Document:

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                                                                     Exhibit 4.8
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                              INDYMAC BANCORP, INC.

                                       TO

                              THE BANK OF NEW YORK,

                                                                         TRUSTEE
                                ----------------

                                    INDENTURE

                          DATED AS OF NOVEMBER 14, 2001

                                ----------------

                       JUNIOR SUBORDINATED DEBT SECURITIES

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                                TABLE OF CONTENTS

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ARTICLE I.  DEFINITIONS AND OTHER PROVISIONS OF GENERAL
               APPLICATION..................................................................1

Section 101.   Definitions..................................................................1
Section 102.   Compliance Certificates and Opinions........................................12
Section 103.   Form of Documents Delivered to Trustee......................................12
Section 104.   Acts of Holders.............................................................13
Section 105.   Notices, etc., to Trustee and Company.......................................15
Section 106.   Notice to Holders; Waiver...................................................15
Section 107.   Conflict with Trust Indenture Act...........................................16
Section 108.   Effect of Headings and Table of Contents....................................16
Section 109.   Successors and Assigns......................................................16
Section 110.   Separability Clause.........................................................16
Section 111.   Benefits of Indenture.......................................................16
Section 112.   Governing Law...............................................................17
Section 113.   Legal Holidays..............................................................17
Section 114.   Counterparts................................................................17

ARTICLE II.  DEBT SECURITY FORMS...........................................................17

Section 201.   Forms Generally.............................................................17
Section 202.   Form of Trustee's Certificate of Authentication.............................18
Section 203.   Debt Securities in Global Form..............................................18

ARTICLE III.  THE DEBT SECURITIES..........................................................19

Section 301.   Amount Unlimited; Issuance in Series........................................19
Section 302.   Denominations...............................................................22
Section 303.   Execution, Authentication, Delivery and Dating..............................22
Section 304.   Temporary Debt Securities...................................................25
Section 305.   Registration; Registration of Transfer and Exchange.........................28
Section 306.   Mutilated, Destroyed, Lost and Stolen Debt Securities.......................31
Section 307.   Payment of Interest and Additional Interest; Interest Rights Preserved......32
Section 308.   Persons Deemed Owners.......................................................35
Section 309.   Cancellation................................................................35
Section 310.   Computation of Interest.....................................................35
Section 311.   Certification by a Person Entitled to Delivery of a Bearer Security.........35
Section 312.   Judgments...................................................................36
Section 313.   Deferrals of Interest Payment Dates.........................................36
Section 314.   Right of Set-Off............................................................37
Section 315.   Agreed Tax Treatment........................................................38
Section 316.   CUSIP Numbers...............................................................38
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ARTICLE IV.  SATISFACTION AND DISCHARGE....................................................38

Section 401.   Satisfaction and Discharge of Indenture.....................................38
Section 402.   Application of Trust Money and Eligible Instruments.........................40
Section 403.   Satisfaction, Discharge and Defeasance of Debt Securities of any Series.....40

ARTICLE V.  REMEDIES.......................................................................43

Section 501.   Events of Default...........................................................43
Section 502.   Acceleration of Maturity; Rescission and Annulment..........................44
Section 503.   Collection of Indebtedness and Suits for Enforcement by Trustee.............45
Section 504.   Trustee May File Proofs of Claim............................................46
Section 505.   Trustee May Enforce Claims without Possession of Debt Securities or Coupons.47
Section 506.   Application of Money Collected..............................................47
Section 507.   Limitation on Suits.........................................................48
Section 508.   Unconditional Right of Holders to Receive Principal, Premium and
               Interest and to Exchange Debt Securities for Capital Securities; Direct
               Action by Holders of Capital Trust Securities...............................48
Section 509.   Restoration of Rights and Remedies..........................................49
Section 510.   Rights and Remedies Cumulative..............................................49
Section 511.   Delay or Omission Not Waiver................................................49
Section 512.   Control by Holders of Debt Securities.......................................50
Section 513.   Waiver of Past Defaults.....................................................50
Section 514.   Undertaking for Costs.......................................................50
Section 515.   Waiver of Stay or Extension Laws............................................51

ARTICLE VI.  THE TRUSTEE...................................................................51

Section 601.   Certain Duties and Responsibilities.........................................51
Section 602.   Notice of Default...........................................................51
Section 603.   Certain Rights of Trustee...................................................52
Section 604.   Not Responsible for Recitals or Issuance of Debt Securities.................53
Section 605.   May Hold Debt Securities or Coupons.........................................53
Section 606.   Money Held in Trust.........................................................54
Section 607.   Compensation and Reimbursement..............................................54
Section 608.   Disqualification; Conflicting Interests.....................................54
Section 609.   Corporate Trustee Required; Eligibility.....................................55
Section 610.   Resignation and Removal; Appointment of Successor...........................55
Section 611.   Acceptance of Appointment by Successor......................................57
Section 612.   Merger, Conversion, Consolidation or Succession to Business.................58
Section 613.   Preferential Collection of Claims Against Company...........................58
Section 614.   Authenticating Agent........................................................58

ARTICLE VII.  HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY............................60

Section 701.   Company to Furnish Trustee Names and Addresses of Holders...................60
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Section 702.   Preservation of Information; Communications to Holders......................60
Section 703.   Reports by Trustee..........................................................61
Section 704.   Reports by Company..........................................................61

ARTICLE VIII.  CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE........................61

Section 801.   Company May Consolidate, etc. Only on Certain Terms.........................61
Section 802.   Successor Corporation Substituted...........................................62

ARTICLE IX.  SUPPLEMENTAL INDENTURES.......................................................62

Section 901.   Supplemental Indentures without Consent of Holders..........................62
Section 902.   Supplemental Indentures with Consent of Holders.............................63
Section 903.   Execution of Supplemental Indentures........................................65
Section 904.   Effect of Supplemental Indentures...........................................66
Section 905.   Conformity with Trust Indenture Act.........................................66
Section 906.   Reference in Debt Securities to Supplemental Indentures.....................66

ARTICLE X.  COVENANTS......................................................................66

Section 1001.  Payment of Principal, Premium and Interest..................................66
Section 1002.  Maintenance of Office or Agency.............................................66
Section 1003.  Money for Debt Securities Payments to Be Held in Trust......................68
Section 1004.  Officers' Certificate as to Default.........................................69
Section 1005.  Waiver of Certain Covenants.................................................69
Section 1006.  Payment of Additional Amounts...............................................69
Section 1007.  Additional Sums.............................................................70
Section 1008.  Additional Covenants........................................................71

ARTICLE XI.  REDEMPTION OF DEBT SECURITIES.................................................72

Section 1101.  Applicability of Article....................................................72
Section 1102.  Election to Redeem; Notice to Trustee.......................................72
Section 1103.  Selection by Trustee of Debt Securities to be Redeemed......................72
Section 1104.  Notice of Redemption........................................................73
Section 1105.  Deposit of Redemption Price.................................................74
Section 1106.  Debt Securities Payable on Redemption Date..................................74
Section 1107.  Debt Securities Redeemed in Part............................................75
Section 1107.  Right of Redemption of Debt Securities Initially Issued to an Issuer Trust..75

ARTICLE XII.  SINKING FUNDS................................................................76

Section 1201.  Applicability of Article....................................................76
Section 1202.  Satisfaction of Sinking Fund Payments with Debt Securities..................76
Section 1203.  Redemption of Debt Securities for Sinking Fund..............................76

ARTICLE XIII.  REPAYMENT AT THE OPTION OF HOLDERS..........................................77
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Section 1301.  Applicability of Article....................................................77
Section 1302.  Repayment of Debt Securities................................................77
Section 1303.  Exercise of Option; Notice..................................................77
Section 1304.  Election of Repayment by Remarketing Entities...............................78
Section 1305.  Securities Payable on the Repayment Date....................................78

ARTICLE XIV.  EXCHANGE OF CAPITAL SECURITIES FOR DEBT SECURITIES...........................79

Section 1401.  Applicability of Article....................................................79
Section 1402.  Exchange of Capital Securities for Debt Securities at Stated Maturity.......79
Section 1403.  Right of Early Exchange of Capital Securities for Debt Securities...........80
Section 1404.  Notices of Exchange.........................................................80
Section 1405.  Rights and Duties of Holders of Debt Securities to be Exchanged for
               Capital Securities..........................................................82
Section 1406.  Election to Exchange........................................................84
Section 1407.  Deposit of Capital Exchange Price...........................................84
Section 1408.  Debt Securities Due on Capital Exchange Date; Debt Securities
               Exchanged in Part...........................................................84
Section 1409.  Form of Capital Security Election Form......................................85
Section 1410.  Fractional Capital Securities...............................................86
Section 1411.  Company to Obtain Governmental and Regulatory Approvals.....................86
Section 1412.  Taxes on Exchange...........................................................86
Section 1413.  Covenants as to Capital Securities and Secondary Offering...................87
Section 1414.  Provision in Case of Consolidation, Merger or Transfer of Assets............87
Section 1415.  Trustee Not Responsible.....................................................88
Section 1416.  Revocation of Obligation to Exchange Capital Securities for Debt
               Securities..................................................................88
Section 1417.  Optional Securities Funds...................................................89

ARTICLE XV.  SECURITIES FUNDS..............................................................90

Section 1501.  Creation of Securities Funds................................................90
Section 1502.  Designations of Securities Funds............................................90
Section 1503.  Covenant of the Company to Obtain Securities Funds..........................90

ARTICLE XVI.  MEETINGS OF HOLDERS OF DEBT SECURITIES.......................................91

Section 1601.  Purposes for Which Meetings May Be Called...................................91
Section 1602.  Call, Notice and Place of Meetings..........................................91
Section 1603.  Persons Entitled to Vote at Meetings........................................92
Section 1604.  Quorum; Action..............................................................92
Section 1605.  Determination of Voting Rights; Conduct and Adjournment of Meetings.........93
Section 1606.  Counting Votes and Recording Action of Meetings.............................93

ARTICLE XVII.  DEFEASANCE..................................................................94

Section 1701.  Termination of Company's Obligations........................................94
Section 1702.  Repayment to Company........................................................95
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Section 1703.  Indemnity for Eligible Instruments..........................................95

ARTICLE XVIII. SUBORDINATION OF DEBT SECURITIES............................................96

Section 1801.  Debt Securities Subordinate to Senior Debt..................................96
Section 1802.  Trustee and Holders of Debt Securities May Rely on Certificate of
               Liquidating Agent; Trustee May Require Further Evidence as to
               Ownership of Senior Debt; Trustee Not Fiduciary to Holders of Senior
               Debt........................................................................98
Section 1803.  Payment Permitted If No Default.............................................98
Section 1804.  Trustee Not Charged with Knowledge of Prohibition...........................99
Section 1805.  Trustee to Effectuate Subordination.........................................99
Section 1806.  Rights of Trustee as Holder of Senior Debt..................................99
Section 1807.  Article Applicable to Paying Agents.........................................99
Section 1808.  Subordination Rights Not Impaired by Acts or Omissions of the Company
               or Holders of Senior Debt..................................................100

ARTICLE XIX.  CONVERSION OF CONVERTIBLE SECURITIES........................................100

Section 1901.  Applicability of Article...................................................100
Section 1902.  Right to Convert...........................................................100
Section 1903.  Exercise of Conversion Privilege; Delivery of Common Stock on
               Conversion; No Adjustment for Interest or Dividends........................101
Section 1904.  Cash Payments in Lieu of Fractional Shares.................................102
Section 1905.  Conversion Price...........................................................102
Section 1906.  Adjustment to Conversion Price.............................................102
Section 1907.  Effect of Reclassification, Consolidation, Merger or Sale..................105
Section 1908.  Taxes on Shares Issued.....................................................106
Section 1909.  Shares to be Fully Paid; Compliance with Governmental Requirements;
               Listing of Common Stock....................................................106
Section 1910.  Trustee Not Responsible....................................................107
Section 1911.  Notice to Holders Prior to Certain Actions.................................107
Section 1912.  Covenant to Reserve Shares.................................................108
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                             TABLE OF DEFINED TERMS

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Act.........................................................2
Additional Interest.........................................2
Additional Sums.............................................2
Additional Taxes............................................2
Affiliate...................................................2
Authorized Newspaper........................................2
Bearer Security.............................................2
Board of Directors..........................................2
Board Resolution............................................2
Business Day................................................3
Capital Exchange Agent......................................3
Capital Exchange Date.......................................3
Capital Exchange Price......................................3
Capital Securities..........................................3
Capital Security Election Form..............................3
Trust Preferred Securities..................................3
CEDEL.......................................................4
CEDEL S.A. .................................................4
Closing Price...............................................4
Commission..................................................4
Common Stock................................................4
Common Trust Securities.....................................4
Company.....................................................4
Company Order...............................................4
Company Request.............................................4
Conversion Price............................................4
Convertible Securities......................................4
Corporate Trust Office......................................4
corporation.................................................4
coupon......................................................5
Debt Securities.............................................5
Defaulted Interest..........................................5
Delaware Trustee............................................5
Depositary..................................................5
Designated Currency.........................................5
Distributions...............................................5
Dollar($)...................................................5
ECU.........................................................5
Eligible Instruments........................................5
Euroclear...................................................5
European Communities........................................5
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Event of Default............................................5
Exchange Rate...............................................5
Exchange Rate Agent.........................................6
Exchange Rate Officer's Certificate.........................6
Extension Period............................................5
Foreign Currency............................................6
Global Exchange Agent.......................................6
Global Exchange Date........................................6
Global Security.............................................6
Guarantee Agreement.........................................6
Holder......................................................6
Indenture...................................................6
interest....................................................6
Interest Payment Date.......................................6
Investment Company Event....................................6
Issuer Trust................................................7
Market Value................................................7
Maturity....................................................7
Officers' Certificate.......................................7
Opinion of Counsel..........................................7
Optional Securities Fund....................................7
Original Issue Discount Security............................7
Outstanding.................................................7
Paying Agent................................................8
Perpetual Preferred Stock...................................8
Person......................................................8
Place of Capital Exchange...................................8
Place of Payment............................................8
Predecessor Security........................................8
Primary Federal Regulator...................................9
Property Trustee............................................9
ranking junior to the Debt Securities.......................9
ranking on a parity with the Debt Securities................9
Redemption Date.............................................9
Redemption Price............................................9
Registered Security.........................................9
Regular Record Date.........................................9
Remarketing Entity..........................................9
Repayment Date.............................................10
Repayment Price............................................10
Responsible Officer........................................10
Rights.....................................................10
Secondary Offering.........................................10
Securities Fund............................................10
Security Register..........................................10
Security Registrar.........................................10
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Senior Debt................................................10
Special Record Date........................................11
Stated Maturity............................................11
Tax Event..................................................11
Trust Agreement............................................11
Trust Indenture Act........................................11
Trust Related Securities...................................11
Trust Securities...........................................11
Trustee....................................................11
U.S. Government Obligations................................12
United States..............................................12
United States Alien........................................12
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        INDENTURE (the "Indenture") dated as of _______________, 2001 between
INDYMAC BANCORP, INC., a Delaware corporation (hereinafter called the
"Company"), having its principal place of business at 155 North Lake Avenue,
Pasadena, California 91101, and The Bank of New York, not in its individual
capacity but solely as trustee under this Indenture, a New York banking
corporation (hereinafter called the "Trustee"), having its Corporate Trust
Office at 101 Barclay Street, New York, New York 10286.

                             RECITALS OF THE COMPANY

        The Company has duly authorized the execution and delivery of this
Indenture to provide for the issuance from time to time of its unsecured junior
subordinated debentures, notes, bonds and other evidences of indebtedness
(herein called the "Debt Securities"), including Debt Securities issued to
evidence loans made to the Company of the proceeds from the issuance from time
to time by one or more business trusts (each an "Issuer Trust") of undivided
preferred beneficial interests in the assets of such Issuer Trusts (the "Trust
Preferred Securities") and undivided common beneficial interests in the assets
of such Issuer Trusts (the "Common Trust Securities" and, together with the
Trust Preferred Securities, the "Trust Securities").

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

        NOW, THEREFORE, THIS INDENTURE WITNESSETH:

        For and in consideration of the premises and the purchase of the Debt
Securities of any series created and issued on or after the date hereof by the
Holders thereof, it is mutually covenanted and agreed for the equal and
proportionate benefit of all Holders of such Debt Securities or of any such
series, as follows:

                                   ARTICLE I.

             DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

        SECTION 101.  Definitions.

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

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

               (2) all other terms used herein which are defined in the Trust
        Indenture Act or by Commission rule or regulation under the Trust
        Indenture Act, either directly or by reference therein, as in force at
        the date as of which this instrument was executed, except as provided in
        Section 905, have the meanings assigned to them therein;

               (3) all accounting terms not otherwise defined herein have the
        meanings

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        assigned to them in accordance with generally accepted accounting
        principles, and, except as otherwise herein expressly provided, the term
        "generally accepted accounting principles" with respect to any
        computation required or permitted hereunder shall mean such accounting
        principles as are generally accepted in the United States at the date of
        such computation; and

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

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

        "Additional Interest" means the interest, if any, that shall accrue on
any interest on the Debt Securities of any series the payment of which has not
been made on the applicable Interest Payment Date and which shall accrue at the
rate per annum specified or determined as specified in such Debt Security.

        "Additional Sums" has the meaning specified in Section 1007.

        "Additional Taxes" means any additional taxes, duties and other
governmental charges to which an Issuer Trust has become subject from time to
time as a result of a Tax Event.

        "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.

        "Authorized Newspaper" means a newspaper in an official language of the
country of publication or in the English language customarily published on each
Business Day, whether or not published on 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 Debt Security established pursuant to
Section 201 which is payable to bearer including, without limitation, unless the
context otherwise indicates, a Debt Security in global bearer form.

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

        "Board Resolution" means a copy of a resolution certified by the
Secretary or an Assistant Secretary of the Company 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. Where any provision of this
Indenture refers to action to be taken pursuant to a Board Resolution

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(including the establishment of any series of the Debt Securities and the forms
and terms thereof), such action may be taken by any committee of the Board or
the Company or any officer or employee of the Company authorized to take such
action by a Board Resolution.

        "Business Day", when used with respect to any Place of Payment or Place
of Capital Exchange, means any day which is not a Saturday or Sunday and which
is not a legal holiday or a day on which banking institutions or trust companies
in that Place of Payment or Place of Capital Exchange are authorized or
obligated by law or executive order to close.

        "Capital Exchange Agent" means the Person or Persons appointed by the
Company to give notices and to exchange Debt Securities of any series for
Capital Securities as specified in Article Fourteen.

        "Capital Exchange Date", when used with respect to the Debt Securities
of any series, means any date on which such Debt Securities are to be exchanged
for Capital Securities pursuant to this Indenture.

        "Capital Exchange Price", when used with respect to any Debt Security of
any series to be exchanged for Capital Securities, means the amount of Capital
Securities for which such Debt Security is to be exchanged pursuant to this
Indenture or the aggregate sale price of such Capital Securities in the
Secondary Offering for such Debt Security, as the case may be.

        "Capital Securities" means any securities issued by the Company which
consist of any of the following: (i) Common Stock, (ii) Perpetual Preferred
Stock or (iii) securities which at the date of issuance may be issued in
exchange for, or the proceeds from the sale of which may be designated as
Securities Funds or Optional Securities Funds for the payment of the principal
of, "mandatory convertible securities" under applicable regulations of the
Primary Federal Regulator. Capital Securities may have such terms, rights and
preferences as may be determined by the Company.

        "Capital Security Election Form" means a form substantially in the form
included in Section 1409.

         "CEDEL"  or  "CEDEL  S.A."  means  Centrale  de  Livraison  de  Valeurs
Mobilieres S.A.

        "Closing Price" has the meaning specified in Section 1906(d).

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

        "Common Trust Securities" has the meaning specified in the first recital
of this Indenture.

        "Common Stock" means, when used with reference to the capital stock of
the Company, the class of stock which, at the date of execution of this
Indenture, is designated as common stock of the Company and stock of any class
or classes into which such common stock or any such other class may thereafter
be changed or reclassified. In case by reason of the operation of

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Article Nineteen, the Convertible Securities shall be convertible into any other
shares or other securities or property of the Company or any other corporation,
any reference in this Indenture to the conversion of Convertible Securities
pursuant to Article Nineteen shall be deemed to refer to and include conversion
of Convertible Securities into such other shares or other securities or
property.

        "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" and "Company Order" mean, respectively, except as
otherwise provided in this Indenture, a written request or order signed in the
name of the Company by the Chairman of the Board, a Vice Chairman of the Board,
the President or a Vice President (any references to a Vice President of the
Company herein shall be deemed to include any Vice President of the Company
whether or not designated by a number or word or words added before or after the
title "Vice President"), the Treasurer, an Assistant Treasurer, the Controller,
an Assistant Controller, Secretary or an Assistant Secretary of the Company, or
by another officer of the Company duly authorized to sign by a Board Resolution,
and delivered to the Trustee.

        "Conversion Price" has the meaning specified in Section 1905.

        "Convertible Securities" means any series of Debt Securities that are
designated as such pursuant to Section 301.

        "Corporate Trust Office" means the principal corporate trust office of
the Trustee at which any particular time its corporate trust business shall be
administered.

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

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

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

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

        "Delaware Trustee" means, with respect to any Issuer Trust, the Person
identified as the "Delaware Trustee" in the related Trust Agreement, solely in
its capacity as Delaware Trustee of such Issuer Trust under such Trust Agreement
and not in its individual capacity, or its successor in interest in such
capacity, or any successor Delaware trustee appointed as therein provided.

        "Depositary" means, with respect to the Debt Securities of any series
issuable or issued in the form of a Global Security, the Person designated as
Depositary by the Company pursuant to Section 301 until a successor Depositary
shall have become such pursuant to the applicable provisions of this Indenture,
and thereafter "Depositary" shall mean or include each person who is then a
Depositary hereunder, and if at any time there is more than one such Person,

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"Depositary" as used with respect to the Debt Securities of any such series
shall mean the Depositary with respect to the Debt Securities of that series.

        "Designated Currency" has the meaning specified in Section 312.

        "Distributions," with respect to the Trust Securities issued by an
Issuer Trust, means the amounts payable in respect of such Trust Securities as
provided in the related Trust Agreement and referred to therein as
"Distributions."

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

        "ECU" means the European Currency Unit as defined and revised from time
to time by the Council of the European Communities.

        "Eligible Instruments" means monetary assets, money market instruments
and securities that are payable in Dollars only and essentially risk free as to
collection of principal and interest, including U.S. Government Obligations.

        "Extension Period" has the meaning specified in Section 313.

        "Euroclear" means Morgan Guarantee Trust Company of New York, Brussels
Office, as operator of the Euroclear System.

        "European Communities" means the European Economic Community, the
European Coal and Steel Community and the European Atomic Energy Community.

        "Event of Default" has the meaning specified in Section 501.

        "Exchange Rate" shall have the meaning specified as contemplated in
Section 301.

        "Exchange Rate Agent" shall have the meaning specified as contemplated
in Section 301.

        "Exchange Rate Officer's Certificate", with respect to any date for the
payment of principal of (and premium, if any) and interest on any series of Debt
Securities, means a certificate setting forth the applicable Exchange Rate and
the amounts payable in Dollars and Foreign Currencies in respect of the
principal of (and premium, if any) and interest on Debt Securities denominated
in ECU, any other composite currency or Foreign Currency, and signed by the
Chairman of the Board, a Vice Chairman of the Board, the President, the
Treasurer or any Assistant Treasurer of the Company or the Exchange Rate Agent
appointed pursuant to Section 301, and delivered to the Trustee.

        "Foreign Currency" means a currency issued by the government of any
country other than the United States of America.

        "Global Exchange Agent" has the meaning specified in Section 304.

        "Global Exchange Date" has the meaning specified in Section 304.

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        "Global Security" means a Debt Security issued to evidence all or part
of a series of Debt Securities in accordance with Section 303.

        "Guarantee Agreement" means, with respect to any Issuer Trust, the
Guarantee Agreement executed by the Company for the benefit of the holders of
the Trust Preferred Securities issued by such Issuer Trust as modified, amended
or supplemented from time to time.

        "Holder", with respect to a Registered Security, means a Person in whose
name such Registered Security is registered in the Security Register and, with
respect to a Bearer Security or a coupon, means the bearer thereof.

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

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

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

        "Investment Company Event" means the receipt by an Issuer Trust of an
Opinion of Counsel (as defined in the relevant Trust Agreement) 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, there is more than an
insubstantial risk that such Issuer Trust is or will be considered an
"investment company" that is required to be registered under 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 issuance of
the Trust Preferred Securities of such Issuer Trust.

        "Issuer Trust" has the meaning specified in the first recital of this
Indenture.

        "Market Value" of any Capital Securities issued on any Capital Exchange
Date for Debt Securities of any series shall be the sale price of such Capital
Securities which are sold in the Secondary Offering for the Debt Securities of
such series. In the event no such Secondary Offering takes place, the Market
Value of such Capital Securities shall be the fair value of such Capital
Securities on such Capital Exchange Date for Debt Securities of such series as
determined by three independent nationally recognized investment banking firms
selected by the Company.

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

                                        6
<PAGE>

        "Officers' Certificate" means a certificate signed by the Chairman of
the Board, a Vice Chairman of the Board, the President or a Vice President, and
by the Treasurer, an Assistant Treasurer, the Controller, an Assistant
Controller, the Secretary or an Assistant Secretary of the Company, and
delivered to the Trustee.

        "Opinion of Counsel" means a written opinion of counsel, who may (except
as otherwise expressly provided in this Indenture) be an employee of or counsel
for the Company, or who may be other counsel acceptable to the Trustee, which is
delivered to the Trustee.

        "Optional Securities Fund" means a fund pursuant to which the proceeds
of sales of Capital Securities may be designated on the books of the Company for
the payment of any of the principal of any Debt Security pursuant to Section
1417 of this Indenture.

        "Original Issue Discount Security" means any Debt Security which
provides for an amount less than the principal amount thereof to be due and
payable upon a declaration of acceleration of the Maturity thereof pursuant to
Section 502.

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

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

                      (ii) Debt Securities or portions thereof for whose payment
               or redemption money or Eligible Instruments 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 Debt Securities and
               any coupons appertaining thereto; provided, however, that if such
               Debt Securities are to be redeemed, notice of such redemption has
               been duly given pursuant to this Indenture or provision therefor
               satisfactory to the Trustee has been made; and

                      (iii) Debt Securities in exchange for or in lieu of which
               other Debt Securities have been authenticated and delivered, or
               which have been paid, pursuant to this Indenture;

provided, however, that in determining whether the Holders of the requisite
principal amount of Debt Securities Outstanding have given any request, demand,
authorization, direction, notice, consent or waiver hereunder, Debt Securities
owned by the Company or any other obligor upon the Debt 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 such request, demand, authorization,
direction, notice, consent or waiver, only Debt Securities which a Responsible
Officer of the Trustee knows to be so owned shall be so disregarded. Debt
Securities so owned which have been pledged in good faith may be regarded as
Outstanding if the pledgee establishes to the satisfaction of the Trustee the
pledgee's right so to act with respect to such Debt Securities and that the
pledgee is not the Company or

                                        7
<PAGE>

any other obligor upon the Debt Securities or any Affiliate of the Company or of
such other obligor. Notwithstanding anything herein to the contrary, Debt
Securities of any series initially issued to an Issuer Trust that are owned by
such Issuer Trust shall be deemed to be Outstanding notwithstanding the
ownership by the Company or an Affiliate of any beneficial interest in such
Issuer Trust.

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

        "Perpetual Preferred Stock" means any stock of any class of the Company
which has a preference over Common Stock in respect of dividends or of amounts
payable in the event of any voluntary or involuntary liquidation, dissolution or
winding up of the Company and which is not mandatorily redeemable or repayable,
or redeemable or repayable at the option of the Holder, otherwise than in shares
of Common Stock or Perpetual Preferred Stock of another class or series or with
the proceeds of the sale of Common Stock or Perpetual Preferred Stock.

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

        "Place of Capital Exchange", when used with respect to Debt Securities
of any series, means any place where the Debt Securities of such series are
exchangeable for Capital Securities as specified pursuant to Section 301.

        "Place of Payment", when used with respect to the Debt Securities of any
series means any place where the principal of (and premium, if any) and interest
on the Debt Securities of that series are payable as specified as contemplated
by Section 301.

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

        "Primary Federal Regulator" means the primary United States federal
regulator of the Company (which at the date of this Indenture is the Board of
Governors of the Federal Reserve System), or any successor body or institution.

        "Property Trustee" means, with respect to any Issuer Trust, the Person
identified as the "Property Trustee" in the related Trust Agreement, solely in
its capacity as Property Trustee of such Issuer Trust and not in its individual
capacity, or its successor in interest in such capacity, or any successor
property trustee appointed as therein provided.

        "ranking junior to the Debt Securities," when used with respect to any
obligation of the Company shall mean any obligation of the Company which (a)
ranks junior to and not equally with or prior to the Debt Securities (or any
other obligations of the Company ranking on a parity with the Debt Securities)
in right of payment upon the happening of any event of the kind specified in the
first sentence of the second paragraph in Section 1801 or (b) is specifically

                                        8
<PAGE>

designated as ranking junior to the Debt Securities by express provision in the
instrument creating or evidencing such obligation.

        "ranking on a parity with the Debt Securities," when used with respect
to any obligation of the Company shall mean any obligation of the Company which
(a) ranks equally with and not prior to the Debt Securities in right of payment
upon the happening of any event of the kind specified in the first sentence of
the second paragraph in Section 1801 or (b) is specifically designated as
ranking on a parity with the Debt Securities by express provision in the
instrument creating or evidencing such obligation.

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

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

        "Registered Security" means any Debt Security in the form of Registered
Securities established pursuant to Section 201 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 301.

        "Remarketing Entity", when used with respect to Debt Securities of any
series which are repayable at the option of the Holders thereof before their
Stated Maturity, means any person designated by the Company to purchase any such
Debt Securities.

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

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

        "Responsible Officer" when used with respect to the Trustee, means any
officer within the corporate trust department of the Trustee, including any vice
president, assistant vice president, assistant secretary, assistant treasurer,
trust officer or any other officer of the Trustee who customarily performs
functions similar to those performed by the Persons who at the time shall be
such officers, respectively, or to whom any corporate trust matter is referred
because of such person's knowledge of and familiarity with the particular
subject and who shall have direct responsibility for the administration of this
Indenture.

        "Rights" has the meaning specified in Section 1906(c).

        "Secondary Offering", when used with respect to the Debt Securities of
any series, means the offering and sale by the Company of Capital Securities for
the account of Holders of Debt

                                        9
<PAGE>

Securities of such series who elect to receive cash and not Capital Securities
on the Capital Exchange Date for such series.

        "Securities Fund" means a fund pursuant to which the proceeds of sales
of Capital Securities are designated on the books of the Company for the payment
of any principal of any Debt Security pursuant to the provisions of Section
1501.

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

        "Senior Debt" means

                      (i) any of the Company's indebtedness for borrowed or
               purchased money, whether or not evidenced by bonds, debentures,
               notes or other written instruments,

                      (ii) the Company's obligations under letters of credit,

                      (iii) any of the Company's indebtedness or other
               obligations with respect to commodity contracts, interest rate
               and currency swap agreements, cap, floor and collar agreements,
               currency spot and forward contracts, and other similar agreements
               or arrangements designed to protect against fluctuations in
               currency exchange or interest rates, and

                      (iv) any guarantees, endorsements (other than by
               endorsement of negotiable instruments for collection in the
               ordinary course of business) or other similar contingent
               obligations in respect of obligations of others of a type
               described in clauses (i), (ii) and (iii) above, whether or not
               such obligation is classified as a liability on a balance sheet
               prepared in accordance with generally accepted accounting
               principles, in each case whether outstanding on the date of
               execution of this Indenture or thereafter incurred, other than
               obligations ranking on a parity with the Debt Securities
               (including the Trust Related Securities) or ranking junior to the
               Debt Securities.

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

        "Stated Maturity", when used with respect to any Debt Security or any
installment of interest (including any Additional Interest) thereon, means the
date specified in such Debt Security or a coupon representing such installment
of interest (including any Additional Interest) as the fixed date on which the
principal of such Debt Security or such installment is due and payable, subject,
in the case of any installment of interest, to the deferral of any such date in
the case of an Extension Period.

        "Tax Event" means the receipt by an Issuer Trust of an Opinion of
Counsel (as defined in the relevant Trust Agreement) 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

                                       10
<PAGE>

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 the date of issuance of the Trust Preferred Securities of such
Issuer Trust, there is more than an insubstantial risk that (i) such Issuer
Trust is, or will be within 90 days of the delivery of such Opinion of Counsel,
subject to United States Federal income tax with respect to income received or
accrued on the corresponding series of Debt Securities issued by the Company to
such Issuer Trust, (ii) interest payable by the Company on such corresponding
series of Debt Securities is not, or within 90 days of the delivery of such
Opinion of Counsel will not be, deductible by the Company, in whole or in part,
for United States Federal income tax purposes, or (iii) such Issuer Trust is, or
will be within 90 days of the delivery of such Opinion of Counsel, subject to
more than a de minimis amount of other taxes, duties or other governmental
charges.

        "Trust Agreement" means, with respect to any Issuer Trust, the trust
agreement or other governing instrument of such Issuer Trust.

        "Trust Indenture Act" means the Trust Indenture Act of 1939 as in force
at the date as of which this instrument was executed, except as provided in
Section 905.

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

        "Trust Preferred Securities" has the meaning specified in the first
recital of this Indenture.

        "Trust Related Securities" means any obligations evidenced by debt
securities (and guarantees in respect of those debt securities) initially issued
to any trust, partnership or other entity affiliated with the Company that is,
directly or indirectly, a financing vehicle of the Company in connection with
the issuance by such entity of capital securities or other similar securities.

        "Trust Securities" has the meaning specified in the first recital of
this Indenture.

        "United States" means the United States of America (including the
District of Columbia) and its possessions.

        "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" means direct obligations of the United
States for the payment of which its full faith and credit is pledged, or
obligations of a person controlled or supervised by and acting as an agency or
instrumentality of the United States the timely payment

                                       11
<PAGE>

of which is unconditionally guaranteed as a full faith and credit obligation by
the United States, 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.

        SECTION 102.  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 (other than the delivery of any
Debt Security to the Trustee for authentication pursuant to Section 303), the
Company shall furnish to the Trustee, if so requested by the Trustee, an
Officers' Certificate stating that all conditions precedent, if any, provided
for in this Indenture relating to the proposed action have been complied with
and an Opinion of Counsel stating that in the opinion of such counsel all such
conditions precedent, if any, have been complied with, except that in the case
of any such application or request as to which the furnishing of such documents
is specifically required by any provision of this Indenture relating to such
particular application or request, no additional certificate or opinion need be
furnished.

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

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

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

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

        SECTION 103.  Form of Documents Delivered to Trustee.

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

                                       12
<PAGE>

        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 or her certificate or opinion is
based is erroneous. Any such certificate or Opinion of Counsel may be based,
insofar as it relates to factual matters, upon a certificate or opinion of, or
representations by, an officer or officers of the Company 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 opinions or representations with respect to such
matters is erroneous.

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

        SECTION 104.  Acts of Holders.

               (a) Any request, demand, authorization, direction, notice,
consent, waiver or other action provided by this Indenture to be given or taken
by Holders may be embodied in and evidenced by one or more instruments of
substantially similar tenor signed by such Holders in person or by an agent duly
appointed in writing. If Debt Securities of a series are issuable in whole or in
part 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 may, alternatively, be embodied in and evidenced by the
record of Holders of Debt Securities voting in favor thereof, either in person
or by proxies duly appointed in writing, at any meeting of Holders of Debt
Securities duly called and held in accordance with the provisions of Article
Sixteen, 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
the holding by any Person of a Debt Security, shall be sufficient for any
purpose of this Indenture and (subject to Section 601) 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 Debt Securities shall be proved in the
manner provided in Section 1606.

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

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

               (d) 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

                                       13
<PAGE>

satisfactory, showing that at the date therein mentioned such Person had on
deposit with such depositary, or exhibited to it, the Bearer Securities in the
amount and with the serial numbers 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.

               (e) The fact and date of execution of any such instrument or
writing, the authority of the Person executing the same and the principal amount
and serial numbers of Bearer Securities held by the Person so executing such
instrument or writing and the date of holding the same may also be proved in any
other manner which the Trustee deems sufficient; and the Trustee may in any
instance require further proof with respect to any of the matters referred to in
this Section.

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

               (g) For purposes of determining the principal amount of
Outstanding Debt Securities of any series of Holders of which are required,
requested or permitted to give any request, demand, authorization, direction,
notice, consent, waiver or take any other Act under this Indenture, (i) each
Original Issue Discount Security shall be deemed to have the principal amount
determined by the Trustee that could be declared to be due and payable pursuant
to the terms of such Original Issue Discount Security as of the date there is
delivered to the Trustee and, where it is hereby expressly required, to the
Company, such Act by Holders of the required aggregate principal amount of the
Outstanding Debt Securities of such series and (ii) each Debt Security
denominated in a Foreign Currency or composite currency shall be deemed to have
the principal amount determined by the Exchange Rate Agent by converting the
principal amount of such Debt Security in the currency in which such Debt
Security is denominated into Dollars at the Exchange Rate as of the date such
Act is delivered to the Trustee and, where it is hereby expressly required, to
the Company, by Holders of the required aggregate principal amount of the
Outstanding Debt Securities of such series (or, if there is no such rate on such
date, such rate on the date determined as specified as contemplated in Section
301).

               (h) The Company may set a record date for purposes of determining
the identity of Holders of Debt Securities of any series entitled to vote or
consent to any action by vote or consent authorized or permitted by Section 512
or Section 513. Such record date shall be the later of 30 days prior to the
first solicitation of such consent or the date of the most recent list of
Holders of such Debt Securities furnished to the Trustee pursuant to Section 701
prior to such solicitation.

                                       14
<PAGE>

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

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

               (1) the Trustee by any Holder, any holder of Trust Preferred
        Securities or the Company shall be sufficient for every purpose
        hereunder (unless otherwise herein expressly provided), if made, given,
        furnished or filed in writing to or with the Trustee at its Corporate
        Trust Office, Attention: Corporate Trust Administration, or

               (2) the Company by the Trustee, any Holder or any holder of Trust
        Preferred Securities shall be sufficient for every purpose hereunder
        (unless otherwise herein expressly provided) if in writing and mailed,
        first-class postage prepaid, to the Company addressed to the attention
        of its Secretary at the address of its principal office specified in the
        first paragraph of this instrument or at any other address previously
        furnished in writing to the Trustee by the Company.

        SECTION 106.  Notice to Holders; Waiver.

        Except as otherwise expressly provided herein, where this Indenture
provides for notice to Holders 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 such Holder's address as it appears in the Security Register, not
later than the latest date, and not earlier than the earliest date, prescribed
for the giving of such notice; and (2) such notice shall be sufficiently given
to Holders of Bearer Securities by publication thereof in an Authorized
Newspaper in The City of New York and, if the Debt Securities of such series are
then listed on The International Stock Exchange of the United Kingdom and the
Republic of Ireland and such stock exchange shall so require, in London, and, if
the Debt Securities of such series are then listed on the Luxembourg Stock
Exchange and such stock exchange shall so require, in Luxembourg and, if the
Debt Securities of such series are then listed on any other stock exchange
outside the United States and such stock exchange shall so require, in any other
required city outside the United States or, if not practicable, in Europe on a
Business Day at least twice, the first such publication to be not later than the
latest date and not earlier than the earliest date prescribed for the giving of
such notice.

        In case, by reason of the suspension of or irregularities in regular
mail service or for any other reason, it shall be impossible or impracticable to
mail notice of any event to Holders when said notice is required to be given
pursuant to any provision of this Indenture or of the Debt Securities, then any
manner of giving such notice as shall be satisfactory to the Trustee shall be
deemed to be a sufficient giving of such notice. In any case where notice to
Holders of Registered Securities is to be 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 by publication to Holders of Bearer Securities given as provided above.

                                       15
<PAGE>

        In case, by reason of the suspension of publication of any Authorized
Newspaper, or by reason of any other cause, it shall be impossible or
impracticable to make publication of any notice to Holders of Bearer Securities
as provided above, then such method of publication or notification as shall be
made with the approval of the Trustee shall constitute a sufficient publication
of such notice. Neither failure to give notice by publication to Holders of
Bearer Securities as provided above, nor any defect in any notice so published,
shall affect the sufficiency of any notice mailed to Holders of Registered
Securities as provided above.

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

        Any request, demand, authorization, direction, notice, consent,
election, waiver or other Act 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 107.  Conflict with Trust Indenture Act.

        If any provision hereof limits, qualifies or conflicts with another
provision hereof which is required to be included in this Indenture by any of
the provisions of the Trust Indenture Act, such required provision shall
control.

        SECTION 108.  Effect of Headings and Table of Contents.

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

        SECTION 109.  Successors and Assigns.

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

        SECTION 110.  Separability Clause.

        In case any provision in this Indenture or in the Debt 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 111.  Benefits of Indenture.

        Nothing in this Indenture or in the Debt Securities or coupons, express
or implied, shall give to any Person, other than the parties hereto and their
successors hereunder, any Paying Agent, the Holders and, to the extent expressly
provided in Sections 502, 508, 509, 511, 513, 901 and 902, the holders of Trust
Preferred Securities, any benefit or any legal or equitable right, remedy or
claim under this Indenture.

                                       16
<PAGE>

        SECTION 112.  Governing Law.

        This Indenture and the Debt Securities and coupons shall be governed by
and construed in accordance with the laws of the State of New York.

        SECTION 113.  Legal Holidays.

        In any case where any Interest Payment Date, Redemption Date, Capital
Exchange Date, Repayment Date or Stated Maturity of any Debt Security shall not
be a Business Day at any Place of Payment or Place of Capital Exchange, then
(notwithstanding any other provision of this Indenture or of the Debt Securities
or coupons) payment of interest or principal (and premium, if any) or exchange
of Debt Securities for Capital Securities or cash need not be made at such Place
of Payment or Place of Capital Exchange on such date, but may be made on the
next succeeding Business Day at such Place of Payment or Place of Capital
Exchange with the same force and effect as if made on the Interest Payment Date,
Capital Exchange Date, Redemption Date, Repayment Date or at the Stated
Maturity, and no interest shall accrue for the period from and after such
Interest Payment Date, Redemption Date, Repayment Date, Capital Exchange Date or
Stated Maturity, as the case may be.

        SECTION 114.  Counterparts.

        This Indenture 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 Indenture.

                                   ARTICLE II.

                               DEBT SECURITY FORMS

        SECTION 201.  Forms Generally.

        The Registered Securities, if any, and the Bearer Securities and related
coupons, if any, of each series shall be in substantially the form (including
temporary or permanent global form) as shall be established in or pursuant to a
Board Resolution 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 the rules of any securities exchange,
or as may, consistently herewith, be determined by the officers executing such
Debt Securities or coupons, as evidenced by their signatures on the Debt
Securities or coupons. If the form of Debt Securities of any series or coupons
(including any such Global Security) is established by action taken pursuant to
a Board Resolution, a copy of an appropriate record of such action shall be
certified by the Secretary or an Assistant Secretary of the Company and
delivered to the Trustee at or prior to the delivery of the Company Order
contemplated by Section 303 for the authentication and delivery of such Debt
Securities or coupons.

                                       17
<PAGE>

        Unless otherwise specified as contemplated by Section 301, Debt
Securities in bearer form other than Debt Securities in temporary or permanent
global form shall have coupons attached.

        The definitive Debt 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 Debt Securities,
as evidenced by the execution of such Debt Securities and coupons.

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

        This is one of the Debt Securities, of the series designated herein,
described in the within-mentioned Indenture.

                          ------------------------------------------------------

                          , not in its individual capacity but solely as Trustee

                          By
                            ----------------------------------------------------
                                           Authorized Officer

        SECTION 203.  Debt Securities in Global Form.

        If Debt Securities of a series are issuable in whole or in part in
global form, as specified as contemplated by Section 301, then, notwithstanding
clause (12) of Section 301 and the provisions of Section 302, such Global
Security shall represent such of the outstanding Debt Securities of such series
as shall be specified therein and may provide that it shall represent the
aggregate amount of Outstanding Debt Securities from time to time endorsed
thereon and that the aggregate amount of Outstanding Debt Securities represented
thereby may from time to time be reduced to reflect exchanges. Any endorsement
of a Global Security to reflect the amount, or any increase or decrease in the
amounts, of Outstanding Debt Securities represented thereby shall be made 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 303 or Section 304.

        The provisions of the last sentence of Section 303(g) shall apply to any
Debt Securities represented by a Debt Security in global form if such Debt
Security was never issued and sold by the Company and the Company delivers to
the Trustee the Debt Security in global form together with written instructions
(which need not comply with Section 102 and need not be accompanied by an
Opinion of Counsel) with respect to the reduction in the principal amount of
Debt Securities represented thereby, together with the written statement
contemplated by the last sentence of Section 303(g).

        Global Securities may be issued in either registered or bearer form and
in either temporary or permanent form.

                                       18
<PAGE>

                                  ARTICLE III.

                               THE DEBT SECURITIES

        SECTION 301.  Amount Unlimited; Issuance in Series.

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

        The Debt Securities may be issued in one or more series. There shall be
established in or pursuant to a Board Resolution, and set forth in an Officers'
Certificate, or established in one or more indentures supplemental hereto, prior
to the issuance of Debt Securities of any series:

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

               (2) the limit, if any, upon the aggregate principal amount of the
        Debt Securities of the series which may be authenticated and delivered
        under this Indenture (except for Debt Securities authenticated and
        delivered upon registration of transfer of, or in exchange for, or in
        lieu of, other Debt Securities of the series pursuant to Section 304,
        305, 306, 906, 1107, 1303, 1408 or 1903 and except for any Debt
        Securities which, pursuant to Section 303, are deemed never to have been
        authenticated and delivered hereunder);

               (3) the date or dates on which the principal and premium, if any,
        of the Debt Securities of the series are payable;

               (4) the rate or rates, if any, at which the Debt Securities of
        the series shall bear interest, the rate or rates and extent to which
        Additional Interest, if any, shall be payable in respect of any Debt
        Securities of the series, or the method or methods by which such rate or
        rates may be determined, the date or dates from which such interest or
        Additional Interest shall accrue, the Interest Payment Dates on which
        such interest shall be payable, the right, pursuant to Section 313 or as
        otherwise set forth therein, of the Company to defer or extend an
        Interest Payment Date, the Regular Record Date for the interest payable
        on any Registered Security on any Interest Payment Date and the other
        circumstances, if any, in which the Company may defer interest payments;

               (5) the place or places where, subject to the provisions of
        Section 1002, the principal of (and premium, if any) and interest
        (including Additional Interest) on Debt Securities of the series shall
        be payable, any Registered Securities of the series may be surrendered
        for registration of transfer, Debt Securities of the series may be
        surrendered for exchange and notices and demands to or upon the Company
        in respect of the Debt Securities of the series and this Indenture may
        be served and where notices to Holders pursuant to Section 106 will be
        published;

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

                                       19
<PAGE>

        Company;

               (7) if applicable, the place or places at which, the period or
        periods within which, the price or prices at which and the terms and
        conditions upon which Debt Securities shall be exchangeable for Capital
        Securities of the Company, which terms and conditions shall not be
        inconsistent with Article Fourteen;

               (8) any covenant or option of the Company to create a Securities
        Fund for the repayment of the Debt Securities and the terms and
        conditions of such Securities Fund, which terms and conditions shall not
        be inconsistent with Article Fifteen;

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

               (10) whether Debt Securities of the series are to be issuable as
        Registered Securities, Bearer Securities or both, whether Debt
        Securities of the series are to be issuable with or without coupons or
        both and, in the case of Bearer Securities, the date as of which such
        Bearer Securities shall be dated if other than the date of original
        issuance of the first Debt Security of such series of like tenor and
        term to be issued;

               (11) whether the Debt Securities of the series shall be issued in
        whole or in part in the form of a Global Security or Securities and, in
        such case, the Depositary and Global Exchange Agent for such Global
        Security or Securities, whether such global form shall be permanent or
        temporary and, if applicable, the Global Exchange Date;

               (12) if Debt Securities of the series are to be issuable
        initially in the form of a temporary Global Security, the circumstances
        under which the temporary Global Security can be exchanged for
        definitive Debt Securities and whether the definitive Debt Securities
        will be Registered and/or Bearer Securities and will be in global form
        and whether interest in respect of any portion of such Global Security
        payable in respect of an Interest Payment Date prior to the Global
        Exchange Date shall be paid to any clearing organization with respect to
        a portion of such Global Security held for its account and, in such
        event, the terms and conditions (including any certification
        requirements) upon which any such interest payment received by a
        clearing organization will be credited to the Persons entitled to
        interest payable on such Interest Payment Date if other than as provided
        in this Article Three;

               (13) whether, and under what conditions, additional amounts will
        be payable to Holders of Debt Securities of the series pursuant to
        Section 1006;

               (14) 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 denominations in which any Bearer
        Securities of such series shall be issuable, if other than the
        denomination of $5,000;

                                       20
<PAGE>

               (15) if other than the principal amount thereof, the portion of
        the principal amount of Debt Securities of the series which shall be
        payable upon declaration of acceleration of the Maturity thereof
        pursuant to Section 502;

               (16) the currency or currencies of denomination of the Debt
        Securities of any series, which may be in Dollars, any Foreign Currency
        or any composite currency, including but not limited to the ECU, and, if
        any such currency of denomination is a composite currency other than the
        ECU, the agency or organization, if any, responsible for overseeing such
        composite currency;

               (17) the currency or currencies in which payment of the principal
        of (and premium, if any) and interest (including any Additional
        Interest) on the Debt Securities will be made, the currency or
        currencies, if any, in which payment of the principal of (and premium,
        if any) or the interest on Registered Securities, at the election of
        each of the Holders thereof, may also be payable and the periods within
        which and the terms and conditions upon which such election is to be
        made and the Exchange Rate and Exchange Rate Agent;

               (18) if the amount of payments of principal of (and premium, if
        any) or interest on the Debt Securities of the series may be determined
        with reference to an index based on a currency or currencies other than
        that in which the Debt Securities are denominated or designated to be
        payable, the manner in which such amounts shall be determined;

               (19) if payments of principal of (and premium, if any) or
        interest on the Debt Securities of the series are to be made in a
        Foreign Currency other than the currency in which such Debt Securities
        are denominated, the manner in which the Exchange Rate with respect to
        such payments shall be determined or if the Exchange Rate is to be
        determined otherwise than as provided in Section 101;

               (20) any Events of Default with respect to Debt Securities of
        such series, if not set forth herein;

               (21) any other covenant or warranty included for the benefit of
        the Debt Securities of the series in addition to (and not inconsistent
        with) those set forth herein for the benefit of Debt Securities of all
        series, or any other covenant or warranty included for the benefit of
        Debt Securities of the series in lieu of any covenant or warranty set
        forth herein for the benefit of Debt Securities of all series, or any
        provision that any covenant or warranty set forth herein for the benefit
        of Debt Securities of all series shall not be for the benefit of Debt
        Securities of such series, or any combination of such covenants,
        warranties or provisions and whether the provisions of Section 1005 will
        not apply such covenants and warranties;

               (22) the terms and conditions, if any, pursuant to which the
        Company's obligations under this Indenture may be terminated through the
        deposit of money or Eligible Instruments as provided in Articles Four
        and Seventeen;

               (23) the Person or Persons who shall be Security Registrar for
        the Debt Securities of such series if other than the Trustee, and the
        place or places where the

                                       21
<PAGE>

        Security Register for such series shall be maintained and the Person or
        Persons who will be the initial Paying Agent or Agents, if other than
        the Trustee;

               (24) whether the Debt Securities of the series are Convertible
        Securities and the terms related thereto including the Conversion Price
        and the date on which the right to convert expires;

               (25) if such Debt Securities are to be issued to an Issuer Trust,
        the form or forms of the Trust Agreement and Guarantee Agreement
        relating thereto;

               (26) if other than as set forth herein, the relative degree, if
        any, to which the Debt Securities of the series shall be senior to or be
        subordinated to other series of Debt Securities in right of payment,
        whether such other series of Debt Securities are Outstanding or not; and

               (27) any other terms of the series (which terms shall not be
        inconsistent with the provisions of this Indenture).

        All Debt Securities of any one series and the coupons appertaining to
Bearer Securities of such series, if any, 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 such Board Resolution and set forth
in such Officers' Certificate or in any such indenture supplemental hereto.

        Debt Securities of any particular series may be issued at various times,
with different dates on which the principal or any installment of principal is
payable, with different rates of interest, if any, or different methods by which
rates of interest may be determined, with different dates on which such interest
may be payable and with different Redemption or Repayment Dates and may be
denominated in different currencies or payable in different currencies.

        If any of the terms of a series of Debt Securities 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.

        SECTION 302.  Denominations.

        Debt Securities of each series shall be issuable in such form and
denominations as shall be specified in the form of Debt Security for such series
approved or established pursuant to Section 201 or in the Officers' Certificate
delivered pursuant to Section 301. In the absence of any specification with
respect to the Debt Securities of any series, the Registered Securities of such
series, if any, shall be issuable in denominations of $1,000 and any integral
multiple thereof and the Bearer Securities of such series, if any, shall be
issuable in the denominations of $5,000.

        SECTION 303.  Execution, Authentication, Delivery and Dating.

               (a) The Debt Securities shall be executed on behalf of the
Company by its Chairman of the Board, a Vice Chairman of the Board, the
President or a Vice President, and by

                                       22
<PAGE>

its Treasurer or one of its Assistant Treasurers or its Secretary or one of its
Assistant Secretaries under its corporate seal reproduced thereon. The signature
of any of these officers on the Debt Securities may be manual or facsimile.
Coupons shall bear the facsimile signature of an authorized officer of the
Company.

        Debt 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
Debt Securities or coupons of any series or did not hold such offices at the
date of such Debt Securities or coupons.

               (b) At any time and from time to time after the execution and
delivery of this Indenture, Debt Securities of any series may be executed by the
Company and delivered to the Trustee for authentication, and, except as
otherwise provided in this Article Three, shall thereupon be authenticated and
delivered by the Trustee upon Company Order, without any further action by the
Company; provided, however, that, in connection with its original issuance, a
Bearer Security may be delivered only outside the United States and, except in
the case of a temporary Global Security, only if the Company or its agent shall
have received the certification required pursuant to Sections 304(b)(iii) and
(iv), unless such certification shall have been provided earlier pursuant to
section 304(b)(v) hereof, and only if the Company has no reason to know that
such certification is false.

        To the extent authorized in or pursuant to a Board Resolution and set
forth in an Officers' Certificate, or established in one or more indentures
supplemental hereto, such written Company Order may be given by any one officer
or employee of the Company, may be electronically transmitted, and may provide
instructions as to registration of holders, principal amounts, rates of
interest, maturity dates and other matters contemplated by such Board Resolution
and Officers' Certificate or supplemental indenture to be so instructed in
respect thereof. Before authorizing and delivering the first Debt Securities of
any series (and upon request of the Trustee thereafter), the Company shall
deliver to the Trustee (i) the certificates called for under Sections 201 and
301 hereof and (ii) an Opinion of Counsel described in the next sentence.

        In authenticating such Debt Securities, and accepting the additional
responsibilities under this Indenture in relation to any Debt Securities, the
Trustee shall be entitled to receive, prior to the initial authentication of
such Debt Securities, and (subject to Section 601) shall be fully protected in
relying upon:

                      (i) a Board Resolution relating thereto and, if
               applicable, an appropriate record of any action taken pursuant to
               such resolution certified by the Secretary or an Assistant
               Secretary of the Company;

                      (ii) an executed supplemental indenture, if any, relating
               thereto;

                      (iii) an Officers' Certificate setting forth the form and
               terms of the Debt Securities of such series and coupons, if any,
               pursuant to Sections 201 and 301 and stating that all conditions
               precedent provided for in this Indenture relating to the issuance
               of such Debt Securities have been complied with; and

                                       23
<PAGE>

                      (iv)   an Opinion of Counsel stating

                             (A) that the form of such Debt Securities and
                      coupons, if any, has been established in or pursuant to a
                      Board Resolution or by a supplemental indenture as
                      permitted by Section 201 in conformity with the provisions
                      of this Indenture;

                             (B) that the terms of such Debt Securities and
                      coupons, if any, have been established in or pursuant to a
                      Board Resolution or by a supplemental indenture as
                      permitted by Section 301 in conformity with the provisions
                      of this Indenture; and

                             (C) that such Debt Securities and coupons, if any,
                      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 binding obligations of the Company, enforceable
                      in accordance with their terms, except that where Debt
                      Securities of any series are to be exchanged for Capital
                      Securities or paid from the Securities Fund, the issuance
                      of Capital Securities will require further action by the
                      Board of Directors, and subject, as to enforcement of
                      remedies, to applicable bankruptcy, reorganization,
                      insolvency, moratorium or other laws affecting creditors'
                      rights generally and the application of general principles
                      of equity and except further as enforcement thereof may be
                      limited by (i) requirements that a claim with respect to
                      any Debt Securities denominated other than in Dollars (or
                      a Foreign Currency or currency unit judgment in respect of
                      such claim) be converted into Dollars at a rate of
                      exchange prevailing on a date determined pursuant to
                      applicable law or (ii) governmental authority to limit,
                      delay or prohibit the making of payments in Foreign
                      Currencies or currency units or payments outside the
                      United States.

               (c) If the Company shall establish pursuant to Section 301 that
the Debt Securities of a series are to be issued in whole or in part in the form
of one or more Global Securities, then the Company shall execute and the Trustee
shall, in accordance with this Section and the Company Order with respect to
such series, authenticate and deliver one or more Global Securities in permanent
or temporary form that (i) shall represent and shall be denominated in an
aggregate amount equal to the aggregate principal amount of the Outstanding Debt
Securities of such series to be represented by one or more Global Securities,
(ii) shall be registered in the name of the Depositary for such Global Security
or Securities or the nominee of such Depositary and (iii) shall be delivered by
the Trustee to such Depositary or pursuant to such Depositary's instructions.

               (d) The Trustee shall have the right to decline to authenticate
and deliver any Debt Securities under this Section 303 if the issuance of such
Debt Securities will adversely affect the Trustee's own rights, duties or
immunities under the Debt Securities and this Indenture or otherwise in a manner
which is not reasonably acceptable to the Trustee.

                                       24
<PAGE>

               (e) If all the Debt Securities of any series are not to be issued
at one time, it shall not be necessary to deliver an Opinion of Counsel at the
time of issuance of each Debt Security, but such Opinion of Counsel, with
appropriate modifications, may instead be delivered at or prior to the time of
the first issuance of Debt Securities of such series.

               (f) Each Registered Security shall be dated the date of its
authentication. Each Bearer Security shall be dated as of the date specified as
contemplated by Section 301.

               (g) No Debt Security or coupon attached thereto shall be entitled
to any benefit under this Indenture or be valid or obligatory for any purpose,
unless there appears on such Debt Security a certificate of authentication
substantially in the form provided for herein executed by the Trustee, and such
certificate upon any Debt Security shall be conclusive evidence, and the only
evidence, that such Debt Security has been duly authenticated and delivered
hereunder. Except as permitted by Section 306, the Trustee shall not
authenticate and deliver any Bearer Security unless all appurtenant coupons for
interest then matured have been detached and cancelled. Notwithstanding the
foregoing, if any Debt Security or portion thereof shall have been duly
authenticated and delivered hereunder but never issued and sold by the Company,
and the Company shall deliver such Debt Security to the Trustee for cancellation
as provided in Section 309 together with a written statement (which need not
comply with Section 102 and need not be accompanied by an Opinion of Counsel)
stating that such Debt Security or portion thereof has never been issued and
sold by the Company, for all purposes of this Indenture such Debt Security shall
be deemed never to have been authenticated and delivered hereunder and shall
never be entitled to the benefits of this Indenture.

               (h) Each Depositary designated pursuant to Section 301 for a
Global Security in registered form must, at the time of its designation and at
all times while it serves as Depositary, be a clearing agency registered under
the Securities Exchange Act of 1934 and any other applicable statute or
regulation.

               (i) Debt Securities distributed to holders of Book-Entry Capital
Securities (as defined in the applicable Trust Agreement) upon the dissolution
of an Issuer Trust shall be distributed in the form of one or more Global
Securities registered in the name of a Depositary or its nominee, and deposited
with the Security Registrar, as custodian for such Depositary, or with such
Depositary, for credit by the Depositary to the respective accounts of the
beneficial owners of the Debt Securities represented thereby (or such other
accounts as they may direct). Debt Securities distributed to holders of Trust
Preferred Securities other than Book-Entry Capital Securities upon the
dissolution of an Issuer Trust shall not be issued in the form of a Global
Security or any other form intended to facilitate book-entry trading in
beneficial interests in such Debt Securities.

        SECTION 304.  Temporary Debt Securities.

               (a) Pending the preparation of definitive Debt Securities of any
series, the Company may execute, and upon receipt of documents required by
Sections 301 and 303, together with a Company Order, the Trustee shall
authenticate and deliver, temporary Debt Securities which are printed,
lithographed, typewritten, mimeographed or otherwise produced, in any
denomination, substantially of the tenor and terms of the definitive Debt
Securities in lieu of

                                       25
<PAGE>

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
Debt Securities may determine, as evidenced by their signatures on such Debt
Securities. In the case of Debt Securities of any series issuable as Bearer
Securities, such temporary Debt Securities may be in global form, representing
all or any part of the Outstanding Debt Securities of such series.

               (b)    Unless otherwise provided pursuant to Section 301:

                      (i) Except in the case of temporary Debt Securities in
               global form, if temporary Debt Securities of any series are
               issued, the Company will cause definitive Debt Securities of such
               series to be prepared without unreasonable delay. After the
               preparation of definitive Debt Securities of such series, the
               related temporary Debt Securities shall be exchangeable for such
               definitive Debt Securities upon surrender of the temporary Debt
               Securities of such series at the office or agency of the Company
               in the Place of Payment for such series, without charge to the
               Holder. Upon surrender for cancellation of any one or more
               temporary Debt Securities of any series (accompanied, if
               applicable, by all unmatured coupons and all matured coupons in
               default appertaining thereto), the Company shall execute and the
               Trustee shall authenticate and deliver in exchange therefor a
               like principal amount of definitive Debt Securities of the same
               series of like tenor and terms and of authorized denominations;
               provided, however, that no Bearer Security shall be delivered in
               exchange for a Registered Security; and provided, further, that a
               Bearer Security shall be delivered in exchange for a Bearer
               Security only in compliance with the conditions set forth in
               Section 305.

                      (ii) If Debt Securities of any series are issued in
               temporary global form, any such temporary Global Security shall,
               unless otherwise provided pursuant to Section 301, be delivered
               to the Depositary for the benefit of Euroclear and CEDEL S.A.,
               for credit to the respective accounts of the beneficial owners of
               such Debt Securities (or to such other accounts as they may
               direct).

                      (iii) 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 (the "Global Exchange
               Date"), the Company shall deliver definitive Debt Securities to
               the Trustee or the agent appointed by the Company pursuant to
               Section 301 to effect the exchange of the temporary Global
               Security for definitive Debt Securities (the "Global Exchange
               Agent"), in an aggregate principal amount equal to the principal
               amount of such temporary Global Security, executed by the
               Company. On or after the Global Exchange Date, such temporary
               Global Security shall be surrendered by the Depositary to the
               Global Exchange Agent, to be exchanged, in whole or from time to
               time in part, for definitive Debt Securities without charge and
               the Trustee or the Global Exchange Agent, if authorized by the
               Trustee pursuant to Section 614, shall authenticate and deliver,
               in exchange for each portion of such temporary

                                       26
<PAGE>

               Global Security, an equal aggregate principal amount of
               definitive Debt Securities of the same series of authorized
               denominations and of like tenor and terms as the portion of such
               temporary Global Security to be exchanged. Upon any exchange of a
               part of such temporary Global Security for definitive Debt
               Securities, the portion of the principal amount and any interest
               thereon so exchanged shall be endorsed by the Global Exchange
               Agent on a schedule to such temporary Global Security, whereupon
               the principal amount and interest payable with respect to such
               temporary Global Security shall be reduced for all purposes by
               the amount so exchanged and endorsed. The definitive Debt
               Securities to be delivered in exchange for any such temporary
               Global Security shall be in bearer form, registered form, global
               registered form or global bearer form, or any combination
               thereof, as specified as contemplated by Section 301, and, if any
               combination thereof is so specified, as requested by the
               beneficial owner thereof; provided, however, that, in the case of
               the exchange of the temporary Global Security for definitive
               Bearer Securities (including a definitive Global Bearer
               Security), upon such presentation by the Depositary, such
               temporary Global Security shall be accompanied by a certificate
               signed by Euroclear as to the portion of such temporary Global
               Security held for its account then to be exchanged and a
               certificate 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, unless such certificate(s) shall have been provided
               earlier pursuant to section 304(b)(v) hereof; and provided,
               further, that definitive Bearer Securities (including a
               definitive Global Bearer Security) shall be delivered in exchange
               for a portion of a temporary Global Security only in compliance
               with the requirements of Section 303.

                      (iv) The interest of a beneficial owner of Debt Securities
               of a series in a temporary Global Security shall be exchanged for
               definitive Debt Securities of the same series and of like tenor
               and terms following the Global Exchange Date when the account
               holder instructs Euroclear or CEDEL S.A., as the case may be, to
               request such exchange on such account holder's behalf and, in the
               case of the exchange of the temporary Global Security for
               definitive Bearer Securities (including a definitive Global
               Bearer Security), unless such certificate(s) shall have been
               provided earlier pursuant to Section 304(b)(v) hereof, the
               account holder delivers to Euroclear or CEDEL S.A., as the case
               may be, a certificate in the form set forth in Exhibit A-1 and,
               if applicable, A-2 to this Indenture, dated no earlier than 15
               days prior to the Global Exchange Date, copies of which
               certificate shall be available from the offices of Euroclear and
               CEDEL S.A., the Global Exchange Agent, any authenticating agent
               appointed for such series of Debt Securities and each Paying
               Agent. Unless otherwise specified in such temporary Global
               Security, any such exchange shall be made free of charge to the
               beneficial owners of such temporary Global Security, except that
               a Person receiving definitive Debt 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 Debt
               Securities in person at the offices of Euroclear and CEDEL S.A.
               Definitive Debt 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.

                      (v) Until exchanged in full as hereinabove provided, the
               temporary Debt Securities of any series shall in all respects be
               entitled to the same benefits

                                       27
<PAGE>

               under this Indenture as definitive Debt Securities of the same
               series and of like tenor and terms authenticated and delivered
               hereunder, except that interest payable on a temporary Global
               Security on an Interest Payment Date shall be payable to
               Euroclear and CEDEL S.A. on such Interest Payment Date only if
               there has been delivery by Euroclear and CEDEL S.A. to the Global
               Exchange Agent of a certificate or certificates in the form set
               forth in Exhibit B to this Indenture dated no earlier than the
               first Interest Payment Date, 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 Euroclear or CEDEL S.A., as the case may be, a
               certificate in the form set forth in Exhibit A-1 and, if
               applicable, A-2 to this Indenture dated no earlier than the first
               Interest Payment Date. Any interest so received by Euroclear and
               CEDEL S.A. and not paid as herein provided prior to the Global
               Exchange Date shall be returned to the Global Exchange Agent
               which, upon expiration of two years after such Interest Payment
               Date, shall repay such interest to the Company in accordance with
               Section 1003.

        SECTION 305.  Registration; Registration of Transfer and Exchange.

        The Company shall cause to be kept at one of the offices or agencies to
be maintained by the Company in accordance with the provisions of this Section
305 and Section 1002, with respect to the Debt Securities of each series which
are Registered Securities, a register (herein sometimes referred to as the
"Security Register") in which, subject to such reasonable regulations as it may
prescribe, the Company shall provide for the registration of Registered
Securities and of transfers of Registered Securities. Pursuant to Section 301,
the Company shall appoint, with respect to Debt Securities of each series which
are Registered Securities, a "Security Registrar" for the purpose of registering
such Debt Securities and transfers and exchanges of such Debt 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 for such
purpose, the Company shall execute, and the Trustee shall authenticate and
deliver, in the name of the designated transferee or transferees, one or more
new Registered Securities of the same series of any authorized denomination or
denominations, of like tenor and terms and aggregate principal amount.

        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
form and denomination, of like tenor and terms and aggregate principal amount,
upon surrender of the Registered Securities to be exchanged at such office or
agency. Bearer Securities may not be delivered in exchange for Registered
Securities.

        At the option of the Holder, Registered Securities or Bearer Securities
of any series may be issued in exchange for Bearer Securities (except as
otherwise specified as contemplated by Section 301 with respect to a Bearer
Security in global form) of the same series, of any authorized denominations and
of like tenor and terms and aggregate principal amount, upon surrender of the
Bearer Securities to be exchanged at any such office or agency, with all

                                       28
<PAGE>

unmatured coupons and all matured coupons in default thereto appertaining. If
the Holder of a Bearer Security is unable to produce any such unmatured coupon
or coupons or matured coupon or coupons in default, such exchange may be
effected if the Bearer Securities are accompanied by payment in funds acceptable
to the Company and the Trustee in an amount equal to the face amount of such
missing coupon or coupons, or the surrender of such missing coupon or coupons
may be waived by the Company and the Trustee if there 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 any
Paying Agent any such missing coupon in respect of which such a payment shall
have been made, such Holder shall be entitled to receive the amount of such
payment; provided, however, that, except as otherwise provided in Section 1002,
interest represented by coupons shall be payable only upon presentation and
surrender of those coupons at an office or agency 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 and terms after the close of business
at such office or agency of (i) any Regular Record Date and before the opening
of business at such office or agency on the relevant Interest Payment Date, or
(ii) any Special Record Date and before the opening of business at such office
or agency on the related date for payment of Defaulted Interest, such Bearer
Security shall be surrendered without the coupon relating to such Interest
Payment Date or proposed date of payment, as the case may be.

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

        If at any time the Depositary for the Debt Securities of a series
notifies the Company that it is unwilling or unable to continue as Depositary
for the Debt Securities of such series or if at any time the Depositary for the
Debt Securities of such series shall no longer be eligible under Section 303(h),
the Company shall appoint a successor Depositary with respect to the Debt
Securities of such series. If a successor Depositary for the Debt Securities of
such series is not appointed by the Company within 90 days after the Company
receives such notice or becomes aware of such ineligibility, the Company's
election pursuant to Section 301(11) shall no longer be effective with respect
to the Debt Securities of such series and the Company will execute, and the
Trustee, upon receipt of a Company Order for the authentication and delivery of
definitive Debt Securities of such series, will authenticate and deliver, Debt
Securities of such series in definitive form in an aggregate principal amount
equal to the principal amount of the Global Security or Securities representing
such series in exchange for such Global Security or Securities.

        The Company may at any time and in its sole discretion determine that
the Debt Securities of any series issued in the form of one or more Global
Securities shall no longer be represented by such Global Security or Securities.
In such event the Company will execute, and the Trustee, upon receipt of a
Company Order for the authentication and delivery of definitive Debt Securities
of such series, will authenticate and deliver, Debt Securities of such series in
definitive form and in an aggregate principal amount equal to the principal
amount of the Global Security or Securities representing such series in exchange
for such Global Security or Securities.

                                       29
<PAGE>

        If specified by the Company pursuant to Section 301 with respect to a
series of Debt Securities, the Depositary for such series of Debt Securities may
surrender a Global Security for such series of Debt Securities in exchange in
whole or in part for Debt Securities of such series of like tenor and terms and
in definitive form on such terms as are acceptable to the Company and such
Depositary. Thereupon, the Company shall execute, and the Trustee shall
authenticate and deliver, without service charge,

               (a) to each Person specified by such Depositary a new Debt
Security or Securities of the same series, of like tenor and terms and of any
authorized denominations as requested by such person in aggregate principal
amount equal to and in exchange for such Person's beneficial interest in the
Global Security; and

               (b) to such Depositary a new Global Security of like tenor and
terms and in a denomination equal to the difference, if any, between the
principal amount of the surrendered Global Security and the aggregate principal
amount of Debt Securities delivered to Holders thereof.

        In any exchange provided for in any of the preceding three paragraphs,
the Company will execute and the Trustee will authenticate and deliver Debt
Securities (a) in definitive registered form in authorized denominations, if the
Debt Securities of such series are issuable as Registered Securities, (b) in
definitive bearer form in authorized denominations, with coupons attached, if
the Debt Securities of such series are issuable as Bearer Securities or (c) as
either Registered or Bearer Securities, as shall be specified by the beneficial
owner thereof, if the Debt Securities of such series are issuable in either
form; provided, however, that no definitive Bearer Security shall be delivered
in exchange for a temporary Global Security unless the Company or its agent
shall have received from the person entitled to receive the definitive Bearer
Security a certificate substantially in the form set forth in Exhibit A-1 and,
if applicable, A-2 hereto; and provided further that delivery of a Bearer
Security shall occur only outside the United States; and provided further that
no definitive Bearer Security will be issued if the Company has reason to know
that any such certificate is false.

        Upon the exchange of a Global Security for Debt Securities in definitive
form, such Global Security shall be cancelled by the Trustee. Registered
Securities issued in exchange for a Global Security pursuant to this Section
shall be registered in such names and in such authorized denominations as the
Depositary for such Global Security, pursuant to instructions from its direct or
indirect participants or otherwise, shall instruct the Trustee. The Trustee
shall deliver such Registered Securities to the persons in whose names such Debt
Securities are so registered. The Trustee shall deliver Bearer Securities issued
in exchange for a Global Security pursuant to this Section to the persons, and
in such authorized denominations, as the Depositary for such Global Security,
pursuant to instructions from its direct or indirect participants or otherwise,
shall instruct the Trustee; provided, however, that no definitive Bearer
Security shall be delivered in exchange for a temporary Global Security unless
the Company or its agent shall have received from the person entitled to receive
the definitive Bearer Security a certificate substantially in the form set forth
in Exhibit A-1 and, if applicable, A-2 hereto; and provided further that
delivery of a Bearer Security shall occur only outside the United States; and
provided further that no definitive Bearer Security will be issued if the
Company has reason to know that any such certificate is false.

                                       30
<PAGE>

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

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

        No service charge shall be made for any registration of transfer or
exchange of Debt Securities, but the Company may require payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in
connection with any transfer, registration of transfer or exchange of Debt
Securities, other than exchanges expressly provided in this Indenture to be made
at the Company's own expense or without expense or without charge to the
Holders.

        The Company shall not be required (i) to issue, register the transfer of
or exchange Debt Securities of any particular series to be redeemed or exchanged
for Capital Securities for a period of fifteen days preceding the first
publication of the relevant notice of redemption or, if Registered Securities
are outstanding and there is no publication, the mailing of the relevant notice
of redemption or exchange, or (ii) to register the transfer of or exchange any
Registered Security so selected for redemption or exchange in whole or in part,
except the unredeemed or unexchanged portion of such Registered Security being
redeemed or exchanged in part, or (iii) to exchange any Bearer Security so
selected for redemption or exchange except that such a Bearer Security may be
exchanged for a Registered Security of like tenor and terms of that series,
provided that such Registered Security shall be simultaneously surrendered for
redemption or exchange.

        Notwithstanding anything herein to the contrary, the exchange of Bearer
Securities into Registered Securities shall be subject to applicable laws and
regulations in effect at the time of exchange; neither the Company, the Trustee
nor the Security Registrar shall exchange any Bearer Securities into Registered
Securities if it has received an Opinion of Counsel that as a result of such
exchanges the Company would suffer adverse consequences under the United States
Federal income tax laws and regulations then in effect and the Company has
delivered to the Trustee a Company Order directing the Trustee not to make such
exchanges thereafter unless and until the Trustee receives a subsequent Company
Order to the contrary. The Company shall deliver copies of such Company Orders
to the Security Registrar.

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

        If (i) any mutilated Debt Security or a Bearer Security with a mutilated
coupon appertaining to it is surrendered to a Paying Agent outside the United
States designated by the Company, or, in the case of any Registered Security, to
the Trustee, or (ii) the Company and the Trustee receive evidence to their
satisfaction of the destruction, loss or theft of any Debt Security or coupon,
and there is delivered to the Company and the Trustee such security or indemnity
as

                                       31
<PAGE>

may be required by them to save each of them harmless, then, in the absence of
notice to the Company and the Trustee that such Debt Security or coupon has been
acquired by a bona fide purchaser, the Company shall execute and upon its
written request the Trustee shall authenticate and deliver, in exchange for any
such mutilated Debt Security or Bearer Security with a mutilated coupon
appertaining to it or to which a destroyed, lost or stolen coupon appertains
(with all appurtenant coupons not destroyed, lost or stolen) or in lieu of any
such destroyed, lost or stolen Debt Security, a new Debt Security of like tenor
and terms and principal amount, bearing a number not contemporaneously
outstanding, with coupons corresponding to the coupon, if any, appertaining to
such destroyed, lost or stolen Debt Security or to the Debt Security to which
such destroyed, lost or stolen coupon appertains; provided, however, that any
such new Bearer Security will be delivered only in compliance with the
conditions set forth in Section 305.

        In case any such mutilated, destroyed, lost or stolen Debt Security or
coupon has become or is about to become due and payable, the Company in its
discretion may, instead of issuing a new Debt Security, pay such Debt Security
or coupon; provided, however, that payment of principal of (and premium, if any)
and any interest on Bearer Securities shall, except as otherwise provided in
Section 1002, be payable only at an office or agency located outside the United
States; and provided, further, that, with respect to any such coupons, interest
represented thereby (but not any additional amounts payable as provided in
Section 1006), shall be payable only upon presentation and surrender of the
coupons appertaining thereto.

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

        Every new Debt Security of any series, with its coupons, if any, issued
pursuant to this Section in lieu of any destroyed, lost or stolen Debt Security,
or in exchange for a Bearer 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 Debt 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 Debt Security and coupons, if any, shall
be entitled to all the benefits of this Indenture equally and proportionately
with any and all other Debt 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 Debt Securities or coupons.

        SECTION 307. Payment of Interest and Additional Interest; Interest
Rights Preserved.

        Interest and Additional 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 Registered Security (or one
or more Predecessor Securities) is registered at the close of business on the
Regular Record Date for such interest. In case a Bearer Security of any series
is surrendered in exchange for a Registered Security of such series after the
close of

                                       32
<PAGE>

business (at an office or agency in a Place of Payment for such series) on any
Regular Record Date and before the opening of business (at such office or
agency) on the next succeeding Interest Payment Date, such Bearer Security shall
be surrendered without the coupon relating to such Interest Payment Date and
interest and Additional Interest will not be payable on such Interest Payment
Date 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. At the option of the Company,
payment of interest and Additional Interest on any Registered Security may be
made by check in the currency designated for such payment pursuant to the terms
of such Registered Security mailed to the address of the Person entitled thereto
as such address shall appear in the Security Register or by wire transfer to an
account in such currency designated by such Person in writing not later than ten
days prior to the date of such payment.

        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
registered Holder on the relevant Regular Record Date by virtue of his having
been such Holder, and such Defaulted Interest may be paid by the Company, 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 and/or, to the extent
        such Debt Securities are denominated and payable in Dollars only,
        Eligible Instruments the payments of principal and interest on which
        when due (and without reinvestment and providing no tax liability will
        be imposed upon the Trustee or the Holder of such Registered Securities)
        will provide money in such amounts as will (together with any money
        irrevocably deposited in trust with the Trustee, without investment) be
        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 and/or Eligible Instruments when deposited to be held in trust for
        the benefit of the Persons entitled to such Defaulted Interest as in
        this Clause provided. Thereupon the Trustee shall fix a Special Record
        Date for the payment of such Defaulted Interest which shall be not more
        than 15 days and not less than 10 days prior to the date of the proposed
        payment and not less than 10 days after the receipt by the Trustee of
        the notice of the proposed payment. The Trustee shall promptly notify
        the Company of such Special Record Date. Unless the Trustee is acting as
        the Security Registrar, promptly after such Special Record Date, the
        Company shall furnish the Trustee with a list, or shall make
        arrangements satisfactory to the Trustee with respect thereto, of the
        names and addresses of, and principal amounts of Registered Securities
        of such series held by, the Holders appearing on the Security Register
        at the close of business on such Special Record Date. In the name and at
        the expense of the Company, the Trustee shall cause notice of the
        proposed payment of such Defaulted Interest and the Special Record Date
        therefor to be mailed, first-class postage

                                       33
<PAGE>

        prepaid, to each Holder of Registered Securities of such series at his
        address as it appears in the Security Register, not less than 10 days
        prior to such Special Record Date. Notice of the proposed payment of
        such Defaulted Interest and the Special Record Date therefor having been
        mailed as aforesaid, such Defaulted Interest shall be paid to the
        Persons in whose names the 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). In case a Bearer Security of any
        series is surrendered at the office or agency in a Place of Payment for
        such series in exchange for a Registered Security of such series after
        the close of business at such office or agency on any Special Record
        Date and before the opening of business at such office or agency on the
        related proposed date for payment of Defaulted Interest, such Bearer
        Security shall be surrendered without the coupon relating to such
        proposed date of payment and Defaulted Interest will not be payable on
        such proposed date of payment in respect of the Registered Security
        issued in exchange for such Bearer Security, but will be payable only to
        the Holder of such coupon when due in accordance with the provisions of
        this Indenture.

               (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
        the Registered Securities may be listed, and upon such notice as may be
        required by such exchange, if, after notice given by the Company to the
        Trustee of the proposed payment pursuant to this Clause, such manner of
        payment shall be deemed practicable by the Trustee.

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

        Subject to the limitations set forth in Section 1002, the Holder of any
coupon appertaining to a Bearer Security shall be entitled to receive the
interest payable on such coupon upon presentation and surrender of such coupon
on or after the Interest Payment Date of such coupon at an office or agency
maintained for such purpose pursuant to Section 1002.

        If any Registered Security is exchanged for Capital Securities after any
record date and on or prior to the next succeeding Interest Payment Date (other
than any Debt Security whose Maturity is prior to such Interest Payment Date),
interest whose Stated Maturity is on such Interest Payment Date shall be paid by
the Company on such Interest Payment Date notwithstanding such exchange, and
such interest (whether or not punctually paid or duly provided for) shall be
paid to the Person in whose name that Debt Security is registered at the close
of business on such record date.

        If any Bearer Security is exchanged for Capital Securities after any
record date and on or prior to the next succeeding Interest Payment Date (other
than any Debt Security whose Maturity is prior to such Interest Payment Date),
interest whose Stated Maturity is on such Interest Payment Date shall be payable
on such Interest Payment Date notwithstanding such exchange,

                                       34
<PAGE>

and such interest (whether or not punctually paid or duly provided for) shall be
paid by the Company pursuant to such procedures as may be satisfactory to the
Trustee.

        SECTION 308. 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 of 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 Section 307)
interest on such Registered Security and for all other purposes whatsoever,
whether or not such Registered Security be overdue, and neither the Company, the
Trustee nor any agent of the Company or the Trustee shall be affected by notice
to the contrary.

        The Company, the Trustee and any agent of the Company or the Trustee may
treat the bearer of any Bearer Security and the bearer of any coupon as the
absolute owner of such 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 Bearer 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.

        None of the Company, the Trustee, any Paying Agent or the Security
Registrar will have any responsibility or liability for any aspect of the
records relating to or payments made on account of beneficial ownership
interests of a Global Security or for maintaining, supervising or reviewing any
records relating to such beneficial ownership interests.

        SECTION 309. Cancellation.

        Unless otherwise provided with respect to a series of Debt Securities,
all Debt Securities and coupons surrendered for payment, redemption, repayment,
transfer, exchange or credit against any sinking fund payment pursuant to this
Indenture, shall, if surrendered to the Company or any agent of the Company, be
delivered to the Trustee and shall be promptly cancelled by it. The Company may
at any time deliver to the Trustee for cancellation any Debt Securities
previously authenticated and delivered hereunder which the Company may have
acquired in any manner whatsoever, and all Debt Securities so delivered shall be
promptly cancelled by the Trustee. No Debt Securities shall be authenticated in
lieu of or in exchange for any Debt Securities cancelled as provided in this
Section, except as expressly permitted by this Indenture. All cancelled Debt
Securities and coupons held by the Trustee shall be disposed of in accordance
with the Trustees procedures for the disposition of canceled securities and
certification of their disposition delivered to the Company, upon request,
unless by a Company Order the Company shall direct that the cancelled Debt
Securities or coupons be returned to it.

        SECTION 310. Computation of Interest.

        Except as otherwise specified as contemplated by Section 301 for Debt
Securities of any series, interest on the Debt Securities of each series shall
be computed on the basis of a 360-day year of twelve 30-day months.

        SECTION 311. Certification by a Person Entitled to Delivery of a Bearer
Security.

                                       35
<PAGE>

        Whenever any provision of this Indenture or a Debt Security contemplates
that certification be given by a Person entitled to delivery of a Bearer
Security, such certification shall be provided substantially in the form of
Exhibit A-1 and, if applicable, A-2 hereto, with only such changes as shall be
approved by the Company and consented to by the Trustee whose consent shall not
unreasonably be withheld.

        SECTION 312. Judgments.

        The Company may provide, pursuant to Section 301, for the Debt
Securities of any series that, to the fullest extent possible under applicable
law and except as may otherwise be specified as contemplated in Section 301, (a)
the obligation, if any, of the Company to pay the principal of (and premium, if
any) and interest on the Debt Securities of any series and any appurtenant
coupons in a Foreign Currency, composite currency or Dollars (the "Designated
Currency") as may be specified pursuant to Section 301 is of the essence and
agrees that judgments in respect of such Debt Securities shall be given in the
Designated Currency; (b) the obligation of the Company to make payments in the
Designated Currency of the principal of (and premium, if any) and interest on
such Debt Securities and any appurtenant coupons shall, notwithstanding any
payment in any other currency (whether pursuant to a judgment or otherwise), be
discharged only to the extent of the amount in the Designated Currency that the
Holder receiving such payment may, in accordance with normal banking procedures,
purchase with the sum paid in such other currency (after any premium and cost of
exchange) in the country of issue of the Designated Currency in the case of
Foreign Currency or Dollars or in the international banking community in the
case of a composite currency on the Business Day immediately following the day
on which such Holder receives such payment; (c) if the amount in the Designated
Currency that may be so purchased for any reason falls short of the amount
originally due, the Company shall pay such additional amounts as may be
necessary to compensate for such shortfall; and (d) any obligation of the
Company not discharged by such payment shall be due as a separate and
independent obligation and, until discharged as provided herein, shall continue
in full force and effect.

        SECTION 313. Deferrals of Interest Payment Dates.

        If specified as contemplated by Section 301 with respect to the Debt
Securities of a particular series, so long as no Event of Default has occurred
and is continuing, the Company shall have the right, at any time during the term
of such series, from time to time to defer the payment of interest on such Debt
Securities for such period or periods as may be specified as contemplated by
Section 301 (each, an "Extension Period"), during which Extension Periods the
Company shall, if so specified as contemplated by Section 301, have the right to
make partial payments of interest on any Interest Payment Date. No Extension
Period shall end on a date other than an Interest Payment Date. At the end of
any such Extension Period the Company shall pay all interest then accrued and
unpaid on the Debt Securities (together with Additional Interest thereon, if
any, at the rate specified for the Debt Securities of such series to the extent
permitted by applicable law); provided, however, that no Extension Period shall
extend beyond the Stated Maturity of the principal of the Debt Securities of
such series; and provided further, however that during any such Extension
Period, the Company shall not (i) make any payment of principal of or interest
or premium, if any, on or repay, repurchase or redeem any debt securities of the
Company that rank pari passu in all respects with or junior in interest to the
Debt Securities of

                                       36
<PAGE>

such series, or (ii) 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 (other than (a) repurchases, redemptions or other
acquisitions of shares of capital stock of the Company in connection with any
employment contract, benefit plan or other similar arrangement with or for the
benefit of any one or more employees, officers, directors or consultants, in
connection with a dividend reinvestment or stockholder stock purchase plan or in
connection with the issuance of capital stock of the Company (or securities
convertible into or exercisable for such capital stock) as consideration in an
acquisition transaction entered into prior to the applicable Extension Period,
(b) as a result of an exchange or conversion of any class or series of the
Company's capital stock (or any capital stock of a Subsidiary of the Company)
for any class or series of the Company's capital stock or of any class or series
of the Company's indebtedness for any class or series of the Company's capital
stock, (c) 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, (d) any declaration of a
dividend in connection with any rights plan, or the issuance of rights, stock or
other property under any rights plan, or the redemption or repurchase of rights
pursuant thereto, or (e) any dividend on common stock paid in the form of common
stock). Prior to the termination of any such Extension Period, the Company may
further defer the payment of interest, provided that no Event of Default has
occurred and is continuing, and provided, further that no Extension Period shall
exceed the period or periods specified in such Debt Securities, extend beyond
the Stated Maturity of the principal of such Debt Securities or end on a date
other than an Interest Payment Date. Upon the termination of any such Extension
Period and upon the payment of all accrued and unpaid interest and any
Additional Interest then due on any Interest Payment Date, the Company may elect
to begin a new Extension Period, subject to the above conditions. No interest or
Additional Interest shall be due and payable during an Extension Period, except
at the end thereof, but each installment of interest that would otherwise have
been due and payable during such Extension Period shall bear Additional Interest
as and to the extent as may be specified as contemplated by Section 301. The
Company shall give the Holders of the Debt Securities of such series and the
Trustee notice of its election to begin any such Extension Period at least one
Business Day prior to the next succeeding Interest Payment Date on which
interest on Debt Securities of such series would be payable but for such
deferral or, with respect to any Debt Securities of a series issued to an Issuer
Trust, so long as any such Debt Securities are held by such Issuer Trust, at
least one Business Day prior to the earlier of (i) the next succeeding date on
which Distributions on the Trust Preferred Securities of such Issuer Trust would
be payable but for such deferral, and (ii) the date on which the Property
Trustee of such Issuer Trust is required to give notice to holders of such Trust
Preferred Securities of the record date or the date such Distributions are
payable.

        The Trustee shall promptly give notice of the Company's election to
begin any such Extension Period to the Holders of the Outstanding Debt
Securities of such series.

        SECTION 314. Right of Set-Off.

        With respect to the Debt Securities of a series initially issued to an
Issuer Trust, notwithstanding anything to the contrary herein, the Company shall
have the right to set off any payment it is otherwise required to make in
respect of any such Debt Security to the extent the Company has theretofore
made, or is concurrently on the date of such payment making, a

                                       37
<PAGE>

payment under the Guarantee Agreement relating to such Debt Security or to a
holder of Trust Preferred Securities pursuant to an action undertaken under
Section 508 of this Indenture.

        SECTION 315. Agreed Tax Treatment.

        Each Debt Security issued hereunder shall provide that the Company and,
by its acceptance of a Debt Security or a beneficial interest therein, the
Holder of, and any Person that acquires a beneficial interest in, such Debt
Security agree that for United States Federal, state and local tax purposes it
is intended that such Debt Security constitutes indebtedness.

        SECTION 316. CUSIP Numbers.

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

                                   ARTICLE IV.

                           SATISFACTION AND DISCHARGE

        SECTION 401. Satisfaction and Discharge of Indenture.

        This Indenture shall upon Company Request cease to be of further effect,
including the provisions of Article Eighteen hereof (except as to any surviving
rights of registration of transfer or exchange of Debt Securities herein
expressly provided for and rights to receive payments of principal and interest
thereon and any right to receive additional amounts, as provided in Section
1006) and the Trustee, at the expense of the Company, shall execute proper
instruments acknowledging satisfaction and discharge of this Indenture when

            (1) either

                    (A) all Debt Securities theretofore authenticated and
                delivered and all coupons appertaining thereto (other than (i)
                coupons appertaining to Bearer Securities surrendered in
                exchange for Registered Securities and maturing after such
                exchange, surrender of which is not required or has been waived
                as provided in Section 305, (ii) Debt Securities and coupons
                which have been destroyed, lost or stolen and which have been
                replaced or paid as provided in Section 306, (iii) coupons
                appertaining to Bearer Securities called for redemption or
                surrendered for repayment and maturing after the relevant
                Redemption Date or Repayment Date, as appropriate, surrender of
                which has been waived as provided in Section 1106 or 1303 and
                (iv) Debt Securities and coupons for whose payment money and/or
                Eligible Instruments have theretofore been

                                       38
<PAGE>

                deposited in trust or segregated and held in trust by the
                Company and thereafter repaid to the Company or discharged from
                such trust, as provided in Section 1003) have been delivered to
                the Trustee cancelled or for cancellation; or

                    (B) all such Debt Securities 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 (B)(i),
               (B)(ii) or (B)(iii) above, has irrevocably deposited or caused to
               be deposited with the Trustee as trust funds in trust for the
               purpose money and/or, to the extent such Debt Securities are
               denominated and payable in Dollars only, Eligible Instruments the
               payments of principal and interest on which when due (and without
               reinvestment and providing no tax liability will be imposed upon
               the Trustee or the Holders of Debt Securities) will provide money
               in such amounts as will (together with any money irrevocably
               deposited in trust with the Trustee, without investment) be
               sufficient to pay and discharge the entire indebtedness on such
               Debt Securities and coupons of such series for principal (and
               premium, if any) and interest (including any Additional
               Interest), and any mandatory sinking fund, repayment or analogous
               payments thereon, on the scheduled due dates therefor to the date
               of such deposit (in the case of Debt Securities and coupons which
               have become due and payable) or to the Stated Maturity or
               Redemption Date, if any, and all Repayment Dates (in the case of
               Debt Securities repayable at the option of the Holders thereof);
               provided, however, that in the event a petition for relief under
               the Bankruptcy Reform Act of 1978 or a successor statute is filed
               with respect to the Company within 91 days after the deposit, the
               obligations of the Company under the Indenture with respect to
               the Debt Securities of such series shall not be deemed terminated
               or discharged, and in such event the Trustee shall be required to
               return the deposited money and Eligible Instruments to the
               Company;

               (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 607 and, if money or
Eligible Instruments shall have been

                                       39
<PAGE>

deposited with the Trustee pursuant to Subclause (B) of Clause (1) of this
Section, the obligations of the Trustee under Section 402 and the last paragraph
of Section 1003 shall survive.

        SECTION 402. Application of Trust Money and Eligible Instruments.

               (a) Subject to the provisions of the last paragraph of Section
1003, all money and Eligible Instruments deposited with the Trustee pursuant to
Section 401, 403 or 1701 shall be held in trust and such money and the principal
and interest received on such Eligible Instruments shall be applied by it, in
accordance with the provisions of the Debt Securities, the coupons and this
Indenture, to the payment, either directly or through any Paying Agent
(including the Company acting as its own Paying Agent) as the Trustee may
determine, to the Persons entitled thereto, of the principal (and premium, if
any) and interest (including any Additional Interest) for whose payment such
money or Eligible Instruments have been deposited with the Trustee.

               (b) The Trustee shall deliver or pay to the Company from time to
time upon Company Request any Eligible Instruments or money held by it as
provided in Section 403 or 1501 which, in the opinion of a nationally recognized
firm of independent public accountants expressed in a written certification
thereof delivered to the Trustee, are then in excess of the amount thereof which
then would have been required to be deposited for the purpose for which such
Eligible Instruments or money were deposited or received.

               (c) If this Section 402(c) is specified, as contemplated by
Section 301, to be applicable to the Debt Securities of any series, the Trustee
shall deliver to the Company from time to time upon Company Request any Eligible
Instruments held by it as provided in Section 403 or 1501, provided that the
Company in substitution therefor simultaneously delivers to the Trustee, money
or other Eligible Instruments which, in the opinion of a nationally recognized
firm of independent public accountants expressed in a written certification
thereof delivered to the Trustee, would then be sufficient to satisfy the
Company's payment obligations in respect of the Debt Securities in the manner
contemplated by Section 403 or 1501.

        SECTION 403. Satisfaction, Discharge and Defeasance of Debt Securities
of any Series.

        If this Section 403 is specified, as contemplated by Section 301, to be
applicable to Debt Securities of any series, then, notwithstanding Section 401,
(i) the Company shall be deemed to have paid and discharged the entire
indebtedness on all the Outstanding Debt Securities of any such series and
related coupons; (ii) the provisions of this Indenture as it relates to such
Outstanding Debt Securities and related coupons shall no longer be in effect,
including the provisions of Article Eighteen hereof (except as to the rights of
Holders of Debt Securities to receive, from the trust fund described in
subparagraph (1) below, payment of (x) the principal of (and premium, if any)
and any installment of principal of (and premium, if any) or interest on such
Debt Securities and related coupons on the Stated Maturity of such principal
(and premium, if any) or installment of principal (and premium, if any) or
interest or (y) any mandatory sinking fund, repayment or analogous payments
applicable to the Debt Securities of that series on that day on which such
payments are due and payable in accordance with the terms of this Indenture and
of such Debt Securities, the Company's obligations with respect to such Debt
Securities under Sections 304, 305, 306, 1002, 1003 and 1006 and the rights,
powers, trusts, duties and

                                       40
<PAGE>

immunities of the Trustee hereunder, including those under Section 607 hereof);
and (iii) the Trustee, at the expense of the Company, shall, upon Company Order,
execute proper instruments acknowledging satisfaction and discharge of such
indebtedness, when

        (1) either

                (A) with respect to all Outstanding Debt Securities of such
            series and related coupons, with reference to this Section 403, the
            Company has deposited or caused to be deposited with the Trustee (or
            another trustee satisfying the requirements of Section 609 who shall
            agree to comply with the provisions of this Section 403 applicable
            to it) irrevocably, as trust funds in trust, money and/or, to the
            extent such Debt Securities are denominated and payable in Dollars
            only, Eligible Instruments the payments of principal and interest on
            which, in the opinion of a nationally recognized firm of independent
            accountants delivered to the Trustee, when due (and without
            reinvestment and providing no tax liability will be imposed upon the
            Trustee or the Holders of such Debt Securities) will provide money
            in such amounts as will (together with any money irrevocably
            deposited in trust with the Trustee, without investment) be
            sufficient to pay and discharge (i) the principal of (and premium,
            if any) and interest on the Outstanding Debt Securities of that
            series and related coupons on the Stated Maturity of such principal
            or interest or, if such series may be redeemed by the Company prior
            to the Stated Maturity thereof, and the Company shall have given
            irrevocable instructions to the Trustee to effect such redemption,
            at the date fixed for such redemption pursuant to Article Eleven,
            and (ii) any mandatory sinking fund payments or analogous payments
            applicable to Debt Securities of such series on the date on which
            such payments are due and payable in accordance with the terms of
            this Indenture and of such Debt Securities; or

                (B) the Company has properly fulfilled such other means of
            satisfaction and discharge as is specified, as contemplated by
            Section 301, to be applicable to the Debt Securities of such series;

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

        (3) such deposit will not result in a breach of, or constitute a default
    under, this Indenture or any other agreement or instrument to which the
    Company is a party or by which it is bound;

        (4) no Event of Default or event which, with the giving of notice or
    lapse of time, or both, would become an Event of Default with respect to the
    Debt Securities of such series shall have occurred and be continuing on the
    date of such deposit and no Event of Default under Section 501(1) or Section
    501(2) or event which, with the giving of notice or lapse of time, or both,
    would become an Event of Default under

                                       41
<PAGE>

    Section 501(1) or Section 501(2) shall have occurred and be continuing on
    the 91st day after such date; provided, however, that should that condition
    fail to be satisfied on or before such 91st day, the Trustee shall promptly,
    upon satisfactory receipt of evidence of such failure, return such deposit
    to the Company;

        (5) the Company has delivered to the Trustee an Opinion of Counsel to
    the effect that (a) the Company has received from, or there has been
    published by, the Internal Revenue Service a ruling, or (b) since the date
    of this Indenture there has been a change in applicable Federal income tax
    law, in either case to the effect that, and based thereon such Opinion of
    Counsel shall confirm that, the Holders of Debt Securities and related
    coupons of such series will not recognize income, gain or loss for Federal
    income tax purposes as a result of such deposit, defeasance and discharge
    and will be subject to Federal income tax on the same amount and in the same
    manner and at the same times as would have been the case if such deposit,
    defeasance and discharge had not occurred;

        (6) if the Debt Securities of that series are then listed on any
    domestic or foreign securities exchange, the Company shall have delivered to
    the Trustee an Opinion of Counsel to the effect that such deposit,
    defeasance and discharge will not cause such Debt Securities to be delisted;

        (7) such deposit shall have been effected in compliance with any
    additional terms, conditions or limitations which may be imposed on the
    Company in connection therewith pursuant to Section 301; and

        (8) 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 the entire
    indebtedness of all Outstanding Debt Securities and related coupons have
    been complied with.

    Any deposits with the Trustee referred to in Section 403(1)(A) above shall
be irrevocable and shall be made under the terms of an escrow trust agreement in
form and substance satisfactory to the Trustee. If any Outstanding Debt
Securities of such series are to be redeemed prior to their Stated Maturity,
whether pursuant to any optional redemption provisions or in accordance with any
mandatory sinking fund requirement, the applicable escrow trust agreement shall
provide therefor and the Company shall make such arrangements as are
satisfactory to the Trustee for the giving of notice of redemption by the
Trustee in the name, and at the expense, of the Company.

    Upon the satisfaction of the conditions set forth in this Section 403 with
respect to all the Outstanding Debt Securities of any series, the terms and
conditions of such series, including the terms and conditions with respect
thereto set forth in this Indenture, shall no longer be binding upon, or
applicable to, the Company; provided that the Company shall not be discharged
from any payment obligations in respect of Debt Securities of such series which
are deemed not to be Outstanding under clause (iii) of the definition thereof if
such obligations continue to be valid obligations of the Company under
applicable law.

                                       42
<PAGE>

        Notwithstanding the cessation, termination and discharge of all
obligations, covenants and agreements (except as provided above in this Section
403) of the Company under this Indenture with respect to any series of Debt
Securities, the obligations of the Company to the Trustee under Section 607, and
the obligations of the Trustee under Section 402 and the last paragraph of
Section 1003, shall survive with respect to such series of Debt Securities.

                                   ARTICLE V.

                                    REMEDIES

        SECTION 501. Events of Default.

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

               (1) default in the payment of any interest upon any Debt Security
        of that series, including any Additional Interest in respect thereof,
        when it becomes due and payable, and continuance of such default for a
        period of 30 days (subject to the deferral of any due date in the case
        of an Extension Period); or

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

               (3) failure on the part of the Corporation duly to observe or
        perform any other of the covenants or agreements on the part of the
        Corporation in the Debt Securities of that series or in this Indenture
        for a period of 30 days after the date on which written notice of such
        failure, requiring the Corporation to remedy the same, shall have been
        given to the Corporation by the Trustee by registered or certified mail
        or to the Corporation and the Trustee by the Holders of at least 25% in
        aggregate principal amount of the Outstanding Securities of that series;
        or

               (4) the entry of a decree or order by a court having jurisdiction
        in the premises adjudging the Corporation a bankrupt or insolvent, or
        approving as properly filed a petition seeking reorganization of the
        Corporation under the Bankruptcy Code or any other similar applicable
        Federal or State law, which decree or order shall have continued
        undischarged and unstayed for a period of 60 days; or the entry of a
        decree or order of a court having jurisdiction in the premises for the
        appointment of a receiver or liquidator or trustee or assignee in
        bankruptcy or insolvency of the Corporation or of its property, or for
        the winding up or liquidation of its affairs, which decree or order
        shall have continued undischarged and unstayed for a period of 60 days;
        or

               (5) the commencement by the Corporation of voluntary proceedings
        to be adjudicated a bankrupt, or consent by the Corporation to the
        filing of a bankruptcy proceeding against it, or the filing by the
        Corporation of a petition or answer or consent seeking reorganization
        under the Bankruptcy Code or any other similar Federal or State

                                       43
<PAGE>

        law, or consent by the Corporation to the filing of any such petition,
        or the consent by the Corporation to the appointment of a receiver or
        liquidator or trustee or assignee in bankruptcy or insolvency of it or
        of its property, or the making by the Corporation of an assignment for
        the benefit of creditors, or the admission by the Corporation in writing
        of its inability to pay its debts generally as they become due; or

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

        SECTION 502. Acceleration of Maturity; Rescission and Annulment.

        If an Event of Default (other than an Event of Default specified in
Section 5.1(4) or 5.1(5)) with respect to Debt Securities of any series at the
time Outstanding occurs and is continuing, then and in every such case the
Trustee or the Holders of not less than 25% in aggregate principal amount of the
Outstanding Debt Securities of that series may declare the principal amount (or,
if the Debt Securities of that series are Original Issue Discount Securities,
such portion of the principal amount as may be specified in the terms of that
series) of all the Debt Securities of that series to be due and payable
immediately, by a notice in writing to the Corporation (and to the Trustee if
given by Holders), provided that, in the case of the Debt Securities of a series
issued to an Issuer Trust, if, upon an Event of Default, the Trustee or the
Holders of not less than 25% in principal amount of the Outstanding Debt
Securities of such series fail to declare the principal of all the Outstanding
Debt Securities of such series to be immediately due and payable, the holders of
at least 25% in aggregate Liquidation Amount (as defined in the related Trust
Agreement) of the related series of Trust Preferred Securities issued by such
Issuer Trust then outstanding shall have the right to make such declaration by a
notice in writing to the Corporation and the Trustee; and upon any such
declaration such principal amount (or specified portion thereof) of and the
accrued interest (including any Additional Interest) on all the Debt Securities
of such series shall become immediately due and payable. If an Event of Default
specified in Section 5.1(4) or 5.1(5) with respect to Debt Securities of any
series at the time Outstanding occurs, the principal amount of all the Debt
Securities of such series (or, if the Debt Securities of such series are
Original Issue Discount Securities, such portion of the principal amount of such
Debt Securities as may be specified by the terms of that series) shall
automatically, and without any declaration or other action on the part of the
Trustee or any Holder, become immediately due and payable. Payment of principal
and interest (including any Additional Interest) on such Debt Securities shall
remain subordinated to the extent provided in Article XVIII notwithstanding that
such amount shall become immediately due and payable as herein provided.

        At any time after such a declaration of acceleration with respect to
Debt Securities of any series has been made and before a judgment or decree for
payment of the money due has been obtained by the Trustee as hereinafter in this
Article provided, the Holders of a majority in principal amount of the
Outstanding Debt Securities of such 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

                                       44
<PAGE>

                (A) all overdue installments of interest on all Debt Securities
            of such series and any related coupons and any accrued Additional
            Interest on all Debt Securities of such series,

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

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

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

and

        (2) all Events of Default with respect to Debt Securities of such
    series, other than the non-payment of the principal of such series which
    have become due solely by such declaration of acceleration, have been cured
    or waived as provided in Section 513.

    In the case of Debt Securities of a series initially issued to an Issuer
Trust, if the Holders of such Debt Securities fail to annul such declaration and
waive such default, the holders of a majority in aggregate Liquidation Amount
(as defined in the related Trust Agreement) of the related series of Trust
Preferred Securities issued by such Issuer Trust then outstanding shall also
have the right to rescind and annul such declaration and its consequences by
written notice to the Company and the Trustee, subject to the satisfaction of
the conditions set forth in Clauses (1) and (2) above of this Section 502.

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

    SECTION 503. Collection of Indebtedness and Suits for Enforcement by
Trustee.

    The Company covenants that if:

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

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

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

                                       45
<PAGE>

        (4) default is made in any required designation of funds as Securities
    Funds, the Company will, upon demand of the Trustee, pay to it, for the
    benefit of the Holders of such Debt Securities and coupons, the amount then
    due and payable on such Debt Securities and coupons for principal (and
    premium, if any) and interest, sinking fund installment and interest
    (including any Additional Interest), including the delivery of any Capital
    Securities then required to be delivered, and, to the extent that payment of
    such interest shall be legally enforceable, interest upon the overdue
    principal (and premium, if any) and, upon overdue installments of interest,
    at the rate or rates prescribed therefor in such Debt Securities, and, in
    addition thereto, such further amount as shall be sufficient to cover the
    costs and expenses of collection, including the reasonable compensation,
    expenses, disbursements and advances of the Trustee, its agents and counsel.

    If the Company fails to pay such amounts (including the delivery of any
Capital Securities then required to be delivered) forthwith upon such demand,
the Trustee, in its own name and as trustee of an express trust, may institute a
judicial proceeding for the collection of the sums so due and unpaid and the
delivery of any Capital Securities required to be delivered and not so
delivered, or, in the case of the failure to deliver Capital Securities, money
equal to the principal amount of the Debt Securities for which the Capital
Securities were to be exchanged, and may prosecute such proceeding to judgment
or final decree, and may enforce the same against the Company or any other
obligor upon such Debt Securities and coupons and collect the moneys (or money
equal to the principal amount of any Debt Securities for which Capital
Securities were to be exchanged) 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 Debt Securities and coupons, wherever situated.

    If an Event of Default with respect to Debt Securities of any series occurs
and is continuing, the Trustee may in its discretion proceed to protect and
enforce its rights and the rights of the Holders of Debt Securities of such
series 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.

    SECTION 504. Trustee May File Proofs of Claim.

    In case of the pendency of any receivership, insolvency, liquidation,
bankruptcy, reorganization, arrangement, adjustment, composition or other
judicial proceedings, or any voluntary or involuntary case under the Federal
bankruptcy laws as now or hereafter constituted, relative to the Company or any
other obligor upon the Debt Securities of a particular series or any related
coupons or the property of the Company or of such other obligor or their
creditors, the Trustee (irrespective of whether the principal of such Debt
Securities shall then be due and payable as therein expressed or by declaration
or otherwise and irrespective of whether the Trustee shall have made any demand
on the Company for the payment of overdue principal or interest (including any
Additional Interest)) shall be entitled and empowered, by intervention in such
proceedings or otherwise,

                                       46
<PAGE>

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

        (2) to collect and receive any moneys or other property payable or
deliverable on any such claims and to distribute the same; and any receiver,
assignee, trustee, custodian, liquidator, sequestrator or other similar official
in any such proceeding is hereby authorized by each Holder 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 607.

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

        SECTION 505. Trustee May Enforce Claims without Possession of Debt
Securities or Coupons.

        All rights of action and claims under this Indenture or the Debt
Securities or coupons may be prosecuted and enforced by the Trustee without the
possession of any of the Debt 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 the
reasonable compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel, be for the ratable benefit of the Holders of the Debt
Securities and coupons in respect of which such judgment has been recovered.

        SECTION 506. Application of Money Collected.

        Any money collected by the Trustee pursuant to this Article shall be
applied in the following order, at the date or dates fixed by the Trustee and,
in case of the distribution of such money on account of principal (and premium,
if any) or interest (including any Additional Interest), upon presentation of
the Debt 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 607;

        SECOND: To the payment of amounts then due and unpaid to the holders of
Senior Debt, to the extent required by Article Eighteen;

        THIRD: To the payment of the amounts then due and unpaid for principal
of (and premium, if any) and interest (including any Additional Interest) on the
Debt Securities and any

                                       47
<PAGE>

coupons, in respect of which or for the benefit of which such money has been
collected ratably, without preference or priority of any kind, according to the
amounts due and payable on such Debt Securities and any coupons for principal
(and premium, if any) and interest (including any Additional Interest),
respectively. The Holders of each series of Debt Securities denominated in ECU,
any other composite currency or a Foreign Currency and any matured coupons
relating thereto shall be entitled to receive a ratable portion of the amount
determined by the Exchange Rate Agent by converting the principal amount
Outstanding of such series of Debt Securities and matured but unpaid interest
(including any Additional Interest) on such series of Debt Securities in the
currency in which such series of Debt Securities is denominated into Dollars at
the Exchange Rate as of the date of declaration of acceleration of the Maturity
of the Debt Securities; and

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

        SECTION 507.  Limitation on Suits.

        No Holder of any Debt Securities 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 Debt
        Securities of such series;

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

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

               (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 Debt Securities of such
        series;

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

        SECTION 508. Unconditional Right of Holders to Receive Principal,
Premium and Interest and to Exchange Debt Securities for Capital Securities;
Direct Action by Holders of Trust Preferred Securities.

                                       48
<PAGE>

        Notwithstanding any other provision in this Indenture, the Holder of any
Debt Security or coupon shall have the right which is absolute and unconditional
to receive payment of the principal of (and premium, if any) and (subject to
Section 307) interest on such Debt Security or payment of such coupon on the
respective Stated Maturity or Maturities expressed in such Debt Security or
coupon (or, in the case of redemption or repayment, on the Redemption Date or
the Repayment Date, as the case may be), to have the Debt Securities exchanged
for Capital Securities pursuant to Article Fourteen, if applicable, and to
institute suit for the enforcement of any such payment or exchange, and such
right shall not be impaired without the consent of such Holder, subject,
however, to the provisions of Article Eighteen. In the case of Debt Securities
of a series issued to an Issuer Trust, any registered holder of the series of
Trust Preferred Securities issued by such Issuer Trust shall have the right,
upon the occurrence of a default described in Section 503(1) or (2), to
institute a suit directly against the Company for enforcement of payment to such
holder of principal of (premium, if any) and (subject to Sections 307 and 313)
interest (including any Additional Interest) on the Debt Securities having a
principal amount equal to the aggregate Liquidation Amount (as defined in the
related Trust Agreement) of such Trust Preferred Securities held by such holder.

        SECTION 509. Restoration of Rights and Remedies.

        If the Trustee, any Holder or any holder of Trust Preferred Securities
issued by an Issuer Trust has instituted any proceedings 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, such
Holder or such holder of Trust Preferred Securities, then and in every such case
the Company, the Trustee, the Holders and the holders of Trust Preferred
Securities shall, subject to any determination in such proceeding, be restored
severally and respectively to their former positions hereunder, and thereafter
all rights and remedies of the Trustee, the Holders and the holders of the Trust
Preferred Securities shall continue as though no such proceeding had been
instituted.

        SECTION 510. Rights and Remedies Cumulative.

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

        SECTION 511. Delay or Omission Not Waiver.

        No delay or omission of the Trustee or of any Holder of any Debt
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 and the right and remedy
given to the holders of Trust Preferred Securities by Section 508 may be
exercised from time to time, and as often as may be deemed expedient, by the
Trustee, the Holders or the holders of Trust Preferred Securities, as the case
may be.

                                       49
<PAGE>

        SECTION 512. Control by Holders of Debt Securities.

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

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

                (2) subject to the provisions of Section 601, the Trustee shall
        have the right to decline to follow any such direction if the Trustee in
        good faith shall, by a Responsible Officer or Responsible Officers of
        the Trustee, determine that the proceedings so directed would be
        unjustly prejudicial to the Holders of Debt Securities of such series
        not joining in any such direction; and

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

        SECTION 513. Waiver of Past Defaults.

        The Holders of not less than a majority in principal amount of the
Outstanding Debt Securities of any series on behalf of the Holders of all the
Debt Securities of any such series and any related coupons and, in the case of
any Debt Securities of a series initially issued to an Issuer Trust, the holders
of a majority in aggregate Liquidation Amount (as defined in the related Trust
Agreement) of Trust Preferred Securities issued by such Issuer Trust may waive
any past default hereunder with respect to such series and its consequences,
except a default

                (1) in the payment of the principal of (or premium, if any) or
        interest (including any Additional Interest) on any Debt 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 Debt Security of such series or coupons
        affected.

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

        SECTION 514. Undertaking for Costs.

        All parties to this Indenture agree, and each Holder of any Debt
Security or coupon by his acceptance thereof shall be deemed to have agreed,
that any court may in its discretion require, in any suit for the enforcement of
any right or remedy under this Indenture, or in any suit against the Trustee for
any action taken, suffered or omitted by it as Trustee, the filing by any party
litigant in such suit of an undertaking to pay the costs of such suit, and that
such court may in its discretion assess reasonable costs, including reasonable
attorneys' fees, against any party litigant in such suit, having a due regard to
the merits and good faith of the claims or defenses made by

                                       50
<PAGE>

such party litigant, but the provisions of this Section shall not apply to any
suit instituted by the Company or the Trustee, to any suit instituted by any
Holder, or group of Holders, holding in the aggregate more than 10% in principal
amount of the Outstanding Debt Securities of any series, or to any suit
instituted by any Holder for the enforcement of the payment of the principal of
(or premium, if any) or interest (including any Additional Interest) on any Debt
Security or the payment of any coupons on or after the respective Stated
Maturity or Maturities expressed in such Debt Security or coupon (or, in the
case of redemption or repayment, on or after the Redemption Date or Repayment
Date, as the case may be) or for the enforcement of the right to exchange any
Debt Securities for Capital Securities as provided in Article Fourteen.

        SECTION 515. 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 or
take the benefit or advantage of, any stay or extension law whenever 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 benefits 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 601. Certain Duties and Responsibilities.

        The duties and responsibilities of the Trustee shall be as provided in
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 602. Notice of Default.

        If a default occurs hereunder with respect to Debt Securities of any
series the Trustee shall transmit by mail to all Holders of Debt Securities of
such series notice of such default as and to the extent provided by the Trust
Indenture Act; provided, however, that, except in the case of a default in the
payment of the principal of (or premium, if any) or interest (including any
Additional Interest) on any Debt Security of such series or any related coupons
or in the payment of any sinking fund installment with respect to Debt
Securities of such series or in the exchange of Capital Securities for Debt
Securities of such series, the Trustee shall be protected in withholding such
notice if and so long as the board of directors, the executive committee or a
trust committee of directors and/or Responsible Officers of the Trustee in good
faith determines

                                       51
<PAGE>

that the withholding of such notice is in the interest of the Holders of Debt
Securities of such series. For the purpose of this Section, the term "default"
means any event which is, or after notice or lapse of time or both would become,
an Event of Default with respect to Debt Securities of such series.

        SECTION 603. Certain Rights of Trustee.

        Except as otherwise provided in Section 601:

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

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

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

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

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

               (f) the Trustee shall not be bound to make any investigation into
the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond,
debenture, note, coupon, 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, other than any such books or records containing
information as to the affairs of the customers of the Company or any of its
subsidiaries; provided that the Trustee may examine such books and records
relating to customers to the extent that such books and records contain
information as to any payments made to such customers in their capacity as
Holders of Debt Securities;

                                       52
<PAGE>

               (g) the Trustee may execute any of the trusts or powers hereunder
or perform any duties hereunder either directly or by or through agents or
attorneys and the Trustee shall not be responsible for any misconduct or
negligence on the part of any agent or attorney appointed with due care by it
hereunder; no Exchange Rate Agent, Capital Exchange Agent, Global Exchange
Agent, Depositary or Paying Agent shall be deemed an agent of the Trustee and
the Trustee shall not be responsible for any act or omission by any of them;

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

               (i) the Trustee shall not be deemed to have notice of any Default
or Event of Default unless a Responsible Officer of the Trustee has actual
knowledge thereof or unless written notice of any event which is in fact such a
default is received by the Trustee at the Corporate Trust Office of the Trustee,
and such notice references the Securities and this Indenture;

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

               (k) the Trustee may request that the Company deliver an Officers'
Certificate setting forth the names of individuals and/or titles of officers
authorized at such time to take specified actions pursuant to this Indenture,
which Officers' Certificate may be signed by any person authorized to sign an
Officers' Certificate, including any person specified as so authorized in any
such certificate previously delivered and not superseded.

        SECTION 604. Not Responsible for Recitals or Issuance of Debt
Securities.

        The recitals contained herein and in the Debt Securities, except the
Trustee's certificates of authentication, and in any coupons, and the
information in any registration statement, including all attachments thereto,
except information provided by the Trustee therein, shall be taken as the
statements of the Company, and the Trustee assumes no responsibility for their
correctness. The Trustee makes no representations as to the validity or
sufficiency of this Indenture or of the Debt Securities of any series or any
coupons or any Capital Securities. The Trustee shall not be accountable for the
use or application by the Company of any Debt Securities or the proceeds
thereof. The Trustee shall not be responsible for and makes no representations
to the Company's ability or authority to issue Bearer Securities or the
lawfulness thereof.

        SECTION 605. May Hold Debt Securities or Coupons.

        The Trustee, any Paying Agent, the Security Registrar or any other agent
of the Company or the Trustee, in its individual or any other capacity, may
become the owner or pledgee of Debt Securities and coupons, and, subject to
Sections 608 and 613, may otherwise deal with the Company with the same rights
it would have if it were not Trustee, Paying Agent, Security Registrar or such
agent.

                                       53
<PAGE>

        SECTION 606. Money Held in Trust.

        Money held by the Trustee or any Paying Agent in trust hereunder need
not be segregated from other funds except to the extent required by law. Neither
the Trustee nor any Paying Agent shall be under any liability for interest on
any money received by it hereunder except as otherwise agreed with the Company.

        SECTION 607. 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 shall have
        been separately agreed to by the Company and the Trustee (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 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 for, and to hold it harmless
        against, any claim, 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 this trust or performance of
        its duties hereunder, including the costs and expenses of defending
        itself against any claim or liability in connection with the exercise or
        performance of any of its powers or duties hereunder.

        As security for the performance of the obligations of the Company under
this Section the Trustee shall have a claim prior to the Debt Securities and any
coupons upon all property and funds held or collected by the Trustee as such,
except funds held in trust for the payment of principal of (and premium, if any)
or interest on particular Debt Securities or any coupons. The claims of the
Trustee under this Section shall not be subject to the provisions of Article
Eighteen. The provisions of this Section 607 shall survive the termination of
this Indenture and the resignation or removal of the Trustee.

        SECTION 608. Disqualification; Conflicting Interests.

        If the Trustee has or shall acquire any 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. To the extent
permitted by such Act, the Trustee shall not be deemed to have a conflicting
interest with respect to Debt Securities of any series by virtue of being a
trustee under this Indenture with respect to Debt Securities of any particular
series of Debt Securities other than that series. The Trust Agreement and the
Guarantee Agreement with respect to each Issuer Trust

                                       54
<PAGE>

shall be deemed to be specifically described in this Indenture for the purposes
of clause (i) of the first proviso contained in Section 310(b) of the Trust
Indenture Act.

        SECTION 609. Corporate Trustee Required; Eligibility.

        There shall at all times be a Trustee hereunder which shall be a
corporation that is eligible pursuant to the Trust Indenture Act to act as such
and 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, and subject to supervision or examination by Federal or State
authority; provided, however, that if Section 310(a) of the Trust Indenture Act
or the rules and regulations of the Commission under the Trust Indenture Act at
any time permit a corporation organized and doing business under the laws of any
other jurisdiction to serve as trustee of an indenture qualified under the Trust
Indenture Act, this Section 609 shall be automatically amended to permit a
corporation organized and doing business under the laws of any such other
jurisdiction to serve as Trustee hereunder. If such corporation publishes
reports of condition at least annually, pursuant to law or to the requirements
of the aforesaid supervising or examining authority, then for the purposes of
this Section, the combined capital and surplus of such corporation shall be
deemed to be its combined capital and surplus as set forth in its most recent
report of condition so published. If at any time the Trustee shall cease to be
eligible in accordance with the provisions of this Section, it shall resign
immediately in the manner and with the effect hereinafter specified in this
Article.

        SECTION 610. Resignation and Removal; Appointment of Successor.

               (a) No resignation or removal of the Trustee and no appointment
of a successor Trustee pursuant to this Article shall become effective until the
acceptance of appointment by the successor Trustee under Section 611.

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

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

               (d) If at any time:

               (1) the Trustee shall fail to comply with Section 608 with
        respect to the Debt Securities of any series after written request
        therefor by the Company or by any Holder who has been a bona fide Holder
        of a Debt Security of such series for at least six months, or

               (2) the Trustee shall cease to be eligible under Section 609 with
        respect to any

                                       55
<PAGE>

        series of Debt Securities and shall fail to resign after written request
        therefor by the Company or by any such Holder, or

               (3) the Trustee shall become incapable of acting with respect to
        any series of Debt Securities or a decree or order for relief by a court
        having jurisdiction in the premises shall have been entered in respect
        of the Trustee in an involuntary case under the Federal bankruptcy laws,
        as now or hereafter constituted, or any other applicable Federal or
        State bankruptcy, insolvency or similar law; or a decree or order by a
        court having jurisdiction in the premises shall have been entered for
        the appointment of a receiver, custodian, liquidator, assignee, trustee,
        sequestrator or other similar official of the Trustee or of its property
        or affairs, or any public officer shall take charge or control of the
        Trustee or of its property or affairs for the purpose of rehabilitation,
        conservation, winding up or liquidation, or

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

then, in any such case, (i) the Company by a Board Resolution may remove the
Trustee with respect to such series or (ii) subject to Section 514, any Holder
who has been a bona fide Holder of a Debt Security of any series for at least
six months may, on behalf of himself and all others similarly situated, petition
any court of competent jurisdiction for the removal of the Trustee for the Debt
Securities of such series and the appointment of a successor Trustee. In
addition, the Company may remove the Trustee if the Company shall determine by a
Board Resolution that the services provided by the Trustee may be obtained at a
substantially lower cost to the Company.

               (e) If the Trustee shall resign, be removed or become incapable
of acting with respect to any series of Debt Securities, or if a vacancy shall
occur in the office of Trustee for any cause, with respect to the Debt
Securities of one or more series, the Company, by a Board Resolution, shall
promptly appoint a successor Trustee or Trustees with respect to the Debt
Securities of that or those series (it being understood that any such successor
Trustee may be appointed with respect to the Debt Securities of one or more or
all of such series and that at any time there shall be only one Trustee with
respect to the Debt Securities of any particular series) and shall comply with
the applicable requirements of Section 611. If, within one year after such
resignation, removal or incapability, or the occurrence of such vacancy, a
successor Trustee with respect to the Debt Securities of any series shall be
appointed by Act of the Holders of a majority in principal amount of the
Outstanding Debt 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, become the successor Trustee with respect to the
Debt Securities of such series and to that extent supersede the successor
Trustee appointed by the Company. If no successor Trustee with respect to the
Debt Securities of any series shall have been so appointed by the Company or the
Holders and accepted appointment in the manner hereinafter provided,

                                       56
<PAGE>

any Holder who has been a bona fide Holder of a Debt Security of such series for
at least six months may, subject to Section 514, on behalf of himself and all
others similarly situated, petition any court of competent jurisdiction for the
appointment of a successor Trustee with respect to the Debt Securities of such
series.

               (f) The Company shall give notice of each resignation and each
removal of the Trustee with respect to the Debt Securities of any series and
each appointment of a successor Trustee with respect to the Debt Securities of
any series by mailing written notice of such event by first-class mail, postage
prepaid, to the Holders of Registered Securities, if any, of such series as
their names and addresses appear in the Security Register and, if Debt
Securities of such series are issuable as Bearer Securities, by publishing
notice of such event once in an Authorized Newspaper in each Place of Payment
located outside the United States. Each notice shall include the name of the
successor Trustee with respect to the Debt Securities of such series and the
address of its Corporate Trust Office.

        SECTION 611. Acceptance of Appointment by Successor.

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

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

                                       57
<PAGE>

therein and each such successor Trustee, without any further act, deed or
conveyance, shall become vested with all the rights, powers, trusts and duties
of the retiring Trustee with respect to the Debt Securities of that or those
series to which the appointment of such successor Trustee relates; but, on the
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 Debt
Securities of that or those series to which the appointment of such successor
Trustee relates.

               (c) Upon request of any such successor Trustee, the Company 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 612. Merger, Conversion, Consolidation or Succession to
Business.

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

        SECTION 613. Preferential Collection of Claims Against Company.

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

        SECTION 614. Authenticating Agent.

        The Trustee shall upon Company request appoint one or more
authenticating agents (including, without limitation, the Company or any
Affiliate thereof) with respect to one or more series of Debt Securities which
shall be authorized on behalf of the Trustee in authenticating Debt Securities
of such series in connection with the issue, delivery, registration of transfer,
exchange, partial redemption or repayment of such Debt Securities. Wherever
reference is made in this Indenture to the authentication of Debt Securities by
the Trustee or the Trustee's

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<PAGE>

certificate of authentication, such reference shall be deemed to include
authentication on behalf of the Trustee by an authenticating agent and a
certificate of authentication executed on behalf of the Trustee by an
authenticating agent. Each authenticating agent must be acceptable to the
Company and must be a corporation organized and doing business under the laws of
the United States or of any State, having a combined capital and surplus of at
least $1,000,000, authorized under such laws to do a trust business and subject
to supervision or examination by Federal or State authorities or the equivalent
foreign authority, in the case of an authenticating agent who is not organized
and doing business under the laws of the United States or of any State thereof
or the District of Columbia.

        The Trustee hereby initially appoints ____________________ as its
authenticating agent.

        Any corporation succeeding to the corporate agency business of an
authenticating agent shall continue to be an authenticating agent without the
execution or filing of any paper or any further act on the part of the Trustee
or such authenticating agent.

        An authenticating agent may at any time resign with respect to one or
more series of Debt Securities 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 with respect to one or more series of Debt Securities
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 an authenticating agent shall cease to be eligible in
accordance with the provisions of this Section, the Trustee promptly may appoint
a successor authenticating agent. Any successor authenticating agent upon
acceptance of its appointment hereunder shall become vested with all rights,
powers and duties of its predecessor hereunder, with like effect as if
originally named as an authenticating agent herein. No successor authenticating
agent shall be appointed unless eligible under the provisions of this Section.

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

        The provisions of Sections 104, 111, 306, 309, 603, 604 and 605 shall be
applicable to any authenticating agent.

        Pursuant to each appointment made under this Section, the Debt
Securities of each series covered by such appointment may have endorsed thereon,
in lieu of the Trustee's certificate of authentication, an alternate certificate
of authentication in substantially the following form:

        This is one of the Debt Securities, of the series designated herein,
described in the within-mentioned Indenture.

                                   ---------------------------------------------

                                   By
                                     -------------------------------------------
                                       As Authenticating Agent for the Trustee

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<PAGE>

                                       By
                                         ---------------------------------------
                                                  Authorized Signatory

                                  ARTICLE VII.

                HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY

        SECTION 701. Company to Furnish Trustee Names and Addresses of Holders.

        The Company will furnish or cause to be furnished to the Trustee with
respect to Debt Securities of each series for which it acts as Trustee:

               (1) semi-annually, not more than 15 days after the Regular Record
        Date in respect of the Debt Securities of such series or on May 15 and
        November 15 of each year with respect to each series of Debt Securities
        for which there are no Regular Record Dates, a list, in such form as the
        Trustee may reasonably require, of the names and addresses of the
        Holders of Registered Securities as of such Regular Record Date or May 1
        or November 1, as the case may be, and

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

provided, however, that if and so long as the Trustee shall be the Security
Registrar, no such list need be furnished.

        SECTION 702. 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 of Registered
Securities contained in the most recent list furnished to the Trustee as
provided in Section 701 and the names and addresses of Holders of Registered
Securities received by the Trustee in its capacity as Paying Agent or Security
Registrar, if so acting. The Trustee may destroy any list furnished to it as
provided in Section 701 upon receipt of a new list so furnished. The Trustee
shall preserve for at least two years the names and addresses of Holders of
Bearer Securities filed with the Trustee by such Holders.

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

               (c) Every Holder of Debt Securities or coupons, by receiving and
holding the same, agrees with the Company and the Trustee that neither the
Company nor the Trustee shall be held accountable by reason of any disclosure of
information as to the names and addresses of the Holders made pursuant to the
Trust Indenture Act.

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<PAGE>

        SECTION 703. Reports by Trustee.

               (a) Within 60 days after May 15 of each year commencing with the
first May 15 after the first issuance of Debt Securities pursuant to this
Indenture and at any other time required by the Trust Indenture Act, the Trustee
shall transmit to Holders such reports, dated as of such May 15, concerning the
Trustee and its actions under this Indenture and such other matters as may be
required pursuant to the Trust Indenture Act in the manner required by the Trust
Indenture Act.

               (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 Debt Securities of such series are listed, with the Commission and
also with the Company. The Company will notify the Trustee when any series of
Debt Securities are listed on any stock exchange or any delisting thereof.

        SECTION 704. Reports by Company.

        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 time and
in the manner pursuant to such Act; provided that such information, documents or
reports required to be filed with the Commission pursuant to Section 13 or
Section 15(d) of the Securities Exchange Act of 1934 shall be filed with the
Trustee within 15 days after the same is so required to be filed with the
Commission.

        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).

                                  ARTICLE VIII.

              CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE

        SECTION 801. Company May Consolidate, etc. Only on Certain Terms.

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

               (1) the corporation formed by such consolidation or into which
        the Company is merged or the Person which acquires by conveyance or
        transfer, or which leases, the properties and assets of the Company
        substantially as an entirety shall be a corporation organized and
        existing under the laws of the United States of America, any political
        subdivision thereof or any State thereof and shall expressly assume, by
        an indenture supplemental hereto, executed and delivered to the Trustee,
        in form satisfactory to the Trustee, the due and punctual payment of the
        principal of (and premium, if any) and interest (including any
        Additional Interest and all additional amounts, if any, payable pursuant
        to Section 1006) on all the Debt Securities and any related coupons and
        the

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<PAGE>

        performance of every covenant of this Indenture on the part of the
        Company to be performed or observed;

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

        SECTION 802. Successor Corporation Substituted.

        Upon any consolidation with or merger into any other corporation, or any
conveyance, transfer or lease of the properties and assets of the Company
substantially as an entirety in accordance with Section 801, the successor
corporation formed by such consolidation or into which the Company is merged or
to which such conveyance, transfer or lease is made shall succeed to, and be
substituted for, and may exercise every right and power of, the Company under
this Indenture with the same effect as if such successor had been named as the
Company herein, and thereafter, except in the case of a lease or merger, the
Company (which term for this purpose shall mean the Person named as the
"Company" in the first paragraph of this instrument or any successor corporation
which shall theretofore have become such in the manner presented in this
Article) shall be relieved of all obligations and covenants under this Indenture
and the Debt Securities and coupons.

                                   ARTICLE IX.

                             SUPPLEMENTAL INDENTURES

        SECTION 901. Supplemental Indentures without Consent of Holders.

        Without the consent of any Holders, 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 corporation to the
        Company, and the assumption by such successor of the covenants of the
        Company herein and in the Debt Securities contained; or

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

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<PAGE>

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

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

               (5) to change or eliminate any of the provisions of this
        Indenture, provided that any such change or elimination (a) shall become
        effective only when there is no Debt Security Outstanding of any series
        created prior to the execution of such supplemental indenture which is
        entitled to the benefit of such provisions or (b) shall not apply to any
        Debt Security Outstanding; or

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

               (7) to evidence and provide for the acceptance of appointment
        hereunder by a successor Trustee with respect to the Debt Securities of
        one or more series and to add to or change any of the provisions of this
        Indenture as shall be necessary to provide for or facilitate the
        administration of the trusts hereunder by more than one Trustee,
        pursuant to the requirements of Section 611(b); or

               (8) to cure any ambiguity, to correct or supplement any provision
        herein which may be defective or inconsistent with any other provision
        herein, or to make any other provisions with respect to matters or
        questions arising under this Indenture which shall not be inconsistent
        with any provision of this Indenture, provided such other provisions
        shall not adversely affect the interests of the Holders of Debt
        Securities of any series or any related coupons in any material respect
        or, in the case of the Debt Securities of a series issued to an Issuer
        Trust and for so long as any of the corresponding series of Trust
        Preferred Securities issued by such Issuer Trust shall remain
        outstanding, the holders of such Trust Preferred Securities; or

               (9) to add to or change or eliminate any provision of this
        Indenture as shall be necessary or desirable in accordance with any
        amendments to the Trust Indenture Act, provided such action shall not
        adversely affect the interest of Holders of Debt Securities of any
        series or any appurtenant coupons in any material respect.

                SECTION 902. Supplemental Indentures with Consent of Holders.

        With the consent of the Holders of not less than a majority in principal
amount of the Outstanding Debt Securities of all series affected by such
supplemental indenture, acting together as a class, by Act of said Holders
delivered to the Company and the Trustee, the

                                       63
<PAGE>

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

               (1) change the Stated Maturity of the principal or any
        installment of principal of, or any installment of interest (including
        any Additional Interest) on, any Debt Security (other than to the extent
        set forth in any such Debt Security), or reduce the principal amount
        thereof or the interest thereon or any premium payable upon redemption
        or repayment thereof, or change any obligation of the Company to pay
        additional amounts pursuant to Section 1006 (except as contemplated by
        Section 801(1) and permitted bySection 901(1)), or reduce the amount of
        the principal of an Original Issue Discount Security that would be due
        and payable upon a declaration of acceleration of the Maturity thereof
        pursuant to Section 502, or change any Place of Payment, or the coin or
        currency in which any Debt Security or the interest thereon or any
        coupon is payable, or impair any right to the delivery of Capital
        Securities in exchange for Debt Securities provided for in this
        Indenture or the right to institute suit for the enforcement of any such
        payment on or after the Stated Maturity thereof (or, in the case of
        redemption or repayment, on or after the Redemption Date or Repayment
        Date or Capital Exchange Date, as the case may be), or

               (2) reduce the percentage in principal amount of the Outstanding
        Debt Securities of any series, the consent of whose Holders is required
        for any such supplemental indenture, or the consent of whose Holders is
        required for any waiver (of 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 1604 for
        quorum or voting, or

               (3) modify any of the provisions of this Section, Section 513 or
        Section 1005, except to increase any such percentage or to provide that
        certain other provisions of this Indenture cannot be modified or waived
        without the consent of the Holder of each Outstanding Debt Security
        affected thereby; provided, however, that this clause shall not be
        deemed to require the consent of any Holder with respect to changes in
        the references to "the Trustee" and concomitant changes in this Section
        and Section 1005, or the deletion of this proviso, in accordance with
        the requirements of Section 611(b) and 901(7); or

               (4) adversely affect the right to repayment, if any, of Debt
        Securities of any series at the option of the Holders thereof; or

               (5) impair the right of any Holder of Debt Securities of any
        series to receive Capital Securities on any Capital Exchange Date for
        Debt Securities of such series with a Market Value equal to the
        principal amount of such Holder's Debt Securities of such series or in
        an amount sufficient to provide proceeds upon sale by the Company in the
        Secondary Offering equal to the principal amount of such Holder's Debt
        Securities of

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<PAGE>

        such series; or

               (6) impair the right of any Holder of Convertible Securities of
        any series to convert such Debt Securities pursuant to Article Nineteen;
        and provided, further, that no change shall be made in the provisions of
        Article Eighteen that will affect adversely the holders of Senior Debt
        without the consent of the holders of all Senior Debt Outstanding; and
        provided, further, that, in the case of the Debt Securities of a series
        issued to an Issuer Trust, so long as any of the corresponding series of
        Trust Preferred Securities issued by such Issuer Trust remains
        outstanding, (i) no such amendment shall be made that adversely affects
        the holders of such Trust Preferred Securities in any material respect,
        and no termination of this Indenture shall occur, and no waiver of any
        Event of Default or compliance with any covenant under this Indenture
        shall be effective, without the prior consent of the holders of at least
        a majority of the aggregate Liquidation Amount (as defined in the
        related Trust Agreement) of such Trust Preferred Securities then
        outstanding unless and until the principal of (and premium, if any, on)
        the

        Debt Securities of such series and all accrued and (subject to Section
307) unpaid interest (including any Additional Interest) thereon have been paid
in full, and (ii) no amendment shall be made to Section 508 of this Indenture
that would impair the rights of the holders of Trust Preferred Securities issued
by any Issuer Trust provided therein without the prior consent of the holders of
each such Capital Trust Security then outstanding unless and until the principal
of (and premium, if any, on) the Debt Securities of such series and all accrued
and (subject to Section 307) unpaid interest (including any Additional Interest)
thereon have been paid in full.

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

        It shall not be necessary for any Act of Holders of the Debt 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 903. 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 601) shall be fully protected in relying upon, an
Opinion of Counsel and an Officers' Certificate each 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.

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<PAGE>

        SECTION 904. Effect of Supplemental Indentures.

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

        SECTION 905. Conformity with Trust Indenture Act.

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

        SECTION 906. Reference in Debt Securities to Supplemental Indentures.

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

                                   ARTICLE X.

                                    COVENANTS

        SECTION 1001. Payment of Principal, Premium and Interest.

        The Company covenants and agrees for the benefit of each series of Debt
Securities and any appurtenant coupons that it will duly and punctually pay the
principal of (and premium, if any) and interest (including any Additional
Interest) on the Debt Securities and any appurtenant coupons in accordance with
the terms of the Debt Securities, any appurtenant coupons and this Indenture.
Any interest due on Bearer Securities on or before Maturity, other than
additional amounts, if any, payable as provided in Section 1006 in respect of
principal of (or premium, if any, on) such a Debt Security, shall be payable
only upon presentation and surrender of the several coupons for such interest
installments as are evidenced thereby as they severally mature. For all purposes
of this Indenture, the exchange of Capital Securities for Debt Securities of any
series pursuant to the Indenture shall constitute full payment of principal of
the Debt Securities of such series being exchanged on any Capital Exchange Date
for Debt Securities of such series, without prejudice to any Holder's rights
pursuant to Section 1413.

        SECTION 1002. Maintenance of Office or Agency.

        The Company will maintain in each Place of Payment for any series of
Debt Securities an office or agency where Debt Securities (but, except as
otherwise provided below, unless such Place of Payment is located outside the
United States, not Bearer Securities) may be presented or

                                       66
<PAGE>

surrendered for payment, where Debt Securities may be surrendered for
registration of transfer or exchange and where notices and demands to or upon
the Company in respect of the Debt Securities and this Indenture may be served.
If Debt Securities of a series are issuable as Bearer Securities, the Company
will maintain, subject to any laws or regulations applicable thereto, an office
or agency in a Place of Payment for such series which is located outside the
United States where Debt Securities of such series and the related coupons may
be presented and surrendered for payment (including payment of any additional
amounts payable on Debt Securities of such series pursuant to Section 1006);
provided, however, that if the Debt Securities of such series are listed on The
Stock Exchange of the United Kingdom and the Republic of Ireland or the
Luxembourg Stock Exchange or any other stock exchange located outside the United
States and such stock exchange shall so require, the Company will maintain a
Paying Agent in London or Luxembourg or any other required city located outside
the United States, as the case may be, so long as the Debt Securities of such
series are listed on such exchange. The Company will give prompt written notice
to the Trustee of the location, and any change in the location, of any such
office or agency. If at any time the Company shall fail to maintain any such
required office or agency or shall fail to furnish the Trustee with the address
thereof, such presentations, surrenders, notices or demands may be made or
served at the Corporate Trust Office of the Trustee, and the Company hereby
appoints the Trustee its agent to receive all presentations, surrenders, notices
and demands, 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 1006) at the place specified for the purpose pursuant to Section 301(5).

        No payment of principal of, premium or interest on Bearer Securities
shall be made at any office or agency of the Company in the United States or by
check mailed to any address in the United States or by transfer to an account
maintained with a bank located in the United States; provided, however, payment
of principal of and any premium and interest denominated in Dollars (including
additional amounts payable in respect thereof) on any Bearer Security may be
made at an office or agency of, and designated by, the Company located in the
United States if (but only if) payment of the full amount of such principal,
premium, interest or additional amounts in Dollars at all offices outside the
United States maintained for the purpose by the Company in accordance with this
Indenture is illegal or effectively precluded by exchange controls or other
similar restrictions and the Trustee receives an Opinion of Counsel that such
payment within the United States is legal. Unless otherwise provided as
contemplated by Section 301 with respect to any series of Debt Securities, at
the option of the Holder of any Bearer Security or related coupon, payment may
be made by check in the currency designated for such payment pursuant to the
terms of such Bearer Security presented or mailed to an address outside the
United States or by transfer to an account in such currency maintained by the
payee with a bank located outside the United States.

        The Company may also from time to time designate one or more other
offices or agencies (in or outside of such Place of Payment) where the Debt
Securities of one or more series and any appurtenant coupons (subject to the
preceding paragraph) 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 each Place of
Payment for any series of Debt

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<PAGE>

Securities for such purposes. The Company will give prompt written notice to the
Trustee of any such designation and any change in the location of any such other
office or agency.

        SECTION 1003. Money for Debt Securities Payments to Be Held in Trust.

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

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

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

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

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

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

        The Company may at any time, for the purpose of terminating its
obligations under this Indenture with respect to Debt Securities of any series
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.

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<PAGE>

        Any principal and interest received on the Eligible Instruments
deposited with the Trustee or any money deposited with the Trustee or any Paying
Agent, or then held by the Company, in trust for the payment of the principal of
(and premium, if any) or interest (including any Additional Interest) on any
Debt Security of any series or any appurtenant coupons or any money on deposit
with the Trustee or any Paying Agent representing amounts deducted from the
Redemption Price or Repayment Price with respect to unmatured coupons not
presented upon redemption or exercise of the Holder's option for repayment
pursuant to Section 1106 or 1303 and remaining unclaimed for two years after
such principal (and premium, if any) or interest has become due and payable
shall be paid to the Company on Company Request, or (if then held by the
Company) shall be discharged from such trust; and the Holder of such Debt
Security or any coupon appertaining thereto shall thereafter, as an unsecured
general creditor, look only to the Company for payment thereof, and all
liability of the Trustee or such Paying Agent with respect to such trust money
(including the principal and interest received on Eligible Instruments deposited
with the Trustee), 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 of general
circulation in the Borough of Manhattan, The City of New York, and each Place of
Payment or mailed to each such Holder, or both, notice that such money remains
unclaimed and that, after a date specified therein, which shall not be less than
30 days from the date of such publication or mailing, any unclaimed balance of
such money then remaining will be repaid to the Company.

        SECTION 1004. Officers' Certificate as to Default.

        The Company will deliver to the Trustee, on or before a date not more
than four months after the end of each fiscal year of the Company ending after
the date hereof, an Officers' Certificate, stating whether or not to the best
knowledge of the signers thereof the Company is in default in the performance
and observance of any of the terms, provisions and conditions of this Indenture,
and, if the Company shall be in default, specifying all such defaults and the
nature thereof of which they may have knowledge.

        SECTION 1005. Waiver of Certain Covenants.

        Subject to the rights of holders of Trust Preferred Securities specified
in Section 902, if any, the Company may omit in any particular instance to
comply with any covenant or condition applicable to the Debt Securities of any
series pursuant to Section 301 unless such covenant or condition is determined
pursuant to Section 301 not to be subject to this provision if, before the time
for such compliance the Holders of at least a majority in principal amount of
all series of the Debt Securities at the time Outstanding to which such covenant
or condition applies shall, acting together as a class, by Act of such Holders,
either waive such compliance in such instance or generally waive compliance with
such covenant or condition, but no such waiver shall extend to or affect such
covenant 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 covenant or condition shall remain in full
force and effect.

        SECTION 1006. Payment of Additional Amounts.

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        If the Debt Securities of a series provide for the payment of additional
amounts, the Company will pay to the Holder of any Debt Security of any series
or any coupon appertaining thereto additional amounts upon the terms and subject
to the conditions provided therein. Whenever in this Indenture there is
mentioned, in any context, the payment of the principal of (or premium, if any)
or interest on, or in respect of, any Debt Security of any series or any related
coupon or the net proceeds received on the sale or exchange of any Debt Security
of any series, such mention shall be deemed to include mention of the payment of
additional amounts provided for in the terms of such Debt Securities and 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 Debt 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 Debt Securities (or if the Debt Securities of that series will
not bear interest prior to Maturity, the first day on which a payment of
principal (and premium, if any) is made), and at least 10 days prior to each
date of payment of principal (and premium, if any) or interest if there has been
any change with respect to the matters set forth in the below-mentioned
Officers' 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 premium, if any) or interest on
the Debt Securities of that series shall be made to Holders of Debt Securities
of that series or the related coupons who are United States Aliens without
withholding for or on account of any tax, assessment or other governmental
charge described in the Debt 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 Debt
Securities or coupons and the Company will pay to the Trustee or such Paying
Agent the additional amounts, if any, required by the terms of such Debt
Securities and the first paragraph of 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 1007. Additional Sums.

        In the case of the Debt Securities of a series initially issued to an
Issuer Trust, so long as no Event of Default has occurred and is continuing and
except as otherwise specified as contemplated by Section 301, if (i) an Issuer
Trust is the Holder of all of the Outstanding Debt Securities of such series,
and (ii) a Tax Event has occurred and is continuing in respect of such Issuer
Trust, the Company shall pay to such Issuer Trust (and its permitted successors
or assigns under the related Trust Agreement) for so long as such Issuer Trust
(or its permitted successor or assignee) is the registered holder of the
Outstanding Debt Securities of such series, such additional sums as may be
necessary in order that the amount of Distributions (including any Additional
Amounts (as defined in such Trust Agreement)) then due and payable by such
Issuer Trust on the related Trust Preferred Securities and Common Trust
Securities that at any time remain outstanding in accordance with the terms
thereof shall not be reduced as a result of any

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Additional Taxes arising from such Tax Event; provided, however, that Additional
Sums shall not include any withholding taxes arising after the occurrence of a
Tax Event and which have been withheld from payments to Holders of Trust
Securities and for which Holders are liable (the "Additional Sums"). Whenever in
this Indenture or the Debt Securities there is a reference in any context to the
payment of principal of or interest on the Debt Securities, such mention shall
be deemed to include mention of the payments of the Additional Sums provided for
in this paragraph to the extent that, in such context, Additional Sums are, were
or would be payable in respect thereof pursuant to the provisions of this
paragraph and express mention of the payment of Additional Sums (if applicable)
in any provisions hereof shall not be construed as excluding Additional Sums in
those provisions hereof where such express mention is not made; provided,
however, that the deferral of the payment of interest pursuant to Section 313 or
the Debt Securities shall not defer the payment of any Additional Sums that may
be due and payable.

        SECTION 1008. Additional Covenants.

        The Company covenants and agrees with each Holder of Debt Securities of
each series that it shall not (x) make any payment of principal of or interest
or premium, if any, on or repay, repurchase or redeem any debt securities of the
Company that rank pari passu in all respects with or junior in interest to the
Debt Securities of such series, or (y) declare or pay any dividends or
distributions on, or redeem purchase, acquire or make a liquidation payment with
respect to, any shares of the Company's capital stock (other than (a)
repurchases, redemptions or other acquisitions of shares of capital stock of the
Company in connection with any employment contract, benefit plan or other
similar arrangement with or for the benefit of any one or more employees,
officers, directors or consultants, in connection with a dividend reinvestment
or stockholder stock purchase plan or in connection with the issuance of capital
stock of the Company (or securities convertible into or exercisable for such
capital stock) as consideration in an acquisition transaction entered into prior
to the applicable Extension Period, (b) as a result of an exchange or conversion
of any class or series of the Company's capital stock (or any capital stock of a
Subsidiary of the Company) for any class or series of the Company's capital
stock or of any class or series of the Company's indebtedness for any class or
series of the Company's capital stock, (c) 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,
(d) any declaration of a dividend in connection with any rights plan, or the
issuance of rights, stock or other property under any rights plan, or the
redemption or repurchase of rights pursuant thereto, or (e) any dividend on
common stock paid in the form of common stock) if at such time (i) there shall
have occurred any event (A) of which the Company has actual knowledge that with
the giving of notice or the lapse of time, or both, would constitute an Event of
Default with respect to the Debt Securities of such series, and (B) which the
Company shall not have taken reasonable steps to cure, (ii) if the Debt
Securities of such series are held by an Issuer Trust, the Company shall be in
default with respect to its payment of any obligations under the Guarantee
Agreement relating to the Trust Preferred Securities issued by such Issuer
Trust, or (iii) the Company shall have given notice of its election to begin an
Extension Period with respect to the Debt Securities of such series as provided
herein and shall not have rescinded such notice, or such Extension Period, or
any extension thereof, shall be continuing.

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<PAGE>

        The Company also covenants with each Holder of Debt Securities of a
series issued to an Issuer Trust (i) to hold, directly or indirectly, 100% of
the Common Trust Securities of such Issuer Trust, provided that any permitted
successor of the Company hereunder may succeed to the Company's ownership of
such Common Trust Securities, (ii) as holder of such Common Trust Securities,
not to voluntarily terminate, wind-up or liquidate such Issuer Trust, other than
(a) in connection with a distribution of the Debt Securities of such series to
the holders of the related Trust Preferred Securities in liquidation of such
Issuer Trust, or (b) in connection with certain mergers, consolidations or
amalgamations permitted by the related Trust Agreement, and (iii) to use its
reasonable efforts, consistent with the terms and provisions of such Trust
Agreement, to cause such Issuer Trust to continue not to be taxable as a
corporation for United States federal income tax purposes.

                                   ARTICLE XI.

                          REDEMPTION OF DEBT SECURITIES

        SECTION 1101. Applicability of Article.

        Subject to the Company having received the prior approval of the Primary
Federal Regulator, if then required under the applicable capital guidelines or
policies of the Primary Federal Regulator, Debt Securities of any series which
are redeemable before their Stated Maturity shall be redeemable in accordance
with their terms and (except as otherwise specified as contemplated by Section
301 for Debt Securities of any series) in accordance with this Article.

        SECTION 1102. Election to Redeem; Notice to Trustee.

        The election of the Company to redeem any Debt Securities shall be
evidenced by a Board Resolution. In case of any redemption at the election of
the Company of less than all of the Debt Securities of any series, the Company
shall, at least 45 days prior to the Redemption Date fixed by the Company
(unless a shorter notice shall be satisfactory to the Trustee), notify the
Trustee and, in the case of Debt Securities of a series held by an Issuer Trust,
the Property Trustee under the related Trust Agreement, of such Redemption Date
and of the principal amount and the tenor and terms of the Debt Securities of
any series to be redeemed; provided that in the case of any series of Debt
Securities initially issued to an Issuer Trust, for so long as such Debt
Securities are held by such Issuer Trust, such notice shall be given not less
than 45 nor more than 75 days prior to such Redemption Date (unless a shorter
notice shall be satisfactory to the Property Trustee under the related Trust
Agreement). In the case of any redemption of Debt Securities prior to the
expiration of any restriction on such redemption provided in the terms of such
Debt Securities or elsewhere in this Indenture, the Company shall furnish the
Trustee with an Officers' Certificate evidencing compliance with such
restriction.

        SECTION 1103. Selection by Trustee of Debt Securities to be Redeemed.

        Except as otherwise specified as contemplated by Section 301 for Debt
Securities of any series, if less than all the Debt Securities of any series
with like tenor and terms are to be redeemed, the particular Debt Securities to
be redeemed shall be selected not more than 60 days prior to the Redemption Date
by the Trustee, from the Outstanding Debt Securities of such series

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<PAGE>

with like tenor and terms not previously called for redemption, by such method
as the Trustee shall deem fair and appropriate and which may provide for the
selection for redemption of portions (equal to the minimum authorized
denomination for Debt Securities of such series or any integral multiple thereof
which is also an authorized denomination) of the principal amount of Registered
Securities or Bearer Securities (if issued in more than one authorized
denomination) of such series of a denomination larger than the minimum
authorized denomination for Debt Securities of such series.

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

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

        SECTION 1104. Notice of Redemption.

        Notice of redemption shall be given in the manner provided in Section
106 not less than 30 nor more than 60 days prior to the Redemption Date, to each
Holder of Debt Securities to be redeemed, provided that in the case of any
series of Debt Securities initially issued to an Issuer Trust, for so long as
such Debt Securities are held by such Issuer Trust, such notice shall be given
not less than 45 nor more than 75 days prior to such Redemption Date (unless a
shorter notice shall be satisfactory to the Property Trustee under the related
Trust Agreement).

        All notices of redemption shall state:

               (1)    the Redemption Date,

               (2)    the Redemption Price,

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

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

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

               (6) that Bearer Securities may be surrendered for payment only at
        such place or places which are outside the United States, except as
        otherwise provided in Section 1002,

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               (7) that the redemption is for a sinking fund, if such is the
        case, and

               (8)    the CUSIP number, if any.

        A notice of redemption published as contemplated by Section 106 need not
identify particular Registered Securities to be redeemed.

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

        SECTION 1105. 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 1003) an amount of
money and/or, to the extent the Debt Securities to be redeemed are denominated
and payable in Dollars only, Eligible Instruments the payments of principal and
interest (including any Additional Interest) on which when due (and without
reinvestment and providing no tax liability will be imposed upon the Trustee or
the Holders of the Debt Securities to be redeemed) will provide money on or
prior to the Redemption Date in such amounts as will (together with any money
irrevocably deposited in trust with the Trustee, without investment) be
sufficient to pay the Redemption Price of, and (except if the Redemption Date
shall be an Interest Payment Date) accrued interest (including any Additional
Interest) on, all the Debt Securities or portions thereof which are to be
redeemed on that date; provided, however, that deposits with respect to Bearer
Securities shall be made with a Paying Agent or Paying Agents located outside
the United States except as otherwise provided in Section 1002, unless otherwise
specified as contemplated by Section 301.

        SECTION 1106. Debt Securities Payable on Redemption Date.

        Notice of redemption having been given as aforesaid, the Debt Securities
to be redeemed shall, on the Redemption Date, become due and payable at the
Redemption Price therein specified and from and after such date (unless the
Company shall default in the payment of the Redemption Price and accrued
interest) such Debt 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 Debt
Security for redemption in accordance with said notice, such Debt Security shall
be paid by the Company at the Redemption Price, together with accrued interest
(including any Additional Interest) to the Redemption Date; provided, however,
that installments of interest (including any Additional Interest) on Bearer
Securities whose Stated Maturity is on or prior to the Redemption Date shall be
payable only upon presentation and surrender of coupons for such interest (at an
office or agency located outside the United States except as otherwise provided
in Section 1002), and provided further, that installments of interest on
Registered Securities whose Stated Maturity is on or prior to the Redemption
Date shall be payable to the Holders of such Debt Securities, or one or more
Predecessor Securities, registered as such on the relevant Record Dates
according to their terms and the provisions of Section 307.

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<PAGE>

        If any Bearer Security surrendered for redemption shall not be
accompanied by all appurtenant coupons maturing after the Redemption Date, such
Bearer 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 Bearer
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 without
interest thereon; provided, however, that interest represented by coupons shall
be payable only upon presentation and surrender of those coupons at an office or
agency located outside of the United States except as otherwise provided in
Section 1002.

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

        SECTION 1107. Debt Securities Redeemed in Part.

        Any Registered Security which is to be redeemed only in part shall be
surrendered at a Place of Payment therefor (with, if the Company, the Security
Registrar or the Trustee so requires, due endorsement by, or a written
instrument of transfer in form satisfactory to the Company, the Security
Registrar and the Trustee duly executed by, the Holder thereof or his attorney
duly authorized in writing), and the Company shall execute, and the Trustee
shall authenticate and deliver to the Holder of such Debt Security without
service charge, a new Registered Security or Registered Securities of the same
series and of like tenor and terms, of any authorized denominations as requested
by such Holder in aggregate principal amount equal to and in exchange for the
unredeemed portion of the principal of the Debt Security so surrendered.

        SECTION 1107. Right of Redemption of Debt Securities Initially Issued to
an Issuer Trust.

        In the case of the Debt Securities of a series initially issued to an
Issuer Trust, except as otherwise specified as contemplated by Section 301, the
Company, at its option, may redeem such Debt Securities (i) on or after the date
specified in such Debt Security, in whole at any time or in part from time to
time, or (ii) upon the occurrence and during the continuation of a Tax Event or
an Investment Company Event, at any time within 90 days following the occurrence
and during the continuation of such Tax Event or Investment Company Event, in
whole (but not in part), in each case at a Redemption Price specified in such
Debt Security, together with accrued interest (including any Additional
Interest) to, but excluding, the Redemption Date.

        If less than all the Debt Securities of any such series are to be
redeemed, the aggregate principal amount of such Debt Securities remaining
Outstanding after giving effect to such redemption shall be sufficient to
satisfy any provisions of the Trust Agreement related to the Issuer Trust to
which such Debt Securities were issued, including any requirement in such Trust
Agreement as to the minimum Liquidation Amount (as defined in such Trust
Agreement) of Trust Preferred Securities that may be held by a holder of Trust
Preferred Securities thereunder.

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                                   ARTICLE XII

                                  SINKING FUNDS

        SECTION 1201. Applicability of Article.

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

        The minimum amount of any sinking fund payment provided for by the terms
of Debt Securities of any series is herein referred to as a "mandatory sinking
fund payment", and any payment in excess of such minimum amount provided for by
the term of Debt Securities of any series is herein referred to an "optional
sinking fund payment". If provided for by the terms of Debt Securities of any
series, the amount of any sinking fund payment may be subject to reduction as
provided in Section 1202. Each sinking fund payment shall be applied to the
redemption of Debt Securities of any series as provided for by the terms of Debt
Securities of such series.

        SECTION 1202. Satisfaction of Sinking Fund Payments with Debt
Securities.

        The Company (1) may deliver Outstanding Debt Securities of a series
(other than any previously called for redemption), together in the case of any
Bearer Securities of such series with all unmatured coupons appertaining
thereto, and (2) may apply as a credit Debt Securities of a series which have
been redeemed either at the election of the Company pursuant to the terms of
such Debt Securities or through the application of permitted optional sinking
fund payments pursuant to the terms of such Debt Securities, in each case in
satisfaction of all or any part of any sinking fund payment with respect to the
Debt Securities of such series required to be made pursuant to the terms of such
Debt Securities as provided for by the terms of such series; provided that such
Debt Securities have not been previously so credited. Such Debt Securities shall
be received and credited for such purpose by the Trustee at the Redemption Price
specified in such Debt Securities for redemption through operation of the
sinking fund and the amount of such sinking fund payment shall be reduced
accordingly. If as a result of the delivery or credit of Debt Securities in lieu
of cash payments pursuant to this Section 1202, the principal amount of Debt
Securities to be redeemed in order to exhaust the aforesaid cash payment shall
be less than $100,000, the Trustee need not call Debt Securities for redemption,
except upon Company Request, and such cash payment shall be held by the Trustee
or a Paying Agent and applied to the next succeeding sinking fund payment,
provided, however, that the Trustee or such Paying Agent shall at the request of
the Company from time to time pay over and deliver to the Company any cash
payment so being held by the Trustee or such Paying Agent upon delivery by the
Company to the Trustee of Debt Securities purchased by the Company having an
unpaid principal amount equal to the cash payment requested to be released to
the Company.

        SECTION 1203. Redemption of Debt Securities for Sinking Fund.

        Not less than 60 days prior to each sinking fund payment date for any
series of Debt Securities (unless a shorter period shall be satisfactory to the
Trustee), the Company will deliver

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<PAGE>

to the Trustee an Officers' Certificate specifying the amount of the next
ensuing sinking fund payment for that series pursuant to the terms of that
series, the portion thereof, if any, which is to be satisfied by payment of
cash, the portion thereof, if any, which is to be satisfied by crediting Debt
Securities of that series pursuant to Section 1202 and the basis for any such
credit and, prior to or concurrently with the delivery of such Officers'
Certificate, will also deliver to the Trustee any Debt Securities to be so
credited and not theretofore delivered to the Trustee. Not less than 30 days
(unless a shorter period shall be satisfactory to the Trustee) before each such
sinking fund payment date the Trustee shall select the Debt Securities to be
redeemed upon such sinking fund payment date in the manner specified in Section
1103 and cause notice of the redemption thereof to be given in the name of and
at the expense of the Company in the manner provided in Section 1104. Such
notice having been duly given, the redemption of such Debt Securities shall be
made upon the terms and in the manner stated in Sections 1105, 1106 and 1107.

                                  ARTICLE XIII.

                       REPAYMENT AT THE OPTION OF HOLDERS

        SECTION 1301. Applicability of Article.

        Debt Securities of any series which are repayable at the option of the
Holders thereof before their Stated Maturity shall be repaid in accordance with
their terms and (except as otherwise specified pursuant to Section 301 for Debt
Securities of such series) in accordance with this Article.

        SECTION 1302. Repayment of Debt Securities.

        Each Debt Security which is subject to repayment in whole or in part at
the option of the Holder thereof on a Repayment Date shall be repaid at the
applicable Repayment Price together with interest accrued to such Repayment Date
as specified pursuant to Section 301.

        SECTION 1303. Exercise of Option; Notice.

        Each Holder desiring to exercise such Holder's option for repayment
shall, as conditions to such repayment, surrender the Debt Security to be repaid
in whole or in part together with written notice of the exercise of such option
at any office or agency of the Company in a Place of Payment, not less than 30
nor more than 45 days prior to the Repayment Date; provided, however, that
surrender of Bearer Securities together with written notice of exercise of such
option shall be made at an office or agency located outside the United States
except as otherwise provided in Section 1002. Such notice, which shall be
irrevocable, shall specify the principal amount of such Debt Security to be
repaid, which shall be equal to the minimum authorized denomination for such
Debt Security or an integral multiple thereof, and shall identify the Debt
Security to be repaid and, in the case of a partial repayment of the Debt
Security, shall specify the denomination or denominations of the Debt Security
or Debt Securities of the same series to be issued to the Holder for the portion
of the principal of the Debt Security surrendered which is not to be repaid.

        If any Bearer Security surrendered for repayment shall not be
accompanied by all unmatured coupons and all matured coupons in default, such
Bearer Security may be paid after

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<PAGE>

deducting from the Repayment 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 Bearer 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 Repayment Price, such Holder shall be
entitled to receive the amount so deducted without interest thereon; 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 1002.

        The Company shall execute and the Trustee shall authenticate and deliver
without service charge to the Holder of any Registered Security so surrendered a
new Registered Security or Securities of the same series, of any authorized
denomination specified in the foregoing notice, in an aggregate principal amount
equal to any portion of the principal of the Registered Security so surrendered
which is not to be repaid.

        The Company shall execute and the Trustee shall authenticate and deliver
without service charge to the Holder of any Bearer Security so surrendered a new
Registered Security or Securities or new Bearer Security or Securities (and all
appurtenant unmatured coupons and matured coupons in default) or any combination
thereof of the same series of any authorized denomination or denominations
specified in the foregoing notice, in an aggregate principal amount equal to any
portion of the principal of the Debt Security so surrendered which is not to be
paid; provided, however, that the issuance of a Registered Security therefor
shall be subject to applicable laws and regulations, including provisions of the
United States Federal income tax laws and regulations in effect at the time of
the exchange; neither the Company, the Trustee nor the Security Registrar shall
issue Registered Securities for Bearer Securities if it has received an Opinion
of Counsel that as a result of such issuance the Company would suffer adverse
consequences under the United States Federal income tax laws then in effect and
the Company has delivered to the Trustee a Company Order directing the Trustee
not to make such issuances thereafter unless and until the Trustee receives a
subsequent Company Order to the contrary. The Company shall deliver copies of
such Company Order to the Security Registrar.

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

        SECTION 1304. Election of Repayment by Remarketing Entities.

        The Company may elect, with respect to Debt Securities of any series
which are repayable at the option of the Holders thereof before their Stated
Maturity, at any time prior to any Repayment Date to designate one or more
Remarketing Entities to purchase, at a price equal to the Repayment Price, Debt
Securities of such series from the Holders thereof who give notice and surrender
their Debt Securities in accordance with Section 1303.

        SECTION 1305. Securities Payable on the Repayment Date.

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<PAGE>

        Notice of exercise of the option of repayment having been given and the
Debt Securities so to be repaid having been surrendered as aforesaid, such Debt
Securities shall, unless purchased in accordance with Section 1304, on the
Repayment Date become due and payable at the price therein specified and from
and after the Repayment Date such Debt Securities shall cease to bear interest
and shall be paid on the Repayment Date, and the coupons for such interest
appertaining to Bearer Securities so to be repaid, except to the extent provided
above, shall be void, unless the Company shall default in the payment of such
price in which case the Company shall continue to be obligated for the principal
amount of such Debt Securities and shall be obligated to pay interest on such
principal amount at the rate borne by such Debt Securities from time to time
until payment in full of such principal amount.

                                  ARTICLE XIV.

               EXCHANGE OF CAPITAL SECURITIES FOR DEBT SECURITIES

        SECTION 1401. Applicability of Article.

        If an Officers' Certificate or supplemental indenture pursuant to
Section 301 provides for the exchange of Capital Securities for Debt Securities
of any series at the election of the Company or otherwise, Debt Securities of
such series shall be exchanged for Capital Securities in accordance with their
terms and (except as otherwise specified in such Officers' Certificate or
supplemental indenture) in accordance with this Article.

        SECTION 1402. Exchange of Capital Securities for Debt Securities at
Stated Maturity.

        At the Stated Maturity of Debt Securities of any series which may be
exchanged, subject to prepayment prior to such Stated Maturity on the Capital
Exchange Date selected by the Company for Debt Securities of such series, as
described below, early exchange pursuant to Section 1403 or payment in cash
pursuant to Section 502, 1416 or 1417, the Company shall exchange Capital
Securities with a Market Value equal to the principal amount of the Outstanding
Debt Securities of such series for the Debt Securities of such series in whole.

        The Company shall give notice in the manner provided in Section 106 to
Holders of the Debt Securities of any series to be exchanged, the Trustee and
the Capital Exchange Agent as to the type of Capital Securities to be exchanged
for the Debt Securities of such series on the Capital Exchange Date for Debt
Securities of such series. Such notice shall include a form of Capital Security
Election Form substantially as set forth in Section 1409, shall make the
statements and contain the information included in Section 1404(a), and shall be
given no less than 90 days prior to the Stated Maturity of such Debt Securities.
Notice of such Capital Exchange Date, together with the amount of Capital
Securities being exchanged for each $1,000 principal amount of Debt Securities
of such series, or the minimum denomination of the Debt Securities of such
series, if larger, shall also be given by the Company in the manner required by
Section 1404(b) not less than three Business Days prior to such Capital Exchange
Date.

        The Capital Exchange Date for any prepayment of Debt Securities of each
series may be selected by the Company to be any date between a date 60 days
prior to the Stated Maturity of such Debt Securities and such Stated Maturity,
inclusive, and to be the date of the closing of the

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Secondary Offering for Debt Securities of such series. In the event the Company
fails to effect such Secondary Offering, the Capital Exchange Date will be the
Stated Maturity of the Debt Securities of such series. Notice of each such
Capital Exchange Date, together with the amount of Capital Securities being
exchanged for each $1,000 principal amount of Debt Securities of such series, or
the minimum denomination of the Debt Securities of such series, if larger, shall
also be given by the Company in the manner required by Section 1404(b) not less
than three Business Days prior to such Capital Exchange Date.

        The Company will effect each Secondary Offering such that the closing of
the Secondary Offering will occur on the Capital Exchange Date.

        SECTION 1403. Right of Early Exchange of Capital Securities for Debt
Securities.

        The Debt Securities of any series to be exchanged may be exchanged at
the election of the Company, as a whole or from time to time in part, prior to
the Stated Maturity thereof for Capital Securities with a Market Value equal to
the principal amount of such Debt Securities on any early Capital Exchange Date,
together with accrued interest to such Capital Exchange Date.

        The Company shall give notice in the manner provided in Section 106 to
Holders of the Debt Securities of any series to be exchanged, the Trustee and
the Capital Exchange Agent not less than 90 days nor more than 120 days prior to
any early Capital Exchange Date for Debt Securities of such series, which notice
shall include a form of Capital Security Election Form substantially as set
forth in Section 1409 and make the statements and contain the information
included in Section 1404(a). Notice of each such early Capital Exchange Date,
together with the amount of Capital Securities being exchanged for each $1,000
principal amount of Debt Securities of such series, or the minimum denomination
of such series, if larger, shall also be given by the Company in the manner
required by Section 1404(b) not less than three Business Days prior to such
early Capital Exchange Date.

        The Company may at its option accelerate any such Capital Exchange Date
within the 60-day period prior to such Capital Exchange Date by giving notice of
such accelerated Capital Exchange Date, together with the amount of Capital
Securities being exchanged for each $1,000 principal amount of Debt Securities
of such series, or the minimum denomination of such series, if larger, in the
manner required by Section 1404(b) not less than three Business Days prior to
such accelerated Capital Exchange Date.

        The Company will effect each Secondary Offering such that the closing of
such Secondary Offering will occur on the Capital Exchange Date.

        SECTION 1404. Notices of Exchange.

               (a) All notices of exchange subject to this paragraph shall
        state:

               (1) the type of Capital Securities to be exchanged for the Debt
        Securities of such series on the Capital Exchange Date for Debt
        Securities of such series;

               (2)    the proposed Capital Exchange Date;

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               (3) that each Holder of Debt Securities of such series being
        exchanged will receive on such Capital Exchange Date accrued and unpaid
        interest in cash and may elect to receive on such Capital Exchange Date
        Capital Securities with a Market Value equal to the principal amount of
        the Debt Securities of such series owned by such Holder and that, in the
        absence of any such election by the Holder, such Holder will be deemed
        to have received on such Capital Exchange Date Capital Securities having
        such Market Value and to have elected to have such Capital Securities
        sold for such Holder by the Company in the related Secondary Offering
        for cash proceeds to such Holder on such Capital Exchange Date equal to
        the aggregate principal amount of all Debt Securities of such series
        being exchanged owned by such Holder;

               (4) that on such Capital Exchange Date the Capital Exchange Price
        will become due and payable upon each such Debt Security to be exchanged
        and that interest thereon will cease to accrue on and after said date;

               (5) if less than all the Outstanding Debt Securities of any
        series are to be exchanged, the identification and principal amount of
        the particular Debt Securities to be exchanged;

               (6) that each Holder for whom Capital Securities are being
        offered in the Secondary Offering shall be deemed to have appointed the
        Company its attorney-in-fact to execute any and all documents and
        agreements the Company deems necessary or appropriate to effect such
        Secondary Offering;

               (7) (A) that the Company will assume, unless advised to the
        contrary in writing within 30 days after the date of notice of exchange,
        that the Capital Securities are to be offered for the account of the
        Holder, that such Holder has not held any position, office or other
        material relationship with the Company within three years preceding the
        Secondary Offering, that the Holder owns no other Capital Securities,
        and that after completion of the Secondary Offering the Holder will own
        less than one percent of the class of such Capital Securities, and (B)
        that if any of these assumptions is not correct, the Holder shall
        promptly so advise the Company;

               (8)    the Place or Places of Capital Exchange;

               (9) that Bearer Securities may be surrendered for payment or
        exchange only at a Place or Places of Capital Exchange which are outside
        the United States, except as otherwise provided in Section 1002; and

               (10)   the CUSIP number, if any.

               (b) Each notice of exchange subject to this paragraph shall be
given in the manner provided in Section 106 to each Holder of Debt Securities to
be exchanged, and the Company shall forthwith give such notice by telephone to
the Trustee and the Capital Exchange Agent, promptly confirmed in writing.

               (c) (1) Except as may otherwise be specified pursuant to Section
301 for Debt Securities of any series, if less than all the Debt Securities of
any series are to be exchanged, the

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Company shall at least 135 days prior to the related Capital Exchange Date
(unless a shorter period shall be satisfactory to the Trustee) notify the
Trustee of such Capital Exchange Date and of the principal amount of Debt
Securities of such series to be exchanged and the particular Debt Securities to
be exchanged shall be selected not more than 135 days prior to the related
Capital Exchange Date by the Trustee, from the Outstanding Debt Securities of
such series not previously exchanged, by such method as the Trustee shall deem
fair and appropriate and which may provide for the selection for exchange of
portions (equal to the minimum authorized denomination for Debt Securities of
such series or any integral multiple thereof) of the principal amount of
Registered or Bearer Securities of such series of a denomination larger than the
minimum authorized denomination for Debt Securities of such series.

        In any case where Debt Securities of such series are registered in the
same name, the Trustee in its discretion may treat the aggregate principal
amount so registered as if it were represented by one Debt Security of such
series.

               (2) The Trustee shall promptly notify the Company in writing of
        the Debt Securities selected for exchange and, in the case of any Debt
        Securities selected for partial exchange, the principal amount thereof
        to be exchanged.

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

        SECTION 1405. Rights and Duties of Holders of Debt Securities to be
Exchanged for Capital Securities.

               (a) Subject to Section 503, and without prejudice to the rights
pursuant to Section 1413 of Holders of Debt Securities of any series to be
exchanged, no Holder of Debt Securities of such series shall be entitled to
receive any cash from the Company on any Capital Exchange Date or at the Stated
Maturity of any Debt Security of such series except from the proceeds of the
sale of such Holder's Capital Securities in the related Secondary Offering and
except as provided herein with respect to fractional Capital Securities, amounts
equal to expenses of the sale in the related Secondary Offering of such Capital
Securities, accrued and unpaid interest and acceleration upon an Event of
Default. In the event that the Company does not effect such Secondary Offering,
such Holder will receive Capital Securities with a Market Value equal to the
principal amount of Debt Securities of such series owned by such Holder which
are subject to such exchange and not cash other than in lieu of any fractional
Capital Securities and for accrued and unpaid interest, without prejudice to
such Holder's rights pursuant to Section 1413.

               (b) Each Holder for whom Capital Securities are being offered in
the Secondary Offering shall be deemed to have appointed the Company its
attorney-in-fact to execute any and all documents and agreements the Company
deems necessary or appropriate to effect such Secondary Offering.

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               (c) Unless advised to the contrary in writing within 30 days
following the date of the notice described in Section 1404(a) by any Holder for
whom Capital Securities are being offered in the Secondary Offering, the Company
shall assume for the purposes of any Secondary Offering that the Capital
Securities are to be offered for the account of such Holder, that such Holder
has not held any position, office or other material relationship with the
Company within three years preceding the Secondary Offering, that such Holder
owns no other Capital Securities, and that after completion of the Secondary
Offering such Holder will own less than one percent of the class of such Capital
Securities.

               (d) Each Holder for whom Capital Securities are being offered in
the Secondary Offering agrees to indemnify and hold harmless the Company, any
other Holder, and any underwriter, agent or other similar person from and
against any and all losses, claims, damages and liabilities resulting from or
based upon any untrue statement or alleged untrue statement of any material fact
contained in any notice of exchange, any offering memorandum or selling document
or registration statement relating to the Secondary Offering, any preliminary
prospectus or prospectus contained therein, or any amendment thereof or
supplement thereto, or resulting from or based upon the omission or alleged
omission to state therein a material fact required to be stated therein or
necessary to make the statements therein not misleading, which untrue statement,
alleged untrue statement, omission or alleged omission is made therein (i) in
reliance upon and in conformity with any written information furnished to the
Company by or on behalf of any such Holder specifically for use in connection
with the preparation thereof or (ii) because of such Holder's failure to advise
the Company in writing that any of the assumptions described in Section
1404(a)(7)(A) and Subsection (c) of this Section is incorrect.

               (e) In order for any Holder who has duly returned a Capital
Security Election Form to receive Capital Securities on any Capital Exchange
Date for any Debt Security of any series, (1) the Holder of any Registered
Security to be exchanged shall surrender such Debt Security (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 of any Registered Security or his attorney duly authorized in
writing) to the Capital Exchange Agent on the Capital Exchange Date, and (2) the
Holder of any Bearer Security to be exchanged shall surrender such Debt Security
and all unmatured coupons and all matured coupons in default with the Capital
Security Election Form at a Place of Capital Exchange outside the United States
designated pursuant to Section 1404(a)(8) except as otherwise provided in
Section 1002. If the Holder of a Bearer Security is unable to produce any such
Debt Security or coupons, the surrender of such Debt Security 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 Capital
Exchange Agent harmless in respect of such Debt Security or coupons. Except as
provided in Section 307, no payment or adjustment shall be made upon any
exchange on account of any interest accrued on any Debt Securities surrendered
for exchange or on account of any dividends or interest on the Capital
Securities issued upon exchange.

               (f) Debt Securities of any series to be exchanged shall be deemed
to have been exchanged on the Capital Exchange Date therefor in accordance with
the foregoing provisions, and at such time the rights of the Holders of such
Debt Securities as Holders shall cease (subject to the provisions of Section 307
and without prejudice to the rights of Holders of Debt Securities of such series
pursuant to Section 1413), and the Person or Persons entitled to

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receive the Capital Securities issuable upon such exchange shall be treated for
all purposes as the record holder or holders of such Capital Securities at such
time.

        SECTION 1406. Election to Exchange.

        The election of the Company to exchange Capital Securities for Debt
Securities pursuant to Section 1403 shall be evidenced by a Board Resolution.

        SECTION 1407. Deposit of Capital Exchange Price.

        On any Capital Exchange Date for Debt Securities of any series which may
be exchanged, the Company shall deposit with the Trustee or with a Capital
Exchange Agent in the Borough of Manhattan, The City of New York (or, if the
Company is acting as Capital Exchange Agent, segregate and hold in trust as
provided in Section 1003) Capital Securities and an amount of money which
together are sufficient to pay the Capital Exchange Price of, and (except if
such Capital Exchange Date shall be an Interest Payment Date) accrued interest
on, all the Debt Securities of such series or portions thereof which are to be
exchanged on that date; provided, however, that deposits with respect to Bearer
Securities shall be made with a Capital Exchange Agent or Capital Exchange
Agents located outside the United States except as otherwise provided in Section
1002, unless otherwise specified as contemplated by Section 301.

        SECTION 1408. Debt Securities Due on Capital Exchange Date; Debt
Securities Exchanged in Part.

        Notice of exchange having been given as aforesaid, the Debt Securities
of any series so to be exchanged shall, on the Capital Exchange Date for such
Debt Securities, become due and payable at the Capital Exchange Price therein
specified, and from and after such date (unless the Company shall default in the
payment of the Capital Exchange Price and accrued interest) Debt Securities of
such series to be exchanged shall cease to bear interest and the coupons for
such interest appertaining to any Bearer Securities to be exchanged, except to
the extent provided below, shall be void. Upon surrender of any Debt Security of
such series for exchange in accordance with said notice, such Debt Security
shall be paid by the Company at the Capital Exchange Price, together with
accrued interest to the Capital Exchange Date; provided, however, that if such
Capital Exchange Date is an Interest Payment Date, the interest payable on such
date shall be paid to the Holder of Debt Securities of such series according to
the terms of the Debt Securities of such series and the provisions of Section
307; and provided further, that exchanges of Bearer Securities shall be made
only and installments of interest on Bearer Securities whose Stated Maturity is
on or prior to the Capital Exchange Date shall be payable only at an office or
agency located outside the United States except as otherwise provided in Section
1002 and, unless otherwise specified as contemplated by Section 301, only upon
presentation and surrender of those Bearer Securities and coupons.

        If any Bearer Security surrendered for exchange shall not be accompanied
by all unmatured coupons and all matured coupons in default, such Bearer
Security may be paid after deducting from the Capital Exchange Price an amount
equal to the face amount of all missing coupons, or the surrender of such
missing 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

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of them and any Capital Exchange Agent harmless. If thereafter the Holder of
such Bearer Security shall surrender to the Trustee or Capital Exchange Agent
any such missing coupon in respect of which a deduction shall have been made
from the Capital Exchange Price, such Holder shall be entitled to receive the
amount so deducted without interest thereon; provided, however, that interest on
Bearer Securities shall be payable only at an office or agency located outside
of the United States except as otherwise provided in Section 1002.

        If any Debt Security of any series called for exchange shall not be so
paid or exchanged upon surrender thereof for exchange, the principal shall,
until paid, bear interest from such Capital Exchange Date at the rate or rates
prescribed therefor in such Debt Security; provided, however, that in the case
of Bearer Securities, any such principal and interest thereon shall be paid at
an office or agency located outside the United States except as otherwise
provided in Section 1002.

        Any Registered Security which is to be exchanged only in part shall be
surrendered as provided herein (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 or his attorney duly
authorized in writing) and the Company shall execute, the Trustee shall
authenticate and there shall be delivered to the Holder of such Debt Security
without service charge a new Registered Security or Securities of the same
series, of any authorized denomination or denominations as requested by such
Holder in aggregate principal amount equal to and in exchange for the
unexchanged portion of principal of the Debt Security so surrendered.

        Any Bearer Security which is to be exchanged only in part shall be
surrendered as provided herein and the Company shall execute, the Trustee shall
authenticate and there shall be delivered to the Holder of such Debt Security
without service charge a new Registered Security or Securities or new Bearer
Security or Securities (and all appurtenant unmatured coupons and coupons in
default) or any combination thereof of the same series, of any surrendered
denomination or denominations as requested by such Holder in aggregate principal
amount equal to and in exchange for the unexchanged portion of principal of the
Debt Security so surrendered; provided, however, the issuance of a Registered
Security therefor shall be subject to applicable laws and regulations, including
provisions of the United States federal income tax laws and regulations in
effect at the time of the exchange; neither the Company, the Trustee nor the
Security Registrar shall issue Registered Securities in exchange for Bearer
Securities if it has received an Opinion of Counsel that as a result of such
exchanges the Company would suffer adverse consequences under the United States
Federal income tax laws then in effect and the Company has delivered to the
Trustee a Company Order directing the Trustee not to make such exchanges
thereafter unless and until the Company delivers to the Trustee a subsequent
Company Order to the contrary. The Company shall deliver copies of such Company
Orders to the Security Registrar.

        SECTION 1409. Form of Capital Security Election Form.

        The form of Capital Security Election Form shall be substantially as
follows with such additions, deletions or changes thereto as may be approved by
the Company:

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                         CAPITAL SECURITY ELECTION FORM

To:     [Insert Names and Addresses
        of Capital Exchange Agents]

        The undersigned Holder of [insert title of Debt Security] ("Debt
Securities") of IndyMac Bancorp, Inc. hereby elects to receive on the Capital
Exchange Date determined pursuant to the Indenture dated as of ______________,
("Indenture"), between IndyMac Bancorp, Inc. and ____________________, as
Trustee, and referred to in the notice of exchange published or delivered to the
undersigned with this Capital Security Election Form, Capital Securities of
IndyMac Bancorp, Inc. with a Market Value equal to the principal amount of the
Debt Securities being exchanged owned by the undersigned Holder and, in the case
of Bearer Securities, delivered herewith together with all coupons appertaining
thereto. Unless this Capital Security Election Form together with, in the case
of Bearer Securities, such Bearer Securities and coupons, is received by any
Capital Exchange Agent named above at an address shown above on or prior to
______________________________, the Holder will be deemed to have elected to
participate in the sale of the Holder's Capital Securities in the Secondary
Offering and will receive cash on the Capital Exchange Date in an amount equal
to the principal amount of all Debt Securities being exchanged owned by the
Holder. All terms used herein and not otherwise defined herein shall have the
meanings specified in the Indenture.

Dated
     ------------------------------

                                           -------------------------------------
                                                      Name of Holder

        SECTION 1410. Fractional Capital Securities.

        No fractional Capital Securities shall be issued upon exchange for any
Debt Securities. If more than one Debt Security of any series shall be
surrendered for exchange at one time by the same Holder, the amount of all
Capital Securities which shall be issuable upon exchange thereof shall be
computed on the basis of the aggregate principal amount of Debt Securities of
such series so surrendered. In lieu of issuing any fractional Capital Security,
the Company shall pay a cash adjustment in respect of such fraction in an amount
equal to the same fraction of the Market Value of the Capital Security.

        SECTION 1411. Company to Obtain Governmental and Regulatory Approvals.

        The Company covenants that if any Capital Securities required to be
exchanged for Debt Securities hereunder require registration with or approval of
any governmental authority under any federal or state law, or any national
securities exchange, before such Capital Securities may be issued, the Company
will in good faith and as expeditiously as possible endeavor to cause such
Capital Securities to be duly registered or approved, as the case may be;
provided, however, that nothing in this Section shall be deemed to affect in any
way the obligation of the Company to exchange Capital Securities for Debt
Securities as provided in this Article.

        SECTION 1412. Taxes on Exchange.

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        The Company will pay any and all transfer, stamp or similar taxes that
may be payable in respect of the issue or delivery of Capital Securities in
exchange for Debt Securities pursuant hereto.

        SECTION 1413. Covenants as to Capital Securities and Secondary Offering.

               (a) The Company covenants that it will issue, or cause to be
issued, Capital Securities of the type, in the amounts and at the times required
by this Indenture.

               (b) The Company covenants that all Capital Securities which may
be issued in exchange for Debt Securities will upon issuance be duly and validly
issued and, if applicable, fully paid and nonassessable.

               (c) The Company unconditionally undertakes to sell Capital
Securities in each Secondary Offering (and to bear all expenses of each
Secondary Offering, including underwriting discounts and commissions) at the
times and in the manner required by this Indenture unless all Holders have duly
elected to receive Capital Securities on the related Capital Exchange Date.

               (d) The Company agrees to indemnify and hold harmless in
connection with any Secondary Offering any Holder for the account of whom
Capital Securities are being offered and sold from and against any and all
losses, claims, damages and liabilities resulting from or based upon any untrue
statement or alleged untrue statement of any material fact contained in any
notice of exchange, any offering memorandum or selling document or registration
statement relating to the Secondary Offering, any preliminary prospectus or
prospectus contained therein, or any amendment thereof or supplement thereto, or
resulting from or based upon the omission or alleged omission to state therein a
material fact required to be stated therein or necessary to make the statements
therein not misleading, or resulting from the Company's failure to comply with
Section 1411; provided, however, the Company will not be liable in any such case
to the extent that any such loss, claim, damage or liability arises out of or is
based upon any such untrue statement, alleged untrue statement, omission or
alleged omission made therein (i) in reliance upon and in conformity with
written information furnished to the Company by or on behalf of any such Holder
specifically for use in connection with the preparation thereof or (ii) because
of such Holder's failure to advise the Company in writing that any of the
assumptions described in Section 1404(a)(7)(A) is incorrect. In connection with
any Secondary Offering, the Company agrees to obtain appropriate indemnification
of any Holder for the account of whom Capital Securities are being offered and
sold in any Secondary Offering from any underwriter, agent or other similar
person.

        SECTION 1414. Provision in Case of Consolidation, Merger or Transfer of
Assets.

        In case of any consolidation of the Company with, or merger of the
Company into, any other corporation (other than a consolidation or merger in
which the Company is the continuing corporation), or in case of any conveyance
or transfer of the properties and assets of the Company substantially as an
entirety, the corporation formed by such consideration or the corporation into
which the Company shall have been merged or the corporation which shall have
acquired such assets of the Company, as the case may be, shall execute and
deliver to the Trustee

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a supplemental indenture providing that the Holder of each Debt Security then
Outstanding shall have the right thereafter to receive securities of such
successor on the Capital Exchange Date for such Debt Security with a Market
Value equal to the principal amount of such Debt Security. The above provisions
of this Section shall similarly apply to successive consolidations, mergers,
conveyances or transfers.

        SECTION 1415. Trustee Not Responsible.

        The Trustee shall not at any time be under any duty or responsibility to
any Holder of Debt Securities of any series to be exchanged to determine the
Market Value of any Capital Securities delivered in exchange for Debt Securities
of such series and may rely on and shall be entitled to receive prior to any
Capital Exchange Date for Debt Securities of such series an Officers'
Certificate of the Company as to the Market Value of the Capital Securities
being exchanged for the Debt Securities of such series and the amount of Capital
Securities being exchanged for each $1,000 principal amount of Debt Securities
of such series or the minimum denomination of such series, if larger, and that
such Capital Securities qualify as Capital Securities under the definition
thereof contained herein. The Trustee shall not be accountable with respect to
the validity or value (or the kind or amount) of any Capital Securities which
may at any time be issued or delivered in exchange for any Debt Security; and
the Trustee does not make any representation with respect thereto. The Trustee
shall not be responsible for any failure of the Company to issue, transfer or
deliver any Capital Securities or Capital Security certificates or other
securities or property upon the surrender of any Debt Security for the purpose
of exchange or to comply with any of the covenants of the Company contained in
this Article.

        SECTION 1416. Revocation of Obligation to Exchange Capital Securities
for Debt Securities.

        The Company's obligations to exchange Capital Securities for Debt
Securities of any series as provided in Section 1402 is absolute and
unconditional; provided, however, that such obligation may be revoked at the
option of the Company at any time on not less than 60 days' prior notice given
in the manner provided in Section 106 to the Holders of Debt Securities of such
series, the Trustee and the Capital Exchange Agent, if the Company shall
determine that under regulations then in effect of the Company's Primary Federal
Regulator either the Debt Securities are no longer includable as capital or it
is no longer necessary for the Company to be obligated to exchange Capital
Securities for Debt Securities in order for the Debt Securities to maintain the
same capital treatment as they are then receiving under the regulations or if
approval of the Primary Federal Regulator is obtained for such revocation.

        In the event such obligation is revoked

               (a) the Company will pay the Debt Securities of such series in
cash at 100% of the principal amount thereof on the Stated Maturity thereof, and

               (b) the Company may, at any time on or after a date selected by
the Company, on not less than 60 days' prior notice given in the manner provided
in Section 106 to the Holders of Debt Securities of such series and the Trustee,
redeem the Debt Securities of such series, in

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whole or in part, for cash at 100% of the principal amount thereof, plus accrued
interest to the Redemption Date.

        SECTION 1417. Optional Securities Funds.

               (a) (1) With respect to Debt Securities of any series for which
an Officers' Certificate or supplemental indenture pursuant to Section 301
provides that the Debt Securities of such series are exchangeable for Capital
Securities, the Company may elect to establish a fund (referred to herein as the
"Optional Securities Funds") to which funds may at any time be designated by the
Company as provided in Section 1502 as if such Optional Securities Funds were
Securities Funds (as defined in Article Fifteen) to be used to pay the principal
of the Debt Securities of such series.

               (2) Notwithstanding any provisions to the contrary contained in
        this Indenture or in the Debt Securities of any series, neither funds
        designated as Optional Securities Funds nor any other property from time
        to time held as Optional Securities Funds shall be deemed to be for any
        purpose property of the Holders or trust funds for the benefit of the
        Holders, and the Optional Securities Funds shall not constitute security
        for the payment of the Debt Securities.

               (b) In lieu of, or in addition to, any exchange of Capital
Securities for Debt Securities of any series which may be made in accordance
with the provisions of Sections 1402 and 1403, the Company may elect to redeem
the Debt Securities of such series in accordance with the provisions of Section
1106 and the terms of the Debt Securities of each series, in whole or in part,
by paying the principal of such Debt Securities with funds designated as
Optional Securities Funds at a price equal to the percentage of the principal
amount established in the terms of the Debt Securities of such series on the
Redemption Date of the Debt Securities to be so redeemed, and (except if such
Redemption Date shall be an Interest Payment Date) by paying accrued interest on
such Debt Securities. If such Redemption Date is an Interest Payment Date, the
interest payable on such date shall be paid to the Holder of Debt Securities of
such series according to the terms of the Debt Securities of such series and the
provisions of Section 307.

               (c) The Company shall give notice of such proposed redemption in
the manner provided in Section 106 to the Holders of the Debt Securities of such
series within the time prescribed for the giving of the initial notice in
Section 1402 or 1403, depending upon the Redemption Date selected by the
Company. Such notice shall state the Redemption Date and the place or places
where the Debt Securities of the series to be paid are to be surrendered for
payment; provided, however, if such redemption is of less than all of the Debt
Securities of such series and is to be made on a Capital Exchange Date specified
in accordance with Section 1402 or 1403, then such notice may be incorporated
into any initial notice of such Capital Exchange Date and provided that no
notice of any redemption may be given unless there are sufficient Optional
Securities Funds to pay the principal amount of the Debt Securities to be
redeemed.

               (d) If less than all the Debt Securities of any series are to be
so redeemed, then Sections 1404(c) and 1408 shall apply to the redemption in the
same manner as if such Debt Securities were to be exchanged for Capital
Securities.

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               (e) Funds designated as Optional Securities Funds shall be
released from such designation under the circumstances described in Section
1503.

                                   ARTICLE XV.

                                SECURITIES FUNDS

        SECTION 1501. Creation of Securities Funds.

        A fund (the "Securities Funds") will be established when specified in an
Officers' Certificate or supplemental indenture pursuant to Section 301 for the
Debt Securities of any series pursuant to which funds may be designated by the
Company as provided in Section 1502, to be used to pay the principal of the Debt
Securities of that series.

        Notwithstanding any provision to the contrary contained in this
Indenture or in the Debt Securities of any series, neither funds designated as
Securities Funds nor any other property from time to time held as Securities
Funds shall be deemed to be for any purpose property of the Holders or trust
funds for the benefit of the Holders, and the Securities Funds shall not
constitute security for the payment of the Debt Securities.

        SECTION 1502. Designations of Securities Funds.

        The Securities Funds will consist of amounts equal to (i) the net
proceeds of the sale of Capital Securities for cash from time to time after the
date of initial issuance of the Debt Securities of any series for which funds
may be designated by the Company as provided in this Section, and (ii) the
market value, as determined by the Company, of Capital Securities sold from time
to time after the date of initial issuance of the Debt Securities of such series
in exchange for other property, less the expenses to effect any such exchanges,
and (iii) other funds which the regulations of the Primary Federal Regulator
then permit for the payment of principal of "mandatory convertible securities
(equity commitment notes)" as defined in such regulations; provided that (x) the
Company has designated such amounts as Securities Funds on its books and records
in the manner required by the Primary Federal Regulator, and (y) there shall be
deducted from the Securities Funds an amount equal to the amount of any funds
used to redeem or repay the Debt Securities of such series for which Securities
Funds are required to be designated or any similar securities.

        SECTION 1503. Covenant of the Company to Obtain Securities Funds.

        Notwithstanding anything else contained herein, the Company hereby
covenants and agrees that with regard to the Debt Securities of any series which
by its terms requires the designation of Securities Funds (i) by the Interest
Payment Date which occurs on or next preceding the date when one-third of the
period from the date of issuance of the Debt Securities of such series to their
Stated Maturity has elapsed, it will have obtained Securities Funds in an amount
that will equal at least one-third of the original aggregate principal amount of
the Debt Securities of such series (or such lesser amount as the Primary Federal
Regulator may permit from time to time) and will have prepared and delivered to
the Trustee an Officers' Certificate to the foregoing effect, (ii) by the
Interest Payment Date which occurs on or next preceding the date when two-thirds
of the period from the date of issuance of the Debt Securities of such series to

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their Stated Maturity has elapsed, it will have obtained Securities Funds in an
amount that will equal at least two-thirds of the original aggregate principal
amount of the Debt Securities of such series (or such lesser amount as the
Primary Federal Regulator may permit from time to time) and will have prepared
and delivered to the Trustee an Officers' Certificate to the foregoing effect,
and (iii) by 60 days prior to the Stated Maturity of the Debt Securities of such
series, it will have obtained Securities Funds in an amount that will equal not
less than the original aggregate principal amount of the Debt Securities of such
series (or such lesser amount as the Primary Federal Regulator may permit from
time to time) and will have prepared and delivered to the Trustee an Officers'
Certificate to the foregoing effect; provided, however, that such covenant and
agreement of the Company shall be cancelled and amounts theretofore designated
as Securities Funds will be released from such designation in the event and to
the extent that the Company shall determine that under the regulations of the
Company's Primary Federal Regulator either the Debt Securities are no longer
includable as capital or it is no longer necessary for the Company to be
obligated to pay the principal of the Debt Securities out of Securities Funds in
order for the Debt Securities to maintain the same capital treatment as they are
then receiving under such regulations, in the event and to the extent that
approval of the Primary Federal Regulator is obtained for such cancellation and
release or in the event and to the extent that the Company shall have exchanged
or redeemed such Debt Securities pursuant to the terms of such Debt Securities
of such series from a source other than amounts designated as Securities Funds.

                                  ARTICLE XVI.

                     MEETINGS OF HOLDERS OF DEBT SECURITIES

        SECTION 1601. Purposes for Which Meetings May Be Called.

        If Debt Securities of a series are issuable in whole or in part as
Bearer Securities, a meeting of Holders of Debt 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 Act provided by this Indenture to be made, given or taken by Holders of
Debt Securities of such series.

        SECTION 1602. Call, Notice and Place of Meetings.

               (a) The Trustee may at any time call a meeting of Holders of Debt
Securities of any series issuable as Bearer Securities for any purpose specified
in Section 1601, to be held at such time and at such place in the Borough of
Manhattan, The City of New York, or in London as the Trustee shall determine.
Notice of every meeting of Holders of Debt Securities of any series, setting
forth the time and the place of such meeting and in general terms the action
proposed to be taken at such meeting, shall be given, in the manner provided in
Section 106, not less than 21 nor more than 180 days prior to the date fixed for
the meeting.

               (b) In case at any time the Company, pursuant to a Board
Resolution, or the Holders of at least 10% in principal amount of the
Outstanding Debt Securities of any series shall have requested the Trustee to
call a meeting of the Holders of Debt Securities of such series for any purpose
specified in Section 1601, by written request setting forth in reasonable detail

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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 Debt 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 for such meeting and may call such meeting for such purposes by giving
notice thereof as provided in subsection (a) of this Section.

        SECTION 1603. Persons Entitled to Vote at Meetings.

        To be entitled to vote at any meeting of Holders of Debt Securities of
any series, a Person shall be (1) a Holder of one or more Outstanding Debt
Securities of such series, or (2) a Person appointed by an instrument in writing
as proxy for a Holder or Holders of one or more Outstanding Debt Securities of
such series by such Holder or Holders. The only Persons who shall be entitled to
be present or to speak at any meeting of Holders of Debt Securities of any
series shall be the Persons entitled to vote at such meeting and their counsel,
any representatives of the Trustee and its counsel and any representatives of
the Company and its counsel.

        SECTION 1604. Quorum; Action.

        The Persons entitled to vote a majority in principal amount of the
Outstanding Debt Securities of a series shall constitute a quorum for a meeting
of Holders of Debt 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 Debt Securities of such series, be
dissolved. In the absence of a quorum in any other case the meeting may be
adjourned for a period of not less than 10 days as determined by the chairperson
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 chairperson
of the meeting prior to the adjournment of such adjourned meeting. Notice of
this reconvening of any adjourned meeting shall be given as provided in Section
1602(a), except that such notice need be given only once not less than five days
prior to the date on which the meeting is scheduled to be reconvened. Notice of
the reconvening of an adjourned meeting shall state expressly the percentage, as
provided above, of the principal amount of the Outstanding Debt Securities of
such series which shall constitute a quorum.

        Except as limited by the proviso to Section 902, any resolution
presented to a meeting or adjourned meeting duly reconvened at which a quorum is
present as aforesaid may be adopted only by the affirmative vote of the Holders
of majority in principal amount of the Outstanding Debt Securities of that
series, provided however, that, except as limited by the proviso to Section 902,
any resolution with respect to any request, demand, authorization, direction,
notice, consent, waiver or other Act which this Indenture expressly provides may
be made, given or taken by the Holders of a specified percentage, which is less
than a majority, in principal amount of the Outstanding Debt 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 Debt
Securities of that series.

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

        SECTION 1605. 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 Debt Securities of such series in regard to proof of the
holding of Debt 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 Debt Securities shall be proved in the manner
specified in Section 104 and the appointment of any proxy shall be proved in the
manner specified in Section 104 or, in the case of Bearer Securities, by having
the signature of the person executing the proxy witnessed or guaranteed by any
trust company, bank or banker authorized by Section 104 to certify to the
holding of Bearer Securities. Such regulations may provide that written
instruments appointing proxies, regular on their face, may be presumed valid and
genuine without the proof specified in Section 104 or other proof.

               (b) The Trustee shall, by an instrument in writing, appoint a
temporary chairperson of the meeting, unless the meeting shall have been called
by the Company or by Holders of Debt Securities as provided in Section 1602(b),
in which case the Company or the Holders of Debt Securities of the series
calling the meeting, as the case may be, shall in like manner appoint a
temporary chairperson. A permanent chairperson and a permanent secretary of the
meeting shall be elected by vote of the Persons entitled to vote a majority in
principal amount of the Outstanding Debt Securities of such series represented
at the meeting.

               (c) At any meeting each Holder of a Debt Security of such series
or proxy shall be entitled to one vote for each $1,000 principal amount (or the
equivalent in ECU, any other composite currency or a Foreign Currency) of Debt
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 Debt Security
challenged as not Outstanding and ruled by the chairperson of the meeting not to
be Outstanding. The chairperson of the meeting shall have no right to vote,
except as a Holder of a Debt Security of such series or proxy.

               (d) Any meeting of Holders of Debt Securities of any series duly
called pursuant to Section 1602 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 Debt Securities of such series represented at the meeting; and
the meeting may be held as so adjourned without further notice.

        SECTION 1606. Counting Votes and Recording Action of Meetings.

        The vote upon any resolution submitted to any meeting of Holders of Debt
Securities of any series shall be by written ballots on which shall be
subscribed the signatures of the Holders

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of Debt Securities of such series or of their representatives by proxy and the
principal amounts and serial numbers of the Outstanding Debt Securities of such
series held or represented by them. The permanent chairperson 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, at least in triplicate, of the proceedings
of each meeting of Holders of Debt 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 1602 and, if applicable, Section 1601. Each copy shall be
signed and verified by the affidavits of the permanent chairperson 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 XVII

                                   DEFEASANCE

        SECTION 1701. Termination of Company's Obligations.

        If this Section 1701 is specified, as contemplated by Section 301, to be
applicable to any series of Debt Securities and if the Company deposits
irrevocably in trust with the Trustee money and/or, to the extent such Debt
Securities are denominated and payable in Dollars only, Eligible Instruments the
payments of principal and interest on which when due (and without reinvestment
and providing no tax liability will be imposed upon the Trustee or the Holders
of such Debt Securities) will provide money in such amounts as will (together
with any money irrevocably deposited in trust with the Trustee, without
investment) be sufficient to pay the principal of (and premium, if any) and any
installment of principal of (and premium, if any) or interest when due on the
Debt Securities of such series and any coupons appertaining thereto and any
mandatory sinking fund, repayment or analogous payments thereon on the scheduled
due dates therefor at the Stated Maturity thereof, the Company's obligations
under any covenant determined pursuant to Section 301 to be subject to this
Section shall terminate with respect to the Debt Securities of the series for
which such deposit was made; provided, however, that (i) no Event of Default
with respect to the Debt Securities of such series under Section 501(1) or
Section 501(2) or event that with notice or lapse of time or both would
constitute such an Event of Default shall have occurred and be continuing on
such date, (ii) such deposit will not result in a breach of, or constitute a
default under, this Indenture or any other agreement or instrument to which the
Company is a party or by which it is bound, and (iii) such termination shall not
relieve the Company of its obligations under the Debt Securities of such series
and this Indenture to pay when due the principal of (and premium, if any) and
interest and additional amounts on such Debt Securities and any coupons
appertaining thereto if such Debt Securities or coupons are not paid (or payment
is not provided for) when due from the money and Eligible Instruments (and the
proceeds thereof) so deposited.

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        It shall be a condition to the deposit of cash and/or Eligible
Instruments and the termination of the Company's obligations pursuant to the
provisions of this Section with respect to the Debt Securities of any series
under any covenant determined pursuant to Section 301 to be subject to this
Section that the Company deliver to the Trustee (i) an Opinion of Counsel to the
effect that: (a) Holders of Debt Securities of such series and any coupons
appertaining thereto will not recognize income, gain or loss for Federal income
tax purposes as a result of such deposit and termination and (b) such Holders
(and future Holders) will be subject to tax in the same amount, manner and
timing as if such deposit and termination had not occurred, (ii) an Officers'
Certificate to the effect that under the laws in effect on the date such money
and/or Eligible Instruments are deposited with the Trustee, the amount thereof
will be sufficient, after payment of all Federal, state and local taxes in
respect thereof payable by the Trustee, to pay principal (and premium, if any)
and interest when due on the Debt Securities of such series and any coupons
appertaining thereto; and (iii) an Officers' Certificate and an Opinion of
Counsel, each stating that all conditions precedent herein provided for relating
to the defeasance contemplated in this Section have been complied with.

        It shall be an additional condition to the deposit of cash and/or
Eligible Instruments and the termination of the Company's obligations pursuant
to the provisions of this Section under any covenant determined pursuant to
Section 301 to be subject to this Section, with respect to the Debt Securities
of any series then listed on the New York Stock Exchange, that the Company
deliver an Opinion of Counsel that the Debt Securities of such series will not
be delisted from the New York Stock Exchange as a result of such deposit and
termination.

        After a deposit as provided herein, the Trustee shall, upon Company
Request, acknowledge in writing the discharge of the Company's obligations
pursuant to the provisions of this Section with respect to the Debt Securities
of such series under any covenant determined pursuant to Section 301 to be
subject to this Section.

        SECTION 1702. Repayment to Company.

        The Trustee and any Paying Agent shall promptly pay to the Company upon
Company Request any money or Eligible Instruments not required for the payment
of the principal of (and premium, if any) and interest on the Debt Securities of
any series and any related coupons for which money or Eligible Instruments have
been deposited pursuant to Section 1701 held by them at any time.

        The Trustee and any Paying Agent shall promptly pay to the Company upon
Company Request any money held by them for the payment of principal (and
premium, if any) and interest that remains unclaimed for two years after the
Maturity of the Debt Securities for which a deposit has been made pursuant to
Section 1701. After such payment to the Company, the Holders of the Debt
Securities of such series and any related coupons shall thereafter, as unsecured
general creditors, look only to the Company for the payment thereof.

        SECTION 1703. Indemnity for Eligible Instruments.

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        The Company shall pay and shall indemnify the Trustee against any tax,
fee or other charge imposed on or assessed against the deposited Eligible
Instruments or the principal or interest received on such Eligible Instruments.

                                  ARTICLE XVIII

                        SUBORDINATION OF DEBT SECURITIES

        SECTION 1801. Debt Securities Subordinate to Senior Debt.

        The Company covenants and agrees that anything in this Indenture or the
Debt Securities of any series to the contrary notwithstanding, the indebtedness
evidenced by the Debt Securities of each series and any coupons appurtenant
thereto is subordinate and junior in right of payment to all Senior Debt to the
extent provided herein and shall be pari passu with all Trust Related
Securities, and each Holder of Debt Securities of each series and coupons
appurtenant thereto, by such Holder's acceptance thereof, likewise covenants and
agrees to the subordination herein provided and shall be bound by the provisions
hereof. Senior Debt shall continue to be Senior Debt and entitled to the
benefits of these subordination provisions irrespective of any amendment,
modification or waiver of any term of the Senior Debt or extension or renewal of
the Senior Debt.

        In the event of

               (a) any insolvency, bankruptcy, receivership, liquidation,
reorganization, readjustment, composition or other similar proceeding relating
to the Company, its creditors or its property,

               (b) any proceeding for the liquidation, dissolution or other
winding up of the Company, voluntary or involuntary, whether or not involving
insolvency or bankruptcy proceedings,

               (c) any assignment by the Company for the benefit of creditors,
or

               (d)    any other marshalling of the assets of the Company,

all Senior Debt (including any interest thereon accruing after the commencement
of any such proceedings) shall first be paid in full before any payment or
distribution, whether in cash, securities or other property, shall be made to
any Holder of any of the Debt Securities or coupons appurtenant thereto on
account thereof. Any payment or distribution, whether in cash, securities or
other property (other than securities of the Company or any other corporation
provided for by a plan of reorganization or readjustment the payment of which is
subordinate, at least to the extent provided in these subordination provisions
with respect to the indebtedness evidenced by the Debt Securities, to the
payment of all Senior Debt at the time outstanding and to any securities issued
in respect thereof under any such plan of reorganization or readjustment), which
would otherwise (but for these subordination provisions) be payable or
deliverable in respect of the Debt Securities of any series or coupons
appurtenant thereto shall be paid or delivered directly to the holders of Senior
Debt in accordance with the priorities then existing among such holders until
all Senior Debt (including any interest thereon accruing after the commencement
of

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any such proceedings) shall have been paid in full. In the event of any such
proceeding, after payment in full of all sums owing with respect to Senior Debt,
the Holders of the Debt Securities and coupons appurtenant thereto, together
with the holders of any obligations of the Company ranking on a parity with the
Debt Securities, shall be entitled to be paid from the remaining assets of the
Company the amounts at the time due and owing on account of unpaid principal of
(and premium, if any) and interest on the Debt Securities and such other
obligations before any payment or other distribution, whether in cash, property
or otherwise, shall be made on account of any capital stock or any obligations
of the Company ranking junior to the Debt Securities and such other obligations.

        In the event that, notwithstanding the foregoing, any payment or
distribution of any character or any security, whether in cash, securities or
other property (other than securities of the Company or any other corporation
provided for by a plan of reorganization or readjustment the payment of which is
subordinate, at least to the extent provided in these subordination provisions
with respect to the indebtedness evidenced by the Debt Securities, to the
payment of all Senior Debt at the time outstanding and to any securities issued
in respect thereof under any such plan or reorganization or readjustment), shall
be received by the Trustee or any Holder in contravention of any of the terms
hereof such payment or distribution or security shall be received in trust for
the benefit of, and shall be paid over or delivered and transferred to, the
holders of the Senior Debt at the time outstanding in accordance with the
priorities then existing among such holders for application to the payment of
all Senior Debt remaining unpaid, to the extent necessary to pay all such Senior
Debt in full. In the event of the failure of the Trustee or any Holder to
endorse or assign any such payment, distribution or security, each holder of
Senior Debt is hereby irrevocably authorized to endorse or assign the same.

        No present or future holder of any Senior Debt shall be prejudiced in
the right to enforce subordination of the indebtedness evidenced by the Debt
Securities by any act or failure to act on the part of the Company. Nothing
contained herein shall impair, as between the Company and the Holders of Debt
Securities of each series, the obligation of the Company to pay to such Holders
the principal of (and premium, if any) and interest (including any Additional
Interest) on such Debt Securities and coupons appurtenant thereto or prevent the
Trustee or the Holder (or to the extent expressly provided herein, the holder of
any Trust Preferred Securities) 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 Debt
to receive cash, securities or other property otherwise payable or deliverable
to the Holders.

        Senior Debt 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 Debt then outstanding. Upon the payment in full of all
Senior Debt, the Holders of Debt Securities of each series and coupons
appurtenant thereto, if any, shall be subrogated to all rights of any holders of
Senior Debt to receive any further payments or distributions applicable to the
Senior Debt until the indebtedness evidenced by the Debt Securities of such
series and coupons appertaining thereto, if any, shall have been paid in full,
and such 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 Debt shall, as between the Company and
its creditors other than the holders of Senior Debt, on the one hand, and such
Holders, on the other

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hand, be deemed to be a payment by the Company on account of Senior Debt, and
not on account of the Debt Securities of such series.

        The Trustee and Holders will take such action (including, without
limitation, the delivery of this Indenture to an agent for the holders of Senior
Debt or consent to the filing of a financing statement with respect hereto) as
may, in the opinion of counsel designated by the holders of a majority in
principal amount of the Senior Debt at the time outstanding, be necessary or
appropriate to assure the effectiveness of the subordination effected by these
provisions.

        The provisions of this Section 1801 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.

        SECTION 1802. Trustee and Holders of Debt Securities May Rely on
Certificate of Liquidating Agent; Trustee May Require Further Evidence as to
Ownership of Senior Debt; Trustee Not Fiduciary to Holders of Senior Debt.

        Upon any payment or distribution of assets of the Company referred to in
this Article Eighteen, the Trustee and the Holders shall be entitled to rely
upon an order or decree made by any court of competent jurisdiction in which
such dissolution or winding up or liquidation or reorganization or arrangement
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 Debt 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
Eighteen. 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 or herself to be a holder of Senior Debt (or a
trustee or representative on behalf of such holder) as evidence that such Person
is a holder of such Senior Debt (or is such a trustee or representative). In the
event that the Trustee determines, in good faith, that further evidence is
required with respect to the right of any Person as a holder of Senior Debt to
participate in any payments or distributions pursuant to this Article Eighteen,
the Trustee may request such person to furnish evidence to the reasonable
satisfaction of the Trustee as to the amount of Senior Debt 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 Eighteen, and if such evidence is not furnished, the Trustee
may offer any payment to such Person pending judicial determination as to the
right of such Person to receive payment. The Trustee, however, shall not be
deemed to owe any fiduciary duty to the holders of Senior Debt.

        SECTION 1803. Payment Permitted If No Default.

        Nothing contained in this Article Eighteen or elsewhere in this
Indenture, or in any of the Debt Securities, shall prevent (a) the Company at
any time, except during the pendency of any dissolution, winding up, liquidation
or reorganization proceedings referred to in Section 1801, from making payments
of the principal of (or premium, if any) or interest (including any Additional
Interest) on the Debt Securities or (b) the application by the Trustee or any
Paying

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Agent of any moneys deposited with it hereunder to payments of the principal of
or interest (including any Additional Interest) on the Debt Securities, if, at
the time of such deposit, the Trustee or such Paying Agent, as the case may be,
did not have the written notice provided for in Section 1804 of any event
prohibiting the making of such deposit, or if, at the time of such deposit
(whether or not in trust) by the Company with the Trustee or any Paying Agent
(other than the Company) such payment would not have been prohibited by the
provisions of this Article, and the Trustee or any Paying Agent shall not be
affected by any notice to the contrary received by it on or after such date.

        SECTION 1804. Trustee Not Charged with Knowledge of Prohibition.

        Anything in this Article Eighteen 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 money to or by the Trustee and shall be entitled
conclusively to assume that no such facts exist and that no event specified in
Section 1801 has happened, 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 Debt 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 Debt shall be outstanding. The Company shall give prompt written notice
to the Trustee and to the Paying Agent of any facts which would prohibit the
payment of money to or by the Trustee or any Paying Agent.

        SECTION 1805. Trustee to Effectuate Subordination.

        Each Holder of Debt Securities or coupons by such Holder's acceptance
thereof authorizes and directs the Trustee in such Holder's behalf to take such
action as may be necessary or appropriate to effectuate the subordination as
between such Holder and holders of Senior Debt as provided in this Article and
appoints the Trustee its attorney-in-fact for any and all such purposes.

        SECTION 1806. Rights of Trustee as Holder of Senior Debt.

        The Trustee shall be entitled to all the rights set forth in this
Article with respect to any Senior Debt which may at the time be held by it, to
the same extent as any other holder of Senior Debt; provided that nothing in
this Article shall deprive the Trustee of any rights as such holder and provided
further that nothing in this Article shall apply to claims of, or payments to,
the Trustee under or pursuant to Section 607.

        SECTION 1807. 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 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 in addition to or in place of the Trustee, provided, however,
that

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Sections 1804 and 1806 shall not apply to the Company or any Affiliate of the
Company if the Company or such Affiliate acts as Paying Agent.

        SECTION 1808. Subordination Rights Not Impaired by Acts or Omissions of
the Company or Holders of Senior Debt.

        No right of any present or future holders of any Senior Debt 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 have or be
otherwise charged with. The holders of Senior Debt 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 Debt, or amend or supplement any instrument pursuant to which any such
Senior Debt 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 Debt including, without limitation, the waiver of default thereunder,
all without notice to or assent from the Holders of the Debt Securities or the
Trustee and without affecting the obligations of the Company, the Trustee or the
Holders of the Debt Securities under this Article.

                                  ARTICLE XIX.

                      CONVERSION OF CONVERTIBLE SECURITIES

        SECTION 1901. Applicability of Article.

        If an Officers' Certificate or supplemental indenture pursuant to
Section 301 provides that the Debt Securities of a series shall be Convertible
Securities, Debt Securities of such series shall be convertible in accordance
with their terms and (except as otherwise specified in such Officers'
Certificate or supplemental indenture) in accordance with this Article.

        SECTION 1902. Right to Convert.

        Subject to and upon compliance with the provisions of this Article, the
Holder of any Convertible Security shall have the right, at such Holder's
option, at any time prior to the close of business on the date set forth in the
Officers' Certificate delivered pursuant to Section 301 hereof (or if such
Convertible Security is called for redemption or submitted for repayment, then
in respect of such Convertible Security to and including but not after the close
of business on the Redemption or Repayment Date, as the case may be, unless the
Company shall default in the payment due) to convert the principal amount of any
such Convertible Security, or, in the case of any Convertible Security of a
denomination greater than $1,000, any portion of such principal which is $1,000
or an integral multiple thereof, into that number of fully paid and
nonassessable shares of Common Stock (as such shares shall then be constituted)
obtained by dividing the principal amount of the Convertible Security or portion
thereof surrendered for conversion by the Conversion Price, by surrender of the
Convertible Security so to be converted in whole or in part in the manner
provided in Section 1903. Such conversion shall be effected by the Company.

                                      100
<PAGE>

        SECTION 1903. Exercise of Conversion Privilege; Delivery of Common Stock
on Conversion; No Adjustment for Interest or Dividends.

        In order to exercise the conversion privilege, the Holder of any
Convertible Security to be converted in whole or in part shall surrender such
Convertible Security at an office or agency maintained by the Company pursuant
to Section 1002, accompanied by the funds, if any, required by the last
paragraph of this Section, together with written notice of conversion, in the
form provided on the Convertible Securities, that the Holder elects to convert
such Convertible Security or the portion thereof specified in said notice. Such
notice shall also state the name or names (with address) in which the
certificate or certificates for shares of Common Stock which shall be
deliverable on such conversion shall be registered, and shall be accompanied by
transfer taxes, if required pursuant to Section 1908. Each Convertible Security
surrendered for conversion shall, unless the shares deliverable on conversion
are to be registered in the same name as the registration of such Convertible
Security, be duly endorsed by, or accompanied by instruments of transfer in form
satisfactory to the Company duly executed by, the Holder or such Holder's duly
authorized attorney.

        As promptly as practicable after the surrender of such Convertible
Security and the receipt of such notice and funds, if any, as aforesaid, the
Company shall deliver at such office or agency to such Holder, or on such
Holder's written order, a certificate or certificates for the number of full
shares deliverable upon the conversion of such Convertible Security or portion
thereof in accordance with the provisions of this Article and a check or cash in
respect of any fractional interest in respect of a share of Common Stock arising
upon such conversion as provided in Section 1904. In case any Convertible
Security of a denomination greater than $1,000 shall be surrendered for partial
conversion and subject to Section 302, the Company shall execute and the Trustee
shall authenticate and deliver to or upon the written order of the Holder of the
Convertible Security so surrendered, without charge to such Holder, a new
Convertible Security or Convertible Securities in authorized denominations in an
aggregate principal amount equal to the unconverted portion of the surrendered
Convertible Security.

        Each conversion shall be deemed to have been effected on the date on
which such Convertible Security shall have been surrendered (accompanied by the
funds, if any, required by the last paragraph of this Section) and such notice
shall have been received by the Company, as aforesaid, and the person in whose
name any certificate or certificates for shares of Common Stock shall be
registrable upon such conversion shall be deemed to have become on said date the
holder of record of the shares represented thereby; provided however, that any
such surrender on any date when the stock transfer books of the Company shall be
closed shall constitute the person in whose name the certificates are to be
registered as the record holder thereof for all purposes on the next succeeding
day on which stock transfer books are open, but such conversion shall be at the
Conversion Price in effect on the date upon which such Convertible Security
shall have been surrendered.

        Any Convertible Security or portion thereof surrendered for conversion
during the period from the close of business on the Regular Record Date for any
Interest Payment Date to the opening of business on such Interest Payment Date
shall (unless such Convertible Security or portion thereof being converted shall
have been called for redemption or submitted for repayment on a date in such
period) be accompanied by payment, in legal tender or other funds

                                      101
<PAGE>

acceptable to the Company, of an amount equal to the interest otherwise payable
on such Interest Payment Date on the principal amount being converted; provided,
however, that no such payment need be made if there shall exist at the time of
conversion a default in the payment of interest on the Convertible Securities.
An amount equal to such payment shall be paid by the Company on such Interest
Payment Date to the Holder of such Convertible Security on such Regular Record
Date, provided, however, that if the Company shall default in the payment of
interest on such Interest Payment Date, such amount shall be paid to the person
who made such required payment. Except as provided above in this Section, no
adjustment shall be made for interest accrued on any Convertible Security
converted or for dividends on any shares issued upon the conversion of such
Convertible Security as provided in this Article.

        SECTION 1904. Cash Payments in Lieu of Fractional Shares.

        No fractional shares of Common Stock or scrip representing fractional
shares shall be delivered upon conversion of Convertible Securities. If more
than one Convertible Security shall be surrendered for conversion at one time by
the same Holder, the number of full shares which shall be deliverable upon
conversion shall be computed on the basis of the aggregate principal amount of
the Convertible Securities (or specified portions thereof to the extent
permitted hereby) so surrendered. If any fractional share of stock would be
deliverable upon the conversion of any Convertible Security or Convertible
Securities, the Company shall make an adjustment therefor in cash at the current
market value of such fractional share of stock. The market value of a share of
Common Stock shall be the Closing Price on the Business Day immediately
preceding the day on which the Convertible Securities (or specified portions
thereof) are deemed to have been converted.

        SECTION 1905. Conversion Price.

        The Conversion Price shall be as specified in the form of Convertible
Security hereinabove set forth, subject to adjustment as provided in this
Article.

        SECTION 1906. Adjustment to Conversion Price.

        The Conversion Price shall be adjusted from time to time as follows:

               (a) In case the Company shall (i) pay a dividend or make a
distribution on the Common Stock in shares of its capital stock (whether shares
of Common Stock or of capital stock of any other class), (ii) subdivide or
reclassify its outstanding Common Stock into a greater number of securities
(including Common Stock), or (iii) combine or reclassify its outstanding Common
Stock into a smaller number of securities (including Common Stock), the
Conversion Price in effect immediately prior thereto shall be adjusted so that
the Holder of any Convertible Security thereafter surrendered for conversion
shall be entitled to receive the number of shares of capital stock of the
Company which such Holder would have owned or have been entitled to receive
after the happening of any of the events described above had such Convertible
Security been converted immediately prior to the happening of such event. An
adjustment made pursuant to this subsection (a) shall become effective
immediately after the record date in the case of a dividend and shall become
effective immediately after the effective date in the case of a subdivision or
combination. If, as a result of an adjustment made pursuant to this subsection
(a),

                                      102
<PAGE>

the Holder of any Convertible Security thereafter surrendered for conversion
shall become entitled to receive shares of two or more classes of capital stock
of the Company, the Board of Directors of the Company (whose determination shall
be conclusive and shall be described in a written statement filed with the
Trustee and any conversion agent) shall determine the allocation of the adjusted
Conversion Price between or among shares of such classes of capital stock.

        In the event that at any time, as a result of an adjustment made
pursuant to this subsection (a) of this Section 1906, the Holder of any
Convertible Security thereafter converted shall become entitled to receive any
shares or other securities of the Company other than shares of Common Stock,
thereafter the number of such other shares so received upon conversion of any
Convertible Security shall be subject to adjustment from time to time in a
manner and on terms as nearly equivalent as practicable to the provisions with
respect to the shares of Common Stock contained in this Section 1906, and other
provisions of this Article Nineteen with respect to the shares of Common Stock
shall apply on like terms to any such other shares or other securities.

               (b) In case the Company shall fix a record date for the issuance
of rights or warrants to all holders of its Common Stock (or securities
convertible into Common Stock) entitling them (for a period expiring within 45
days after such record date) to subscribe for or purchase Common Stock at a
price per share (or a conversion price per share) less than the current market
price per share of Common Stock (as defined in subsection (d) below) at such
record date, the Conversion Price in effect immediately prior thereto shall be
adjusted so that the same shall equal the price determined by multiplying the
Conversion Price in effect immediately prior to such record date by a fraction
of which the numerator shall be the number of shares of Common Stock outstanding
on such record date plus the number of shares which the aggregate offering price
of the total number of shares so offered (or the aggregate initial conversion
price of the convertible securities so offered) would purchase at such current
market price, and of which the denominator shall be the number of shares of
Common Stock outstanding on such record date plus the number of additional
shares of Common Stock offered for subscription or purchase (or into which the
convertible securities so offered are initially convertible). Such adjustment
shall be made successively whenever such a record date is fixed, and shall
become effective immediately after such record date. In determining whether any
rights or warrants entitle the holders to subscribe for or purchase shares of
Common Stock at less than such current market price, and in determining the
aggregate offering price of such shares, there shall be taken into account any
consideration received by the Company for such rights or warrants, the value of
such consideration, if other than cash, to be determined by the Board of
Directors of the Company. Common Stock owned by or held for the account of the
Company or any majority owned subsidiary shall not be deemed outstanding for the
purpose of any adjustment required under this subsection (b).

               (c) In case the Company shall fix a record date for making a
distribution to all holders of its Common Stock evidences of its indebtedness or
assets (excluding regular quarterly or other periodic or recurring cash
dividends or distributions and cash dividends or distributions paid from
retained earnings of the Company or dividends or distributions referred to in
subsection (a) above) or rights or warrants to subscribe or purchase (excluding
those referred to in subsection (b) above), then in each such case the
Conversion Price shall be adjusted so that the same shall equal the price
determined by multiplying the Conversion Price in effect immediately

                                      103
<PAGE>

prior to such record date by a fraction of which the numerator shall be the
current market price per share (as defined in subsection (d) below) of the
Common Stock on such record date less the then fair market value (as determined
by the Board of Directors of the Company whose determination shall be
conclusive, and described in a certificate filed with the Trustee) of the
portion of the assets or evidences of indebtedness so distributed or of such
rights or warrants applicable to one share of Common Stock, and the denominator
shall be the current market price per share (as defined in subsection (d) below)
of the Common Stock. Such adjustment shall be made successively whenever such a
record date is fixed and shall become effective immediately after such record
date. Notwithstanding the foregoing, in the event that the Company shall
distribute any rights or warrants to acquire capital stock ("Rights") pursuant
to this subsection (c), the distribution of separate certificates representing
such Rights subsequent to their initial distribution (whether or not such
distribution shall have occurred prior to the date of the issuance of such
Convertible Securities) shall be deemed to be the distribution of such Rights
for purposes of this subsection (c); provided that the Company may, in lieu of
making any adjustment pursuant to this subsection (c) upon a distribution of
separate certificates representing such Rights, make proper provision so that
each Holder of such Convertible Security who converts such Convertible Security
(or any portion thereof) (i) before the record date for such distribution of
separate certificates shall be entitled to receive upon such conversion shares
of Common Stock issued with Rights and (ii) after such record date and prior to
the expiration, redemption or termination of such Rights shall be entitled to
receive upon such conversion, in addition to the shares of Common Stock issuable
upon such conversion, the same number of such Rights as would a holder of the
number of shares of Common Stock that such Convertible Security so converted
would have entitled the holder thereof to purchase in accordance with the terms
and provisions of and applicable to the Rights if such Convertible Security were
converted immediately prior to the record date for such distribution. Common
Stock owned by or held for the account of the Company or any majority owned
subsidiary shall not be deemed outstanding for the purpose of any adjustment
required under this subsection (c).

               (d) For the purpose of any computation under subsection (b) and
(c) above, the current market price per share of Common Stock at any date shall
be deemed to be the average of the daily Closing Prices for the thirty
consecutive days (which are not legal holidays as defined in Section 113)
commencing forty-five days (which are not legal holidays as defined in Section
113) before the day in question. The Closing Price for any day shall be (i) if
the Common Stock is listed or admitted for trading on any national securities
exchange, the last sale price (regular way), or the average of the closing bid
and ask prices if no sale occurred, of Common Stock on the principal securities
exchange on which the Common Stock is listed, or, if not listed or admitted to
trading on any national securities exchange, on the National Market System of
the National Association of Securities Dealers, Inc. Automated Quotations System
("NASDAQ"), (ii) if not listed or quoted as described in (i), the mean between
the closing high bid and low asked quotations of Common Stock reported by
NASDAQ, or any similar system or automated dissemination of quotations of
securities prices then in common use, if so quoted, or (iii) if not quoted as
described in clause (ii), the mean between the high bid and low asked quotations
for Common Stock as reported by the National Quotation Bureau Incorporated if at
least two securities dealers have inserted both bid and asked quotations for
Common Stock on at least 5 of the 10 preceding days. If none of the conditions
set forth above is met, the Closing Price of Common Stock on any day or the
average of such Closing Prices for any period shall be

                                      104
<PAGE>

the fair market value of Common Stock as determined by a member firm of the New
York Stock Exchange, Inc. selected by the Company.

               (e)(i)

                      No adjustment in the Conversion Price shall be required
               unless such adjustment would require an increase or decrease of
               at least 1% in such price; provided, however, that any
               adjustments which by reason of this subsection (e)(ii) are not
               required to be made shall be carried forward and taken into
               account in any subsequent adjustment, further provided, however,
               that any adjustments which by reason of this subsection (e)(ii)
               are not otherwise required to be made shall be made no later than
               3 years after the date on which occurs an event that requires an
               adjustment to be made or carried forward.

                      (ii) All calculations under this Article Nineteen shall be
               made to the nearest cent or to the nearest one-hundredth of a
               share, as the case may be. Anything in this Section 1906 to the
               contrary notwithstanding, the Company shall be entitled to make
               such reductions in the Conversion Price, in addition to those
               required by this Section 1906, as it in its discretion shall
               determine to be advisable in order that any stock dividends,
               subdivision of shares, distribution of rights to purchase stock
               or securities, or distribution of securities convertible into or
               exchangeable for stock hereafter made by the Company to its
               shareholders shall not be taxable.

               (f) Whenever the Conversion Price is adjusted, as herein
provided, the Company shall promptly file with the Trustee and any conversion
agent other than the Trustee an Officers' Certificate setting forth the
Conversion Price after such adjustment and setting forth a brief statement of
the facts requiring such adjustment. Promptly after delivery of such
certificate, the Company shall prepare a notice of such adjustment of the
Conversion Price setting forth the adjusted Conversion Price and the date on
which such adjustment becomes effective and shall mail such notice of such
adjustment of the Conversion Price to the Holder of each Convertible Security at
such Holder's last address appearing on the Security Register provided for in
Section 305 of this Indenture.

               (g) In any case in which this Section 1906 provides that an
adjustment shall become effective immediately after a record date for an event,
the Company may defer until the occurrence of such event (i) delivering to the
Holder of any Convertible Security converted after such record date and before
the occurrence of such event the additional shares of Common Stock deliverable
upon such conversion by reason of the adjustment required by such event over and
above the Common Stock deliverable upon such conversion before giving effect to
such adjustment and (ii) paying to such Holder any amount in cash in lieu of any
fraction pursuant to Section 1904, provided, however, that the Company shall
deliver to such Holder a due bill or other appropriate instrument evidencing
such Holder's rights to receive such additional shares, and such cash, upon the
occurrence of the event requiring such adjustment. If such event does not occur,
no adjustments shall be made pursuant to this Section 1906.

        SECTION 1907. Effect of Reclassification, Consolidation, Merger or Sale.

                                      105
<PAGE>

        If any of the following events occur, namely (i) any reclassification or
change of outstanding shares of Common Stock deliverable upon conversion of the
Convertible Securities (other than a change in par value, or from par value to
no par value, or from no par value to par value, or as a result of a subdivision
or combination, but including any change in the shares of Common Stock into two
or more classes or series of securities), (ii) any consolidation or merger to
which the Company is a party (other than a consolidation or merger in which the
Company is the continuing corporation and which does not result in any
reclassification of, or change (other than a change in par value, or from par
value to no par value, or from no par value to par value, or as a result of a
subdivision or combination) in, outstanding shares of its Common Stock) or (iii)
any sale or conveyance of the properties and assets of the Company as, or
substantially as, an entirety to any other corporation; then the Company, or
such successor or purchasing corporation, as the case may be, shall execute with
the Trustee a supplemental indenture (which shall conform to the Trust Indenture
Act as in force at the date of execution of such supplemental indenture and
comply with the provisions of Article Nine) providing that each Convertible
Security shall be convertible into the kind and amount of shares of stock and
other securities or property, including cash, receivable upon such
reclassification, change, consolidation, merger, sale or conveyance by a holder
of a number of shares of Common Stock deliverable upon conversion of such
Convertible Securities immediately prior to such reclassification, change,
consolidation, merger, sale or conveyance. Such supplemental indenture shall
provide for adjustments which shall be as nearly equivalent as may be
practicable to the adjustments provided for in this Article. The Company shall
cause notice of the execution of such supplemental indenture to be mailed to
each holder of Convertible Securities, at his address appearing on the Security
Register provided for in Section 305 of this Indenture.

        The above provisions of this Section shall similarly apply to successive
reclassifications, consolidations, mergers and sales.

        SECTION 1908. Taxes on Shares Issued.

        The delivery of stock certificates on conversions of Convertible
Securities shall be made without charge to the Holder converting a Convertible
Security for any tax in respect of the issue thereof. The Company shall not,
however, be required to pay any tax which may be payable in respect of any
transfer involved in the delivery of stock registered in any name other than of
the Holder of any Convertible Security converted, and the Company shall not be
required to deliver any such stock certificate unless and until the person or
persons requesting the delivery thereof shall have paid to the Company the
amount of such tax or shall have established to the satisfaction of the Company
that such tax has been paid.

        SECTION 1909. Shares to be Fully Paid; Compliance with Governmental
Requirements; Listing of Common Stock.

        The Company covenants that all shares of Common Stock which may be
delivered upon conversion of Convertible Securities will upon delivery be fully
paid and nonassessable by the Company and free from all taxes, liens and charges
with respect to the issue thereof.

        The Company covenants that if any shares of Common Stock to be provided
for the purpose of conversion of Convertible Securities hereunder require
registration with or approval

                                      106
<PAGE>

of any governmental authority under any Federal or state law before such shares
may be validly delivered upon conversion, the Company will in good faith and as
expeditiously as possible endeavor to secure such registration or approval, as
the case may be.

        The Company further covenants that it will, if permitted by the rules of
the New York Stock Exchange, list and keep listed for so long as the Common
Stock shall be so listed on such exchange, upon official notice of issuance, all
Common Stock deliverable upon conversion of the Convertible Securities.

        SECTION 1910. Trustee Not Responsible.

        Neither the Trustee nor any authenticating agent nor any conversion
agent shall at any time be under any duty or responsibility to any Holder of
Convertible Securities to determine whether any facts exist which may require
any adjustment of the Conversion Price, or with respect to the nature or extent
of any such adjustment when made, or with respect to the method employed, or
herein or in any supplemental indenture provided to be employed, in making the
same. Neither the Trustee nor any authenticating agent nor any conversion agent
shall be accountable with respect to the validity or value (or the kind or
amount) of any shares of Common Stock, or of any securities or property, which
may at any time be delivered upon the conversion of any Convertible Security,
and neither the Trustee nor any authenticating agent nor any conversion agent
makes any representation with respect thereto. Subject to the provisions of
Section 601, neither the Trustee nor any authenticating agent nor any conversion
agent shall be responsible for any failure of the Company to deliver any shares
of Common Stock or stock certificates or other securities or property or cash
upon the surrender of any Convertible Security for the purpose of conversion or
for any failure of the Company to comply with any of the covenants of the
Company contained in this Article.

        SECTION 1911. Notice to Holders Prior to Certain Actions.

        In case:

               (a) the Company shall declare a dividend (or any other
distribution) on the Common Stock (other than in cash out of its current or
retained earnings); or

               (b) the Company shall authorize the granting to the holders of
the Common Stock of rights or warrants to subscribe for or purchase any share of
any class or any other rights or warrants; or

               (c) of any reclassification or change of the Common Stock (other
than a subdivision or combination of its outstanding Common Stock, or a change
in par value, or from par value to no par value, or from no par value to par
value) or of any consolidation or merger to which the Company is a party and for
which approval of any stockholders of the Corporation is required or of the sale
or transfer of all or substantially all of the assets of the Company; or

               (d) of the voluntary or involuntary dissolution, liquidation or
winding up of the Company;

                                      107
<PAGE>

the Company shall cause to be filed with the Trustee and the Company shall cause
to be mailed to each holder of Convertible Securities at his address appearing
on the Security Register, provided for in Section 305 of this Indenture, as
promptly as possible but in any event no less than fifteen days prior to the
applicable date hereinafter specified, a notice stating (x) the date on which a
record is to be taken for the purpose of such dividend, distribution, rights or
warrants, or, if a record is not to be taken, the date as of which the holders
of Common Stock of record to be entitled to such dividend, distribution, rights
or warrants are to be determined, or (y) the date on which such
reclassification, consolidation, merger, sale, transfer, dissolution,
liquidation or winding up is expected to become effective, and the date as of
which it is expected that holders of Common Stock of record shall be entitled to
exchange their Common Stock for securities or other property deliverable upon
such reclassification, consolidation, merger, sale, transfer, dissolution,
liquidation or winding up. Failure to give such notice, or any defect therein,
shall not affect the legality or validity of such dividend, distribution,
reclassification, consolidation, merger, sale, transfer, dissolution,
liquidation or winding up or any adjustment in the Conversion Price required by
this Article Nineteen.

        SECTION 1912. Covenant to Reserve Shares.

        The Company covenants that it will at all times reserve and keep
available, free from pre-emptive rights, out of its authorized but unissued
Common Stock, such number of shares of Common Stock as shall then be deliverable
upon the conversion of all outstanding Convertible Securities.

                                      108
<PAGE>

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

                          INDYMAC BANCORP, INC.

                          By
                            -------------------------------------------------
                             Its
                                ---------------------------------------------

Attest:

-------------------------
Secretary

                          THE BANK OF NEW YORK

                          , not in its individual capacity but solely as trustee

                          By
                            ----------------------------------------------------
                             Its:  Authorized Signatory

Attest:

-------------------------

                                      109
<PAGE>

                                                                     EXHIBIT A-1

                [Form of Certificate of Beneficial Ownership by a
              Non-United States Person or by Certain Other Persons]

                                   Certificate

                              INDYMAC BANCORP, INC.

                   [Insert title or sufficient description of
                        Debt Securities to be delivered]

        Reference is hereby made to the Indenture dated as of _______________,
2001 (the "Indenture") between IndyMac Bancorp, Inc. and The Bank of New York,
as trustee (the "Trustee"), covering the above-captioned Debt Securities. This
is to certify that as of the date hereof, __________ principal amount of Debt
Securities credited to you for our account (i) is owned by persons that are not
United States Persons, as defined below; (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 Debt Securities through foreign branches of
United States financial institutions and who hold the Debt Securities through
such United States financial institutions on the date hereof (and in either case
(a) or (b), each such United States financial institution encloses herewith a
certificate in the form of Exhibit A-2 to the Indenture); 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)), which United States or foreign financial institutions
described in clause (iii) above (whether or not also described in clause (i) or
(ii)) certify that they have not acquired the Debt Securities for purposes of
resale directly or indirectly to a United States Person or to a person within
the United States or its possessions.

        [Insert if certificate does not relate to an interest payment--We
undertake to advise you by tested telex followed by written confirmation if the
above statement as to beneficial ownership is not correct on the date of
delivery of the above-captioned Debt Securities in bearer form as to all of such
Debt Securities with respect to such of said Debt Securities as then appear in
your books as being held for our account.] We understand that this certificate
is required in connection with United States tax laws. We irrevocably authorize
you to produce this certificate or a copy hereof to any interested party in any
administrative or legal proceedings with respect to the matters covered by this
certificate. "United States Person" shall mean a citizen or resident of the
United States of America (including the District of Columbia), a corporation,
partnership or other entity created or organized in or under the laws of the
United States or any political subdivision thereof or an estate or trust that is
subject to United States Federal income taxation regardless of the source of its
income.

        [This certificate excepts and does not relate to principal amount of
Debt Securities credited to you for our account and to which we are not now able
to make the certification set forth above. We understand that definitive Debt
Securities cannot be delivered and interest cannot be paid until we are able to
so certify with respect to such principal amount of Debt Securities.]*

                                      110
<PAGE>

Dated:
      ---------------------------

[To be dated on or after
________________(the date
determined as provided in the
Indenture)]
                                      [Name of Person Entitled to Receive Bearer
                                      Security]

                                      ------------------------------------------
                                                (Authorized Signatory)

                                     Name:
                                          --------------------------------------
                                     Title:
                                           -------------------------------------

-----------------------------

        *Delete if inappropriate

                                       A-2
<PAGE>

                                                                     EXHIBIT A-2

                       [Form of Certificate of Status as a
            Foreign Branch of a United States Financial Institution]

                                   Certificate

                              INDYMAC BANCORP, INC.

                   [Insert title or sufficient description of
                        Debt Securities to be delivered]

        Reference is hereby made to the Indenture dated as of _______________,
2001 (the "Indenture"), between IndyMac Bancorp, Inc. and The Bank of New York,
as trustee, relating to the offering of the above-captioned Debt Securities (the
"Debt Securities"). Unless herein defined, terms used herein have the same
meaning as given to them in the Indenture.

        The undersigned represents that it is a branch located outside the
United States of a United States securities clearing organization, bank or other
financial institution (as defined in U.S. Treasury Regulation Section
1.165-12(c)(1)(v)) that holds customers' securities in the ordinary course of
its trade or business and agrees, and authorizes you to advise the issuer or the
issuer's agent, that it will comply with the requirements of Section
165(j)(3)(A), (B) or (C) of the Internal Revenue Code of 1986 and the
regulations thereunder and is not purchasing for resale directly or indirectly
to a United States Person or to a person within the United States or its
possessions. We undertake to advise you by tested telex followed by written
confirmation if the statement in the immediately preceding sentence is not
correct on the date of delivery of the above-captioned Debt Securities in bearer
form.

        We understand that this certificate is required in connection with the
United States tax laws. We irrevocably authorize you to produce this certificate
or a copy hereof to any interested party in any administrative or legal
proceedings with respect to the matters covered by this certificate.

Dated:
      -------------------------
[To be dated on or after ____________
(the date determined as provided in the
Indenture)]

                                      [Name of Person Entitled to Receive Bearer
                                      Security]

                                      ------------------------------------------
                                                (Authorized Signatory)

                                      Name:
                                           -------------------------------------
                                      Title:
                                            ------------------------------------

<PAGE>

                                                                       EXHIBIT B

         [Form of Certificate to be Given by Euroclear and Clearstream.
            in Connection with the Exchange of All or a Portion of a
                     Temporary Global Security or to Obtain

                           Interest Prior to Exchange]

                                   Certificate

                              INDYMAC BANCORP, INC.

           [Insert title or sufficient description of Debt Securities
                                to be delivered]

        We refer to that portion, ______________, of the Global Security
representing the above-captioned issue [which is herewith submitted to be
exchanged for definitive Debt Securities]* [for which we are seeking to obtain
payment of interest]* (the "Submitted Portion"). This is to certify, pursuant to
the Indenture dated as of August 30, 1999 (the "Indenture") between IndyMac
Bancorp, Inc. and _________________, as trustee (the "Trustee"), that we have
received in writing, by tested telex or by electronic transmission from member
organizations with respect to each of the persons appearing in our records as
being entitled to a beneficial interest in the Submitted Portion a Certificate
of Beneficial Ownership by a Non-United States Person or by Certain Other
Persons [and, in some cases, a Certificate of Status as a Foreign Branch of a
United States Financial Institution, authorizing us to inform the issuer or the
issuer's agent that it will comply with the requirements of Section
165(j)(3)(A), (B) or (C) of the Internal Revenue Code of 1986 and the
regulations thereunder]* substantially in the form of Exhibit A-1 [and A-2]* to
the Indenture.

        We hereby request that you deliver to the office of
________________________ in _________________ definitive Bearer Securities in
the denominations on the attached Schedule A.

        We further certify that as of the date hereof we have not received any
notification from any of the persons giving such certificates to the effect that
the statements made by them with respect to any part of the Submitted Portion
are no longer true and cannot be relied on as of the date hereof.

Dated:
      --------------------
                                            [EUROCLEAR BANK S.A./N.V, as
                                            Operator of the Euroclear System]
                                            [CLEARSTREAM BANKING S.A..]

                                            By:
                                               ---------------------------------

---------------
        *Delete if inappropriate.<PAGE>

                                                                     Exhibit 4.9

                              INDYMAC BANCORP, INC.

                                       To

                              THE BANK OF NEW YORK,
                                   as Trustee

                                  -------------

                          FIRST SUPPLEMENTAL INDENTURE

                          Dated as of November 14, 2001

                                  -------------

   6% Junior Subordinated Deferrable Interest Debentures due November 14, 2031

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                          Page
                                                                                          ----
<S>               <C>           <C>                                                       <C>

ARTICLE I DEFINITIONS.......................................................................2

                  Section 1.1   Definition of Terms.........................................2

ARTICLE II TERMS AND CONDITIONS OF THE DEBENTURES...........................................6

                  Section 2.1   Designation and Principal Amount............................6
                  Section 2.2   Maturity....................................................6
                  Section 2.3   Global Debentures...........................................6
                  Section 2.4   Interest....................................................7
                  Section 2.5   Optional Deferral of Interest...............................8
                  Section 2.6   Redemption..................................................9
                  Section 2.7   Limited Right to Require Exchange of Preferred Securities
                                and Repurchase of Debentures................................9
                  Section 2.8   Change of Control Right to Require Exchange of Preferred
                                Securities and Repurchase of Debentures....................10
                  Section 2.9   Distribution of Debentures in Exchange for Trust
                                Securities Upon the Occurrence of a Special Event..........11
                  Section 2.10  Events of Default..........................................12
                  Section 2.11  Amendment; Supplement; Waiver..............................12
                  Section 2.12  Defeasance.................................................16
                  Section 2.13  Paying Agent; Security Registrar...........................17

ARTICLE III FORM OF DEBENTURE..............................................................17

                  Section 3.1   Form of Debenture..........................................17

ARTICLE IV EXPENSES........................................................................17

                  Section 4.1   Payment of Expenses........................................17

ARTICLE V COVENANTS........................................................................18

                  Section 5.1   Covenants in the Event of an Event of Default or of a
                                Deferral of Interest.......................................18
                  Section 5.2   Additional Covenants Relating to the Trust.................19
                  Section 5.3   Covenant in Event of Distribution of Debentures............19
                  Section 5.4   Additional Covenant Relating to the Guarantee..............20
</TABLE>

                                       i
<PAGE>

                                TABLE OF CONTENTS
                                   (CONTINUED)

<TABLE>
<CAPTION>
                                                                                          Page
                                                                                          ----
<S>               <C>           <C>                                                       <C>

ARTICLE VI SUBORDINATION...................................................................21

                  Section 6.1   Debentures Subordinated to Senior Indebtedness.............21
                  Section 6.2   Subrogation................................................22
                  Section 6.3   Obligation of the Company is Absolute and Unconditional....23
                  Section 6.4   Maturity of or Default on Senior Indebtedness..............23
                  Section 6.5   Payments on Debentures Permitted...........................23
                  Section 6.6   Effectuation of Subordination by Trustee...................23
                  Section 6.7   Knowledge of Trustee.......................................24
                  Section 6.8   Trustee's Relation to Senior Indebtedness..................24
                  Section 6.9   Rights of Holders of Senior Indebtedness Not Impaired......25
                  Section 6.10  Modification of Terms of Senior Indebtedness...............25

ARTICLE VII RIGHTS OF HOLDERS OF PREFERRED SECURITIES......................................25

                  Section 7.1   Preferred Security Holders' Rights.........................25
                  Section 7.2   Direct Action..............................................25
                  Section 7.3   Payments Pursuant to Direct Actions........................26

ARTICLE VIII REMARKETING...................................................................26

                  Section 8.1   Effectiveness of this Article..............................26
                  Section 8.2   Remarketing................................................26

ARTICLE IX MISCELLANEOUS...................................................................32

                  Section 9.1   Ratification of Indenture..................................32
                  Section 9.2   Article 19 of the Base Indenture...........................32
                  Section 9.3   Trustee Not Responsible for Recitals.......................32
                  Section 9.4   Governing Law..............................................32
                  Section 9.5   Severability...............................................32
                  Section 9.6   Counterparts...............................................32

Exhibit A Form of Debenture
</TABLE>

                                       ii

<PAGE>

        FIRST SUPPLEMENTAL INDENTURE, dated as of November 14, 2001 (this "First
Supplemental Indenture"), between IndyMac Bancorp, Inc., a Delaware corporation
(the "Company"), having its principal place of business at 155 North Lake
Avenue, Pasadena, California 91101-7211, and THE BANK OF NEW YORK, a New York
banking corporation, as trustee (the "Trustee"), having its principal corporate
trust office at 101 Barclay Street, Floor 21 West, New York, New York 10286,
under the Indenture, dated as of November 14, 2001, between the Company and the
Trustee (the "Base Indenture", together with the First Supplemental Indenture,
the "Indenture").

        WHEREAS, the Company executed and delivered the Base Indenture to the
Trustee to provide for the issuance from time to time of the Company's unsecured
debentures, notes or other evidences of indebtedness (collectively the "Debt
Securities", and individually, a "Debt Security") to be issued in one or more
series as might be determined by the Company under the Base Indenture, in an
unlimited aggregate principal amount which may be authenticated and delivered as
provided in the Base Indenture;

        WHEREAS, pursuant to the terms of the First Supplemental Indenture, the
Company desires to provide for the establishment of a new series of Debt
Securities to be known as the 6% Junior Subordinated Deferrable Interest
Debentures due November 14, 2031 (the "Debentures"), the form and substance of
such Debentures and the terms, provisions and conditions thereof to be as set
forth in the Indenture;

        WHEREAS, IndyMac Capital Trust I, a Delaware statutory business trust
(the "Trust"), has offered to the public $175,000,000 (or $200,000,000 if the
Underwriters' option to purchase an additional $25,000,000 of Units is exercised
in full) in aggregate stated liquidation amount of its 6% Preferred Securities
(the "Preferred Securities") and, in connection therewith, the Company has
agreed to purchase $5,412,400 (or $6,185,600 if the Underwriters' option to
purchase an additional $25,000,000 of Units is exercised in full) in aggregate
stated liquidation amount of the Trust's common securities (the "Common
Securities" and, together with the Preferred Securities, the "Trust
Securities"), each representing an undivided beneficial ownership interest in
the assets of the Trust, and proposes to invest the proceeds from such offerings
in $180,412,500 (or $206,185,600 if the Underwriters' option to purchase an
additional $25,000,000 of Units is exercised in full) aggregate principal amount
of the Debentures; and

        WHEREAS, the Company has requested that the Trustee execute and deliver
this First Supplemental Indenture, all requirements necessary to make this First
Supplemental Indenture a valid instrument in accordance with its terms (and to
make the Debentures, when executed by the Company and authenticated and
delivered by the Trustee, the valid obligations of the Company) have been
performed, and the execution and delivery of this First Supplemental Indenture
has been duly authorized in all respects.

        NOW, THEREFORE, in consideration of the purchase and acceptance of the
Debentures by the Holders (as defined below) thereof, and for the purpose of
setting forth, as provided in the Indenture, the form and substance of the
Debentures and the terms, provisions and conditions thereof, the Company
covenants and agree with the Trustee as follows:

                                       1
<PAGE>

                                    ARTICLE I

                                   DEFINITIONS

SECTION 1.1    DEFINITION OF TERMS.

        Unless the context otherwise requires:

        (a) a term not defined herein that is defined in the Base Indenture has
the same meaning given to such term in the Base Indenture when used in this
First Supplemental Indenture;

        (b) a term defined anywhere in this First Supplemental Indenture has the
same meaning throughout;

        (c) the singular includes the plural and vice versa;

        (d) a reference to a Section or Article is to a Section or Article of
this First Supplemental Indenture;

        (e) headings are for convenience of reference only and do not affect
interpretation;

        (f) the following terms have the following meanings:

                "Accreted Value" has the meaning set forth in the Trust
        Agreement.

                "Additional Interest" has the meaning set forth in the Base
        Indenture.

                "Administrative Trustees" has the meaning set forth in the Trust
        Agreement.

                "Bank" has the meaning set forth in Section 5.5.

                "Base Indenture" has the meaning set forth in the Recitals.

                "Business Day" has the meaning set forth in the Trust Agreement.

                "Change of Control" has the meaning set forth in the Trust
        Agreement.

                "Change of Control Repurchase Date" has the meaning set forth in
        the Trust Agreement.

                "Change of Control Repurchase Price" has the meaning set forth
        in the Trust Agreement.

                "Change of Control Repurchase Right" has the meaning set forth
        in the Trust Agreement.

                "Common Securities" has the meaning set forth in the Recitals.

                "Company" has the meaning set forth in the Recitals.

                                       2
<PAGE>

                "Compounded Interest" has the meaning set forth in Section
        2.5(a).

                "Coupon Rate" has the meaning set forth in Section 2.4(a).

                "Debenture Distribution Notice" has the meaning set forth in the
        Trust Agreement.

                "Debenture Issuer" has the meaning set forth in the Trust
        Agreement.

                "Debentures" has the meaning set forth in the Recitals.

                "Debt Securities" or "Debt Security" has the meaning set forth
        in the Recitals.

                "Delaware Trustee" has the meaning set forth in the Trust
        Agreement.

                "Direct Action" has the meaning set forth in Section 7.2.

                "Distribution Date" has the meaning set forth in the Trust
        Agreement.

                "Distributions" have the meaning set forth in the Trust
        Agreement.

                "Exchange Agent" has the meaning set forth in the Trust
        Agreement.

                "Exercise Price" has the meaning set forth in the Warrant
        Agreement.

                "Extension Period" has the meaning set forth in Section 2.5(a).

                "Failed Remarketing" has the meaning set forth in the Trust
        Agreement.

                "Failed Remarketing Date" has the meaning set forth in the Trust
        Agreement.

                "First Supplemental Indenture" has the meaning set forth in the
        Recitals.

                "Global Debenture" has the meaning set forth in Section 2.3(a).

                "Guarantee" has the meaning set forth in the Trust Agreement.

                "Holder" means a Person in whose name a Debenture is registered.

                "Indenture" has the meaning set forth in the Recitals.

                "Legal Cause Remarketing Event" has the meaning set forth in the
        Trust Agreement.

                "Legal Requirements" has the meaning set forth in the Trust
        Agreement.

                "Like Amount" has the meaning set forth in the Trust Agreement.

                "90 Day Period" has the meaning set forth in the Trust
        Agreement.

                                       3
<PAGE>

                "Non Book-Entry Preferred Securities" has the meaning set forth
        in Section 2.3(b).

                "No Recognition Opinion" has the meaning set forth in the Trust
        Agreement.

                "Officers' Certificate" has the meaning set forth in the Trust
        Agreement.

                "Opinion of Counsel" means the written opinion of counsel
        rendered by a law firm which shall be acceptable to the Trustee.

                "Payment Blockage Notice" has the meaning set forth in Section
        6.1(d).

                "Preferred Securities" has the meaning set forth in the
        Recitals.

                "Preferred Security Certificate" has the meaning set forth in
        the Trust Agreement.

                "Property Trustee" has the meaning set forth in the Trust
        Agreement.

                "Pro Rata" has the meaning set forth in the Trust Agreement.

                "Purchase Agreement" has the meaning set forth in the Trust
        Agreement.

                "Remarketing" means:

                (i) as long as the Trust has not been liquidated, the operation
        of the procedures for remarketing specified in Section 6.6 of the Trust
        Agreement; and

                (ii) if the Trust has been liquidated, the operation of the
        procedures for remarketing specified in Article VIII.

                "Remarketing Agent" has the meaning set forth in the Trust
        Agreement.

                "Remarketing Agreement" has the meaning set forth in the Trust
        Agreement.

                "Remarketing Date" has the meaning set forth in the Trust
        Agreement.

                "Remarketing Event" has the meaning set forth in the Trust
        Agreement.

                "Remarketing Settlement Date" has the meaning set forth in the
        Trust Agreement.

                "Repurchase Price" has the meaning set forth in the Trust
        Agreement.

                "Repurchase Right" has the meaning set forth in the Trust
        Agreement.

                "Required Repurchase Date" has the meaning set forth in the
        Trust Agreement.

                "Reset Rate" has the meaning set forth in the Trust Agreement.

                                       4
<PAGE>

                "Senior Indebtedness" means the principal of, premium, if any,
        interest (including all interest accruing subsequent to the commencement
        of any bankruptcy or similar proceeding, whether or not a claim for
        post-petition interest is allowable as a claim in any such proceeding)
        on and all fees, costs, expenses and other amounts accrued or due on or
        in connection with:

                        (1) all indebtedness, obligations and other liabilities
                (contingent or otherwise) of the Company for borrowed money
                (including obligations of the Company in respect of overdrafts,
                foreign exchange contracts, currency exchange agreements,
                interest rate protection agreements, and any loans or advances
                from banks, whether or not evidenced by notes or similar
                instruments) or evidenced by bonds, debentures, notes or other
                instruments for the payment of money, or incurred in connection
                with the acquisition of any properties or assets (whether or not
                the recourse of the lender is to the whole of the assets of the
                Company or to only a portion thereof), other than any account
                payable or other accrued current liability or obligation to
                trade creditors incurred in the ordinary course of business;

                        (2) all obligations and liabilities (contingent or
                otherwise) in respect of leases of the Company required or
                permitted, in conformity with generally accepted accounting
                principles, to be accounted for as capitalized lease obligations
                on the balance sheet of the Company;

                        (3) all direct or indirect guaranties or similar
                agreements by the Company in respect of, and obligations or
                liabilities (contingent or otherwise) of the Company to purchase
                or otherwise acquire or otherwise assure a creditor against loss
                in respect of, indebtedness, obligations or liabilities of
                another Person of the kind described in clauses (1) and (2);

                        (4) any and all amendments, renewals, extensions and
                refundings of any indebtedness, obligation or liability of the
                kind described in clauses (1) through (3),

        unless in the case of any particular indebtedness the instrument
        creating or evidencing the same or the assumption or guarantee thereof
        expressly provides that such indebtedness shall not be senior in right
        of payment to the Debentures or expressly provides that such
        Indebtedness is pari passu or junior to the Debentures.

                "Special Event" has the meaning set forth in the Trust
        Agreement.

                "Special Record Date" has the meaning set forth in the Trust
        Agreement.

                "Trading Remarketing Event" has the meaning set forth in the
        Trust Agreement.

                "Trust" has the meaning set forth in the Recitals.

                "Trust Agreement" means the Amended and Restated Trust Agreement
        of the Trust, dated as of November 14, 2001, among the Debenture Issuer,
        in its capacity as

                                       5
<PAGE>

        Sponsor, the initial Administrative Trustees, Wilmington Trust Company,
        as Property Trustee, and Wilmington Trust Company, as Delaware Trustee,
        as amended and restated from time to time.

                "Trust Securities" has the meaning set forth in the Recitals.

                "Trustee" has the meaning set forth in the Recitals.

                "Underwriter" has the meaning set forth in the Trust Agreement

                "Unit" has the meaning set forth in the Trust Agreement.

                "Warrant" has the meaning set forth in the Warrant Agreement.

                "Warrant Agreement" has the meaning set forth in the Trust
        Agreement.

                "Warrant Requirements" has the meaning set forth in the Trust
        Agreement.

                                   ARTICLE II
                     TERMS AND CONDITIONS OF THE DEBENTURES

SECTION 2.1    DESIGNATION AND PRINCIPAL AMOUNT.

        There is hereby authorized a series of Debt Securities designated the
"6% Junior Subordinated Deferrable Interest Debentures due November 14, 2031",
limited in aggregate principal amount to $180,412,400 (or $206,185,600 if the
Initial Purchaser's option to purchase an additional $25,000,000 of the Units is
exercised in full).

SECTION 2.2    MATURITY.

        The Stated Maturity shall be November 14, 2031, unless reset in
connection with a Remarketing to 60 days following the Remarketing Date.

SECTION 2.3    GLOBAL DEBENTURES.

        If distributed to holders of Trust Securities in connection with the
involuntary or voluntary dissolution of the Trust:

        (a) The Debentures in definitive form may be presented to the Trustee
by the Property Trustee in exchange for a global security in an aggregate
principal amount equal to all Outstanding Debentures (a "Global Debenture"). The
Company upon any such presentation shall execute a Global Debenture in such
aggregate principal amount and deliver the same to the Trustee for
authentication and delivery in accordance with the Base Indenture and this First
Supplemental Indenture. The Depositary for the Debentures will be The Depositary
Trust Company. The Global Debentures will be registered in the name of the
Depositary or its nominee, Cede & Co., and delivered by the Trustee to the
Depositary or a custodian appointed by the Depositary for crediting to the
accounts of its participants pursuant to the instructions of

                                       6
<PAGE>

the Administrative Trustees. Payments on the Debentures issued as a Global
Debenture will be made to the Depositary or its nominee.

        (b) If any Preferred Securities are held in definitive form, the
Debentures in definitive form may be presented to the Trustee by the Property
Trustee, and any Preferred Security Certificate which represents Preferred
Securities other than Preferred Securities held by the depositary for the
Preferred Securities or its nominee ("Non Book-Entry Preferred Securities") will
be deemed to represent beneficial ownership interests in Debentures presented to
the Trustee by the Property Trustee having an aggregate principal amount equal
to the aggregate stated 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 Debenture 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 stated 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 the
Base Indenture and this First Supplemental Indenture. On issue of such
Debentures, Debentures with an equivalent aggregate principal amount that were
presented by the Property Trustee to the Trustee will be deemed to have been
canceled.

SECTION 2.4    INTEREST.

        (a) Each Debenture will bear interest at a rate per annum of 6% (the
"Coupon Rate") of the principal amount of $50 per Debenture from and including
November 14, 2001 to, but excluding, the Remarketing Date, and at the Reset Rate
on the Accreted Value of the Debenture from and including the Remarketing Date
to, but excluding, the Stated Maturity, payable quarterly in arrears on February
1, May 1, August 1 and November 1 of each year (each, an "Interest Payment
Date"), commencing on February 1, 2002.

        (b) Additional Interest will accrue and compound quarterly at the
Coupon Rate of the principal amount of the Debentures or the Reset Rate on the
Accreted Value of the Debentures, as the case may be. All references to interest
in this First Supplemental Indenture include any applicable Additional Interest.

        (c) The Regular Record Dates for the Debentures shall be:

                (i) as long as the Debentures are represented by a Global
        Debenture, the Business Day preceding the corresponding Interest Payment
        Date; or

                (ii) if the Debentures are issued in definitive form, at least
        one Business Day prior to the corresponding Interest Payment Date.

        (d) The amount of interest payable on the Debentures for any period
will be computed:

                (i) for any full 90-day quarterly period, on the basis of a
        360-day year of twelve 30-day months;

                                       7
<PAGE>

                (ii) for any period shorter than a full 90-day quarterly period,
        on the basis of a 30-day month; and

                (iii) for any period shorter than a 30-day month, on the basis
        of the actual number of days elapsed in the 30-day month.

        In the event that any date on which interest is payable on the
Debentures is not a Business Day, payment of the interest payable on such date
will be made on the next day that is a Business Day (and without any additional
interest or other payment in respect of any such delay), except that, if such
Business Day is in the next calendar year, such payment will be made on the
preceding Business Day with the same force and effect as if made on the date
such payment was originally payable.

SECTION 2.5    OPTIONAL DEFERRAL OF INTEREST.

        Section 313 of the Base Indenture is replaced by this Section 2.5,
together with Section 5.5.

        (a) As long as no Event of Default described in Section 501(1) of the
Original Indenture has occurred and is continuing, and as long as a Failed
Remarketing has not occurred, the Company has the right, at any time and from
time to time, to defer payments of interest on the Debentures by extending the
interest payment period on the Debentures for a period (each, an "Extension
Period") not exceeding 20 consecutive quarters, during which Extension Period no
interest shall be due and payable on the Debentures, provided that no Extension
Period shall end on a date other than an Interest Payment Date for the
Debentures or extend beyond the Stated Maturity. Upon the occurrence of a Failed
Remarketing, any such Extension Period shall terminate, and interest shall
become payable in cash on the next Interest Payment Date. Despite such deferral,
interest shall continue to accrue with Additional Interest thereon (to the
extent permitted by applicable law) at the Coupon Rate on the principal amount
of the Debentures or the Reset Rate on the Accreted Value of the Debentures, as
applicable, compounded quarterly during any such Extension Period ("Compounded
Interest"). Prior to the termination of any such Extension Period, the Company
may further defer payments of interest by further extending such Extension
Period; provided that such Extension Period, together with all such previous and
further extensions of such Extension Period, may not exceed 20 consecutive
quarters or extend beyond the Stated Maturity. At the termination of any
Extension Period, the Company shall pay all interest then accrued and unpaid,
plus Compounded Interest. Upon the termination of any Extension Period and the
payment of all amounts then due, the Company may commence a new Extension
Period, subject to the above requirements.

        (b) The procedure the Company must follow to exercise its option to
defer payments of interest on the Debentures for an Extension Period shall be as
follows:

                (i) If the Property Trustee shall be the only holder of the
        Debentures, the Company shall give notice of its election of such
        extension period to the Property Trustee, the Administrative Trustees
        and the Trustee at least one Business day prior to the earlier of:

                                       8
<PAGE>

                        (A) the next date on which Distributions on the
                Preferred Securities are payable; or

                        (B) the date the Administrative Trustees are required to
                give notice of the record date or the date such Distributions
                are payable for the first quarter of such Extension Period to
                (x) any national stock exchange or other organization on which
                the Preferred Securities are listed or quoted, if any, or (y)
                the holders of the Preferred Securities; or

                (ii) If the Property Trustee shall not be the holder of the
        Debentures, the Company shall give notice of its election of such
        extension period to the Holders at least ten Business Days prior to the
        earlier of:

                        (A) the Interest Payment Date for the first quarter of
                such Extension Period; or

                        (B) the date on which the Company is required to give
                notice of the record date or the payment date of such related
                interest payment for the first quarter of such Extension Period
                to (x) any national stock exchange or other organization on
                which the Debentures are listed or quoted, if any, or (y) the
                Holders.

                (iii) The Company shall pay all deferred interest and Compounded
        Interest on the Debentures prior to the exercise of its right to cause a
        Remarketing of the Debentures.

SECTION 2.6    REDEMPTION.

        (a) The Company shall have no right to redeem the Debentures.

        (b) Article 12 of the Base Indenture will not apply to the Debentures
and they shall not be subject to a sinking fund provision.

SECTION 2.7    LIMITED RIGHT TO REQUIRE EXCHANGE OF PREFERRED SECURITIES AND
               REPURCHASE OF DEBENTURES.

        (a) Pursuant to Section 6.7 of the Trust Agreement, in the event a
holder of a Unit exercises a Warrant on a date other than a Remarketing
Settlement Date and elects to exercise its Repurchase Right, the Company shall
be required to repurchase at the Repurchase Price on the applicable Required
Repurchase Date Debentures having an Accreted Value on the date of exchange of
Preferred Securities for Debentures equal to the Accreted Value of the exchanged
Preferred Securities on such exchange date.

        (b) No less than three Business Days prior to the applicable Required
Repurchase Date:

                (i) if the Preferred Securities to be exchanged are represented
        by a Global Preferred Security, the Trustee shall, in accordance with
        the instruction of the Property Trustee provided for in the Trust
        Agreement, transfer to the Exchange Agent Debentures

                                       9
<PAGE>

        having an Accreted Value equal to the Accreted Value of the Preferred
        Securities for which, pursuant to the Trust Agreement, the necessary
        endorsement to the "Schedule of Increases or Decreases in Global
        Preferred Security" attached to the Global Preferred Security was made
        to reduce the amount of Preferred Securities represented thereby; and

                (ii) if the Preferred Securities to be exchanged are represented
        by Definitive Preferred Securities, the Trustee shall, in accordance
        with the instruction of the Property Trustee provided for in the Trust
        Agreement, deliver to such Holder definitive Debentures having an
        Accreted Value equal to the Accreted Value of the Preferred Securities
        of such Holder which, pursuant to the Trust Agreement, were presented by
        such Holder to the Property Trustee for cancellation.

        (c) On the applicable Required Repurchase Date, the Debenture Issuer
shall repurchase the Debentures which were the subject of an exchange notice
received by the Debenture Issuer by paying the Repurchase Price directly to the
selling Holder.

SECTION 2.8    CHANGE OF CONTROL RIGHT TO REQUIRE EXCHANGE OF PREFERRED
               SECURITIES AND REPURCHASE OF DEBENTURES.

        (a) Pursuant to Section 6.8 of the Trust Agreement, in the event a
Change of Control occurs and the holder of a Unit or the holder of a Trust
Security, as the case may be, elects to exercise its Change of Control
Repurchase Right, the Company shall be required to repurchase at the Change of
Control Repurchase Price on the Change of Control Repurchase Date Debentures
having an Accreted Value on the date of exchange equal to the Accreted Value of
the exchanged Preferred Securities on such exchange date.

        (b) No less than three Business Days prior to the Change of Control
Repurchase Date:

                (i) if the Preferred Securities to be exchanged are represented
        by a Global Preferred Security, the Trustee shall, in accordance with
        the instruction of the Property Trustee provided for in the Trust
        Agreement, transfer to the Exchange Agent Debentures having an Accreted
        Value equal to the Accreted Value of the Preferred Securities for which,
        pursuant to the Trust Agreement, the necessary endorsement to the
        "Schedule of Increases or Decreases in Global Preferred Security"
        attached to the Global Preferred Security was made to reduce the amount
        of Preferred Securities represented thereby; and

                (ii) if the Preferred Securities to be exchanged are represented
        by Definitive Preferred Securities, the Trustee shall, in accordance
        with the instruction of the Property Trustee provided for in the Trust
        Agreement, deliver to such Holder definitive Debentures having an
        Accreted Value equal to the Accreted Value of the Preferred Securities
        of such Holder which, pursuant to the Trust Agreement, were presented by
        such Holder to the Property Trustee for cancellation.

        (c) On the Change of Control Repurchase Date, the Debenture Issuer shall
repurchase the Debentures which were the subject of an exchange notice received
by the Debenture Issuer by paying the Change of Control Repurchase Price
directly to the selling Holder.

                                       10
<PAGE>

SECTION 2.9    DISTRIBUTION OF DEBENTURES IN EXCHANGE FOR TRUST SECURITIES UPON
               THE OCCURRENCE OF A SPECIAL EVENT.

        (a) If at any time a Special Event occurs and certain conditions set
forth in Section 2.9(b) are satisfied, the Administrative Trustees may dissolve
the Trust and, after satisfaction of liabilities to creditors of the Trust as
provided by applicable law, cause the Debentures held by the Property Trustee to
be distributed to the holders of Trust Securities in liquidation of such
holders' interests in the Trust on a Pro Rata basis, upon not less than 30 nor
more than 60 days notice, within the 90 Day Period, and, simultaneous with such
distribution, to cause a Like Amount of the Trust Securities to be exchanged by
the Trust on a Pro Rata basis.

        (b) The dissolution of the Trust and distribution of the Debentures
pursuant to Section 2.9(a) shall be permitted only upon satisfaction of the
following three conditions:

                (i) the receipt by the Administrative Trustees of a No
        Recognition Opinion;

                (ii) neither the Trust nor the Company being able to eliminate
        such Special Event by taking some ministerial action (such as filing a
        form, making an election or pursuing some other reasonable measure)
        that:

                        (A) has no material adverse effect on the Trust, the
                Company or the holders of the Trust Securities; or

                        (B) does not subject any of them to more than de minimis
                regulatory requirements; and

                (iii) the receipt by the Administrative Trustees of the prior
        written consent of the Company.

        (c) A Debenture Distribution Notice, which notice shall be irrevocable,
shall be given by the Trust by mail to each holder of Trust Securities not fewer
than 30 nor more than 60 days before the date of distribution of the Debentures.
A Debenture Distribution Notice shall be deemed to be given on the day such
notice is first mailed by first-class mail, postage prepaid, to Holders. No
defect in the Debenture Distribution Notice or in the mailing of the Debenture
Distribution Notice with respect to any holder of Trust Securities shall affect
the validity of the exchange proceedings with respect to any other holder of
Trust Securities.

        (d) On and from the date fixed by the Property Trustee for any
distribution of Debentures and liquidation of the Trust:

                (i) the Trust Securities no longer shall be deemed to be
        outstanding;

                (ii) the Depositary or its nominee (or any successor Depositary
        or its nominee), as the holder of the Preferred Securities, will receive
        a registered global certificate or certificates representing the
        Debentures to be delivered upon such distribution; and

                                       11
<PAGE>

               (iii) any certificates representing Trust Securities not held by
        the Depositary or its nominee (or any successor Depositary or its
        nominee) shall be deemed to represent Debentures having an aggregate
        principal amount equal to the aggregate liquidation amount of such Trust
        Securities and bearing accrued and unpaid interest in an amount equal to
        the accumulated and unpaid Distributions on such Trust Securities, until
        such certificates are presented for cancellation, at which time the
        Company shall issue, and the Trustee shall authenticate, a certificate
        representing such Debentures.

        (e) In the event of a dissolution of the Trust and a distribution of
the Debentures, the Company shall have the same right, and shall be subject to
same terms and conditions, to cause a Remarketing of the Debentures as the
Company has and is subject to under Section 6.6 of the Trust Agreement to cause
a Remarketing of the Preferred Securities.

SECTION 2.10   EVENTS OF DEFAULT.

        In addition to the Events of Default set forth in Section 501 of the
Base Indenture, it shall be an Event of Default with respect to the Debentures
if the following occurs and shall be continuing:

        (a) the Company defaults in the payment of the principal of any of
the Debentures when it becomes due and payable upon exercise of a Repurchase
Right, upon exercise of a Change of Control Repurchase Right or otherwise,
whether or not such payment is prohibited by the subordination provisions of
Article 6 of this First Supplemental Indenture; or

        (b) the Trust shall have voluntarily or involuntarily dissolved,
wound up its business or otherwise terminated its existence, except in
connection with:

                (i) the distribution of the Debentures held by the Trust to the
        holders of the Trust Securities in liquidation of their interests in the
        Trust;

                (ii) the redemption of all of the outstanding Trust Securities;
        or

                (iii) a merger, consolidation, conversion, amalgamation,
        replacement or other transaction involving the Trust that is permitted
        under Section 3.15 of the Trust Agreement.

SECTION 2.11   AMENDMENT; SUPPLEMENT; WAIVER.

        (a) Amendment Without Consent of Holders.

        Section 901 of the Base Indenture shall be superseded by this Section
2.11(a).

        Without the consent of any Holders, the Company, when authorized by a
Board Resolution, and the Trustee, at any time and from time to time, may amend
the Indenture and the Debentures to:

                (i) add to the covenants of the Company for the benefit of the
        Holders;

                                       12
<PAGE>

                (ii) add to the Events of Default under the Indenture;

                (iii) surrender any right or power herein conferred upon the
        Company;

                (iv) provide for the assumption of the Company's obligations to
        the Holders in the case of a merger, consolidation, conveyance, transfer
        or lease pursuant to Article 8 of the Base Indenture;

                (v) comply with the requirements of the Securities Exchange
        Commission in order to maintain the qualification of the Indenture under
        the Trust Indenture Act; or

                (vi) cure any ambiguity, correct or supplement any provision
        herein which may be inconsistent with any other provision herein or
        which is otherwise defective, or make any other provisions with respect
        to matters or questions arising under the Indenture which the Company
        and the Trustee may deem necessary or desirable and which shall not be
        inconsistent with the provisions of the Indenture; provided, that such
        action pursuant to this clause (vi) does not adversely affect the
        interests of the Holders in any material respect, or, in the case of the
        Debt Securities of a series issued to an Issuer Trust and for so long as
        any of the corresponding series of Trust Preferred Securities issued by
        such Issuer Trust shall remain outstanding, the holders of such Trust
        Preferred Securities.

                (b) Amendment With Consent of Holders.

        Section 902 of the Base Indenture shall be superseded by this Section
2.11(b).

        With the consent of the Holders of not less than a majority in aggregate
principal amount of the Debentures and of all other series of Debt Securities
affected at the time Outstanding, voting as one class, the Company and the
Trustee, at any time and from time to time, may amend the Indenture and the
Debentures; provided, however, no such modification or amendment shall be
effective until the Holder of each Debenture affected at the time Outstanding
shall have consented to such modification or amendment, if such modification or
amendment shall:

                (i) change the Stated Maturity of the principal of, or the time
        of payment of any installment of interest on, any Debenture;

                (ii) reduce the principal amount of, or the rate of interest on,
        any Debenture;

                (iii) change the place of payment where the Debentures or any
        interest thereon is payable;

                (iv) impair the right to institute suit for the enforcement of
        any such payment on or with respect to the Debentures;

                (v) reduce the above-stated percentage of principal amount of
        Debentures, the Holders of which are required to modify or amend the
        Indenture, to consent to any waiver thereunder or to approve any
        supplemental indenture;

                                       13
<PAGE>

                (vi) change any obligation of the Company to maintain an office
        or agency in the place and for the purposes required by the Indenture;
        or

                (vii) modify any of the above provisions;

and provided, further, that no such modification or amendment shall be effective
until the holders of not less than 66 2/3% of the aggregate stated liquidation
amount of the Trust Securities shall have consented to such modification or
amendment; and provided, further, that where the consent of the Holders of not
less than 66 2/3% of the aggregate principal amount of the Debentures is
required pursuant to Section 902 of the Base Indenture, no such modification or
amendment shall be effective until the holders of at least the same proportion
in aggregate stated liquidation amount of the Trust Securities shall have
consented to such modification or amendment.

        (c) Waiver of Past Defaults.

        Section 513 of the Base Indenture shall be supplemented by this Section
2.11(c).

        The Holders of not less than 66 2/3% of aggregate principal amount of
the Debentures then Outstanding, and in the case of any Debt Securities of a
series initially issued to an Issuer Trust, the holders of a majority in
aggregate Liquidation Amount (as defined in the related Trust Agreement) of
Trust Preferred Securities issued by such Issuer Trust may waive any past
default with respect to the Debentures, except for (i) a default in the payment
of principal of or interest on the Debentures and (ii) a default in respect of a
covenant or provision of the Indenture which cannot be modified or amended
without the consent of the Holder of each Debenture then Outstanding, provided,
however, that no such waiver shall be effective until the holders of a majority
in aggregate stated liquidation amount of Trust Securities shall have consented
to such waiver; and provided, further, that where a consent would require the
Holders of more than a majority in principal amount of Debentures, no such
waiver shall be effective until the holders of at least the same proportion in
aggregate stated liquidation amount of Trust Securities shall have consented to
such waiver.

        (d) Meetings and Voting.

        Sections 1602 and 1604 of the Base Indenture shall be superseded by this
Section 2.11(d).

                (i) The Trustee may at any time call a meeting of Holders of
        Debentures for any purpose specified in Section 1601 of the Base
        Indenture, to be held at such time and at such place in The City of New
        York as shall be determined by the Trustee. Notice of every meeting of
        Holders of Debentures, 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 not less than 21 nor more than 180 days prior to
        the date fixed for the meeting.

        In case at any time the Company, pursuant to a Board Resolution, or the
Holders of at least 20% in principal amount of the Outstanding Debentures shall
have requested the Trustee to call a meeting of the Holders of Debentures for
any purpose specified in Section 1601 of the Base Indenture, by written request
setting forth in reasonable detail the action proposed to be

                                       14
<PAGE>

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 Debentures in the amount specified, as the
case may be, may determine the time and the place in The City of New York for
such meeting and may call such meeting for such purposes by giving notice
thereof.

                (ii) Except as provided below, the Persons entitled to vote a
        majority in principal amount of the Outstanding Debentures shall
        constitute a quorum. 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 Debentures, 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 herein, except that such
        notice need be given only once and 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
        of the principal amount of the Outstanding Debentures which shall
        constitute a quorum.

        Subject to the foregoing, at the reconvening of any meeting adjourned
for a lack of a quorum, the Persons entitled to vote 25% in principal amount of
the Outstanding Debentures at the time shall constitute a quorum for the taking
of any action set forth in the notice of the original meeting.

        At a meeting or an adjourned meeting duly reconvened and at which a
quorum is present as aforesaid, any resolution and all matters shall be
effectively passed and decided if passed or decided by the Persons entitled to
vote the lesser of:

                        (A) a majority in principal amount of the Debentures
                then Outstanding; or

                        (B) 66 2/3% in principal amount of the Debentures
                represented and voting at such meeting;

provided, however, that if any consent, waiver or other action must be given,
made or taken by the Holders of a specified percentage in principal amount of
Outstanding Debentures (which is less than a majority of the principal amount of
the Debentures then Outstanding), then such consent, waiver or other action may
be given, made or taken by the Persons entitled to vote the lesser of:

                        (x) the specified percentage in principal amount of the
                Debentures then Outstanding; or

                        (y) a majority in principal amount of the Debentures
                represented and voting at such meeting.

                                       15
<PAGE>

        Any resolution passed or decisions taken at any meeting of Holders of
Debentures duly held in accordance with this Section shall be binding on all the
Holders of Debentures, whether or not present or represented at the meeting.

SECTION 2.12   DEFEASANCE.

        Section 1701 of the Base Indenture shall be superseded by this Section
2.12.

        The Company shall be deemed to have been discharged from its obligations
with respect to all of the outstanding Debentures on the date of the deposit
referred to in subparagraph (1) hereof, and the provisions of this Indenture, as
it relates to such outstanding Debentures, shall no longer be in effect (and the
Trustee, at the expense of the Company, shall, upon the request of the Company,
execute proper instruments acknowledging the same), except as to:

                (i) the rights of Holders of Debentures to receive, solely from
        the trust funds described in subparagraph (1) hereof, payments of the
        principal of or interest on the outstanding Debentures on the date such
        payments are due; and

                (ii) the rights, powers, trust and immunities of the Trustee
        hereunder and the duties of the Trustee under Section 402 of the Base
        Indenture and the duty of the Trustee to authenticate Debentures issued
        on registration of transfer of exchange;

        provided that the following conditions shall have been satisfied:

                (1) the Company shall have deposited, or caused to be deposited,
        irrevocably with the Trustee, under the terms of an escrow trust
        agreement satisfactory to the Trustee, 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
        Debentures, cash in U.S. dollars and/or Eligible Instruments (including
        U.S. Government Obligations) which through the payment of interest and
        principal in respect thereof, in accordance with their terms, will
        provide (and without reinvestment and assuming no tax liability will be
        imposed on such Trustee), not later than one day before the due date of
        any payment of money, an amount in cash, 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
        principal of and interest on all the Debentures on the dates such
        payments of principal or interest are due and payable;

                (2) no Default or Event of Default with respect to the
        Debentures shall have occurred and be continuing on the date of such
        deposit;

                (3) such deposit and the related intended consequences will not
        result in a breach or violation of, or constitute a default or event of
        default under, the Indenture or any other material indenture, agreement
        or other instrument binding upon the Company or its subsidiaries or any
        of their properties or assets;

                (4) the Company shall have delivered to the Trustee an Officers'
        Certificate and an Opinion of Counsel to the effect that (a) the Company
        has received from, or there has been published by, the Internal Revenue
        Service a ruling (which ruling shall be

                                       16
<PAGE>

        satisfactory to the Trustee), or (b) since the date of execution of this
        First Supplemental Indenture, there has been a change in the applicable
        federal income tax law, in either case to the effect that, and based
        thereon such Opinion of Counsel shall confirm that, the Holders will not
        recognize income, gain or loss for federal income tax purposes as a
        result of such deposit, defeasance and discharge and will be subject to
        federal income tax on the same amount and in the same manner and at the
        same times as would have been the case if such deposit, defeasance and
        discharge had not occurred;

                (5) the Company shall have delivered to the Trustee an Officers'
        Certificate stating that the deposit was not made by the Company with
        the intent of preferring the Holders over any other creditors of the
        Company or with the intent of defeating, hindering, delaying or
        defrauding any other creditors of the Company;

                (6) such deposit 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 (the "Investment Company
        Act"), or such trust shall be qualified under such Act or exempt from
        regulation thereunder; and

                (7) the Company shall have delivered to the Trustee an Officers'
        Certificate and an Opinion of Counsel, each stating that all conditions
        precedent relating to the defeasance contemplated by this Section 2.12
        have been complied with.

        Notwithstanding a defeasance of the Debentures, the Company shall
continue to have the right to cause a Remarketing of the Debentures so long as
the amounts described above are expected to be on deposit in the escrow trust
account as of such adjusted date of maturity (i.e., 60 days following the
Remarketing Date).

SECTION 2.13   PAYING AGENT; SECURITY REGISTRAR.

        Initially, the Trustee shall act as Paying Agent and Security Registrar.
If the Debentures are issued in definitive form, the Corporate Trust Office
shall be the office or agency of the Paying Agent and the Security Registrar for
the Debentures.

                                   ARTICLE III
                                FORM OF DEBENTURE

SECTION 3.1    FORM OF DEBENTURE.

        The Debentures and the Trustee's Certificate of Authentication to be
endorsed thereon are to be substantially in the forms of Exhibit A annexed
hereto.

                                   ARTICLE IV
                                    EXPENSES

SECTION 4.1    PAYMENT OF EXPENSES.

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

                                       17
<PAGE>

        (a) pay all costs and expenses relating to the offering, sale and
issuance of the Debentures, including compensation to any applicable
underwriters payable pursuant to the Purchase Agreement and compensation of the
Trustee under the Indenture in accordance with the provisions of Section 607 of
the Indenture; and

        (b) pay for 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 compensation to
any applicable underwriters in connection therewith); the fees and expenses of
the Property Trustee (including, without limitation, those incurred in
connection with the enforcement by the Property Trustee of the rights of the
holders of the Preferred Securities), the Delaware Trustee and the
Administrative Trustees; 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 agents, registrars,
transfer agents, duplicating, travel and telephone and other telecommunications
expenses); and costs and expenses incurred in connection with the acquisition,
financing and disposition of Trust assets;

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

        (d) pay any and all taxes (other than United States withholding
taxes), duties, assessments or governmental charges of whatever nature 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.

                                    ARTICLE V
                                    COVENANTS

SECTION 5.1    COVENANTS IN THE EVENT OF AN EVENT OF DEFAULT OR OF A DEFERRAL OF
               INTEREST.

        If an Event of Default occurs and written notice of such event has been
given to the Company, or if the Company exercises its right to defer payments of
interest on the Debentures pursuant to Section 2.5, the Company may not:

        (a) declare or pay any dividends or distributions on, or redeem,
purchase, acquire, or make a liquidation payment with respect to, any of its
capital stock; or

        (b) make any payment of principal or interest on or repay, repurchase
or redeem any debt securities of the Company that rank on a parity with or
junior in interest to the Debentures or make any guarantee payments with respect
to any guarantee by the Company of the debt securities of any subsidiary of the
Company if such guarantee ranks on a parity with or junior in interest to the
Debentures;

in each case, other than:

                (i) dividends or distributions in capital stock (or rights to
        acquire capital stock) of the Company;

                                       18
<PAGE>

                (ii) payments under the Guarantee;

                (iii) any declarations of a dividend in connection with the
        implementation of a shareholders' rights plan, or the issuances of stock
        under any such plan in the future, or redemptions or repurchases of any
        rights pursuant to a rights agreement;

                (iv) purchases or acquisitions of capital stock of the Company
        in connection with the satisfaction by the Company of its obligations
        under any employee benefit plans; and

                (v) repurchases of capital stock of the Company in connection
        with the satisfaction by the Company of its obligations pursuant to any
        acquisitions of businesses made by the Company (which repurchases are
        made in connection with the satisfaction of indemnification obligations
        of the sellers of such businesses).

SECTION 5.2    ADDITIONAL COVENANTS RELATING TO THE TRUST.

        For as long as the Preferred Securities remain outstanding, the Company
will:

        (a) maintain, directly or indirectly, 100% ownership of the Common
Securities; provided, however, that any permitted successor of the Company may
succeed to the Company's ownership of such Common Securities;

        (b) cause the Trust to (i) remain a statutory business trust, except
in connection with the distribution of the Debentures to the Holders, the
redemption of all of the Securities, or certain mergers, consolidations,
conversions or amalgamations, each as permitted by the Trust Agreement, (ii) not
to voluntarily dissolve, wind up, liquidate or be terminated, except as
permitted by the Trust Agreement and (iii) otherwise continue to be classified
as a grantor trust for United States federal income tax purposes;

        (c) use its commercially reasonable efforts to ensure that the Trust
will not be an "investment company" required to be registered under the
Investment Company Act; and

        (d) not to take any action that would be reasonably likely to cause
the Trust to be classified as an association or a publicly traded partnership
taxable as a corporation for United States federal income tax purposes.

SECTION 5.3    COVENANT IN EVENT OF DISTRIBUTION OF DEBENTURES.

        If the Debentures are to be distributed to the holders of the Preferred
Securities upon dissolution of the Trust, the Company shall perform all acts and
take all actions necessary to facilitate the distribution of the Debentures
pursuant to Section 6.10 of the Trust Agreement (including, without limitation,
making the Debentures eligible for payment through The Depository Trust
Company).

                                       19
<PAGE>

SECTION 5.4    ADDITIONAL COVENANT RELATING TO THE GUARANTEE.

        If an event of default under the Guarantee occurs and written notice of
such event has been given to the Company, the Company shall be subject to the
limitations and restrictions set forth in Section 5.1 relating to an Event of
Default.

SECTION 5.5    ADDITIONAL COVENANT RELATING TO REPAYMENT OF DEBT SECURITIES.

        Section 313 of the Base Indenture is replaced by this Section 5.5,
together with Section 2.5.

        The Company covenants and agrees with each Holder of Debt Securities of
each series that it shall not (x) make any payment of principal of or interest
or premium, if any, on or repay, repurchase or redeem any debt securities of the
Company that rank pari passu in all respects with or junior in interest to the
Debt Securities of such series, or (y) declare or pay any dividends or
distributions on, or redeem purchase, acquire or make a liquidation payment with
respect to, any shares of the Company's capital stock (other than (a)
repurchases, redemptions or other acquisitions of shares of capital stock of the
Company in connection with any employment contract, benefit plan or other
similar arrangement with or for the benefit of any one or more employees,
officers, directors or consultants, in connection with a dividend reinvestment
or stockholder stock purchase plan or in connection with the issuance of capital
stock of the Company (or securities convertible into or exercisable for such
capital stock) as consideration in an acquisition transaction entered into prior
to the applicable Extension Period, (b) as a result of an exchange or conversion
of any class or series of the Company's capital stock (or any capital stock of a
Subsidiary of the Company) for any class or series of the Company's capital
stock or of any class or series of the Company's indebtedness for any class or
series of the Company's capital stock, (c) 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,
(d) any declaration of a dividend in connection with any rights plan, or the
issuance of rights, stock or other property under any rights plan, or the
redemption or repurchase of rights pursuant thereto, or (e) any dividend on
common stock paid in the form of common stock) if at such time (i) there shall
have occurred any event (A) of which the Company has actual knowledge that with
the giving of notice or the lapse of time, or both, would constitute an Event of
Default with respect to the Debt Securities of such series, and (B) which the
Company shall not have taken reasonable steps to cure, (ii) if the Debt
Securities of such series are held by an Issuer Trust, the Company shall be in
default with respect to its payment of any obligations under the Guarantee
Agreement relating to the Trust Preferred Securities issued by such Issuer
Trust, or (iii) the Company shall have given notice of its election to begin an
Extension Period with respect to the Debt Securities of such series as provided
herein and shall not have rescinded such notice, or such Extension Period, or
any extension thereof, shall be continuing.

                                       20
<PAGE>

                                   ARTICLE VI
                                  SUBORDINATION

        Article 18 of the Base Indenture shall be superseded by this Article VI.

SECTION 6.1    DEBENTURES SUBORDINATED TO SENIOR INDEBTEDNESS.

        The Company covenants and agrees, and each Holder, by such Holder's
acceptance thereof, likewise covenants and agrees, that the indebtedness
represented by the Debentures and the payment of the principal of and interest
on each and all of the Debentures is hereby expressly subordinated and junior,
to the extent and in the manner set forth, and as set forth, in this Section
6.1, in right of payment to the prior payment in full of all Senior
Indebtedness.

        (a) In the event of any distribution of assets of the Company upon
any dissolution, winding up, liquidation or reorganization of the Company,
whether in bankruptcy, insolvency, reorganization or receivership proceedings or
upon an assignment for the benefit of creditors or any other marshalling of the
assets and liabilities of the Company or otherwise, the holders of all Senior
Indebtedness shall be entitled first to receive payment of the full amount due
thereon in respect of all such Senior Indebtedness and all other amounts due or
provision shall be made for such amount in cash, or other payments satisfactory
to the holders of Senior Indebtedness, before the Holders are entitled to
receive any payment or distribution of any character, whether in cash,
securities or other property, on account of the principal of or interest on the
indebtedness evidenced by the Debentures.

        (b) In the event of any acceleration of maturity of the Debentures
because of an Event of Default, unless the full amount due in respect of all
Senior Indebtedness is paid in cash or other form of payment satisfactory to the
holders of Senior Indebtedness, no payment shall be made by the Company with
respect to the principal of or interest on the Debentures or to acquire any of
the Debentures, and the Company shall give prompt written notice of such
acceleration to such holders of Senior Indebtedness.

        (c) In the event of and during the continuance of any default in
payment of the principal of or interest on any Senior Indebtedness, unless all
such payments due in respect of such Senior Indebtedness have been paid in full
in cash or other payments satisfactory to the holders of Senior Indebtedness, no
payment shall be made by the Company with respect to the principal of or
interest on the Debentures or to acquire any of the Debentures. The Company
shall give prompt written notice to the Trustee of any default under any Senior
Indebtedness or under any agreement pursuant to which Senior Indebtedness may
have been issued.

        (d) During the continuance of any event of default with respect to
any Senior Indebtedness, as such event of default is defined under any such
Senior Indebtedness or in any agreement pursuant to which any Senior
Indebtedness has been issued (other than a default in payment of the principal
of or interest on any Senior Indebtedness), permitting the holder or holders of
such Senior Indebtedness to accelerate the maturity thereof, no payment shall be
made by the Company, directly or indirectly, with respect to principal of or
interest on the Debentures for 179 days following notice in writing (a "Payment
Blockage Notice") to the Company, from any holder or holders of such Senior
Indebtedness or their representative or representatives or the

                                       21
<PAGE>

trustee or trustees under any indenture or pursuant to which any instrument
evidencing any such Senior Indebtedness may have been issued, that such an event
of default has occurred and is continuing, unless such event of default has been
cured or waived or such Senior Indebtedness has been paid in full; provided,
however, if the maturity of such Senior Indebtedness is accelerated, no payment
may be made on the Debentures until such Senior Indebtedness has been paid in
full in cash or other payment satisfactory to the holders of such Senior
Indebtedness or such acceleration (or termination, in the case of a lease) has
been cured or waived. For purposes of this Section 6.1(d), such Payment Blockage
Notice shall be deemed to include notice of all other events of default under
such indenture or instrument which are continuing at the time of the event of
default specified in such Payment Blockage Notice. The provisions of this
Section 6.1(d) shall apply only to one such Payment Blockage Notice given in any
period of 365 days with respect to any issue of Senior Indebtedness, and no such
continuing event of default that existed or was continuing on the date of
delivery of any Payment Blockage Notice shall be, or shall be made, the basis
for a subsequent Payment Blockage Notice.

        (e) In the event that, notwithstanding the foregoing provisions of
Sections 6.1(a), 6.1(b), 6.1(c) and 6.1(d), any payment on account of principal
of or interest on the Debentures shall be made by or on behalf of the Company
and received by the Trustee, by any Holder or by any Paying Agent (or, if the
Company is acting as its own Paying Agent, money for any such payment shall be
segregated and held in trust):

                (i) if after the occurrence of an event specified in Section
        6.1(a) or 6.1(b), then, unless all Senior Indebtedness is paid in full
        in cash, or provision shall be made therefor,

                (ii) if after the happening of an event of default of the type
        specified in Section 6.1(c) above, then, unless the amount of such
        Senior Indebtedness then due shall have been paid in full, or provision
        made therefor or such event of default shall have been cured or waived,
        or

                (iii) if after the happening of an event of default of the type
        specified in Section 6.1(d) above and delivery of a Payment Blockage
        Notice, then, unless such event of default shall have been cured or
        waived or the 179-day period specified in Section 6.1(d) shall have
        expired,

such payment (subject, in each case, to the provisions of Section 6.7 hereof)
shall be held in trust for the benefit of, and shall be immediately paid over
to, the holders of Senior Indebtedness or their representative or
representatives or the trustee or trustees under any indenture under which any
instruments evidencing any of the Senior Indebtedness may have been issued, as
their interests may appear.

SECTION 6.2    SUBROGATION.

        Subject to the payment in full of all Senior Indebtedness to which the
indebtedness evidenced by the Debentures is in the circumstances subordinated as
provided in Section 6.1 hereof, the Holders shall be subrogated to the rights of
the holders of such Senior Indebtedness to receive payments or distributions of
cash, property or securities of the Company applicable to

                                       22
<PAGE>

such Senior Indebtedness until all amounts owing on the Debentures shall be paid
in full, and, as between the Company, its creditors other than holders of such
Senior Indebtedness, and the Holders, no such payment or distribution made to
the holders of Senior Indebtedness by virtue of this Article which otherwise
would have been made to the holders of the Debentures shall be deemed to be a
payment by the Company on account of such Senior Indebtedness, provided that the
provisions of this Article are and are intended solely for the purpose of
defining the relative rights of the Holders, on the one hand, and the holders of
Senior Indebtedness, on the other hand.

SECTION 6.3    OBLIGATION OF THE COMPANY IS ABSOLUTE AND UNCONDITIONAL.

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

SECTION 6.4    MATURITY OF OR DEFAULT ON SENIOR INDEBTEDNESS.

        Upon the maturity of any Senior Indebtedness by lapse of time,
acceleration or otherwise, all principal of or premium, if any, or interest on,
rent or other payment obligations in respect of all such matured Senior
Indebtedness shall first be paid in full, or such payment shall have been duly
provided for, before any payment on account of principal or interest is made
upon the Debentures.

SECTION 6.5    PAYMENTS ON DEBENTURES PERMITTED.

        Except as expressly provided in this Article, nothing contained in this
Article shall affect the obligation of the Company to make, or prevent the
Company from making, payments of the principal of or interest on the Debentures
in accordance with the provisions hereof and thereof, or shall prevent the
Trustee or any Paying Agent from applying any moneys deposited with it hereunder
to the payment of the principal of or interest on the Debentures.

SECTION 6.6    EFFECTUATION OF SUBORDINATION BY TRUSTEE.

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

        Upon any payment or distribution of assets of the Company referred to in
this Article, the Trustee and the Holders shall be entitled to rely upon any
order or decree made by any court of competent jurisdiction in which any such
dissolution, winding up, liquidation or reorganization

                                       23
<PAGE>

proceeding affecting the affairs of the Company is pending or upon a certificate
of the trustee in bankruptcy, receiver, assignee for the benefit of creditors,
liquidating trustee or agent or other Person making any payment or distribution,
delivered to the Trustee or to the Holders, for the purpose of ascertaining the
Persons entitled to participate in such payment or distribution, and as to other
facts pertinent to the right of such Persons under this Article, and if such
evidence is not furnished, the Trustee may defer any payment to such Persons
pending judicial determination as to the right of such Persons to receive such
payment.

SECTION 6.7    KNOWLEDGE OF TRUSTEE.

        Notwithstanding the provision of this Article or any other provisions of
this Indenture, the Trustee shall not be charged with knowledge of the existence
of any Senior Indebtedness, of any default in payment of principal of or
interest on, rent or other payment obligation in respect of any Senior
Indebtedness, or of any facts which would prohibit the making of any payment of
moneys to or by the Trustee, or the taking of any other action by the Trustee,
unless a Responsible Officer of the Trustee having responsibility for the
administration of the trust established by this Indenture shall have received
written notice thereof from the Company, any Holder, any Paying Agent of the
Company or the holder or representative of any class of Senior Indebtedness,
and, prior to the receipt of any such written notice, the Trustee shall be
entitled in all respects to assume that no such default or facts exist;
provided, however, that unless on the third Business Day prior to the date upon
which by the terms hereof any such moneys may become payable for any purpose the
Trustee shall have received the notice provided for in this Section 6.7, 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 on or after such date.

SECTION 6.8    TRUSTEE'S RELATION TO SENIOR INDEBTEDNESS.

        The Trustee shall be entitled to all the rights set forth in this
Article with respect to any Senior Indebtedness at the time held by it, to the
same extent as any other holder of Senior Indebtedness and nothing contained in
this Indenture shall deprive the Trustee of any of its rights as such holder.

        Nothing contained in this Article shall apply to claims of or payments
to the Trustee under or pursuant to Section 607 of the Base Indenture.

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

                                       24
<PAGE>

SECTION 6.9    RIGHTS OF HOLDERS OF SENIOR INDEBTEDNESS NOT IMPAIRED.

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

SECTION 6.10   MODIFICATION OF TERMS OF SENIOR INDEBTEDNESS.

        Any renewal or extension of the time of payment of any Senior
Indebtedness or the exercise by the holders of Senior Indebtedness of any of
their rights under any instrument creating or evidencing Senior Indebtedness,
including without limitation the waiver of default thereunder, may be made or
done without notice to or assent from the Holders or the Trustee. No compromise,
alteration, amendment, modification, extension, renewal or other change of, or
waiver, consent or other action in respect of, any liability or obligation under
or in respect of, or of any of the terms, covenants or conditions of any
indenture or other instrument under which any Senior Indebtedness is outstanding
or of such Senior Indebtedness, whether or not such release is in accordance
with the provisions or any applicable document, shall in any way alter or affect
any of the provisions of this Article or of the Debentures relating to the
subordination thereof.

                                   ARTICLE VII
                    RIGHTS OF HOLDERS OF PREFERRED SECURITIES

SECTION 7.1    PREFERRED SECURITY HOLDERS' RIGHTS.

        Notwithstanding Section 507 of the Base Indenture, if the Property
Trustee fails to enforce its rights under the Debentures after a holder of
Preferred Securities has made a written request, the holder of Preferred
Securities may, to the fullest extent permitted by law, institute a legal
proceeding directly against the Company to enforce the Property Trustee's rights
under the Indenture without first instituting any legal proceeding against the
Property Trustee or any other person or entity.

SECTION 7.2    DIRECT ACTION.

        Notwithstanding any other provision of the Indenture, for as long as any
Preferred Securities remain outstanding, to the fullest extent permitted by law,
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 interest on
the Debentures on the date such principal or interest is otherwise payable, a
holder of Preferred Securities may institute a proceeding directly against the
Company (a "Direct Action") to enforce payment to such holder of the principal
of or interest on Debentures having an aggregate principal amount equal to the
aggregate stated liquidation amount of the Preferred Securities of such holder.

                                       25
<PAGE>

SECTION 7.3    PAYMENTS PURSUANT TO DIRECT ACTIONS.

        The Company shall have the right to set off against its obligations to
the Trust, as Holder, any payment made to a holder of Preferred Securities in
connection with a Direct Action.

                                  ARTICLE VIII
                                   REMARKETING

SECTION 8.1    EFFECTIVENESS OF THIS ARTICLE.

        Except for Section 8.2(a) and 8.2(b), this Article VIII shall become
effective only upon a distribution of the Debentures upon dissolution of the
Trust which occurs prior to the Remarketing of the Preferred Securities pursuant
to the Trust Agreement. Until such a distribution, or if such distribution
occurs after the Remarketing of the Preferred Securities pursuant to the Trust
Agreement, this Article VIII (except for Section 8.2(a) and 8.2(b)) shall have
no effect.

SECTION 8.2    REMARKETING.

        (a) In connection with a Remarketing of the Preferred Securities:

                (i) in connection with a Remarketing of the Preferred Securities
        upon a Trading Remarketing Event or a Legal Cause Remarketing Event, the
        Accreted Value of the Debentures as of the end of the day on the day
        next preceding the Remarketing Date shall become due on the date which
        is 60 days following the Remarketing Date;

                (ii) on the Remarketing Date, the rate of interest per annum on
        the Accreted Value of the Debentures shall become the Reset Rate on the
        Accreted Value of the Securities established in the Remarketing of the
        Preferred Securities; and

                (iii) on the Remarketing Settlement Date, interest accrued and
        unpaid on the Debentures from and including the immediately preceding
        Interest Payment Date to, but excluding, the Remarketing Settlement Date
        shall be payable to the Holders of the Debentures on the Special Record
        Date.

        (b) In connection with a Remarketing of the Preferred Securities and
at any time thereafter, a purchaser may exchange its Trust Securities for its
pro rata share of Debentures. In such event, the Administrative Trustees shall
cause Debentures held by the Property Trustee, having an aggregate Accreted
Value equal to the aggregate Accreted Value of the Trust Securities purchased by
such purchaser and with accrued and unpaid interest equal to the accumulated and
unpaid Distributions on the Trust Securities purchased by such purchaser, to be
distributed to such purchaser in exchange for such Holders' pro rata interest in
the Trust. In such event, the Debentures held by the Trust shall decrease by the
amount of Debentures delivered to the purchaser of Trust Securities.

        (c) The proceeds from the Remarketing of the Debentures shall be paid
to the selling Holders, provided that, upon a Trading Remarketing Event or a
Legal Cause Remarketing Event, the proceeds from the Remarketing of the
Debentures that are held pursuant to the Unit

                                       26
<PAGE>

Agreement for which the holders of such Units have elected to exercise their
Warrants shall be paid directly to the Warrant Agent to satisfy in full the
Exercise Price of the Warrants held by such holders.

        (d) Upon the occurrence of a Trading Remarketing Event, the Company
shall cause a Remarketing of the Debentures and select a Remarketing Date,
provided that the following conditions precedent are satisfied:

                (i) as of the date as of which the Company causes a Remarketing
        of the Debentures, the Closing Price of a share of the Common Stock
        exceeds and has exceeded for at least 20 Trading Days within the
        immediately preceding 30 consecutive Trading Days, $37.572 per share;

                (ii) as of the date as of which the Company causes a Remarketing
        of the Debentures and on the Remarketing Date, no Event of Default or
        deferral of interest payments to Holders of the Debentures shall have
        occurred and be continuing;

                (iii) as of the date as of which the Company causes a
        Remarketing of the Debentures and on the Remarketing Date, a
        registration statement covering the issuance and sale of Common Stock to
        the holders of Warrants upon exercise of such Warrants shall be
        effective under the Securities Act, or the issuance and sale of Common
        Stock to the holders of Warrants upon exercise of such Warrants shall be
        exempt from the registration requirements of the Securities Act; and

                (iv) on the Remarketing Date, the Legal Requirements shall have
        been satisfied.

The settlement of the Remarketing shall occur on the Remarketing Settlement
Date, provided that the following conditions precedent are satisfied on the
Remarketing Settlement Date:

                        (A) the Warrant Requirements shall be satisfied; and

                        (B) a redemption of the Warrants of those holders who
                have not elected to exercise their Warrants on such date shall
                have been consummated pursuant to the Warrant Agreement.

If any of the foregoing conditions precedent are not satisfied, the Remarketing
cannot occur and the contemporaneous redemption of Warrants shall be canceled;
provided, however, that if:

                        (x) the Remarketing cannot occur because of a failure to
                satisfy either the Warrant Requirements or the Legal
                Requirements as of or on the relevant date or dates; and

                        (y) the Company is using its best efforts to satisfy
                such Requirements;

the Company shall have the right to cause a Remarketing of the Debentures on a
subsequent date which is no later than September 13, 2031 provided that all
applicable requirements and

                                       27
<PAGE>

conditions precedents (including the timely occurrence of a Trading Remarketing
Event) are satisfied.

        (e) Upon the occurrence of a Legal Cause Remarketing Event, the
Company shall cause a Remarketing of the Debentures and select a Remarketing
Date, provided that the following conditions precedent are satisfied:

                (i) as of the date as of which the Company causes a Remarketing
        of the Debentures and on the Remarketing Date, no Event of Default shall
        have occurred and be continuing;

                (ii) as of the date as of which the Company causes a Remarketing
        of the Debentures and on the Remarketing Date, a registration statement
        covering the issuance and sale of Common Stock to the holders of
        Warrants upon exercise of such Warrants shall be effective under the
        Securities Act, or the issuance and sale of Common Stock to the holders
        of Warrants upon exercise of such Warrants shall be exempt from the
        registration requirements of the Securities Act; and

                (iii) on the Remarketing Date, the Legal Requirements shall have
        been satisfied.

The settlement of the Remarketing shall occur on the Remarketing Settlement
Date, provided that the following conditions precedent are satisfied on the
Remarketing Settlement Date:

                        (A) the Warrant Requirements shall be satisfied; and

                        (B) a redemption of the Warrants of those holders who
                have not elected to exercise their Warrants on such date shall
                have been consummated pursuant to the Warrant Agreement.

If any of the foregoing conditions precedent are not satisfied, the Remarketing
cannot occur and the contemporaneous redemption of Warrants shall be canceled;
provided, however, that if:

                        (x) the Remarketing cannot occur because of a failure to
                satisfy either the Warrant Requirements or the Legal
                Requirements as of or on the relevant date or dates; and

                        (y) the Company is using its best efforts to satisfy
                such Requirements;

the Company shall have the right to cause a Remarketing of the Debentures on a
subsequent date which is no later than September 13, 2031 provided that all
applicable requirements and conditions precedents (including the timely
occurrence of a Legal Cause Remarketing Event) are satisfied.

        (f) On the Maturity Remarketing Date, a Remarketing of the Debentures
shall occur, provided that on such date, the Legal Requirements (to the extent
applicable) shall have been satisfied.

                                       28
<PAGE>

        If, for any reason, a Remarketing of the Debentures does not occur on
the Maturity Remarketing Date, the Administrative Trustees shall give notice
thereof to all Holders of the Debentures (whether or not held pursuant to the
Unit Agreement) prior to the close of business on the following Business Day. In
such event:

                (i) the rate of interest per annum on the Accreted Value of the
        Debentures (which, on the Maturity Remarketing Date, shall be equal to
        the principal amount of the Debentures) shall be changed to the Reset
        Rate; and

                (ii) the Company no longer shall have the option to defer
        payments of interest on the Debentures.

        (g) Upon the occurrence of a Trading Remarketing Event or a Legal
Cause Remarketing Event and the election by the Company to cause a Remarketing
of the Debentures, or upon the Maturity Remarketing Date, as long as the
Debentures are evidenced by one or more Global Debentures, deposited with the
Clearing Agency, the Company shall request, not later than four nor more than 20
days prior to the Remarketing Date, that the Depositary notify the Holders of
the Debentures of the Remarketing of the Debentures and of the procedures that
must be followed if such Holder of Debentures or holder of Units wishes to opt
not to participate in the Remarketing of the Debentures.

        (h) Upon the occurrence of a Remarketing Event, all of the Debentures
(excluding the Debentures as to which the Holders thereof have opted not to
participate in the Remarketing (but including Debentures that are not held
pursuant to the Unit Agreement)) shall be remarketed by the Remarketing Agent.
Not later than 5:00 p.m. (New York City time) on the Business Day preceding the
Remarketing Date, each Holder of Debentures may elect not to have the Debentures
held by such Holder remarketed in the Remarketing. Holders of Debentures that
are not held pursuant to the Unit Agreement shall give such notice to the
Trustee and Holders of Debentures that are held pursuant to the Unit Agreement
shall give such notice to the Unit Agent. Holders of Debentures that are not
held pursuant to the Unit Agreement and holders of Debentures that are held
pursuant to the Unit Agreement that do not give notice of their intention not to
participate in the Remarketing shall be deemed to have consented to the
disposition of their Debentures in the Remarketing. Any such notice shall be
irrevocable and may not be conditioned upon the level at which the Reset Rate is
established in the Remarketing.

        Not later than 5:00 p.m. (New York City time) on the Business Day
preceding the Remarketing Date (or such other time as may be agreed by the
Trustee, the Company, the Trust and the Remarketing Agent), the Trustee and the
Unit Agent, as applicable, based on the notices received by it prior to such
time, shall notify the Trust, the Company and the Remarketing Agent of the
aggregate principal amount of Debentures to be tendered for purchase in the
Remarketing.

        (i) The right of each Holder to have Debentures tendered for purchase
shall be limited to the extent that:

                (i) the Remarketing Agent conducts a Remarketing pursuant to the
        terms of the Remarketing Agreement;

                                       29
<PAGE>

                (ii) the Remarketing Agent is able to find a purchaser or
        purchasers for the Debentures deemed tendered; and

                (iii) such purchaser or purchasers deliver the purchase price
        therefor to the Remarketing Agent.

        (j) On the Remarketing Date, the Remarketing Agent shall use
commercially reasonable efforts to remarket the Debentures deemed tendered for
purchase at a price equal to:

                (i) in connection with a Remarketing upon a Trading Remarketing
        Event or a Legal Cause Remarketing Event, 100% of the aggregate Accreted
        Value as of the end of the day on the day next preceding the Remarketing
        Date, and

                (ii) on the Maturity Remarketing Date, 100% of the principal
        amount.

        (k) If, as a result of the efforts described in 8.2(j), the
Remarketing Agent determines that it will be able to remarket all of the
Debentures deemed tendered for purchase at the purchase price set forth in
Section 8.2(j) prior to 4:00 p.m. (New York City time) on the Remarketing Date,
the Remarketing Agent shall determine the Reset Rate, which shall be the rate
per annum (rounded to the nearest one-thousandth (0.001) of 1% per annum) that
the Remarketing Agent determines, in its sole judgment, to be the lowest rate
per annum that will enable it to remarket all of the Debentures deemed tendered
for Remarketing.

        (l) If none of the Holders of the Debentures or the holders of the
Units elects to have their Debentures remarketed in the Remarketing, the Reset
Rate shall be the rate determined by the Remarketing Agent, in its sole
discretion, as the rate that would have been established had a Remarketing been
held on the Remarketing Date, and the related modifications to the others terms
of the Debentures and the Warrants shall be effective on the Remarketing Date.

        (m) If, by 4:00 p.m. (New York City time) on the Remarketing Date,
the Remarketing Agent is unable to remarket all of the Debentures deemed
tendered for purchase, a Failed Remarketing shall be deemed to have occurred and
the Remarketing Agent shall so advise by telephone (promptly confirmed in
writing) the Depositary, the Property Trustee, the Trustee, the Administrative
Trustees on behalf of the Trust and the Company. The Administrative Trustees
shall then give notice of the Failed Remarketing to the Holders of the
Debentures prior to the close of business on the Business Day following the
Failed Remarketing Date. In the event of a Failed Remarketing:

                (i) the Accreted Value of the Debentures as of the end of the
        day on the day next preceding the Remarketing Date shall become due on
        the date which is 60 days following the Failed Remarketing Date;

                (ii) the rate of interest per annum on the Accreted Value of the
        Debentures shall be changed to the Reset Rate; and

                (iii) the Company no longer shall have the option to defer
        payments of interest on the Debentures.

                                       30
<PAGE>

Notwithstanding a Failed Remarketing, subject to the satisfaction of the Legal
Requirements, the Warrants shall be redeemed at the Warrant Value and the
holders of Warrants shall have the option to exercise its Warrants in lieu of
such redemption, as provided in the Unit Agreement and the Warrant Agreement.

        (n) By approximately 4:30 p.m. (New York City time) on the
Remarketing Date, provided that there has not been a Failed Remarketing, the
Remarketing Agent shall advise, by telephone (promptly confirmed in writing):

                (i) the Depositary, the Property Trustee, the Trustee, the Trust
        and the Company of the Reset Rate determined in the Remarketing and the
        aggregate principal amount of Debentures sold in the Remarketing;

                (ii) each purchaser (or the Depositary participant thereof) of
        the Reset Rate and the aggregate principal amount of Debentures such
        purchaser is to purchase; and

                (iii) each purchaser to give instructions to its Depositary
        participant to pay the purchase price on the Remarketing Settlement Date
        in same day funds against delivery of the Debentures purchased through
        the facilities of the Depositary.

        (o) In accordance with the Depositary's normal procedures, on the
Remarketing Settlement Date, the transactions described above with respect to
each Debenture deemed tendered for purchase and sold in the Remarketing shall be
executed through the Depositary, and the accounts of the respective Depositary
participants shall be debited and credited and such Debentures delivered by
book-entry as necessary to effect purchases and sales of such Debentures. The
Depositary shall make payment in accordance with its normal procedures.

        (p) If any Holder of the Debentures selling such Debentures (or any
holder of Units selling the Debentures that are held pursuant to the Unit
Agreement) in the Remarketing fails to deliver such Debentures, the Depositary
participant of such selling holder and of any other Person that was to have
purchased Debentures in the Remarketing may deliver to any such other Person an
aggregate principal amount of Debentures that is less than the aggregate
principal amount of Debentures that otherwise was to be purchased by such
Person. In such event, the aggregate principal amount of Debentures to be so
delivered shall be determined by such Depositary participant, and delivery of
such aggregate principal amount of Debentures shall constitute good delivery.

        (q) The Remarketing Agent is not obligated to purchase any Debentures
that otherwise would remain unsold in the Remarketing. Neither the Trust, any
Trustee, the Company nor the Remarketing Agent shall be obligated in any case to
provide funds to make payment upon tender of the Debentures for Remarketing.

        (r) Under the Remarketing Agreement, the Company shall be liable for,
and shall pay, any and all costs and expenses incurred in connection with the
Remarketing, and the Trust shall not have any liabilities for such costs and
expenses.

        (s) The tender and settlement procedures set forth in this Section
8.2, including provisions for payment by purchasers of the Debentures in the
Remarketing, shall be subject to

                                       31
<PAGE>

modification to the extent required by the Depositary or if the book-entry
system is no longer available for the Debentures at the time of the Remarketing,
to facilitate the tendering and remarketing of the Debentures in definitive
form. In addition, the Remarketing Agent may modify the settlement procedures
set forth herein in order to facilitate the settlement process.

                                   ARTICLE IX
                                  MISCELLANEOUS

SECTION 9.1    RATIFICATION OF INDENTURE.

        The Indenture, as supplemented and amended by this First Supplemental
Indenture, is ratified and confirmed, and this First Supplemental Indenture
shall be deemed part of the Indenture in the manner and to the extent herein and
therein provided. If any provision of this First Supplemental Indenture is
inconsistent with a provision of the Base Indenture, the terms of this First
Supplemental Indenture shall control.

SECTION 9.2    ARTICLE 19 OF THE BASE INDENTURE.

        Article 19 of the Base Indenture does not apply to the Debentures.

SECTION 9.3    TRUSTEE NOT RESPONSIBLE FOR RECITALS.

        The recitals contained herein are made by the Company and not by the
Trustee, and the Trustee assumes no responsibility for the correctness thereof.
The Trustee makes no representation as to the validity or sufficiency of this
First Supplemental Indenture.

SECTION 9.4    GOVERNING LAW.

        This First Supplemental Indenture and each Debenture 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.

SECTION 9.5    SEVERABILITY.

        In case any one or more of the provisions contained in this First
Supplemental Indenture or in the Debentures shall for any reason be held to be
invalid, illegal or unenforceable in any respect, such invalidity, illegality or
unenforceability shall not affect any other provisions of this First
Supplemental Indenture or of the Debentures, but this First Supplemental
Indenture and the Debentures shall be construed as if such invalid or illegal or
unenforceable provision had never been contained herein or therein.

SECTION 9.6    COUNTERPARTS.

        This First Supplemental 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.

                                       32
<PAGE>

        IN WITNESS WHEREOF, the parties hereto have caused this First
Supplemental Indenture to be duly executed, on the date or dates indicated in
the acknowledgments and as of the day and year first above written.

                                            INDYMAC BANCORP, INC.

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

                                            THE BANK OF NEW YORK, as Trustee

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

                                       1
<PAGE>

                                    EXHIBIT A

                               {FORM OF DEBENTURE}

                               {FACE OF DEBENTURE}

[This Debenture is a Global Debenture within the meaning of the Indenture
hereinafter referred to and is registered in the name of Wilmington Trust
Company, as Property Trustee, a New York banking corporation (the "Depositary"),
or a nominee of the Depositary. This Debenture is exchangeable for Debentures
registered in the name of a person other than the Depositary or its nominee only
in the limited circumstances described in the Indenture, and no transfer of this
Debenture (other than a transfer of this Debenture as a whole by the Depositary
to a nominee of the Depositary or by a nominee of the Depositary to the
Depositary or another nominee of the Depositary) may be registered except in
limited circumstances. Unless this Debenture is presented by an authorized
representative of the Depositary to IndyMac Bancorp, Inc. or its agent for
registration of transfer, exchange or payment, and any Debenture issued is
registered in the name requested by an authorized representative of the
Depositary, and any payment hereon is made to Wilmington Trust Company, as
Property Trustee, or to such other entity as is requested by an authorized
representative of the Depositary), and, except as otherwise provided in the
Indenture, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Wilmington
Trust Company, as Property Trustee, has an interest herein.]

                              INDYMAC BANCORP, INC.

   6% Junior Subordinated Deferrable Interest Debenture due November 14, 2031

Certificate No.:                           $
                 -------------------        -----------------------------

        This Debenture is one of a duly authorized series of Debt Securities of
IndyMac Bancorp, Inc. (the "Debentures"), all issued under and pursuant to an
Indenture dated as of ____________________, duly executed and delivered by
IndyMac Bancorp, Inc., a Delaware corporation (the "Company", which term
includes any successor corporation under the Indenture hereinafter referred to)
and The Bank of New York, a New York banking corporation, as Trustee (the
"Trustee"), as supplemented by the First Supplemental Indenture thereto dated as
of November__, 2001, between the Company and the Trustee (such Indenture as so
supplemented, the "Indenture"), to which Indenture and all indentures
supplemental thereto 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 Debentures. By the terms of the
Indenture, the Debt Securities are issuable in series that may vary as to
amount, date of maturity, rate of interest and in other respects as provided in
the Indenture. This series of Debt Securities is limited in aggregate principal
amount to $175,000,000 (or $200,000,000 if the Underwriters' option to purchase
an additional $25,000,000 of Units is exercised in full).

                                      A-1
<PAGE>

        The Company, for value received, hereby promises to pay to Wilmington
Trust Company, as Property Trustee, or its registered assigns, the principal sum
of __________________ U.S. Dollars ($        ) on ____________________ (or such
earlier date as determined in connection with a Remarketing).

        Interest Payment Dates: February 1, May 1, August 1 and November 1,
commencing on February 1, 2002.

        Reference is hereby made to the further provisions of this Debenture set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.

                                      A-2
<PAGE>

        IN WITNESS WHEREOF, the Company has caused this Debenture to be duly
executed manually or by facsimile by its duly authorized officers.

                                            INDYMAC BANCORP, INC.

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

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

Trustee's Certificate of Authentication

This is one of the 6% Subordinated Junior Deferrable Interest Debentures due
November 14, 2031 referred to in the within-mentioned Indenture.

THE BANK OF NEW YORK,
as Trustee

By:
    -------------------------
      Authorized Signatory

Dated:                       , 2001

                                      A-3
<PAGE>

                             {REVERSE OF DEBENTURE}

                              INDYMAC BANCORP, INC.

   6% Subordinated Junior Deferrable Interest Debentures due November 14, 2031

        Capitalized terms used herein but not defined shall have the meanings
assigned to them in the Indenture referred to below unless otherwise indicated.

1.      Principal and Interest.

        IndyMac Bancorp, Inc., a Delaware corporation (the "Company"), promises
to pay interest on the principal amount of this Debenture at the Coupon Rate
from and including ____________, 2001, to, but excluding, the Remarketing Date,
and on the Accreted Value of this Debenture on the Remarketing Date at the Reset
Rate from and including the Remarketing Date to, but excluding, the Stated
Maturity. The Company will pay interest on this Debenture quarterly in arrears
on February 1, May 1, August 1 and November 1 of each year (each an "Interest
Payment Date"), commencing on ____________________. Interest not paid on the
scheduled Interest Payment Date will accrue and compound quarterly at the Coupon
Rate of the principal amount of this Debenture or the Reset Rate of the Accreted
Value of this Debenture, as the case may be.

        Interest on the Debentures shall be computed (i) for any full quarterly
90-day period on the basis of a 360-day year of twelve 30-day months, (ii) for
any period shorter than a full quarterly 90-day period, on the basis of a 30-day
month and (iii) for any period less than a 30-day month, on the basis of the
actual number of days elapsed in the 30-day month.

2.      Optional Deferral of Interest.

        As long as no Event of Default has occurred and is continuing, and as
long as a Failed Remarketing has not occurred, the Company has the right, at any
time and from time to time, to defer payments of interest on the Debentures by
extending the interest payment period on the Debentures for a period (each, an
"Extension Period") not exceeding 20 consecutive quarters, during which
Extension Period no interest shall be due and payable on the Debentures,
provided that no Extension Period shall end on a date other than an Interest
Payment Date for the Debentures or extend beyond the Stated Maturity. Upon the
occurrence of a Failed Remarketing, any such Extension Period shall terminate,
and interest shall become payable in cash on the next Interest Payment Date.
Despite such deferral, interest shall continue to accrue with additional
interest thereon (to the extent permitted by applicable law) at the Coupon Rate
of the principal amount of the Debentures or Reset Rate of the Accreted Value of
the Debentures, as applicable, compounded quarterly during any such Extension
Period ("Compounded Interest"). Prior to the termination of any such Extension
Period, the Company may further defer payments of interest by further extending
such Extension Period; provided that such Extension Period, together with all
such previous and further extensions of such Extension Period, may not exceed 20
consecutive quarters or extend beyond the Stated Maturity. At the termination of
any Extension Period, the Company shall pay all interest then accrued and
unpaid, plus Compounded Interest.

                                      A-4
<PAGE>

Upon the termination of any Extension Period and the payment of all amounts then
due, the Company may commence a new Extension Period, subject to the above
requirements.

        The Company shall pay all deferred interest and Compounded Interest on
the Debentures prior to the exercise of its right to cause a Remarketing of the
Debentures.

        During an Extension Period, the Company may not:

        (a) declare or pay any dividends or distributions on, or redeem,
purchase, acquire, or make a liquidation payment with respect to, any of its
capital stock; or

        (b) make any payment of principal of or interest on or repay, repurchase
or redeem any debt securities of the Company that rank on a parity with or
junior in interest to the Debentures or make any guarantee payments with respect
to any guarantee by the Company of the debt securities of any subsidiary of the
Company if such guarantee ranks on a parity with or junior in interest to the
Debentures;

in each case, other than:

                (i) dividends or distributions in capital stock (or rights to
        acquire capital stock) of the Company;

                (ii) payments under the Guarantee;

                (iii) any declarations of a dividend in connection with the
        implementation of a shareholders' rights plan, or the issuances of stock
        under any such plan in the future, or redemptions or repurchases of any
        rights pursuant to a rights agreement;

                (iv) purchases or acquisitions of capital stock of the Company
        in connection with the satisfaction by the Company of its obligations
        under any employee benefit plans; and

                (v) repurchases of capital stock of the Company in connection
        with the satisfaction by the Company of its obligations pursuant to any
        acquisitions of businesses made by the Company (which repurchases are
        made in connection with the satisfaction of indemnification obligations
        of the sellers of such businesses).

3.      Method of Payment.

        Interest on any Debenture 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. As long
as the Debentures are represented by a Global Debenture, the Regular Record
Dates for the Debentures shall be the Business Day preceding the corresponding
Interest Payment Date. If the Debentures are issued in definitive form, the
Regular Record Dates for the Debentures shall be at least one Business Day prior
to the corresponding Interest Payment Date.

                                      A-5
<PAGE>

4.      Paying Agent and Security Registrar.

        Initially, The Bank of New York, the Trustee, will act as Paying Agent
and Security Registrar. The Company may change the Paying Agent and Security
Registrar without notice to any Holder.

5.      Indenture.

        The Company issued this Debenture under an Indenture, dated as of
____________, 2001 (the "Base Indenture"), between the Company and The Bank of
New York, as trustee (the "Trustee"), as amended and supplemented by the First
Supplemental Indenture, dated as of ____________, 2001 (the "First Supplemental
Indenture", together with the Base Indenture, the "Indenture"), between the
Company and the Trustee.

6.      Redemption.

        The Company shall have no right to redeem the Debentures.

7.      Sinking Fund.

        The Debentures will not be subject to a sinking fund provision.

8.      Limited Right to Require Exchange of Preferred Securities and Repurchase
        of Debentures.

        Pursuant to Section 6.7 of the Trust Agreement, in the event a holder of
a Unit exercises a Warrant on a date other than a Remarketing Settlement Date
and elects to exercise its Repurchase Right, the Company shall be required on
the applicable Required Repurchase Date to repurchase at the Repurchase Price
Debentures which, pursuant to the Trust Agreement, have been received in
exchange for Preferred Securities.

9.      Change of Control Right to Require Exchange of Preferred Securities and
        Repurchase of Debentures.

        Pursuant to Section 6.8 of the Trust Agreement, in the event a Change of
Control occurs and the holder of a Unit or the holder of a Preferred Security,
as the case may be, elects to exercise its Change of Control Repurchase Right,
the Company shall be required on the Change of Control Repurchase Date to
repurchase at the Change of Control Repurchase Price Debentures which, pursuant
to the Trust Agreement, have been received in exchange for Preferred Securities.

10.     Distribution of Debentures in Exchange for Trust Securities Upon the
        Occurrence of a Special Event.

        If at any time a Special Event occurs and certain conditions are
satisfied, the Administrative Trustees may dissolve the Trust and, after
satisfaction of liabilities to creditors of the Trust as provided by applicable
law, cause the Debentures held by the Property Trustee to be distributed to the
holders of Trust Securities in liquidation of such holders' interests in the
Trust on a Pro Rata basis, upon not less than 30 nor more than 60 days notice,
within the 90 Day

                                      A-6
<PAGE>

Period, and, simultaneous with such distribution, to cause a Like Amount of the
Securities to be exchanged by the Trust on a Pro Rata basis.

        A Debenture Distribution Notice, which notice shall be irrevocable,
shall be given by the Trust by mail to each holder of Trust Securities as
provided in the Indenture.

        In the event of a dissolution of the Trust and a distribution of the
Debentures, the Company shall have the same right, and shall be subject to same
terms and conditions, to cause a Remarketing of the Debentures as the Company
has and is subject to under Section 6.6 of the Trust Agreement to cause a
Remarketing of the Preferred Securities.

11.     Remarketing.

        Except as set forth herein, these remarketing provisions shall become
effective only upon a distribution of the Debentures upon dissolution of the
Trust which occurs prior to the Remarketing of the Preferred Securities pursuant
to the Trust Agreement. Until such a distribution, or if such distribution
occurs after the Remarketing of the Preferred Securities pursuant to the Trust
Agreement, these remarketing provisions shall have no effect.

        In connection with a Remarketing of the Preferred Securities:

                (i) in connection with a Remarketing of the Preferred Securities
        upon a Trading Remarketing Event or a Legal Cause Remarketing Event, the
        Accreted Value of the Debentures as of the end of the day on the day
        next preceding the Remarketing Date shall become due on the date which
        is 60 days following the Remarketing Date;

                (ii) on the Remarketing Date, the rate of interest per annum on
        the Accreted Value of the Debentures shall become the Reset Rate on the
        Accreted Value of the Securities established in the Remarketing of the
        Preferred Securities; and

                (iii) on the Remarketing Settlement Date, interest accrued and
        unpaid on the Debentures from and including the immediately preceding
        Interest Payment Date to, but excluding, the Remarketing Settlement Date
        shall be payable to the holders of the Debentures on the Special Record
        Date.

        In connection with a Remarketing of the Preferred Securities and at any
time thereafter, a purchaser may exchange its Trust Securities for its pro rata
share of Debentures. In such event, the Administrative Trustees shall cause
Debentures held by the Property Trustee, having an aggregate Accreted Value
equal to the aggregate Accreted Value of the Trust Securities purchased by such
purchaser and with accrued and unpaid interest equal to the accumulated and
unpaid Distributions on the Trust Securities purchased by such purchaser, to be
distributed to such purchaser in exchange for such Holders' pro rata interest in
the Trust. In such event, the Debentures held by the Trust shall decrease by the
amount of Debentures delivered to the purchaser of Trust Securities.

        The proceeds from the Remarketing of the Debentures shall be paid to the
selling Holders, provided that, upon a Trading Remarketing Event or a Legal
Cause Remarketing Event, the proceeds from the Remarketing of the Debentures
that are held pursuant to the Unit

                                      A-7
<PAGE>

Agreement for which the holders of such Units have elected to exercise their
Warrants shall be paid directly to the Warrant Agent to satisfy in full the
Exercise Price of the Warrants held by such holders.

        Upon the occurrence of a Trading Remarketing Event, the Company shall
cause a Remarketing of the Debentures and select a Remarketing Date, provided
that the following conditions precedent are satisfied:

                (i) as of the date as of which the Company causes a Remarketing
        of the Debentures, the Closing Price of a share of the Common Stock
        exceeds and has exceeded for at least 20 Trading Days within the
        immediately preceding 30 consecutive Trading Days, $37.572;

                (ii) as of the date as of which the Company causes a Remarketing
        of the Debentures and on the Remarketing Date, no Event of Default or
        deferral of interest payments to Holders of the Debentures shall have
        occurred and be continuing;

                (iii) as of the date as of which the Company causes a
        Remarketing of the Debentures and on the Remarketing Date, a
        registration statement covering the issuance and sale of Common Stock to
        the holders of Warrants upon exercise of such Warrants shall be
        effective under the Securities Act, or the issuance and sale of Common
        Stock to the holders of Warrants upon exercise of such Warrants shall be
        exempt from the registration requirements of the Securities Act; and

                (iv) on the Remarketing Date, the Legal Requirements shall have
        been satisfied.

The settlement of the Remarketing shall occur on the Remarketing Settlement
Date, provided that the following conditions precedent are satisfied on the
Remarketing Settlement Date:

                (A) the Warrant Requirements shall be satisfied; and

                (B) a redemption of the Warrants of those holders who have not
        elected to exercise their Warrants on such date shall have been
        consummated pursuant to the Warrant Agreement.

If any of the foregoing conditions precedent are not satisfied, the Remarketing
cannot occur and the contemporaneous redemption of Warrants shall be canceled;
provided, however, that if:

                (x) the Remarketing cannot occur because of a failure to satisfy
        either the Warrant Requirements or the Legal Requirements as of or on
        the relevant date or dates; and

                (y) the Company is using its best efforts to satisfy such
        Requirements;

the Company shall have the right to cause a Remarketing of the Debentures on a
subsequent date which is no later than September 13, 2031, provided that all
applicable requirements and

                                      A-8
<PAGE>

conditions precedents (including the timely occurrence of a Trading Remarketing
Event) are satisfied.

        Upon the occurrence of a Legal Cause Remarketing Event, the Company
shall cause a Remarketing of the Debentures and select a Remarketing Date,
provided that the following conditions precedent are satisfied:

                (i) as of the date as of which the Company causes a Remarketing
        of the Debentures and on the Remarketing Date, no Event of Default shall
        have occurred and be continuing;

                (ii) as of the date as of which the Company causes a Remarketing
        of the Debentures and on the Remarketing Date, a registration statement
        covering the issuance and sale of Common Stock to the holders of
        Warrants upon exercise of such Warrants shall be effective under the
        Securities Act, or the issuance and sale of Common Stock to the holders
        of Warrants upon exercise of such Warrants shall be exempt from the
        registration requirements of the Securities Act; and

                (iii) on the Remarketing Date, the Legal Requirements shall have
        been satisfied.

The settlement of the Remarketing shall occur on the Remarketing Settlement
Date, provided that the following conditions precedent are satisfied on the
Remarketing Settlement Date:

                (A) the Warrant Requirements shall be satisfied; and

                (B) a redemption of the Warrants of those holders who have not
        elected to exercise their Warrants on such date shall have been
        consummated pursuant to the Warrant Agreement.

If any of the foregoing conditions precedent are not satisfied, the Remarketing
cannot occur and the contemporaneous redemption of Warrants shall be canceled;
provided, however, that if:

                (x) the Remarketing cannot occur because of a failure to satisfy
        either the Warrant Requirements or the Legal Requirements as of or on
        the relevant date or dates; and

                (y) the Company is using its best efforts to satisfy such
        Requirements;

the Company shall have the right to cause a Remarketing of the Debentures on a
subsequent date which is no later than September 13, 2031, provided that all
applicable requirements and conditions precedents (including the timely
occurrence of a Legal Cause Remarketing Event) are satisfied.

        On the Maturity Remarketing Date, a Remarketing of the Debentures shall
occur, provided that on such date, the Legal Requirements (to the extent
applicable) shall have been satisfied.

                                      A-9
<PAGE>

        If, for any reason, a Remarketing of the Debentures does not occur on
the Maturity Remarketing Date, the Administrative Trustees shall give notice
thereof to all Holders of Debentures (whether or not held pursuant to the Unit
Agreement) prior to the close of business on the following Business Day. In such
event:

                (i) the rate of interest per annum on the Accreted Value of the
        Debentures (which, on the Maturity Remarketing Date, shall be equal to
        the principal amount of the Debentures) shall be changed to the Reset
        Rate; and

                (ii) the Company no longer shall have the option to defer
        payments of interest on the Debentures.

        Upon the occurrence of a Trading Remarketing Event or a Legal Cause
Remarketing Event and the election by the Company to cause a Remarketing of the
Debentures, or upon the Maturity Remarketing Date, as long as the Debentures are
evidenced by one or more Global Debentures, deposited with the Clearing Agency,
the Company shall request, not later than four nor more than 20 days prior to
the Remarketing Date, that the Depositary notify the Holders of the Debentures
of the Remarketing of the Debentures and of the procedures that must be followed
if such Holder of Debentures or holder of Units wishes to opt not to participate
in the Remarketing of the Debentures.

        Upon the occurrence of a Remarketing Event, all of the Debentures
(excluding the Debentures as to which the Holders thereof have opted not to
participate in the Remarketing (but including Debentures that are not held
pursuant to the Unit Agreement)) shall be remarketed by the Remarketing Agent.
Not later than 5:00 p.m. (New York City time) on the Business Day preceding the
Remarketing Date, each Holder of Debentures may elect not to have the Debentures
held by such Holder remarketed in the Remarketing. Holders of Debentures that
are not held pursuant to the Unit Agreement shall give such notice to the
Trustee and Holders of Debentures that are held pursuant to the Unit Agreement
shall give such notice to the Unit Agent. Holders of Debentures that are not
held pursuant to the Unit Agreement and holders of Debentures that are held
pursuant to the Unit Agreement that do not give notice of their intention not to
participate in the Remarketing shall be deemed to have consented to the
disposition of their Debentures in the Remarketing. Any such notice shall be
irrevocable and may not be conditioned upon the level at which the Reset Rate is
established in the Remarketing.

        Not later than 5:00 p.m. (New York City time) on the Business Day
preceding the Remarketing Date (or such other time as may be agreed by the
Trustee, the Company, the Trust and the Remarketing Agent), the Trustee and the
Unit Agent, as applicable, based on the notices received by it prior to such
time, shall notify the Trust, the Company and the Remarketing Agent of the
aggregate principal amount of Debentures to be tendered for purchase in the
Remarketing.

        The right of each Holder to have Debentures tendered for purchase shall
be limited to the extent that:

                (i) the Remarketing Agent conducts a Remarketing pursuant to the
        terms of the Remarketing Agreement;

                                      A-10
<PAGE>

                (ii) the Remarketing Agent is able to find a purchaser or
        purchasers for the Debentures deemed tendered; and

                (iii) such purchaser or purchasers deliver the purchase price
        therefor to the Remarketing Agent.

        On the Remarketing Date, the Remarketing Agent shall use commercially
reasonable efforts to remarket the Debentures deemed tendered for purchase at a
price equal to:

                (i) in connection with a Remarketing upon a Trading Remarketing
        Event or a Legal Cause Remarketing Event, 100% of the aggregate Accreted
        Value as of the end of the day on the day next preceding the Remarketing
        Date, and

                (ii) on the Maturity Remarketing Date, 100% of the principal
        amount.

        If, as a result of the efforts described herein, the Remarketing Agent
determines that it will be able to remarket all of the Debentures deemed
tendered for purchase at the purchase price set forth above prior to 4:00 p.m.
(New York City time) on the Remarketing Date, the Remarketing Agent shall
determine the Reset Rate, which shall be the rate per annum (rounded to the
nearest one-thousandth (0.001) of 1% per annum) that the Remarketing Agent
determines, in its sole judgment, to be the lowest rate per annum that will
enable it to remarket all of the Debentures deemed tendered for Remarketing.

        If none of the Holders of the Debentures or the holders of the Units
elects to have their Debentures remarketed in the Remarketing, the Reset Rate
shall be the rate determined by the Remarketing Agent, in its sole discretion,
as the rate that would have been established had a Remarketing been held on the
Remarketing Date, and the related modifications to the others terms of the
Debentures and the Warrants shall be effective on the Remarketing Date.

        If, by 4:00 p.m. (New York City time) on the Remarketing Date, the
Remarketing Agent is unable to remarket all of the Debentures deemed tendered
for purchase, a Failed Remarketing shall be deemed to have occurred and the
Remarketing Agent shall so advise by telephone the Depositary, the Property
Trustee, the Trustee, the Administrative Trustees on behalf of the Trust and the
Company. The Administrative Trustees shall then give notice of the Failed
Remarketing to the Holders of the Debentures prior to the close of business on
the Business Day following the Failed Remarketing Date. In the event of a Failed
Remarketing:

                (i) the Accreted Value of the Debentures as of the end of the
        day on the day next preceding the Remarketing Date shall become due on
        the date which is 60 days following the Failed Remarketing Date;

                (ii) the rate of interest per annum on the Accreted Value of the
        Debentures shall be changed to the Reset Rate; and

                (iii) the Company no longer shall have the option to defer
        payments of interest on the Debentures.

                                      A-11
<PAGE>

Notwithstanding a Failed Remarketing, subject to the satisfaction of the Legal
Requirements, the Warrants shall be redeemed at the Warrant Value and a holders
of Warrants shall have the option to exercise its Warrants in lieu of such
redemption, as provided in the Unit Agreement and the Warrant Agreement.

        By approximately 4:30 p.m. (New York City time) on the Remarketing Date,
provided that there has not been a Failed Remarketing, the Remarketing Agent
shall advise, by telephone:

                (i) the Depositary, the Property Trustee, the Trustee, the Trust
        and the Company of the Reset Rate determined in the Remarketing and the
        aggregate principal amount of Debentures sold in the Remarketing;

                (ii) each purchaser (or the Depositary participant thereof) of
        the Reset Rate and the aggregate principal amount of Debentures such
        purchaser is to purchase; and

                (iii) each purchaser to give instructions to its Depositary
        participant to pay the purchase price on the Remarketing Settlement Date
        in same day funds against delivery of the Debentures purchased through
        the facilities of the Depositary.

        In accordance with the Depositary's normal procedures, on the
Remarketing Settlement Date, the transactions described above with respect to
each Debenture deemed tendered for purchase and sold in the Remarketing shall be
executed through the Depositary, and the accounts of the respective Depositary
participants shall be debited and credited and such Debentures delivered by
book-entry as necessary to effect purchases and sales of such Debentures. The
Depositary shall make payment in accordance with its normal procedures.

        If any Holder of the Debentures selling such Debentures (or any holder
of Units selling the Debentures that are held pursuant to the Unit Agreement) in
the Remarketing fails to deliver such Debentures, the Depositary participant of
such selling holder and of any other Person that was to have purchased
Debentures in the Remarketing may deliver to any such other Person an aggregate
principal amount of Debentures that is less than the aggregate principal amount
of Debentures that otherwise was to be purchased by such Person. In such event,
the aggregate principal amount of Debentures to be so delivered shall be
determined by such Depositary participant, and delivery of such aggregate
principal amount of Debentures shall constitute good delivery.

        The Remarketing Agent is not obligated to purchase any Debentures that
otherwise would remain unsold in the Remarketing. Neither the Trust, any
Trustee, the Company nor the Remarketing Agent shall be obligated in any case to
provide funds to make payment upon tender of the Debentures for Remarketing.

        Under the Remarketing Agreement, the Company shall be liable for, and
shall pay, any and all costs and expenses incurred in connection with the
Remarketing, and the Trust shall not have any liabilities for such costs and
expenses.

        The tender and settlement procedures set forth herein, including
provisions for payment by purchasers of the Debentures in the Remarketing, shall
be subject to modification to the extent required by the Depositary or if the
book-entry system is no longer available for the

                                      A-12
<PAGE>

Debentures at the time of the Remarketing, to facilitate the tendering and
remarketing of the Debentures in definitive form. In addition, the Remarketing
Agent may modify the settlement procedures set forth herein in order to
facilitate the settlement process.

12.     Subordination.

        The payment of principal of and interest on this Debenture is, to the
extent and in the manner provided in the Indenture, subordinated and subject in
right of payment to the prior payment in full of all amounts then due on all
Senior Indebtedness of the Company, and this Debenture is issued subject to such
subordination provisions of the Indenture with respect thereto. Each Holder of
this Debenture, by accepting the same, (a) agrees to and shall be bound by such
provisions, (b) authorizes and directs the Trustee on such Holder's behalf to
take such action as may be necessary or appropriate to effectuate the
subordination so provided and (c) appoints the Trustee such Holder's
attorney-in-fact for any and all such purposes.

13.     Defaults and Remedies.

        The Indenture provides that an Event of Default with respect to the
Debentures occurs when any of the following occurs:

                (a) the Company defaults in the payment of the principal of any
        of the Debentures when it becomes due and payable at Stated Maturity,
        upon exercise of a Repurchase Right, upon exercise of a Change of
        Control Repurchase Right or otherwise, whether or not such payment is
        prohibited by the subordination provisions of Article 6 of the First
        Supplemental Indenture;

                (b) the Company defaults in the payment of interest on any of
        the Debentures when it becomes due and payable and such default
        continues for a period of 30 days, whether or not such payment is
        prohibited by the subordination provisions of Article 6 of the First
        Supplemental Indenture; provided, however, that a valid extension of the
        interest payment period does not constitute a default in the payment of
        interest;

                (c) the Company fails to perform or observe any other term,
        covenant or agreement contained in the Debentures or the Indenture
        (other than a covenant included in the Indenture solely for the benefit
        of any series of Debt Securities other than the Debentures) and such
        default continues for a period of 90 days after written notice of such
        failure is given as specified in the Indenture;

                (d) there are certain events of bankruptcy, insolvency or
        reorganization of the Company; or

                (e) the voluntarily or involuntarily dissolution, winding-up or
        termination of the Trust, except in connection with:

                        (i) the distribution of the Debentures held by the Trust
                to the holders of the Trust Securities in liquidation of their
                interests in the Trust;

                        (ii) the redemption of all of the outstanding Trust
                Securities; or

                                      A-13
<PAGE>

                        (iii) certain mergers, consolidations, conversions,
                amalgamations, replacements or other transactions involving the
                Trust, each as permitted under the Trust Agreement.

        If an Event of Default shall occur and be continuing, the principal of
all of the Debentures may be declared due and payable, in the manner, with the
effect provided in the Indenture.

14.     Amendment; Supplement; Waiver.

        The Indenture contains provisions permitting the Company and the
Trustee, without the consent of any Holder, to execute supplemental indentures
modifying certain provisions of the Indenture, provided that no such
modification has a material adverse effect on the interests of the Holders.

        In addition, the Indenture contains provisions permitting the Company
and the Trustee, with the consent of the Holders of not less than a majority in
aggregate principal amount of the Debentures and all other series of Debt
Securities affected at the time Outstanding, 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 any supplemental
indenture or of modifying in any manner the rights of the Holders of the
Debentures; provided, however, that no such supplemental indenture may, without
the consent of the Holder of each outstanding Debenture, among other things:

                (i) change the Stated Maturity of the principal of, or the time
        of payment of any installment of interest on, any Debenture;

                (ii) reduce the principal amount of, or the rate of interest on
        any Debenture;

                (iii) change the place of payment where the Debentures or any
        interest thereon is payable;

                (iv) impair the right to institute suit for the enforcement of
        any such payment on or with respect to the Debentures;

                (v) reduce the above-stated percentage of principal amount of
        Debentures, the Holders of which are required to modify or amend the
        Indenture, to consent to any waiver thereunder or to approve any
        supplemental indenture;

                (vi) change any obligation of the Company to maintain an office
        or agency in the place and for the purposes required by the Indenture;
        or

                (vii) modify any of the above provisions;

and provided, further, that no such supplemental indenture shall be effective
until the holders of not less than 66 2/3% of the aggregate stated liquidation
amount of the Trust Securities shall have consented to such supplemental
indenture; and provided, further, that where the consent of the Holders of not
less than 66 2/3% of the aggregate principal amount of the Debentures is

                                      A-14
<PAGE>

required under the Indenture, no such supplemental indenture shall be effective
until the holders of at least the same proportion in aggregate stated
liquidation amount of the Trust Securities shall have consented to such
supplemental indenture.

        The Indenture also contains provisions permitting the Holders of a
majority in aggregate principal amount of the Debentures at the time Outstanding
affected thereby, on behalf of all of the Holders of the Debentures, to waive
any past default in the performance of any of the covenants contained in the
Indenture, or established pursuant to the Indenture with respect to the
Debentures, and its consequences, except a default in the payment of the
principal of or interest on any of the Debentures (unless cured as provided in
the Indenture) or in respect of a covenant or provision that cannot be modified
or amended without the consent of the Holders of each Debenture then
Outstanding. Any such consent or waiver by the registered Holder of this
Debenture (unless revoked as provided in the Indenture) shall be conclusive and
binding upon such Holder and upon all future Holders and owners of this
Debenture and of any Debenture 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 Debenture.

15.     Restrictive Covenants.

        The Indenture requires the Company, for as long as the Preferred
Securities remain outstanding, to:

                (a) maintain, directly or indirectly, 100% ownership of the
        Common Securities; provided, however, that any permitted successor of
        the Company may succeed to the Company's ownership of such Common
        Securities;

                (b) cause the Trust to (i) remain a statutory business trust,
        except in connection with the distribution of the Debentures to the
        Holders, the redemption of all of the Securities, or certain mergers,
        consolidations, conversions or amalgamations, each as permitted by the
        Trust Agreement, (ii) not to voluntarily dissolve, wind up, liquidate or
        be terminated, except as permitted by the Trust Agreement and (iii)
        otherwise continue to be classified as a grantor trust for United States
        federal income tax purposes;

                (c) use its commercially reasonable efforts to ensure that the
        Trust will not be an "investment company" required to be registered
        under the Investment Company Act of 1940, as amended; and

                (d) not to take any action that would be reasonably likely to
        cause the Trust to be classified as an association or a publicly traded
        partnership taxable as a corporation for United States federal income
        tax purposes.

        The Indenture also imposes certain limitations on the ability of the
Company to, among other things, merge, consolidate or sell, assign, transfer or
lease all or substantially all of its properties or assets. Such covenants and
limitations are subject to a number of important qualifications and exceptions.
The Company must report periodically to the Trustee on compliance with the
covenants in the Indenture.

                                      A-15
<PAGE>

16.     Denomination; Transfer; Exchange.

        The Debentures of this series are issuable only in registered form
without coupons in denominations of $50 and any integral multiple thereof. As
provided in the Indenture and subject to certain limitations herein and therein
set forth, Debentures of this series so issued are exchangeable for a like
aggregate principal amount of Debentures of this series of a different
authorized denomination, as requested by the Holder surrendering the same.

        As provided in the Indenture and subject to certain limitations therein
set forth, this Debenture is transferable by the registered Holder hereof on the
Security Register of the Company, upon surrender of this Debenture for
registration of transfer at the office or agency of the Trustee 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
registered Holder hereof or his attorney duly authorized in writing, and
thereupon one or more new Debentures of authorized denominations and for the
same aggregate principal amount will be issued to the designated transferee or
transferees. No service charge will be made for any such transfer, but the
Company may require payment of a sum sufficient to cover any tax or other
governmental charge payable in relation thereto.

17.     Persons Deemed Owners.

        The registered Holder of this Debenture shall be treated as its owner
for all purposes.

18.     Defeasance.

        Subject to certain conditions contained in the Indenture, at any time
some or all of the Debentures and the Indenture may be terminated if the Company
deposits with the Trustee money and/or Eligible Instruments (including U.S.
Government Obligations) sufficient to pay the principal of and interest on the
Debentures to Stated Maturity, including as adjusted to 60 days following the
Remarketing Date, if applicable.

19.     No Recourse Against Others.

        No recourse shall be had for the payment of the principal of or the
interest on this Debenture, or for any claim based hereon, or otherwise in
respect hereof, or based on or in respect of the Indenture, against any
incorporator, shareholder, officer or director, past, present or future, as
such, of the Company or of any predecessor or successor corporation, 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.

20.     Authentication.

        This Debenture shall not be valid until the Trustee (or authenticating
agent) executes the certificate of authentication on the other side of this
Debenture.

21.     Governing Law.

                                      A-16
<PAGE>

        The indenture and this debenture shall be governed by, and construed in
accordance with, the laws of the State of New York.

             SCHEDULE OF INCREASES OR DECREASES IN GLOBAL DEBENTURE

        The following increases or decreases in this Global Debenture have been
made:

<TABLE>
<CAPTION>
                                                            PRINCIPAL AMOUNT
              AMOUNT OF DECREASE    AMOUNT OF INCREASE IN   OF DEBENTURES
              IN PRINCIPAL AMOUNT   PRINCIPAL AMOUNT OF     EVIDENCED BY THIS      SIGNATURE OF
              OF DEBENTURES         DEBENTURES EVIDENCED    GLOBAL DEBENTURE       AUTHORIZED
              EVIDENCED BY THIS     BY THIS GLOBAL          FOLLOWING SUCH         OFFICER OF
DATE          GLOBAL DEBENTURE      DEBENTURE               DECREASE OR INCREASE   AGENT
----          -------------------   ---------------------   --------------------   ------------
<S>           <C>                   <C>                     <C>                    <C>

</TABLE>

                                      A-17

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