company
in respect of the Securities of that series and this Indenture may be served
and where Bearer Securities of that series and related coupons may be
presented or surrendered for payment in the circumstances described in the
following paragraph

                                       52
<Page>

(and not otherwise), (B) subject to any laws or regulations applicable
thereto, in a Place of Payment for that series which is located outside the
United States, an office or agency where Securities of that series and related
coupons may be presented and surrendered for payment (including payment of any
additional amounts payable on Securities of that series pursuant to SECTION
10.04); PROVIDED, HOWEVER, that if the Securities of that series are listed on
The International Stock Exchange of the United Kingdom and the Republic of
Ireland Limited, the Luxembourg Stock Exchange or any other stock exchange
located outside the United States and such stock exchange shall so require,
the Company will maintain a Paying Agent for the Securities of that series in
London, Luxembourg or any other required city located outside the United
States, as the case may be, so long as the Securities of that series are
listed on such exchange, and (C) subject to any laws or regulations applicable
thereto, in a Place of Payment for that series which is located outside the
United States an office or agency where any Registered Securities of that
series may be surrendered for registration of transfer, where Securities of
that series may be surrendered for exchange and where notices and demands to
or upon the Company in respect of the Securities of that series, and this
Indenture may be served. The Company will give prompt written notice to the
Trustee and prompt notices to the Holders as provided in SECTION 1.06 of the
location, and any change in the location, of any such office or agency. If at
any time the Company shall fail to maintain any such required office or agency
in respect of any series of Securities or shall fail to furnish the Trustee
with the address thereof, such presentations and surrenders of Securities of
that series may be made and notices and demands may be made or served at the
Corporate Trust Office of the Trustee, except that Bearer Securities of that
series and the related coupons may be presented and surrendered for payment
(including payment of any additional amounts payable on Bearer Securities of
that series pursuant to SECTION 10.04) at any Paying Agent for such series
located outside the United States, and the Company hereby appoints the same as
its agents to receive such respective presentations, surrenders, notices and
demands.

         No payment of principal, premium or interest on Bearer Securities shall
be made at any office or agency of the Company in the United States or by check
mailed to any address in the United States or by transfer to an account
maintained with a bank located in the United States; PROVIDED, HOWEVER, that, if
the Securities of a series are denominated and payable in Dollars, payment of
principal of and any premium and interest on any Bearer Security (including any
additional amounts payable on Securities of such series pursuant to SECTION
10.04) shall be made at the office of the Company's Paying Agent in the Borough
of Manhattan, The City of New York, if (but only if) payment in Dollars of the
full amount of such principal, premium, interest or additional amounts, as the
case may be, at all offices or agencies outside the United States maintained for
the purpose by the Company in accordance with this Indenture is illegal or
effectively precluded by exchange controls or other similar restrictions.

         The Company may also from time to time designate one or more other
offices or agencies where Securities of one or more series may be presented or
surrendered for any or all such purposes and may from time to time rescind such
designations; PROVIDED, HOWEVER, that no such designation or rescission shall in
any manner relieve the Company of its obligation to maintain an office or agency
in accordance with the requirements set forth above for Securities of any series
for such purposes. The Company will give prompt written notice to the Trustee
and the Holders of any such designation or rescission and of any other change in
the location of any such other office or agency.

                                       53
<Page>

SECTION 10.03 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 and any coupons appertaining thereto, it
will, on or before each due date of the principal of and any premium or interest
on any of the Securities of that series, segregate and hold in trust for the
benefit of the Persons entitled thereto a sum sufficient to pay the principal
and any premium or interest so becoming due until such sums shall be paid to
such Persons or otherwise disposed of as herein provided and will promptly
notify the Trustee of its action or failure to so act.

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

         The Company will cause each Paying Agent for any series of Securities
(other than the Company or the Trustee) to execute and deliver to the Trustee an
instrument in which such Paying Agent shall agree with the Trustee, subject to
the provisions of this Section, that such Paying Agent will (i) comply with the
provisions of the Trust Indenture Act applicable to it as a Paying Agent and
(ii) during the continuance of any default by the Company (or any other obligor
upon the Securities of that series) in the making of any payment in respect of
the Securities of that series, and upon the written request of the Trustee,
forthwith pay to the Trustee all sums held in trust by such Paying Agent for
payment in respect of the Securities of that series.

         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 any premium or
interest on any Security of any series and remaining unclaimed for two years
after such principal and any premium or interest has become due and payable
shall be paid to the Company on Company Request (unless otherwise required by
mandatory provisions of applicable escheat or abandoned or unclaimed property
law), or (if then held by the Company) shall be discharged from such trust; and
the Holder of such Security or any coupon appertaining thereto shall (unless
otherwise required by mandatory provisions of applicable escheat or abandoned or
unclaimed property law) thereafter, as an unsecured general creditor, look only
to the Company for payment thereof, and all liability of the Trustee or such
Paying Agent with respect to such trust money, and all liability of the Company
as trustee thereof, shall thereupon cease; PROVIDED, HOWEVER, that the Trustee
or such Paying Agent, before being required to make any such repayment, may at
the expense of the Company cause to be published once, in an Authorized
Newspaper in each Place

                                       54
<Page>

of Payment, 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.

SECTION 10.04 ADDITIONAL AMOUNTS.

         If the Securities of a series provide for the payment of additional
amounts, the Company will pay to the Holder of any Security of such series or
any coupon appertaining thereto additional amounts as provided therein. Whenever
in this Indenture there is mentioned, in any context, the payment of the
principal of or any premium or interest on, or in respect of, any Security of
any series or payment of any related coupon or the net proceeds received on the
sale or exchange of any Security of any series, such mention shall be deemed to
include mention of the payment of additional amounts provided for in this
Section to the extent that, in such context, additional amounts are, were or
would be payable in respect thereof pursuant to the provisions of this Section
and express mention of the payment of additional amounts (if applicable) in any
provisions hereof shall not be construed as excluding additional amounts in
those provisions hereof where such express mention is not made.

         If the Securities of a series provide for the payment of additional
amounts, at least 10 days prior to the first Interest Payment Date with respect
to that series of Securities (or if the Securities of that series will not bear
interest prior to Maturity, the first day on which a payment of principal and
any premium is made), and at least 10 days prior to each date of payment of
principal and any premium or interest if there has been any change with respect
to the matters set forth in the below-mentioned Officers' Certificate, the
Company will furnish the Trustee and the Company's principal Paying Agent or
Paying Agents, if other than the Trustee, with an Officers' Certificate
instructing the Trustee and such Paying Agent or Paying Agents whether such
payment of principal of and any premium or interest on the Securities of that
series shall be made to Holders of Securities of that series or any related
coupons who are United States Aliens without withholding for or on account of
any tax, assessment or other governmental charge described in the Securities of
that series. If any such withholding shall be required, then such Officers'
Certificate shall specify by country the amount, if any, required to be withheld
on such payments to such Holders of Securities or coupons and the Company will
pay to the Trustee or such Paying Agent the additional amounts required by this
Section. The Company covenants to indemnify the Trustee and any Paying Agent
for, and to hold them harmless against, any loss, liability or expense
reasonably incurred without negligence or bad faith on their part arising out of
or in connection with actions taken or omitted by any of them in reliance on any
Officers' Certificate furnished pursuant to this Section.

SECTION 10.05 PURCHASE OF SECURITIES BY COMPANY OR SUBSIDIARY.

         If and so long as the Securities of a series are listed on The
International Stock Exchange of the United Kingdom and the Republic of Ireland
Limited and such stock exchange shall so require, the Company will not, and will
not permit any of its Subsidiaries to, purchase any Securities of that series by
private treaty at a price (exclusive of expenses and accrued interest) which
exceeds 120% of the mean of the nominal quotations of the Securities of that
series as shown in The Stock Exchange Daily Official List for the last trading
day preceding the date of purchase.

                                       55
<Page>

SECTION 10.06 APPOINTMENT TO FILL VACANCIES IN TRUSTEE'S OFFICE.

         The Company, whenever necessary to avoid or fill a vacancy in the
office of the Trustee, will appoint, in the manner provided in SECTION 6.10, a
Trustee, so that there shall at all times be a Trustee hereunder.

SECTION 10.07 STATEMENT BY OFFICER AS TO DEFAULT.

         (a) The Company shall deliver to the Trustee, within 120 days after the
end of each fiscal year of the Company ending after the date hereof, a brief
certificate from the principal executive officer, principal financial officer or
principal accounting officer as to his or her knowledge of the Company's
compliance with all conditions and covenants under this Indenture. For purposes
of this SECTION 10.07, such compliance shall be determined without regard to any
period of grace or requirement of notice under this Indenture. Such certificate
shall comply with Section 314(a)(4) of the Trust Indenture Act.

         (b) The Company shall, so long as any of the Securities are
outstanding, deliver to the Trustee forthwith upon any Officer becoming aware of
any Event of Default or event which, after notice or lapse of time or both,
would become an Event of Default, an Officers' Certificate specifying such Event
of Default or event and what action the Company proposes to take with respect
thereto.

SECTION 10.08 WAIVER OF CERTAIN COVENANTS.

         The Company may omit in any particular instance to comply with any
term, provision or condition set forth in SECTION 10.05 with respect to the
Securities of any series if before the time for such compliance the Holders of a
majority in principal amount of the Outstanding Securities of such series shall,
by Act of such Holders, either waive such compliance in such instance or
generally waive compliance with such term, provision or condition, but no such
waiver shall extend to or affect such term, provision or condition except to the
extent so expressly waived, and, until such waiver shall become effective, the
obligations of the Company and the duties of the Trustee in respect of any such
term, provision or condition shall remain in full force and effect.

                                   ARTICLE XI.
                            REDEMPTION OF SECURITIES

SECTION 11.01 APPLICABILITY OF ARTICLE.

         Securities of any series which are redeemable before their Stated
Maturity shall be redeemable in accordance with their terms and (except as
otherwise specified as contemplated by SECTION 3.01 for Securities of any
series) in accordance with this Article.

SECTION 11.02 ELECTION TO REDEEM; NOTICE TO TRUSTEE.

         The election of the Company to redeem any Securities shall be evidenced
by a Board Resolution. In the case of any redemption at the election of the
Company of less than all the Securities of any series, the Company shall, at
least 45 days prior to the Redemption Date fixed

                                       56
<Page>

by the Company (unless a shorter notice shall be satisfactory to the
Trustee), notify the Trustee of such Redemption Date, of the principal amount
of Securities of such series to be redeemed and, if applicable, of the tenor
of the Securities of such series to be redeemed. In the case of any
redemption of Securities (i) prior to the expiration of any restriction on
such redemption provided in the terms of such Securities or elsewhere in this
Indenture, or (ii) pursuant to an election of the Company which is subject to
a condition specified in the terms of such Securities, the Company shall
furnish the Trustee with an Officers' Certificate evidencing compliance with
such restriction or condition.

SECTION 11.03 SELECTION OF SECURITIES TO BE REDEEMED.

         If less than all the Securities of any series are to be redeemed
(unless all of the Securities of such series of a specified tenor are to be
redeemed) the particular Securities to be redeemed shall be selected not more
than 45 days prior to the Redemption Date by the Trustee, from the Outstanding
Securities of such series not previously called for redemption, by such method
as the Trustee shall deem fair and appropriate and which may provide for the
selection for redemption of portions (equal to the minimum authorized
denomination for Securities of that series or any integral multiple thereof) of
the principal amount of Registered Securities of such series of a denomination
larger than the minimum authorized denomination for Securities of that series or
of the principal amount of global Securities of such series. If less than all of
the Securities of such series and of a specified tenor are to be redeemed, the
particular Securities to be redeemed shall be selected not more than 45 days
prior to the Redemption Date by the Trustee, from the Outstanding Securities of
such series and specified tenor not previously called for redemption in
accordance with the preceding sentence.

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

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

SECTION 11.04 NOTICE OF REDEMPTION.

         Notice of redemption shall be given in the manner provided in SECTION
1.06 to the Holders of Securities to be redeemed not less than 30 nor more than
60 days prior to the Redemption Date.

                                       57
<Page>

         All notices of redemption shall state:

                  (1)      the Redemption Date,

                  (2)      the Redemption Price,

                  (3)      if less than all the Outstanding Securities of any
series are to be redeemed, the identification (and, in the case of partial
redemption of any Securities, the principal amounts) of the particular
Securities to be redeemed, and that on and after the Redemption Date, upon
surrender of the Securities, new Securities of such series in principal amount
equal to the unredeemed part thereof will be issued,

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

                  (5)      the place or places where such Securities, together
in the case of Bearer Securities with all coupons appertaining thereto, if any,
maturing after the Redemption Date, are to be surrendered for payment of the
Redemption Price, and

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

         A notice of redemption published as contemplated by SECTION 1.06 need
not identify particular Registered Securities to be redeemed.

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

SECTION 11.05 DEPOSIT OF REDEMPTION PRICE.

         On or prior to any Redemption Date, the Company shall deposit with the
Trustee or with a Paying Agent (or, if the Company is acting as its own Paying
Agent, segregate and hold in trust as provided in SECTION 10.03) an amount of
money sufficient to pay the Redemption Price of, and (except if the Redemption
Date shall be an Interest Payment Date) accrued interest on, all the Securities
which are to be redeemed on that date.

SECTION 11.06  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

                                       58
<Page>

specified, and from and after such date (unless the Company shall default in
the payment of the Redemption Price and accrued interest) such Securities
shall cease to bear interest and the coupons for such interest appertaining
to any Bearer Securities so to be redeemed, except to the extent provided
below, shall be void. Upon surrender of any such Security for redemption in
accordance with said notice, together with all coupons, if any, appertaining
thereto maturing after the Redemption Date, such Security shall be paid by
the Company at the Redemption Price, together with accrued interest to the
Redemption Date; PROVIDED, HOWEVER, that installments of interest on Bearer
Securities whose Stated Maturity is on or prior to the Redemption Date shall
be payable only at an office or agency located outside the United States
(except as otherwise provided in SECTION 10.02) and, unless otherwise
specified as contemplated by SECTION 3.01, only upon presentation and
surrender of coupons for such interest, and PROVIDED, FURTHER, that, unless
otherwise specified as contemplated by SECTION 3.01, installments of interest
on Registered Securities whose Stated Maturity is on or prior to the
Redemption Date shall be payable to the Holders of such Securities, or one or
more Predecessor Securities, registered as such at the close of business on
the relevant Record Dates according to their terms and the provisions of
SECTION 3.07.

         If any Bearer Security surrendered for redemption shall not be
accompanied by all appurtenant coupons maturing after the Redemption Date, such
Security may be paid after deducting from the Redemption Price an amount equal
to the face amount of all such missing coupons, or the surrender of such missing
coupon or coupons may be waived by the Company and the Trustee if there be
furnished to them such security or indemnity as they may require to save each of
them and any Paying Agent harmless. If thereafter the Holder of such Security
shall surrender to the Trustee or any Paying Agent any such missing coupon in
respect of which a deduction shall have been made from the Redemption Price,
such Holder shall be entitled to receive the amount so deducted; PROVIDED,
HOWEVER, that interest represented by coupons shall be payable only at an office
or agency located outside the United States (except as otherwise provided in
SECTION 10.02) and, unless otherwise specified as contemplated by SECTION 3.01,
only upon presentation and surrender of those coupons.

         If any Security called for redemption shall not be so paid upon
surrender thereof for redemption, the principal and any premium shall, until
paid, bear interest from the Redemption Date at the rate prescribed therefor in
the Security or, in the case of Original Issue Discount Securities, the
Securities' yield to maturity.

SECTION 11.07 SECURITIES REDEEMED IN PART.

         Any Registered Security which is to be redeemed only in part shall be
surrendered at a Place of Payment thereof (with, if the Company or the Trustee
so requires, due endorsement by, or a written instrument of transfer in form
satisfactory to the Company and the Trustee duly executed by, the Holder thereof
or his attorney duly authorized in writing), and the Company shall execute, and
the Trustee shall authenticate and deliver to the Holder of such Security
without service charge, a new Registered Security or Securities of the same
series 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.

                                       59
<Page>

                                  ARTICLE XII.
                                  SINKING FUNDS

SECTION 12.01 APPLICABILITY OF ARTICLE.

         The provisions of this Article shall be applicable to any sinking fund
for the retirement of Securities of a series except as otherwise specified as
contemplated by SECTION 3.01 for Securities of such series.

         The minimum amount of any sinking fund payment provided for by the
terms of Securities of any series is herein referred to as a "mandatory sinking
fund payment," and any payment in excess of such minimum amount provided for by
the terms of Securities of any series is herein referred to as an "optional
sinking fund payment." If provided for by the terms of Securities of any series,
the cash amount of any sinking fund payment may be subject to reduction as
provided in SECTION 12.02. 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 12.02 SATISFACTION OF SINKING FUND PAYMENTS WITH SECURITIES.

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

SECTION 12.03 REDEMPTION OF SECURITIES FOR SINKING FUND.

         Not less than 60 days prior to each sinking fund payment date for any
series of Securities, the Company will deliver to the Trustee a Company Order
specifying the amount of the next ensuing sinking fund payment for that series
pursuant to the terms of that series, the portion thereof, if any, which is to
be satisfied by payment of cash and the portion thereof, if any, which is to be
satisfied by delivering and crediting Securities of that series pursuant to
SECTION 12.02 and will also deliver to the Trustee any Securities to be so
credited. Not less than 45 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 11.03 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 11.04. Such notice having been duly given, the
redemption of such Securities shall be made upon the terms and in the manner
stated in SECTIONS 11.06 and 11.07.

                                       60
<Page>

                                  ARTICLE XIII.
                       DEFEASANCE AND COVENANT DEFEASANCE

SECTION 13.01 COMPANY'S OPTION TO EFFECT DEFEASANCE OR COVENANT DEFEASANCE.

         The Company may at its option by Board Resolution, at any time, elect
to have either SECTION 13.02 or SECTION 13.03 applied to the Outstanding
Securities of any series upon compliance with the conditions set forth below in
this ARTICLE THIRTEEN.

SECTION 13.02 DEFEASANCE AND DISCHARGE.

         Upon the Company's exercise of the option provided in SECTION 13.01
applicable to this Section, 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
(hereinafter, "DEFEASANCE"). For this purpose, such defeasance means that the
Company shall be deemed to have paid and discharged the entire indebtedness
represented by the Outstanding Securities of such series and to have satisfied
all its other obligations under the Securities of such series and this
Indenture insofar as the Securities of such series are concerned (and the
Trustee, at the expense of the Company, shall execute proper instruments
acknowledging the same), except for the following which shall survive until
otherwise terminated or discharged hereunder: (A) the rights of Holders of the
Securities of such series to receive, solely from the trust fund described in
SECTION 13.04 and as more fully set forth in such Section, payments in respect
of the principal of and any premium and interest on the Securities of such
series when such payments are due, (B) the Company's obligations with respect
to such Securities under SECTIONS 3.04, 3.05, 3.06, 10.02, 10.03 and 10.04,
(C) the rights, powers, trusts, duties and immunities of the Trustee hereunder
and (D) this ARTICLE THIRTEEN. Subject to compliance with this ARTICLE
THIRTEEN, the Company may exercise its option under this SECTION 13.02
notwithstanding the prior exercise of its option under SECTION 13.03.

SECTION 13.03 COVENANT DEFEASANCE.

         Upon the Company's exercise of the option provided in SECTION 13.01
applicable to this Section, (i) the Company shall be released from its
obligations with respect to the Securities of such series under SECTIONS 8.01,
and 10.05 and (ii) the occurrence of an event specified in SECTIONS 5.01(3) or
(4) shall not be deemed to be an Event of Default on and after the date the
conditions set forth below are satisfied (hereinafter, "COVENANT DEFEASANCE"),
but the remainder of this Indenture and such Securities shall be unaffected
thereby. For this purpose, such covenant defeasance means that 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 Section or clause whether directly
or indirectly by reason of any reference elsewhere herein to any such Section or
clause or by reason of any reference in any such Section or clause to any other
provision herein or in any such Section or clause to any other provision herein
or in any other document, but the remainder of this Indenture and such
Securities shall be unaffected thereby.

SECTION 13.04 CONDITIONS TO DEFEASANCE OR COVENANT DEFEASANCE.

         The following shall be the conditions to application of either SECTION
13.02 or SECTION 13.03 to the then Outstanding Securities of any series:

                                       61
<Page>

                  (1)      The Company shall irrevocably have deposited or
caused to be deposited with the Trustee (or another trustee satisfying the
requirements of SECTION 6.09 who shall agree to comply with the provisions of
this ARTICLE THIRTEEN applicable to it) as trust funds in trust for the purpose
of making the following payments specifically pledged as security for, and
dedicated solely to, the benefit of the Holders of the Securities of such
series, (A) money in an amount, or (B) U.S. Government Obligations which through
the scheduled payment of principal and interest in respect thereof in accordance
with their terms will provide, not later than one day before the due date of any
payment, money in an amount, or (C) a combination thereof, 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, the principal of (and premium, if any) and each
installment of interest on the Securities and any coupons pertaining thereto on
the Stated Maturity of such principal (and premium, if any) or installment of
interest in accordance with the terms of this Indenture and of the Securities of
such series. For this purpose, "U.S. GOVERNMENT OBLIGATIONS" means securities
that are (x) direct obligations of the United States for the payment of which
its full faith and credit is pledged or (y) obligations of a Person controlled
or supervised by and acting as an agency or instrumentality of the United States
the payment of which is unconditionally guaranteed as a full faith and credit
obligation by the United States, which, in either case, are not callable or
redeemable at the option of the issuer thereof, and shall also include a
depository receipt issued by a bank (as defined in Section 3(a)(2) of the
Securities Act of 1933, as amended) as custodian with respect to any such U.S.
Government Obligation or a specific payment of principal of or interest on any
such U.S. Government Obligation held by such custodian for the account of the
holder of such depository receipt, provided that (except as required by law)
such custodian is not authorized to make any deduction from the amount payable
to the holder of such depository receipt from any amount received by the
custodian in respect of the U.S. Government Obligation or the specific payment
of principal of or interest on the U.S. Government Obligation evidenced by such
depository receipt.

                  (2)      In the case of an election under SECTION 13.02, the
Company shall have delivered to the Trustee an Opinion of Counsel stating that
(x) the Company has received from, or there has been published by, the Internal
Revenue Service a ruling, or (y) since the date of this Indenture there has been
a change in the applicable United States 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 United States Federal income tax purposes as a result of such
deposit, defeasance and discharge and will be subject to United States Federal
income tax on the same amounts, in the same manner and at the same times as
would have been the case if such deposit, defeasance and discharge had not
occurred.

                  (3)      In the case of an election under SECTION 13.03, the
Company shall have delivered to the Trustee an Opinion of Counsel to the effect
that the Holders of the Outstanding Securities of such series will not recognize
gain or loss for United States Federal income tax purposes as a result of such
deposit and covenant defeasance and will be subject to United States Federal
income tax on the same amount, in the same manner and at the same times as would
have been the case if such deposit and covenant defeasance had not occurred.

                                       62
<Page>

                  (4)      No Event of Default or event which with notice or
lapse of time or both would become an Event of Default with respect to the
Securities of such series shall have occurred and be continuing on the date of
such deposit or, insofar as SECTIONS 5.01(5) and (6) are concerned, at any time
during the period ending on the 121st day after the date of such deposit (it
being understood that this condition shall not be deemed satisfied until the
expiration of such period).

                  (5)      Such defeasance or covenant defeasance shall not
cause the Trustee to have a conflicting interest within the meaning of the Trust
Indenture Act with respect to any securities of the Company.

                  (6)      Such defeasance or covenant defeasance shall not
result in a breach or violation of, or constitute a default under, any other
agreement or instrument to which the Company is a party or by which it is bound.

                  (7)      The Company shall have delivered to the Trustee an
Officers' Certificate and an Opinion of Counsel, each stating that all
conditions precedent provided for relating to either the defeasance under
SECTION 13.02 or the covenant defeasance under SECTION 13.03 (as the case may
be) have been complied with.

                  (8)      Such defeasance or covenant defeasance shall not
result in the trust arising from such deposit constituting an investment company
as defined in the Investment Company Act of 1940, as amended, or such trust
shall be qualified under such Act or exempt from regulation thereunder.

SECTION 13.05 DEPOSITED MONEY AND U.S. GOVERNMENT OBLIGATIONS TO BE HELD IN
TRUST; OTHER MISCELLANEOUS PROVISIONS.

         Subject to the provisions of the last paragraph of SECTION 10.03, all
money and U.S. Government Obligations (including the proceeds thereof) deposited
with the Trustee (or other qualifying trustee -- collectively, for purposes of
this SECTION 13.05, the "TRUSTEE") pursuant to SECTION 13.04 in respect of the
Securities of such series shall be held in trust and applied by the Trustee, in
accordance with the provisions of such Securities of such series and this
Indenture, to the payment, either directly or through any Paying Agent
(including the Company acting as its own Paying Agent) as the Trustee may
determine, to the Holders of the Securities of such series, of all sums due and
to become due thereon in respect of principal (and premium, if any) and
interest, but such money need not be segregated from other funds except to the
extent required by law.

         The Company shall pay and indemnify the Trustee against any tax, fee or
other charge imposed on or assessed against the U.S. Government Obligations
deposited pursuant to SECTION 13.04 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.

         Anything in this ARTICLE THIRTEEN to the contrary notwithstanding, the
Trustee shall deliver or pay to the Company from time to time upon Company
Request any money or U.S. Government Obligations held by it as provided in
SECTION 13.04 which, in the opinion of a nationally recognized firm of
independent public accountants expressed in a written certification

                                       63
<Page>

thereof delivered to the Trustee, are in excess of the amount thereof which
would then be required to be deposited to effect an equivalent defeasance or
covenant defeasance.

SECTION 13.06 REINSTATEMENT.

         If the Trustee or the Paying Agent is unable to apply any money in
accordance with SECTION 13.02 or 13.03 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 such series shall be revived and reinstated
as though no deposit had occurred pursuant to this ARTICLE THIRTEEN until
such time as the Trustee or Paying Agent is permitted to apply all such money
in accordance with SECTION 13.02 or 13.03; PROVIDED, HOWEVER, that if the
Company makes any payment of principal of or any premium or interest on any
Security following the reinstatement of its obligations, the Company shall be
subrogated to the rights of the Holders of the Securities of such series to
receive such payment from the money held by the Trustee or the Paying Agent.

                                  ARTICLE XIV.
                    MEETINGS OF HOLDERS OF BEARER SECURITIES

SECTION 14.01 PURPOSES FOR WHICH MEETINGS MAY BE CALLED.

         If Securities of a series are issuable as Bearer Securities, a
meeting of Holders of Securities of such series may be called at any time and
from time to time pursuant to this Article to make, give or take any request,
demand, authorization, direction, notice, consent, waiver or other action
provided by this Indenture to be made, given or taken by Holders of
Securities of such series.

SECTION 14.02 CALL, NOTICE AND PLACE OF MEETINGS.

         (a)      The Trustee may at any time call a meeting of Holders of
Bearer Securities of any series for any purpose specified in SECTION 14.01,
to be held at such time and at such place in the Borough of Manhattan, The
City of New York, or in London or such other location as the Trustee shall
determine. Notice of every meeting of Holders of Bearer Securities of any
series, setting forth the time and the place of such meeting and in general
terms the action proposed to be taken at such meeting, shall be given, in the
manner provided in SECTION 1.06, not less than 21 nor more than 120 days
prior to the date fixed for the meeting.

         (b)      In case at any time the Company, pursuant to a Board
Resolution, or the Holders of at least 10% in aggregate principal amount of
the Outstanding Bearer Securities of any series shall have requested the
Trustee to call a meeting of the Holders of Securities of such series for any
purpose specified in SECTION 14.01, by written request setting forth in
reasonable detail the action proposed to be taken at the meeting, and the
Trustee shall not have made the first publication of the notice of such
meeting within 21 days after receipt of such request or shall not thereafter
proceed to cause the meeting to be held as provided herein, then the Company
or the Holders of Securities of such series in the amount above specified, as
the case may be, may determine the time and the place in the Borough of
Manhattan, The City of New York, or in London or such other location as the
Trustee shall determine for such meeting and may call such meeting for such
purposes by giving notice thereof as provided in subsection (a) of this
Section.

                                      64
<Page>

SECTION 14.03 PERSONS ENTITLED TO VOTE AT MEETINGS.

         To be entitled to vote at any meeting of Holders of Bearer
Securities a Person shall (a) be a Holder of one or more Bearer Securities or
(b) be a Person appointed by an instrument in writing as proxy by a Holder of
one or more Bearer Securities. The only Persons who shall be entitled to be
present or to speak at any meeting of Holders of Bearer Securities shall be
the Persons entitled to vote at such meeting and their counsel and any
representatives of the Trustee and its counsel and any representatives of the
Company and its counsel.

SECTION 14.04 QUORUM; ACTION.

         The Persons entitled to vote a majority in aggregate principal
amount of the Outstanding Bearer Securities of a series shall constitute a
quorum for a meeting of Holders of Securities of such series. In the absence
of a quorum within 30 minutes of the time appointed for any such meeting, the
meeting shall, if convened at the request of Holders of Securities of such
series, be dissolved. In any other case the meeting may be adjourned for a
period of not less than 10 days as determined by the chairman of the meeting
prior to the adjournment of such meeting. In the absence of a quorum at any
such adjourned meeting, such adjourned meeting may be further adjourned for a
period of not less than 10 days as determined by the chairman of the meeting
prior to the adjournment of such adjourned meeting. Notice of the reconvening
of any adjourned meeting shall be given as provided in SECTION 14.02(a),
except that such notice need be given only once not less than five days prior
to the date on which the meeting is scheduled to be reconvened. Notice of the
reconvening of an adjourned meeting shall state expressly the percentage, as
provided above, of the aggregate principal amount of the Outstanding
Securities of such series which shall constitute a quorum.

         Except as limited by SECTION 5.12 or the proviso to the first
paragraph of SECTION 9.02, any resolution presented to a meeting (or
adjourned meeting duly reconvened at which a quorum is present as aforesaid)
may be adopted by the affirmative vote of the Holders of a majority in
principal amount of the Outstanding Bearer Securities of that series;
PROVIDED, HOWEVER, that any resolution with respect to any request, demand,
authorization, direction, notice, consent, waiver or other action which this
Indenture expressly provides may be made, given or taken by the Holders of a
specified percentage, which is less than a majority, in aggregate principal
amount of the Outstanding Bearer Securities of a series may be adopted at a
meeting (or an adjourned meeting duly reconvened and at which a quorum is
present as aforesaid) by the affirmative vote of the Holders of such
specified percentage in principal amount of the Outstanding Bearer Securities
of that series.

         To the extent consistent with the terms of this Indenture, any
resolution passed or decision taken at any meeting of Holders of Bearer
Securities of any series duly held in accordance with this Section shall be
binding on all the Holders of Securities of such series and the related
coupons, whether or not present or represented at the meeting.

SECTION 14.05 DETERMINATION OF VOTING RIGHTS; CONDUCT AND ADJOURNMENT OF
MEETINGS.

         (a)      Notwithstanding any other provisions of this Indenture, the
Trustee may make such reasonable regulations as it may deem advisable for any
meeting of Holders of Bearer

                                      65
<Page>

Securities of a series in regard to proof of the holding of Securities of
such series and of the appointment of proxies and in regard to the
appointment and duties of inspectors of votes, the submission and examination
of proxies, certificates and other evidence of the right to vote, and such
other matters concerning the conduct of the meeting as it shall deem
appropriate. Except as otherwise permitted or required by any such
regulations, the holding of Bearer Securities shall be proved in the manner
specified in SECTION 1.04 and the appointment of any proxy shall be proved in
the manner specified in SECTION 1.04 or by having the signature of the Person
executing the proxy witnessed or guaranteed by any trust company, bank or
banker authorized by SECTION 1.04 to certify to the holding of Bearer
Securities. Such regulations may provide that written instruments appointing
proxies, regular on their face, may be presumed valid and genuine without the
proof specified in SECTION 1.04 or other proof.

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

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

         (d)      Any meeting of Holders of Bearer Securities of any series
duly called pursuant to SECTION 14.02 at which a quorum is present may be
adjourned from time to time by Persons entitled to vote a majority in
principal amount of the Outstanding Securities of such series represented at
the meeting; and the meeting may be held as so adjourned without further
notice.

SECTION 14.06 COUNTING VOTES AND RECORDING ACTION OF MEETINGS.

         The vote upon any resolution submitted to any meeting of Holders of
Bearer Securities of any series shall be by written ballots on which shall be
subscribed the signatures of the Holders of Securities of such series or of
their representatives by proxy and the principal amounts and serial numbers
of the Outstanding Securities of such series held or represented by them. The
permanent chairman of the meeting shall appoint two inspectors of votes who
shall count all votes cast at the meeting for or against any resolution and
who shall make and file with the secretary of the meeting their verified
written reports in duplicate of all votes cast at the meeting. A record, at
least in duplicate, of the proceedings of each meeting of Holders of Bearer
Securities of any series shall be prepared by the secretary of the meeting
and there shall be attached to said record the original reports of the
inspectors of votes on any vote by ballot taken thereat and affidavits by one
or more persons having knowledge of the facts setting forth a copy of the
notice of the meeting and showing that said notice was given as provided in
SECTION 14.02 and, if applicable, SECTION 14.04. Each copy shall be signed
and verified by the affidavits of the

                                      66
<Page>

permanent chairman and secretary of the meeting and one such copy shall be
delivered to the Company, and another to the Trustee to be preserved by the
Trustee, the latter to have attached thereto the ballots voted at the
meeting. Any record so signed and verified shall be conclusive evidence of
the matters therein stated.

                                  ARTICLE XV.
                                  SUBORDINATION

SECTION 15.01 SECURITIES SUBORDINATED TO SENIOR INDEBTEDNESS.

         The Company covenants and agrees that anything in this Indenture to
the contrary notwithstanding, the indebtedness evidenced by the Securities of
each series is subordinate and junior in right of payment to all Senior
Indebtedness to the extent provided herein or, if so provided in a Board
Resolution, Officers' Certificate or executed supplemental indenture referred
to in SECTIONS 2.01 and 3.01 by or pursuant to which the form and terms of
the Securities of such series were established, as and to the extent provided
by the terms of the Securities of such series, and each Holder of Securities
of each series, by his acceptance thereof, likewise covenants and agrees to
the subordination herein or therein provided and shall be bound by the
provisions hereof or thereof.

         This ARTICLE FIFTEEN shall constitute a continuing offer to all
Persons who, in reliance upon such provisions, become holders of, or continue
to hold, Senior Indebtedness, and such provisions are made for the benefit of
the holders of Senior Indebtedness, and such holders are made obligees
hereunder and any one or more of them may enforce such provisions.

         No payment may be made by the Company on account of the principal of
or any premium or interest on the Securities, or to acquire any of the
Securities (including repurchases of Securities at the option of the Holders)
for cash or property (other than Junior Securities), or on account of any
redemption provisions of the Securities, (i) upon the maturity of any Senior
Indebtedness of the Company by lapse of time, acceleration (unless waived) or
otherwise, unless and until all principal of and any premium and interest on
such Senior Indebtedness are first paid in full (or such payment is duly
provided for) or (ii) in the event of a default in the payment of any
principal of or any premium or interest on any Senior Indebtedness when it
becomes due and payable, whether at stated maturity or at a date fixed for
prepayment or by declaration or otherwise (a "PAYMENT DEFAULT"), unless and
until such Payment Default has been cured or waived or otherwise has ceased
to exist.

         Upon (i) the happening of an event of default (other than a Payment
Default) that permits the holders of Senior Indebtedness or their
representative immediately to accelerate its maturity, and (ii) written
notice of such event of default given to the Company and the Trustee by the
holders of at least 33% in aggregate principal amount outstanding of such
Senior Indebtedness or their representative (a "PAYMENT NOTICE"), then,
unless and until such event of default has been cured or waived or otherwise
has ceased to exist, no payment (by set off or otherwise) may be made by or
on behalf of the Company on account of the principal of or any premium or
interest on the Securities, or to acquire or repurchase any of the Securities
for cash or property, or on account of any redemption provisions of the
Securities, in any such case other than payments made with Junior Securities
of the Company. Notwithstanding the foregoing, unless (i) the Senior
Indebtedness in respect of which such event of default exists has been
declared due and payable in its entirety within 179 days after the Payment
Notice is delivered as set forth above (the "PAYMENT BLOCKAGE PERIOD"), and
(ii) such declaration has not been rescinded or waived, at the end of the
Payment Blockage Period, the Company shall be required to pay all sums not
paid to the Holders of the Securities during the Payment Blockage Period due
to the foregoing prohibitions and to resume all other payments as and when
due on the Securities. Any number of Payment Notices may be given; PROVIDED,
HOWEVER, that (i) not more than one Payment Notice shall be given within a
period of any 360 consecutive days, and (ii) no event of default that existed
upon the date of such Payment Notice or the commencement of such Payment
Blockage Period (whether or not such event of default is on the same issue of
Senior Indebtedness) shall be made the basis for the commencement of any
other Payment Blockage Period.

                                      67
<Page>

         Upon any distribution of assets of the Company upon any dissolution,
winding-up, liquidation or reorganization, whether voluntary of involuntary,
in bankruptcy, insolvency, receivership or a similar proceeding or upon
assignment for the benefit of creditors or any marshaling of assets or
liabilities: (i) the holders of all Senior Indebtedness shall first be
entitled to receive payments in full (or have such payment duly provided for)
before the Holders are entitled to receive any payment on account of the
principal of or any premium or interest on the Securities (other than Junior
Securities); and (ii) any payment or distribution of assets of the Company of
any kind or character, whether in cash, property or securities (other than
Junior Securities), to which the Holders or the Trustee on behalf of the
Holders would be entitled (by set off or otherwise), except for the
provisions of this ARTICLE FIFTEEN, shall be paid by the liquidating trustee
or agent or other Person making such a payment or distribution directly to
the holders of Senior Indebtedness or their representative to the extent
necessary to make payment in full of all such Senior Indebtedness remaining
unpaid, after giving effect to any concurrent payment or distribution to the
holders of such Senior Indebtedness.

         In the event that, notwithstanding the foregoing provisions of this
SECTION 15.01, any payment or distribution of assets of the Company (other
than Junior Securities) shall be received by the Trustee or the Holders at a
time when such payment or distribution is prohibited by the provisions of
this SECTION 15.01, then such payment or distribution (subject to the
provisions of SECTION 15.03 shall be received and held in trust by the
Trustee or such Holders for the benefit of the holders of Senior
Indebtedness, and shall be paid or delivered by the Trustee or such Holders,
as the case may be, to the holders of Senior Indebtedness remaining unpaid or
unprovided for, or their representative or representatives, or to the trustee
or trustees under any indenture pursuant to which any instruments evidencing
any of such Senior Indebtedness may have been issued, ratably according to
the aggregate amounts remaining unpaid on account of the Senior Indebtedness
held or represented by each, for application to the payment of all Senior
Indebtedness remaining unpaid to the extent necessary to pay or to provide
for the payment of all such Senior Indebtedness in full after giving effect
to any concurrent payment and distribution to the holders of such Senior
Indebtedness.

         The failure to make a payment on account of principal of or any
premium or interest on the Securities of any series by reason of any
provision of this ARTICLE FIFTEEN shall not be construed as preventing the
occurrence of an Event of Default. Nothing contained herein shall impair, as
between the Company and the Holders of Securities of each series, the
obligation of the Company, which is absolute and unconditional, to pay to
such Holders the principal of and any premium and interest on such Securities
as and when the same shall become due and payable in accordance with their
terms or prevent the Trustee or any Holder from exercising all rights, powers
and remedies otherwise permitted by applicable law or hereunder upon a
default or Event of Default hereunder, all subject to the rights of the
holders of the Senior Indebtedness to receive cash, securities or other
property otherwise payable or deliverable to the Holders.

         Senior Indebtedness shall not be deemed to have been paid in full
unless the holders thereof shall have received cash, securities or other
property equal to the amount of such Senior Indebtedness then outstanding.
Upon the payment in full of all Senior Indebtedness, the Holders of
Securities of each series shall be subrogated to all rights of any holders of
Senior Indebtedness to receive any further payments or distributions
applicable to the Senior Indebtedness until the indebtedness evidenced by the
Securities of such series shall have been paid in full, and such

                                      68
<Page>

payments or distributions received by such Holders, by reason of such
subrogation, of cash, securities or other property which otherwise would be
paid or distributed to the holders of Senior Indebtedness, shall, as between
the Company and its creditors other than the holders of Senior Indebtedness,
on the one hand, and such Holders, on the other hand, be deemed to be a
payment by the Company on account of Senior Indebtedness, and not on account
of the Securities of such series.

         The provisions of this SECTION 15.01 shall not impair any rights,
interests, remedies or powers of any secured creditor of the Company in
respect of any security interest the creation of which is not prohibited by
the provisions of this Indenture.

         The securing of any obligations of the Company, otherwise ranking on
a parity with the Securities or ranking junior to the Securities, shall not
be deemed to prevent such obligations from constituting, respectively,
obligations ranking on a parity with the Securities or ranking junior to the
Securities.

SECTION 15.02 RELIANCE ON CERTIFICATE OF LIQUIDATING AGENT; FURTHER EVIDENCE
AS TO OWNERSHIP OF SENIOR INDEBTEDNESS.

         Upon any payment or distribution of assets of the Company, the
Trustee and the Holders shall be entitled to rely upon an order or decree
issued by any court of competent jurisdiction in which such dissolution or
winding-up or liquidation or reorganization proceedings are pending or upon a
certificate of the trustee in bankruptcy, receiver, assignee for the benefit
of creditors or other Person making such payment or distribution, delivered
to the Trustee or to the Holders, for the purpose of ascertaining the Persons
entitled to participate in such distribution, the holders of the Senior
Indebtedness and other indebtedness of the Company, the amount thereof or
payable thereon, the amount or amounts paid or distributed thereon and all
other facts pertinent thereto or to this ARTICLE FIFTEEN. In the absence of
any such bankruptcy trustee, receiver, assignee or other Person, the Trustee
shall be entitled to rely upon a written notice by a Person representing
himself to be a holder of Senior Indebtedness (or a trustee or representative
on behalf of such holder) as evidence that such Person is a holder of Senior
Indebtedness (or is such a trustee or representative). If the Trustee
determines, in good faith, that further evidence is required with respect to
the right of any Person as a holder of Senior Indebtedness to participate in
any payment or distribution pursuant to this ARTICLE FIFTEEN, the Trustee may
request such Person to furnish evidence to the reasonable satisfaction of the
Trustee as to the amount of Senior Indebtedness held by such Person, as to
the extent to which such Person is entitled to participate in such payment or
distribution, and as to other facts pertinent to the rights of such Person
under this ARTICLE FIFTEEN, and if such evidence is not furnished, the
Trustee may defer any payment to such Person pending judicial determination
as to the right of such Person to receive such payment.

SECTION 15.03 APPLICATION BY TRUSTEE OF ASSETS DEPOSITED WITH IT.

         Amounts deposited in trust with the Trustee pursuant to and in
accordance with ARTICLE THIRTEEN shall be for the sole benefit of Holders of
Securities of each series subject thereto and, to the extent allocated for
the payment of such Securities, shall not be subject to the subordination
provisions of this ARTICLE FIFTEEN. Otherwise, any deposit of assets with the

                                      69
<Page>

Trustee (whether or not in trust) for the payment of the principal of or any
premium or interest on any Securities shall be subject to the provisions of
this ARTICLE FIFTEEN; PROVIDED, HOWEVER, if prior to one Business Day
preceding the date on which by the terms of this Indenture any such assets
may become distributable for any purpose (including, without limitation, the
payment of the principal of or any premium or interest on any Security) the
Trustee shall not have received with respect to such assets the Officers'
Certificate or written notice provided for in SECTION 15.05, then the Trustee
shall have full power and authority to receive such assets and to apply the
same to the purpose for which they were received.

SECTION 15.04 DISPUTES WITH HOLDERS OF CERTAIN SENIOR INDEBTEDNESS.

         Any failure by the Company to make any payment on or under any
Senior Indebtedness, other than any Senior Indebtedness as to which the
provisions of this SECTION 15.04 shall have been waived by the Company in the
instrument or instruments by which the Company incurred, assumed, guaranteed
or otherwise created such Senior Indebtedness, shall not be deemed a default
under SECTION 15.01 if (i) the Company shall be disputing its obligation to
make such payment or perform such obligation, and (ii) either (A) no final
judgment relating to such dispute shall have been issued against the Company
which is in full force and effect and is not subject to further review,
including a judgment that has become final by reason of the expiration of the
time within which a party may seek further appeal or review, or (B) in the
event of a judgment that is subject to further review or appeal has been
issued, the Company shall in good faith be prosecuting an appeal or other
proceeding for review, and a stay of execution shall have been obtained
pending such appeal or review.

SECTION 15.05 TRUSTEE NOT CHARGED WITH KNOWLEDGE OF PROHIBITION.

         Anything in this ARTICLE FIFTEEN or elsewhere in this Indenture
contained to the contrary notwithstanding, the Trustee shall not at any time
be charged with knowledge of the existence of any facts which would prohibit
the making of any payment of moneys to or by Trustee and shall be entitled to
assume conclusively that no such facts exist, unless and until the Trustee
shall have received an Officers' Certificate to that effect or notice in
writing to that effect signed by or on behalf of the holder or holders, or
their representatives, of Senior Indebtedness who shall have been certified
by the Company or otherwise established to the reasonable satisfaction of the
Trustee to be such holder or holders or representatives or from any trustee
under any indenture pursuant to which such Senior Indebtedness shall be
outstanding; PROVIDED, HOWEVER, that, if the Trustee shall not have received
the Officers' Certificate or notice provided for in this SECTION 15.05 at
least one Business Day preceding the date upon which by the terms hereof any
such moneys may become payable for any purpose (including, without
limitation, the payment of the principal of or any premium or interest on any
Security), then, anything herein contained to the contrary notwithstanding,
the Trustee shall have full power and authority to receive such moneys and
apply the same to the purpose for which they were received and shall not be
affected by any notice to the contrary which may be received by it within one
Business Day preceding such date. The Company shall give prompt written
notice to the Trustee and to each Paying Agent of any facts which would
prohibit any payment of moneys to or by the Trustee or any Paying Agent, and
the Trustee shall not be charged with knowledge of the curing of any default
or the elimination of any other fact or condition preventing such payment or
distribution unless and until the Trustee shall have received an Officers'
Certificate to such effect.

                                      70
<Page>

SECTION 15.06 TRUSTEE TO EFFECTUATE SUBORDINATION.

         Each Holder of Securities by his acceptance thereof authorizes and
directs the Trustee on his behalf to take such action as may be necessary or
appropriate to effectuate the subordination as between such Holder and
holders of Senior Indebtedness as provided in this ARTICLE FIFTEEN and
appoints the Trustee its attorney-in-fact for any and all such purposes,
including, in the event of any dissolution, winding-up, liquidation or
reorganization of the Company (whether in bankruptcy, insolvency or
receivership proceedings or upon an assignment for the benefit of creditors
of the Company), the immediate filing of a claim for the unpaid balance of
his Securities in the form required in said proceedings and cause said claim
to be approved. If the Trustee does not file a proper claim or proof of debt
in the form required in such proceeding prior to 30 days before the
expiration of the time to file such claim or claims, then the holders of the
Senior Indebtedness or their representative is hereby authorized to have the
right to file and is hereby authorized to file an appropriate claim for and
on behalf of the Holders of said Securities. Nothing herein contained shall
be deemed to authorize the Trustee or the holders of Senior Indebtedness or
their representative to authorize or consent to or accept or adopt on behalf
of any Security holder any plan of reorganization, arrangement, adjustment or
composition affecting the Securities or the rights of any Holder thereof, or
to authorize the Trustee or the holders of Senior Indebtedness or their
representative to vote in respect of the claim of any Security holder in any
such proceeding.

SECTION 15.07 RIGHTS OF TRUSTEE AS HOLDER OF SENIOR INDEBTEDNESS.

         The Trustee shall be entitled to all the rights set forth in this
ARTICLE FIFTEEN with respect to any Senior Indebtedness which may at the time
be held by it, to the same extent as any other holder of Senior Indebtedness
and nothing in this Indenture shall deprive the Trustee of any of its rights
as such holder. Nothing in this ARTICLE FIFTEEN shall apply to claims of, or
payments to, the Trustee under or pursuant to SECTION 6.07.

SECTION 15.08 ARTICLE APPLICABLE TO PAYING AGENTS.

         In case at any time any Paying Agent other than the Trustee shall
have been appointed by the Company and be then acting hereunder, the term
"TRUSTEE" as used in this ARTICLE FIFTEEN shall in such case (unless the
context shall otherwise require) be construed as extending to and including
such Paying Agent within its meaning as fully for all intents and purposes as
if the Paying Agent were named in this ARTICLE FIFTEEN in addition to or in
place of the Trustee; PROVIDED, HOWEVER, that SECTIONS 15.05 and 15.07 shall
not apply to the Company if its acts as Paying Agent.

SECTION 15.09 SUBORDINATION RIGHTS NOT IMPAIRED BY ACTS OR OMISSIONS OF THE
COMPANY OR HOLDERS OF SENIOR INDEBTEDNESS.

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

                                      71
<Page>

have or be otherwise charged with. The holders of Senior Indebtedness may, at
any time or from time to time and in their absolute discretion, change the
manner, place or terms of payment, change or extend the time of payment of,
or renew or alter, any such Senior Indebtedness, or amend or supplement any
instrument pursuant to which any such Senior Indebtedness is issued or by
which it may be secured, or release any security therefor, or exercise or
refrain from exercising any other of their rights under the Senior
Indebtedness, including, without limitation, the waiver of default
thereunder, all without notice to or assent from the Holders of the
Securities or the Trustee and without affecting the obligations of the
Company, the Trustee or the Holders of Securities under this ARTICLE FIFTEEN.

SECTION 15.10 HOLDERS OF SENIOR INDEBTEDNESS.

         The Trustee shall not be deemed to owe any fiduciary duty to the
holders of the Senior Indebtedness, and shall not be liable to any such
holders if it shall mistakenly pay over or distribute money or assets to
Security holders or the Company.

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

                                      72

<Page>

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

                                     COMPANY
                                     ILLINOIS POWER COMPANY

                                     By:________________________________________
                                     Name:______________________________________
                                     Title:_____________________________________

                                     TRUSTEE
                                     BNY MIDWEST TRUST COMPANY

                                     By:________________________________________
                                     Name:______________________________________
                                     Title:_____________________________________

<Page>

                                    EXHIBIT A

                       FORM OF CERTIFICATE TO BE GIVEN BY
                               BENEFICIAL OWNER OF
                     INTEREST IN A TEMPORARY GLOBAL SECURITY

                             ILLINOIS POWER COMPANY

                              [Title of Securities]

                               (the "SECURITIES")

         This is to certify that as of the date hereof, and except as set
forth below, the above-captioned Securities held by you for our account (i)
are owned by person(s) that are not citizens or residents of the United
States, domestic partnerships, domestic corporations or any estate or trust
the income of which is subject to United States Federal income taxation
regardless of its source ("UNITED STATES PERSONS"), (ii) are owned by United
States person(s) that are (A) foreign branches of United States financial
institutions (as defined in U.S. Treasury Regulations Section
1.165-12(c)(1)(v)) ("FINANCIAL INSTITUTIONS") purchasing for their own
account or for resale, or (B) United States person(s) who acquired Securities
through the foreign branches of the United States financial institutions and
who hold the Securities through such United States financial institutions on
the date hereof (and in either case (A) or (B), each such United States
financial institution hereby agrees, on its own behalf or through its agent,
to comply with the requirements of Section 165(j)(3)(A), (B) or (C) of the
Internal Revenue Code of 1986 as amended, and the regulations thereunder), or
(iii) are owned by United States or foreign financial institution(s) for
purposes of resale during the restricted period (as defined in U.S. Treasury
Regulations Section 1.163-5(c)(2)(i)(D)(7)), and in addition if the owner of
the Securities is a United States or foreign financial institution described
in clause (iii) above (whether or not also described in clause (i) or (ii)),
this is to further certify that such financial institution has not acquired
the Securities for purposes of resale directly or indirectly to a United
States person or to a person within the United States or its possessions.

         If the Securities are of the category contemplated in Section
230.903(c)(3) of Regulation S under the Securities Act of 1933, as amended
(the "ACT"), then this is also to certify that, except as set forth below,
the Securities are beneficially owned by (a) non-U.S. person(s) or (b) U.S.
person(s) who purchased the Securities in transactions which did not require
registration under the Act.

         As used herein, "UNITED STATES" or "U.S." means the United States
(including the States and District of Columbia); and its "POSSESSIONS"
include Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake
Island and the Northern Mariana Islands.

         We undertake to advise you promptly by tested telex on or prior to
the date on which you intend to submit your certification relating to the
Securities held by you for our account in accordance with your Operating
Procedures if any applicable statement herein is not correct on such date,
and in the absence of any such notification it may be assumed that this
certification applies as of such date.

                                     A-1
<Page>

         This certification excepts and does not relate to $________ of such
interest in the above Securities in respect of which we are not able to
certify and as to which we understand exchange and delivery of definitive
Securities (or, if relevant, exercise of any rights or collection of any
interest) cannot be made until we do so certify.

         We understand that this certification is required in connection with
certain tax laws and, if applicable, certain securities laws of the United
States. In connection therewith, if administrative or legal proceedings are
commenced or threatened in connection with which this certification is or
would be relevant, we irrevocably authorize you to produce this certification
to any interested party in such proceedings.

*Dated: ______________, ____.

NAME OF PERSON MAKING CERTIFICATION

By: ______________________________

* To be dated no earlier than the Certification Date.

                                      A-2
<Page>

                                    EXHIBIT B

                    FORM OF CERTIFICATION TO BE GIVEN BY THE
                        EURO-CLEAR OPERATOR OR CEDEL S.A.

                             ILLINOIS POWER COMPANY

                              [Title of Securities]

                               (the "SECURITIES")

         This is to certify that, based solely on certifications we have
received in writing, by tested telex or by electronic transmission from member
organizations appearing in our records as persons being entitled to a portion
of the principal amount set forth below (our "MEMBER ORGANIZATIONS")
substantially to the effect set forth in the Indenture, dated as of ____ __,
____, between Illinois Power Company and BNY Midwest Trust Company, as of the
date hereof, as supplemented, amended or restated, [ ] principal amount of the
above-captioned Securities (i) is owned by persons that are not citizens or
residents of the United States, domestic partnerships, domestic corporations
or any estate or trust the income of which is subject to United States Federal
income taxation regardless of its source ("UNITED STATES PERSONS"), (ii) is
owned by United States persons that are (A) foreign branches of United States
financial institutions (as defined in U.S. Treasury Regulations Section
1.165-12(c)(1)(v)) ("FINANCIAL INSTITUTIONS") purchasing for their own account
or for resale, or (B) United States persons who acquired the Securities
through foreign branches of United States financial institutions and who hold
the Securities through such United States financial institutions on the date
hereof (and in either case (A) or (B), each such United States financial
institution has agreed, on its own behalf or through its agent, that it will
comply with the requirements of Section 165(j)(3)(A), (B) or (C) of the
Internal Revenue Code of 1986, as amended, and the regulations thereunder), or
(iii) is owned by United States or foreign financial institutions for purposes
of resale during the restricted period (as defined in U.S. Treasury
Regulations Section 1.163-5(c)(2)(i)(D)(7)), and to the further effect that
the United States or foreign financial institutions described in clause (iii)
above (whether or not also described in clause (i) or (ii)) have certified
that they have not acquired the Securities for purposes of resale directly or
indirectly to a United States person or to a person within the United States
or its possessions.

         If the Securities are of the category contemplated in Section
230.903(c)(3) of Regulation S under the Securities Act of 1933, as amended,
then this is also to certify with respect to such principal amount of
Securities set forth above that, except as set forth below, we have received
in writing, by tested telex or by electronic transmission, from our Member
Organizations entitled to a portion of such principal amount, certifications
with respect to such portion, substantially to the effect set forth in the
Indenture.

         We further certify (i) that we are not making available herewith for
exchange (or, if relevant, exercise of any rights or collection of any
interest) any portion of the temporary global Security excepted in such
certifications and (ii) that as of the date hereof we have not received any
notification from any of our Member Organizations to the effect that the
statements made by such Member Organizations with respect to any portion of
the part submitted herewith for

                                     B-1
<Page>

exchange (or, if relevant, exercise of any rights or collection of any
interest) are no longer true and cannot be relied upon as of the date hereof.

         We understand that this certification is required in connection with
certain tax laws and, if applicable, certain securities laws of the United
States. In connection therewith, if administrative or legal proceedings are
commenced or threatened in connection with which this certification is or would
be relevant, we irrevocably authorize you to produce this certification or a
copy hereof to any interested party in such proceedings.

Dated: _______________, ____.

(dated the Exchange Date or the Interest Payment Date)

[Morgan Guaranty Trust Company of New York, as operator of the Euro-clear
System]

or

[CEDEL S.A.]

By:______________________________

                                     B-2<Page>

                                                                     Exhibit 4.9

            _________________________________________________________

                             ILLINOIS POWER COMPANY

                                       AND

                           BNY MIDWEST TRUST COMPANY

                                   AS TRUSTEE

                                FORM OF INDENTURE

                                   DEBENTURES

            _________________________________________________________

                     Dated as of _______________ ___,

<Page>

                            CROSS-REFERENCE TABLE*

<Table>
<Caption>

Trust Indenture
  Act Section                                                    Indenture Section
---------------                                                  -----------------
<S>                                                              <C>
310(a)(1) ...........................................................6.09
   (a)(2) ...........................................................6.09
   (a)(3) ...........................................................N.A.
   (a)(4) ...........................................................N.A.
   (b) ..............................................................6.08; 6.09; 6.10
   (c) ..............................................................N.A.
311(a) ..............................................................6.13
   (b) ..............................................................6.13
   (c) ..............................................................N.A.
312(a) ..............................................................4.02
   (b) ..............................................................4.02
   (c) ..............................................................4.02
313(a) ..............................................................4.04
   (b)(1) ...........................................................N.A.
   (b)(2) ...........................................................4.04
   (c) ..............................................................4.04; 13.04
   (d) ..............................................................4.04
314(a) ..............................................................3.05; 4.03; 13.04
   (b) ..............................................................N.A.
   (c)(1) ...........................................................13.06
   (c)(2) ...........................................................6.02; 13.06
   (c)(3) ...........................................................N.A.
   (d) ..............................................................N.A.
   (e) ..............................................................13.06
   (f) ..............................................................N.A.
315(a) ..............................................................6.01
   (b) ..............................................................3.05; 5.08; 13.06
   (c) ..............................................................6.01
   (d) ..............................................................6.01
   (e) ..............................................................5.09
316(a)(last sentence) ...............................................7.04
   (a)(1)(A) ........................................................5.07
   (a)(1)(B) ........................................................5.07
   (a)(2) ...........................................................N.A.
   (b) ..............................................................5.04
317(a)(1) ...........................................................5.02
   (a)(2) ...........................................................5.02
   (b) ..............................................................3.04
318(b) ..............................................................13.08

</Table>

----------------------
N.A. means not applicable.
*This Cross-Reference Table is not part of the Indenture.

<Page>

                                TABLE OF CONTENTS

<Table>
<S>                                                                                                              <C>
ARTICLE I DEFINITIONS.............................................................................................1
         SECTION 1.01          Definitions........................................................................1
         SECTION 1.02          Business Day Certificate...........................................................9
         SECTION 1.03          Form of Documents Delivered to Trustee.............................................9

ARTICLE II SECURITIES............................................................................................10
         SECTION 2.01          Forms Generally...................................................................10
         SECTION 2.02          Execution and Authentication......................................................10
         SECTION 2.03          Form and Payment..................................................................11
         SECTION 2.04          Global Security...................................................................11
         SECTION 2.05          Interest..........................................................................12
         SECTION 2.06          Transfer and Exchange.............................................................13
         SECTION 2.07          Replacement Securities............................................................14
         SECTION 2.08          Temporary Securities..............................................................14
         SECTION 2.09          Cancellation......................................................................15
         SECTION 2.10          Defaulted Interest................................................................15
         SECTION 2.11          CUSIP Numbers.....................................................................16

ARTICLE III PARTICULAR COVENANTS OF THE COMPANY..................................................................16
         SECTION 3.01          Payment of Principal, Premium and Interest........................................16
         SECTION 3.02          Offices for Notices and Payments, etc.............................................17
         SECTION 3.03          Appointments to Fill Vacancies in Trustee's Office................................17
         SECTION 3.04          Provision as to Paying Agent......................................................17
         SECTION 3.05          Certificate to Trustee............................................................18
         SECTION 3.06          Compliance with Consolidation Provisions..........................................18
         SECTION 3.07          Limitation on Dividends...........................................................18
         SECTION 3.08          Covenants as to the Trust.........................................................19
         SECTION 3.09          Payment of Trust's Costs and Expenses.............................................19
         SECTION 3.10          Payment Upon Resignation or Removal...............................................20

ARTICLE IV SECURITYHOLDERS' LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE.....................................20
         SECTION 4.01          Securityholders' Lists............................................................20
         SECTION 4.02          Preservation and Disclosure of Lists..............................................21
         SECTION 4.03          Reports by Company................................................................22
         SECTION 4.04          Reports by the Trustee............................................................23

ARTICLE V REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT........................................23
         SECTION 5.01          Events of Default.................................................................23
         SECTION 5.02          Payment of Securities on Default; Suit Therefor...................................25
         SECTION 5.03          Application of Moneys Collected by Trustee........................................27
         SECTION 5.04          Proceedings by Securityholders....................................................27
         SECTION 5.05          Proceedings by Trustee............................................................28

                                       i
<Page>

         SECTION 5.06          Remedies Cumulative and Continuing................................................29
         SECTION 5.07          Direction of Proceedings and Waiver of Defaults by Majority of
                               Securityholders...................................................................29
         SECTION 5.08          Notice of Defaults................................................................30
         SECTION 5.09          Undertaking to Pay Costs..........................................................30
         SECTION 5.10          Waiver of Stay or Extension Laws..................................................31

ARTICLE VI CONCERNING THE TRUSTEE................................................................................31
         SECTION 6.01          Duties and Responsibilities of Trustee............................................31
         SECTION 6.02          Reliance on Documents, Opinions, etc..............................................32
         SECTION 6.03          No Responsibility for Recitals, etc...............................................33
         SECTION 6.04          Trustee, Authenticating Agent, Paying Agents, Transfer Agents or
                               Registrar May Own Securities......................................................33
         SECTION 6.05          Moneys to be Held in Trust........................................................33
         SECTION 6.06          Compensation and Expenses of Trustee..............................................34
         SECTION 6.07          Officers' Certificate as Evidence.................................................34
         SECTION 6.08          Conflicting Interest of Trustee...................................................35
         SECTION 6.09          Eligibility of Trustee............................................................35
         SECTION 6.10          Resignation or Removal of Trustee.................................................35
         SECTION 6.11          Acceptance by Successor Trustee...................................................36
         SECTION 6.12          Succession by Merger, etc.........................................................37
         SECTION 6.13          Limitation on Rights of Trustee as a Creditor.....................................37
         SECTION 6.14          Authenticating Agents.............................................................37

ARTICLE VII CONCERNING THE SECURITYHOLDERS.......................................................................38
         SECTION 7.01          Action by Securityholders.........................................................38
         SECTION 7.02          Proof of Execution by Securityholders.............................................39
         SECTION 7.03          Who Are Deemed Absolute Owners....................................................39
         SECTION 7.04          Securities Owned by Company Deemed Not Outstanding................................40
         SECTION 7.05          Revocation of Consents; Future Holders Bound......................................40

ARTICLE VIII SECURITYHOLDERS' MEETINGS...........................................................................40
         SECTION 8.01          Purposes of Meetings..............................................................40
         SECTION 8.02          Call of Meetings by Trustee.......................................................41
         SECTION 8.03          Call of Meetings by Company or Securityholders....................................41
         SECTION 8.04          Qualifications for Voting.........................................................41
         SECTION 8.05          Regulations.......................................................................41
         SECTION 8.06          Voting............................................................................42

ARTICLE IX SUPPLEMENTAL INDENTURES...............................................................................42
         SECTION 9.01          Without Consent of Securityholders................................................42
         SECTION 9.02          With Consent of Securityholders...................................................44
         SECTION 9.03          Compliance with Trust Indenture Act; Effect of Supplemental Indentures............45
         SECTION 9.04          Notation on Securities............................................................45
         SECTION 9.05          Evidence of Compliance of Supplemental Indenture to be Furnished Trustee..........45

                                       ii
<Page>

ARTICLE X CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE......................................................45
         SECTION 10.01         Company May Consolidate, etc., on Certain Terms...................................45
         SECTION 10.02         Successor Corporation to be Substituted for Company...............................46
         SECTION 10.03         Opinion of Counsel to be Given Trustee............................................46

ARTICLE XI SATISFACTION AND DISCHARGE OF INDENTURE...............................................................47
         SECTION 11.01         Discharge of Indenture............................................................47
         SECTION 11.02         Deposited Moneys and U.S. Government Obligations to be Held in Trust by
                               Trustee...........................................................................47
         SECTION 11.03         Paying Agent to Repay Moneys Held.................................................48
         SECTION 11.04         Return of Unclaimed Moneys........................................................48
         SECTION 11.05         Defeasance Upon Deposit of Moneys or U.S. Government Obligations..................48

ARTICLE XII IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS......................................49
         SECTION 12.01         Indenture and Securities Solely Corporate Obligations.............................49

ARTICLE XIII MISCELLANEOUS PROVISIONS............................................................................50
         SECTION 13.01         Successors........................................................................50
         SECTION 13.02         Official Acts by Successor Corporation............................................50
         SECTION 13.03         Surrender of Company Powers.......................................................50
         SECTION 13.04         Addresses for Notices, etc........................................................50
         SECTION 13.05         GOVERNING LAW.....................................................................50
         SECTION 13.06         Evidence of Compliance with Conditions Precedent..................................50
         SECTION 13.07         Business Days.....................................................................51
         SECTION 13.08         Trust Indenture Act to Control....................................................51
         SECTION 13.09         Table of Contents, Headings, etc..................................................51
         SECTION 13.10         Execution in Counterparts.........................................................51
         SECTION 13.11         Separability......................................................................51
         SECTION 13.12         Assignment........................................................................52
         SECTION 13.13         Acknowledgment of Rights..........................................................52

ARTICLE XIV REDEMPTION OF SECURITIES.............................................................................52
         SECTION 14.01         Special Event Redemption..........................................................52
         SECTION 14.02         Optional Redemption by Company....................................................53
         SECTION 14.03         No Sinking Fund...................................................................53
         SECTION 14.04         Notice of Redemption; Selection of Securities.....................................53
         SECTION 14.05         Payment of Securities Called for Redemption.......................................54

ARTICLE XV SUBORDINATION OF SECURITIES...........................................................................55
         SECTION 15.01         Agreement to Subordinate..........................................................55
         SECTION 15.02         Default on Senior Indebtedness....................................................55
         SECTION 15.03         Liquidation; Dissolution; Bankruptcy..............................................55
         SECTION 15.04         Subrogation.......................................................................57
         SECTION 15.05         Trustee to Effectuate Subordination...............................................57
         SECTION 15.06         Notice by the Company.............................................................57
         SECTION 15.07         Rights of the Trustee; Holders of Senior Indebtedness.............................58

                                       iii
<Page>

         SECTION 15.08         Subordination May Not Be Impaired.................................................59
         SECTION 15.09         Article Applicable to Paying Agents...............................................59
         SECTION 15.10         Trust Moneys Not Subordinated.....................................................60

ARTICLE XVI EXTENSION OF INTEREST PAYMENT PERIOD.................................................................60
         SECTION 16.01         Extension of Interest Payment Period..............................................60
         SECTION 16.02         Notice of Extension...............................................................60
</Table>

Testimonium
Signatures
Acknowledgments

                                       iv
<Page>

         THIS FORM OF INDENTURE, dated as of ______________, ____ between
Illinois Power Company, an Illinois corporation (the "COMPANY"), and BNY
Midwest Trust Company, as trustee (the "TRUSTEE").

         The Company has duly authorized the execution and delivery of this
Indenture to provide for the issuance of its ____% subordinated debentures due
______________, ____ (herein called the "SECURITIES") of substantially the tenor
hereinafter provided which evidence loans made to the Company of the proceeds
from the issuance by Illinois Power Financing II, a Delaware statutory business
trust (the "TRUST"), of preferred undivided beneficial interests in the Trust
and common undivided beneficial interests in the Trust, and to provide the terms
and conditions upon which the Securities are to be authenticated, issued and
delivered.

         All things necessary to make the Securities, when executed by the
Company and authenticated and delivered by the Trustee hereunder and duly issued
by the Company, the valid obligations of the Company, and to make this Indenture
a valid agreement of the Company, in accordance with their and its respective
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, as follows:

                                    ARTICLE I
                                   DEFINITIONS

SECTION 1.01  DEFINITIONS.

         The terms defined in this SECTION 1.01 (except as herein otherwise
expressly provided or unless the context otherwise requires) for all purposes
of this Indenture shall have the respective meanings specified in this
SECTION 1.01. All other terms used in this Indenture which are defined in the
Trust Indenture Act of 1939, as amended (the "TRUST INDENTURE ACT"), or which
are by reference therein defined in the Securities Act, shall (except as
herein otherwise expressly provided or unless the context otherwise requires)
have the meanings assigned to such terms in said Trust Indenture Act and in
said Securities Act as in force at the date of this Indenture as originally
executed. The following terms have the meanings given to them in the
Declaration: (i) Clearing Agency; (ii) Delaware Trustee; (iii) Property
Trustee; (iv) Administrative Trustees; (v) Direct Action; and (vi)
Distributions [NOTE: NEED TO INSURE "DIRECT ACTION" AND "DISTRIBUTIONS" ARE USED
IN AMENDED AND RESTATED DECLARATION.]. All accounting terms used herein and
not expressly defined shall have the meanings assigned to such terms in
accordance with generally accepted accounting principles and the term
"generally accepted accounting principles" means such accounting principles
as are generally accepted at the time of any computation. The words "herein",
"hereof" and "hereunder" and other words of similar import refer to this
Indenture as a whole and not to any particular Article, Section or other
subdivision. Headings are used for convenience of reference only and do not
affect interpretation. The singular includes the plural and vice versa.

                                       1
<Page>

         "ADDITIONAL SUMS" shall have the meaning set forth in SECTION
2.05(c).

         "AFFILIATE" shall have the meaning given to that term in Rule 405
under the Securities Act or any successor rule thereunder.

         "AUTHENTICATING AGENT" shall mean any agent or agents of the Trustee
which at the time shall be appointed and acting pursuant to SECTION 6.14.

         "BOARD OF DIRECTORS" shall mean either the Board of Directors of the
Company or any duly authorized committee of that board.

         "BOARD RESOLUTION" shall mean 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, and delivered to the Trustee.

         "BUSINESS DAY" shall mean, with respect to any series of Securities,
any day other than a Saturday or a Sunday or a day on which banking
institutions in [Houston, Texas [OR CHICAGO, ILLINOIS] are authorized or
required by law or executive order to close.

         "CEDEL" means Cedel, S.A.

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

         "COMMON SECURITIES" shall mean the common securities of the Trust
representing undivided beneficial interests in the assets of the Trust which
rank PARI PASSU with Preferred Securities issued by the Trust; provided,
however, that if an Event of Default has occurred and is continuing, no
payments in respect of Distributions on, or payments upon liquidation,
redemption or otherwise with respect to, the Common Securities shall be made
until the holders of the Preferred Securities shall be paid in full the
Distributions and the liquidation, redemption and other payments to which
they are entitled.

         "COMMON SECURITIES GUARANTEE" shall mean any guarantee that the
Company may enter into with any Person or Persons that operates directly or
indirectly for the benefit of holders of Common Securities of the Trust.

         "COMMON STOCK" shall mean the Common Stock, no par value per share,
of the Company or any other class of stock resulting from changes or
reclassifications of such Common Stock consisting solely of changes in par
value, or from par value to no par value, or from no par value to par value.

         "COMPANY" shall mean the Person named as the "Company" in the first
paragraph of this Indenture, and, subject to the provisions of ARTICLE X,
shall include its successors and assigns.

         "COMPANY REQUEST" or "COMPANY ORDER" shall mean a written request or
order signed in the name of the Company by the Chairman of the Board, the
Chief Executive Officer, the

                                       2
<Page>

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

         "COMPARABLE TREASURY ISSUE" means the United States Treasury
security selected by the Reference Treasury Dealer as having a maturity
comparable to the remaining term of the Securities to be redeemed that would
be utilized, at the time of selection and in accordance with customary
financial practice, in pricing new issues of corporate debt securities of
comparable maturity to the remaining term of such Securities.

         "COMPARABLE TREASURY PRICE" means, with respect to any redemption
date, (i) the average of the bid and asked prices for the Comparable Treasury
Issue (expressed in each case as a percentage of its principal amount) on the
third business day preceding such redemption date, as set forth in the daily
statistical release (or any successor release) published by the Federal
Reserve Bank of New York and designated "Composite 3:30 p.m. Quotations for
U.S. Government Securities" or (ii) if such release (or any successor
release) is not published or does not contain such prices on such business
day, the average of the Reference Treasury Dealer Quotations for such
redemption date.

         "COMPOUNDED INTEREST" shall have the meaning set forth in SECTION
16.01.

         "CUSTODIAN" shall mean any receiver, trustee, assignee, liquidator,
or similar official under any applicable bankruptcy, insolvency,
reorganization or other similar law.

         "DECLARATION" means the Declaration of Trust, dated as of
______________, ____, as amended from time to time.

         "DEFAULT" means any event, act or condition that with notice or
lapse of time, or both, would constitute an Event of Default.

         "DEFAULTED INTEREST" shall have the same meaning set forth in
SECTION 2.10.

         "DEFERRED INTEREST" shall have the meaning set forth in SECTION 16.01.

         "DEFINITIVE SECURITIES" shall mean those Securities issued in fully
registered certificated form not otherwise in global form.

         "DEPOSITARY" shall mean, with respect to Securities issuable in
whole or in part in the form of one or more Global Securities, The Depository
Trust Company, New York, New York, another clearing agency, or any successor
registered as a clearing agency under the Exchange Act or other applicable
statute or regulation, which, in each case, shall be designated by the
Company pursuant to SECTION 2.04(d).

         "DISSOLUTION EVENT" means the liquidation of the Trust pursuant to
the Declaration, and the distribution of the Securities held by the Property
Trustee to the holders of the Trust Securities issued by the Trust pro rata
in accordance with the Declaration.

         "EVENT OF DEFAULT" shall mean any event specified in SECTION 5.01,
continued for the period of time, if any, and after the giving of the notice,
if any, therein designated.

                                       3
<Page>

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

         "EXTENDED INTEREST PAYMENT PERIOD" shall have the meaning set forth
in SECTION 16.01.

         "GLOBAL SECURITY" means, with respect to the Securities, a Security
executed by the Company and delivered by the Trustee to the Depositary or
pursuant to the Depositary's instruction, all in accordance with the
Indenture, which shall be registered in the name of the Depositary or its
nominee.

         "INDEBTEDNESS" shall mean (i) every obligation of the Company for
money borrowed; (ii) every obligation of the Company evidenced by bonds,
debentures, notes or other similar instruments, including obligations
incurred in connection with the acquisition of property, assets or
businesses; (iii) every reimbursement obligation of the Company with respect
to letters of credit, bankers' acceptances or similar facilities issued for
the account of the Company; (iv) every obligation of the Company issued or
assumed as the deferred purchase price of property or services (but excluding
trade accounts payable or accrued liabilities arising in the ordinary course
of business); (v) every capital lease obligation of the Company; (vi) all
indebtedness of the Company whether incurred on or prior to the date of the
Indenture or thereafter incurred, for claims in respect of derivative
products, including interest rate, foreign exchange rate and commodity
forward contracts, options and swaps and similar arrangements; and (vii)
every obligation of the type referred to in clauses (i) through (vi) of
another Person and all dividends of another Person the payment of which, in
either case, the Company has guaranteed or is responsible or liable, directly
or indirectly, as obligor or otherwise.

         "INDEBTEDNESS RANKING ON A PARITY WITH THE SECURITIES" shall mean
(i) Indebtedness, whether outstanding on the date of execution of this
Indenture or hereafter created, assumed or incurred, to the extent such
Indebtedness specifically by its terms ranks equally with and not prior to
the Securities in the right of payment upon the happening of any dissolution
or winding up or liquidation or reorganization of the Company, and (ii) all
other debt securities, and guarantees in respect of those debt securities
(including Other Debentures and Other Guarantees), issued to any trust other
than the Trust, or a trustee of such trust, partnership or other entity
affiliated with the Company that is a financing vehicle of the Company (a
"financing entity") in connection with the issuance by such financing entity
of equity securities that are similar to the Preferred Securities or other
securities guaranteed by the Company. The securing of any Indebtedness,
otherwise constituting Indebtedness Ranking on a Parity with the Securities,
shall not be deemed to prevent such Indebtedness from constituting
Indebtedness Ranking on a Parity with the Securities.

         "INDEBTEDNESS RANKING JUNIOR TO THE SECURITIES" shall mean any
Indebtedness, whether outstanding on the date of execution of this Indenture
or hereafter created, assumed or incurred, to the extent such indebtedness
specifically by its terms ranks junior to and not equally with or prior to
the Securities (and any other Indebtedness Ranking on a Parity with the
Securities) in right of payment upon the happening of any dissolution or
winding up or liquidation or reorganization of the Company. The securing of
any Indebtedness, otherwise constituting Indebtedness Ranking Junior to the
Securities, shall not be deemed to prevent such Indebtedness from
constituting Indebtedness Ranking Junior to the Securities.

                                       4
<Page>

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

         "INTEREST PAYMENT DATE" shall have the meaning set forth in SECTION
2.05(a).

         "INVESTMENT COMPANY EVENT" means the receipt by the Trust and the
Company of an opinion of counsel experienced in such matters to the effect
that, as a result of the occurrence of a change in law or regulation or a
written change (including any announced prospective change) in interpretation
or application of law or regulation by any legislative body, court,
governmental agency or regulatory authority, which amendment or change is
effective or which pronouncement or decision is announced on or after
[ISSUE DATE OF PREFERRED SECURITIES], there is more than an insubstantial
risk that the Trust is or will be considered an "investment company" that is
required to be registered under the Investment Company Act of 1940, as
amended (the "INVESTMENT COMPANY ACT"), which change or prospective change
becomes effective or would become effective, as the case may be, on or after
the date of the original issuance of the Preferred Securities.

         "MATURITY DATE" shall mean __________, ____.

         "MORTGAGE" shall mean and include any mortgage, pledge, lien, security
interest, conditional sale or other title retention agreement or other similar
encumbrance.

         "NON BOOK-ENTRY PREFERRED SECURITIES" shall have the meaning set forth
in SECTION 2.04(a)(ii).

         "OFFICERS" shall mean any of the Chairman, a Vice Chairman, the Chief
Executive Officer, the President, a Vice President, the Comptroller, the
Secretary or an Assistant Secretary of the Company.

         "OFFICERS' CERTIFICATE" shall mean a certificate signed on behalf of
the Company, by the Chairman of the Board, Chief Executive Officer, a Vice
Chairman of the Board, the President or a Vice President, and by the Treasurer,
an Assistant Treasurer, the Secretary or an Assistant Secretary, of the Company,
and delivered to the Trustee. Any Officers' Certificate delivered with respect
to compliance with a condition or a covenant provided for in this Indenture
shall include the statements specified to be so included by SECTION 13.06 of
this Indenture.

         "OPINION OF COUNSEL" shall mean a written opinion of counsel, who may
be an employee of the Company, and who shall be acceptable to the Trustee.

         "OPTIONAL REDEMPTION PRICE" means [THE GREATER OF (i) 100% OF THE
PRINCIPAL AMOUNT OF THE SECURITIES TO BE REDEEMED PLUS ACCRUED AND UNPAID
INTEREST THEREON (INCLUDING ADDITIONAL SUMS, IF ANY) TO THE DATE OF REDEMPTION
AND (ii) THE SUM OF THE PRESENT VALUES OF THE REMAINING SCHEDULED PAYMENTS OF
PRINCIPAL OF THE SECURITIES TO BE REDEEMED AND INTEREST THEREON (INCLUDING
ADDITIONAL SUMS IF ANY) DISCOUNTED TO THE DATE OF REDEMPTION, ON A SEMI-ANNUAL
BASIS (ASSUMING A 360-DAY YEAR CONSISTING OF TWELVE 30-DAY MONTHS), AT

                                       5
<Page>

THE TREASURY RATE PLUS ___ BASIS POINTS PLUS ACCRUED AND UNPAID INTEREST
THEREON TO THE DATE OF REDEMPTION.] [DOES NOT MATCH S-3.]

         "OTHER DEBENTURES" means all junior subordinated debentures issued
by the Company from time to time and sold to trusts to be established by the
Company (if any), in each case similar to the Trust.

         "OTHER GUARANTEES" means all guarantees to be issued by the Company
with respect to preferred securities (if any) and issued to other trusts to
be established by the Company (if any), in each case similar to the Trust.

         The term "OUTSTANDING" when used with reference to Securities,
shall, subject to the provisions of SECTION 7.04, mean, as of any particular
time, all Securities authenticated and delivered by the Trustee or the
Authenticating Agent under this Indenture, except the following:

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

         (b) Securities, or portions thereof, for the payment or redemption
of which moneys in the necessary amount shall have been deposited in trust
with the Trustee or with any paying agent (other than the Company) or shall
have been set aside and segregated in trust by the Company (if the Company
shall act as its own paying agent); provided that, if such Securities, or
portions thereof, are to be redeemed prior to maturity thereof, notice of
such redemption shall have been given as in ARTICLE XIV provided or provision
satisfactory to the Trustee shall have been made for giving such notice; and

         (c) Securities which have been paid or in lieu of or in substitution
for which other Securities shall have been authenticated and delivered
pursuant to the terms of SECTION 2.07 unless proof satisfactory to the
Company and the Trustee is presented that any such Securities are held by
bona fide holders in due course.

         "PERSON" shall mean any individual, corporation, estate,
partnership, joint venture, association, joint-stock company, limited
liability company, trust, unincorporated organization or government or any
agency or political subdivision thereof.

         "PREDECESSOR SECURITY" of any particular Security means every
previous Security evidencing all or a portion of the same debt and as that
evidenced by such particular Security; and, for the purposes of this
definition, any Security authenticated and delivered under SECTION 2.07 in
lieu of a lost, destroyed or stolen Security shall be deemed to evidence the
same debt as the lost, destroyed or stolen Security.

         "PREFERRED SECURITIES" shall mean the subordinated capital income
securities representing undivided beneficial interests in the assets of the
Trust which rank PARI PASSU with the Common Securities issued by the Trust;
provided, however, that if an Event of Default has occurred and is
continuing, no payments in respect of Distributions on, or payments upon
liquidation, redemption or otherwise with respect to, the Common Securities
shall be made until the holders of the Preferred Securities shall be paid in
full the Distributions and the liquidation, redemption and other payments to
which they are entitled.

                                       6
<Page>

         "PREFERRED SECURITIES GUARANTEE" shall mean any guarantee that the
Company may enter into with BNY Midwest Trust Company, or other Persons that
operates directly or indirectly for the benefit of holders of Preferred
Securities of the Trust.

         "PRINCIPAL OFFICE OF THE TRUSTEE," or other similar term, shall mean
the office of the Trustee, at which at any particular time its corporate
trust business shall be administered.

         "PROPERTY TRUSTEE" shall have the same meaning as set forth in the
Declaration.

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

         "REFERENCE TREASURY DEALER" means ________________ and its successors;
provided however, that if ___________________ shall cease to be a primary U.S.
Government securities dealer in New York City (a "PRIMARY TREASURY DEALER"), the
Company shall substitute therefor another Primary Treasury Dealer.

         "REFERENCE TREASURY DEALER QUOTATIONS" means, with respect to the
Reference Treasury Dealer and any redemption date, the average, as determined
by the Trustee, of the bid and asked prices for the Comparable Treasury Issue
(expressed in each case as a percentage of its principal amount) quoted in
writing to the Trustee by the Reference Treasury Dealer at 5:00 p.m., New
York City time, on the third business day preceding such redemption date.

         "RESPONSIBLE OFFICER" shall mean any officer of the Trustee with
direct responsibility for the administration of the Indenture and also means,
with respect to a particular corporate trust matter, any other officer to
whom such matter is referred because of his knowledge of and familiarity with
the particular subject.

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

         "SECURITYHOLDER", "HOLDER OF SECURITIES", or other similar terms,
shall mean any Person in whose name at the time a particular Security is
registered on the register kept by the Company or the Trustee for that
purpose in accordance with the terms hereof.

         "SECURITY REGISTER" shall mean (i) prior to a Dissolution Event, the
list of Securityholders provided to the Trustee pursuant to SECTION 4.01, and
(ii) following a Dissolution Event, any security register maintained by a
security registrar for the Securities appointed by the Company following the
execution of a supplemental indenture providing for transfer procedures as
provided for in SECTION 2.06(a).

         "SENIOR INDEBTEDNESS" shall mean all Indebtedness, whether
outstanding on the date of execution of this Indenture or hereafter created,
assumed or incurred, except Indebtedness Ranking on a Parity with the
Securities or Indebtedness Ranking Junior to the Securities, and any
deferrals, renewals or extensions of such Senior Indebtedness.

         "SPECIAL EVENT" means either an Investment Company Event or a Tax
Event.

                                       7
<Page>

         "SPECIAL EVENT REDEMPTION PRICE" shall mean, with respect to any
redemption of the Securities following a Special Event, an amount in cash
equal to 100% of the principal amount of the Securities to be redeemed plus
accrued and unpaid interest thereon (including Additional Sums, if any) to
the date of redemption.

         "SUBSIDIARY" shall mean with respect to any Person, (i) any
corporation at least a majority of the outstanding voting stock of which is
owned, directly or indirectly, by such Person or by one or more of its
Subsidiaries, or by such Person and one or more of its Subsidiaries, (ii) any
general partnership, joint venture or similar entity, at least a majority of
whose outstanding partnership or similar interests shall at the time be owned
by such Person, or by one or more of its Subsidiaries, or by such Person and
one or more of its Subsidiaries and (iii) any limited partnership of which
such Person or any of its Subsidiaries is a general partner. For the purposes
of this definition, "VOTING STOCK" means shares, interests, participations or
other equivalents in the equity interest (however designated) in such Person
having ordinary voting power for the election of a majority of the directors
(or the equivalent) of such Person, other than shares, interests,
participations or other equivalents having such power only by reason of the
occurrence of a contingency.

         "TAX EVENT" shall mean the receipt by the Trust and the Company of
an opinion of counsel experienced in such matters to the effect that, as a
result of any amendment to, or change (including any announced prospective
change) in, the laws or any regulations thereunder of the United States or
any political subdivision or taxing authority thereof or therein or as a
result of any official administrative pronouncement or judicial decision
interpreting or applying such laws or regulations, which amendment or change
is effective or which pronouncement or decision is announced on or after
[INSERT ISSUE DATE], there is more than an insubstantial risk that (i) the
Trust is, or will be within 90 days of the date of such opinion, subject to
United States Federal income tax with respect to income received or accrued
on the Securities, (ii) interest payable by the Company on the Securities is
not, or within 90 days of the date of such opinion, will not be, deductible
by the Company, in whole or in part, for United States Federal income tax
purposes, or (iii) the Trust is, or will be within 90 days of the date of
such opinion, subject to more than a de minimis amount of other taxes, duties
or other governmental charges.

         "TREASURY RATE" means, with respect to any redemption date, the rate
per annum equal to the semiannual equivalent yield to maturity of the
Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue
(expressed as a percentage of its principal amount) equal to the Comparable
Treasury Price for such redemption date.

         "TRUST" shall mean Illinois Power Financing II, a Delaware business
trust created for the purpose of issuing its undivided beneficial interests
in connection with the issuance of Securities under this Indenture.

         "TRUST INDENTURE ACT" shall mean the Trust Indenture Act of 1939 as
in force at the date of execution of this Indenture; provided, however, that,
in the event the Trust Indenture Act of 1939 is amended after such date,
"Trust Indenture Act" shall mean, to the extent required by any such
amendment, the Trust Indenture Act of 1939 as so amended.

                                       8
<Page>

         "TRUSTEE" shall mean the Person identified as "Trustee" in the first
paragraph hereof, and, subject to the provisions of ARTICLE VI hereof, shall
also include its successors and assigns as Trustee hereunder. The term
"Trustee" as used with respect to a particular series of the Securities shall
mean the trustee with respect to that series.

         "TRUST SECURITIES" shall mean the Preferred Securities and the
Common Securities, collectively.

         "U.S. GOVERNMENT OBLIGATIONS" shall mean securities that are (i)
direct obligations of the United States of America for the payment of which
its full faith and credit is pledged or (ii) obligations of a Person
controlled or supervised by and acting as an agency or instrumentality of the
United States of America the payment of which is unconditionally guaranteed
as a full faith and credit obligation by the United States of America, which,
in either case under clauses (i) or (ii) are not callable or redeemable at
the option of the issuer thereof, and shall also include a depository receipt
issued by a bank or trust company as custodian with respect to any such U.S.
Government Obligation or a specific payment of interest on or principal of
any such U.S. Government Obligation held by such custodian for the account of
the holder of a depository receipt; provided that (except as required by law)
such custodian is not authorized to make any deduction from the amount
payable to the holder of such depository receipt from any amount received by
the custodian in respect of the U.S. Government Obligation or the specific
payment of interest on or principal of the U.S. Government Obligation
evidenced by such depository receipt.

SECTION 1.02  BUSINESS DAY CERTIFICATE.

         On the date of execution and delivery of this Indenture (with
respect to the remainder of calendar year 200__) and thereafter, within 15
days prior to the end of each calendar year while this Indenture remains in
effect (with respect to the succeeding calendar years), the Company shall
deliver to the Trustee an Officers' Certificate specifying the days on which
banking institutions or trust companies in Wilmington, Delaware or
Chicago, Illinois are authorized or obligated by law or executive order to
be closed.

SECTION 1.03  FORM OF DOCUMENTS DELIVERED TO TRUSTEE.

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

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

                                       9
<Page>

the Company stating that the information with respect to such factual matters
is in the possession of the Company, unless such counsel knows, or in the
exercise of reasonable care should know, that the certificate or opinion or
representations with respect to such matters are erroneous.

         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.

                                   ARTICLE II
                                   SECURITIES

SECTION 2.01  FORMS GENERALLY.

         The Securities and the Trustee's certificate of authentication shall be
substantially in the form of Exhibit A, the terms of which are incorporated in
and made a part of this Indenture. The Securities may have notations, legends or
endorsements required by law, stock exchange rule, agreements to which the
Company is subject or usage. Each Security shall be dated the date of its
authentication. The Securities shall be issued in denominations of $1,000 and
integral multiples thereof.

         The Securities shall be redeemable as provided in ARTICLE XIV.

         The Securities shall be subordinated in right of payment to Senior
Indebtedness as provided in ARTICLE XV.

SECTION 2.02  EXECUTION AND AUTHENTICATION.

         The Securities shall be executed on behalf of the Company by its
Chairman of the Board, a Vice Chairman of the Board, its Chief Executive
Officer, its President or one of its Vice Presidents and attested by a
Treasurer, Assistant Treasurer, Secretary or an Assistant Secretary. The
signature of any such person on the Securities may be manual or facsimile. If
an Officer whose signature is on a Security no longer holds that office at
the time the Security is authenticated, the Security shall nevertheless be
valid.

         A Security shall not be valid until authenticated by the manual or
facsimile signature of the Trustee. The signature of the Trustee shall be
conclusive evidence that the Security has been authenticated under this
Indenture. The form of Trustee's certificate of authentication to be borne by
the Securities shall be substantially as set forth in Exhibit A hereto.

         The Trustee shall, upon a Company Order, authenticate for original
issue up to, and the aggregate principal amount of Securities outstanding at
any time may not exceed $__________ aggregate principal amount of the
Securities, except as provided in SECTIONS 2.07, 2.08 and 14.05.

         Each Security shall be dated the date of its authentication.

                                       10
<Page>

SECTION 2.03  FORM AND PAYMENT.

         Except as provided in SECTION 2.04, the Securities shall be issued
in fully registered certificated form without interest coupons. Principal of,
premium, if any, and interest on the Securities issued in certificated form
will be payable, the transfer of such Securities will be registrable and such
Securities will be exchangeable for Securities bearing identical terms and
provisions at the office or agency of the Company maintained for such purpose
under SECTION 3.02; provided, however, that payment of interest with respect
to Securities (other than a Global Security) may be made at the option of the
Company (i) by check mailed to the holder at such address as shall appear in
the Security Register or (ii) by transfer to an account maintained by the
Person entitled thereto; provided that proper transfer instructions have been
received in writing by the relevant record date. Notwithstanding the
foregoing, so long as the holder of any Securities is the Property Trustee,
the payment of the principal of, premium, if any, and interest (including
Compounded Interest and Additional Sums, if any), on such Securities held by
the Property Trustee will be made at such place and to such account as may be
designated by the Property Trustee.

SECTION 2.04  GLOBAL SECURITY.

         (a)  In connection with a Dissolution Event,

                  (i) if any Preferred Securities are held in book-entry
form, the related Definitive Securities shall be presented to the Trustee (if
an arrangement with the Depositary has been maintained) by the Property
Trustee in exchange for one or more Global Securities (as may be required
pursuant to SECTION 2.06) in an aggregate principal amount equal to the
aggregate principal amount of all outstanding Securities, to be registered in
the name of the Depositary, or its nominee, and delivered by the Trustee to
the Depositary for crediting to the accounts of its participants pursuant to
the instructions of the Administrative Trustees; the Company upon any such
presentation shall execute one or more Global Securities in such aggregate
principal amount and deliver the same to the Trustee for authentication and
delivery in accordance with this Indenture; and payments on the Securities
issued as a Global Security will be made to the Depositary; and

                  (ii) if any Preferred Securities are held in certificated
form, the related Definitive Securities may be presented to the Trustee by
the Property Trustee and any Preferred Security certificate which represents
Preferred Securities other than Preferred Securities in book-entry form ("NON
BOOK-ENTRY PREFERRED SECURITIES") will be deemed to represent beneficial
interests in Securities presented to the Trustee by the Property Trustee
having an aggregate principal amount equal to the aggregate liquidation
amount of the Non Book-Entry Preferred Securities until such Preferred
Security certificates are presented to the Security Registrar for transfer or
reissuance, at which time such Preferred Security certificates will be
canceled and a Security, registered in the name of the holder of the
Preferred Security certificate or the transferee of the holder of such
Preferred Security certificate, as the case may be, with an aggregate
principal amount equal to the aggregate liquidation amount of the Preferred
Security certificate canceled, will be executed by the Company and delivered
to the Trustee for authentication and delivery in accordance with this
Indenture. Upon the issuance of such

                                       11
<Page>

Securities, Securities with an equivalent aggregate principal amount that
were presented by the Property Trustee to the Trustee will be canceled.

         (b) The Global Securities shall represent the aggregate amount of
outstanding Securities from time to time endorsed thereon; provided, that the
aggregate amount of out- standing Securities represented thereby may from
time to time be reduced or increased, as appropriate, to reflect exchanges
and redemptions. Any endorsement of a Global Security to reflect the amount
of any increase or decrease in the amount of outstanding Securities
represented thereby shall be made by the Trustee, in accordance with
instructions given by the Company as required by this SECTION 2.04.

         (c) The Global Securities may be transferred, in whole but not in
part, only to the Depositary, another nominee of the Depositary, or to a
successor Depositary selected or approved by the Company or to a nominee of
such successor Depositary.

         (d) If at any time the Depositary notifies the Company that it is
unwilling or unable to continue as Depositary or the Depositary has ceased to
be a clearing agency registered under the Exchange Act or any applicable
statute or regulation, and a successor Depositary is not appointed by the
Company within 90 days after the Company receives such notice or becomes
aware of such condition, as the case may be, the Company will execute, and
the Trustee, upon receipt of a Company Order, will authenticate and make
available for delivery the Definitive Securities, in authorized
denominations, and in an aggregate principal amount equal to the principal
amount of the Global Security in exchange for such Global Security. If there
is an Event of Default, the Depositary shall have the right to exchange the
Global Securities for Definitive Securities. In addition, the Company may at
any time determine that the Securities shall no longer be represented by a
Global Security. In the event of such an Event of Default or such a
determination, the Company shall execute, and subject to SECTION 2.06, the
Trustee, upon receipt of an Officers' Certificate evidencing such
determination by the Company and a Company Order, will authenticate and make
available for delivery the Definitive Securities, in authorized
denominations, and in an aggregate principal amount equal to the principal
amount of the Global Security in exchange for such Global Security. Upon the
exchange of the Global Security for such Definitive Securities, in authorized
denominations, the Global Security shall be canceled by the Trustee. Such
Definitive Securities issued in exchange for the Global Security shall be
registered in such names and in such authorized denominations as the
Depositary, pursuant to instructions from its direct or indirect participants
or otherwise, shall instruct the Trustee. The Trustee shall deliver such
Definitive Securities to the Depositary for delivery to the Persons in whose
names such Definitive Securities are so registered.

SECTION 2.05  INTEREST.

         (a) Each Security will bear interest at the rate of ____% per annum
(the "COUPON RATE") from the most recent date to which interest has been paid
or duly provided for or, if no interest has been paid or duly provided for,
from _______________,____, until the principal thereof becomes due and
payable, and at the Coupon Rate on any overdue principal (and premium, if
any) and (to the extent that payment of such interest is enforceable under
applicable law) on any overdue installment of interest, compounded semi-
annually, payable (subject to the provisions of ARTICLE XVI) semi-annually in
arrears on _________ and _______ of each year (each, an

                                       12
<Page>

"INTEREST PAYMENT DATE") commencing on ___________, ___, to the Person in
whose name such Security or any predecessor Security is registered, at the
close of business on the regular record date for such interest installment,
which shall be the fifteenth day of the month immediately preceding the month
in which the relevant Interest Payment Date falls.

         (b) Interest will be computed on the basis of a 360-day year
consisting of twelve 30-day months and, for any period of less than a full
calendar month, the number of days lapsed in such month. In the event that
any Interest Payment Date falls on a day that is not a Business Day, then
payment of interest payable on such date will be made on the next succeeding
day which is a Business Day (and without any interest or other payment in
respect of any such delay), except that if such next succeeding Business Day
falls in the next succeeding calendar year, then such payment shall be made
on the immediately preceding Business Day, in each case with the same force
and effect as if made on the date such payment is otherwise required.

         (c) During such time as the Property Trustee is the holder of any
Securities, the Company shall pay any additional amounts on the Securities as
may be necessary in order that the amount of Distributions then due and
payable by the Trust on the outstanding Trust Securities shall not be reduced
as a result of any additional taxes, duties and other governmental charges to
which the Trust has become subject as a result of a Tax Event ("ADDITIONAL
SUMS").

         (d) Interest on any Security which is payable, and which is
punctually paid or duly provided for, on any Interest Payment Date shall be
paid to the Person is whose name that Security (or one or more Predecessor
Securities) is registered at the close of business on the record date for
such interest installment.

SECTION 2.06  TRANSFER AND EXCHANGE.

         (a) Transfer Restrictions. The Securities will be issued and may be
transferred only in blocks having an aggregate principal amount of not less
than $100,000. Any such transfer of the Securities in a block having an
aggregate principal amount of less than $100,000 shall be deemed to be void
and of no legal effect whatsoever. Any such transferee shall be deemed not to
be a holder of such Securities for any purpose, including, but not limited to
the receipt of payments on such Securities, and such transferee shall be
deemed to have no interest whatsoever in such Securities.

         (b) General Provisions Relating to Transfers and Exchanges. To
permit registrations of transfers and exchanges, the Company shall execute
and the Trustee shall authenticate Definitive Securities and Global
Securities in any authorized denomination and of a like aggregate principal
amount at the Security Registrar's request. All Definitive Securities and
Global Securities issued upon any registration of transfer or exchange of
Definitive Securities or Global Securities shall be the valid obligations of
the Company, evidencing the same debt, and entitled to the same benefits
under this Indenture, as the Definitive Securities or Global 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

                                       13
<Page>

instrument of transfer in a form that is satisfactory to the Company and the
Security Registrar duly executed by the holder thereof or his attorney duly
authorized in writing.

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

         The Company shall not be required to (i) issue, register the
transfer of or exchange Securities during a period beginning at the opening
of business 15 days before the day of mailing of a notice of redemption or
any notice of selection of Securities for redemption under ARTICLE XIV hereof
and ending at the close of business on the day of such mailing; or (ii)
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.

         The transfer and exchange of beneficial interests in a Global
Security, which does not involve the issuance of a Definitive Security or the
transfer of an interest to another Global Security, shall be effected through
the Depositary (but not the Trustee) in accordance with the Indenture
(including the restrictions on transfers set forth herein) and the procedures
of the Depositary therefore. The Trustee will not have any responsibility for
the transfer and exchange of beneficial interests in such Global Security
that does not involve the issuance of a Definitive Security or the transfer
of interests to another Global Security.

         Prior to due presentment for the registration of a transfer of any
Security, the Trustee, the Company and any agent of the Trustee or the
Company may deem and treat the Person in whose name any Security is
registered as the absolute owner of such Security for the purpose of
receiving payment of principal of and premium, if any, and interest on such
Securities, neither the Trustee, nor the Company nor any agent of the Trustee
or the Company shall be affected by notice to the contrary.

SECTION 2.07  REPLACEMENT SECURITIES.

         If any mutilated Security is surrendered to the Trustee, or the
Company and the Trustee receive evidence to their satisfaction of the
destruction, loss or theft of any Security, the Company shall issue and the
Trustee shall authenticate a replacement Security if the Trustee's
requirements for replacements of Securities are met. An indemnity bond must
be supplied by the holder that is sufficient in the judgment of the Trustee
and the Company to protect the Company, the Trustee, any agent thereof or any
authenticating agent from any loss that any of them may suffer if a Security
is replaced. The Company or the Trustee may charge for its expenses in
replacing a Security.

         Every replacement Security is an obligation of the Company and shall
be entitled to all of the benefits of this Indenture equally and
proportionately with all other Securities duly issued hereunder.

SECTION 2.08  TEMPORARY SECURITIES.

         Pending the preparation of Definitive Securities, the Company may
execute, and upon Company Order the Trustee shall authenticate and make
available for delivery, temporary

                                       14
<Page>

Securities that are printed, lithographed, typewritten, mimeographed or
otherwise reproduced, 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 conclusively
evidenced by their execution of such Securities.

         If temporary Securities are issued, the Company shall cause
Definitive Securities to be prepared without unreasonable delay. The
Definitive Securities shall be printed, lithographed or engraved, or provided
by any combination thereof, or in any other manner permitted by the rules and
regulations of any applicable securities exchange, all as determined by the
officers executing such Definitive Securities. After the preparation of
Definitive Securities, the temporary Securities shall be exchangeable for
Definitive Securities upon surrender of the temporary Securities at the
office or agency maintained by the Company for such purpose pursuant to
SECTION 3.02 hereof, without charge to the Holder. Upon surrender for
cancellation of any one or more temporary Securities, the Company shall
execute, and the Trustee shall authenticate and make available for delivery,
in exchange therefor the same aggregate principal amount of Definitive
Securities of authorized denominations. Until so exchanged, the temporary
Securities shall in all respects be entitled to the same benefits under this
Indenture as Definitive Securities.

SECTION 2.09   CANCELLATION.

         The Company at any time may deliver Securities to the Trustee for
cancellation. The Trustee and no one else shall cancel all Securities
surrendered for registration of transfer, exchange, payment, replacement or
cancellation and shall retain or destroy canceled Securities in accordance
with its normal practices (subject to the record retention requirement of the
Exchange Act) unless the Company directs them to be returned to it. The
Company may not issue new Securities to replace Securities that have been
redeemed or paid or that have been delivered to the Trustee for cancellation.

         All Securities surrendered for payment, redemption, transfer or
exchange shall, if surrendered to any Person other than the Trustee, be
delivered to the Trustee, and any such Securities and Securities surrendered
directly to the Trustee for any such purpose shall be promptly canceled by
it. Notwithstanding any other provision of this Indenture, 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 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 2.9,
except as expressly permitted by this Indenture. All canceled Securities
shall be destroyed by the Trustee and the Trustee shall deliver to the
Company a certificate of such destruction.

SECTION 2.10   DEFAULTED INTEREST.

         Any interest on any Security that 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 shall be paid by the Company, at its election, as
provided in clause (a) or clause (b) below:

                                       15
<Page>

         (a) The Company may make payment of any Defaulted Interest on
Securities to the Persons in whose names such Securities (or their respective
Predecessor Securities) are registered at the close of business on a special
record date for the payment of such Defaulted Interest, which shall be fixed
in the following manner: the Company shall notify the Trustee in writing of
the amount of Defaulted Interest proposed to be paid on each such Security
and the date of the proposed payment, and at the same time the Company shall
deposit with the Trustee an amount of money equal to the aggregate amount
proposed to be paid in respect of such Defaulted Interest or shall make
arrangements satisfactory to the Trustee for such deposit 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 not be more than 15 nor
less than 10 days prior to the date of the proposed payment and not less than
10 days after the receipt by the Trustee of the notice of the proposed
payment. The Trustee shall promptly notify the Company of such special record
date and, in the name and at the expense of the Company, shall cause notice
of the proposed payment of such Defaulted Interest and the special record
date therefor to be mailed, first class postage prepaid, to each
Securityholder at his or her address as it appears in the Security Register,
not less than 10 days prior to such special record date. Notice of the
proposed payment of such Defaulted Interest and the special record date
therefor having been mailed as aforesaid, such Defaulted Interest shall be
paid to the Persons in whose names such Securities (or their respective
Predecessor Securities) are registered on such special record date and shall
be no longer payable pursuant to the following clause (b).

         (b) The Company may make payment of any Defaulted Interest on any
Securities 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.

SECTION 2.11   CUSIP NUMBERS.

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

                                   ARTICLE III
                       PARTICULAR COVENANTS OF THE COMPANY

SECTION 3.01   PAYMENT OF PRINCIPAL, PREMIUM AND INTEREST.

         The Company covenants and agrees for the benefit of the holders of the
Securities that it will duly and punctually pay or cause to be paid the
principal of, premium, if any, and interest on

                                       16
<Page>

the Securities at the place, at the respective times and in the manner
provided herein. The Company further covenants to pay any and all amounts,
including, without limitation, Additional Sums, as may be required pursuant
to SECTION 2.05(c) and Compounded Interest, as may be required pursuant to
SECTION 16.01.

SECTION 3.02   OFFICES FOR NOTICES AND PAYMENTS, ETC.

         So long as any of the Securities remain outstanding, the Company
will maintain in the Borough of Manhattan, The City of New York, an office or
agency where the Securities may be presented for payment, an office or agency
where the Securities may be presented for registration of transfer and for
exchange as in this Indenture provided and an office or agency where notices
and demands to or upon the Company in respect of the Securities or of this
Indenture may be served. The Company will give to the Trustee written notice
of the location of any such office or agency and of any change of location
thereof. Until otherwise designated from time to time by the Company in a
notice to the Trustee, any such office or agency for all of the above
purposes shall be the Principal Office of the Trustee. In case the Company
shall fail to maintain any such office or agency in the Borough of Manhattan,
The City of New York, or shall fail to give such notice of the location or of
any change in the location thereof, presentations and demands may be made and
notices may be served at the Principal Office of the Trustee.

         In addition to any such office or agency, the Company may from time
to time designate one or more offices or agencies outside the Borough of
Manhattan, The City of New York, where the Securities may be presented for
payment, registration of transfer and for exchange in the manner provided in
this Indenture, and the Company may from time to time rescind such
designation, as the Company may deem desirable or expedient; provided,
however, that no such designation or rescission shall in any manner relieve
the Company of its obligation to maintain any such office or agency in the
Borough of Manhattan, The City of New York, for the purposes above mentioned.
The Company will give to the Trustee prompt written notice of any such
designation or rescission thereof.

SECTION 3.03   APPOINTMENTS TO FILL VACANCIES IN TRUSTEE'S OFFICE.

         The Company, whenever necessary to avoid or fill a vacancy in the
office of Trustee, will appoint, in the manner provided in SECTION 6.10, a
Trustee, so that there shall at all times be a Trustee hereunder.

SECTION 3.04   PROVISION AS TO PAYING AGENT.

         (a) If the Company shall appoint a paying agent other than the
Trustee with respect to the Securities, it will cause such paying agent to
execute and deliver to the Trustee an instrument in which such agent shall
agree with the Trustee, subject to the provision of this SECTION 3.04,

                  (i) that it will hold all sums held by it as such agent for
the payment of the principal of and premium, if any, or interest on the
Securities (whether such sums have been paid to it by the Company or by any
other obligor on the Securities) in trust for the benefit of the holders of
the Securities and comply with all provisions of the Trust Indenture Act
applicable to it as paying agent; and

                                       17
<Page>

                  (ii) that it will give the Trustee notice of any failure by
the Company (or by any other obligor on the Securities) to make any payment
of the principal of and premium or interest (including Additional Sums and
Compounded Interest, if any) on the Securities when the same shall be due and
payable.

         (b) If the Company shall act as its own paying agent, it will, on or
before each due date of the principal of and premium, if any, or interest on
the Securities, set aside, segregate and hold in trust for the benefit of the
holders of the Securities a sum sufficient to pay such principal, premium or
interest so becoming due and will notify the Trustee of any failure to take
such action and of any failure by the Company (or by any other obligor under
the Securities) to make any payment of the principal of and premium, if any,
or interest on the Securities when the same shall become due and payable.

         (c) Anything in this SECTION 3.04 to the contrary notwithstanding,
the Company may, at any time, for the purpose of obtaining a satisfaction and
discharge with respect to the Securities hereunder, or for any other reason,
pay or cause to be paid to the Trustee all sums held in trust for such
Securities by the Trustee or any paying agent hereunder, as required by this
SECTION 3.04, such sums to be held by the Trustee upon the trusts herein
contained.

         (d) Anything in this SECTION 3.04 to the contrary notwithstanding,
the agreement to hold sums in trust as provided in this SECTION 3.04 is
subject to SECTIONS 11.03 and 11.04.

SECTION 3.05   CERTIFICATE TO TRUSTEE.

         The Company will deliver to the Trustee on or before 120 days after
the end of each fiscal year in each year, commencing with the first fiscal
year ending after the date hereof, so long as Securities are outstanding
hereunder, an Officers' Certificate, one of the signers of which shall be the
principal executive, principal financial or principal accounting officer of
the Company, stating that in the course of the performance by the signers of
their duties as officers of the Company they would normally have knowledge of
any default by the Company in the performance of any covenants contained
herein, stating whether or not they have knowledge of any such default and,
if so, specifying each such default of which the signers have knowledge and
the nature thereof.

SECTION 3.06   COMPLIANCE WITH CONSOLIDATION PROVISIONS.

         The Company will not, while any of the Securities remain
outstanding, consolidate with, or merge into, or merge into itself, or sell
or convey all or substantially all of its property to any other Person unless
the provisions of ARTICLE X hereof are complied with.

SECTION 3.07   LIMITATION ON DIVIDENDS.

         The Company will not, and will not permit any subsidiary of the
Company to, (i) declare or pay any dividends or distributions on, or redeem,
purchase, acquire, or make a liquidation payment with respect to, any of the
Company's capital stock (which includes common and preferred stock) (other
than (a) dividends or distributions in shares of, or options, warrants or
rights to subscribe for or purchase shares of, Common Stock, (b) any
declaration of a dividend in connection with the implementation of a
shareholder's rights plan, or the issuance of stock under

                                       18
<Page>

any such plan in the future, or the redemption or repurchase of any such
rights pursuant thereto, (c) as a result of a reclassification of the
Company's capital stock or the exchange or the conversion of one class or
series of the Company's capital stock for another class or series of the
Company's capital stock, (d) the purchase of fractional interests in shares
of the Company's capital stock pursuant to the conversion or exchange
provisions of such capital stock or the security being converted or
exchanged, and (e) purchases of Common Stock related to the issuance of
Common Stock or rights under any of the Company's benefit plans for its
directors, officers, employees or consultants or any of the Company's
dividend reinvestment plans), (ii) make any payment of principal, premium, if
any, or interest on or repay or repurchase or redeem any debt securities of
the Company (including Other Debentures) that rank PARI PASSU with or junior
in right of payment to the Securities or (iii) make any guarantee payments
with respect to any guarantee by the Company (other than payments under the
Preferred Securities Guarantee) of the debt securities of any Subsidiary of
the Company (including Other Guarantees) if such guarantee ranks PARI PASSU
or junior in right of payment to the Securities if at such time (1) there
shall have occurred any event of which the Company has actual knowledge that
(a) with the giving of notice or the lapse of time, or both, would constitute
an Event of Default and (b) in respect of which the Company shall not have
taken reasonable steps to cure, (2) an Event of Default hereunder shall have
occurred and be continuing, (3) if such Securities are held by the Property
Trustee, the Company shall be in default with respect to its payment
obligations under the Preferred Securities Guarantee or (4) the Company shall
have given notice of its election of the exercise of its right to extend the
interest payment period pursuant to SECTION 16.01 and any such extension
shall be continuing.

SECTION 3.08   COVENANTS AS TO THE TRUST

         In the event Securities are issued to the Trust or a trustee of such
trust in connection with the issuance of Preferred Securities by the Trust, for
so long as such Preferred Securities remain outstanding, the Company (i) will
maintain 100% direct or indirect ownership of the Common Securities of the
Trust; provided, however, that any successor of the Company, permitted
pursuant to ARTICLE X, may succeed to the Company's ownership of such Common
Securities, (ii) will use its reasonable efforts to cause the Trust (a) to
remain a statutory business trust, except in connection with a distribution
of Securities to the holders of Trust Securities in liquidation of the Trust,
the redemption of all of the Trust Securities or certain mergers,
consolidations or amalgamations, each as permitted by the Declaration, and
(b) to otherwise continue to be treated as a grantor trust and not an
association taxable as a corporation for United States federal income tax
purposes and (iii) use its reasonable efforts to cause each holder of Trust
Securities to be treated as owning an undivided beneficial interest in the
Securities.

SECTION 3.09   PAYMENT OF TRUST'S COSTS AND EXPENSES.

         In connection with the offering, sale and issuance of the Securities
to the Trust and in connection with the sale of the Trust Securities by the
Trust, the Company, in its capacity as borrower with respect to the
Securities, shall:

         (a) pay all costs and expenses relating to the offering, sale and
issuance of the Securities and compensation of the Trustee in accordance with
the provisions of SECTION 6.06;

                                       19
<Page>

         (b) pay all costs and expenses of the Trust (including, but not
limited to, costs and expenses relating to the organization of the Trust, the
offering, sale and issuance of the Trust Securities (including commissions to
the initial purchaser in connection therewith), the fees and expenses of the
Property Trustee and the Delaware Trustee, the costs and expenses relating to
the operation of the Trust, including without limitation, costs and expenses
of accountants, attorneys, statistical or bookkeeping services, expenses for
printing and engraving and computing or accounting equipment, paying
agent(s), registrar(s), transfer agent(s), duplicating, travel and telephone
and other telecommunications expenses and costs and expenses incurred in
connection with the acquisition, financing, and disposition of assets of the
Trust;

         (c) be primarily and fully liable for any indemnification obligations
arising with respect to the Declaration;

         (d) pay any and all taxes, duties, assessments or governmental
charges of whatever nature (other than United States withholding taxes
attributable to the Trust or its assets) imposed on the Trust by the United
States, or any other taxing authority, and all liabilities, costs and
expenses with respect to such taxes of the Trust; and

         (e) pay all other fees, expenses, debts and obligations (other than
in respect of principal, interest and premium, if any, on the Trust
Securities) related to the Trust.

         The foregoing obligations of the Company are for the benefit of, and
shall be enforceable by, any person to whom any such debt, obligations,
costs, expenses and taxes are owed (each, a "CREDITOR") whether or not such
Creditor has received notice thereof. Any such Creditor may enforce such
obligations of the Company directly against the Company, and the Company
irrevocably waives any right or remedy to require that any such Creditor take
any action against the Trust or any person before proceeding against the
Company. The Company shall execute such additional agreements as may be
necessary or desirable to give full effect to the foregoing.

SECTION 3.10   PAYMENT UPON RESIGNATION OR REMOVAL.

         Upon termination of this Indenture or the removal or resignation of
the Trustee, unless otherwise stated, the Company shall pay to the Trustee
all amounts accrued and owing to the date of such termination, removal or
resignation. Upon termination of the Declaration or the removal or
resignation of the Delaware Trustee or the Property Trustee, as the case may
be, pursuant to SECTION 5.7 of the Declaration, the Company shall pay to the
Delaware Trustee or the Property Trustee, as the case may be, all amounts
accrued and owing to the date of such termination, removal or resignation.

                                   ARTICLE IV
                    SECURITYHOLDERS' LISTS AND REPORTS BY THE
                             COMPANY AND THE TRUSTEE

SECTION 4.01   SECURITYHOLDERS' LISTS.

         The Company covenants and agrees that it will furnish or cause to be
furnished to the Trustee:

                                       20
<Page>

         (a) on a semi-annual basis on each regular record date for the
Securities, a list, in such form as the Trustee may reasonably require, of
the names and addresses of the Securityholders as of such record date; and

         (b) at such other times as the Trustee may request in writing,
within 30 days after the receipt by the Company, of any such request, a list
of similar form and content as of a date not more than 15 days prior to the
time such list is furnished, except that, no such lists need be furnished so
long as the Trustee is in possession thereof by reason of its acting as
Security registrar.

SECTION 4.02 Preservation and disclosure of lists.

         (a) The Trustee shall preserve, in as current a form as is
reasonably practicable, all information as to the names and addresses of the
holders of the securities (1) contained in the most recent list furnished to
it as provided in Section 4.01 or (2) received by it in the capacity of
securities registrar (if so acting) hereunder. The Trustee may destroy any
list furnished to it as provided in Section 4.01 upon receipt of a new list
so furnished.

         (b) The rights of holders of securities to communicate with other
holders of securities under this Indenture or under the Securities, and the
corresponding rights and privileges of the Trustee, shall be so provided for
in the Trust Indenture Act.

                                      21
<Page>

         (c) Each and every holder of securities, by receiving and holding
the same, agrees with the company and the trustee that neither the company
nor the trustee nor any paying agent shall be held accountable by reason of
the disclosure of any such information as to the names and addresses of the
holders of securities in accordance with the provisions of subsection (b) of
this Section 4.02, regardless of the source from which such information was
derived, and that the trustee shall not be held accountable by reason of
mailing any material pursuant to a request made under said subsection (b).

SECTION 4.03  REPORTS BY COMPANY.

         (a) The Company covenants and agrees to file with the Trustee,
within 15 days after the date on which the Company is required to file the
same with the Commission, copies of the annual reports and of the
information, documents and other reports (or copies of such portions of any
of the foregoing as said Commission may from time to time by rules and
regulations prescribe) which the Company may be required to file with the
Commission pursuant to Section 13 or Section 15(d) of the Exchange Act; or,
if the Company is not required to file information, documents or reports
pursuant to either of such sections, then to file with the Trustee and the
Commission, in accordance with rules and regulations prescribed from time to
time by the Commission, such of the supplementary and periodic information,
documents and reports which may be required pursuant to Section 13 of the
Exchange Act in respect of a security listed and registered on a national
securities exchange as may be prescribed from time to time in such rules and
regulations.

         (b) The Company covenants and agrees to file with the Trustee and
the Commission, in accordance with the rules and regulations prescribed from
time to time by said Commission, such additional information, documents and
reports with respect to compliance by the Company with the conditions and
covenants provided for in this Indenture as may be required from time to time
by such rules and regulations.

         (c) The Company covenants and agrees to transmit by mail to all
holders of Securities, as the names and addresses of such holders appear upon
the Security Register, within 30 days after the filing thereof with the
Trustee, such summaries of any information, documents and reports required to
be filed by the Company pursuant to subsections (a) and (b) of this SECTION
4.03 as may be required by rules and regulations prescribed from time to time
by the Commission.

                                      22
<Page>

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

SECTION 4.04  REPORTS BY THE TRUSTEE.

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

         (b) A copy of each such report shall, at the time of such
transmission to Securityholders, be filed by the Trustee with each stock
exchange, if any, upon which the Securities are listed, with the Commission
and with the Company. The Company will promptly notify the Trustee when the
Securities are listed on any stock exchange.

                                    ARTICLE V
                   REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS
                               ON EVENT OF DEFAULT

SECTION 5.01  EVENTS OF DEFAULT.

         "EVENT OF DEFAULT", wherever used herein with respect to Securities,
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):

         (a) default in the payment of any interest (including Compounded
Interest or Additional Sums, if any), upon any Security or any Other
Debentures when it becomes due and payable, and continuance of such default
for a period of 30 days; provided, however, that a valid extension of an
interest payment period by the Company in accordance with the terms hereof
shall not constitute a default in the payment of interest for this purpose; or

         (b) default in the payment of all or any part of the principal of
(or premium, if any, on) any Security or any Other Debentures as and when the
same shall become due and payable whether at maturity, upon redemption, by
declaration of acceleration of maturity or otherwise; or

         (c) default in the performance, or breach, of any covenant or
warranty of the Company in this Indenture (other than a covenant or warranty
a default in whose performance or whose breach is elsewhere in this Section
specifically dealt with), and continuance of such default or breach for a
period of 90 days after there has been given, by registered or certified
mail, to the Company by the Trustee or to the Company and the Trustee by the
holders of at least 33% in aggregate principal amount of the outstanding
Securities a written notice specifying such default

                                     23
<Page>

or breach and requiring it to be remedied and stating that such notice is a
"NOTICE OF DEFAULT" hereunder; or

         (d) a court having jurisdiction in the premises shall enter a decree
or order for relief in respect of the Company in an involuntary case under
any applicable bankruptcy, insolvency or other similar law now or hereafter
in effect, or appointing a receiver, liquidator, assignee, custodian,
trustee, sequestrator (or similar official) of the Company or for any
substantial part of its property, or ordering the winding-up or liquidation
of its affairs and such decree or order shall remain unstayed and in effect
for a period of 90 consecutive days; or

         (e) the Company shall commence a voluntary case under any applicable
bankruptcy, insolvency, reorganization or other similar law now or hereafter
in effect, shall consent to the entry of an order for relief in an
involuntary case under any such law, or shall consent to the appointment of
or taking possession by a receiver, liquidator, assignee, trustee, custodian,
sequestrator (or other similar official) of the Company or of any substantial
part of its property, or shall make any general assignment for the benefit of
creditors, or shall fail generally to pay its debts as they become due.

         If an Event of Default with respect to Securities at the time
outstanding occurs and is continuing, then in every such case the Trustee or
the holders of not less than 33% in aggregate principal amount of the
Securities then outstanding may declare the principal amount of all
Securities to be due and payable immediately, by a notice in writing to the
Company (and to the Trustee if given by the holders of the outstanding
Securities), PROVIDED that, if upon an Event of Default, the Trustee or the
holders of not less than 33% in aggregate principal amount of the Outstanding
Securities fail to declare the principal of all the Securities to be
immediately due and payable, the holders of at least 33% in aggregate
liquidation amount of the Preferred Securities then outstanding shall have
such right by a notice in writing to the Company and the Trustee, and upon
any such declaration the same shall become immediately due and payable.
Payment of principal and interest (including any Compounded Interest and
Additional Sums to the extent permitted by applicable law) on such Securities
shall remain subordinated to the extent provided in ARTICLE XV
notwithstanding that such amount shall become immediately due and payable as
herein provided. If an Event of Default specified in SECTION 5.01(d) or (e)
with respect to the Securities occurs, the principal amount of all the
Securities shall automatically, and without any declaration or other action
on the part of Trustee or any holder, become immediately due and payable.

         The foregoing provisions, however, are subject to the condition that
if, at any time after the principal of the Securities shall have been so
declared due and payable, and before any judgment or decree for the payment
of the moneys due shall have been obtained or entered as hereinafter
provided, (i) the Company shall pay or shall deposit with the Trustee a sum
sufficient to pay (A) all matured installments of interest (including
Compounded Interest and Additional Sums, if any) upon all the Securities and
the principal of and premium, if any, on any and all Securities which shall
have become due otherwise than by acceleration (with interest upon such
principal and premium, if any, and, to the extent that payment of such
interest is enforceable under applicable law, on overdue installments of
interest, at the same rate as the rate of interest specified in the
Securities to the date of such payment or deposit) and (B) such amount as
shall be sufficient to cover compensation due to the Trustee and each
predecessor Trustee, their

                                      24
<Page>

respective agents, attorneys and counsel, pursuant to SECTION 6.06, and (ii)
any and all Events of Default under the Indenture, other than the non-payment
of the principal of the Securities which shall have become due solely by such
declaration of acceleration, shall have been cured, waived or otherwise
remedied as provided herein, then, in every such case, the holders of a
majority in aggregate principal amount of the Securities then outstanding, by
written notice to the Company and to the Trustee, may rescind and annul such
declaration and its consequences, but no such waiver or rescission and
annulment shall extend to or shall affect any subsequent default or shall
impair any right consequent thereon. If the holders of a majority in
aggregate principal amount of the outstanding Securities fail to rescind and
annul such declaration and its consequences, the holders of a majority in
aggregate liquidation amount of the Preferred Securities then outstanding
shall have such right.

         In case the Trustee or any holder shall have proceeded to enforce
any right under this Indenture and such proceedings shall have been
discontinued or abandoned because of such rescission or annulment or for any
other reason or shall have been determined adversely to the Trustee or such
holder, then and in every such case the Company, the Trustee and the holders
of the Securities shall be restored respectively to their several positions
and rights hereunder, and all rights, remedies and powers of the Company, the
Trustee and the holders of the Securities shall continue as though no such
proceeding had been taken.

SECTION 5.02  PAYMENT OF SECURITIES ON DEFAULT; SUIT THEREFOR.

         The Company covenants that (a) in case default shall be made in the
payment of any installment of interest (including Compounded Interest and
Additional Sums, if any) upon any of the Securities as and when the same
shall become due and payable, and such default shall have continued for a
period of 30 days, or (b) in case default shall be made in the payment of the
principal of or premium, if any, on any of the Securities as and when the
same shall have become due and payable, whether at maturity of the Securities
or upon redemption or by declaration or otherwise, then, upon demand of the
Trustee, the Company will pay to the Trustee, for the benefit of the holders
of the Securities, the whole amount that then shall have become due and
payable on all such Securities for principal and premium, if any, or interest
(including Compounded Interest and Additional Sums, if any) or both, as the
case may be, with interest upon the overdue principal and premium, if any,
and (to the extent that payment of such interest is enforceable under
applicable law and, if the Securities are held by the Trust or a trustee of
such trust, without duplication of any other amounts paid by the Trust or a
trustee in respect thereof) upon the overdue installments of interest
(including Compounded Interest and Additional Sums, if any) at the rate borne
by the Securities; and, in addition thereto, such further amount as shall be
sufficient to cover the costs and expenses of collection, including a
reasonable compensation to the Trustee, its agents, attorneys and counsel,
and any other amount due to the Trustee pursuant to SECTION 6.06.

         In case the Company shall fail forthwith to pay such amounts upon
such demand, the Trustee, in its own name and as trustee of an express trust,
shall be entitled and empowered to institute any actions or proceedings at
law or in equity for the collection of the sums so due and unpaid, and may
prosecute any such action or proceeding to judgment or final decree, and may
enforce any such judgment or final decree against the Company or any other
obligor on the

                                      25
<Page>

Securities and collect in the manner provided by law out of the property of
the Company or any other obligor on the Securities wherever situated the
moneys adjudged or decreed to be payable.

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

         If an Event of Default occurs and shall be continuing as to the
Securities, the Property Trustee will have the right to declare the principal
of (premium, if any, on) and interest (including any Compounded Interest of
Additional Interest) and any other amounts payable under the Indenture to be
forthwith due and payable and to enforce the right as a creditor with respect
to the Securities.

         In case there shall be pending proceedings for the bankruptcy or for
the reorganization of the Company or any other obligor on the Securities under
Title 11, United States Code, or any other applicable law, or in case a
receiver or trustee shall have been appointed for the property of the Company
or such other obligor, or in the case of any other similar judicial
proceedings relative to the Company or other obligor upon the Securities, or
to the creditors or property of the Company or such other obligor, the
Trustee, irrespective of whether the principal of the Securities shall then be
due and payable as therein expressed or by declaration or otherwise and
irrespective of whether the Trustee shall have made any demand pursuant to the
provisions of this SECTION 5.02, shall be entitled and empowered, by
intervention in such proceedings or otherwise, to file and prove a claim or
claims for the whole amount of principal premium, if any, and interest
(including Compounded Interest and Additional Sums, if any) owing and unpaid
in respect of the Securities and, in case of any judicial proceedings, 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
amounts due to the Trustee pursuant to SECTION 6.06) and of the
Securityholders allowed in such judicial proceedings relative to the Company
or any other obligor on the Securities, or to the creditors or property of the
Company or such other obligor, unless prohibited by applicable law and
regulations, to vote on behalf of the holders of the Securities in any
election of a trustee or a standby trustee in arrangement, reorganization,
liquidation or other bankruptcy or insolvency proceedings or person performing
similar functions in comparable proceedings, and to collect and receive any
moneys or other property payable or deliverable on any such claims, and to
distribute the same after the deduction of its charges and expenses; and any
receiver, assignee or trustee in bankruptcy or reorganization is hereby
authorized by each of the Securityholders to make such payments to the
Trustee, and, in the event that the Trustee shall consent to the making of
such payments directly to the Securityholders, to pay to the Trustee such
amounts as shall be sufficient to cover reasonable compensation to the
Trustee, each predecessor Trustee and their respective agents, attorneys and
counsel, and all other amounts due to the Trustee pursuant to SECTION 6.06.

         Nothing herein contained shall be construed to authorize the Trustee
to authorize or consent to or accept or adopt on behalf of any Securityholder
any plan of reorganization, arrangement, adjustment or composition affecting
the Securities or the rights of any holder

                                      26
<Page>

thereof or to authorize the Trustee to vote in respect of the claim of any
Securityholder in any such proceeding.

         All rights of action and of asserting claims under this Indenture,
or under any of the Securities, may be enforced by the Trustee without the
possession of any of the Securities, or the production thereof on any trial
or other proceeding relative thereto, and any such suit or proceeding
instituted by the Trustee shall be brought in its own name as trustee of an
express trust, and any recovery of judgment shall be for the ratable benefit
of the holders of the Securities.

         In any proceedings brought by the Trustee (and also any proceedings
involving the interpretation of any provision of this Indenture to which the
Trustee shall be a party) the Trustee shall be held to represent all the
holders of the Securities, and it shall not be necessary to make any holders
of the Securities parties to any such proceedings.

SECTION 5.03  APPLICATION OF MONEYS COLLECTED BY TRUSTEE.

         Any moneys collected by the Trustee shall be applied in the order
following, at the date or dates fixed by the Trustee for the distribution of
such moneys, upon presentation of the Securities in respect of which moneys
have been collected, and stamping thereon the payment, if only partially
paid, and upon surrender thereof if fully paid:

         FIRST:  To the payment of costs and expenses of collection
applicable to the Securities and all other amounts due to the Trustee under
SECTION 6.06;

         SECOND:  To the payment of all Senior Indebtedness of the Company if
and to the extent required by ARTICLE XV;

         THIRD: To the payment of the amounts then due and unpaid upon
Securities for principal of (and premium, if any) and interest (including
Compounded Interest and Additional Sums, if any) on the Securities, in
respect of which or for the benefit of which money has been collected,
ratably, without preference of priority of any kind, according to the amounts
due on such Securities for principal (and premium, if any) and interest,
respectively; and

         FOURTH:  To the Company.

SECTION 5.04  PROCEEDINGS BY SECURITYHOLDERS.

         No holder of any Security shall have any right by virtue of or by
availing of any provision of this Indenture to institute any suit, action or
proceeding in equity or at law upon or under or with respect to this
Indenture or for the appointment of a receiver or trustee, or for any other
remedy hereunder, unless such holder previously shall have given to the
Trustee written notice of an Event of Default and of the continuance thereof
with respect to the Securities specifying such Event of Default, as
hereinbefore provided, and unless also the holders of not less than 33% in
aggregate principal amount of the Securities then outstanding shall have made
written request upon the Trustee to institute such action, suit or proceeding
in its own name as Trustee hereunder and shall have offered to the Trustee
such reasonable indemnity as it may require against the costs, expenses and
liabilities to be incurred therein or thereby, and the

                                      27
<Page>

Trustee for 60 days after its receipt of such notice, request and offer of
indemnity shall have failed to institute any such action, suit or proceeding,
it being understood and intended, and being expressly covenanted by the taker
and holder of every Security with every other taker and holder and the
Trustee, that no one or more holders of Securities shall have any right in
any manner whatever by virtue of or by availing of any provision of this
Indenture to affect, disturb or prejudice the rights of any other holder of
Securities, or to obtain or seek to obtain priority over or preference to any
other such holder, or to enforce any right under this Indenture, except in
the manner herein provided and for the equal, ratable and common benefit of
all holders of Securities.

         Notwithstanding any other provisions in this Indenture, however, the
right of any holder of any Security, which right is absolute and
unconditional, to receive payment of the principal of (premium, if any) and
interest (including Compounded Interest and Additional Sums, if any) on such
Security, on or after the same shall have become due and payable, or to
institute suit for the enforcement of any such payment, shall not be impaired
or affected without the consent of such holder and by accepting a Security
hereunder it is expressly understood, intended and covenanted by the taker
and holder of every Security with every other such taker and holder and the
Trustee, that no one or more holders of Securities shall have any right in
any manner whatsoever by virtue or by availing of any provision of this
Indenture to affect, disturb or prejudice the rights of the holders of any
other Securities, or to obtain or seek to obtain priority over or preference
to any other such holder, or to enforce any right under this Indenture,
except in the manner herein provided and for the equal, ratable and common
benefit of all holders of Securities. For the protection and enforcement of
the provisions of this Section, each and every Securityholder and the Trustee
shall be entitled to such relief as can be given either at law or in equity.

         The Company and the Trustee acknowledge that pursuant to the
Declaration, the holders of Preferred Securities are entitled, in the
circumstances and subject to the limitations set forth therein, to commence a
Direct Action with respect to any Event of Default under this Indenture and
the Securities. Notwithstanding any payment made to such holder of Preferred
Securities by the Company in connection with a Direct Action, the Company
shall remain obligated to pay the principal of or interest on the Securities
held by the Trust or the Property Trustee. In connection with any such Direct
Action, the Company will be subrogated to the rights of any holder of the
Preferred Securities to the extent of any payment made by the Company to such
holder of Preferred Securities as a result of such Direct Action. Except as
set forth in this Article, the other holders of Preferred Securities shall
have no right to exercise directly any other rights or remedy available to the
Holders of or in respect of, the Securities unless an event of default under
the Declaration shall have occurred.

SECTION 5.05  PROCEEDINGS BY TRUSTEE.

         In case an Event of Default occurs with respect to Securities and is
continuing, the Trustee may in its discretion proceed to protect and enforce
the rights vested in it by this Indenture by such appropriate judicial
proceedings as the Trustee shall deem most effectual to protect and enforce
any of such rights, either by suit in equity or by action at law or by
proceeding in bankruptcy or otherwise, whether for the specific enforcement
of any covenant or agreement contained in this Indenture or in aid of the
exercise of any power granted in this

                                      28
<Page>

Indenture, or to enforce any other legal or equitable right vested in the
Trustee by this Indenture or by law.

SECTION 5.06  REMEDIES CUMULATIVE AND CONTINUING.

         All powers and remedies given by this ARTICLE V to the Trustee or to
the Securityholders shall, to the extent permitted by law, be deemed
cumulative and not exclusive of any other powers and remedies available to
the Trustee or the holders of the Securities, by judicial proceedings or
otherwise, to enforce the performance or observance of the covenants and
agreements contained in this Indenture or otherwise established with respect
to the Securities, and no delay or omission of the Trustee or of any holder
of any of the Securities to exercise any right or power accruing upon any
Event of Default occurring and continuing as aforesaid shall impair any such
right or power, or shall be construed to be a waiver of any such default or
an acquiescence therein; and, subject to the provisions of SECTION 5.04,
every power and remedy given by this ARTICLE V or by law to the Trustee or to
the Securityholders may be exercised from time to time, and as often as shall
be deemed expedient, by the Trustee or by the Securityholders.

SECTION 5.07  DIRECTION OF PROCEEDINGS AND WAIVER OF DEFAULTS BY MAJORITY OF
SECURITYHOLDERS.

         The holders of a majority in aggregate principal amount of the
Securities at the time outstanding shall have the right to direct the time,
method, and place of conducting any proceeding for any remedy available to
the Trustee, or exercising any trust or power conferred on the Trustee;
provided, however, that such direction shall not be in conflict with any rule
or law or with this Indenture and, (subject to the provisions of SECTION
6.01) the Trustee shall have the right to decline to follow any such
direction if the Trustee shall determine that the action so directed would be
unjustly prejudicial to the holders not taking part in such direction or if
the Trustee being advised by counsel determines that the action or proceeding
so directed may not lawfully be taken or if the Trustee in good faith by its
board of directors or trustees, executive committee, or a trust committee of
directors or trustees and/or Responsible Officers shall determine that the
action or proceedings so directed would involve the Trustee in personal
liability. Prior to any declaration accelerating the maturity of the
Securities, the holders of a majority in aggregate principal amount of the
Securities at the time outstanding may on behalf of the holders of all of the
Securities waive any past default or Event of Default and its consequences
except a default (a) in the payment of principal of or premium, if any, or
interest (including Compounded Interest and Additional Sums, if any) on any
of the Securities or (b) in respect of covenants or provisions hereof which
cannot be modified or amended without the consent of the holder of each
Security affected; provided, however, that if the Securities are held by the
Property Trustee, such waiver or modification to such waiver shall not be
effective until the holders of a majority in aggregate liquidation amount of
Trust Securities shall have consented to such waiver or modification to such
waiver; provided further, that if the consent of the holder of each
outstanding Security is required, such waiver shall not be effective until
each holder of the Preferred Securities shall have consented to such waiver.
Upon any such waiver, the default covered thereby shall be deemed to be cured
for all purposes of this Indenture and the Company, the Trustee and the
holders of the Securities shall be restored to their former positions and
rights hereunder, respectively; but no such waiver shall extend to any
subsequent or other default or impair any right consequent thereon. Whenever
any default or Event of Default hereunder shall

                                      29
<Page>

have been waived as permitted by this SECTION 5.07, said default or Event of
Default shall for all purposes of the Securities and this Indenture be deemed
to have been cured and to be not continuing.

SECTION 5.08  NOTICE OF DEFAULTS.

         (a) The Trustee shall, within 90 days after the occurrence of a
default with respect to the Securities known to a Responsible Officer of the
Trustee, mail to all Securityholders, as the names and addresses of such
holders appear upon the Security Register, notice of all defaults known to
the Trustee, unless such defaults shall have been cured before the giving of
such notice (the term "DEFAULTS" for the purpose of this SECTION 5.08 being
hereby defined to be the events specified in clauses (a), (b), (c), (d) and
(e) of SECTION 5.01, not including periods of grace, if any, provided for
therein, and irrespective of the giving of written notice specified in clause
(c) of SECTION 5.01); and provided that, except in the case of default in the
payment of the principal of or premium, if any, or interest (including
Compounded Interest or Additional Sums, if any) on any of the Securities, the
Trustee shall be protected in withholding such notice if and so long as the
board of directors, the executive committee, or a trust committee of
directors and/or Responsible Officers of the Trustee in good faith determines
that the withholding of such notice is in the interests of the
Securityholders; and provided further, that in the case of any default of the
character specified in SECTION 5.01(c) no such notice to Securityholders
shall be given until at least 60 days after the occurrence thereof but shall
be given within 90 days after such occurrence.

         (b)     Within five business days after the occurrence of any event of
default actually known to the property trustee, the property trustee shall
transmit notice of such event of default to all holders of preferred securities,
unless such event of default shall have been cured or waived.

SECTION 5.09  UNDERTAKING TO PAY COSTS.

         All parties to this Indenture agree, and each holder of any Security
by his acceptance thereof shall be deemed to have agreed, that any court may
in its discretion require, in any suit for the enforcement of any right or
remedy under this Indenture, or in any suit against the Trustee for any
action taken or omitted by it as Trustee, the filing by any party litigant in
such suit of an undertaking to pay the costs of such suit, and that such
court may in its discretion assess reasonable costs, including reasonable
attorneys' fees and expenses, against any party litigant in such suit, having
due regard to the merits and good faith of the claims or defenses made by
such party litigant; but the provisions of this SECTION 5.09 shall not apply
to any suit instituted by the Company or the Trustee; to any suit instituted
by any Securityholder, or group of Securityholders, holding in the aggregate
more than 10% in aggregate principal amount of the Securities outstanding; or
to any suit instituted by any Securityholder for the enforcement of the
payment of the principal of (or premium, if any) or interest (including
Compounded Interest and Additional Sums, if any) on any Security against the
Company on or after the same shall have become due and payable.

                                      30
<Page>

SECTION 5.10  WAIVER OF STAY OR EXTENSION LAWS.

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

                                   ARTICLE VI
                             CONCERNING THE TRUSTEE

SECTION 6.01  DUTIES AND RESPONSIBILITIES OF TRUSTEE.

         With respect to the holders of the Securities issued hereunder, the
Trustee, prior to the occurrence of an Event of Default and after the curing
or waiving of all Events of Default which may have occurred, undertakes to
perform such duties and only such duties as are specifically set forth in
this Indenture. In case an Event of Default has occurred (which has not been
cured or waived) 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.

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

         (a)  prior to the occurrence of an Event of Default and after the
curing or waiving of all Events of Default which may have occurred,

                  (i) the duties and obligations of the Trustee shall be
determined solely by the express provisions of this Indenture and the Trust
Indenture Act, and the Trustee shall not be liable except for the performance
of such duties and obligations as are specifically set forth in this
Indenture or in the Trust Indenture Act, and no implied covenants or
obligations shall be read into this Indenture against the Trustee; and

                  (ii) in the absence of bad faith on the part of the
Trustee, the Trustee may conclusively rely, as to the truth of the statements
and the correctness of the opinions expressed therein, upon any 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;

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

                                      31
<Page>

         (c) the Trustee shall not be liable with respect to any action taken
or omitted to be taken by it in good faith, in accordance with the direction
of the Securityholders pursuant to SECTION 5.07, relating to the time, method
and place of conducting any proceeding for any remedy available to the
Trustee, or exercising any trust or power conferred upon the Trustee, under
this Indenture.

         None of the provisions contained in this Indenture shall require the
Trustee to expend or risk its own funds or otherwise incur personal financial
liability in the performance of any of its duties or in the exercise of any
of its rights or powers, if there is reasonable ground for believing that the
repayment of such funds or liability is not reasonably assured to it under
the terms of this Indenture or adequate indemnity against such risk is not
reasonably assured to it.

SECTION 6.02  RELIANCE ON DOCUMENTS, OPINIONS, ETC.

         Except as otherwise provided in SECTION 6.01:

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

         (b) any request, direction, order or demand of the Company mentioned
herein may be sufficiently evidenced by an Officers' Certificate (unless
other evidence in respect thereof be herein specifically prescribed); and any
Board Resolution may be evidenced to the Trustee by a copy thereof certified
by the Secretary or an Assistant Secretary of the Company;

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

         (d) the Trustee shall be under no obligation to exercise any of the
rights or powers vested in it by this Indenture at the request, order or
direction of any of the Securityholders, pursuant to the provisions of this
Indenture, unless such Securityholders shall have offered to the Trustee
reasonable and sufficient security or indemnity against the costs, expenses
and liabilities which may be incurred therein or thereby;

         (e) the Trustee shall not be liable for any action taken or omitted
by it in good faith and believed by it to be authorized or within the
discretion or rights or powers conferred upon it by this Indenture; nothing
contained herein shall, however, relieve the Trustee of the obligation, upon
the occurrence of an Event of Default (that has not been cured or waived), to
exercise such of the rights and powers vested in it by this Indenture, and to
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;

         (f) the Trustee shall not be bound to make any investigation into
the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, consent, order, approval, bond,
debenture, coupon or other paper or document, unless requested

                                      32
<Page>

in writing to do so by the holders of a majority in aggregate principal
amount of the outstanding Securities; provided, however, that if the payment
within a reasonable time to the Trustee of the costs, expenses or liabilities
likely to be incurred by it in the making of such investigation is, in the
opinion of the Trustee, not reasonably assured to the Trustee by the security
afforded to it by the terms of this Indenture, the Trustee may require
reasonable indemnity against such expense or liability as a condition to so
proceeding;

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

         (h) the Trustee shall not be charged with knowledge of any Default
or Event of Default with respect to the Securities unless (1) such default is
a default under SECTIONS 5.01(a) (other than a default with respect to the
payment of Compounded Interest or Additional Sums) and 5.01(b) of the
Indenture, (2) a Responsible Officer shall have actual knowledge of such
Default or Event of Default or (3) written notice of such Default or Event of
Default shall have been given to the Trustee by the Company or any other
obligor on the Securities or by any holder of the Securities; and

         (i) the Trustee shall not be liable for any action taken, suffered
or omitted by it in good faith, without negligence or willful misconduct and
believed by it to be authorized or within the discretion or rights or powers
conferred upon it by this Indenture.

SECTION 6.03  NO RESPONSIBILITY FOR RECITALS, ETC.

         The recitals contained herein and in the Securities (except in the
certificate of authentication of the Trustee or the Authenticating Agent)
shall be taken as the statements of the Company and the Trustee and the
Authenticating Agent assume no responsibility for the correctness of the
same. The Trustee and the Authenticating Agent make no representations as to
the validity or sufficiency of this Indenture or of the Securities. The
Trustee and the Authenticating Agent shall not be accountable for the use or
application by the Company of any Securities or the proceeds of any
Securities authenticated and delivered by the Trustee or the Authenticating
Agent in conformity with the provisions of this Indenture.

SECTION 6.04  TRUSTEE, AUTHENTICATING AGENT, PAYING AGENTS, TRANSFER AGENTS OR
REGISTRAR MAY OWN SECURITIES.

         The Trustee or any Authenticating Agent or any paying agent or any
transfer agent or any Security registrar, in its individual or any other
capacity, may become the owner or pledgee of Securities with the same rights
it would have if it were not Trustee, Authenticating Agent, paying agent,
transfer agent or Security registrar.

SECTION 6.05  MONEYS TO BE HELD IN TRUST.

         Subject to the provisions of SECTION 11.04, all moneys received by
the Trustee or any paying agent shall, until used or applied as herein
provided, be held in trust for the purpose for which they were received, but
need not be segregated from other funds except to the extent

                                      33
<Page>

required by law. The Trustee and any paying agent shall be under no liability
for interest on any money received by it hereunder except as otherwise agreed
in writing with the Company. So long as no Event of Default shall have
occurred and be continuing, all interest allowed on any such moneys shall be
paid from time to time upon the written order of the Company, signed by the
Chairman of the Board of Directors, the President, a Vice President, the
Treasurer or an Assistant Treasurer of the Company.

SECTION 6.06  COMPENSATION AND EXPENSES OF TRUSTEE.

         The Company, as issuer of Securities under this Indenture, covenants
and agrees to pay to the Trustee from time to time, and the Trustee shall be
entitled to, such compensation as shall be agreed to in writing between the
Company and the Trustee (which shall not be limited by any provision of law
in regard to the compensation of a trustee of an express trust), and the
Company will pay or reimburse the Trustee upon its request for all reasonable
expenses, disbursements and advances incurred or made by the Trustee in
accordance with any of the provisions of this Indenture (including the
reasonable compensation and the expenses and disbursements of its counsel and
of all persons not regularly in its employ) except any such expense,
disbursement or advance as may arise from its negligence or bad faith. The
Company also covenants to indemnify each of the Trustee or any predecessor
Trustee (and its officers, agents, directors and employees) for, and to hold
it harmless against, any and all loss, damage, claim, liability or expense
including taxes (other than taxes based on the income of the Trustee)
incurred without negligence or bad faith on the part of the Trustee and
arising out of or in connection with the acceptance or administration of this
trust, including the costs and expenses of defending itself against any claim
of liability in the premises. The obligations of the Company under this
SECTION 6.06 to compensate and indemnify the Trustee and to pay or reimburse
the Trustee for expenses, disbursements and advances shall constitute
additional indebtedness hereunder. Such additional indebtedness shall be
secured by a lien prior to that of the Securities upon all property and funds
held or collected by the Trustee as such, except funds held in trust for the
benefit of the holders of particular Securities.

         When the Trustee incurs expenses or renders services in connection
with an Event of Default specified in SECTION 5.01(d) or SECTION 5.01(e), the
expenses (including the reasonable charges and expenses of its counsel) and
the compensation for the services are intended to constitute expenses of
administration under any applicable federal or state bankruptcy, insolvency
or other similar law.

         The provisions of this Section shall survive the resignation or
removal of the Trustee and the defeasance or other termination of this
Indenture.

SECTION 6.07  OFFICERS' CERTIFICATE AS EVIDENCE.

         Except as otherwise provided in SECTIONS 6.01 and 6.02, whenever in
the administration of the provisions of this Indenture the Trustee shall deem
it necessary or desirable that a matter be proved or established prior to
taking or omitting any action hereunder, such matter (unless other evidence
in respect thereof is herein specifically prescribed) may, in the absence of
negligence or bad faith on the part of the Trustee, be deemed to be
conclusively proved and established by an Officers' Certificate delivered to
the Trustee, and such certificate, in the

                                     34
<Page>

absence of negligence or bad faith on the part of the Trustee, shall be full
warrant to the Trustee for any action taken or omitted by it under the
provisions of this Indenture upon the faith thereof.

SECTION 6.08  CONFLICTING INTEREST OF TRUSTEE.

         If the Trustee has or shall acquire any "conflicting interest"
within the meaning of Section 310(b) of the Trust Indenture Act, the Trustee
and the Company shall in all respects comply with the provisions of Section
310(b) of the Trust Indenture Act.

SECTION 6.09  ELIGIBILITY OF TRUSTEE.

         The Trustee hereunder shall at all times be a corporation organized
and doing business under the laws of the United States of America or any
state or territory thereof or of the District of Columbia or a corporation or
other Person permitted to act as trustee by the Commission authorized under
such laws to exercise corporate trust powers, having a combined capital and
surplus of at least 50 million U.S. dollars ($50,000,000) and subject to
supervision or examination by federal, state, territorial, or District of
Columbia authority. If such corporation publishes reports of condition at
least annually, pursuant to law or to the requirements of the aforesaid
supervising or examining authority, then for the purposes of this SECTION
6.09 the combined capital and surplus of such corporation shall be deemed to
be its combined capital and surplus as set forth in its most recent report of
condition so published.

         The Company may not, nor may any Person directly or indirectly
controlling, controlled by, or under common control with the Company, serve
as Trustee.

         In case at any time the Trustee shall cease to be eligible in
accordance with the provisions of this SECTION 6.09, the Trustee shall resign
immediately in the manner and with the effect specified in SECTION 6.10.

SECTION 6.10  RESIGNATION OR REMOVAL OF TRUSTEE.

         (a) The Trustee, or any trustee or trustees hereafter appointed, may
at any time resign by giving written notice of such resignation to the
Company and by mailing notice thereof to the holders of the Securities at
their addresses as they shall appear on the Security register. Upon receiving
such notice of resignation, the Company shall promptly appoint a successor
trustee or trustees by written instrument, in duplicate, one copy of which
instrument shall be delivered to the resigning Trustee and one copy to the
successor trustee. If no successor trustee shall have been so appointed and
have accepted appointment within 60 days after the mailing of such notice of
resignation to the affected Securityholders, the resigning Trustee may
petition any court of competent jurisdiction for the appointment of a
successor trustee, or any Securityholder who has been a bona fide holder of a
Security for at least six months may, subject to the provisions of SECTION
5.09, on behalf of himself and all others similarly situated, petition any
such court for the appointment of a successor trustee. Such court may
thereupon, after such notice, if any, as it may deem proper and prescribe,
appoint a successor trustee.

         (b)  In case at any time any of the following shall occur:

                                      35
<Page>

                  (i) the Trustee shall fail to comply with the provisions of
SECTION 6.08 after written request therefor by the Company or by any
Securityholder who has been a bona fide holder of a Security or Securities
for at least six months, or

                  (ii) the Trustee shall cease to be eligible in accordance
with the provisions of SECTION 6.09 and shall fail to resign after written
request therefor by the Company or by any such Securityholder, or

                  (iii) 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, the
Company may remove the Trustee and appoint a successor trustee by written
instrument, in duplicate, one copy of which instrument shall be delivered to
the Trustee so removed and one copy to the successor trustee, or, subject to
the provisions of SECTION 5.09, any Securityholder 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 and the appointment of a successor trustee.
Such court may thereupon, after such notice, if any, as it may deem proper,
remove the Trustee and appoint a successor trustee.

         (c) The holders of a majority in aggregate principal amount of the
Securities at the time outstanding may at any time remove the Trustee and
nominate a successor trustee, which shall be deemed appointed as successor
trustee unless within 10 days after such nomination the Company objects
thereto or if no successor trustee shall have been so appointed and shall
have accepted appointment within 30 days after such removal, in which case
the Trustee so removed or any Securityholder, upon the terms and conditions
and otherwise as in subsection (a) of this SECTION 6.10 provided, may
petition any court of competent jurisdiction for an appointment of a
successor trustee.

         (d) Any resignation or removal of the Trustee and appointment of a
successor trustee pursuant to any of the provisions of this SECTION 6.10
shall become effective only upon acceptance of appointment by the successor
trustee as provided in SECTION 6.11.

SECTION 6.11  ACCEPTANCE BY SUCCESSOR TRUSTEE.

         Any successor trustee appointed as provided in SECTION 6.10 shall
execute, acknowledge and deliver to the Company and to its predecessor
trustee an instrument accepting such appointment hereunder, 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, duties and obligations of its
predecessor hereunder, with like effect as if originally named as trustee
herein; but, nevertheless, on the written request of the Company or of the
successor trustee, the trustee ceasing to act shall, upon payment of any
amounts then due it pursuant to the provisions of SECTION 6.06, execute and
deliver an instrument transferring to such successor trustee all the rights
and powers of the trustee so ceasing to act and shall duly assign, transfer
and deliver to such successor trustee all property and money held by such
retiring trustee thereunder. Upon request of any such successor trustee, the
Company shall execute any and all instruments in writing for more fully and
certainly vesting in and confirming

                                      36
<Page>

to such successor trustee all such rights and powers. Any trustee ceasing to
act shall, nevertheless, retain a lien upon all property or funds held or
collected by such trustee to secure any amounts then due it pursuant to the
provisions of SECTION 6.06.

         No successor trustee shall accept appointment as provided in this
SECTION 6.11 unless at the time of such acceptance such successor trustee
shall be qualified under the provisions of Section 6.08 and eligible under
the provisions of SECTION 6.09.

         Upon acceptance of appointment by a successor trustee as provided in
this SECTION 6.11, the Company shall mail notice of the succession of such
trustee hereunder to the holders of Securities at their addresses as they
shall appear on the Security register. If the Company fails to mail such
notice within 10 days after the acceptance of appointment by the successor
trustee, the successor trustee shall cause such notice to be mailed at the
expense of the Company.

SECTION 6.12  SUCCESSION BY MERGER, ETC.

         Any corporation into which the Trustee may be merged or converted or
with which it may be consolidated, or any corporation resulting from any
merger, conversion or consolidation to which the Trustee shall be a party, or
any corporation succeeding to all or substantially all of the corporate trust
business of the Trustee, shall be the successor of the Trustee hereunder
without the execution or filing of any paper or any further act on the part
of any of the parties hereto provided such corporations shall be otherwise
qualified and eligible under this Article.

         In case at the time such successor to the Trustee shall succeed to
the trusts created by this Indenture any Securities shall have been
authenticated but not delivered, any such successor to the Trustee may adopt
the certificate of authentication of any predecessor trustee, and deliver
such Securities so authenticated; and in case at that time any of the
Securities shall not have been authenticated, any successor to the Trustee
may authenticate such Securities either in the name of any predecessor
hereunder or in the name of the successor trustee; and in all such cases such
certificates shall have the full force which the Securities or this Indenture
elsewhere provides that the certificate of the Trustee shall have; provided,
however, that the right to adopt the certificate of authentication of any
predecessor Trustee or authenticate Securities in the name of any predecessor
Trustee shall apply only to its successor or successors by merger, conversion
or consolidation.

SECTION 6.13  LIMITATION ON RIGHTS OF TRUSTEE AS A CREDITOR.

         The Trustee shall comply with Section 311(a) of the Trust Indenture
Act, excluding any creditor relationship described in Section 311(b) of the
Trust Indenture Act. A Trustee who has resigned or been removed shall be
subject to Section 311(a) of the Trust Indenture Act to the extent included
therein.

SECTION 6.14  AUTHENTICATING AGENTS.

         There may be one or more Authenticating Agents appointed by the
Trustee upon the request of the Company with power to act on its behalf and
subject to its direction in the authentication and delivery of Securities
issued upon exchange or transfer thereof as fully to all intents and purposes
as though any such Authenticating Agent had been expressly authorized to

                                      37
<Page>

authenticate and deliver Securities; provided, that the Trustee shall have no
liability to the Company for any acts or omissions of the Authenticating
Agent with respect to the authentication and delivery of Securities. Any such
Authenticating Agent shall at all times be a corporation organized and doing
business under the laws of the United States or of any state or territory
thereof or of the District of Columbia authorized under such laws to act as
Authenticating Agent, having a combined capital and surplus of at least
$50,000,000 and being subject to supervision or examination by federal,
state, territorial or District of Columbia authority. If such corporation
publishes reports of condition at least annually pursuant to law or the
requirements of such authority, then for the purposes of this SECTION 6.14
the combined capital and surplus of such corporation shall be deemed to be
its combined capital and surplus as set forth in its most recent report of
condition so published. If at any time an Authenticating Agent shall cease to
be eligible in accordance with the provisions of this Section, it shall
resign immediately in the manner and with the effect herein specified in this
Section.

         Any corporation into which any Authenticating Agent may be merged or
converted or with which it may be consolidated, or any corporation resulting
from any merger, consolidation or conversion to which any Authenticating
Agent shall be a party, or any corporation succeeding to the corporate trust
business of any Authenticating Agent, shall be the successor of such
Authenticating Agent hereunder, if such successor corporation is otherwise
eligible under this SECTION 6.14 without the execution or filing of any paper
or any further act on the part of the parties hereto or such Authenticating
Agent.

         Any Authenticating Agent may at any time resign by giving written
notice of resignation to the Trustee and to the Company. The Trustee may at
any time terminate the agency of any Authenticating Agent by giving written
notice of termination to such Authenticating Agent and to the Company. Upon
receiving such a notice of resignation or upon such a termination, or in case
at any time any Authenticating Agent shall cease to be eligible under this
SECTION 6.14, the Trustee may, and upon the request of the Company shall,
promptly appoint a successor Authenticating Agent eligible under this SECTION
6.14, shall give written notice of such appointment to the Company and shall
mail notice of such appointment to all Securityholders as the names and
addresses of such holders appear on the Security Register. Any successor
Authenticating Agent upon acceptance of its appointment hereunder shall
become vested with all rights, powers, duties and responsibilities of its
predecessor hereunder, with like effect as if originally named as
Authenticating Agent herein.

         The Company, as borrower, agrees to pay to any Authenticating Agent
from time to time reasonable compensation for its services. Any
Authenticating Agent shall have no responsibility or liability for any action
taken by it as such in accordance with the directions of the Trustee.

                                   ARTICLE VII
                         CONCERNING THE SECURITYHOLDERS

SECTION 7.01  ACTION BY SECURITYHOLDERS.

         Whenever in this Indenture it is provided that the holders of a
specified percentage in aggregate principal amount of the Securities may take
any action (including the making of any demand or request, the giving of any
notice, consent or waiver or the taking of any other action)

                                      38
<Page>

the fact that at the time of taking any such action the holders of such
specified percentage have joined therein may be evidenced (a) by any
instrument or any number of instruments of similar tenor executed by such
Securityholders in person or by agent or proxy appointed in writing, or (b)
by the record of such holders of Securities voting in favor thereof at any
meeting of such Securityholders duly called and held in accordance with the
provisions of ARTICLE VIII, or (c) by a combination of such instrument or
instruments and any such record of such a meeting of such Securityholders.

         If the Company shall solicit from the Securityholders any request,
demand, authorization, direction, notice, consent, waiver or other action,
the Company may, at its option, as evidenced by an Officers' Certificate, fix
in advance a record date for the determination of Securityholders entitled to
give such request, demand, authorization, direction, notice, consent, waiver
or other action, but the Company shall have no obligation to do so. If such a
record date is fixed, such request, demand, authorization, direction, notice,
consent, waiver or other action may be given before or after the record date,
but only the Securityholders of record at the close of business on the record
date shall be deemed to be Securityholders for the purposes of determining
whether Securityholders of the requisite proportion of outstanding Securities
have authorized or agreed or consented to such request, demand,
authorization, direction, notice, consent, waiver or other action, and for
that purpose the outstanding Securities shall be computed as of the record
date; provided, however, that no such authorization, agreement or consent by
such Securityholders on the record date shall be deemed effective unless it
shall become effective pursuant to the provisions of this Indenture not later
than six months after the record date.

SECTION 7.02  PROOF OF EXECUTION BY SECURITYHOLDERS.

         Subject to the provisions of SECTION 6.01, 6.02 and 8.05, proof of
the execution of any instrument by a Securityholder or his agent or proxy
shall be sufficient if made in accordance with such reasonable rules and
regulations as may be prescribed by the Trustee or in such manner as shall be
satisfactory to the Trustee. The ownership of Securities shall be proved by
the Security Register or by a certificate of the Security registrar. The
Trustee may require such additional proof of any matter referred to in this
Section as it shall deem necessary.

         The record of any Securityholders' meeting shall be proved in the
manner provided in SECTION 8.06.

SECTION 7.03  WHO ARE DEEMED ABSOLUTE OWNERS.

         Prior to due presentment for registration of transfer of any
Security, the Company, the Trustee, any Authenticating Agent, any paying
agent, any transfer agent and any Security registrar may deem the person in
whose name such Security shall be registered upon the Security Register to
be, and may treat him as, the absolute owner of such Security (whether or not
such Security shall be overdue) for the purpose of receiving payment of or on
account of the principal of and premium, if any, and (subject to SECTION
2.05) interest on such Security and for all other purposes; and neither the
Company nor the Trustee nor any Authenticating Agent nor any paying agent nor
any transfer agent nor any Security registrar shall be affected by any notice
to the contrary. All such payments so made to any holder for the time being
or upon his order shall be

                                      39
<Page>

valid, and, to the extent of the sum or sums so paid, effectual to satisfy
and discharge the liability for moneys payable upon any such Security.

SECTION 7.04  SECURITIES OWNED BY COMPANY DEEMED NOT OUTSTANDING.

         In determining whether the holders of the requisite aggregate
principal amount of Securities have concurred in any direction, consent,
notice or waiver under this Indenture, Securities which are owned by the
Company or any other obligor on the Securities or any Affiliate of the
Company (other than the Trust) or any other obligor on the Securities shall
be disregarded and deemed not to be outstanding for the purpose of any such
determination; provided that for the purposes of determining whether the
Trustee shall be protected in relying on any such direction, consent or
waiver, only Securities which a Responsible Officer of the Trustee actually
knows are so owned shall be so disregarded. Securities so owned which have
been pledged in good faith may be regarded as outstanding for the purposes of
this SECTION 7.04 if the pledgee shall establish to the satisfaction of the
Trustee the pledgee's right to vote such Securities and that the pledgee is
not the Company or any such other obligor or Affiliate of the Company or any
such other obligor. In the case of a dispute as to such right, any decision
by the Trustee taken upon the advice of counsel shall be full protection to
the Trustee.

SECTION 7.05  REVOCATION OF CONSENTS; FUTURE HOLDERS BOUND.

         At any time prior to (but not after) the evidencing to the Trustee,
as provided in SECTION 7.01, of the taking of any action by the holders of
the percentage in aggregate principal amount of the Securities specified in
this Indenture in connection with such action, any holder of a Security (or
any Security issued in whole or in part in exchange or substitution
therefor), subject to SECTION 7.01, the serial number of which is shown by
the evidence to be included in the Securities the holders of which have
consented to such action may, by filing written notice with the Trustee at
its principal office and upon proof of holding as provided in SECTION 7.02,
revoke such action so far as concerns such Security (or so far as concerns
the principal amount represented by any exchanged or substituted Security).
Except as aforesaid any such action taken by the holder of any Security shall
be conclusive and binding upon such holder and upon all future holders and
owners of such Security, and of any Security issued in exchange or
substitution therefor, irrespective of whether or not any notation in regard
thereto is made upon such Security or any Security issued in exchange or
substitution therefor.

                                  ARTICLE VIII
                            SECURITYHOLDERS' MEETINGS

SECTION 8.01  PURPOSES OF MEETINGS.

         A meeting of Securityholders may be called at any time and from time
to time pursuant to the provisions of this ARTICLE VIII for any of the
following purposes:

         (a) to give any notice to the Company or to the Trustee, or to give
any directions to the Trustee, or to consent to the waiving of any default
hereunder and its consequences, or to take any other action authorized to be
taken by Securityholders pursuant to any of the provisions of ARTICLE V;

                                      40
<Page>

         (b)  to remove the Trustee and nominate a successor trustee pursuant
to the provisions of ARTICLE VI;

         (c)  to consent to the execution of an indenture or indentures
supplemental hereto pursuant to the provisions of SECTION 9.02; or

         (d) to take any other action authorized to be taken by or on behalf
of the holders of any specified aggregate principal amount of such Securities
under any other provision of this Indenture or under applicable law.

SECTION 8.02  CALL OF MEETINGS BY TRUSTEE.

         The Trustee may at any time call a meeting of Securityholders to
take any action specified in SECTION 8.01, to be held at such time and at
such place in the Borough of Manhattan, The City of New York, as the Trustee
shall determine. Notice of every meeting of the Securityholders, setting
forth the time and the place of such meeting and in general terms the action
proposed to be taken at such meeting, shall be mailed to holders of
Securities at their addresses as they shall appear on the Securities
Register. Such notice shall be mailed not less than 20 nor more than 180 days
prior to the date fixed for the meeting.

SECTION 8.03  CALL OF MEETINGS BY COMPANY OR SECURITYHOLDERS.

         In case at any time the Company pursuant to a resolution of the
Board of Directors, or the holders of at least 10% in aggregate principal
amount of the Securities then outstanding, shall have requested the Trustee
to call a meeting of Securityholders, by written request setting forth in
reasonable detail the action proposed to be taken at the meeting, and the
Trustee shall not have mailed the notice of such meeting within 20 days after
receipt of such request, then the Company or such Securityholders may
determine the time and the place in said Borough of Manhattan for such
meeting and may call such meeting to take any action authorized in SECTION
8.01, by mailing notice thereof as provided in SECTION 8.02.

SECTION 8.04  QUALIFICATIONS FOR VOTING.

         To be entitled to vote at any meeting of Securityholders a Person
shall (a) be a holder of one or more Securities or (b) a Person appointed by
an instrument in writing as proxy by a holder of one or more Securities. The
only Persons who shall be entitled to be present or to speak at any meeting
of Securityholders shall be the Persons entitled to vote at such meeting and
their counsel and any representatives of the Trustee and its counsel and any
representatives of the Company and its counsel.

SECTION 8.05  REGULATIONS.

         Notwithstanding any other provisions of this Indenture, the Trustee
may make such reasonable regulations as it may deem advisable for any meeting
of Securityholders, in regard to proof of the holding of Securities and of
the appointment of proxies, and in regard to the appointment and duties of
inspectors of votes, the submission and examination of proxies, certificates
and other evidence of the right to vote, and such other matters concerning
the conduct of the meeting as it shall think fit.

                                      41
<Page>

         The Trustee shall, by an instrument in writing, appoint a temporary
chairman of the meeting, unless the meeting shall have been called by the
Company or by Securityholders as provided in SECTION 8.03, in which case the
Company or the Securityholders calling the meeting, as the case may be, shall
in like manner appoint a temporary chairman. A permanent chairman and a
permanent secretary of the meeting shall be elected by majority vote of the
meeting.

         Subject to the provisions of SECTION 8.04, at any meeting each
holder of Securities or proxy therefor shall be entitled to one vote for each
$1,000 principal amount of Securities held or represented by him; provided,
however, that no vote shall be cast or counted at any meeting in respect of
any Security challenged as not outstanding and ruled by the chairman of the
meeting to be not outstanding. The chairman of the meeting shall have no
right to vote other than by virtue of Securities held by him or instruments
in writing as aforesaid duly designating him as the person to vote on behalf
of other Securityholders. Any meeting of Securityholders duly called pursuant
to the provisions of SECTION 8.02 or 8.03 may be adjourned from time to time
by a majority of those present, and the meeting may be held as so adjourned
without further notice.

SECTION 8.06  VOTING.

         The vote upon any resolution submitted to any meeting of holders of
Securities shall be by written ballots on which shall be subscribed the
signatures of such holders or of their representatives by proxy and the
serial number or numbers of the Securities held or represented by them. The
permanent chairman of the meeting shall appoint two inspectors of votes who
shall count all votes cast at the meeting for or against any resolution and
who shall make and file with the secretary of the meeting their verified
written reports in triplicate of all votes cast at the meeting. A record in
duplicate of the proceedings of each meeting of Securityholders shall be
prepared by the secretary of the meeting and there shall be attached to said
record the original reports of the inspectors of votes on any vote by ballot
taken thereat and affidavits by one or more persons having knowledge of the
facts setting forth a copy of the notice of the meeting and showing that said
notice was mailed as provided in SECTION 8.02. The record shall show the
serial numbers of the Securities voting in favor of or against any
resolution. The record shall be signed and verified by the affidavits of the
permanent chairman and secretary of the meeting and one of the duplicates
shall be delivered to the Company and the other to the Trustee to be
preserved by the Trustee, the latter to have attached thereto the ballots
voted at the meeting.

         Any record so signed and verified shall be conclusive evidence of
the matters therein stated.

                                   ARTICLE IX
                             SUPPLEMENTAL INDENTURES

SECTION 9.01  WITHOUT CONSENT OF SECURITYHOLDERS.

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

                                      42
<Page>

         (a) to evidence the succession of another Person to the Company, or
successive successions, and the assumption by the successor Person of the
covenants, agreements and obligations of the Company herein and in the
Securities pursuant to ARTICLE X hereof;

         (b) to add to the covenants of the Company such further covenants,
restrictions or conditions for the protection of the Securityholders as the
Board of Directors and the Trustee shall consider to be for the protection of
the Securityholders, and to make the occurrence, or the occurrence and
continuance, of a default in any of such additional covenants, restrictions
or conditions a default or an Event of Default permitting the enforcement of
all or any of the remedies provided in this Indenture as herein set forth;
provided, however, that in respect of any such additional covenant,
restriction or condition such amendment may provide for a particular period
of grace after default (which period may be shorter or longer than that
allowed in the case of other defaults) or may provide for an immediate
enforcement upon such default or may limit the remedies available to the
Trustee upon such default;

         (c) to provide for the issuance under this Indenture of Securities
in coupon form (including Securities registrable as to principal only) and to
provide for exchangeability of such Securities with the Securities issued
hereunder in fully registered form and to make all appropriate changes for
such purpose;

         (d) to cure any ambiguity or to correct or supplement any provision
contained herein or in any supplemental indenture which may be defective or
inconsistent with any other provision contained herein or in any supplemental
indenture, or to make such other provisions in regard to matters or questions
arising under this Indenture; provided that any such action shall not
materially adversely affect the interests of the holders of the Securities;

         (e) to evidence and provide for the acceptance of appointment
hereunder by a successor trustee with respect to the Securities;

         (f) to make provision for transfer procedures, certification,
book-entry provisions, the form of restricted securities legends, if any, to
be placed on Securities, and all other matters required pursuant to SECTION
2.06 or otherwise necessary, desirable or appropriate in connection with the
issuance of Securities to holders of Preferred Securities in the event of a
distribution of Securities by the Trust following a Dissolution Event;

         (g) to qualify or maintain qualification of this Indenture under the
Trust Indenture Act; or

         (h) to make any change that does not adversely affect the rights of
any Securityholder in any material respect.

         The Trustee is hereby authorized to join with the Company in the
execution of any supplemental indenture to effect such amendment, to make any
further appropriate agreements and stipulations which may be therein
contained and to accept the conveyance, transfer and assignment of any
property thereunder, but the Trustee shall not be obligated to, but may in
its discretion, enter into any such supplemental indenture which affects the
Trustee's own rights, duties or immunities under this Indenture or otherwise.

                                      43
<Page>

         Any amendment to the Indenture authorized by the provisions of this
SECTION 9.01 may be executed by the Company and the Trustee without the
consent of the holders of any of the Securities at the time outstanding,
notwithstanding any of the provisions of SECTION 9.02.

SECTION 9.02  WITH CONSENT OF SECURITYHOLDERS.

         With the consent (evidenced as provided in SECTION 7.01) of the
holders of a majority in aggregate principal amount of the Securities at the
time outstanding, the Company, when authorized by a Board Resolution, and the
Trustee may from time to time and at any time 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 the Securities;
provided, however, that no such amendment shall without the consent of the
holders of each Security then outstanding and affected thereby (i) change the
Maturity Date of any Security, or reduce the rate of interest (including
Compounded Interest) or extend the time of payment of interest thereon (except
as contemplated by ARTICLE XVI), or reduce the principal amount thereof or the
amount of premium thereon, if any, or reduce any amount payable on redemption
thereof, or make the principal thereof or any interest or premium thereon
payable in any coin or currency other than that provided in the Securities, or
impair or affect the right of any Securityholder to institute suit for payment
thereof, (ii) modify the provisions of this Indenture with respect to the
subordination of the Securities in a manner adverse to the Securityholders,
(iii) reduce the aforesaid percentage of Securities the holders of which are
required to consent to any such amendment to the Indenture, or to any waiver
(of compliance with certain provisions of this Indenture or certain defaults
hereunder and their consequences) provided for in this Indenture or (iv)
modify any of the provisions of the first paragraph of this SECTION 9.02, or
the second sentence of SECTION 5.07, 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 if the Securities are held by the
Property Trustee, such amendment shall not be effective until the holders of a
majority in aggregate liquidation amount of Trust Securities shall have
consented to such amendment; provided, further, that if the consent of the
holder of each outstanding Security is required, such amendment shall not be
effective until each holder of the Trust Securities shall have consented to
such amendment.

         Upon the request of the Company accompanied by a copy of a
resolution of the Board of Directors certified by its Secretary or Assistant
Secretary authorizing the execution of any supplemental indenture affecting
such amendment, and upon the filing with the Trustee of evidence of the
consent of Securityholders as aforesaid, the Trustee shall join with the
Company in the execution of such supplemental indenture unless such
supplemental indenture affects the Trustee's own rights, duties or immunities
under this Indenture or otherwise, in which case the Trustee may in its
discretion, but shall not be obligated to, enter into such supplemental
indenture.

         Promptly after the execution by the Company and the Trustee of any
supplemental indenture pursuant to the provisions of this Section, the
Trustee shall transmit by mail, first class postage prepaid, a notice,
prepared by the Company, setting forth in general terms the substance of such
supplemental indenture, to the Securityholders as their names and addresses
appear upon

                                      44
<Page>

the Security Register. Any failure of the Trustee to mail such notice, or any
defect therein, shall not, however, in any way impair or affect the validity
of any such supplemental indenture.

         It shall not be necessary for the consent of the Securityholders
under this SECTION 9.02 to approve the particular form of any proposed
supplemental indenture, but it shall be sufficient if such consent shall
approve the substance thereof.

SECTION 9.03  COMPLIANCE WITH TRUST INDENTURE ACT; EFFECT OF SUPPLEMENTAL
INDENTURES.

         Any supplemental indenture executed pursuant to the provisions of
this ARTICLE IX shall comply with the Trust Indenture Act. Upon the execution
of any supplemental indenture pursuant to the provisions of this ARTICLE IX,
this Indenture shall be and be deemed to be modified and amended in
accordance therewith and the respective rights, limitations of rights,
obligations, duties and immunities under this Indenture of the Trustee, the
Company and the holders of Securities shall thereafter be determined,
exercised and enforced hereunder subject in all respects to such
modifications and amendments and all the terms and conditions of any such
supplemental indenture shall be and be deemed to be part of the terms and
conditions of this Indenture for any and all purposes.

SECTION 9.04  NOTATION ON SECURITIES.

         Securities authenticated and delivered after the execution of any
supplemental indenture affecting such series pursuant to the provisions of
this ARTICLE IX may bear a notation in form approved by the Trustee as to any
matter provided for in such supplemental indenture. If the Company or the
Trustee shall so determine, new Securities so modified as to conform, in the
opinion of the Trustee and the Board of Directors, to any modification of
this Indenture contained in any such supplemental indenture may be prepared
and executed by the Company, authenticated by the Trustee or the
Authenticating Agent and delivered in exchange for the Securities then
outstanding.

SECTION 9.05  EVIDENCE OF COMPLIANCE OF SUPPLEMENTAL INDENTURE TO BE FURNISHED
TRUSTEE.

         The Trustee, subject to the provisions of SECTIONS 6.01 and 6.02,
may receive, in addition to the document required by SECTION 13.06, an
Officers' Certificate and an Opinion of Counsel as conclusive evidence that
any supplemental indenture executed pursuant hereto complies with the
requirements of this ARTICLE IX.

                                    ARTICLE X
                CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE

SECTION 10.01 COMPANY MAY CONSOLIDATE, ETC., ON CERTAIN TERMS.

         Nothing contained in this Indenture or in any of the Securities
shall prevent any consolidation or merger of the Company with or into any
other Person (whether or not affiliated with the Company, as the case may
be), or successive consolidations or mergers in which the Company or its
successor or successors, as the case may be, shall be a party or parties, or
shall prevent any sale, conveyance, transfer or lease of the property of the
Company, or its successor

                                      45
<Page>

or successors as the case may be, as an entirety, or substantially as an
entirety, to any other Person (whether or not affiliated with the Company, or
its successor or successors, as the case may be) authorized to acquire and
operate the same; provided, that (a) 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, conveyance, transfer or lease of
property is made is a Person organized and existing under the laws of the
United States or any State thereof or the District of Columbia, and (b) upon
any such consolidation, merger, sale, conveyance, transfer or lease, the due
and punctual payment of the principal of (and premium, if any) and interest
on the Securities according to their tenor and the due and punctual
performance and observance of all the covenants and conditions of this
Indenture to be kept or performed by the Company shall be expressly assumed,
by supplemental indenture (which shall conform to the provisions of the Trust
Indenture Act, as then in effect) satisfactory in form to the Trustee
executed and delivered to the Trustee by the Person formed by such
consolidation, or into which the Company shall have been merged, or by the
Person which shall have acquired such property, as the case may be and (c)
after giving effect to such consolidation, merger, sale, conveyance, transfer
or lease, no Default or Event of Default shall have occurred and be
continuing.

SECTION 10.02 SUCCESSOR CORPORATION TO BE SUBSTITUTED FOR COMPANY.

         In case of any such consolidation, merger, conveyance or transfer
and upon the assumption by the successor corporation, by supplemental
indenture, executed and delivered to the Trustee and satisfactory in form to
the Trustee, of the due and punctual payment of the principal of and premium,
if any, and interest (including any Additional Sums or Compounded Interest)
on all of the Securities and the due and punctual performance and observance
of all of the covenants and conditions of this Indenture to be performed or
observed by the Company, such successor Person shall succeed to and be
substituted for the Company, with the same effect as if it had been named
herein as the party of the first part, and the Company thereupon shall be
relieved of any further liability or obligation hereunder or upon the
Securities. Such successor Person thereupon may cause to be signed, and may
issue either in its own name or in the name of Illinois Power Company, any or
all of the Securities issuable hereunder which theretofore shall not have
been signed by the Company and delivered to the Trustee or the Authenticating
Agent; and, upon the order of such successor Person instead of the Company
and subject to all the terms, conditions and limitations in this Indenture
prescribed, the Trustee or the Authenticating Agent shall authenticate and
deliver any Securities which previously shall have been signed and delivered
by the officers of the Company to the Trustee or the Authenticating Agent for
authentication, and any Securities which such successor Person thereafter
shall cause to be signed and delivered to the Trustee or the Authenticating
Agent for that purpose. All the Securities so issued shall in all respects
have the same legal rank and benefit under this Indenture as the Securities
theretofore or thereafter issued in accordance with the terms of this
Indenture as though all of such Indentures had been issued at the date of the
execution hereof.

SECTION 10.03 OPINION OF COUNSEL TO BE GIVEN TRUSTEE.

         The Trustee, subject to the provisions of SECTIONS 6.01 and 6.02,
may receive an Opinion of Counsel as conclusive evidence that any
consolidation, merger, sale, conveyance, transfer or lease, and any
assumption, permitted or required by the terms of this ARTICLE X complies
with the provisions of this ARTICLE X.

                                      46
<Page>

                                   ARTICLE XI
                     SATISFACTION AND DISCHARGE OF INDENTURE

SECTION 11.01 DISCHARGE OF INDENTURE.

         When (a) the Company shall deliver to the Trustee for cancellation
all Securities theretofore authenticated (other than any Securities which
shall have been destroyed, lost or stolen and which shall have been replaced
as provided in SECTION 2.07) and not theretofore canceled, or (b) all the
Securities not theretofore canceled or delivered to the Trustee for
cancellation shall have become due and payable, or are by their terms to
become due and payable within one year or are to be called for redemption
within one year under arrangements satisfactory to the Trustee for the giving
of notice of redemption, and the Company shall deposit with the Trustee, in
trust, funds sufficient to pay on the Maturity Date or upon redemption all of
the Securities (other than any Securities which shall have been destroyed,
lost or stolen and which shall have been replaced as provided in SECTION
2.07) not theretofore canceled or delivered to the Trustee for cancellation,
including principal and premium, if any, and interest (including Compounded
Interest and Additional Sums, if any) due or to become due to the Maturity
Date or redemption date, as the case may be, but excluding, however, the
amount of any moneys for the payment of principal of or premium, if any, or
interest (including Compounded Interest and Additional Sums, if any) on the
Securities (1) theretofore repaid to the Company in accordance with the
provisions of SECTION 11.04, or (2) paid to any State or to the District of
Columbia pursuant to its unclaimed property or similar laws, and if in either
case the Company shall also pay or cause to be paid all other sums payable
hereunder by the Company, then this Indenture shall cease to be of further
effect except for the provisions of SECTIONS 2.02, 2.06, 2.07, 3.01, 3.02,
3.04, 6.06, 6.10 and 11.04 hereof, which shall survive until such Securities
shall mature and be paid. Thereafter, Sections 6.06, 6.10 and 11.04 shall
survive, and the Trustee, on demand of the Company accompanied by any
Officers' Certificate and an Opinion of Counsel and at the cost and expense
of the Company, shall execute proper instruments acknowledging satisfaction
of and discharging this Indenture, the Company, however, hereby agreeing to
reimburse the Trustee for any costs or expenses thereafter reasonably and
properly incurred by the Trustee in connection with this Indenture or the
Securities.

SECTION 11.02 DEPOSITED MONEYS AND U.S. GOVERNMENT OBLIGATIONS TO BE HELD IN
TRUST BY TRUSTEE.

         Subject to the provisions of SECTION 11.04, all moneys and U.S.
Government Obligations deposited with the Trustee pursuant to SECTIONS 11.01
or 11.05 shall be held in trust and applied by it to the payment, either
directly or through any paying agent (including the Company if acting as its
own paying agent), to the holders of the particular Securities for the
payment of which such moneys or U.S. Government Obligations have been
deposited with the Trustee, of all sums due and to become due thereon for
principal, premium, if any, and interest.

         The Company shall pay and indemnify the Trustee against any tax, fee
or other charge imposed on or assessed against the U.S. Government
Obligations deposited pursuant to SECTION 11.05 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 outstanding Securities.

                                      47
<Page>

SECTION 11.03 PAYING AGENT TO REPAY MONEYS HELD.

         Upon the satisfaction and discharge of this Indenture all moneys
then held by any paying agent of the Securities (other than the Trustee)
shall, upon written demand of the Company, be repaid to it or paid to the
Trustee, and thereupon such paying agent shall be released from all further
liability with respect to such moneys.

SECTION 11.04 RETURN OF UNCLAIMED MONEYS.

         Any moneys deposited with or paid to the Trustee or any paying agent
for payment of the principal of or premium, if any, or interest on Securities
and not applied but remaining unclaimed by the holders of Securities for two
years after the date upon which the principal of or premium, if any, or
interest (including Compounded Interest and Additional Sums, if any) on such
Securities, as the case may be, shall have become due and payable, shall be
repaid to the Company by the Trustee or such paying agent on written demand;
and the holder of any of the Securities shall thereafter look only to the
Company for any payment which such holder may be entitled to collect and all
liability of the Trustee or such paying agent with respect to such moneys
shall thereupon cease.

SECTION 11.05 DEFEASANCE UPON DEPOSIT OF MONEYS OR U.S. GOVERNMENT
OBLIGATIONS.

         The Company shall be deemed to have been Discharged (as defined
below) from its obligations with respect to the Securities on the 91st day
after the applicable conditions set forth below have been satisfied:

         (a) the Company shall have deposited or caused to be deposited
irrevocably with the Trustee or the Defeasance Agent (as defined below) as
trust funds in trust, specifically pledged as security for, and dedicated
solely to, the benefit of the holders of the Securities (i) money in an
amount, or (ii) U.S. Government Obligations which through the payment of
interest and principal in respect thereof in accordance with their terms will
provide, not later than one day before the due date of any payment, money in
an amount, or (iii) a combination of (i) and (ii), sufficient, in the opinion
(with respect to (ii) and (iii)) of a nationally recognized firm of
independent public accountants expressed in a written certification thereof
delivered to the Trustee and the Defeasance Agent, if any, to pay and
discharge each installment of principal of and interest and premium, if any,
on the outstanding Securities on the dates such installments of principal,
interest or premium are due;

         (b) if the Securities are then listed on any national securities
exchange, the Company shall have delivered to the Trustee and the Defeasance
Agent, if any, an Opinion of Counsel to the effect that the exercise of the
option under this SECTION 11.05 would not cause such Securities to be
delisted from such exchange;

         (c) no Default or Event of Default with respect to the Securities
shall result from such deposit or shall have occurred and be continuing on
the date of such deposit; and

         (d) the Company shall have delivered to the Trustee and the
Defeasance Agent, if any, an Opinion of Counsel to the effect that holders of
the Securities will not recognize income, gain or loss for United States
federal income tax purposes as a result of the exercise of the option under

                                      48
<Page>

this SECTION 11.05 and will be subject to United States federal income tax on
the same amount and in the same manner and at the same times as would have
been the case if such option had not been exercised, and such opinion shall
be based on a statute so providing or be accompanied by a private letter
ruling to that effect received from the United States Internal Revenue
Service or a revenue ruling pertaining to a comparable form of transaction to
that effect published by the United States Internal Revenue Service.

         "DISCHARGED" means that the Company shall be deemed to have paid and
discharged the entire indebtedness represented by, and obligations under, the
Securities and to have satisfied all the obligations under this Indenture
relating to the Securities (and the Trustee, at the expense of the Company,
shall execute proper instruments acknowledging the same), except (A) the
rights of holders of Securities to receive, from the trust fund described in
clause (1) above, payment of the principal of and the interest and premium,
if any, on the Securities when such payments are due; (B) the Company's
obligations with respect to the Securities under SECTIONS 2.06, 2.07, 5.02
and 11.04; and (C) the rights, powers, trusts, duties and immunities of the
Trustee hereunder.

         "DEFEASANCE AGENT" means another financial institution which is
eligible to act as Trustee hereunder and which assumes all of the obligations
of the Trustee necessary to enable the Trustee to act hereunder. In the event
such a Defeasance Agent is appointed pursuant to this Section, the following
conditions shall apply:

         (a) The Trustee shall have approval rights over the document
appointing such Defeasance Agent and the document setting forth such
Defeasance Agent's rights and responsibilities;

         (b) The Defeasance Agent shall provide verification to the Trustee
acknowledging receipt of sufficient money and/or U. S. Government Obligations
to meet the applicable conditions set forth in this SECTION 11.05.

                                   ARTICLE XII
                    IMMUNITY OF INCORPORATORS, STOCKHOLDERS,
                             OFFICERS AND DIRECTORS

SECTION 12.01 INDENTURE AND SECURITIES SOLELY CORPORATE OBLIGATIONS.

         No recourse for the payment of the principal of or premium, if any,
or interest on any Security, or for any claim based thereon or otherwise in
respect thereof, and no recourse under or upon any obligation, covenant or
agreement of the Company in this Indenture, or in any Security, or because of
the creation of any indebtedness represented thereby, shall be had against
any incorporator, stockholder, officer or director, as such, past, present or
future, of the Company or of any successor Person to the Company, either
directly or through the Company or any successor Person to the Company,
whether by virtue of any constitution, statute or rule of law, or by the
enforcement of any assessment or penalty or otherwise; it being expressly
understood that all such liability is hereby expressly waived and released as
a condition of, and as a consideration for, the execution of this Indenture
and the issue of the Securities.

                                      49
<Page>

                                  ARTICLE XIII
                            MISCELLANEOUS PROVISIONS

SECTION 13.01 SUCCESSORS.

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

SECTION 13.02 OFFICIAL ACTS BY SUCCESSOR CORPORATION.

         Any act or proceeding by any provision of this Indenture authorized or
required to be done or performed by any board, committee or officer of the
Company shall and may be done and performed with like force and effect by the
like board, committee or officer of any corporation that shall at the time be
the lawful sole successor of the Company.

SECTION 13.03 SURRENDER OF COMPANY POWERS.

         The Company by instrument in writing executed by authority of
two-thirds of its Board of Directors and delivered to the Trustee may surrender
any of the powers reserved to the Company, and thereupon such power so
surrendered shall terminate both as to the Company, as the case may be, and as
to any successor Person.

SECTION 13.04 ADDRESSES FOR NOTICES, ETC.

         Any notice or demand which by any provision of this Indenture is
required or permitted to be given or served by the Trustee or by the holders of
Securities on the Company may be given or served by being deposited postage
prepaid by first class mail, registered or certified mail, overnight courier
service or conformed telecopy addressed (until another address is filed by the
Company with the Trustee for the purpose) to the Company at 500 South 27th
Street, Decatur, Illinois 62521, Attention: Chief Financial Officer. Any notice,
direction, request or demand by any Securityholder to or upon the Trustee shall
be deemed to have been sufficiently given or made, for all purposes, if given or
made in writing at the office of the Trustee, ________________________,
Attention: Corporate Trust Administration (unless another address is provided by
the Trustee to the Company for such purpose). Any notice or communication to a
Securityholder shall be mailed by first class mail to his or her address shown
on the register kept by the Security Registrar.

SECTION 13.05 GOVERNING LAW.

         THIS INDENTURE AND EACH SECURITY SHALL BE DEEMED TO BE A CONTRACT MADE
UNDER THE LAWS OF THE STATE OF NEW YORK, AND FOR ALL PURPOSES SHALL BE GOVERNED
BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF SAID STATE.

SECTION 13.06 EVIDENCE OF COMPLIANCE WITH CONDITIONS PRECEDENT.

         Upon any application or request by the Company to the Trustee to take
any action under any of the provisions of this Indenture, the Company shall
furnish to the Trustee an Officers'

                                      50
<Page>

Certificate stating that in the opinion of the signers 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 have been complied
with.

         Each certificate or opinion provided for in this Indenture and
delivered to the Trustee with respect to compliance with a condition or
covenant provided for in this Indenture (except certificates delivered
pursuant to SECTION 3.05) shall include (1) a statement that the Person
making such certificate or opinion has read such covenant or condition; (2) a
brief statement as to the nature and scope of the examination or
investigation upon which the statements or opinions contained in such
certificate or opinion are based; (3) a statement that, in the opinion of
such Person, he has made such examination or investigation as is necessary to
enable him to express an informed opinion as to whether or not such covenant
or condition has been complied with; and (4) a statement as to whether or
not, in the opinion of such person, such condition or covenant has been
complied with.

SECTION 13.07 BUSINESS DAYS.

         In any case where the date of payment of principal of or premium, if
any, or interest on the Securities will not be a Business Day, the payment of
such principal of or premium, if any, or interest on the Securities need not be
made on such date but may be made on the next succeeding Business Day, with the
same force and effect as if made on the date of payment and no interest shall
accrue for the period from and after such date, except that if such next
succeeding Business Day falls in the next succeeding calendar year, then such
payment shall be made on the immediately preceding Business Day, in each case
with the same force and effect as if made on such date.

SECTION 13.08 TRUST INDENTURE ACT TO CONTROL.

         If and to the extent that any provision of this Indenture limits,
qualifies or conflicts with the duties imposed by Sections 310 to 317,
inclusive, of the Trust Indenture Act, such imposed duties shall control.

SECTION 13.09 TABLE OF CONTENTS, HEADINGS, ETC.

         The table of contents and the titles 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 hereof, and shall in no way modify or restrict
any of the terms or provisions hereof.

SECTION 13.10 EXECUTION IN COUNTERPARTS.

         This Indenture may be executed in any number of counterparts, each of
which shall be an original, but such counterparts shall together constitute but
one and the same instrument.

SECTION 13.11 SEPARABILITY.

         In case any one or more of the provisions contained in this Indenture
or in the Securities shall for any reason be held to be invalid, illegal or
unenforceable in any respect, such invalidity,

                                      51
<Page>

illegality or unenforceability shall not affect any other provisions of this
Indenture or of the Securities, but this Indenture and the Securities shall
be construed as if such invalid or illegal or unenforceable provision had
never been contained herein or therein.

SECTION 13.12 ASSIGNMENT.

         The Company will have the right at all times to assign any of its
respective rights or obligations under this Indenture to a direct or indirect
wholly owned Subsidiary of the Company; provided that, in the event of any such
assignment, the Company will remain liable for all such obligations. Subject to
the foregoing, the Indenture is binding upon and inures to the benefit of the
parties thereto and their respective successors and assigns. This Indenture may
not otherwise be assigned by the parties thereto.

SECTION 13.13 ACKNOWLEDGMENT OF RIGHTS.

         The Company acknowledges that, with respect to any Securities held by
the Trust or a trustee of such trust, if the Property Trustee of such Trust
fails to enforce its rights under this Indenture as the holder of the Securities
held as the assets of the Trust any holder of Preferred Securities may, to the
full extent permitted by law, institute legal proceedings directly against the
Company to enforce such Property Trustee's rights under this Indenture without
first instituting any legal proceedings against such Property Trustee or any
other person or entity. Notwithstanding the foregoing, if an Event of Default
has occurred and is continuing and such event is attributable to the failure of
the Company to pay principal of or premium, if any, or interest on the
Securities when due, the Company acknowledges that a holder of Preferred
Securities may directly institute a proceeding for enforcement of payment to
such holder of the principal of or premium, if any, or interest on the
Securities having a principal amount equal to the aggregate liquidation amount
of the Preferred Securities of such holder on or after the respective due date
specified in the Securities.

                                   ARTICLE XIV
                            REDEMPTION OF SECURITIES

SECTION 14.01 SPECIAL EVENT REDEMPTION.

         If, at any time, a Special Event has occurred and is continuing then,
notwithstanding SECTION 14.02(a), the Company shall have the right but not the
obligation, at any time within 90 days following the occurrence of such Special
Event, upon (i) not less than 45 days' written notice to the Trustee and (ii)
not less than 30 days' nor more than 60 days' written notice to the
Securityholders, to redeem the Securities, in whole (but not in part), at the
Special Event Redemption Price. Following a Special Event, if the Company wishes
to exercise its right of redemption pursuant to this SECTION 14.01, the Company
shall take such action as is necessary to promptly determine the Special Event
Redemption Price, including without limitation the appointment by the Company of
a Reference Treasury Dealer. The Company shall provide the Trustee with written
notice of the Special Event Redemption Price promptly after the calculation
thereof, which notice shall include any calculation made by the Reference
Treasury Dealer in connection with the determination of the Special Event
Redemption Price. The Special Event Redemption Price shall be paid prior to
12:00 noon, New York City time, on the date of such

                                      52
<Page>

redemption or such earlier time as the Company determines, provided that the
Company shall deposit with the Trustee an amount sufficient to pay the
Special Event Redemption Price by 10:00 a.m., New York City time, on the date
such Special Event Redemption Price is to be paid.

SECTION 14.02 OPTIONAL REDEMPTION BY COMPANY.

         Subject to the provisions of this ARTICLE XIV, the Company shall have
the right to redeem the Securities, in whole or in part, from time to time, at a
redemption price equal to the Optional Redemption Price.

         If the Securities are only partially redeemed pursuant to this SECTION
14.02, the Securities to be redeemed shall be selected on a pro rata basis not
more than 60 days prior to the date fixed for redemption from the outstanding
Securities not previously called for redemption; provided, however, that with
respect to Securityholders that would be required to hold Securities with an
aggregate principal amount of less than $100,000 but more than an aggregate
principal amount of zero as a result of such pro rata redemption, the Company
shall redeem Securities of each such Securityholder so that after such
redemption such Securityholder shall hold Securities either with an aggregate
principal amount of at least $100,000 or such Securityholder no longer holds any
Securities and shall use such method (including, without limitation, by lot) as
the Company shall deem fair and appropriate; provided, further, that any such
proration may be made on the basis of the aggregate principal amount of
Securities held by each Securityholder and may be made by making such
adjustments as the Company deems fair and appropriate in order that only
Securities in denominations of $1,000 or integral multiples thereof shall be
redeemed. The Optional Redemption Price shall be paid prior to 12:00 noon, New
York City time, on the date of such redemption or at such earlier time as the
Company determines; provided that the Company shall deposit with the Trustee an
amount sufficient to pay the Optional Redemption Price by 10:00 a.m., New York
City time, on the date such Optional Redemption Price is to be paid.

SECTION 14.03 NO SINKING FUND.

         The Securities are not entitled to the benefit of any sinking fund.

SECTION 14.04 NOTICE OF REDEMPTION; SELECTION OF SECURITIES.

         In case the Company shall desire to exercise the right to redeem
all, or, as the case may be, any part of the Securities in accordance with
their terms, it shall fix a date for redemption and shall mail a notice of
such redemption at least 30 and not more than 60 days prior to the date fixed
for redemption to the holders of Securities so to be redeemed as a whole or
in part at their last addresses as the same appear on the Security Register.
Such mailing shall be by first class mail. The notice if 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
designated for redemption as a whole or in part shall not affect the validity
of the proceedings for the redemption of any other Security.

         Each such notice of redemption shall specify the CUSIP number of the
Securities to be redeemed, the date fixed for redemption, the redemption
price at which the Securities are to be redeemed (or the method by which such
redemption price is to be calculated), the place or places

                                       53
<Page>

of payment that payment will be made upon presentation and surrender of the
Securities, that interest accrued to the date fixed for redemption will be
paid as specified in said notice, and that on and after said date interest
thereon or on the portions thereof to be redeemed will cease to accrue. If
less than all the Securities are to be redeemed the notice of redemption
shall specify the numbers of the Securities to be redeemed. In case any
Security is to be redeemed in part only, the notice of redemption shall state
the portion of the principal amount thereof to be redeemed and shall state
that on and after the date fixed for redemption, upon surrender of such
Security, a new Security or Securities in principal amount equal to the
unredeemed portion thereof will be issued.

         By 10:00 a.m. New York City time on the redemption date specified in
the notice of redemption given as provided in this Section, the Company will
deposit with the Trustee or with one or more paying agents an amount of money
sufficient to redeem on the redemption date all the Securities so called for
redemption at the appropriate Redemption Price, together with accrued
interest to the date fixed for redemption.

         The Company will give the Trustee notice not less than 45 days prior
to the redemption date as to the aggregate principal amount of Securities to
be redeemed and the Trustee shall select, in such manner as in its sole
discretion it shall deem appropriate and fair, the Securities or portions
thereof (in integral multiples of $1,000, except as otherwise set forth in
the applicable form of Security) to be redeemed.

SECTION 14.05 PAYMENT OF SECURITIES CALLED FOR REDEMPTION.

         If notice of redemption has been given as provided in SECTION 14.04,
the Securities or portions of Securities with respect to which such notice
has been given shall become due and payable on the date and at the place or
places stated in such notice at the applicable Redemption Price, together
with interest accrued to the date fixed for redemption (subject to the rights
of holders of Securities on the close of business on a regular record date in
respect of an Interest Payment Date occurring on or prior to the redemption
date), and on and after said date (unless the Company shall default in the
payment of such Securities at the Redemption Price, together with interest
accrued to said date) interest (including Compounded Interest and Additional
Sums, if any) on the Securities or portions of Securities so called for
redemption shall cease to accrue. On presentation and surrender of such
Securities at a place of payment specified in said notice, the said
Securities or the specified portions thereof shall be paid and redeemed by
the Company at the applicable Redemption Price, together with interest
(including Compounded Interest and Additional Sums, if any) accrued thereon
to the date fixed for redemption (subject to the rights of holders of
Securities on the close of business on a regular record date in respect of an
Interest Payment Date occurring on or prior to the redemption date).

         Upon presentation of any Security redeemed in part only, the Company
shall execute and the Trustee shall authenticate and make available for
delivery to the holder thereof, at the expense of the Company, a new Security
or Securities of authorized denominations, in principal amount equal to the
unredeemed portion of the Security so presented.

                                       54
<Page>

                                   ARTICLE XV
                           SUBORDINATION OF SECURITIES

SECTION 15.01 AGREEMENT TO SUBORDINATE.

         The Company covenants and agrees, and each holder of Securities
issued hereunder likewise covenants and agrees, that the Securities shall be
issued subject to the provisions of this ARTICLE XV; and each holder of a
Security, whether upon original issue or upon transfer or assignment thereof,
accepts and agrees to be bound by such provisions.

         The payment by the Company of the principal of, premium, if any, and
interest (including Compounded Interest and Additional Sums, if any) on all
Securities issued hereunder shall, to the extent and in the manner
hereinafter set forth, be subordinated and junior in right of payment to all
Senior Indebtedness, whether outstanding at the date of this Indenture or
thereafter incurred.

         No provision of this ARTICLE XV shall prevent the occurrence of any
Default or Event of Default hereunder.

SECTION 15.02 DEFAULT ON SENIOR INDEBTEDNESS.

         In the event and during the continuation of any default by the
Company in the payment of principal, premium, interest or any other payment
due on any Senior Indebtedness, or in the event that the maturity of any
Senior Indebtedness has been accelerated because of a default, then, in
either case, no payment shall be made by the Company with respect to the
principal (including redemption payments) of or premium, if any, or interest
on the Securities until such default shall have been cured or waived in
writing or shall have ceased to exist or such Senior Indebtedness shall have
been discharged or paid in full.

         In the event of the acceleration of the maturity of the Securities,
then no payment shall be made by the Company with respect to the principal
(including redemption payments) of or premium, if any, or interest on the
Securities until the holders of all Senior Indebtedness outstanding at the
time of such acceleration shall receive payment in full of such Senior
Indebtedness (including any amounts due upon acceleration).

         In the event that, notwithstanding the foregoing, any payment shall
be received by the Trustee or any Securityholder when such payment is
prohibited by the preceding paragraphs of this SECTION 15.02, such payment
shall be held in trust for the benefit of, and shall be paid over or
delivered to, the holders of Senior Indebtedness or their respective
representatives, or to the trustee or trustees under any indenture pursuant
to which any of such Senior Indebtedness may have been issued, as their
respective interests may appear.

SECTION 15.03 LIQUIDATION; DISSOLUTION; BANKRUPTCY.

         Upon any payment by the Company or distribution of assets of the
Company of any kind or character, whether in cash, property or securities, to
creditors upon any dissolution or winding-up or liquidation or reorganization
of the Company, whether voluntary or involuntary or in bankruptcy,
insolvency, receivership or other proceedings, all Senior Indebtedness of the

                                      55
<Page>

Company shall first be paid in full, or payment thereof provided for in money
in accordance with its terms, before any payment is made by the Company on
account of the principal (and premium, if any) or interest (including
Compounded Interest and Additional Sums, if any) on the Securities; and upon
any such dissolution or winding-up or liquidation or reorganization, any
payment by the Company, or distribution of assets of the Company of any kind
or character, whether in cash, property or securities, to which the
Securityholders or the Trustee would be entitled to receive from the Company,
except for the provisions of this ARTICLE XV, shall be paid by the Company or
by any receiver, trustee in bankruptcy, liquidating trustee, agent or other
Person making such payment or distribution, or by the Securityholders or by
the Trustee under the Indenture if received by them or it, directly to the
holders of Senior Indebtedness of the Company (pro rata to such holders on
the basis of the respective amounts of Senior Indebtedness held by such
holders, as calculated by the Company) or their representative or
representatives, or to the trustee or trustees under any indenture pursuant
to which any instruments evidencing such Senior Indebtedness may have been
issued, as their respective interests may appear, to the extent necessary to
pay all such Senior Indebtedness in full, in money in accordance with its
terms, after giving effect to any concurrent payment or distribution to or
for the holders of such Senior Indebtedness, before any payment or
distribution is made to the Securityholders or to the Trustee.

         In the event that, notwithstanding the foregoing, any payment or
distribution of assets of the Company of any kind or character, whether in
cash, property or securities, prohibited by the foregoing, shall be received
by the Trustee or any Securityholder before all Senior Indebtedness is paid
in full, or provision is made for such payment in money in accordance with
its terms, such payment or distribution shall be held in trust for the
benefit of and shall be paid over or delivered to the holders of such Senior
Indebtedness or their representative or representatives, or to the trustee or
trustees under any indenture pursuant to which any instruments evidencing
such Senior Indebtedness may have been issued, as their respective interests
may appear, as calculated by the Company, for application to the payment of
all Senior Indebtedness remaining unpaid to the extent necessary to pay all
such Senior Indebtedness in full in money in accordance with its terms, after
giving effect to any concurrent payment or distribution to or for the benefit
of the holders of such Senior Indebtedness.

         For purposes of this ARTICLE XV only, the words "assets of the
Company of any kind or character, whether cash, property or securities" shall
not be deemed to include shares of stock of the Company as reorganized or
readjusted, or securities of the Company or any other corporation provided
for by a plan of reorganization or readjustment, the payment of which is
subordinated at least to the extent provided in this ARTICLE XV with respect
to the Securities to the payment of Senior Indebtedness that may at the time
be outstanding; provided that (i) such Senior Indebtedness is assumed by the
new corporation, if any, resulting from any such reorganization or
readjustment, and (ii) the rights of the holders of such Senior Indebtedness
are not, without the consent of such holders, altered by such reorganization
or readjustment. The consolidation of the Company with, or the merger of the
Company into, another Person or the liquidation or dissolution of the Company
following the sale, conveyance, transfer or lease of its property as an
entirety, or substantially as an entirety, to another Person upon the terms
and conditions provided for in ARTICLE X of this Indenture shall not be
deemed a dissolution, winding-up, liquidation or reorganization for the
purposes of this SECTION 15.03 if such other Person shall, as a part of such
consolidation, merger, sale, conveyance, transfer or lease, comply with the
conditions stated in

                                      56
<Page>

ARTICLE X of this Indenture. Nothing in SECTION 15.02 or in this SECTION
15.03 shall apply to claims of, or payments to, the Trustee under or pursuant
to SECTION 6.06 of this Indenture.

         Nothing contained in this ARTICLE XV or elsewhere in this Indenture
or in the Securities is intended to or shall impair, as between the Company,
its creditors other than the holders of Senior Indebtedness of the Company,
and the holders of the Securities, the obligation of the Company, which is
absolute and unconditional, to pay to the holders of the Securities the
principal of (and premium, if any) and interest (including Compounded
Interest and Additional Sums, if any) on the Securities as and when the same
shall become due and payable in accordance with their terms, or is intended
to or shall affect the relative rights of the holders of the Securities and
creditors of the Company, as the case may be, other than the holders of
Senior Indebtedness of the Company, as the case may be, nor shall anything
herein or therein prevent the occurrence of an Event of Default under ARTICLE
V or prevent the Trustee or the holder of any Security from exercising all
remedies otherwise permitted by applicable law upon the occurrence of a
Default or an Event of Default under the Indenture, subject to the rights, if
any, under this ARTICLE XV of the holders of such Senior Indebtedness in
respect of cash, property or securities of the Company, as the case may be,
received upon the exercise of any such remedy.

SECTION 15.04 SUBROGATION.

         Subject to the payment in full of all Senior Indebtedness, the rights
of the Securityholders shall be subrogated to the rights of the holders of such
Senior Indebtedness to receive payments or distributions of cash, property or
securities of the Company, as the case may be, applicable to such Senior
Indebtedness until the principal of (and premium, if any) and interest on the
Securities shall be paid in full; and, for the purposes of such subrogation, no
payments or distributions to the holders of such Senior Indebtedness of any
cash, property or securities to which the Securityholders or the Trustee would
be entitled except for the provisions of this ARTICLE XV, and no payment over
pursuant to the provisions of this ARTICLE XV to or for the benefit of the
holders of such Senior Indebtedness by Securityholders or the Trustee, shall, as
between the Company, its creditors other than holders of Senior Indebtedness of
the Company, and the holders of the Securities, be deemed to be a payment by the
Company to or on account of such Senior Indebtedness. It is understood that the
provisions of this ARTICLE XV are and are intended solely for the purposes of
defining the relative rights of the holders of the Securities, on the one hand,
and the holders of such Senior Indebtedness on the other hand.

SECTION 15.05 TRUSTEE TO EFFECTUATE SUBORDINATION.

         Each Securityholder by such Securityholder's acceptance thereof
authorizes and directs the Trustee on such Securityholder's behalf to take such
action as may be necessary or appropriate to effectuate the subordination
provided in this ARTICLE XV and appoints the Trustee such Securityholder's
attorney-in-fact for any and all such purposes.

SECTION 15.06 NOTICE BY THE COMPANY.

         The Company shall give prompt written notice to a Responsible Officer
of the Trustee of any fact known to the Company that would prohibit the making
of any payment of monies to or by the Trustee in respect of the Securities
pursuant to the provisions of this ARTICLE XV.

                                      57
<Page>

Notwithstanding the provisions of this ARTICLE XV or any other provision of
this Indenture, the Trustee shall not be charged with knowledge of the
existence of any facts that would prohibit the making of any payment of
monies to or by the Trustee in respect of the Securities pursuant to the
provisions of this ARTICLE XV, unless and until a Responsible Officer of the
Trustee shall have received written notice thereof from the Company or a
holder or holders of Senior Indebtedness or from any trustee therefor; and
before the receipt of any such written notice, the Trustee, subject to the
provisions of ARTICLE VI of this Indenture, shall be entitled in all respects
to assume that no such facts exist; provided, however, that if the Trustee
shall not have received the notice provided for in this SECTION 15.06 at
least two Business Days prior to the date upon which by the terms hereof any
money may become payable for any purpose (including, without limitation, the
payment of the principal of (or premium, if any) or interest (including
Compounded Interest and Additional Sums, if any) on any Security, then,
anything herein contained to the contrary notwithstanding, the Trustee shall
have full power and authority to receive such money and to apply the same to
the purposes for which they were received, and shall not be affected by any
notice to the contrary that may be received by it within two Business Days
prior to such date.

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

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

SECTION 15.07 RIGHTS OF THE TRUSTEE; HOLDERS OF SENIOR INDEBTEDNESS.

         The Trustee in its individual capacity shall be entitled to all the
rights set forth in this ARTICLE XV in respect of any Senior Indebtedness at
any time held by it, to the same extent as any other holder of Senior
Indebtedness, and nothing in this Indenture shall deprive the Trustee of any
of its rights as such holder.

                                      58
<Page>

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

         Nothing in this ARTICLE XV shall apply to claims of, or payments to,
the Trustee under or pursuant to SECTION 6.06.

SECTION 15.08 SUBORDINATION MAY NOT BE IMPAIRED.

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

         Without in any way limiting the generality of the foregoing
paragraph, the holders of Senior Indebtedness of the Company may, at any time
and from time to time, without the consent of or notice to the Trustee or the
Securityholders, without incurring responsibility to the Securityholders and
without impairing or releasing the subordination provided in this ARTICLE XV
or the obligations hereunder of the holders of the Securities to the holders
of such Senior Indebtedness, do any one or more of the following: (i) change
the manner, place or terms of payment or extend the time of payment of, or
renew or alter, such Senior Indebtedness, or otherwise amend or supplement in
any manner such Senior Indebtedness or any instrument evidencing the same or
any agreement under which such Senior Indebtedness is outstanding; (ii) sell,
exchange, release or otherwise deal with any property pledged, mortgaged or
otherwise securing such Senior Indebtedness; (iii) release any Person liable
in any manner for the collection of such Senior Indebtedness; and (iv)
exercise or refrain from exercising any rights against the Company, as the
case may be, and any other Person.

SECTION 15.09 ARTICLE APPLICABLE TO PAYING AGENTS.

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

                                      59
<Page>

SECTION 15.10 TRUST MONEYS NOT SUBORDINATED.

         Notwithstanding anything contained herein to the contrary, payments
from money or the proceeds of U.S. Government Obligations held in trust under
SECTION 11.02 of this Indenture by the Trustee for the payment of principal of
and interest on the Securities shall not be subordinated to the prior payment of
any Senior Indebtedness or subject to the restrictions set forth in this ARTICLE
XV, and none of the Securityholders shall be obligated to pay over any such
amount to the Company or any holder of Senior Indebtedness of the Company or any
other creditor of the Company.

                                   ARTICLE XVI
                      EXTENSION OF INTEREST PAYMENT PERIOD

SECTION 16.01 EXTENSION OF INTEREST PAYMENT PERIOD.

         So long as no Event of Default has occurred and is continuing, the
Company shall have the right, at any time and from time to time during the term
of the Securities, to defer payments of interest by extending the interest
payment period of such Securities for a period not exceeding 10 consecutive
semi-annual periods, including the first such semi-annual period during such
extension period (the "EXTENDED INTEREST PAYMENT PERIOD"), during which Extended
Interest Payment Period no interest shall be due and payable; provided that no
Extended Interest Payment Period shall end on a date other than an Interest
Payment Date or extend beyond the Maturity Date. To the extent permitted by
applicable law, interest, the payment of which has been deferred because of the
extension of the interest payment period pursuant to this SECTION 16.01, will
bear interest thereon at the Coupon Rate compounded semi-annually for each
semi-annual period of the Extended Interest Payment Period ("COMPOUNDED
INTEREST"). At the end of the Extended Interest Payment Period, the Company
shall pay all interest accrued and unpaid on the Securities, including any
Additional Sums and Compounded Interest (together, "DEFERRED INTEREST") that
shall be payable to the holders of the Securities in whose names the Securities
are registered in the Security Register on the first record date preceding the
end of the Extended Interest Payment Period. Before the termination of any
Extended Interest Payment Period, the Company may further defer payments of
interest by further extending such period; provided that such period, together
with all such previous and further extensions within such Extended Interest
Payment Period, shall not exceed 10 consecutive semi-annual periods, including
the first such semi-annual period during such Extended Interest Payment Period,
end on a date other than an Interest Payment Date or extend beyond the Maturity
Date of the Securities. Upon the termination of any Extended Interest Payment
Period and the payment of all Deferred Interest then due, the Company may
commence a new Extended Interest Payment Period, subject to the foregoing
requirements. No interest shall be due and payable during an Extended Interest
Payment Period, except at the end thereof, but the Company may prepay at any
time all or any portion of the interest accrued during an Extended Interest
Payment Period.

SECTION 16.02 NOTICE OF EXTENSION.

         (a) If the Property Trustee is the only registered holder of the
Securities at the time the Company selects an Extended Interest Payment Period,
the Company shall give written notice to the Administrative Trustees, the
Property Trustee and the Trustee of its selection of such

                                       60
<Page>

Extended Interest Payment Period five Business Days before the earlier of (i)
the next succeeding date on which Distributions on the Trust Securities
issued by the Trust are payable, or (ii) the date the Trust is required to
give notice of the record date, or the date such Distributions are payable,
to any national securities exchange or to holders of the Preferred Securities
issued by the Trust, but in any event at least five Business Days before such
record date.

         (b) If the Property Trustee is not the only holder of the Securities at
the time the Company selects an Extended Interest Payment Period, the Company
shall give the holders of the Securities and the Trustee written notice of its
selection of such Extended Interest Payment Period at least 10 Business Days
before the earlier of (i) the next succeeding Interest Payment Date, or (ii) the
date the Company is required to give notice of the record or payment date of
such interest payment to any national securities exchange.

         (c) The semi-annual period in which any notice is given pursuant to
paragraphs (a) or (b) of this SECTION 16.02 shall be counted as one of the 10
semi-annual periods permitted in the maximum Extended Interest Payment Period
permitted under SECTION 16.01.

         ____________________________________ hereby accepts the trusts in this
Indenture declared and provided, upon the terms and conditions hereinabove set
forth.

<Page>

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

                                           ILLINOIS POWER COMPANY

                                           By: _________________________________

                                           BNY MIDWEST TRUST COMPANY,
                                           as Trustee

                                           By:__________________________________

                                       61
<Page>

                                    EXHIBIT A
                           (FORM OF FACE OF SECURITY)

         The holder of this security by its acceptance hereof also agrees,
represents and warrants that either (i) it is not an employee benefit or other
plan subject to the Employee Retirement Income Security Act of 1974, as amended
("ERISA") or Section 4975 of the Internal Revenue Code of 1986, as amended, or
an entity whose underlying assets include "Plan Assets" by reason of any such
plan's investment in the entity and is not purchasing or holding such securities
on behalf of or with "Plan Assets" or (ii) it is eligible for the exemptive
relief available under PTCE 96-23, 95-60, 91-38, 90-1 or 84-14 with respect to
such purchase and holding.

                                       62
<Page>

No.______________

                             ILLINOIS POWER COMPANY
                               ________% DEBENTURE
                            DUE ______________, ____

         Illinois Power Company, an Illinois corporation (the "Company", which
term includes any successor Person under the Indenture hereinafter referred to),
for value received, hereby promises to pay to ______________________________, as
Property Trustee for Illinois Power Financing II or registered assigns, the
principal sum of __________________ DOLLARS ($__________) on _________, ___ (the
"Maturity Date"), unless previously redeemed, and to pay interest on the
outstanding principal amount hereof from ___________, ____, or from the most
recent interest payment date (each such date, an "Interest Payment Date") to
which interest has been paid or duly provided for, semi-annually (subject to
deferral as set forth herein) in arrears on __________ and __________ of each
year, commencing ______________, ____, at the rate of ____% per annum until the
principal hereof shall have become due and payable, and on any overdue principal
and premium, if any, and (without duplication and to the extent that payment of
such interest is enforceable under applicable law) on any overdue installment of
interest at the same rate per annum compounded semi-annually. The amount of
interest payable on any Interest Payment Date shall be computed on the basis of
a 360-day year of twelve 30-day months and, for any period less than a full
calendar month, the number of days elapsed in such month. In the event that any
date on which the principal of (or premium, if any) or interest on this Security
is payable is not a Business Day, then the payment payable on such date will be
made on the next succeeding day that is a Business Day (and without any interest
or other payment in respect of any such delay), except that if such next
succeeding Business Day falls in the next calendar year, then such payment shall
be made on the immediately preceding Business Day, in each case with the same
force and effect as if made on the date such payment is otherwise required.
Pursuant to the Indenture, in certain circumstances the Company will be required
to pay Additional Sums and Compounded Interest (each as defined in the
Indenture) with respect to this Security.

         The interest installment so payable, and punctually paid or duly
provided for, on any Interest Payment Date will, as provided in the Indenture,
be paid to the Person in whose name this Security (or one or more Predecessor
Securities, as defined in said Indenture) is registered at the close of business
on the regular record date for such interest installment, which shall be at the
close of business on the _____ day of the month preceding the month in which the
relevant interest payment date falls. Any such interest installment not
punctually paid or duly provided for shall forthwith cease to be payable to the
holders on such regular record date and may be paid to the Person in whose name
this Security (or one or more Predecessor Securities) is registered at the close
of business on a special record date to be fixed by the Trustee for the payment
of such defaulted interest, notice whereof shall be given to the holders of
Securities not less than 10 days prior to such special record date, or may be
paid at any time in any other lawful manner not inconsistent with the
requirements of any securities exchange on which the Securities may be listed,
and upon such notice as may be required by such exchange, all as more fully
provided in the Indenture.

                                       63
<Page>

         The principal of (and premium, if any) and interest (including
Compounded Interest and Additional Sums, if any) on this Security shall be
payable at the office or agency of the Trustee maintained for that purpose in
any coin or currency of the United States of America that at the time of payment
is legal tender for payment of public and private debts; provided, however,
that, payment of interest may be made at the option of the Company by (i) check
mailed to the holder at such address as shall appear in the Security Register or
(ii) by transfer to an account maintained by the Person entitled thereto;
provided that proper written transfer instructions have been received by the
relevant record date. Notwithstanding the foregoing, so long as the Holder of
this Security is the Property Trustee, the payment of the principal of (and
premium, if any) and interest (including Compounded Interest and Additional
Sums, if any) on this Security will be made at such place and to such account as
may be designated by the Property Trustee.

         The indebtedness evidenced by this Security is, to the extent provided
in the Indenture, subordinate and junior in right of payment to the prior
payment in full of all Senior Indebtedness, and this Security is issued subject
to the provisions of the Indenture with respect thereto. Each holder of this
Security, by accepting the same, (a) agrees to and shall be bound by such
provisions, (b) authorizes and directs the Trustee on his or her behalf to take
such action as may be necessary or appropriate to acknowledge or effectuate the
subordination so provided and (c) appoints the Trustee his or her
attorney-in-fact for any and all such purposes. Each holder hereof, by his or
her acceptance hereof, hereby waives all notice of the acceptance of the
subordination provisions contained herein and in the Indenture by each holder of
Senior Indebtedness, whether now outstanding or hereafter incurred, and waives
reliance by each such holder upon said provisions.

         This Security shall not be entitled to any benefit under the Indenture
hereinafter referred to, be valid or become obligatory for any purpose until the
Certificate of Authentication hereon shall have been signed by or on behalf of
the Trustee.

         The provisions of this Security are continued on the reverse side
hereof and such provisions shall for all purposes have the same effect as though
fully set forth at this place.

         IN WITNESS WHEREOF, the Company has caused this instrument to be duly
executed and sealed.

Dated: _____________, ____

                                     ILLINOIS POWER COMPANY

                                     By:________________________________________

                                     Attest:

                                     By:________________________________________

                                       64
<Page>

                     (FORM OF CERTIFICATE OF AUTHENTICATION)
                          CERTIFICATE OF AUTHENTICATION

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

____________________________________,
as Trustee

By:_________________________________
Authorized Signatory

                                       65
<Page>

                          (FORM OF REVERSE OF SECURITY)

         This Security is one of the Securities of the Company (herein sometimes
referred to as the "SECURITIES"), specified in the Indenture, all issued or to
be issued under and pursuant to an Indenture, dated as of ___________, ___ (the
"INDENTURE"), duly executed and delivered between the Company and
________________________________, as Trustee (the "TRUSTEE"), to which Indenture
reference is hereby made for a description of the rights, limitations of rights,
obligations, duties and immunities thereunder of the Trustee, the Company and
the holders of the Securities.

         Upon the occurrence and continuation of a Special Event at any time,
the Company shall have the right, at any time within 90 days following the
occurrence of such Special Event, to redeem this Security in whole (but not in
part) at the Special Event Redemption Price. "SPECIAL EVENT REDEMPTION PRICE"
shall mean, with respect to any redemption of the Securities following a Special
Event, an amount in cash equal to 100% of the principal amount of the Securities
to be redeemed plus accrued and unpaid interest thereon (including Additional
Sums and Compounded Interest, if any) to the date of redemption.

         In addition, the Company shall have the right to redeem this Security,
in whole or in part, at any time (an "OPTIONAL REDEMPTION"), at a redemption
price (the "OPTIONAL REDEMPTION PRICE") equal to the greater of (i) 100% of the
principal amount of the Securities to be so redeemed plus accrued and unpaid
interest thereon (including Additional Sums, if any) to the date of redemption
and (ii) the sum of the present values of the remaining scheduled payments of
principal of the Securities to be so redeemed and interest thereon (including
Additional Sums, if any) discounted to the date of redemption, on a semi-annual
basis (assuming a 360-day year consisting of twelve 30-day months), at the
Treasury Rate (as defined herein) plus ___ basis points plus accrued interest
thereon to the date of redemption.

         "COMPARABLE TREASURY ISSUE" means the United States Treasury security
selected by the Reference Treasury Dealer as having a maturity comparable to the
remaining term of the Securities to be redeemed that would be utilized, at the
time of selection and in accordance with customary financial practice, in
pricing new issues of corporate debt securities of comparable maturity to the
remaining term of such Securities.

         "TREASURY RATE" means, with respect to any redemption date, the rate
per annum equal to the semiannual equivalent yield to maturity of the Comparable
Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as
a percentage of its principal amount) equal to the Comparable Treasury Price for
such redemption date.

         "COMPARABLE TREASURY PRICE" means, with respect to any redemption date,
(i) the average of the bid and asked prices for the Comparable Treasury Issue
(expressed in each case as a percentage of its principal amount) on the third
business day preceding such redemption date, as set forth in the daily
statistical release (or any successor release) published by the Federal Reserve
Bank of New York and designated "Composite 3:30 p.m. Quotations for U.S.
Government Securities" or (ii) if such release (or any successor release) is not
published or does not contain such prices on such business day, the average of
the Reference Treasury Dealer Quotations for such redemption date.

                                       66
<Page>

         "REFERENCE TREASURY DEALER QUOTATIONS" means, with respect to the
Reference Treasury Dealer and any redemption date, the average, as determined by
the Debenture Trustee, of the bid and asked prices for the Comparable Treasury
Issue (expressed in each case as a percentage of its principal amount) quoted in
writing to the Debenture Trustee by the Reference Treasury Dealer at 5:00 p.m.,
New York City time, on the third business day preceding such redemption date.

         "REFERENCE TREASURY DEALER" means ________________ and its successors;
provided however, that if _______________ shall cease to be a primary U.S.
Government securities dealer in New York City (a "PRIMARY TREASURY DEALER"), the
Company shall substitute therefor another Primary Treasury Dealer.

         The Optional Redemption Price or the Special Event Redemption Price, as
the case requires, shall be paid prior to 12:00 noon, New York City time, on the
date of such redemption or at such earlier time as the Company determines;
provided, that the Company shall deposit with the Trustee an amount sufficient
to pay the applicable Redemption Price by 10:00 a.m., New York City time, on the
date such Redemption Price is to be paid. Any redemption pursuant to this
paragraph will be made upon not less than 30 days nor more than 60 days notice.
If the Securities are only partially redeemed by the Company pursuant to an
Optional Redemption, the particular Securities to be redeemed shall be selected
on a pro rata basis not more than 60 days prior to the date fixed for redemption
from the outstanding Securities not previously called for redemption; provided,
however, that with respect to Securityholders that would be required to hold
Securities with an aggregate principal amount of less than $100,000 but more
than an aggregate principal amount of zero as a result of such pro rata
redemption, the Company shall redeem Securities of each such Securityholder so
that after such redemption such Securityholder shall hold Securities either with
an aggregate principal amount of at least $100,000 or such Securityholder no
longer holds any Securities and shall use such method (including, without
limitation, by lot) as the Company shall deem fair and appropriate; provided,
further, that any such proration may be made on the basis of the aggregate
principal amount of Securities held by each Securityholder thereof and may be
made by making such adjustments as the Company deems fair and appropriate in
order that only Securities in denominations of $1,000 or integral multiples
thereof shall be redeemed.

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

         In case an Event of Default, as defined in the Indenture, shall have
occurred and be continuing, the principal of all of the Securities may be
declared, and upon such declaration shall become, due and payable, in the
manner, with the effect and subject to the conditions provided in the Indenture.

         The Indenture contains provisions for satisfaction and discharge of the
entire indebtedness of this Security upon compliance by the Company with certain
conditions set forth in the Indenture.

         The Indenture contains provisions permitting the Company and the
Trustee, with the consent of the holders of a majority in aggregate principal
amount of the Securities at the time

                                       67
<Page>

outstanding, as defined in the Indenture, to execute supplemental indentures
for the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions of the Indenture or of modifying in any
manner the rights of the holders of the Securities; provided, however, that no
such supplemental indenture shall become effective without the consent of the
holders of a majority in liquidation amount of Trust Securities (if the
Securities are held by the Property Trustee) or shall, without the consent of
each holder of Securities then outstanding and affected thereby, (i) change
the Maturity Date of any Securities, or reduce the principal amount thereof,
or reduce any amount payable on redemption thereof, or reduce the rate or
extend the time of payment of interest thereon (subject to ARTICLE XVI of the
Indenture), or make the principal of, or interest or premium on, the
Securities payable in any coin or currency other than U.S. dollars, or impair
or affect the right of any holder of Securities to institute suit for the
payment thereof, or (ii) reduce the aforesaid percentage of Securities, the
holders of which are required to consent to any such supplemental indenture.
The Indenture also contains provisions permitting the holders of a majority in
aggregate principal amount of the Securities at the time outstanding affected
thereby, on behalf of all of the holders of the Securities, to waive any past
default in the performance of any of the covenants contained in the Indenture,
or established pursuant to the Indenture, and its consequences, subject to the
consent of the holders of a majority in liquidation amount of Trust Securities
(if the Securities are held by the Property Trustee), except a default in the
payment of the principal of or premium, if any, or interest on any of the
Securities or a default in respect of any covenant or provision under which
the Indenture cannot be modified or amended without the consent of each holder
of Securities then outstanding. Any such consent or waiver by the holder of
this Security (unless revoked as provided in the Indenture) shall be
conclusive and binding upon such Holder and upon all future holders and owners
of this Security and of any Security issued in exchange herefor or in place
hereof (whether by registration of transfer or otherwise), irrespective of
whether or not any notation of such consent or waiver is made upon this
Security.

         No reference herein to the Indenture and no provision of this Security
or of the Indenture shall alter or impair the obligation of the Company, which
is absolute and unconditional, to pay the principal of and premium, if any, and
interest (including Compounded Interest and Additional Sums, if any) on this
Security at the time and place and at the rate and in the money herein
prescribed.

         So long as no Event of Default shall have occurred and be continuing,
the Company shall have the right, at any time and from time to time during the
term of the Securities, to defer payments of interest by extending the interest
payment period of such Securities for a period not exceeding 10 consecutive
semi-annual periods, including the first such semi-annual period during such
extension period, and not extending beyond the Maturity Date of the Securities
(an "EXTENDED INTEREST PAYMENT PERIOD") or ending on a date other than an
Interest Payment Date, at the end of which period the Company shall pay all
interest then accrued and unpaid (together with interest thereon at the rate
specified for the Securities to the extent that payment of such interest is
enforceable under applicable law). Before the termination of any such Extended
Interest Payment Period, the Company may further defer payments of interest by
further extending such Extended Interest Payment Period; provided that such
Extended Interest Payment Period, together with all such previous and further
extensions within such Extended Interest Payment Period, (i) shall not exceed 10
consecutive semi-annual periods, including the first semi-annual period during
such Extended Interest Payment Period, (ii) shall not end on any date other than
an Interest Payment Date, and (iii) shall not extend beyond the Maturity Date of
the Securities. Upon the termination of any such Extended Interest Payment
Period and the payment

                                       68
<Page>

of all accrued and unpaid interest and any additional amounts then due, the
Company may commence a new Extended Interest Payment Period, subject to the
foregoing requirements.

         The Company has agreed that it will not (i) declare or pay any
dividends or distributions on, or redeem, purchase, acquire, or make a
liquidation payment with respect to, any of the Company's capital stock
(which includes common and preferred stock) (other than (a) dividends or
distributions in shares of, or options, warrants or rights to subscribe for
or purchase shares of, Common Stock, (b) any declaration of a dividend in
connection with the implementation of a stockholder's rights plan, or the
issuance of stock under any such plan in the future, or the redemption or
repurchase of any such rights pursuant thereto, (c) as a result of a
reclassification of the Company's capital stock or the exchange or the
conversion of one class or series of the Company's capital stock, for another
class or series of the Company's capital stock, (d) the purchase of
fractional interests in shares of the Company's capital stock pursuant to the
exchange or conversion of such capital stock or the security being exchanged
or converted, and (e) purchases of Common Stock related to the issuance of
Common Stock or rights under any of the Company's benefit plans for its
directors, officers or employees or any of the Company's dividend
reinvestment plans) or (ii) make any payment of principal, interest or
premium, if any, on or repay or repurchase or redeem any debt securities of
the Company that rank PARI PASSU with or junior in right of payment to the
Securities or (iii) make any guarantee payments with respect to any guarantee
(other than payments under the Preferred Securities Guarantee) by the Company
of the debt securities of any Subsidiary of the Company if such guarantee
ranks PARI PASSU or junior in right of payment to the Securities if at such
time (1) there shall have occurred any event of which the Company has actual
knowledge that (a) with the giving of notice or the lapse of time, or both,
would be, an Event of Default and (b) in respect of which the Company shall
not have taken reasonable steps to cure, (2) an Event of Default hereunder
shall have occurred and be continuing, (3) if the Securities are held by the
Property Trustee, the Company shall be in default with respect to its payment
obligations under the Preferred Securities Guarantee or (4) the Company shall
have given notice of its election of the exercise of its right to extend the
interest payment period and any such extension shall be continuing.

         Subject to the receipt by the Company of an opinion of counsel to the
effect that such distribution will not be a taxable event to holders of
Preferred Securities, the Company will have the right at any time to liquidate
the Trust and cause the Securities to be distributed to the holders of the Trust
Securities in liquidation of the Trust.

         The Securities are issuable only in registered form without coupons in
denominations of $1,000.00 and any integral multiple thereof. As provided in the
Indenture and subject to the transfer restrictions limitations as may be
contained herein and therein from time to time, this Security is transferable by
the holder hereof on the Security Register of the Company, upon surrender of
this Security for registration of transfer at the office or agency of the
Company in The City and State of New York accompanied by a written instrument or
instruments of transfer in form satisfactory to the Company or the Trustee duly
executed by the holder hereof or his attorney duly authorized in writing, and
thereupon one or more new Securities of authorized denominations and for the
same aggregate principal amount and series will be issued to the designated
transferee or transferees. No service charge will be made for any such
registration of transfer, but the Company may require payment of a sum
sufficient to cover any tax or other governmental charge payable in relation
thereto.

                                       69
<Page>

         Prior to due presentment for registration of transfer of this Security,
the Company, the Trustee, any authenticating agent, any paying agent, any
transfer agent and the registrar may deem and treat the holder hereof as the
absolute owner hereof (whether or not this Security shall be overdue and
notwithstanding any notice of ownership or writing hereon made by anyone other
than the Security Registrar) for the purpose of receiving payment of or on
account of the principal hereof and premium, if any, and (subject to the
Indenture) interest due hereon and for all other purposes, and neither the
Company nor the Trustee nor any authenticating agent nor any paying agent nor
any transfer agent nor any registrar shall be affected by any notice to the
contrary.

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

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

         THE INDENTURE AND THE SECURITIES SHALL BE DEEMED TO BE A CONTRACT MADE
UNDER THE LAWS OF THE STATE OF NEW YORK, AND FOR ALL PURPOSES SHALL BE GOVERNED
BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

                                       70

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00035-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00035-of-00352.parquet"}]]