Document:

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                                                                     EXHIBIT 4.5

                [FORM OF JUNIOR SUBORDINATED DEBENTURE INDENTURE]

                              OLD NATIONAL BANCORP

                                       to

                J. P. MORGAN TRUST COMPANY, NATIONAL ASSOCIATION,
                                   as Trustee

                                    INDENTURE

                                  Dated as of -

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                                TABLE OF CONTENTS

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

SECTION 1.1.   Definitions...............................................................      1
SECTION 1.2.   Compliance Certificates and Opinions......................................      8
SECTION 1.3.   Form of Documents Delivered to Trustee....................................      9
SECTION 1.4.   Acts of Holders; Record Dates.............................................      9
SECTION 1.5.   Notices, Etc., to Trustee and Company.....................................     11
SECTION 1.6.   Notice to Holders; Waiver.................................................     11
SECTION 1.7.   Conflict with Trust Indenture Act.........................................     11
SECTION 1.8.   Effect of Headings and Table of Contents..................................     11
SECTION 1.9.   Successors and Assigns....................................................     12
SECTION 1.10.  Separability Clause.......................................................     12
SECTION 1.11.  Benefits of Indenture.....................................................     12
SECTION 1.12.  Governing Law.............................................................     12
SECTION 1.13.  Legal Holidays............................................................     12
SECTION 1.14.  Agreed Tax Treatment......................................................     12

                                       ARTICLE II
                                     SECURITY FORMS

SECTION 2.1.   Forms Generally...........................................................     13
SECTION 2.2.   Form of Face of Security..................................................     13
SECTION 2.3.   Form of Reverse of Security...............................................     17
SECTION 2.4.   Form of Trustee's Certificate of Authentication...........................     19

                                       ARTICLE III
                                     THE SECURITIES

SECTION 3.1.   Amount Unlimited; Issuable in Series......................................     20
SECTION 3.2.   Denominations.............................................................     22
SECTION 3.3.   Execution, Authentication, Delivery and Dating............................     23
SECTION 3.4.   Temporary Securities......................................................     24
SECTION 3.5.   Global Securities.........................................................     24
SECTION 3.6.   Registration, Transfer and Exchange.......................................     25
SECTION 3.7.   Mutilated, Destroyed, Lost and Stolen Securities..........................     26
SECTION 3.8.   Payment of Interest; Interest Rights Preserved............................     27
SECTION 3.9.   Persons Deemed Owners.....................................................     28
SECTION 3.10.  Cancellation..............................................................     29
SECTION 3.11.  Interest..................................................................     29
SECTION 3.12.  Shortening of Stated Maturity.............................................     29
SECTION 3.13.  Right of Set-Off..........................................................     30
SECTION 3.14.  CUSIP Number..............................................................     30
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<S>                                                                                           <C>
                                       ARTICLE IV
                               SATISFACTION AND DISCHARGE

SECTION 4.1.   Satisfaction and Discharge of Indenture...................................     30
SECTION 4.2.   [intentionally omitted]
SECTION 4.3.   [intentionally omitted]
SECTION 4.4.   [intentionally omitted]
SECTION 4.5.   Application of Trust Money................................................     31
SECTION 4.6.   Indemnity for U.S. Government Obligations.................................     32

                                        ARTICLE V
                                  DEFAULTS AND REMEDIES

SECTION 5.1.   Events of Default.........................................................     32
SECTION 5.2.   Acceleration of Maturity; Rescission and Annulment........................     33
SECTION 5.3.   Collection of Indebtedness and Suits for Enforcement by Trustee...........     34
SECTION 5.4.   Trustee May File Proofs of Claim..........................................     35
SECTION 5.5.   Trustee May Enforce Claims Without Possession of Securities...............     36
SECTION 5.6.   Application of Money Collected............................................     36
SECTION 5.7.   Limitation on Suits.......................................................     36
SECTION 5.8.   Unconditional Right of Holders to Receive Principal, Premium and Interest;
               Direct Action by Holders of Capital Securities............................     37
SECTION 5.9.   Restoration of Rights and Remedies........................................     38
SECTION 5.10.  Rights and Remedies Cumulative............................................     38
SECTION 5.11.  Delay or Omission Not Waiver..............................................     38
SECTION 5.12.  Control by Holders........................................................     38
SECTION 5.13.  Waiver of Past Defaults...................................................     39
SECTION 5.14.  Undertaking for Costs.....................................................     39

                                       ARTICLE VI
                                       THE TRUSTEE

SECTION 6.1.   Certain Duties and Responsibilities.......................................     39
SECTION 6.2.   Notice of Defaults........................................................     41
SECTION 6.3.   Certain Rights of Trustee.................................................     41
SECTION 6.4.   Not Responsible for Recitals or Issuance of Securities....................     42
SECTION 6.5.   May Hold Securities.......................................................     42
SECTION 6.6.   Money Held in Trust.......................................................     42
SECTION 6.7.   Compensation and Reimbursement............................................     42
SECTION 6.8.   Disqualification; Conflicting Interests...................................     43
SECTION 6.9.   Corporate Trustee Required; Eligibility...................................     43
SECTION 6.10.  Resignation and Removal; Appointment of Successor.........................     43
SECTION 6.11.  Acceptance of Appointment by Successor....................................     45
SECTION 6.12.  Merger, Conversion, Consolidation or Succession to Business...............     46
SECTION 6.13.  Preferential Collection of Claims Against Company.........................     46
SECTION 6.14.  Appointment of Authenticating Agent.......................................     46
</TABLE>

                                       ii

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<S>                                                                                           <C>
                                       ARTICLE VII
                    HOLDERS LISTS AND REPORTS BY TRUSTEE AND COMPANY

SECTION 7.1.   Company to Furnish Trustee Names and Addresses of Holders.................     48
SECTION 7.2.   Preservation of Information; Communications to Holders....................     48
SECTION 7.3.   Reports by Trustee........................................................     49
SECTION 7.4.   Reports by Company........................................................     49

                                      ARTICLE VIII
                  CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE

SECTION 8.1.   Company May Consolidate, Etc., Only on Certain Terms......................     49
SECTION 8.2.   Successor Company Substituted.............................................     50

                                       ARTICLE IX
                                 SUPPLEMENTAL INDENTURES

SECTION 9.1.   Supplemental Indentures Without Consent of Holders........................     51
SECTION 9.2.   Supplemental Indentures with Consent of Holders...........................     52
SECTION 9.3.   Execution of Supplemental Indentures......................................     53
SECTION 9.4.   Effect of Supplemental Indentures.........................................     53
SECTION 9.5.   Conformity with Trust Indenture Act.......................................     53
SECTION 9.6.   Reference in Securities to Supplemental Indentures........................     54

                                        ARTICLE X
                                        COVENANTS

SECTION 10.1.  Payment of Principal, Premium and Interest................................     54
SECTION 10.2.  Maintenance of Office or Agency...........................................     54
SECTION 10.3.  Money for Securities Payments to Be Held in Trust.........................     54
SECTION 10.4.  Statement by Officers as to Default.......................................     56
SECTION 10.5.  Covenants as to ONB Trusts................................................     56
SECTION 10.6.  Payment of Expenses and Additional Amounts................................     57
SECTION 10.7.  Listing on an Exchange....................................................     58

                                       ARTICLE XI
                                REDEMPTION OF SECURITIES

SECTION 11.1.  Applicability of Article..................................................     58
SECTION 11.2.  Election to Redeem; Notice to Trustee.....................................     59
SECTION 11.3.  Selection by Trustee of Securities to Be Redeemed.........................     59
SECTION 11.4.  Notice of Redemption......................................................     60
SECTION 11.5.  Deposit of Redemption Price...............................................     60
SECTION 11.6.  Securities Payable on Redemption Date.....................................     61
SECTION 11.7.  Securities Redeemed in Part...............................................     61
SECTION 11.8.  Special Event Redemption..................................................     61
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<TABLE>
<S>                                                                                           <C>
                                       ARTICLE XII
                                      SINKING FUND

SECTION 12.1.  Applicability of Article..................................................     62
SECTION 12.2.  Satisfaction of Sinking Fund Payments with Securities.....................     62
SECTION 12.3.  Redemption of Securities for Sinking Fund.................................     62

                                      ARTICLE XIII
                            DEFERRAL OF INTEREST PAYMENT DATE

SECTION 13.1.  Deferral of Interest Payment Date.........................................     64
SECTION 13.2.  Notice of Deferral........................................................     64
SECTION 13.3.  Limitation of Transactions During Interest Payment Deferral Period........     65

                                       ARTICLE XIV
                               SUBORDINATION OF SECURITIES

SECTION 14.1.  Agreement to Subordinate..................................................     65
SECTION 14.2.  Default on Senior Debt....................................................     66
SECTION 14.3.  Liquidation; Termination; Bankruptcy......................................     66
SECTION 14.4.  Subrogation...............................................................     67
SECTION 14.5.  Trustee to Effectuate Subordination.......................................     68
SECTION 14.6.  Notice by the Company.....................................................     68
SECTION 14.7.  Rights of the Trustee; Holders of Senior Debt.............................     69
SECTION 14.8.  Subordination May Not Be Impaired.........................................     70

                                       ARTICLE XV
                                      MISCELLANEOUS

SECTION 15.1.  Acknowledgement of Rights.................................................     70
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                                       iv

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                              Old National Bancorp

Reconciliation and tie between Trust Indenture Act of 1939, as amended, and
Indenture, dated as of -:

<TABLE>
<CAPTION>
       Trust Indenture
        Act Section                                                       Indenture Section
<S>                                                                         <C>
Section 310  (a)(1)...................................................     6.9
             (a)(2)...................................................     6.9
             (a)(3)...................................................     Not Applicable
             (a)(4)...................................................     Not Applicable
             (b)......................................................     6.8, 6.10
Section 311  .........................................................     6.13
Section 312  (a)......................................................     7.1, 7.2(a)
             (b)......................................................     7.2(b)
             (c)......................................................     7.2(c)
Section 313  (a)......................................................     7.3(a), 7.3(b)
             (b)......................................................     7.3(a)
             (c)......................................................     7.3(a)
             (d)......................................................     7.3(c)
Section 314  (a)......................................................     7.4
             (b)......................................................     Not Applicable
             (c)(1)...................................................     1.2
             (c)(2)...................................................     1.2
             (c)(3)...................................................     Not Applicable
             (d)......................................................     Not Applicable
             (e)......................................................     1.2
Section 315  (a)......................................................     6.1(a)
             (b)......................................................     6.2, 7.3(a)
             (c)......................................................     6.1(b)
             (d)......................................................     6.1(c)
             (d)(1)...................................................     6.1(c)(i)
             (d)(2)...................................................     6.1(c)(ii)
             (d)(3)...................................................     6.1(c)(iii)
             (e)......................................................     5.14
Section 316  (a)(1)(A)................................................     5.12
             (a)(1)(B)................................................     5.13
             (a)(2)...................................................     Not Applicable
             (b)......................................................     5.8
Section 317  (a)(1)...................................................     5.3
             (a)(2)...................................................     5.4
             (b)......................................................     10.3
Section 318  (a)......................................................     1.7
</TABLE>

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

                                       v

<PAGE>

            INDENTURE, dated as of -, between OLD NATIONAL BANCORP, a financial
holding company duly organized and under the laws of the State of Indiana (the
"Company"), having its principal office at One Main Street, Evansville, Indiana
47708, and J. P. MORGAN TRUST COMPANY, NATIONAL ASSOCIATION, a national banking
association duly organized and existing under the laws of the United States of
America, as Trustee (the "Trustee").

                             RECITALS OF THE COMPANY

            WHEREAS, 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 or other evidences of indebtedness (the
"Securities"), to be issued in one or more series as in this Indenture provided,
including, but not limited to, Securities issued to evidence loans made to the
Company of the proceeds from the issuance from time to time by one or more
statutory trusts (each, an "ONB Trust") of undivided preferred beneficial
interests in the assets of such ONB Trusts (the "Capital Securities") and
undivided common beneficial interests in the assets of such ONB Trusts (the
"Common Securities" and, together with the Capital Securities, the "Trust
Securities"), and to provide the terms and conditions upon which the Securities
are to be authenticated, issued and delivered; and

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

            NOW, THEREFORE, THIS INDENTURE WITNESSETH:

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

                                   ARTICLE I

             DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

SECTION 1.1 Definitions.

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

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

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

            (3) all accounting terms not otherwise defined herein have the
meanings assigned to them in accordance with generally accepted accounting
principles, and, except as otherwise herein expressly provided, the term
"generally accepted accounting principles" with

<PAGE>

respect to any computation required or permitted hereunder shall mean such
accounting principles as are generally accepted at the date of such computation;
and

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

            "Act," when used with respect to any Holder, has the meaning
specified in Section 1.4.

            "Additional Amounts" has the meaning specified in Section 10.6.

            "Additional Interest" means, in respect of the Securities of a
series, interest accrued (to the extent that the payment of such interest shall
be legally enforceable) on interest overdue and unpaid at the rate per annum
specified in a Board Resolution or an indenture supplemented hereto as the rate
at which Additional Interest shall accrue, compounded each Interest Payment
Period and calculated as set forth in the form of the Securities to be issued
pursuant to this Indenture set forth in Section 2.2, from the dates on which
such interest would otherwise have been due and payable until paid or made
available for payment.

            "Administrators" has the meaning set forth in the Trust Agreement of
the applicable ONB Trust.

            "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.

            "Agent Member" means any member of, or participant in, the
Depositary.

            "Applicable Procedures" means, with respect to any transfer or
transaction involving a Global Security or beneficial interest therein, the
rules and procedures of the Depositary for such Security, in each case to the
extent applicable to such transaction and as in effect from time to time.

            "Authenticating Agent" means any Person authorized by the Trustee to
act on behalf of the Trustee to authenticate Securities.

            "Board of Directors" means either the board of directors of the
Company or any duly authorized committee of that board.

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

                                       2

<PAGE>

            "Business Day" means any day other than a Saturday or Sunday or a
day on which banking institutions in The City of New York are authorized or
required by law, regulation or executive order to remain closed.

            "Capital Securities" means undivided beneficial interests in the
assets of an ONB Trust which rank, except upon the occurrence and continuation
of a Default, pari passu with Common Securities issued by such ONB Trust.

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

            "Common Securities" means undivided beneficial interests in the
assets of an ONB Trust which rank, except upon the occurrence and continuation
of a Default, pari passu with Capital Securities issued by such ONB Trust.

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

            "Company Request" or "Company Order" means a written request or
order signed in the name of the Company by its Chairman of the Board, its
President, a Senior Vice President, its Chief Financial Officer or its Corporate
Controller, and by its Treasurer, an Assistant Treasurer, its Secretary or an
Assistant Secretary, and delivered to the Trustee.

            "Corporate Trust Office" means the principal office of the Trustee
in the State of Illinois at which at any particular time its corporate trust
business shall be principally administered, which at the date hereof is located
at 227 West Monroe, 26th Floor, Chicago, Illinois 60606.

            "Default" has the meaning specified in Section 5.7.

            "Defaulted Interest" has the meaning specified in Section 3.8.

            "Deferred Interest" has the meaning specified in Section 13.1.

            "Delaware Trustee" has the meaning specified in the Trust Agreement
of the applicable ONB Trust.

            "Depositary" means, with respect to Securities of any series
issuable in whole or in part in the form of one or more Global Securities, a
clearing agency registered under the Exchange Act that is designated to act as
Depositary for such Securities as contemplated by Section 3.1.

            "Direct Action" has the meaning specified in Section 15.1.

                                       3

<PAGE>

            "Distributions" on Capital Securities of an ONB Trust has the
meaning set forth in the Trust Agreement of such ONB Trust.

            "Early Termination Event" has the meaning specified in the Trust
Agreement of the applicable ONB Trust.

            "Event of Default" has the meaning specified in Section 5.1.

            "Exchange Act" means the Securities Exchange Act of 1934, as amended
from time to time, and any successor legislation.

            "Floating or Adjustable Rate Provision" means a formula or
provision, specified in a Board Resolution or an indenture supplemental hereto,
providing for the determination, whether pursuant to objective factors or
pursuant to the sole discretion of any Person (including the Company), and
periodic adjustment of the interest rate per annum borne by a Floating or
Adjustable Rate Security.

            "Floating or Adjustable Rate Security" means any Security which
provides for interest to be payable thereon at a rate per annum that may vary
from time to time over the term thereof in accordance with a Floating or
Adjustable Rate Provision.

            "Global Security" means a Security that evidences all or part of the
Securities of any series and is authenticated and delivered to, and registered
in the name of, the Depositary for such Securities or a nominee thereof.

            "Guarantee" means, in respect of any ONB Trust created on or prior
to the date hereof, the guarantee agreement executed or to be executed by the
Company for the benefit of holders of the Capital Securities of such ONB Trust.

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

            "Indenture" means this instrument as originally executed or as it
may from time to time be supplemented or amended by one or more indentures
supplemental hereto entered into pursuant to the applicable provisions hereof
and shall include the terms of particular series of Securities established as
contemplated by Section 3.1.

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

            "Interest Payment Deferral Period" has the meaning specified in
Section 13.1.

            "Interest Payment Period," when used with respect to any Security,
means the period specified in such Security as the period of accrual of interest
for such Security.

            "Interest Rate" has the meaning specified in Section 3.11.

                                       4

<PAGE>

            "Issuer Trustees" has the meaning set forth in the Trust Agreement
of the applicable ONB Trust.

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

            "Notice of Default" has the meaning specified in Section 5.7.

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

            "ONB Trust" has the meaning set forth in the Preamble hereto.

            "Opinion of Counsel" means a written opinion of counsel, who may be
counsel for the Company.

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

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

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

            (iii) Securities which have been paid pursuant to Section 3.7 or in
      exchange for or in lieu of which other Securities have been authenticated
      and delivered pursuant to this Indenture, other than any such Securities
      in respect of which there shall have been presented to the Trustee proof
      satisfactory to it that such Securities are held by a bona fide purchaser
      in whose hands such Securities are valid obligations of the Company;
      provided that in determining whether the Holders of the requisite
      principal amount of the Outstanding Securities have given any request,
      demand, authorization, direction, notice, consent or waiver hereunder
      Securities owned by the Company or any other obligor upon the Securities
      or any Affiliate of the Company or of such other obligor shall be
      disregarded and deemed not to be Outstanding; provided, however, that, in
      determining whether the Trustee shall be protected in relying, upon any
      such request, demand, authorization, direction, notice, consent or waiver,
      only Securities which a Responsible Officer of the Trustee actually knows
      to be so owned shall be so disregarded and provided, further, that
      Securities held by the Property Trustee for the benefit of the

                                       5

<PAGE>

      holders of the Capital Securities shall not be so disregarded. Securities
      so owned which have been pledged in good faith may be regarded as
      Outstanding if the pledgee establishes to the satisfaction of the Trustee
      the pledgee's right so to act with respect to such Securities and that the
      pledgee is not the Company or any other obligor upon the Securities or any
      Affiliate of the Company or of such other obligor.

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

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

            "Place of Payment," when used with respect to the Securities of any
series, means the place or places where the principal of (and premium, if any)
and interest on the Securities of that series are payable as specified as
contemplated by Section 3.1.

            "Predecessor Security" of any particular Security means every
previous Security evidencing all or a portion of the same debt as that evidenced
by such particular Security; and, for the purposes of this definition, any
Security authenticated and delivered under Section 3.7 in exchange for or in
lieu of a mutilated, destroyed, lost or stolen Security shall be deemed to
evidence the same debt as the mutilated, destroyed, lost or stolen Security.

            "Property Trustee" has the meaning set forth in the Trust Agreement
of the applicable ONB Trust.

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

            "Redemption Option Date" means, with respect to a series of
Securities, the date specified as contemplated by Section 3.1 on or after which,
from time to time, the Company, at its option, may redeem such series of
Securities in whole or in part.

            "Redemption Price," when used with respect to any Security to be
redeemed, means such percentage of the principal amount of such Security that is
specified pursuant to Section 3.1 plus any accrued and unpaid interest thereon
to the Redemption Date.

            "Regular Record Date" for the interest payable on any Interest
Payment Date on the Securities of any series means the date specified as such
pursuant to Section 3.1.

            "Regulator" means the Board of Governors of the Federal Reserve
System or the primary federal banking regulator of the Company.

            "Responsible Officer" means, with respect to the Trustee, any
officer within the Corporate Trust Office of the Trustee, including any
vice-president, any assistant vice-president, any assistant secretary, the
treasurer, any assistant treasurer or other officer of the Corporate Trust
Office of the Trustee customarily performing functions similar to those
performed by any of the above designated officers and also means, with respect
to a particular corporate trust

                                       6

<PAGE>

matter, any other officer to whom such matter is referred because of that
officer's knowledge of and familiarity with the particular subject.

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

            "Security Beneficial Owner" means, with respect to an interest in a
Global Security, a person who is the beneficial owner of such interest, as
reflected on the books of the Depositary, or on the books of a Person
maintaining an account with such Depositary (directly as a Depositary
participant or as an indirect participant, in each case in accordance with the
rules of the Depositary).

            "Security Register" and "Security Registrar" have the respective
meanings specified in Section 3.6.

            "Senior Debt" means, (1) all obligations of the Company in respect
of borrowed and purchased money, including, but not limited to, all indebtedness
(whether now or hereafter outstanding) issued under the Indenture, dated as of
July 23, 1997, between the Company and J. P. Morgan Trust Company, National
Association (as successor to Bank One, NA), as trustee, as the same may be
amended, modified or supplemented from time to time, and under any other
indenture the terms of which do not expressly provide that such indebtedness
will rank equally with or junior to the Securities; (2) all obligations of the
Company arising from off-balance sheet guarantees and direct credit substitutes;
(3) all capital lease obligations of the Company; (4) all obligations of the
Company issued or assumed as the deferred purchase price of property, all
conditional sale obligations of the Company and all obligations of the Company
under any conditional sale or title retention agreement, but excluding trade
accounts payable arising in the ordinary course of business; (5) all
obligations, contingent or otherwise, of the Company in respect of any letters
of credit, banker's acceptances, security purchase facilities or similar credit
transactions; (6) all obligations of the Company associated with derivative
products such as interest rate and foreign exchange contracts, commodity
contracts and similar arrangements; (7) all obligations of the type referred to
in clauses (1) through (6) above of other Persons for the payment of which the
Company is responsible or liable as obligor, guarantor or otherwise; and (8) all
obligations of the type referred to in clauses (1) through (7) above of other
Persons secured by any lien on any property or asset of the Company, whether or
not such obligation is assumed by the Company, in each case, whether outstanding
on the date as of which this Indenture is dated, or created, assumed or incurred
after such date, except that Senior Debt shall not include (A) any indebtedness
that by its terms ranks equally with, or junior to, the Securities; and (B) any
indebtedness between or among the Company and (i) any ONB Trust or a trustee of
such ONB Trust or (ii) any other trust, or a trustee of such trust, partnership
or other entity affiliated with the Company that is a financing vehicle of the
Company in connection with the issuance by such financing vehicle of preferred
securities or other securities guaranteed by the Company pursuant to an
instrument that ranks equally with, or junior to, any Guarantee.

            "Special Event," with respect to an ONB Trust, has the meaning
specified in the Trust Agreement of such ONB Trust.

                                       7

<PAGE>

            "Special Record Date" for the payment of any Defaulted Interest
means a date fixed by the Trustee pursuant to Section 3.8.

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

            "Trust Agreement" means, with respect to an ONB Trust, the amended
and restated trust agreement or any other governing instrument of such ONB
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 9.5.

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

            "Underwriting Agreement" has the meaning set forth in the Trust
Agreement of the applicable ONB Trust.

            "U.S. Government Obligations" has the meaning specified in Section
4.1.

SECTION 1.2 Compliance Certificates and Opinions.

            Upon any application or request by the Company to the Trustee to
take any action under any provision of this Indenture, the Company shall furnish
to the Trustee an Officer's 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,

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

            (b) 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;

                                       8

<PAGE>

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

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

SECTION 1.3 Form of Documents Delivered to Trustee.

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

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

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

SECTION 1.4 Acts of Holders; Record Dates.

            (a) Any request, demand, authorization, direction, notice, consent,
waiver or other action provided or permitted by this Indenture to be given or
taken by Holders shall be embodied in and evidenced by one or more substantially
similar instruments signed by such Holders in person or by an agent duly
appointed in writing; and, except as herein otherwise expressly provided, such
action shall become effective when such instrument or instruments are delivered
to the Trustee and, where it is hereby expressly required, to the Company. Such
instrument or instruments (and the action embodied therein and evidenced
thereby) are herein sometimes referred to as the "Act" of the Holders signing
such instrument or instruments. Proof of execution of any such instrument or of
a writing appointing any such agent shall be sufficient for any purpose of this
Indenture and (subject to Section 6.1) conclusive in favor of the Trustee and
the Company, if made in the manner provided in this Section.

            (b) The fact and date of the execution by any Person of any such
instrument or writing may be proved by the affidavit of a witness of such
execution or by a certificate of a notary public or other officer authorized by
law to take acknowledgments of deeds, certifying

                                       9

<PAGE>

that the individual signing such instrument or writing acknowledged to him the
execution thereof. Where such execution is by a signer acting in a capacity
other than his individual capacity, such certificate or affidavit shall also
constitute sufficient proof of his authority. The fact and date of the execution
of any such instrument or writing, or the authority of the Person executing the
same, may also be proved in any other manner which the Trustee deems sufficient.

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

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

            (e) The Company may set any day as a record date for the purpose of
determining the Holders of Outstanding Securities of any series entitled to
give, make or take any request, demand, authorization, direction, notice,
consent, waiver or other action provided or permitted by this Indenture to be
given, made or taken by Holders of Securities of such series; provided, that the
Company may not set a record date for, and the provisions of this paragraph
shall not apply with respect to, the giving or making of any notice,
declaration, request or direction referred to in the next succeeding paragraph.
If any record date is set pursuant to this paragraph, the Holders of Outstanding
Securities of the relevant series on such record date, and no other Holders,
shall be entitled to take the relevant action, whether or not such Holders
remain Holders after such record date. Nothing in this paragraph shall be
construed to prevent the Company from setting a new record date for any action
for which a record date has previously been set pursuant to this paragraph
(whereupon the record date previously set shall automatically and with no action
by any Person be cancelled and of no effect). Promptly after any record date is
set pursuant to this paragraph, the Company, at its own expense, shall cause
notice of such record date and the proposed action by Holders to be given to the
Trustee in writing and to each Holder of Securities of the relevant series in
the manner set forth in Section 1.6.

            The Trustee may set any date as a record date for the purpose of
determining the Holders of Outstanding Securities of any series entitled to join
in the giving or making of (i) any Notice of Default, (ii) any declaration of
acceleration referred to in Section 5.2, (iii) any request to institute
proceedings referred to in Section 5.7, or (iv) any direction referred to in
Section 5.12, in each case with respect to Securities of such series. If any
record date is set pursuant to this paragraph, the Holders of Outstanding
Securities of such series on such record date, and no other Holders, shall be
entitled to join in such notice, declaration, request or direction, whether or
not such Holders remain Holders after such record date. Nothing in this
paragraph shall be construed to prevent the Trustee from setting a new record
date for any action for which a record date has previously been set pursuant to
this paragraph (whereupon the record date previously set shall automatically and
with no action by any Person be cancelled and of no effect). Promptly after any
record date is set pursuant to this paragraph, the Trustee, at the Company's
expense, shall cause notice of such record date and the proposed action by
Holders to be given to the Company in writing and to each Holder of Securities
of the relevant series in the manner set forth in Section 1.6.

                                       10

<PAGE>

SECTION 1.5 Notices, Etc., to Trustee and Company.

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

            (a) the Trustee by any Holder or by the Company shall be sufficient
for every purpose hereunder if made, given, furnished or filed in writing to or
with the Trustee at its Corporate Trust Office, Attention: Corporate Trust
Administration; provided, however, that such instrument will be considered
properly given if submitted in an electronic format, i.e., by facsimile, e-mail
or otherwise upon receipt by a Responsible Officer, or

            (b) the Company by the Trustee or by any Holder shall be sufficient
for every purpose hereunder (unless otherwise herein expressly provided) if in
writing and mailed, first-class postage prepaid, to the Company addressed to it
at the address of its principal office specified in the first paragraph of this
instrument or at any other address previously furnished in writing to the
Trustee by the Company; provided, however, that such instrument will be
considered properly given if submitted by facsimile.

SECTION 1.6 Notice to Holders; Waiver.

            Where this Indenture provides for notice to Holders of any event,
such notice shall be sufficiently given (unless otherwise herein expressly
provided) if in writing and mailed, first-class postage prepaid, to each Holder
affected by such event, at his address as it appears in the Security Register,
not later than the latest date and not earlier than the earliest date,
prescribed for the giving of such notice. In case by reason of the suspension of
regular mail service or by reason of any other cause it shall be impracticable
to give such notice by mail, then such notification as shall be made with the
approval of the Trustee shall constitute a sufficient notification for every
purpose hereunder. In any case where notice to Holders is given by mail, neither
the failure to mail such notice, nor any defect in any notice so mailed, to any
particular Holder shall affect the sufficiency of such notice with respect to
other Holders. Where this Indenture provides for notice in any 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.

SECTION 1.7 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 1.8 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.

                                       11

<PAGE>

SECTION 1.9 Successors and Assigns.

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

SECTION 1.10 Separability Clause.

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

SECTION 1.11 Benefits of Indenture.

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

SECTION 1.12 Governing Law.

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

SECTION 1.13 Legal Holidays.

            Unless otherwise specified as contemplated by Section 3.1 for
Securities of any series, in any case where any Interest Payment Date,
Redemption Date or Stated Maturity of any Security shall not be a Business Day
in The City of New York, then (notwithstanding any other provision of this
Indenture or of the Securities) payment of interest or principal (and premium,
if any) need not be made on such date, but may be made on the next succeeding
Business Day with the same force and effect as if made on the Interest Payment
Date or Redemption Date, or at the Stated Maturity, provided that no interest
shall accrue for the period from and after such Interest Payment Date,
Redemption Date or Stated Maturity, as the case may be, except that, if such
Business Day is in the next succeeding calendar year, such payment shall be made
on the immediately preceding Business Day, in each case with the same force and
effect as if made on such date.

SECTION 1.14 Agreed Tax Treatment.

            Each Security issued hereunder shall provide that the Company and,
by its acceptance or acquisition of a Security or a beneficial interest therein,
the Holder of, and any Person that acquires a direct or indirect beneficial
interest in, such Security, intend and agree to treat such Security as debt of
the Company for United States Federal, state and local tax purposes and, with
respect to Securities of a series issued to an ONB Trust, to treat Capital
Securities of such ONB Trust (including but not limited to all payments and
proceeds with respect to such Capital Securities) as an undivided beneficial
ownership interest in the Securities of such series (and payments and proceeds
therefrom, respectively) for United States federal, state and local tax

                                       12

<PAGE>

purposes. The provisions of this Indenture shall be interpreted to further this
intention and agreement of the parties.

                                   ARTICLE II

                                 SECURITY FORMS

SECTION 2.1 Forms Generally.

            The Securities of each series shall be in substantially the form set
forth in this Article, or in such other form as shall be established by 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 Depositary therefor or as may, consistently herewith, be
determined by the officers executing such Securities, as evidenced by their
execution of such Securities. If the form of Securities of any series 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 3.3 for the
authentication and delivery of such Securities.

            The Trustee's certificates of authentication shall be in
substantially the form set forth in this Article.

            The definitive Securities may be produced in any manner as
determined by the officers executing such Securities, as evidenced by their
execution of such Securities.

SECTION 2.2 Form of Face of Security.

            [IF THE SECURITY IS TO BE A GLOBAL SECURITY, INSERT - This Security
is a Global Security within the meaning of the Indenture hereinafter referred to
and is registered in the name of a Depositary or a nominee of a Depositary. This
Security is exchangeable for Securities 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 Security (other than a transfer of
this Security 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 Security is presented by an authorized representative of
The Depository Trust Company (55 Water Street, New York, New York) to the issuer
or its agent for registration of transfer, exchange or payment, and any Security
issued is registered in the name of Cede & Co. or such other name as requested
by an authorized representative of The Depository Trust Company and any payment
hereon is made to Cede & Co., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY A PERSON IS WRONGFUL since the registered owner hereof, Cede &
Co., has an interest herein.]

No. _________________

                                       13

<PAGE>

                              OLD NATIONAL BANCORP

                      [INSERT TITLE OF SERIES OF SECURITY]

            OLD NATIONAL BANCORP, a financial holding company organized under
the laws of the State of Indiana (the "Company," which term includes any
successor corporation under the Indenture hereinafter referred to), for value
received, hereby promises to pay to ______________ or registered assigns, the
principal sum of _____________ Dollars ($___________) on _________, ____[;
provided, that the Company may shorten the Stated Maturity of this Security to a
date not earlier than [_______, ___] at any time on one or more occasions,
subject to certain conditions specified in Section 3.12 of the Indenture], and
to pay interest on said principal sum from ____________, ____, or from the most
recent interest payment date (each such date, an "Interest Payment Date") to
which interest has been paid or duly provided for, [quarterly] [semi-annually]
[(subject to deferral as set forth herein)] in arrears on [___________[,
___________, ___________] and ___________] of each year commencing ________,
____, at [If the Security is to bear interest at a fixed rate, insert a rate of
______ % per annum,] [If the Security is a Floating or Adjustable Rate Security,
insert a rate per annum [determined] in accordance with the [insert defined name
of Floating or Adjustable Rate Provision] set forth below] until the principal
hereof shall have been paid or duly provided for, and on any overdue principal
and premium, if any, and (without duplication and to the extent that payment of
such interest is enforceable under applicable law) on any overdue installment of
interest at the same rate per annum compounded [quarterly] [semi-annually]. [If
the Security is to bear interest at a fixed rate, insert: The amount of interest
payable on any Interest Payment Date shall be computed on the basis of a 360-day
year of twelve 30-day months.] [If the Security is a Floating or Adjustable Rate
Security, insert other convention as applicable.] [If the Security is to bear
interest at a fixed rate, insert: In the event that any date on which interest
is payable on this Security is not a Business Day, then payment of interest
payable on such date will be made on the next succeeding day that is a Business
Day (and without any interest or other payment in respect of any such delay),
except that, if such Business Day is in the next succeeding calendar year, such
payment shall be made on the immediately preceding Business Day, in each case
with the same force and effect as if made on such date.] [If the Security is a
Floating or Adjustable Rate Security, insert other convention as applicable.]
The interest installment so payable, and punctually paid or duly provided for,
on any Interest Payment Date will, as provided in the Indenture, be paid to the
Person in whose name this Security (or one or more Predecessor Securities, as
defined in said Indenture) is registered at the close of business on the Regular
Record Date for such interest installment, which shall be the close of business
on the fifteenth calendar day next preceding such Interest Payment Date. Any
such interest installment not punctually paid or duly provided for shall
forthwith cease to be payable to the registered Holders on such Regular Record
Date and may be paid to the Person in whose name this Security (or one or more
Predecessor Securities) is registered at the close of business on a Special
Record Date to be fixed by the Trustee for the payment of such defaulted
interest, notice whereof shall be given to the registered Holders of this series
of Securities not less than 10 days prior to such Special Record Date, or may be
paid at any time in any other lawful manner not inconsistent with the
requirements of any securities exchange on which the Securities may be listed,
and upon such notice as may be required by such exchange, all as more fully
provided in the Indenture. The principal of (and premium, if any) and the
interest on this Security shall be payable at the office or agency of the
Trustee maintained for that purpose in any coin or currency of the United States

                                       14

<PAGE>

of America that at the time of payment is legal tender for payment of public and
private debts; provided, however, that payment of interest may be made at the
option of the Company by check mailed to the registered Holder at such address
as shall appear in the Security Register. [INSERT IF SECURITY IS TO BE HELD BY
AN ONB TRUST-- Notwithstanding the foregoing, so long as the Holder of this
Security is the Property Trustee of an ONB Trust, the payment of the principal
of (and premium, if any) and interest on this Security will be made at such
place and to such account as may be designated by such Property Trustee.]

            [At this point in the Security Form of any series of Floating or
Adjustable Rate Securities, the text of the Floating or Adjustable Rate
Provision relating thereto should be inserted.]

            The Company shall have the right at any time during the term of the
Securities and from time to time to defer the payment of interest of such
Securities for up to [________] consecutive [quarterly] [semi-annual] interest
payment periods (each, an "Interest Payment Deferral Period"), at the end of
which period the Company shall pay all interest then accrued and unpaid
(together with Additional Interest thereon at the rate of [___]% per annum to
the extent that payment of such interest is enforceable under applicable law);
provided, that no such Interest Payment Deferral Period shall extend beyond the
maturity of the Securities; and provided, further, that if the Company shall
have provided notice of its election to begin any such Interest Payment Deferral
Period and shall not have rescinded such notice, during such Interest Payment
Deferral Period or any extension thereof the Company shall not (a) declare or
pay any dividends or distributions on, or redeem, purchase, acquire or make a
liquidation payment with respect to, any shares of its capital stock, (b) make
any payment of interest on or principal of (or premium, if any, on), or repay,
repurchase or redeem, any debt securities issued by the Company which rank pari
passu in all respects with or junior to the Securities, and (c) make any
payments on any guarantee with respect to any debt securities of any of its
subsidiaries to the extent such guarantee ranks pari passu in all respects with
or junior to the Securities, provided, that the foregoing restrictions will not
apply to (1) repurchases, redemptions or acquisitions of shares of common stock
of the Company related to the issuance of common stock of the Company under any
employment contract or benefit plan for the directors, officers or employees of
the Company, (2) dividends or distributions payable in common stock of the
Company, (3) payments under the Guarantee relating to the Capital Securities of
the ONB Trust that holds the Securities of this series or (4) obligations of the
Company under any dividend reinvestment plan or stock purchase plan. Before the
termination of any Interest Payment Deferral Period, the Company may further
extend such Interest Payment Deferral Period, provided, that such Interest
Payment Deferral Period together with all such further extensions thereof shall
not exceed [__] consecutive [quarterly] [semi-annual] interest payment periods.
At the termination of any Interest Payment Deferral Period and upon the payment
of all accrued and unpaid interest then due, the Company may commence a new
Interest Payment Deferral Period. No interest shall be due and payable during an
Interest Payment Deferral Period, except at the end thereof, but each
installment of interest that would otherwise have been due and payable during
such Interest Payment Deferral shall accrue Additional Interest (to the extent
that the payment of such interest shall be legally enforceable) at the rate of
[___]% per annum, compounded [quarterly] [semiannually] and calculated as set
forth in the first paragraph of this Security, from the dates on which amounts
would otherwise have been due and payable until paid or made available for
payment. The Company shall give the Holder of this Security and the Trustee
notice of its election to begin any

                                       15

<PAGE>

Interest Payment Deferral Period at least one Business Day prior to the next
succeeding Interest Payment Date on which interest on this Security would be
payable but for such deferral [or so long as such Securities are held by [insert
name of applicable ONB Trust], at least one Business Day prior to the earlier of
(i) the next succeeding date on which Distributions on the Capital Securities of
such ONB Trust would be payable but for such deferral, and (ii) the date on
which the Property Trustee of such ONB Trust is required to give notice to the
New York Stock Exchange (or other applicable self-regulatory organizations) or
to holders of such Capital Securities of the record date or the date such
Distributions are payable, but in any event at least one Business Day before
such record date.]

            The indebtedness evidenced by this Security is, to the extent
provided in the Indenture, subordinate and junior in right of payment to the
prior payment in full of all Senior Debt of the Company, and this Security is
issued subject to the provisions of the Indenture with respect thereto. Each
Holder of this Security, by accepting the same, (a) agrees to and shall be bound
by, such provisions, (b) authorizes and directs the Trustee on his or her behalf
to take such action as may be necessary or appropriate to acknowledge or
effectuate the subordination so provided and (c) appoints the Trustee his or her
attorney-in-fact for any and all such purposes. Each Holder hereof, by his or
her acceptance hereof, hereby waives all notice of the acceptance of the
subordination provisions contained herein and in the Indenture by each holder of
Senior Debt of the Company, whether now outstanding or hereafter incurred, and
waives reliance by each such holder upon said provisions.

            This Security shall not be entitled to any benefit under the
Indenture hereinafter referred to, be valid or become obligatory for any purpose
until the Certificate of Authentication hereon shall have been signed by or on
behalf of the Trustee.

            The provisions of this Security are continued on the reverse side
hereof and such continued provisions shall for all purposes have the same effect
as though fully set forth at this place.

            IN WITNESS WHEREOF, the Company has caused this instrument to be
duly executed.

Dated: _______________

                                                 OLD NATIONAL BANCORP

                                                 By:_________________________
                                                     Name:
                                                     Title:

Attest:

_______________________
     Name:
     Title:

                                       16

<PAGE>

SECTION 2.3 Form of Reverse of Security.

            This Security is one of a duly authorized series of securities of
the Company (herein sometimes referred to as the "Securities"), specified in the
Indenture, all issued or to be issued in one or more series under and pursuant
to an Indenture dated as of ______________ (the "Indenture"), duly executed and
delivered between the Company and J. P. Morgan Trust Company, National
Association, as Trustee (the "Trustee"), to which Indenture and all indentures
supplemental thereto reference is hereby made for a description of the
respective rights, limitations of rights, obligations, duties and immunities
thereunder of the Trustee, the Company, the holders of Senior Debt and the
Holders of the Securities. By the terms of the Indenture, the 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
Securities is limited in aggregate principal amount to $[_________].

            [Following the occurrence and continuation of a Special Event, in
certain circumstances, this Security may become due and payable at [___]% of the
principal amount thereof, together with any interest accrued and unpaid thereon
(the "Redemption Price"). The Redemption Price shall be paid prior to 12:00
noon, New York City time, on the date of such redemption or at such earlier time
as the Company determines.]

            [The Securities of this series are subject to redemption (1) on
_________ in any year commencing with the year ____ and ending with the year
_____ through operation of the sinking fund for this series at a Redemption
Price of _____, (2) at any time [on or after ________, ____], as a whole or in
part, at the election of the Company, at a Redemption Price equal to [___]% of
the principal amount, together, in the case of any such redemption (whether
through operation of the sinking fund or otherwise), with accrued and unpaid
interest to the Redemption Option Date; provided that interest installments
whose Stated Maturity is on or prior to such Redemption Date will be payable to
the Holders of such Securities, or one or more Predecessor Securities, of record
at the close of business on the relevant Record Dates referred to on the face
hereof, all as provided in the Indenture. Any redemption pursuant to this
paragraph will be made upon not less than 30 days nor more than 60 days notice
to holders of Securities as provided in the Indenture. If the Securities are
only partially redeemed by the Company, the Securities will be redeemed pro rata
or by lot or by any other method utilized by the Trustee; provided, that if, at
the time of redemption, the Securities are registered as a Global Security, the
Depositary shall determine the principal amount of such Securities held by each
Security Beneficial Owner to be redeemed in accordance with its procedures.]

            [Notwithstanding the foregoing, the Company may not, prior to
______, redeem any Securities of this series as contemplated by clause (2) of
the preceding paragraph as a part of, or in anticipation of, any refunding
operation by the application, directly or indirectly, of monies borrowed having
an interest cost to the Company (calculated in accordance with generally
accepted financial practice) of less than ____% per annum.] [The sinking fund
for this series provides for the redemption on _______ in each year beginning
with the year _______ and ending with the year________ of [not less than]
$_________ ("mandatory sinking fund") and not more than $__________ aggregate
principal amount of Securities of this series. Securities of this series
acquired or redeemed by the Company otherwise than through mandatory sinking

                                       17

<PAGE>

fund payments may be credited against subsequent mandatory sinking fund payments
otherwise required to be made in the inverse order in which they become due.]

            In the event of redemption of this Security in part only, a new
Security or Securities of this series for the unredeemed portion hereof will be
issued in the name of the Holder hereof upon the cancellation hereof.

            In case an Event of Default, as defined in the Indenture, shall have
occurred and be continuing, the principal of all of the Securities shall become
due and payable, in the manner, with the effect and subject to the conditions
provided in the Indenture.

            The Indenture permits, subject to certain exceptions, the amendment
thereof with the consent of the Holders of not less than a majority in aggregate
principal amount of the Securities of each series affected at the time
Outstanding (as defined in the Indenture). The Indenture also contains
provisions permitting the Holders of a majority in aggregate principal amount of
the Securities of any series at the time outstanding affected thereby, on behalf
of all of the Holders of the Securities of such series, 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 such series, and its
consequences, except a default in the payment of the principal of or premium, if
any, or interest on any of the Securities of such series. Any such consent or
waiver by the registered Holder of this Security (unless revoked as provided in
the Indenture) shall be conclusive and binding upon such Holder and upon all
future Holders and owners of this Security and of any Security issued in
exchange herefor or in place hereof (whether by registration of transfer or
otherwise), irrespective of whether or not any notation of such consent or
waiver is made upon this Security.

            No reference herein to the Indenture and no provision of this
Security or of the Indenture shall alter or impair the obligation of the
Company, which is absolute and unconditional, to pay the principal of and
premium, if any, and interest on this Security at the time and place and at the
rate and in the money herein prescribed.

            As provided in the Indenture and subject to certain limitations
therein set forth, this Security is transferable by the registered Holder hereof
on the Security Register of the Company, upon surrender of this Security for
registration of transfer at the office or agency of the 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 Securities of authorized denominations and for the
same aggregate principal amount and series will be issued to the designated
transferee or transferees. No service charge will be made for any such transfer,
but the Company may require payment of a sum sufficient to cover any tax or
other governmental charge payable in relation thereto.

            Prior to due presentment for registration of transfer of this
Security, the Company, the Trustee, any paying agent and the Security Registrar
may deem and treat the registered holder hereof as the absolute owner hereof
(whether or not this Security shall be overdue and notwithstanding any notice of
ownership or writing hereon made by anyone other than the Security Registrar)
for the purpose of receiving payment of or on account of the principal hereof

                                       18

<PAGE>

and premium, if any, and interest due hereon and for all other purposes, and
neither the Company nor the Trustee nor any paying agent nor any Security
Registrar shall be affected by any notice to the contrary.

            No recourse shall be had for the payment of the principal of or the
interest on this Security, or for any claim based hereon, or otherwise in
respect hereof, or based on or in respect of the Indenture, against any
incorporator, stockholder, officer or director, past, present or future, as
such, of the Company or of any predecessor or successor 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.

            [The Securities of this series are issuable only in registered form
without coupons in denominations of $[___] and any integral multiple thereof.]
[This Global Security is exchangeable for Securities in definitive form only
under certain limited circumstances set forth in the Indenture. Securities of
this series so issued are issuable only in registered form without coupons in
denominations of $[___] and any integral multiple thereof.] As provided in the
Indenture and subject to certain limitations therein set forth, Securities of
this series are exchangeable for a like aggregate principal amount of Securities
of this series of a different authorized denomination, as requested by the
Holder surrendering the same.

            The Company and, by its acceptance or acquisition of this Security
or a beneficial interest herein, the Holder of, and any Person that acquires a
direct or indirect beneficial interest herein, intend and agree to treat this
Security as debt of the Company for United States Federal, state and local tax
purposes and to treat the Capital Securities (including but not limited to all
payments and proceeds with respect to the Capital Securities) as an undivided
beneficial ownership interest herein (and payments and proceeds therefrom,
respectively) for United States federal, state and local tax purposes.

            All terms used in this Security that are defined in the Indenture
shall have the meanings assigned to them in the Indenture.

SECTION 2.4 Form of Trustee's Certificate of Authentication.

                          CERTIFICATE OF AUTHENTICATION

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

            This is one of the Securities of the series of Securities described
in the within mentioned Indenture.

                                       19

<PAGE>

                                                 J.P. MORGAN TRUST COMPANY,
                                                 NATIONAL ASSOCIATION,
                                                  as Trustee

                                                 By:_______________________
                                                     Authorized Signatory

                                  ARTICLE III

                                 THE SECURITIES

SECTION 3.1 Amount Unlimited; Issuable in Series.

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

            The Securities may be issued in one or more series. There shall be
established 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 Securities of any series,

            (a) the designation or title of the Securities of the series (which
shall distinguish the Securities of the series from all Securities of any other
series);

            (b) the limit, if any, upon the aggregate principal amount of the
Securities of such series that may be authenticated and delivered under this
Indenture (except for Securities authenticated and delivered upon registration
of transfer of, or in exchange for, or in lieu of, other Securities of the
series pursuant to Section 3.4, 3.6, 3.7, 9.6 or 11.7 and except for any
Securities that, pursuant to Section 3.3, are deemed never to have been
authenticated and delivered hereunder) provided, however, that the authorized
aggregate principal amount of such series may be increased above such amount by
a Board Resolution to such effect;

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

            (d) the Stated Maturity or Maturities on which the principal of the
Securities of such series is payable or the method of determination thereof, and
any dates on which or circumstances under which, the Company shall have the
right to extend or shorten such Stated Maturity or Maturities;

            (e) the Interest Rate at which the Securities of the series shall
bear interest or the Floating or Adjustable Rate Provision pursuant to which
such rates shall be determined, the date or dates from which any such interest
shall accrue, the Interest Payment Dates on which any such interest shall be
payable, the Regular Record Date for the interest payable on any Interest
Payment Date (if such Interest Payment Dates or Regular Record Dates differ from
those provided herein), the manner in which interest payments are made (if such
manner differs from

                                       20

<PAGE>

that provided herein) and the right, pursuant to Article XIII or otherwise, of
the Company to defer an Interest Payment Date;

            (f) the Place of Payment and the place or places where the
Securities of such series may be presented for registration of transfer or
exchange, any restrictions that may be applicable to any such transfer or
exchange in addition to or in lieu of those set forth herein, and the place or
places where notices and demands to or upon the Company in respect of the
Securities of such series may be made;

            (g) in addition to the redemption rights provided herein, the period
or periods within which (including the Redemption Option Date for the series)
and the price or prices at which any Securities of the series may be redeemed,
in whole or in part, at the option of the Company and if other than by a Board
Resolution, the manner in which any election by the Company to redeem such
Securities shall be evidenced;

            (h) the currency or composite currency of and denominations in which
Securities of the series shall be issuable;

            (i) any other Events of Default or Defaults applicable with respect
to the Securities of the series in addition to those provided in Sections 5.1
and 5.7, respectively;

            (j) if other than the principal amount thereof, the portion of the
principal amount of Securities of the series that shall be payable upon
declaration of acceleration of the maturity date;

            (k) any other covenant or warranty included for the benefit of
Securities of the series in addition to (and not inconsistent with) those
included in this Indenture for the benefit of Securities of all series, or any
other covenant or warranty included for the benefit of Securities of the series
in lieu of any covenant or warranty included in this Indenture for the benefit
of Securities of all series, or any provision that any covenant or warranty
included in this Indenture for the benefit of Securities of all series shall not
be for the benefit of Securities of the series, or any combination of such
covenants, warranties or provisions;

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

            (m) the terms of any right to convert or exchange the Securities of
the series into any other securities or property of the Company;

            (n) the price at which the Securities will be issued and any index
or indices used to determine the amount of payments of principal of and premium,
if any, on the Securities of such series or the manner in which such amounts
will be determined;

                                       21

<PAGE>

            (o) if applicable, that any Securities of the series shall be
issuable in whole or in part in the form of one or more Global Securities and,
in such case, the respective Depositaries for such Global Securities, the form
of any legend or legends that shall be borne by any such Global Security in
addition to or in lieu of that set forth in Section 2.2 and any circumstances in
addition to or in lieu of those set forth in Section 3.5 in which any such
Global Security may be exchanged in whole or in part for Securities registered,
and any transfer of such Global Security in whole or in part may be registered,
in the name or names of Persons other than the Depositary for such Global
Security or a nominee thereof;

            (p) the appointment of any Paying Agent or agents for the Securities
of such series;

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

            (r) if such Securities are to be issued to an ONB Trust, the terms
upon which such Securities will be issued to such ONB Trust;

            (s) the additions or changes, if any, to this Indenture with respect
to the Securities of such series as shall be necessary to permit or facilitate
the issuance of the Securities of such series;

            (t) the terms of any indemnification of the ONB Trust for any taxes
owed (if the terms of such indemnification differ from the those provided in
Section 10.6);

            (u) the provisions of this Indenture, if any, that shall not apply
to the series; and

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

            All Securities of any one series shall be substantially identical
except as to denomination and except as may otherwise be provided in or pursuant
to such Board Resolution and set forth, or determined in the manner provided, in
the Officers' Certificate referred to above or in any such indenture
supplemental hereto.

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

SECTION 3.2 Denominations.

            The Securities of each series shall be issuable in registered form
without coupons and in such denominations as shall be specified as contemplated
by Section 3.1.

                                       22

<PAGE>

SECTION 3.3 Execution, Authentication, Delivery and Dating.

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

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

            At any time and from time to time after the execution and delivery
of this Indenture, the Company may deliver Securities of any series executed by
the Company to the Trustee for authentication, together with a Company Order for
the authentication and delivery of such Securities, and the Trustee in
accordance with the Company Order shall authenticate and deliver such
Securities. If the form or terms of the Securities of the series have been
established in or pursuant to one or more Board Resolutions as permitted by
Sections 2.1 and 3.1, in authenticating such Securities, and accepting the
additional responsibilities under this Indenture in relation to such Securities,
the Trustee shall be entitled to receive at the time of the initial delivery by
the Company of Securities of such series to the Trustee for authentication, and
(subject to Section 6.1) shall be fully protected in relying upon, an Opinion of
Counsel stating:

            (a) that such form has been established in conformity with the
provisions of this Indenture; and

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

            If such form or terms have been so established, the Trustee shall
not be required to authenticate such Securities if the issue of such Securities
pursuant to this Indenture will affect the Trustee's own rights, duties or
immunities under the Securities and this Indenture or otherwise in a manner
which is not reasonably acceptable to the Trustee.

            Each Security shall be dated the date of its authentication.

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

                                       23

<PAGE>

SECTION 3.4 Temporary Securities.

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

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

SECTION 3.5 Global Securities.

            (a) Each Global Security issued under this Indenture shall be
registered in the name of the Depositary designated by the Company for such
Global Security or a nominee thereof and delivered to such Depositary or a
nominee thereof or custodian therefor, and each such Global Security shall
constitute a single Security for all purposes of this Indenture.

            (b) Notwithstanding any other provision in this Indenture, no Global
Security may be exchanged in whole or in part for Securities registered, and no
transfer of a Global Security in whole or in part may be registered, in the name
of any Person other than the Depositary for such Global Security or a nominee
thereof unless (i) such Depositary advises the Trustee in writing that such
Depositary is no longer willing or able to continue as Depositary with respect
to such Global Security, (ii) the Company executes and delivers to the Trustee a
Company Order stating that the Global Security will be exchangeable for
Securities in definitive, registered form, or (iii) there shall have occurred
and be continuing a Default, or any event that, with the giving of notice or
lapse of time, or both, would constitute a Default, in respect of the Securities
of the applicable series.

            (c) If any Global Security is to be exchanged for other Securities
or cancelled in whole, it shall be surrendered by or on behalf of the Depositary
or its nominee to the Securities Registrar for exchange or cancellation as
provided in this Article III. If any Global Security is to be exchanged for
other Securities or cancelled in part, or if another Security is to be exchanged
in whole or in part for a beneficial interest in any Global Security, then
either (i) such Global Security shall be so surrendered for exchange or
cancellation as provided in this Article III or (ii) the principal amount
thereof shall be reduced or increased by an amount equal

                                       24

<PAGE>

to the portion thereof to be so exchanged or cancelled, or equal to the
principal amount of such other Security to be so exchanged for a beneficial
interest therein, as the case may be, by means of an appropriate adjustment made
on the records of the Securities Registrar, whereupon the Trustee, in accordance
with the Applicable Procedures, shall instruct the Depositary or its authorized
representative to make a corresponding adjustment to its records. Upon any such
surrender or adjustment of a Global Security by the Depositary, accompanied by
registration instructions, the Trustee shall, subject to subsection (b) of this
Section 3.5 and as otherwise provided in this Article III, authenticate and
deliver any Securities issuable in exchange for such Global Security (or any
portion thereof) in accordance with the instructions of the Depositary. The
Trustee shall not be liable for any delay in delivery of such instructions and
may conclusively rely on, and shall be fully protected in relying on, such
instructions.

            (d) Every Security authenticated and delivered upon registration of
transfer of, or in exchange for or in lieu of, a Global Security or any portion
thereof, whether pursuant to this Article III or otherwise, shall be
authenticated and delivered in the form of, and shall be, a Global Security,
unless such Security is registered in the name of a Person other than the
Depositary for such Global Security or a nominee thereof.

            (e) Securities distributed to holders of Capital Securities in
global form upon the termination of an ONB Trust following an Early Termination
Event 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
Securities 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 Securities represented thereby (or such other accounts as they may
direct). Securities distributed to holders of Capital Securities other than
Capital Securities in global form upon the termination of an ONB Trust following
an Early Termination Event 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 Securities.

            (f) The Depositary or its nominee, as the registered owner of a
Global Security, shall be the Holder of such Global Security for all purposes
under this Indenture and the Securities, and owners of beneficial interests in a
Global Security shall hold such interests pursuant to the Applicable Procedures.
Accordingly, any such owner's beneficial interest in a Global Security shall be
shown only on, and the transfer of such interest shall be effected only through,
records maintained by the Depositary or its nominee or its Agent Members.
Neither the Trustee nor the Securities Registrar shall have any liability in
respect of any transfers effected by the Depositary.

            (g) The rights of owners of beneficial interests in a Global
Security shall be exercised only through the Depositary and shall be limited to
those established by law and agreements between such owners and the Depositary
and/or its Agent Members.

SECTION 3.6 Registration, Transfer and Exchange.

            The Company shall cause to be kept at the Corporate Trust Office of
the Trustee a register (the register maintained in such office and in any other
office or agency of the Company in a Place of Payment being herein sometimes
collectively referred to as the "Security Register")

                                       25

<PAGE>

in which, subject to such reasonable regulations as it may prescribe, the
Company shall provide for the registration and transfer of Securities. The
Trustee is hereby appointed "Security Registrar" for the purpose of registering
Securities and transfers of Securities as herein provided.

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

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

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

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

            No service charge shall be made for any registration of transfer or
exchange of Securities, but the Company may require payment of a sum sufficient
to cover any tax or other governmental charge that may be imposed in connection
with any registration of transfer or exchange of Securities, other than
exchanges pursuant to Section 3.4, 9.6 or 11.7 not involving any transfer.

            The Company shall not be required (a) to issue, register the
transfer of or exchange any Security of any series during a period beginning at
the opening of business 15 days before the day of the mailing of a notice of
redemption of Securities of such series selected for redemption under Section
11.3 and ending at the close of business on the day of such mailing, or (b) to
register the transfer of or exchange any Security so selected for redemption in
whole or in part, except the unredeemed portion of any Security being redeemed
in part.

SECTION 3.7 Mutilated, Destroyed, Lost and Stolen Securities.

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

                                       26

<PAGE>

            If there shall be delivered to the Company and the Trustee (a)
evidence to their satisfaction of the destruction, loss or theft of any Security
and (b) such security or indemnity as may be required by them to save each of
them and any agent of either of them harmless, then, in the absence of notice to
the Company or the Trustee that such Security has been acquired by a bona fide
purchaser, the Company shall execute and upon its written request the Trustee
shall authenticate and deliver, in lieu of any such destroyed, lost or stolen
Security, a new Security of the same series and of like tenor and principal
amount and bearing a number not contemporaneously outstanding.

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

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

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

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

SECTION 3.8 Payment of Interest; Interest Rights Preserved.

            Interest on any Security which is payable, and is punctually paid or
duly provided for, on any Interest Payment Date shall be paid to the Person in
whose name that Security (or one or more Predecessor Securities) is registered
at the close of business on the Regular Record Date for such interest, except
that unless otherwise provided in the Securities of such series, interest
payable on the Stated Maturity of the principal of a Security shall be paid to
the Person to whom principal is paid. The initial payment of interest on any
Security of any series that is issued between a Regular Record Date and the
related Interest Payment Date shall be payable as provided in such Security or
in the Board Resolution pursuant to Section 3.1 with respect to the related
series of Securities.

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

            (a) The Company may elect to make payment of any Defaulted Interest
to the Persons in whose names the Securities of such series (or their respective
Predecessor Securities)

                                       27

<PAGE>

are registered at the close of business on a Special Record Date for the payment
of such Defaulted Interest, which shall be fixed in the following manner. The
Company shall notify the Trustee in writing of the amount of Defaulted Interest
proposed to be paid on each Security of such series and the date of the proposed
payment, and at the same time the Company shall deposit with the Trustee an
amount of money equal to the aggregate amount proposed to be paid in respect of
such Defaulted Interest or shall make arrangements satisfactory to the Trustee
for such deposit prior to the date of the proposed payment, such money when
deposited to be held in trust for the benefit of the Persons entitled to such
Defaulted Interest as in this clause provided. Thereupon the Trustee shall fix a
Special Record Date for the payment of such Defaulted Interest which shall be
not more than 15 days and not less than 10 days prior to the date of the
proposed payment and not less than 10 days after the receipt by the Trustee of
the notice of the proposed payment. The Trustee shall promptly notify the
Company of such Special Record Date and, in the name and at the expense of the
Company, shall cause notice of the proposed payment of such Defaulted Interest
and the Special Record Date therefor to be mailed, first-class postage prepaid,
to each Holder of 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 so mailed, such Defaulted Interest shall be paid to
the Persons in whose names the Securities of such series (or their respective
Predecessor Securities) are registered at the close of business on such Special
Record Date and shall no longer be payable pursuant to the following clause (b).

            (b) The Company may make payment of any Defaulted Interest on the
Securities of any series in any other lawful manner not inconsistent with the
requirements of any securities exchange on which such Securities may be listed,
and upon such notice as may be required by such exchange, if, after written
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
in its sole discretion.

            Subject to the foregoing provisions of this Section, each Security
delivered under this Indenture upon registration of transfer of or in exchange
for or in lieu of any other Security shall carry the rights to interest accrued
and unpaid, and to accrue, which were carried by such other Security. For the
purposes of determining the Holders who are entitled to participate in any
distribution on the Securities in respect of which a Regular Record Date or a
Special Record Date is not otherwise provided for in this Indenture, or for the
purpose of any other action (unless provided for pursuant to Section 3.1), the
Company may from time to time fix a date, not more than 90 days prior to the
date of the payment of distribution or other action, as the case may be, as a
record date for the determination of the identity of the Holders of record for
such purposes.

SECTION 3.9 Persons Deemed Owners.

            The Company, the Trustee and any agent of the Company or the Trustee
may treat the Person in whose name any Security is registered as the owner of
such Security for the purpose of receiving payment of principal of (and premium,
if any) and (subject to Section 3.8) interest on such Security and for all other
purposes whatsoever, whether or not such Security be overdue, and neither the
Company, the Trustee nor any agent of the Company or the Trustee shall be
affected by notice to the contrary.

                                       28

<PAGE>

SECTION 3.10 Cancellation.

            All Securities surrendered for payment, redemption, registration of
transfer or exchange or for credit against any sinking fund payment shall, if
surrendered to any Person other than the Trustee, 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 Securities previously authenticated and
delivered hereunder which the Company may have acquired in any manner
whatsoever, and all Securities so delivered shall be promptly cancelled by the
Trustee. No Securities shall be authenticated in lieu of or in exchange for any
Securities cancelled as provided in this Section, except as expressly permitted
by this Indenture. Unless otherwise directed by a Company Order, delivery of
which must be delivered in a timely manner to prevent such destruction, all
cancelled Securities held by the Trustee shall be destroyed by it, and, upon
request, the Trustee shall deliver a certificate of such destruction to the
Company.

SECTION 3.11 Interest.

            (a) Each Security will bear interest at the rate established for the
series of Securities of which such Security is a part pursuant to Section 3.1
(the "Interest Rate") from and including the original date of issuance of such
Security until the principal thereof becomes due and payable, and on any overdue
principal and (to the extent that payment of such interest is enforceable under
applicable law) on any overdue installment of interest (including Deferred
Interest and Defaulted Interest) at the Interest Rate, compounded each Interest
Payment Period, payable (subject to the provisions of Article IV) on each
Interest Payment Date commencing on the date established for the series of
Securities of which such Security is a part pursuant to Section 3.1, to the
Person in whose name such Security or any Predecessor Security is registered, at
the close of business on the Regular Record Date for such interest installment.

            (b) Unless otherwise provided in respect of a series of Securities
pursuant to Section 2.1 or Section 3.1, the amount of interest payable for any
period will be computed on the basis of a 360-day year of twelve 30-day months
and will include the first day but exclude the last day of such period. Unless
otherwise provided in respect of a series of Securities pursuant to Section 2.1
or Section 3.1, in the event that any date on which interest is payable on the
Securities of any series is not a Business Day, then payment of interest payable
on such date will be made on the next succeeding day that is a Business Day (and
without any interest or other payment in respect of any such delay), except
that, if such Business Day is in the next succeeding calendar year, such payment
shall be made on the immediately preceding Business Day, in each case with the
same force and effect as if made on such date.

SECTION 3.12 Shortening of Stated Maturity.

            If specified as contemplated by Section 2.1 or Section 3.1 with
respect to the Securities of a particular series, the Company shall have the
right to shorten the Stated Maturity of the principal of the Securities of such
series at any time to any date not earlier than the first date on which the
Company has the right to redeem the Securities of such series. In the event that
the Company elects to shorten the Stated Maturity of the Securities of such
series, it shall given written notice to the Trustee.

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SECTION 3.13 Right of Set-Off.

            With respect to the Securities of a series initially issued to an
ONB 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 Security to the extent the Company has theretofore made, or
is concurrently on the date of such payment making, a payment under the
Guarantee Agreement relating to such Security or to a holder of Capital
Securities pursuant to an action undertaken under Section 5.8 of this Indenture.

SECTION 3.14 CUSIP Number.

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

                                   ARTICLE IV

                           SATISFACTION AND DISCHARGE

SECTION 4.1 Satisfaction and Discharge of Indenture.

            This Indenture shall, upon Company Request, cease to be of further
effect (except as to any surviving rights of registration of transfer or
exchange of Securities herein expressly provided for), and the Trustee, at the
expense of the Company, shall execute proper instruments acknowledging
satisfaction and discharge of this Indenture, when

            (a) either

                  (i) all Securities theretofore authenticated and delivered
            (other than (A) Securities which have been destroyed, lost or stolen
            and which have been replaced or paid as provided in Section 3.7 and
            (B) Securities for whose payment money has theretofore been
            deposited in trust or segregated and held in trust by the Company
            and thereafter repaid to the Company or discharged from such trust,
            as provided in Section 10.3) have been delivered to the Trustee for
            cancellation; or

                  (ii) all such Securities not theretofore delivered to the
            Trustee for cancellation

                        (A) have become due and payable,

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

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<PAGE>

                        (C) 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 subclause (ii)(A), (B) or (C) above, has
deposited or caused to be deposited with the Trustee as trust funds in trust for
the purpose (x) money in an amount, or (y) direct obligations of the United
States of America or an agency or instrumentality thereof, backed by the full
faith and credit of the United States of America or an agency or instrumentality
thereof that are not callable at the issuer's option ("U.S. Government
Obligations") which through the payment of interest and principal in respect
thereof in accordance with their terms, without consideration of any
reinvestment thereof, will provide not later than the opening of business on the
due dates of any payment of principal, premium, and interest with respect
thereto money in an amount, or (z) a combination thereof, sufficient to pay and
discharge the entire indebtedness on such Securities not theretofore delivered
to the Trustee for cancellation, for principal (and premium, if any) and
interest to the date of such deposit (in the case of Securities which have
become due and payable) or to the Stated Maturity or Redemption Date, as the
case may be;

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

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

            Notwithstanding the satisfaction and discharge of this Indenture,
the obligations of the Company to the Trustee under Section 6.7, the Company's
obligation to pay the expenses of any ONB Trust under Section 10.6 (except upon
the application of subclauses (a)(i) or (a)(ii)(A) above), the obligations of
the Trustee to any Authenticating Agent under Section 6.14, and, if money shall
have been deposited with the Trustee pursuant to subclause (ii) of clause (a) of
this Section, the obligations of the Trustee under Section 4.5 and the last
paragraph of Section 10.3 shall survive.

SECTION 4.2. [intentionally omitted].

SECTION 4.3. [intentionally omitted].

SECTION 4.4. [intentionally omitted].

SECTION 4.5. Application of Trust Money.

            Subject to the provisions of the last paragraph of Section 10.3, all
money and U.S. Government Obligations deposited with the Trustee pursuant to
Section 4.1 shall be held in trust, and such money and all money from such U.S.
Government Obligations shall be applied by it, in accordance with the provisions
of the Securities and this Indenture, to the payment, either directly or through
any Paying Agent (including the Company acting as its own Paying Agent) as the
Trustee may determine, to the Persons entitled thereto, of the principal (and
premium, if any)

                                       31

<PAGE>

and interest for whose payment such money and U.S. Government Obligations has
been deposited with the Trustee.

SECTION 4.6. Indemnity for U.S. Government Obligations.

                  The Company shall pay and indemnify the Trustee against any
tax, fee or other charge imposed on or assessed against the U.S. Government
Obligations deposited pursuant to Section 4.1 or the principal or interest
received in respect of such obligations other than any such tax, fee or other
charge that by law is for the account of the Holders of Outstanding Securities.

                                   ARTICLE V

                              DEFAULTS AND REMEDIES

SECTION 5.1. Events of Default.

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

            (a) failure to pay in full interest accrued on any Securities of
such series upon the conclusion of a period consisting of 20 consecutive
quarters commencing with the earliest quarter for which interest (including
interest accrued on deferred payments) has not been paid in full and continuance
of such failure to pay for a period of 30 days; or

            (b) the entry by a court having jurisdiction in the premises of (i)
a decree or order for relief in respect of the Company in an involuntary case or
proceeding under any applicable Federal or State bankruptcy, insolvency,
reorganization or other similar law or (ii) a decree or order adjudging the
Company a bankrupt or insolvent, or approving as properly filed a petition
seeking reorganization, arrangement, adjustment or composition of or in respect
of the Company under any applicable Federal or State law, or appointing a
custodian, receiver, liquidator, assignee, trustee, sequestrator or other
similar official of the Company or of any substantial part of its property, or
ordering the winding up or liquidation of its affairs, and the continuance of
any such decree or order for relief or any such other decree or order unstayed
and in effect for a period of 90 consecutive days; or

            (c) the commencement by the Company of a voluntary case or
proceeding under any applicable Federal or State bankruptcy, insolvency,
reorganization or other similar law or of any other case or proceeding to be
adjudicated a bankrupt or insolvent, or the consent by it to the entry of a
decree or order for relief in respect of the Company in an involuntary case or
proceeding under any applicable Federal or State bankruptcy, insolvency,
reorganization or other similar law or to the commencement of any bankruptcy or
insolvency case or proceeding against it, or the filing by it of a petition or
answer or consent seeking reorganization or relief under any applicable Federal
or State law, or the consent by it to the filing of such petition or to the
appointment of or taking possession by a custodian, receiver, liquidator,
assignee, trustee, sequestrator or similar official of the Company or of any
substantial part of its property, or the

                                       32

<PAGE>

making by it of an assignment for the benefit of creditors, or the admission by
it in writing of its inability to pay its debts generally as they become due, or
the taking of corporate action by the Company in furtherance of any such action;
or

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

SECTION 5.2. Acceleration of Maturity; Rescission and Annulment.

            If an Event of Default specified in Section 5.1(a) or 5.1(d) with
respect to Securities of any series at the time Outstanding occurs and is
continuing, then in every such case the Trustee or the Holders of not less than
25% in principal amount of the Outstanding Securities of that series may declare
the principal amount of, and accrued and unpaid interest on, all of the
Securities of such series (or such other amount as may be specified by the terms
of the Securities of that series) to be due and payable immediately, by a notice
in writing to the Company (and to the Trustee if given by Holders); provided,
that in the case of Securities of a series issued to an ONB Trust, if, upon an
Event of Default, the Trustee or the Holders of not less than 25% in principal
amount of the Outstanding Securities of such series fail to declare the
principal of all the Outstanding Securities of such series to be immediately due
and payable, the holders of at least 25% in principal amount of the related
series of Capital Securities issued by such ONB Trust then outstanding shall
have the right to make such declaration by a notice in writing to the Company
and the Trustee; and upon any such declaration such principal amount and accrued
and unpaid interest (or other specified amount) shall become immediately due and
payable. If an Event of Default specified in Section 5.1(b) or 5.1(c) with
respect to Securities of any series at the time Outstanding occurs, the
principal amount of, and accrued and unpaid interest on, all the Securities of
such series (or such other amount as may be specified by the terms of the
Securities 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 on such Securities shall remain
subordinated to the extent provided in Article XIV 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
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 Securities representing a majority in principal
amount of the Outstanding Securities of that series or, in the case of a
declaration of acceleration with respect to Securities of a series issued to an
ONB Trust, the Holders of a majority in principal amount of the related series
of Capital Securities issued by such ONB Trust then outstanding, by written
notice to the Company and the Trustee, may rescind and annul such declaration
and its consequences if:

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

                  (i) all overdue interest on all Securities of that series,

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<PAGE>

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

                  (iii) all overdue sinking fund payments with respect to
            Securities of that series and interest thereon at the rate or rates
            prescribed therefor in such Securities,

                  (iv) to the extent that payment of such interest is lawful,
            Additional Interest, and

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

            (b) all other Defaults with respect to Securities of that series,
other than the non-payment of the principal of Securities of that series which
have become due solely by such declaration of acceleration, have been cured or
waived as provided in Section 5.13; and

            (c) such rescission would not conflict with any judgment or decree
of any governmental or regulatory authority.

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

SECTION 5.3. Collection of Indebtedness and Suits for Enforcement by Trustee.

            The Company covenants that if:

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

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

            (c) default is made in the deposit of any sinking fund payment, when
and as due by the terms of a Security of any series;

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

                                       34

<PAGE>

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

            If a Default with respect to Securities of any series occurs and is
continuing, the Trustee may in its discretion proceed to protect and enforce its
rights and the rights of the Holders of Securities of such series by such
appropriate judicial proceedings or other available remedy 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 5.4. Trustee May File Proofs of Claim.

            In case of the pendency of any receivership, insolvency,
liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or
other judicial proceeding relative to the Company or any other obligor upon the
Securities or the property of the Company or of such other obligor or their
creditors, the Trustee (irrespective of whether the principal of any of the
Securities shall then be due and payable as therein expressed or by declaration
or otherwise and irrespective of whether the Trustee shall have made any demand
on the Company for the payment of overdue principal or interest or any sinking
fund payment) shall be entitled and empowered, by intervention in such
proceeding or otherwise,

            (a) to file and prove a claim for the whole amount of principal (and
premium, if any), and interest and sinking fund payments owing and unpaid in
respect of the Securities 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

            (b) to collect and receive any monies or other property payable or
deliverable on any such claims and to distribute the same; and any custodian,
receiver, assignee, trustee, liquidator, sequestrator or other similar official
in any such judicial proceeding is hereby authorized by each Holder to make such
payments to the Trustee and, in the event that the Trustee shall consent to the
making of such payments directly to the Holders, to pay to the Trustee any
amount due it for the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel, and any other amounts due the
Trustee under Section 6.7.

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

                                       35

<PAGE>

SECTION 5.5. Trustee May Enforce Claims Without Possession of Securities.

            All rights of action and claims under this Indenture or the
Securities may be prosecuted and enforced by the Trustee without the possession
of any of the Securities or the production thereof in any proceeding relating
thereto, and any such proceeding instituted by the Trustee shall be brought in
its own name as trustee of an express 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 Securities in respect of which such
judgment has been recovered.

SECTION 5.6. Application of Money Collected.

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

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

            SECOND: To the payment of the amounts then due and unpaid for
principal of (and premium, if any), and interest on, and sinking fund payments
with respect to, the Securities in respect of which or for the benefit of which
such money has been collected, ratably, without preference or priority of any
kind, according to the amounts due and payable on such Securities for principal
(and premium, if any), and interest and sinking fund payments, respectively.

SECTION 5.7. Limitation on Suits.

            No Holder of any Security of any series shall have any right to
institute any proceeding, judicial or otherwise, with respect to this Indenture,
or for the appointment of a receiver or trustee, or for any other remedy
hereunder, unless such Holder has previously given written notice to the Trustee
of a continuing Default with respect to the Securities of that series; the
Holders of not less than 25% in principal amount of the Outstanding Securities
of that series shall have made written request to the Trustee to institute
proceedings in respect of such Default in its own name as Trustee hereunder;
such Holder or Holders have offered to the Trustee indemnity, reasonably
satisfactory to the Trustee, against the costs, expenses (including reasonable
legal fees and expenses) and liabilities to be incurred in compliance with such
request; the Trustee for 60 days after its receipt of such notice, request and
offer of indemnity has failed to institute any such proceeding; and 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 all
Outstanding Securities of that series; it being understood and intended that no
one or more of such Holders shall have any right in any manner whatever by
virtue of, or by availing of, any provision of this Indenture to affect, disturb
or prejudice the rights of any other of such Holders, or to obtain or to seek to
obtain priority or preference over any other of such Holders or to enforce any
right under this Indenture, except in the manner herein provided and for the
equal and ratable benefit of all of such Holders.

                                       36

<PAGE>

            The following events shall be "Defaults" with respect to any series
of Securities under this Indenture:

            (a) an Event of Default with respect to the Securities of such
series specified in Section 5.1; or

            (b) default in the payment of interest upon any Security of such
series when it becomes due and payable, and continuance of such default for a
period of 30 days; it being understood that the occurrence of an Interest
Payment Deferral Period in accordance with the terms of such Security will not
constitute such a default; or

            (c) default in the payment of the principal of (or premium, if any)
any Security of that series when those payments are due and payable, whether at
its Stated Maturity or upon acceleration or otherwise; or

            (d) default in the deposit of any sinking fund payment, when and as
due by the terms of the Board Resolution establishing that series, and
continuance of such default for a period of 30 days; or

            (e) default in the performance, or breach, of any covenant or
warranty of the Company in this Indenture (other than a covenant or warranty a
default in whose performance or whose breach is elsewhere in this Indenture
specifically dealt with or which has expressly been included in this Indenture
solely for the benefit of Securities of any series other than such series), and
continuance of such default or breach for a period of 90 days after there has
been given, by registered or certified mail, to the Company by the Trustee or to
the Company and the Trustee by the Holders of at least 25% in principal amount
of the Outstanding Securities of that series, written notice specifying such
default or breach and requiring it to be remedied and stating that such notice
is a "Notice of Default" hereunder; or

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

SECTION 5.8. Unconditional Right of Holders to Receive Principal, Premium and
             Interest; Direct Action by Holders of Capital Securities.

            Notwithstanding any other provision in this Indenture, the Holder of
any Security shall have the right, which is absolute and unconditional, to
receive payment of the principal of (and premium, if any) and interest on such
Security on the Stated Maturity or Maturities expressed in such Security (or, in
the case of redemption, on the Redemption Date) and to institute suit for the
enforcement of any such payment, and such rights shall not be impaired without
the consent of such Holder. In the case of Securities issued to an ONB Trust,
any registered holder of the Capital Securities issued by such ONB Trust shall
have the right, upon the occurrence of a Default described in Section 5.7(b) or
5.7(c), to institute a suit directly against the Company for enforcement of
payment to such holder of principal of (and premium, if any) and interest on the
Securities having a principal amount equal to the aggregate principal amount of
such Capital Securities held by such holder.

                                       37

<PAGE>

SECTION 5.9. Restoration of Rights and Remedies.

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

SECTION 5.10. Rights and Remedies Cumulative.

            Except as otherwise provided with respect to the replacement or
payment of mutilated, destroyed, lost or stolen Securities in the last paragraph
of Section 3.7, 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 5.11. Delay or Omission Not Waiver.

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

SECTION 5.12. Control by Holders.

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

            (a) such direction shall not be in conflict with any rule of law or
with this Indenture, and

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

                                       38

<PAGE>

SECTION 5.13. Waiver of Past Defaults.

            The Holders of not less than a majority in aggregate principal
amount of the Outstanding Securities of any series and, in the case of any
Securities initially issued to an ONB Trust, the holders of a majority in
aggregate principal amount of the Capital Securities issued by such ONB Trust,
may on behalf of the Holders of all the Securities of such series waive any past
default hereunder with respect to the Securities of such series and its
consequences, except a default

            (a) in the payment of the principal of (or premium, if any), or
interest on, any Security of such series, or in the payment of any sinking fund
installment with respect to the Securities, or

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

            Upon any such waiver, such default shall cease to exist, and any
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 Default or impair any right consequent thereon.

SECTION 5.14. Undertaking for Costs.

            All parties to this Indenture agree, and each Holder of any Security
by his acceptance thereof shall be deemed to have agreed, that any court may in
its discretion require, in any suit for the enforcement of any right or remedy
under this Indenture, or in any suit against the Trustee for any action taken,
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 due regard to the merits and
good faith of the claims or defenses made by such party litigant; but the
provisions of this Section shall not apply to any suit instituted by the
Company, to any suit instituted by 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 Securities of any series, or to any suit instituted by
any Holder for the enforcement of the payment of the principal of (or premium,
if any) or interest on any Security on or after the Stated Maturity or
Maturities expressed in such Security (or, in the case of redemption, on or
after the Redemption Date).

                                   ARTICLE VI

                                   THE TRUSTEE

SECTION 6.1. Certain Duties and Responsibilities.

            (a) Except during the continuance of a Default:

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<PAGE>

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

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

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

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

                  (i) this subsection shall not be construed to limit the effect
            of subsection (a) of this Section;

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

                  (iii) the Trustee shall not be liable with respect to any
            action taken or omitted to be taken by it in good faith in
            accordance with the direction of the Holders of a majority in
            principal amount of the Outstanding Securities of any series
            determined as provided in Section 5.12, relating to the time, method
            and place of conducting any proceeding for any remedy available to
            the Trustee, or exercising any trust or power conferred upon the
            Trustee, under this Indenture with respect to the Securities of such
            series; and

                  (iv) 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
            indemnity, reasonably satisfactory to it, against such risk or
            liability is not reasonably assured to it.

            (d) 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.

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<PAGE>

SECTION 6.2. Notice of Defaults.

            Within 90 days after the occurrence of any default hereunder with
respect to Securities of any series, the Trustee shall transmit by mail to all
Holders of Securities of such series, as their names and addresses appear in the
Security Register, notice of such default hereunder actually known to a
Responsible Officer of the Trustee, unless such default shall have been cured or
waived; provided, that, except in the case of a default in the payment of the
principal of (or premium, if any) or interest on any Security of such series or
in the payment of any sinking fund installment with respect to Securities of
such series, the Trustee shall be protected in withholding such notice if and so
long as a Responsible Officer of the Trustee in good faith determines that the
withholding of such notice is in the interest of the Holders of Securities of
such series; and provided, further, that in the case of any Default of the
character specified in Section 5.7(e) with respect to Securities of such series,
no such notice to Holders shall be given until at least 30 days after the
occurrence thereof. For the purpose of this Section, the term "default" means
any event which is, or after notice or lapse of time or both would become, a
Default with respect to Securities of such series.

SECTION 6.3. Certain Rights of Trustee.

            Subject to the provisions of Section 6.1:

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

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

            (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 pursuant to this Indenture, unless such Holders shall have
offered to the Trustee security or indemnity, reasonably satisfactory to it,
against the costs, expenses and liabilities which might be incurred by it in
compliance with such request or direction;

                                       41

<PAGE>

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

            (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.

SECTION 6.4. Not Responsible for Recitals or Issuance of Securities.

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

SECTION 6.5. May Hold Securities.

            The Trustee, any Authenticating Agent, any Paying Agent, any
Security Registrar or any other agent of the Company, in its individual or any
other capacity, may become the owner or pledgee of Securities and, subject to
Sections 6.8 and 6.13, may otherwise deal with the Company with the same rights
it would have if it were not Trustee, Authenticating Agent, Paying Agent,
Security Registrar or such other agent.

SECTION 6.6. Money Held in Trust.

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

SECTION 6.7. Compensation and Reimbursement.

            The Company agrees:

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

            (b) 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, nominees, custodians and

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<PAGE>

counsel), except any such expense, disbursement or advance as may be
attributable to its negligence or bad faith; and

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

            When the Trustee incurs expenses or renders services after an Event
of Default specified in Section 5.1(b) or 5.1(c) occurs, the expenses and the
compensation for the services are intended to constitute expenses of
administration under the Bankruptcy Reform Act of 1978 or any successor statute.

            The provisions of this Section 6.7 shall survive the termination of
this Indenture and the resignation or removal of the Trustee.

SECTION 6.8. Disqualification; Conflicting Interests.

            (a) The Trustee for the Securities of any series issued hereunder
shall be subject to the provisions of Section 310(b) of the Trust Indenture Act.
Nothing herein shall prevent the Trustee from filing with the Commission the
application referred to in the second to last paragraph of said Section 310(b).

            (b) The Trust Agreement and the Guarantee Agreement with respect to
each ONB Trust 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 6.9. Corporate Trustee Required; Eligibility.

            There shall at all times be a Trustee hereunder which shall be a
corporation or banking association organized and doing business under the laws
of the United States of America, any State thereof or the District of Columbia,
authorized under such laws to 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. If such corporation publishes reports
of condition at least annually, pursuant to law or to the requirements of said
supervision 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 6.10. Resignation and Removal; Appointment of Successor.

            (a) No resignation or removal of the Trustee and no appointment of a
successor Trustee pursuant to this Article shall become effective until the
acceptance of appointment by the successor Trustee in accordance with the
applicable requirements of Section 6.11.

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<PAGE>

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

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

            (d) The Company may remove the Trustee with respect to all
Securities if at any time:

                  (i) the Trustee shall fail to comply with Section 310(b) of
            the Trust Indenture Act,

                  (ii) the Trustee shall cease to be eligible under Section 6.9
            and shall fail to resign after written request therefor by the
            Company, or

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

            If no Default has occurred and is continuing, the Company also may
remove the Trustee without cause; provided, that the Company has provided the
Trustee with three months advance notice of such removal.

            (e) If the Trustee shall resign, be removed or become incapable of
acting, or if a vacancy shall occur in the office of Trustee for any cause, with
respect to the Securities of one or more series, the Company, by a Board
Resolution, shall promptly appoint a successor Trustee or Trustees with respect
to the Securities of that or those series (it being understood that any such
successor Trustee may be appointed with respect to the Securities of one or more
or all of such series and that at any time there shall be only one Trustee with
respect to the Securities of any particular series) and shall comply with the
applicable requirements of Section 6.11. If, within one year after such
resignation, removal or incapability, or the occurrence of such vacancy, a
successor Trustee with respect to the Securities of any series shall be
appointed by Act of the Holders of a majority in principal amount of the
Outstanding Securities of such series delivered to the Company and the retiring
Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance
of such appointment in accordance with the applicable requirements of Section
6.11, become the successor Trustee with respect to the Securities of such series
and to that extent supersede the successor Trustee appointed by the Company. If
no successor Trustee with respect to the Securities of any series shall have
been so appointed by the Company or the Holders and accepted appointment in the
manner required by Section 6.11, any Holder who has been a bona fide Holder of a
Security of such series for at least six months may, on behalf of

                                       44

<PAGE>

himself and all others similarly situated, petition any court of competent
jurisdiction for the appointment of a successor Trustee with respect to the
Securities of such series.

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

SECTION 6.11. Acceptance of Appointment by Successor.

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

            (b) In case of the appointment hereunder of a successor Trustee with
respect to the Securities of one or more (but not all) series, the Company, the
retiring Trustee and each successor Trustee with respect to the Securities of
one or more series shall execute and deliver an indenture supplemental hereto
wherein each successor Trustee shall accept such appointment and which:

                  (i) shall contain such provisions as shall be necessary or
            desirable to transfer and confirm to, and to vest in, each successor
            Trustee all the rights, powers, trusts and duties of the retiring
            Trustee with respect to the Securities of that or those series to
            which the appointment of such successor Trustee relates,

                  (ii) if the retiring Trustee is not retiring with respect to
            the Securities of all series for which it is the Trustee hereunder,
            shall contain such provisions as shall be deemed necessary or
            desirable to confirm that all the rights, powers, trusts and duties
            of the retiring Trustee with respect to the Securities of that or
            those series as to which the retiring Trustee is not retiring shall
            continue to be vested in the retiring Trustee, and

                  (iii) 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

                                       45

<PAGE>

            such Trustee; and upon the execution and delivery of such
            supplemental indenture the resignation or removal of the retiring
            Trustee shall become effective to the extent provided therein and
            each such successor Trustee, without any further act, deed or
            conveyance, shall become vested with all the rights, powers, trusts
            and duties of the retiring Trustee with respect to the Securities of
            that or those series to which the appointment of such successor
            Trustee relates; but, on request of the Company or any successor
            Trustee, such retiring Trustee shall duly assign, transfer and
            deliver to such successor Trustee all property and money held by
            such retiring Trustee hereunder with respect to the Securities of
            that or those series to which the appointment of such successor
            Trustee relates.

            (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.

            (e) The Trustee shall not be liable for the acts or omissions to act
of any successor Trustee.

SECTION 6.12. Merger, Conversion, Consolidation or Succession to Business.

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

SECTION 6.13. Preferential Collection of Claims Against Company.

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

SECTION 6.14. Appointment of Authenticating Agent.

            At any time when any of the Securities remain Outstanding the
Trustee may appoint an Authenticating Agent or Agents with respect to one or
more series of Securities which shall be authorized to act on behalf of the
Trustee to authenticate Securities of such series issued upon exchange,
registration of transfer or partial redemption thereof or pursuant to Section
3.6, and Securities so authenticated shall be entitled to the benefits of this
Indenture and shall be valid

                                       46

<PAGE>

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

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

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

            The Trustee agrees to pay to each Authenticating Agent from time to
time reasonable compensation for its services under this Section, and the
Trustee shall be entitled to be reimbursed for such payments, subject to the
provisions of Section 6.7.

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

                                       47

<PAGE>

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

                                   [______________],
                                                     As Trustee

                                   By_____________________________
                                           As Authenticating Agent

                                   By_____________________________
                                           Authorized Officer"

                                  ARTICLE VII

                HOLDERS LISTS AND REPORTS BY TRUSTEE AND COMPANY

SECTION 7.1. Company to Furnish Trustee Names and Addresses of Holders.

            The Company will furnish or cause to be furnished to the Trustee

            (a) semi-annually, not later than fifteen days after the Regular
Record Date for a semi-annual Interest Payment Date for each series of
Securities, or, if there is no semi-annual Interest Payment Date for a series of
Securities, then not later than June 30 and December 31 in each year, commencing
on the first June 30 or December 31, as the case may be, after the first
issuance of such Securities hereunder, a list, in such form as the Trustee may
reasonably require, of the names and addresses of the Holders of Registered
Securities of such series as of a date not more than 15 days prior to the date
of delivery thereof, and

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

in each case to the extent such information is in the possession or control of
the Company and has not been received by the Trustee in its capacity as
Securities Registrar.

SECTION 7.2. Preservation of Information; Communications to Holders.

            (a) The Trustee shall preserve, in as current a form as is
reasonably practicable, the names and addresses of Holders contained in the most
recent list furnished to the Trustee as provided in Section 7.1 and the names
and addresses of Holders received by the Trustee in its capacity as Security
Registrar. The Trustee may destroy any list furnished to it as provided in
Section 7.1 upon receipt of a new list so furnished.

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<PAGE>

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

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

SECTION 7.3. Reports by Trustee.

            (a) The Trustee shall transmit to Holders such reports concerning
the Trustee and its actions under this Indenture as may be required pursuant to
the Trust Indenture Act, at the times and in the manner provided pursuant
thereto.

            (b) Reports so required to be transmitted at stated intervals of not
more than 12 months shall be transmitted no later than July 31 in each calendar
year, commencing with the July 31 next following the first issuance of
Securities under this Indenture.

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

SECTION 7.4. Reports by Company.

            The Company shall file with the Trustee and with the Commission, and
transmit to Holders, such information, documents and other reports, and such
summaries thereof, as may be required pursuant to the Trust Indenture Act at the
times and in the manner provided in the Trust Indenture Act; provided, that any
such information, documents or reports required to be filed with the Commission
pursuant to Section 13 or Section 15(d) of the Exchange Act shall be filed with
the Trustee within 15 days after the same is required to be filed with the
Commission. Notwithstanding that the Company may not be required to remain
subject to the reporting requirements of Section 13 or 15(d) of the Exchange
Act, the Company shall continue to file with the Commission and provide the
Trustee with the annual reports and the information, documents and other reports
which are specified in Sections 13 and 15(d) of the Exchange Act. The Company
also shall comply with the other provisions of Trust Indenture Act Section
314(a).

                                  ARTICLE VIII

              CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE

SECTION 8.1. 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, and no Person shall consolidate with or merge into
the Company or convey, transfer or lease its properties and assets substantially
as an entirety to the Company, unless:

                                       49

<PAGE>

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

            (b) all required approvals of any regulatory body having
jurisdiction over the transaction shall have been obtained by the Company;

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

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

SECTION 8.2. Successor Company Substituted.

            Upon any consolidation of the Company with, or merger of the Company
into, any other Person or any conveyance, transfer or lease of the properties
and assets of the Company substantially as an entirety in accordance with
Section 8.1, the successor entity 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 Person had been
named as the Company herein, and thereafter, except in the case of a lease, the
predecessor corporation shall be relieved of all obligations and covenants under
this Indenture and the Securities.

            Such successor Person may cause to be executed, and may issue either
in its own name or in the name of the Company, any or all of the Securities
issuable hereunder that theretofore shall not have been signed by the Company
and delivered to the Trustee; and, upon the order of such successor Person
instead of the Company and subject to all terms, conditions and limitations in
this Indenture prescribed, the Trustee shall authenticate and shall deliver any
Securities that previously shall have been signed and delivered by the officers
of the Company to the Trustee for authentication pursuant to such provisions and
any Securities that such successor Person thereafter shall cause to be executed
and delivered to the Trustee on its behalf for the purpose pursuant to such
provisions. All the Securities so issued shall in all respects have the same
legal rank and benefit under this Indenture as the Securities theretofore or
thereafter issued in accordance with the terms of this Indenture.

                                       50

<PAGE>

            In case of any such consolidation, merger, sale, conveyance or
lease, such changes in phraseology and form may be made in the Securities
thereafter to be issued as may be appropriate.

                                   ARTICLE IX

                             SUPPLEMENTAL INDENTURES

SECTION 9.1. 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:

            (a) to evidence the succession of another corporation to the Company
and the assumption by any such successor of the covenants of the Company
contained herein and in the Securities, pursuant to Article VIII; or

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

            (c) to add any additional Events of Default or Defaults for the
benefit of the Holders of all or any series of Securities (and if such
additional Events of Default or Defaults are to be for the benefit of less than
all series of Securities, stating that such additional Events of Default or
Defaults are expressly being included solely for the benefit of one or more
specified series); or

            (d) to change or eliminate any of the provisions of this Indenture,
provided that any such change or elimination shall become effective only when
there is no Security Outstanding of any series created prior to the execution of
such supplemental indenture which is entitled to the benefit of such provision;
or

            (e) to secure the Securities; or

            (f) to establish the form or terms of Securities of any series as
permitted by Sections 2.1 and 3.1; or

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

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<PAGE>

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

            (i) to comply with the requirements of the Commission in order to
effect or maintain the qualification of this Indenture under the Trust Indenture
Act.

SECTION 9.2. Supplemental Indentures with Consent of Holders.

            With the consent of the Holders of not less than a majority in
principal amount of the Outstanding Securities of each series affected by such
supplemental indenture, by Act of said Holders delivered to the Company and the
Trustee, the Company, when authorized by 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 of Securities of such series under this Indenture. However, without the
consent of each Holder of an Outstanding Security affected thereby, no such
supplemental indenture shall

            (a) change the Stated Maturity of the principal of, or any
installment of principal of or interest on, any Security, or change the currency
in which any such amounts are payable, or reduce the principal amount thereof or
the rate of interest thereon (including any change in the Floating or Adjustable
Rate Provision pursuant to which such rate is determined that would reduce that
rate for any period) or any premium payable upon the redemption thereof, or
change any Place of Payment where, or the coin or currency in which, any
Security or any premium or the interest thereon is payable, or impair the right
to institute suit for the enforcement of any such payment on or after the Stated
Maturity thereof (or, in the case of redemption, on or after the Redemption
Date), or modify the provisions of this Indenture with respect to the
subordination of the Securities in a manner adverse to the Holders,

            (b) modify this Indenture in any way that materially adversely
affects the right of Holders to convert or exchange any Security,

            (c) reduce the percentage in principal amount of the Outstanding
Securities of any series, the consent of whose Holders is required for any such
supplemental indenture, or the consent of whose Holders is required for any
waiver (of compliance with certain provisions of this Indenture or certain
defaults hereunder and their consequences) provided for in this Indenture,

            (d) with respect to Securities of a series issued to an ONB Trust,
remove or impair the rights of any registered holder of Capital Securities to
bring an action directly against the Company in the circumstance set forth in
Section 5.8; or

            (e) modify any of the provisions of this Section or Section 5.13,
except to increase any such percentage or to provide that certain other
provisions of this Indenture cannot

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be modified or waived without the consent of the Holder of each Outstanding
Security affected thereby;

provided, that if the Securities of such series are held by an ONB Trust or a
trustee of such trust, such supplemental indenture shall not be effective until
the holders of a majority in principal amount of Capital Securities of such ONB
Trust shall have consented to such supplemental indenture; provided, further,
that if the consent of the Holders of each Outstanding Security of a series is
required, such supplemental indenture shall not be effective until each holder
of the Capital Securities of the applicable ONB Trust shall have consented to
such supplemental indenture.

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

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

SECTION 9.3. Execution of Supplemental Indentures.

            In executing, or accepting the additional trusts created by, any
supplemental indenture permitted by this Article or the modifications thereby of
the trusts created by this Indenture, the Trustee shall be entitled to receive,
and (subject to Section 6.1) shall be fully protected in relying upon, an
Opinion of Counsel stating that the execution of such supplemental indenture is
authorized or permitted by this Indenture. The Trustee may, but shall not be
obligated to, enter into any such supplemental indenture which affects the
Trustee's own rights, duties or immunities under this Indenture or otherwise.

SECTION 9.4. Effect of Supplemental Indentures.

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

SECTION 9.5. 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.

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SECTION 9.6. Reference in Securities to Supplemental Indentures.

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

                                   ARTICLE X

                                   COVENANTS

SECTION 10.1. Payment of Principal, Premium and Interest.

            The Company covenants and agrees for the benefit of each series of
Securities that it will duly and punctually pay the principal of (and premium,
if any) and interest on the Securities of that series in accordance with the
terms of the Securities of such series and this Indenture, and will duly comply
with all other terms, agreements and conditions contained in, or made in the
Indenture for the benefit of, the Securities of such series.

SECTION 10.2. Maintenance of Office or Agency.

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

            The Company may also from time to time designate one or more other
offices or agencies where the Securities of one or more series may be presented
or surrendered for any or all such purposes and may from time to time rescind
such designations; provided, 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 Securities of any series for such purposes. The
Company will give prompt written notice to the Trustee of any such designation
or rescission and of any change in the location of any such other office or
agency.

SECTION 10.3. Money for Securities Payments to Be Held in Trust.

            If the Company shall at any time act as its own Paying Agent with
respect to any series of Securities, it will, on or before each due date of the
principal of (and premium, if any) or interest on any of the Securities of that
series, segregate and hold in trust for the benefit of the

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<PAGE>

Persons entitled thereto a sum sufficient to pay the principal (and premium, if
any) or interest so becoming due until such sums shall be paid to such Persons
or otherwise disposed of as herein provided and will promptly notify the Trustee
of its action or failure so to act.

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

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

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

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

            (c) 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; and

            (d) comply with the provisions of the Trust Indenture Act applicable
to it as a Paying Agent.

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

            Any money deposited with the Trustee or any Paying Agent, or then
held by the Company, in trust for the payment of the principal of (and premium,
if any) or interest on any Security of any series and remaining unclaimed for
three years after such principal (and premium, if any) or interest has become
due and payable shall be paid to the Company on Company Request, or (if then
held by the Company) shall be discharged from such trust; and the Holder of such
Security shall thereafter, as an unsecured general creditor, look only to the
Company for payment thereof, and all liability of the Trustee or such Paying
Agent with respect to such trust money, and all liability of the Company as
trustee thereof, shall thereupon cease; provided, that the Trustee or such
Paying Agent, before being required to make any such repayment, may at the
expense of the Company cause to be published once, in a newspaper

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<PAGE>

published in the English language, customarily published on each Business Day
and of general circulation in the Borough of Manhattan, The City of New York,
New York, notice that such money remains unclaimed and that, after a date
specified therein, which shall not be less than 30 days from the date of such
publication, any unclaimed balance of such money then remaining will be repaid
to the Company.

SECTION 10.4. Statement by Officers as to Default.

            The Company will deliver to the Trustee, within 120 days 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, observance and
fulfillment 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 and status thereof of which they may have knowledge. For the purpose of
this Section 10.4, compliance shall be determined without regard to any grace
period or requirement of notice provided pursuant to the terms of this
Indenture.

SECTION 10.5. Covenants as to ONB Trusts.

            (a) If at any 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 a Default with respect to the
Securities of such series, and (B) which the Company shall not have taken
reasonable steps to cure, (ii) if the Securities of such series are held by an
ONB Trust, the Company shall be in default with respect to its payment of any
obligations under the Guarantee Agreement relating to the Capital Securities
issued by such ONB Trust, or (iii) the Company shall have given notice of its
election to begin an Interest Payment Deferral Period with respect to the
Securities of such series as provided herein and shall not have rescinded such
notice, or such Interest Payment Deferral Period, or any extension thereof,
shall be continuing, the Company covenants and agrees with each Holder of
Securities of such series that it shall not:

                  (1) 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;

                  (2) 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 Securities of such series; or

                  (3) make any payment on any guarantee with respect to any debt
            securities of subsidiaries of the Company to the extent such
            guarantee ranks pari passu in all respect with or junior in interest
            to the Securities of such series.

The restrictions set forth in subsections (1) - (3) above will not apply to (a)
repurchases, redemptions or acquisitions of shares of common stock of the
Company related to the issuance of common stock of the Company under any
employment contract or benefit plan for the directors, officers or employees of
the Company, (b) dividends or distributions payable in common stock of the
Company, (c) any payment obligations under any guarantee relating to the Capital

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<PAGE>

Securities of an ONB Trust holding the Securities of such series and (d)
obligations of the Company under any dividend reinvestment plan or stock
purchase plan.

            (b) For so long as any Capital Securities of an ONB Trust remain
outstanding, the Company also covenants that it will (i) maintain 100% direct or
indirect ownership of the Common Securities of such ONB Trust; provided,
however, that any permitted successor of the Company hereunder may succeed to
the Company's ownership of such Common Securities, (ii) not voluntarily
dissolve, wind up or liquidate such ONB Trust, except in connection with a
distribution of Securities upon a Special Event, or in connection with certain
mergers, consolidations or amalgamations, (iii) use its reasonable efforts to
cause such ONB Trust to (A) remain a statutory trust, except in connection with
a distribution of Securities to the holders of Capital Securities as provided in
the Trust Agreement of such ONB Trust, the redemption of all of the Capital
Securities and in connection with certain mergers, consolidations or
amalgamations permitted by the Trust Agreement of such ONB Trust, and (B)
otherwise continue to be classified as a grantor trust for United States federal
income tax purposes and (iv) not knowingly take any action that would cause such
ONB Trust to not be classified as a grantor trust.

SECTION 10.6. Payment of Expenses and Additional Amounts.

            (a) In connection with the offering, sale and issuance of each
series of Securities to the Property Trustee of an ONB Trust and in connection
with the sale of Capital Securities by such ONB Trust, the Company, in its
capacity as borrower with respect to such Securities, shall:

                  (i) pay all costs and expenses relating to the offering, sale
            and issuance of such Securities, including commissions to the
            underwriters payable pursuant to the applicable Underwriting
            Agreement and compensation of the Trustee under this Indenture in
            accordance with the provisions of Section 6.7;

                  (ii) pay all costs and expenses of such ONB Trust (including,
            but not limited to, costs and expenses relating to the organization
            of the trust, the offering, sale and issuance of the Capital
            Securities of such ONB Trust, the fees and expenses of the Issuer
            Trustees and the Administrators of such ONB Trust, the costs and
            expenses relating to the operation, maintenance and termination of
            such ONB Trust and the enforcement by such Property Trustee of the
            rights of the holders of the Capital Securities of such ONB Trust,
            including without limitation, costs and expenses of accountants,
            attorneys, statistical or bookkeeping services, expenses for
            printing and engraving and computing or accounting equipment, paying
            agent(s), registrar(s), transfer agent(s), duplicating, travel and
            telephone and other telecommunications expenses and costs and
            expenses incurred in connection with the acquisition, financing, and
            disposition of assets of such ONB Trust);

                  (iii) be primarily liable for any indemnification obligations
            arising with respect to the Trust Agreement of such ONB Trust; and

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<PAGE>

                  (iv) pay any and all taxes (other than United States
            withholding taxes in respect of amounts paid on the Securities held
            by such ONB Trust) and all liabilities, costs and expenses with
            respect to such taxes of such ONB Trust.

            (b) Upon termination of this Indenture or any series of Securities
or the removal or resignation of the Trustee pursuant to Section 6.10, the
Company shall pay to the Trustee all amounts accrued and owing to the Trustee to
the date of such termination, removal or resignation. Upon termination of the
Trust Agreement of any ONB Trust or the removal or resignation of the Delaware
Trustee or the Property Trustee, as the case may be, pursuant to Section 8.10 of
the Trust Agreement of such ONB Trust, the Company shall pay to such Delaware
Trustee or such Property Trustee, as the case may be, all amounts accrued and
owing to such Delaware Trustee or such Property Trustee, as the case may be, to
the date of such termination, removal or resignation.

            (c) If, at any time an ONB Trust is required to pay any taxes,
duties, assessments or governmental charges of whatever nature (other than
withholding taxes) imposed by the United States or any other taxing authority,
then the Company will pay such additional amounts on the Securities of such
series as shall be required so that the net amounts received and retained by
such ONB Trust after paying such taxes, duties, assessments or other
governmental charges will be equal to the amounts such ONB Trust would have
received had no such taxes, duties, assessments or other government charges been
imposed (the "Additional Amounts"). Whenever in this Indenture or the Securities
there is a reference in any context to the payment of principal of or interest
on the Securities, such mention shall be deemed to include mention of the
payments of the Additional Amounts provided for in this paragraph to the extent
that, in such context, Additional Amounts are, were or would be payable in
respect thereof pursuant to the provisions of this paragraph 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; provided, however, that the
deferral of the payment of interest pursuant to Article XIII or the Securities
shall not defer the payment of any Additional Amounts that may be due and
payable.

SECTION 10.7. Listing on an Exchange.

            If Securities of any series are to be issued as a Global Security in
connection with the distribution of such Securities to the holders of the
Capital Securities of an ONB Trust upon an Early Termination Event with respect
to such ONB Trust, the Company will use its best efforts to list such series of
Securities on the securities exchange, if any, on which the Capital Securities
of such ONB Trust are then listed.

                                   ARTICLE XI

                            REDEMPTION OF SECURITIES

SECTION 11.1. Applicability of Article.

            Securities of each series are redeemable before their respective
Stated Maturities in accordance with their respective terms and (except as
otherwise specified as contemplated by

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Section 3.1 for Securities of any series) in accordance with this Article. Any
redemption of any series of Securities, in whole or in part, prior to their
respective Stated Maturities shall be subject to receipt by the Company of prior
written approval from the Regulator, if then required under applicable capital
adequacy guidelines, regulations or policies of the Regulator.

SECTION 11.2. Election to Redeem; Notice to Trustee.

            (a) Subject to the provisions of subsection (b) of this Section 11.2
and to the other provisions of this Article XI, except as otherwise may be
specified in this Indenture or, with respect to any series of Securities, as
otherwise specified as contemplated by Section 3.1 for the Securities of such
series, the Company shall have the right to redeem any series of Securities, in
whole or in part, from time to time, on or after the Redemption Option Date for
such series at the Redemption Price. The election of the Company to redeem any
Securities redeemable at the election of the Company shall be evidenced by a
Board Resolution. In case of any redemption at the election of the Company, the
Company shall, at least 30 days, but not more than 60 days, prior to the
Redemption Date fixed by the Company, notify the Trustee of such Redemption Date
and, if less than all of the Securities of such series are to be redeemed, of
the principal amount of the Securities of such series to be redeemed. In the
case of any redemption of Securities prior to the expiration of any restriction
on such redemption provided in the terms of such Securities or elsewhere in this
Indenture, the Company shall furnish the Trustee with an Officers' Certificate
evidencing compliance with such restriction.

            (b) If a partial redemption of any series of Securities would result
in the delisting of the Capital Securities of the ONB Trust that purchased such
Securities from any national securities exchange or other organization on which
the Capital Securities of such ONB Trust are then listed, the Company shall not
be permitted to effect such partial redemption and may only redeem such series
of Securities in whole.

SECTION 11.3. Selection by Trustee of Securities to Be Redeemed.

            If less than all the Securities of any series are to be redeemed,
the particular Securities to be redeemed shall be selected not more than 60 days
prior to the Redemption Date by the Trustee, from the Outstanding Securities of
such series not previously called for redemption, by such method as the Trustee
shall deem fair and appropriate and which may provide for the selection for
redemption of portions (equal to the minimum authorized denomination for
Securities of that series or any integral multiple thereof) of the principal
amount of Securities of such series of a denomination larger than the minimum
authorized denomination for Securities of that series; provided, that if at the
time of redemption such Securities are registered as a Global Security, the
Depositary shall determine, in accordance with its procedures, the principal
amount of such Securities held by each Security Beneficial Owner to be redeemed.

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

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

SECTION 11.4. Notice of Redemption.

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

            All notices of redemption shall state:

            (a) the Redemption Date,

            (b) the Redemption Price,

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

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

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

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

            (g) such other provisions as may be required in respect of the terms
of a particular series of Securities.

            Notice of redemption of Securities to be redeemed at the election of
the Company shall be given by the Company or, at the Company's request, by the
Trustee in the name and at the expense of the Company and shall be irrevocable.
The notice if mailed in the manner provided above shall be conclusively presumed
to have been duly given, whether or not the Holder receives such notice. In any
case, a failure to give such notice by mail or any defect in the notice to the
Holder of any Security designated for redemption as a whole or in part shall not
affect the validity of the proceedings for the redemption of any other Security.

SECTION 11.5. Deposit of Redemption Price.

            Prior to 10:00 a.m., New York City time, on any Redemption Date, the
Company shall deposit with the Trustee or with a Paying Agent (or, if the
Company is acting as its own Paying Agent, segregate and hold in trust as
provided in Section 10.3) an amount of money sufficient to pay the Redemption
Price of, and (except if the Redemption Date shall be an

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<PAGE>

Interest Payment Date) accrued interest on, all the Securities which are to be
redeemed on that date.

SECTION 11.6. Securities Payable on Redemption Date.

            Notice of redemption having been given as aforesaid, the Securities
shall, on the Redemption Date, become due and payable at the Redemption Price
therein specified, and from and after such date (unless the Company shall
default in the payment of the Redemption Price and accrued interest) such
Securities shall cease to bear interest. Upon presentation and surrender of any
such Security for redemption in accordance with said notice, such Security shall
be paid by the Company at the Redemption Price, together with accrued interest
to the Redemption Date; provided, that installments of interest whose Stated
Maturity is on or prior to the Redemption Date shall be payable to the Holders
of such Securities, or one or more Predecessor Securities, registered as such at
the close of business on the relevant Record Dates according to their terms and
the provisions of Section 3.8.

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

            The Redemption Price shall be paid prior to 12:00 noon, New York
City time, on the date of such redemption or such earlier time as the Company
determines, provided that the Company shall deposit with the Trustee an amount
sufficient to pay the Redemption Price by 10:00 a.m., New York City time, on the
date such Redemption Price is to be paid.

SECTION 11.7. Securities Redeemed in Part.

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

SECTION 11.8. Special Event Redemption.

            If a Special Event with respect to an ONB Trust has occurred and is
continuing, the Company may redeem the corresponding Securities held by such ONB
Trust, in whole but not in part, at any time within 90 days thereafter. If the
applicable ONB Trust is the holder of all outstanding corresponding Securities,
the proceeds of the redemption will be used by the ONB Trust to redeem the
corresponding Capital Securities and the Common Securities, at the liquidation
amount per capital security specified in the Trust Agreement of such ONB Trust
plus unpaid distributions to the date of redemption; provided, however, that if
the Company can eliminate, within a 90 day period, the Special Event by taking
some action, such as filing a form or making an election, or pursuing some other
similar reasonable measure which has no adverse effect on the Company, the
applicable ONB Trust or the holders of the Capital Securities or the

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Common Securities, the Company must pursue that action instead of redemption.
The Company will have no right to redeem the Securities while the applicable ONB
Trust or the Property Trustee is pursuing any similar action based on its
obligations under the Trust Agreement of such ONB Trust.

                                  ARTICLE XII

                                  SINKING FUND

SECTION 12.1. Applicability of Article.

            If provided for the Securities of a series as contemplated by
Section 3.1, the provisions of this Article shall be applicable to any sinking
fund for the retirement of Securities of such series except as otherwise
specified as contemplated by Section 3.1 for the Securities of such series.

            The minimum amount of any sinking fund payment provided for by the
terms of Securities of any series is herein referred to as a "mandatory sinking
fund payment," and any payment in excess of such minimum amount provided for by
the terms of Securities of any series is herein referred to as an "optional
sinking fund payment." If provided for by the terms of Securities of any series,
the cash amount of any sinking fund payment may be subject to reduction as
provided in Section 12.2. Each sinking fund payment shall be applied to the
redemption of Securities as provided for by the terms of Securities of such
series.

SECTION 12.2. Satisfaction of Sinking Fund Payments with Securities.

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

SECTION 12.3. Redemption of Securities for Sinking Fund.

            Not less than 90 days prior to each sinking fund payment date for
any series of Securities, the Company will deliver to the Trustee an Officers'
Certificate specifying the amount of the next ensuing sinking fund payment for
that series pursuant to the terms of that series, the portion thereof, if any,
which is to be satisfied by payment of cash and the portion thereof, if any,
which is to be satisfied by delivering and crediting Securities of that series
pursuant to Section 12.2 and will also deliver to the Trustee any Securities to
be so delivered. Such Officers' Certificate shall be irrevocable and upon its
delivery the Company shall be

                                       62

<PAGE>

obligated to make the cash payment or payments therein referred to, if any, on
or before the succeeding sinking fund payment date. In the case of the failure
of the Company to deliver such Officers' Certificate (or, as required by this
Indenture and the Securities) by the due date therefor, the sinking fund payment
due on the succeeding sinking fund payment date for such series shall be paid
entirely in cash and shall be sufficient to redeem the principal amount of the
Securities of such series subject to a mandatory sinking fund payment without
the right to deliver or credit securities as provided in Section 12.2 and
without the right to make the optional sinking fund payment with respect to such
series at such time.

            Any sinking fund payment or payments (mandatory or optional) made in
cash plus any unused balance of any preceding sinking fund payments made with
respect to the Securities of any particular series shall be applied by the
Trustee (or by the Company if the Company is acting as its own Paying Agent) on
the sinking fund payment date on which such payment is made (or, if such payment
is made before a sinking fund payment date, on the sinking fund payment date
immediately following the date of such payment) to the redemption of Securities
of such series at the Redemption Price specified in such Securities with respect
to the sinking fund. Any sinking fund moneys not so applied or allocated by the
Trustee (or, if the Company is acting as its own Paying Agent, segregated and
held in trust by the Company as provided in Section 10.3) for such series and
together with such payment (or such amount so segregated) shall be applied in
accordance with the provisions of this Section 12.3. Any and all sinking fund
moneys with respect to the Securities of any particular series held by the
Trustee (or, if the Company is acting as its own Paying Agent, segregated and
held in trust as provided in Section 10.3) on the last sinking fund payment date
with respect to Securities of such series and not held for the payment or
redemption of particular Securities of such series shall be applied by the
Trustee (or by the Company if the Company is acting as its own Paying Agent),
together with other moneys, if necessary, to be deposited (or segregated)
sufficient for the purpose, to the payment of the principal of the Securities of
such series at Maturity. The Trustee shall select the Securities to be redeemed
upon such sinking fund payment date in the manner specified in Section 11.3 and
cause notice of the redemption thereof to be given in the name of and at the
expense of the Company in the manner provided in Section 11.4. Such notice
having been duly given, the redemption of such Securities shall be made upon the
terms and in the manner stated in Section 11.6. On or before each sinking fund
payment date, the Company shall pay to the Trustee (or, if the Company is acting
as its own Paying Agent, the Company shall segregate and hold in trust as
provided in Section 10.3) in cash a sum in the currency in which Securities of
such series are payable (except as provided pursuant to Section 3.1) equal to
the principal (and premium, if any) and any interest accrued to the Redemption
Date for Securities or portions thereof to be redeemed on such sinking fund
payment date pursuant to this Section 12.3.

            Neither the Trustee nor the Company shall redeem any Securities of a
series with sinking fund moneys or mail any notice of redemption of Securities
of such series by operation of the sinking fund for such series during the
continuance of a default in payment of interest, if any, on any Securities of
such series or of any Default (other than a Default occurring as a consequence
of this paragraph) with respect to the Securities of such series, except that if
the notice of redemption shall have been provided in accordance with the
provisions hereof, the Trustee (or the Company, if the Company is then acting as
its own Paying Agent) shall redeem such Securities if cash sufficient for that
purpose shall be deposited with the Trustee (or segregated by the Company) for
that purpose in accordance with the terms of this Article XII.

                                       63

<PAGE>

Except as aforesaid, any moneys in the sinking fund for such series at the time
when any such default or Default shall occur and any moneys thereafter paid into
such sinking fund shall, during the continuance of such default or Default, be
held as security for the payment of the Securities and coupons, if any, of such
series; provided, however, that in case such default or Default shall have been
cured or waived as provided herein, such moneys shall thereafter be applied on
the next sinking fund payment date for the Securities of such series on which
such moneys may be applied pursuant to the provisions of this Section 12.3.

                                  ARTICLE XIII

                        DEFERRAL OF INTEREST PAYMENT DATE

SECTION 13.1. Deferral of Interest Payment Date.

            Unless an Event of Default shall have occurred and be continuing,
the Company shall have the right, at any time and from time to time during the
term of the Securities of any series, to defer payments of interest by extending
the interest payment period of all Securities of such series for a period not
exceeding 20 consecutive quarters (the "Interest Payment Deferral Period"),
during which Interest Payment Deferral Period no interest shall be due and
payable on the Securities of such series; provided, that no Interest Payment
Deferral Period may extend beyond the Maturity of such Securities. To the extent
permitted by applicable law, interest, the payment of which has been deferred
pursuant to this Section 13.1, will bear Additional Interest thereon for each
Interest Payment Period of the Interest Payment Deferral Period. At the end of
any Interest Payment Deferral Period with respect to any series of Securities,
the Company shall pay all interest accrued and unpaid on such Securities,
including any Additional Interest (together, the "Deferred Interest") that shall
be payable to the Holders of Securities of such series in whose names such
Securities are registered in the Security Register on the first record date
after the end of such Interest Payment Deferral Period. Before the termination
of any Interest Payment Deferral Period, the Company may further extend such
period; provided that such period, together with all such further extensions
thereof, shall not exceed 20 consecutive quarters, and, provided further, that
no prepayment of interest during an Interest Payment Deferral Period shall allow
the Company to extend such Interest Payment Deferral Period beyond 20
consecutive quarters . Upon the termination of any Interest Payment Deferral
Period with respect to any series of Securities and upon the payment of all
Deferred Interest then due, the Company may commence a new Interest Payment
Deferral Period with respect to such series of Securities, subject to the
foregoing requirements. No interest on a series of Securities shall be due and
payable during an Interest Payment Deferral Period with respect thereto, except
at the end thereof; provided, that the Company may prepay at any time all or any
portion of the interest accrued during any Interest Payment Deferral Period.

SECTION 13.2. Notice of Deferral.

            (a) If the Property Trustee of an ONB Trust is the only Holder of
Securities of a series at the time the Company selects an Interest Payment
Deferral Period with respect thereto, the Company shall give written notice to
the Issuer Trustees of such ONB Trust and to the Trustee of such Interest
Payment Deferral Period, unless otherwise specified as contemplated by Section
3.1 for Securities of any series, one Business Day before the earlier of (i) the
next

                                       64

<PAGE>

succeeding date on which Distributions on the Capital Securities issued by such
ONB Trust would be payable, if not for such Interest Payment Deferral Period, or
(ii) the date such ONB Trust is required to give notice to the New York Stock
Exchange (or other applicable self-regulatory organization) or to holders of the
Capital Securities issued by such ONB Trust of the record date or the date such
Distributions are payable.

            (b) If the Property Trustee of an ONB Trust is not the only Holder
of Securities of a series at the time the Company selects an Interest Payment
Deferral Period with respect thereto, the Company shall give written notice to
the Holders of Securities of such series and the Trustee of its selection of
such Interest Payment Deferral Period, unless otherwise specified as
contemplated by Section 3.1 for Securities of any series, five Business Days
before the earlier of (i) the next succeeding Interest Payment Date, or (ii) the
date the Company is required to give notice to the New York Stock Exchange (or
other applicable self-regulatory organization) or to Holders of Securities of
such series of the record or payment date of such interest payment.

            (c) The Interest Payment Period in which any notice is given
pursuant to paragraphs (a) or (b) of this Section 13.2 shall be counted as one
of the consecutive Interest Payment Periods permitted in the maximum Interest
Payment Deferral Period with respect to any series of Securities permitted under
Section 3.1.

SECTION 13.3. Limitation of Transactions During Interest Payment Deferral
              Period.

            If with respect to any series of Securities the Company shall
exercise its right to defer payments of interest thereon as provided in Section
13.1, the Company shall be subject to the provisions of Section 10.5

                                  ARTICLE XIV

                           SUBORDINATION OF SECURITIES

SECTION 14.1. Agreement to Subordinate.

            The Company covenants and agrees, and each Holder of Securities
issued hereunder by such Holder's acceptance thereof likewise covenants and
agrees, that all Securities shall be issued subject to the provisions of this
Article XIV; and each Holder of a Security, whether upon original issue or upon
transfer or assignment thereof, accepts and agrees to be bound by such
provisions.

            The payment by the Company of the principal of, premium, if any, and
interest and Additional Amounts on all Securities issued hereunder shall, to the
extent and in the manner hereinafter set forth, be subordinated and junior in
right of payment to the prior payment in full of all Senior Debt of the Company,
whether outstanding at the date of this Indenture or thereafter incurred.

            No provision of this Article XIV shall prevent the occurrence of any
default or Default hereunder.

                                       65

<PAGE>

SECTION 14.2. Default on Senior Debt.

            In the event and during the continuation of any default by the
Company in the payment of principal, premium, interest or any other payment due
on any Senior Debt of the Company, as the case may be, or in the event that the
maturity of any Senior Debt of the Company, as the case may be, has been
accelerated because of a default, then, in either case, no payment shall be made
by the Company with respect to the principal (including redemption payments) of,
or premium, if any, or interest or Additional Amounts on, the Securities or to
acquire any of the Securities (except sinking fund payments made with respect to
Securities acquired by the Company prior to such default).

            In the event that, notwithstanding the foregoing, any payment shall
be 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 is
segregated and held in trust) when such payment is prohibited by the preceding
paragraph of this Section 14.2, before all Senior Debt of the Company is paid in
full, or provision is made for such payment in money in accordance with its
terms, such payment shall be held in trust for the benefit of, and shall be paid
over or delivered to, the holders of Senior Debt of the Company or their
respective representatives, or to the trustee or trustees under any indenture
pursuant to which any of such Senior Debt may have been issued, as their
respective interests may appear, ratably according to the aggregate amount
remaining unpaid on account of the principal, premium, interest or any other
payment due on the Senior Debt held or represented by each, for application to
the payment of all Senior Debt of the Company, as the case may be, remaining
unpaid to the extent necessary to pay such Senior Debt in full in money in
accordance with its terms, after giving effect to any concurrent payment or
distribution to or for the benefit of the holders of such Senior Debt, but only
to the extent that the holders of the Senior Debt (or their representative or
representatives or a trustee) notify the Trustee in writing within 90 days of
such payment of the amounts then due and owing on the Senior Debt and only the
amounts specified in such notice to the Trustee shall be paid to the holders of
Senior Debt.

SECTION 14.3. Liquidation; Termination; Bankruptcy.

            Upon any payment by the Company or distribution of assets of the
Company of any kind or character, whether in cash, property or securities, to
creditors upon any termination, winding-up, liquidation or reorganization of the
Company, whether voluntary or involuntary or in bankruptcy, insolvency or other
proceedings, all amounts due upon all Senior Debt of the Company shall first be
paid in full, or payment thereof provided for in money in accordance with its
terms, before any payment is made by the Company on account of the principal
(and premium, if any) or interest or Additional Amounts on the Securities; and
upon any such termination, winding-up, liquidation or reorganization, any
payment by the Company, or distribution of assets of the Company of any kind or
character, whether in cash, property or securities, to which the Holders of the
Securities or the Trustee would be entitled to receive, except for the
provisions of this Article XIV, shall be paid by the Company or by any receiver,
trustee in bankruptcy, liquidating trustee, agent or other Person making such
payment or distribution, or by the Holders of the Securities or by the Trustee
under this Indenture if received by them or it, directly to the holders of
Senior Debt of the Company (pro rata to such holders on the basis of the
respective amounts of Senior Debt held by such holders, as calculated by the

                                       66

<PAGE>

Company) or their representative or representatives, or to the trustee or
trustees under any indenture pursuant to which any instruments evidencing such
Senior Debt may have been issued, as their respective interests may appear, to
the extent necessary to pay such Senior Debt in full, in money or money's worth,
after giving effect to any concurrent payment or distribution to or for the
holders of such Senior Debt, before any payment or distribution is made to the
Holders of Securities or to the Trustee.

            In the event that, notwithstanding the foregoing, any payment or
distribution of assets of the Company of any kind or character, whether in cash,
property or securities, prohibited by the foregoing, shall be received by the
Trustee, by any Holder or by any Paying Agent (or, if the Company is acting as
its own Paying Agent, money for any such payment is segregated and held in
trust) before all Senior Debt of the Company is paid in full, or provision is
made for such payment in money in accordance with its terms, such payment or
distribution shall be held in trust for the benefit of and shall be paid over or
delivered to the holders of such Senior Debt or their representative or
representatives, or to the trustee or trustees under any indenture pursuant to
which any of such Senior Debt may have been issued, as their respective
interests may appear, ratably according to the aggregate amount remaining unpaid
on account of the principal, premium, interest or any other payment due on the
Senior Debt held or represented by each, as calculated by the Company, for
application to the payment of all Senior Debt of the Company, as the case may
be, remaining unpaid to the extent necessary to pay such Senior Debt in full in
money in accordance with its terms, after giving effect to any concurrent
payment or distribution to or for the benefit of the holders of such Senior
Debt.

            For purposes of this Article XIV, the words "cash, property or
securities" shall not be deemed to include shares of stock of the Company as
reorganized or readjusted, or securities of the Company or any other corporation
provided for by a plan of reorganization or readjustment, the payment of which
is subordinated at least to the extent provided in this Article XIV with respect
to the Securities to the payment of all Senior Debt of the Company, as the case
may be, that may at the time be outstanding, provided that (i) such Senior Debt
is assumed by the new corporation, if any, resulting from any such
reorganization or readjustment, and (ii) the rights of the holders of such
Senior Debt are not, without the consent of such holders, altered by such
reorganization or readjustment. The consolidation of the Company with, or the
merger of the Company into, another corporation or the liquidation or
termination of the Company following the conveyance or transfer of its property
as an entirety, or substantially as an entirety, to another corporation upon the
terms and conditions provided for in Article VIII shall not be deemed a
termination, winding-up, liquidation or reorganization for the purposes of this
Section 14.3 if such other corporation shall, as a part of such consolidation,
merger, conveyance or transfer, comply with the conditions stated in Article
VIII. Nothing in Section 14.2 or in this Section 14.3 shall apply to claims of,
or payments to, the Trustee under or pursuant to Section 6.7.

SECTION 14.4. Subrogation.

            Subject to the payment in full of all Senior Debt of the Company,
the rights of the Holders of the Securities shall be subrogated to the rights of
the holders of such indebtedness to receive payments or distributions of cash,
property or securities of the Company, as the case may be, applicable to such
Senior Debt until the principal of (and premium, if any) and interest and

                                       67

<PAGE>

Additional Amounts, if any, on the Securities shall be paid in full; and, for
the purposes of such subrogation, no payments or distributions to the holders of
such Senior Debt of any cash, property or securities to which the Holders of the
Securities or the Trustee would be entitled except for the provisions of this
Article XIV, and no payment over pursuant to the provisions of this Article XIV
to or for the benefit of the holders of such Senior Debt by Holders of the
Securities or the Trustee, shall, as between the Company, its creditors other
than Holders of Senior Debt of the Company, and the holders of the Securities,
be deemed to be a payment by the Company to or on account of such Senior Debt.
It is understood that the provisions of this Article XIV are and are intended
solely for the purposes of defining the relative rights of the Holders of the
Securities, on the one hand, and the holders of such Senior Debt on the other
hand.

            Nothing contained in this Article XIV or elsewhere in this Indenture
or in the Securities is intended to or shall impair, as between the Company, its
creditors other than the holders of Senior Debt of the Company, and the Holders
of the Securities, the obligation of the Company, which is absolute and
unconditional, to pay to the Holders of the Securities the principal of (and
premium, if any) and interest and Additional Amounts, if any, on the Securities
as and when the same shall become due and payable in accordance with their
terms, or is intended to or shall affect the relative rights of the Holders of
the Securities and creditors of the Company, as the case may be, other than the
holders of Senior Debt of the Company, nor shall anything herein or therein
prevent the Trustee or the Holder of any Security from exercising all remedies
otherwise permitted by applicable law upon default under the Indenture, subject
to the rights, if any, under this Article XIV of the holders of such Senior Debt
in respect of cash, property or securities of the Company, as the case may be,
received upon the exercise of any such remedy.

            Upon any payment or distribution of assets of the Company referred
to in this Article XIV, the Trustee, subject to the provisions of Section 6.1,
and the Holders of the Securities shall be entitled to conclusively rely upon
any order or decree made by any court of competent jurisdiction in which such
termination, winding-up, liquidation or reorganization proceedings are pending,
or a certificate of the receiver, trustee in bankruptcy, liquidation trustee,
agent or other Person making such payment or distribution, delivered to the
Trustee or to the Holders of the Securities, for the purposes of ascertaining
the Persons entitled to participate in such distribution, the holders of Senior
Debt and other indebtedness of the Company, as the case may be, the amount
thereof or payable thereon, the amount or amounts paid or distributed thereon
and all other facts pertinent thereto or to this Article XIV.

SECTION 14.5. Trustee to Effectuate Subordination.

            Each Holder of Securities 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 XIV and appoints the Trustee such Holder's attorney-in-fact for any
and all such purposes.

SECTION 14.6. Notice by the Company.

            The Company shall give prompt written notice to a Responsible
Officer of the Trustee of any fact known to the Company that would prohibit the
making of any payment of

                                       68

<PAGE>

monies to or by the Trustee in respect of the Securities pursuant to the
provisions of this Article XIV. Notwithstanding the provisions of this Article
XIV or any other provision of this Indenture, the Trustee shall not be charged
with knowledge of the existence of any facts that would prohibit the making of
any payment of monies to or by the Trustee in respect of the Securities pursuant
to the provisions of this Article XIV, unless and until a Responsible Officer of
the Trustee shall have received written notice thereof from the Company or a
holder or holders of Senior Debt or their representative or representatives or
from any trustee therefor; and before the receipt of any such written notice,
the Trustee, subject to the provisions of Section 6.1, shall be entitled in all
respects to assume that no such facts exist; provided, however, that if the
Trustee shall not have received the notice provided for in this Section 14.6 at
least two Business Days prior to the date upon which by the terms hereof any
money may become payable for any purpose (including, without limitation, the
payment of the principal of (or premium, if any) or interest or Additional
Amounts on any Security), then, anything herein contained to the contrary
notwithstanding, the Trustee shall have full power and authority to receive such
money and to apply the same to the purposes for which they were received, and
shall not be affected by any notice to the contrary that may be received by it
within two Business Days prior to such date.

            The Trustee, subject to the provisions of Section 6.1, shall be
entitled to conclusively rely on the delivery to it of a written notice by a
Person representing himself to be a holder of Senior Debt of the Company (or a
trustee on behalf of such holder) to establish that such notice has been given
by a holder of such Senior Debt or a trustee on behalf of any such holder or
holders. In the event that the Trustee determines in good faith that further
evidence is required with respect to the right of any Person as a holder of such
Senior Debt to participate in any payment or distribution pursuant to this
Article XIV, the Trustee may request such Person to furnish evidence to the
reasonable satisfaction of the Trustee as to the amount of such Senior Debt held
by such Person, the extent to which such Person is entitled to participate in
such payment or distribution and any other facts pertinent to the rights of such
Person under this Article XIV, and, if such evidence is not furnished, the
Trustee may defer any payment to such Person pending judicial determination as
to the right of such Person to receive such payment.

SECTION 14.7. Rights of the Trustee; Holders of Senior Debt.

            The Trustee in its individual capacity shall be entitled to all the
rights set forth in this Article XIV in respect of any Senior Debt at any time
held by it, to the same extent as any other holder of Senior Debt, and nothing
in this Indenture shall deprive the Trustee of any of its rights as such holder.

            With respect to the holders of Senior Debt of the Company, the
Trustee undertakes to perform or to observe only such of its covenants and
obligations as are specifically set forth in this Article XIV, and no implied
covenants or obligations with respect to the holders of such Senior Debt shall
be read into this Indenture against the Trustee. The Trustee shall not be deemed
to owe any fiduciary duty to the holders of such Senior Debt and, subject to the
provisions of Section 6.1, the Trustee shall not be liable to any holder of such
Senior Debt if it shall pay over or deliver to Holders of Securities, the
Company or any other Person money or assets to which any holder of such Senior
Debt shall be entitled by virtue of this Article XIV or otherwise.

                                       69

<PAGE>

SECTION 14.8. Subordination May Not Be Impaired.

            No right of any present or future holder of any Senior Debt of the
Company to enforce subordination as herein provided shall at any time in any way
be prejudiced or impaired by any act or failure to act on the part of the
Company 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 that any such holder may
have or otherwise be charged with.

            Without in any way limiting the generality of the foregoing
paragraph, the holders of Senior Debt of the Company may, at any time and from
time to time, without the consent of or notice to the Trustee or the Holders of
the Securities, without incurring responsibility to the Holders of the
Securities and without impairing or releasing the subordination provided in this
Article XIV or the obligations hereunder of the Holders of the Securities to the
holders of such Senior Debt, do any one or more of the following: (i) change the
manner, place or terms of payment or extend the time of payment of, or renew or
alter, such Senior Debt, or otherwise amend or supplement in any manner such
Senior Debt or any instrument evidencing the same or any agreement under which
such Senior Debt is outstanding; (ii) sell, exchange, release or otherwise deal
with any property pledged, mortgaged or otherwise securing such Senior Debt;
(iii) release any Person liable in any manner for the collection of such Senior
Debt; and (iv) exercise or refrain from exercising any rights against the
Company, as the case may be, and any other Person.

                                   ARTICLE XV

                                  MISCELLANEOUS

SECTION 15.1. Acknowledgement of Rights.

            The Company acknowledges that, with respect to any Securities held
by an ONB Trust or a trustee of such Trust, if the Property Trustee of such ONB
Trust fails to enforce its rights under this Indenture as the Holder of the
series of Securities held as the assets of such ONB Trust, any holder of Capital
Securities of such ONB Trust may institute legal proceedings directly against
the Company to enforce such Property Trustee's rights under this Indenture
without first instituting any legal proceedings against such Property Trustee or
any other person or entity.

            Notwithstanding the foregoing, if a Default has occurred and is
continuing and such event is attributable to the failure of the Company to pay
interest or principal on the applicable series of Securities on the date such
interest or principal is otherwise payable (or in the case of redemption, on the
redemption date), the Company acknowledges that a holder of Capital Securities
issued by the ONB Trust which is, or the Property Trustee of which is, the
Holder of such Securities may directly institute a proceeding for enforcement of
payment to such holder of the principal of or interest on the applicable series
of Securities having a principal amount equal to the aggregate liquidation
amount of the Capital Securities of such holder (a "Direct Action") on or after
the respective due dates specified in the applicable series of Securities.
Notwithstanding any payments made to such holder of Capital Securities by the

                                       70

<PAGE>

Company in connection with a Direct Action, the Company shall remain obligated
to pay the principal of or interest on the series of Securities held by an ONB
Trust or the Property Trustee of an ONB Trust, and the Company shall be
subrogated to the rights of the holder of such Capital Securities to the extent
of any payments made by the Company to such holder in any Direct Action.

                                     * * * *

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

                                       71

<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.

                                              OLD NATIONAL BANCORP

                                              By:_______________________________
                                                  Name:
                                                  Title:

Attest:

   ___________________________
   Name:
   Title:

                                              J. P. MORGAN TRUST COMPANY,
                                              NATIONAL ASSOCIATION,
                                              As Trustee

                                              By________________________________
                                                 Name:
                                                 Title:

Attest:

   ___________________________
   Name:
   Title:

                                       72<PAGE>

                                                                    EXHIBIT 4.19

                 [FORM OF AMENDED AND RESTATED TRUST AGREEMENT]

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

                      AMENDED AND RESTATED TRUST AGREEMENT

                                      among

                              OLD NATIONAL BANCORP,

                                  as Depositor,

                J. P. MORGAN TRUST COMPANY, NATIONAL ASSOCIATION,

                              as Property Trustee,

                 CHASE MANHATTAN BANK USA, NATIONAL ASSOCIATION,

                              as Delaware Trustee,

                         THE ADMINISTRATORS NAMED HEREIN

                                       and

                   THE SEVERAL HOLDERS OF THE TRUST SECURITIES

                                  dated as of   ,

                              ONB CAPITAL TRUST [   ]

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

<PAGE>

                Certain Sections of this Trust Agreement Relating
                        to Section 310 through 318 of the
                          Trust Indenture Act of 1939:

<TABLE>
<CAPTION>
Trust Indenture                                                          Sections of this
Act Section                                                              Trust Agreement
<S>                                                                      <C>
Section 310(a)(1)......................................................  8.7(a)
(a)(2).................................................................  8.7(a)
(a)(3).................................................................  8.9(b)
(a)(4).................................................................  8.5, 2.7(a)(ii)(E)
(b)....................................................................  8.8
Section 311(a).........................................................  8.13
(b)....................................................................  8.13
Section 312(a).........................................................  5.8
(b)....................................................................  5.8
(c)....................................................................  5.8
Section 313(a).........................................................  8.14(a)
(b)....................................................................  8.14(a)
(c)....................................................................  8.14(a), 10.8
Section 314(a).........................................................  8.15
(b)....................................................................  Not Applicable
(c)(1).................................................................  8.16
(c)(2).................................................................  8.16
(c)(3).................................................................  Not Applicable
(d)....................................................................  Not Applicable
(e)....................................................................  1.1, 8.16
Section 315(a).........................................................  8.1(a), 8.1(d), 8.3(a)
(b)....................................................................  8.2, 10.8
(c)....................................................................  8.1(d)
(d)....................................................................  8.1
(e)....................................................................  Not Applicable
Section 316(a).........................................................  Not Applicable
(a)(1)(A)..............................................................  Not Applicable
(a)(1)(B)..............................................................  Not Applicable
(a)(2).................................................................  Not Applicable
(b)....................................................................  5.13
(c)....................................................................  6.7
Section 317(a).........................................................  Not Applicable
(b)....................................................................  5.10, 8.2
Section 318(a).........................................................  10.10
</TABLE>

Note: This reconciliation and tie sheet shall not, for any purpose, be deemed to
be a part of the Trust Agreement and shall not affect the interpretation of any
of its terms or provisions.

<PAGE>

                                                         TABLE OF CONTENTS

<TABLE>
<CAPTION>
<S>                                                                                                                  <C>
                                                  ARTICLE I

                                                DEFINED TERMS

Section 1.1.   Definitions....................................................................................        1

                                                  ARTICLE II

                                          ESTABLISHMENT OF THE TRUST

Section 2.1.   Name...........................................................................................       10
Section 2.2.   Office of the Delaware Trustee; Principal Place of Business of the Trust.......................       10
Section 2.3.   Initial Contribution of Trust Property; Organizational Expenses................................       10
Section 2.4.   Issuance of the Preferred Securities...........................................................       10
Section 2.5.   Issuance of the Common Securities; Subscription and Purchase of Debentures.....................       11
Section 2.6.   Declaration of Trust...........................................................................       11
Section 2.7.   Authorization to Enter into Certain Transactions...............................................       12
Section 2.8.   Assets of Trust................................................................................       16
Section 2.9.   Title to Trust Property........................................................................       16

                                                 ARTICLE III

                                               PAYMENT ACCOUNT

Section 3.1.   Payment Account................................................................................       16

                                                  ARTICLE IV

                                    CERTAIN TERMS OF THE TRUST SECURITIES

Section 4.1.   Distributions..................................................................................       17
Section 4.2.   Redemption.....................................................................................       18
Section 4.3.   Subordination of Common Securities.............................................................       20
Section 4.4.   Payment Procedures.............................................................................       20
Section 4.5.   Tax Returns and Reports........................................................................       21
Section 4.6.   Payments Under Indenture or Pursuant to Direct Actions.........................................       21

                                                  ARTICLE V

                                        TRUST SECURITIES CERTIFICATES

Section 5.1.   Initial Ownership..............................................................................       21
Section 5.2.   The Trust Securities Certificates..............................................................       21
Section 5.3.   Execution and Delivery of Trust Securities Certificates........................................       22
Section 5.4.   Book-Entry Preferred Securities................................................................       22
Section 5.5.   Registration of Transfer and Exchange of Preferred Securities Certificates.....................       24
Section 5.6.   Mutilated, Destroyed, Lost or Stolen Trust Securities Certificates.............................       25
Section 5.7.   Persons Deemed Holders.........................................................................       25
Section 5.8.   Access to List of Holders' Names and Addresses.................................................       25
Section 5.9.   Maintenance of Office or Agency................................................................       26
Section 5.10.  Appointment of Paying Agent....................................................................       26
</TABLE>

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Section 5.11.  Ownership of Common Securities by Depositor....................................................       26
Section 5.12.  Notices to Clearing Agency.....................................................................       27
Section 5.13.  Rights of Holders..............................................................................       27

                                                  ARTICLE VI

                                      ACTS OF HOLDERS; MEETINGS; VOTING

Section 6.1.   Limitations on Voting Rights...................................................................       29
Section 6.2.   Notice of Meetings.............................................................................       30
Section 6.3.   Meetings of the Holders of Preferred Securities................................................       31
Section 6.4.   Voting Rights..................................................................................       31
Section 6.5.   Proxies, Etc...................................................................................       31
Section 6.6.   Holder Action by Written Consent...............................................................       32
Section 6.7.   Record Date for Voting and Other Purposes......................................................       32
Section 6.8.   Acts of Holders................................................................................       32
Section 6.9.   Inspection of Records..........................................................................       33

                                                 ARTICLE VII

                                        REPRESENTATIONS AND WARRANTIES

Section 7.1.   Representations and Warranties of the Issuer Trustees..........................................       33
Section 7.2.   Representations and Warranties of Depositor....................................................       34

                                                 ARTICLE VIII

                                   THE ISSUER TRUSTEES; THE ADMINISTRATORS

Section 8.1.   Certain Duties and Responsibilities............................................................       35
Section 8.2.   Certain Notices................................................................................       37
Section 8.3.   Certain Rights of Property Trustee.............................................................       38
Section 8.4.   Not Responsible for Recitals or Issuance of Securities.........................................       40
Section 8.5.   May Hold Securities............................................................................       40
Section 8.6.   Compensation; Indemnity; Fees..................................................................       40
Section 8.7.   Corporate Property Trustee Required; Eligibility of Issuer Trustees and Administrators.........       41
Section 8.8.   Conflicting Interests..........................................................................       41
Section 8.9.   Co-Trustees and Separate Trustee...............................................................       42
Section 8.10.  Resignation and Removal of Issuer Trustees, Appointment of Successor...........................       43
Section 8.11.  Acceptance of Appointment by Successor.........................................................       44
Section 8.12.  Merger, Conversion, Consolidation or Succession to Business....................................       45
Section 8.13.  Preferential Collection of Claims Against Depositor or Trust...................................       45
Section 8.14.  Reports by the Property Trustee................................................................       45
Section 8.15.  Reports to the Property Trustee................................................................       45
Section 8.16.  Evidence of Compliance with Conditions Precedent...............................................       46
Section 8.17.  Number of Issuer Trustees......................................................................       46
Section 8.18.  Delegation of Power by Administrators..........................................................       46
Section 8.19.  Appointment and Removal of Administrators......................................................       46
</TABLE>

                                       ii

<PAGE>

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                                                  ARTICLE IX

                                     TERMINATION, LIQUIDATION AND MERGER

Section 9.1.   Termination Upon Expiration Date...............................................................       47
Section 9.2.   Early Termination..............................................................................       47
Section 9.3.   Termination....................................................................................       48
Section 9.4.   Liquidation....................................................................................       48
Section 9.5.   Mergers, Consolidations, Conversions, Amalgamations or Replacements of the Trust...............       49

                                                  ARTICLE X

                                           MISCELLANEOUS PROVISIONS

Section 10.1.  Limitation of Rights of Holders................................................................       50
Section 10.2.  Amendment......................................................................................       51
Section 10.3.  Separability...................................................................................       52
Section 10.4.  Governing Law..................................................................................       52
Section 10.5.  Payments Due on Non-Business Day...............................................................       52
Section 10.6.  Successors.....................................................................................       52
Section 10.7.  Headings.......................................................................................       53
Section 10.8.  Reports, Notices and Demands...................................................................       53
Section 10.9.  Agreement Not to Petition......................................................................       53
Section 10.10. Trust Indenture Act; Conflict with Trust Indenture Act.........................................       54
Section 10.11. Acceptance of Terms of Trust Agreement, Guarantee and Indenture................................       54
Section 10.12. Counterparts...................................................................................       54
</TABLE>

EXHIBITS

Exhibit A Form of Common Security Certificate
Exhibit B Form of Preferred Security Certificate

                                      iii

<PAGE>

      AMENDED AND RESTATED TRUST AGREEMENT, dated as of    ,   , among (i) Old
National Bancorp, a financial holding company organized under the laws of the
State of Indiana (including any successors or assigns, the "Depositor"), (ii) J.
P. Morgan Trust Company, National Association, a national banking association
organized under the laws of the United States, as property trustee (the
"Property Trustee" and, in its separate corporate capacity and not in its
capacity as Property Trustee, the "Bank"), (iii) Chase Manhattan Bank USA,
National Association, a national banking association organized under the laws of
the United States, as Delaware trustee (the "Delaware Trustee" and, together
with the Property Trustee, the "Issuer Trustees"), (iv) the Administrators named
herein, and (v) the several Holders, as hereinafter defined.

                              W I T N E S S E T H:

      WHEREAS, the Depositor and the Delaware Trustee have heretofore duly
declared and established a statutory trust pursuant to the Delaware Statutory
Trust Act by entering into a Trust Agreement, dated as of    , (the "Original
Trust Agreement"), and by the execution and filing with the Secretary of State
of the State of Delaware of a Certificate of Trust; and

      WHEREAS, the Depositor and the Issuer Trustees desire to amend and restate
the Original Trust Agreement in its entirety as set forth herein to provide for,
among other things, (i) the issuance of the Common Securities by the Trust to
the Depositor, (ii) the issuance and sale of the Preferred Securities by the
Trust pursuant to the Underwriting Agreement, (iii) the acquisition by the Trust
from the Depositor of all of the right, title and interest in the Debentures and
(iv) the appointment of the Administrators;

      NOW THEREFORE, in consideration of the agreements and obligations set
forth herein and for other good and valuable consideration, the sufficiency of
which is hereby acknowledged, each party, for the benefit of the other parties
and for the benefit of the Holders, hereby amends and restates the Original
Trust Agreement in its entirety and agrees as follows:

                                    ARTICLE I

                                  DEFINED TERMS

Section 1.1. Definitions.

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

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

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

<PAGE>

            (c) all accounting terms used but not defined herein have the
      meanings assigned to them in accordance with United States generally
      accepted accounting principles;

            (d) unless the context otherwise requires, any reference to an
      "Article" or a "Section" refers to an Article or a Section, as the case
      may be, of this Trust Agreement; and

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

      "1940 Act" means the Investment Company Act of 1940, as amended.

      "Act" has the meaning specified in Section 6.8

      "Additional Amounts" has the meaning specified in the Indenture.

      "Additional Interest" means, with respect to Trust Securities of a given
Liquidation Amount or a given period, the amount of Additional Interest (as
defined in the Indenture) paid by the Depositor on a Like Amount of Debentures
for such period.

      "Administrator" means each Person appointed in accordance with Section
8.19 solely in such Person's capacity as Administrator of the Trust created and
continued hereunder and not in such Person's individual capacity, or such
Administrator's successor in interest in such capacity, or any successor
administrator appointed as herein provided.

      "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.

      "Applicable Procedures" means, with respect to any transfer or transaction
involving a Book-Entry Preferred Security, the rules and procedures of the
Clearing Agency for such Book-Entry Preferred Security, in each case to the
extent applicable to such transaction and as in effect from time to time.

      "Bank" has the meaning specified in the preamble to this Trust Agreement.

      "Bankruptcy Event" means, with respect to any Person:

            (a) the entry of a decree or order by a court having jurisdiction in
      the premises judging such Person a bankrupt or insolvent, or approving as
      properly filed a petition seeking reorganization, arrangement,
      adjudication or composition of or in respect of such Person under any
      applicable federal or state bankruptcy, insolvency, reorganization or
      other similar law, or appointing a receiver, liquidator, assignee,
      trustee, sequestrator (or

                                       2

<PAGE>

      other similar official) of such Person or of any substantial part of its
      property or ordering the winding up or liquidation of its affairs, and the
      continuance of any such decree or order unstayed and in effect for a
      period of 60 consecutive days; or

            (b) the institution by such Person of proceedings to be adjudicated
      a bankrupt or insolvent, or the consent by it to the institution of
      bankruptcy or insolvency proceedings against it, or the filing by it of a
      petition or answer or consent seeking reorganization or relief under any
      applicable federal or state bankruptcy, insolvency, reorganization or
      other similar law, or the consent by it to the filing of any such petition
      or to the appointment of a receiver, liquidator, assignee, trustee,
      sequestrator (or similar official) of such Person or of any substantial
      part of its property, or the making by it of an assignment for the benefit
      of creditors, or the admission by it in writing of its inability to pay
      its debts generally as they become due and its willingness to be
      adjudicated a bankrupt, or the taking of corporate action by such Person
      in furtherance of any such action.

      "Book-Entry Preferred Security" means a Preferred Security, the ownership
and transfers of which shall be made through book entries by a Clearing Agency
as described in Section 5.4.

      "Business Day" has the meaning specified in the Indenture.

      "Clearing Agency" means an organization registered as a "clearing agency"
pursuant to Section 17A of the Securities Exchange Act of 1934, as amended,
which initially shall be DTC.

      "Clearing Agency Participant" means a broker, dealer, bank, other
financial institution or other Person for whom from time to time a Clearing
Agency effects book-entry transfers and pledges of securities deposited with the
Clearing Agency.

      "Closing Date" has the meaning specified in the Underwriting Agreement.

      "Code" means the Internal Revenue Code of 1986, as amended.

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

      "Common Securities Certificate" means a certificate evidencing ownership
of Common Securities, substantially in the form attached as Exhibit A.

      "Common Security" means an undivided beneficial ownership interest in the
Trust Property, having a Liquidation Amount of $     and having the rights
provided therefor in this Trust Agreement, including the right to receive
Distributions and a Liquidation Distribution as provided herein.

      "Corporate Trust Office" means the office of the Property Trustee at which
this Trust Agreement shall, at any particular time, be principally administered,
which office shall at all

                                       3

<PAGE>

times be located in the United States and at the date of execution of this Trust
Agreement is located at 227 West Monroe, 26th Floor, Chicago, Illinois 60606,
Attention: Institutional Trust Services, or such other address in the United
States as the Property Trustee may designate from time to time by notice to the
Holders and the Depositor.

      "Debenture Default" means a "Default" as defined in the Indenture.

      "Debenture Event of Default" means an "Event of Default" as defined in the
Indenture.

      "Debenture Redemption Date" means, with respect to any Debentures to be
redeemed in accordance with the provisions of the Indenture, the date fixed for
redemption of such Debentures; provided, that any such redemption prior to the
stated maturity of the Debentures shall be subject to the prior approval of the
Regulator if required under its then-applicable capital guidelines or policies.

      "Debentures" means the Depositor's     % Junior Subordinated Debentures
issued pursuant to the Indenture.

      "Definitive Preferred Securities Certificates" means Preferred Securities
Certificates issued in certificated, fully registered form as provided in
Section 5.4 and 5.5.

      "Delaware Statutory Trust Act" means Chapter 38 of Title 12 of the
Delaware Code, 12 Del. C. Section 3801, et seq., as it may be amended from time
to time.

      "Delaware Trustee" means the Person identified as the "Delaware Trustee"
in the preamble to this Trust Agreement solely in its capacity as Delaware
Trustee of the Trust created and continued hereunder and not in its individual
capacity, or its successor in interest in such capacity, or any successor
Delaware trustee appointed as herein provided.

      "Depositor" has the meaning specified in the preamble to this Trust
Agreement.

      "Distribution Date" has the meaning specified in Section 4.1(a).

      "Distributions" means amounts payable in respect of the Trust Securities
as provided in Section 4.1.

      "DTC" means The Depository Trust Company.

      "DTC Letter of Representations" means a letter executed by the Trust, the
Property Trustee and DTC and required to be submitted to DTC in order for the
global Preferred Securities Certificate to be eligible for deposit at DTC.

      "Early Termination Event" has the meaning specified in Section 9.2.

      "ERISA" means the Employee Retirement Income Security Act of 1974, as
amended.

      "Expiration Date" has the meaning specified in Section 9.1.

                                       4

<PAGE>

      "Global Preferred Security" means a Preferred Securities Certificate
evidencing ownership of Book-Entry Preferred Securities.

      "Guarantee" means the Guarantee Agreement, dated as of    ,  , between the
Depositor and J. P. Morgan Trust Company, National Association, as guarantee
trustee, for the benefit of the Holders of the Preferred Securities, as amended
from time to time.

      "Holder" means a Person in whose name a Trust Security or Trust Securities
is registered in the Securities Register, any such Person being a beneficial
owner within the meaning of the Delaware Statutory Trust Act.

      "Indemnified Person" has the meaning set forth in Section 8.6(c).

      "Indenture" means the Indenture, dated as of    ,  , between the Depositor
and the Indenture Trustee under which the Debentures are issued, as amended or
supplemented from time to time.

      "Indenture Trustee" means J. P. Morgan Trust Company, National
Association, as trustee under the Indenture and any successor thereto.

      "Interest Payment Deferral Period" shall have the meaning specified in
Section 4.1.

      "Issuer Trustees" has the meaning specified in the preamble to this Trust
Agreement.

      "Investment Company Event" means the receipt by the Trust of an Opinion of
Counsel experienced in such matters to the effect that, as a result of the
occurrence of a change in law or regulation or a change in interpretation or
application of law or regulation by any legislative body, court, governmental
agency or regulatory authority that becomes or would become effective on or
after the date of original issuance of the Preferred Securities, there is more
than an insubstantial risk that the Trust is or will be considered an
"investment company" that is required to be registered under the 1940 Act.

      "Lien" means any lien, pledge, charge, encumbrance, mortgage, deed of
trust, adverse ownership interest, hypothecation, assignment, security interest
or preference, priority or other security agreement or preferential arrangement
of any kind or nature whatsoever.

      "Like Amount" means (a) with respect to a redemption of Trust Securities,
Trust Securities having an aggregate Liquidation Amount equal to the principal
amount of Debentures to be contemporaneously redeemed in accordance with the
Indenture, allocated to the Common Securities and the Preferred Securities based
upon the relative aggregate Liquidation Amounts of such classes and the proceeds
of which will be used to pay the Redemption Price of such Trust Securities, (b)
with respect to a distribution of Debentures to Holders of Trust Securities in
connection with a dissolution or liquidation of the Trust, Debentures having a
principal amount equal to the aggregate Liquidation Amount of the Trust
Securities of the Holder to whom such Debentures are distributed and (c) with
respect to any distribution of any Additional Interest to Holders of Trust
Securities, Debentures having a principal amount equal to the aggregate
Liquidation Amount of the Trust Securities in respect of which such Distribution
is made.

                                       5

<PAGE>

      "Liquidation Amount" means $     per Trust Security.

      "Liquidation Date" means the date on which Debentures, if any, are to be
distributed to Holders of Trust Securities in connection with a termination and
liquidation of the Trust pursuant to Sections 9.3 and 9.4(a).

      "Liquidation Distribution" has the meaning specified in Section 9.4(d).

      "Ministerial Action" means the taking of an action, such as filing a form
or making an election, or pursuing some other similar reasonable measure that
will have no adverse effect on the Trust, the Depositor or the Holders of the
Trust Securities and will involve no material cost.

      "Officer" means the Chairman of the Board, the President, any Senior Vice
President, any Vice President, the Treasurer or any Assistant Treasurer, the
Secretary or any Assistant Secretary of the Depositor.

      "Officers' Certificate" means a certificate signed by two Officers of the
Depositor and delivered to the appropriate Issuer Trustee. One of the officers
signing an Officers' Certificate given pursuant to Section 8.16 shall be the
principal executive, financial or accounting officer of the Depositor. Any
Officers' Certificate delivered with respect to compliance with a condition or
covenant provided for in this Trust Agreement shall include:

            (a) a statement that each officer signing the Officers' Certificate
      has read the covenant or condition and the definitions relating thereto;

            (b) a brief statement of the nature and scope of the examination or
      investigation undertaken by each officer in rendering the Officers'
      Certificate;

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

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

      "Opinion of Counsel" means a written opinion of counsel who may be an
employee of or, counsel for the Trust, the Property Trustee or the Depositor, or
any of their respective Affiliates, and who shall be reasonably acceptable to
the Property Trustee.

      "Original Trust Agreement" has the meaning specified in the recitals to
this Trust Agreement.

      "Outstanding," when used with respect to Trust Securities, means, as of
the date of determination, all Trust Securities represented by Trust Securities
Certificates theretofore executed and delivered under this Trust Agreement,
except:

                                       6

<PAGE>

            (a) Trust Securities represented by Trust Securities Certificates
      theretofore cancelled by the Property Trustee or delivered to the Property
      Trustee for cancellation;

            (b) Trust Securities for whose payment or redemption money in the
      necessary amount has been theretofore deposited with the Property Trustee
      or any Paying Agent for the Holders of such Trust Securities; provided,
      that, if such Trust Securities are to be redeemed, notice of such
      redemption has been duly given pursuant to this Trust Agreement; and

            (c) Trust Securities which have been paid or Trust Securities
      represented by Trust Securities Certificates in exchange for or in lieu of
      which other Trust Securities Certificates have been executed and delivered
      pursuant to Article V;

provided, however, that, in determining whether the Holders of the requisite
Liquidation Amount of the Outstanding Preferred Securities have given any
request, demand, authorization, direction, notice, consent or waiver hereunder,
Preferred Securities owned by the Depositor, any Issuer Trustee, any
Administrator or any Affiliate of the Depositor, any Issuer Trustee or any
Administrator shall be disregarded and deemed not to be Outstanding, except that
(a) in determining whether any Issuer Trustee or Administrator shall be
protected in relying upon any such request, demand, authorization, direction,
notice, consent or waiver, only Preferred Securities that such Issuer Trustee or
Administrator, as the case may be, knows to be so owned shall be so disregarded
and (b) the foregoing shall not apply at any time when all of the Outstanding
Preferred Securities are owned by the Depositor, one or more of the Issuer
Trustees, one or more of the Administrators and/or any such Affiliate. Preferred
Securities so owned which have been pledged in good faith may be regarded as
Outstanding if the pledgee establishes to the satisfaction of the Administrators
the pledgee's right so to act with respect to such Preferred Securities and that
the pledgee is not the Depositor or any Affiliate of the Depositor.

      "Owner" means each Person who is the beneficial owner of a Book-Entry
Preferred Security as reflected in the records of the Clearing Agency or, if a
Clearing Agency Participant is not the Owner, then as reflected in the records
of a Person maintaining an account with such Clearing Agency (directly or
indirectly, in accordance with the rules of such Clearing Agency).

      "Paying Agent" means any paying agent or co-paying agent appointed
pursuant to Section 5.10 which initially shall be the Bank.

      "Payment Account" means a segregated non-interest-bearing corporate trust
account maintained by the Property Trustee in its trust department for the
benefit of the Holders in which all amounts paid in respect of the Debentures
will be held and from which the Property Trustee shall make payments to the
Holders in accordance with Sections 4.1 and 4.2.

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

      "Preferred Securities Certificate" means a certificate evidencing
ownership of Preferred Securities, substantially in the form attached as Exhibit
B.

                                       7

<PAGE>

      "Preferred Security" means an undivided beneficial ownership interest in
the assets of the Trust, having a Liquidation Amount of $     and having the
rights provided therefor in this Trust Agreement, including the right to receive
Distributions and a Liquidation Distribution as provided herein.

      "Property Trustee" means the commercial bank or trust company identified
as the "Property Trustee" in the preamble to this Trust Agreement, solely in its
capacity as Property Trustee of the Trust heretofore created and continued
hereunder and not in its individual capacity, or its successor in interest in
such capacity, or any successor property trustee appointed as herein provided.

      "Redemption Date" means, with respect to any Trust Security to be
redeemed, the date fixed for such redemption by or pursuant to this Trust
Agreement; provided, that each Debenture Redemption Date and the stated maturity
of the Debentures shall be a Redemption Date for a Like Amount of Trust
Securities.

      "Redemption Price" means, with respect to any Trust Security, the
Liquidation Amount of such Trust Security, plus accrued but unpaid Distributions
to the Redemption Date, plus the related amount of the premium, if any, paid by
the Depositor upon the concurrent redemption of a Like Amount of Debentures,
allocated on a pro rata basis (based on aggregate Liquidation Amounts) among the
Trust Securities.

      "Regulator" means the Board of Governors of the Federal Reserve System or
the primary federal banking regulator of the Depositor.

      "Regulatory Capital Event" means the receipt by the Trust of an Opinion of
Counsel experienced in such matters, to the effect that, as a result of: (i) any
amendment to, clarification of or change in applicable laws or regulations or
official interpretations thereof or policies with respect thereto, or (ii) any
official administrative pronouncement or judicial decision interpreting or
applying such laws or regulations, in each case which amendment, clarification
or change is effective or which pronouncement or decision is announced on or
after the date of original issuance of the Preferred Securities, there is more
than an insubstantial risk that the Preferred Securities will no longer
constitute Tier 1 capital of the Depositor or any bank holding company of which
the Depositor is a subsidiary for purposes of the capital adequacy guidelines or
policies of the Regulator. Notwithstanding the foregoing, a Regulatory Capital
Event shall not be deemed to have occurred as a result of the adoption by the
Federal Reserve Board of final rules pursuant to its notice of proposed
rulemaking dated May 6, 2004 relating, in part, to the implementation of
stricter quantitative limits and qualitative standards for trust preferred
securities to be treated as "Tier 1" regulatory capital.

      "Relevant Trustee" has the meaning specified in Section 8.10.

      "Securities Register" and "Securities Registrar" have the respective
meanings specified in Section 5.5.

      "Settlement Date" has the meaning specified in the Underwriting Agreement.

      "Similar Laws" has the meaning specified in Section 5.13(a).

                                       8

<PAGE>

      "Special Event" means any of a Tax Event, an Investment Company Event or a
Regulatory Capital Event.

      "Successor Securities" has the meaning specified in Section 9.5.

      "Tax Event" means the receipt by the Trust of an Opinion of Counsel
experienced in such matters to the effect that, as a result of (a) any amendment
to or change (including any announced prospective change) in the laws or any
regulations thereunder of the United States or any political subdivision or
taxing authority thereof or therein, or (b) any judicial decision or any
official administrative pronouncement (including any private letter ruling,
technical advice, memorandum or field service advice) interpreting or applying
such laws or regulations (an "Administrative Action"), regardless of whether
such judicial decision or Administrative Action is issued to or in connection
with a proceeding involving the Depositor or the Trust and whether or not
subject to review or appeal, which amendment, change, Administrative Action or
decision is enacted, effective, promulgated or announced, in each case, on or
after the date of original issuance of the Preferred Securities, there is more
than an insubstantial risk that (i) the Trust is, or will be within 90 days of
the date of such opinion, subject to United States federal income tax with
respect to income received or accrued on the Debentures, (ii) the interest
payable by the Depositor is not, or within 90 days of the date of such opinion,
will not be deductible by the Depositor, in whole or in part, for United States
federal income tax purposes, or (iii) the Trust is, or will be within 90 days of
the date of such opinion, subject to more than a de minimis amount of other
taxes, duties or other governmental charges.

      "Trust" means ONB Capital Trust [ ], the Delaware statutory trust created
and continued hereby and identified on the cover page to this Trust Agreement.

      "Trust Agreement" means this Amended and Restated Trust Agreement, as the
same may be modified, amended or supplemented in accordance with the applicable
provisions hereof, including all exhibits hereto, including, for all purposes of
this Trust Agreement and any such modification, amendment or supplement, the
provisions of the Trust Indenture Act that are deemed to be a part of and govern
this Trust Agreement and any such modification, amendment or supplement,
respectively.

      "Trust Agreement Default" means, in respect of this Trust Agreement, a
Debenture Default has occurred and is continuing.

      "Trust Indenture Act" means the Trust Indenture Act of 1939, as amended,
as in force at the date as of which this instrument was executed; provided,
however, that in the event the Trust Indenture Act of 1939 is amended after such
date, "Trust Indenture Act" means, to the extent required by any such amendment,
the Trust Indenture Act of 1939 as so amended.

      "Trust Property" means (a) the Debentures, (b) any cash on deposit in, or
owing to, the Payment Account and (c) all proceeds and rights in respect of the
foregoing and any other property and assets for the time being held or deemed to
be held by the Property Trustee pursuant to the terms of this Trust Agreement.

      "Trust Securities Certificate" means any one of the Common Securities
Certificates or the Preferred Securities Certificates.

                                       9

<PAGE>

      "Trust Security" means any one of the Common Securities or the Preferred
Securities.

      "Underwriting Agreement" means the Underwriting Agreement, dated , among
the Trust, the Depositor and the underwriters named therein.

                                   ARTICLE II

                           ESTABLISHMENT OF THE TRUST

      Section 2.1. Name

      The Trust continued hereby shall be known as "ONB CAPITAL TRUST [ ]," as
such name may be modified from time to time by the Administrators following
written notice to the Holders of Trust Securities and the Issuer Trustees, in
which name the Administrators and the Issuer Trustees may conduct the business
of the Trust, make and execute contracts and other instruments on behalf of the
Trust and sue and be sued.

      Section 2.2. Office of the Delaware Trustee; Principal Place of Business
of the Trust.

      The address of the Delaware Trustee in the State of Delaware is 500
Stanton Christiana Road, DPS4/3rd Floor, Newark, Delaware 19713, Attention:
Institutional Trust Services, or such other address in the State of Delaware as
the Delaware Trustee may designate by written notice to the Holders and the
Depositor. The principal executive office of the Trust is c/o Old National
Bancorp, One Main Street, Evansville, Indiana 47708.

      Section 2.3. Initial Contribution of Trust Property; Organizational
Expenses.

      The Property Trustee acknowledges receipt from the Depositor in connection
with the Original Trust Agreement of the sum of $10, which constituted the
initial Trust Property. The Depositor shall pay the organizational expenses of
the Trust as they arise and shall, upon request of any Issuer Trustee, promptly
reimburse such Issuer Trustee for any such expenses paid by such Issuer Trustee.
The Depositor shall make no claim upon the Trust Property for the payment of
such expenses.

      Section 2.4. Issuance of the Preferred Securities.

      On    ,   the Depositor, on its own behalf and on behalf of the Trust and
pursuant to the Original Trust Agreement, executed and delivered the
Underwriting Agreement. Contemporaneously with the execution and delivery of
this Trust Agreement, an Administrator, on behalf of the Trust, shall execute in
accordance with Section 5.2 and the Property Trustee shall deliver to the
Underwriters named in the Underwriting Agreement, Preferred Securities
represented by Global Preferred Securities registered in the name of the nominee
of the initial Clearing Agency, representing     Preferred Securities having an
aggregate Liquidation Amount of $   , against receipt of such aggregate purchase
price of such Preferred Securities of $     , by the Property Trustee. In the
event and to the extent any over-allotment option granted by the Trust and the
Depositor pursuant to the Underwriting Agreement is exercised by the
underwriters named therein, on the Settlement Date or Settlement Dates after the
date hereof, an Administrator, on behalf of the Trust, shall execute in
accordance with

                                       10

<PAGE>

Section 5.2 and the Property Trustee shall deliver to the underwriters named
therein additional Preferred Securities represented by Global Preferred
Securities, registered in the name of the nominee of the initial Clearing
Agency, representing in the aggregate up to    Preferred Securities having an
aggregate Liquidation Amount of up to $   , against receipt of the purchase
price per Preferred Security of $    by the Property Trustee.

      Section 2.5. Issuance of the Common Securities; Subscription and Purchase
of Debentures.

      Contemporaneously with the execution and delivery of this Trust Agreement,
an Administrator, on behalf of the Trust, shall execute in accordance with
Section 5.3 and deliver to the Depositor Common Securities Certificates,
registered in the name of the Depositor, representing   Common Securities having
an aggregate Liquidation Amount of $    against payment by the Depositor of such
amount to the Property Trustee. Contemporaneously therewith, an Administrator,
on behalf of the Trust, shall subscribe to and purchase from the Depositor
Debentures, registered in the name of the Property Trustee, on behalf of the
Trust and having an aggregate principal amount equal to $     , and, in
satisfaction of the purchase price for such Debentures, the Property Trustee, on
behalf of the Trust, shall deliver to the Depositor the sum of $  . In the event
and to the extent any over-allotment option granted by the Trust and the
Depositor pursuant to the Underwriting Agreement is exercised by the
underwriters named therein, on the Settlement Date or Settlement Dates after the
date hereof, (a) an Administrator, on behalf of the Trust, shall execute in
accordance with Section 5.3 and deliver to the Depositor Common Securities
Certificates, registered in the name of the Depositor, representing in the
aggregate up to Common Securities having an aggregate Liquidation Amount of up
to $  , against receipt of the purchase price per Common Security of $    by the
Property Trustee; and (b) an Administrator, on behalf of the Trust, shall
subscribe to and purchase from the Depositor additional Debentures, registered
in the name of the Property Trustee, on behalf of the Trust and having an
aggregate principal amount of up to $    , and, in satisfaction of the purchase
price for such additional Debentures, the Property Trustee, on behalf of the
Trust, shall deliver to the Depositor cash in an amount equal to the aggregate
principal amount of the additional Debentures being purchased.

      Section 2.6. Declaration of Trust.

      The exclusive purposes and functions of the Trust are (a) to issue and
sell Preferred Securities and Common Securities and use the proceeds from such
sale to acquire the Debentures, (b) to maintain the status of the Trust as a
grantor trust for United States federal income tax purposes, and (c) to engage
in those activities necessary or incidental thereto. The Depositor hereby
appoints the Issuer Trustees as trustees of the Trust, to have all the rights,
powers and duties to the extent set forth herein and in the Delaware Statutory
Trust Act, and the Issuer Trustees hereby accept such appointment. The Property
Trustee hereby declares that it will hold the Trust Property upon and subject to
the conditions set forth herein for the benefit of the Trust and the Holders.

                                       11

<PAGE>

      Section 2.7. Authorization to Enter into Certain Transactions.

      (a) The Issuer Trustees and the Administrators shall conduct the affairs
of the Trust in accordance with the terms of this Trust Agreement. Subject to
the limitations set forth in paragraph (b) of this Section and Article VIII, and
in accordance with the following provisions (i) and (ii), the Issuer Trustees
and the Administrators shall have the authority to enter into all transactions
and agreements determined by the Issuer Trustees or the Administrators to be
appropriate in exercising the authority granted to the Issuer Trustees or the
Administrators, as the case may be, under this Trust Agreement, and to perform
all acts in furtherance thereof, including without limitation, the following:

            (i) Each Administrator shall have the power, duty and authority to
      act on behalf of the Trust with respect to the following matters in
      accordance with the terms of this Trust Agreement:

                  (A) the issuance and sale of the Preferred Securities and the
                  Common Securities;

                  (B) to acquire the Debentures with the proceeds of the sale of
                  the Preferred Securities and the Common Securities; provided,
                  however, that the Administrators shall cause legal title to
                  the Debentures to be held of record in the name of the
                  Property Trustee for the benefit of the Holders of the Trust
                  Securities;

                  (C) the execution of the Trust Securities on behalf of the
                  Trust in accordance with this Trust Agreement;

                  (D) the negotiation of the terms, and the causing of the
                  execution and delivery, for and on behalf of the Trust, of the
                  Underwriting Agreement providing for the sale of the Preferred
                  Securities;

                  (E) to cause the Trust to enter into, and to execute, deliver,
                  file and perform on behalf of the Trust, the DTC Letter of
                  Representations and such other agreements as may be necessary
                  or desirable in connection with the purposes and function of
                  the Trust;

                  (F) assisting in the registration of the Preferred Securities
                  under the Securities Act of 1933, as amended, and under state
                  securities or blue sky laws, and the qualification of this
                  Trust Agreement as a trust indenture under the Trust Indenture
                  Act;

                  (G) assisting in the listing of the Preferred Securities upon
                  such securities exchange or exchanges as shall be determined
                  by the Depositor and the registration of the Preferred
                  Securities under the Securities Exchange Act of 1934, as
                  amended, and the preparation and filing of all periodic and
                  other reports and other documents pursuant to the foregoing;

                                       12

<PAGE>

                  (H) assisting in the sending of notices (other than notices of
                  default) and other information regarding the Trust Securities
                  and the Debentures to the Holders in accordance with this
                  Trust Agreement;

                  (I) the appointment of a Paying Agent, authenticating agent
                  and Securities Registrar in accordance with this Trust
                  Agreement;

                  (J) unless otherwise determined by the Holders of at least a
                  majority in aggregate Liquidation Amount of the Preferred
                  Securities or as otherwise required by the Delaware Statutory
                  Trust Act or the Trust Indenture Act, the execution on behalf
                  of the Trust (either acting alone or together with any or all
                  of the Administrators) of any documents that the
                  Administrators have the power to execute pursuant to this
                  Trust Agreement;

                  (K) entering into such agreements and arrangements and taking
                  any action incidental to the foregoing as is necessary or
                  advisable to give effect to the terms of this Trust Agreement;
                  and

                  (L) providing the Issuer Trustees with prompt written notice
                  of the occurrence of a Special Event.

      The Administrators shall have only those ministerial duties set forth
herein with respect to accomplishing the purposes of the Trust and shall not be
trustees or, to the fullest extent permitted by law, fiduciaries with respect to
the Trust or the Holders. Unless otherwise determined by the Administrators, any
Administrator is authorized to execute on behalf of the Trust any documents
which the Administrators have the power and authority to execute pursuant to
this Trust Agreement.

      (ii) The Property Trustee shall have the power, duty and authority to act
on behalf of the Trust with respect to the following matters in accordance with
the terms of this Trust Agreement:

                  (A) the establishment and maintenance of the Payment Account;

                  (B) the receipt of the Debentures;

                  (C) the collection of interest, principal and any other
            payments made in respect of the Debentures in the Payment Account;

                  (D) the distribution of amounts from the Payment Account owed
            to the Holders in respect of the Trust Securities;

                  (E) the exercise of all of the rights, powers and privileges
            of a holder of the Debentures;

                                       13

<PAGE>

                  (F) the sending of notices of default and other information
            regarding the Trust Securities and the Debentures to the Holders in
            accordance with this Trust Agreement;

                  (G) the distribution of the Trust Property;

                  (H) winding up the affairs of and liquidation of the Trust and
            the preparation, execution and filing of the certificate of
            cancellation with the Secretary of State of the State of Delaware;

                  (I) after a Trust Agreement Default, the taking of any action
            incidental to the foregoing as the Property Trustee may from time to
            time determine is necessary or advisable to give effect to the terms
            of this Trust Agreement and protect and conserve the Trust Property
            for the benefit of the Holders (without consideration of the effect
            of any such action on any particular Holder);

                  (J) engaging in such ministerial activities as shall be
            necessary, appropriate, convenient or incidental to effect the
            repayment of the Preferred Securities and the Common Securities to
            the extent the Debentures mature or are redeemed; and

                  (K) registering transfers of the Trust Securities in
            accordance with this Trust Agreement.

            (iii) The Property Trustee shall have the power and authority to act
      on behalf of the Trust with respect to any of the duties, liabilities,
      powers or authority of the Administrators set forth in Section
      2.7(a)(i)(H), (I) and (K) herein, but shall not have a duty to do any such
      act unless specifically requested to do so in writing by the Depositor,
      and shall then be fully protected in acting pursuant to such written
      request; and in the event of a conflict between the action of the
      Administrators and the action of the Property Trustee, the action of the
      Property Trustee shall prevail. The Property Trustee shall not transfer or
      assign its rights, title and interest in and to the Debentures to the
      Administrators or to the Delaware Trustee (if the Property Trustee does
      not also act as Delaware Trustee).

            (iv) Except as otherwise required by the Delaware Statutory Trust
      Act, the Delaware Trustee shall not be entitled to exercise any powers,
      nor shall the Delaware Trustee have any of the duties and
      responsibilities, of the Property Trustee or the Administrators set forth
      herein. The Delaware Trustee shall be one of the trustees of the Trust for
      the sole and limited purpose of fulfilling the requirements of Section
      3807(a) of the Delaware Statutory Trust Act. In the event the Delaware
      Trustee shall at any time be required to take any action or perform any
      duty hereunder, the Delaware Trustee shall be entitled to the benefits of
      Section 8.1 and Section 8.3. No implied covenants or obligations shall be
      read into this Trust Agreement against the Delaware Trustee.

      (b) So long as this Trust Agreement remains in effect, the Trust (or the
Issuer Trustees or Administrators acting on behalf of the Trust) shall not
undertake any business, activities or transaction except as expressly provided
herein or contemplated hereby. In

                                       14
<PAGE>

particular, neither the Issuer Trustees nor the Administrators shall cause the
Trust to (i) acquire any investments or engage in any activities not authorized
by this Trust Agreement, (ii) sell, assign, transfer, exchange, mortgage,
pledge, set-off or otherwise dispose of any of the Trust Property or interests
therein, including to Holders, except as expressly provided herein, (iii) take
any action that would cause the Trust to fail or cease to qualify as a "grantor
trust" for United States Federal income tax purposes, (iv) take or consent to
any action that would cause the Debentures to be treated as other than
indebtedness of the Corporation for United States federal income tax purposes,
(v) incur any indebtedness for borrowed money or issue any other debt or (vi)
take or consent to any action that would result in the placement of a Lien on
any of the Trust Property. The Administrators shall defend all claims and
demands of all Persons at any time claiming any Lien on any of the Trust
Property adverse to the interest of the Trust or the Holders in their capacity
as Holders.

      (c) In connection with the issuance and sale of the Preferred Securities,
the Depositor shall have the right, duty and responsibility to assist the Trust
with respect to, or effect on behalf of the Trust, the following (and any
actions taken by the Depositor in furtherance of the following prior to the date
of this Trust Agreement are hereby ratified and confirmed in all respects):

            (i) the preparation and filing by the Trust with the Commission and
      the execution on behalf of the Trust of a registration statement on the
      appropriate form in relation to the Preferred Securities, including any
      amendments thereto, and the taking of any action necessary or desirable to
      sell the Preferred Securities in a transaction or series of transactions
      pursuant thereto;

            (ii) the determination of the states in which to take appropriate
      action to qualify or register for sale all or part of the Preferred
      Securities and the determination of any and all such acts, other than
      actions which must be taken by or on behalf of the Trust, and the advice
      to the Issuer Trustees of actions they must take on behalf of the Trust,
      and the preparation for execution and filing of any documents to be
      executed and filed by the Trust or on behalf of the Trust, as the
      Depositor deems necessary or advisable in order to comply with the
      applicable laws of any such States in connection with the sale of the
      Preferred Securities;

            (iii) the preparation for filing by the Trust and execution on
      behalf of the Trust of an application to the New York Stock Exchange or
      any other national stock exchange or the Nasdaq National Market for
      listing upon notice of issuance of any Preferred Securities;

            (iv) the preparation for filing by the Trust with the Commission and
      the execution on behalf of the Trust of a registration statement on Form
      8-A relating to the registration of the Preferred Securities under Section
      12(b) or 12(g) of the Securities Exchange Act of 1934, as amended,
      including any amendments thereto;

            (v) the negotiation of the terms of, and the execution and delivery
      of, the Underwriting Agreement providing for the sale of the Preferred
      Securities; and

                                       15
<PAGE>

            (vi) the taking of any other actions deemed by the Depositor
      necessary or desirable to carry out any of the foregoing activities.

      (d) Notwithstanding anything herein to the contrary, the Administrators
and the Issuer Trustees are authorized and directed to conduct the affairs of
the Trust and to operate the Trust so that the Trust will not be deemed to be an
"investment company" required to be registered under the 1940 Act, or taxed as a
corporation for United States federal income tax purposes and so that the
Debentures will be treated as indebtedness of the Depositor for United States
federal income tax purposes. In this connection, each Administrator, the
Property Trustee or the Holders of at least a majority in aggregate Liquidation
Amount of the Common Securities are authorized to take any action, not
inconsistent with applicable law, the Certificate of Trust or this Trust
Agreement, that such Administrator, the Property Trustee or such Holders of
Common Securities determine in their discretion to be necessary or desirable for
such purposes, as long as such action does not adversely affect in any material
respect the interests of the Holders of the Outstanding Preferred Securities. In
no event shall the Administrator take any action pursuant to the preceding
sentence or any other provision herein that would constitute discretionary
control over the assets of the Trust for purposes of Sections 3(21) of ERISA. In
no event shall the Administrators or the Issuer Trustees be liable to the Trust
or the Holders for any failure to comply with this Section that results from a
change in law or regulation or in the interpretation thereof.

      Section 2.8. Assets of Trust.

      The assets of the Trust shall consist of the Trust Property.

      Section 2.9. Title to Trust Property.

      Legal title to all Trust Property shall be vested at all times in the
Property Trustee (in its capacity as such) and shall be held and administered by
the Property Trustee for the benefit of the Trust and the Holders in accordance
with this Trust Agreement.

                                   ARTICLE III

                                 PAYMENT ACCOUNT

      Section 3.1. Payment Account.

      (a) On or prior to the Closing Date, the Property Trustee shall establish
the Payment Account. The Property Trustee and any agent of the Property Trustee
shall have exclusive control and sole right of withdrawal with respect to the
Payment Account for the purpose of making deposits in and withdrawals from the
Payment Account in accordance with this Trust Agreement. All monies and other
property deposited or held from time to time in the Payment Account shall be
held by the Property Trustee in the Payment Account for the exclusive benefit of
the Holders and for distribution as herein provided, including (and subject to)
any priority of payments provided for herein.

      (b) The Property Trustee shall deposit in the Payment Account, promptly
upon receipt, all payments of principal of or interest on, and any other
payments or proceeds with

                                       16
<PAGE>

respect to, the Debentures. Amounts held in the Payment Account shall not be
invested by the Property Trustee pending distribution thereof.

                                   ARTICLE IV

                      CERTAIN TERMS OF THE TRUST SECURITIES

      Section 4.1. Distributions.

      The term "Distributions" as used in this Trust Agreement includes such
cash distributions and any such accumulated amounts, including Additional
Interest and Additional Amounts, that are payable unless otherwise stated.

      (a) The Trust Securities represent undivided beneficial ownership
interests in the Trust Property, and, as a practical matter, the Distributions
on the Preferred Securities shall be payable at the rates and on the dates that
payments of interest are made on the Debentures. Accordingly:

            (i) Distributions on the Trust Securities shall be cumulative, and
      will accumulate whether or not there are funds of the Trust available for
      the payment of Distributions. Distributions shall accumulate from and
      shall be payable quarterly in arrears on      ,      , and     of     each
      year (each such date, a "Distribution Date"), commencing on      ,
      except as provided below. If any date on which a Distribution is otherwise
      payable on the Trust Securities is not a Business Day, then the payment
      of such Distribution shall be made on the next succeeding day that is a
      Business Day (and without any interest or other payment in respect of any
      such delay) except that, if such Business Day is in the next succeeding
      calendar year, payment of such Distribution shall be made on the
      immediately preceding Business Day, in each case with the same force and
      effect as if made on such date.

            (ii) Unless a Debenture Event of Default shall have occurred and be
      continuing, the Depositor has the right under the Indenture to defer
      payments of interest by extending the interest payment period from time to
      time on the Debentures for a period of up to 20 consecutive quarters and
      not extending, in the aggregate, beyond the maturity date of the
      Debentures (each, an "Interest Payment Deferral Period"). During any such
      Interest Payment Deferral Period, no interest shall be due and payable on
      the Debentures. As a consequence of such deferral, Distributions on the
      Preferred Securities and the Common Securities will also be deferred and
      shall not be due and payable hereunder. During such Interest Payment
      Deferral Period, interest on the Debentures will accrue, and as a
      consequence Distributions on the Trust Securities will accumulate,
      Additional Interest (to the extent permitted by applicable law).

            (iii) The Trust Securities and any Distributions in arrears for more
      than one quarter will accrue and compound interest at a rate of     % per
      annum of the Liquidation Amount and the amount of accrued but unpaid
      Distributions, respectively. Distributions payable in respect of the Trust
      Securities on each Distribution Date shall be computed on the basis of a
      360-day year consisting of twelve 30-day months and shall include
      Distributions accumulated from and including the immediately preceding
      Distribution

                                       17
<PAGE>

      Date (or in the case of the first Distribution Date,     ,      ) to but
      excluding such Distribution Date.

            (iv) Distributions on the Trust Securities shall be made by the
      Property Trustee from the Payment Account and shall be payable on each
      Distribution Date only to the extent that the Trust has funds then on hand
      and available in the Payment Account for the payment of such
      Distributions.

      (b) Distributions on the Trust Securities with respect to a Distribution
Date shall be payable to the Holders thereof as they appear on the Securities
Register for the Trust Securities on the relevant record date, which shall be
the date 15 days prior to the relevant Distribution Date or, in the case of an
Interest Payment Deferral Period as described in subclause (a)(ii) above, on the
record date relating to the first Distribution Date next following the end of
the Interest Payment Deferral Period.

      Section 4.2. Redemption.

      (a) On each Debenture Redemption Date and on the stated maturity of the
Debentures, the Trust will be required to redeem a Like Amount of Trust
Securities at the Redemption Price.

      (b) Notice of redemption shall be given by the Property Trustee by
first-class mail, postage prepaid, mailed not less than 30 nor more than 60 days
prior to the Redemption Date to each Holder of Trust Securities to be redeemed,
at such Holder's address appearing in the Security Register. All notices of
redemption shall identify the Trust Securities being redeemed and state:

            (i) the Redemption Date;

            (ii) the Redemption Price;

            (iii) the CUSIP number(s) of the Preferred Securities affected;

            (iv) if less than all the Outstanding Trust Securities are to be
      redeemed, the identification and the total Liquidation Amount of the
      particular Trust Securities to be redeemed;

            (v) that, on the Redemption Date, the Redemption Price will become
      due and payable upon each such Trust Security to be redeemed and that
      distributions thereon will cease to accrue on and after said date; and

            (vi) the place where the Trust Securities are to be surrendered for
      the payment of the Redemption Price.

      (c) The Trust Securities redeemed on each Redemption Date shall be
redeemed at the Redemption Price with the proceeds from the contemporaneous
redemption of Debentures. Redemptions of the Trust Securities shall be made and
the Redemption Price shall be payable on

                                       18
<PAGE>

each Redemption Date only to the extent that the Trust has funds then on hand
and available in the Payment Account for the payment of such Redemption Price.

      (d) If the Property Trustee gives a notice of redemption in respect of any
Trust Securities, then, by 12:00 noon, New York City time, on the Redemption
Date, subject to Section 4.2(c), the Property Trustee will, with respect to
Book-Entry Preferred Securities, irrevocably deposit with the Clearing Agency
for such Book-Entry Preferred Securities, to the extent available, funds
sufficient to pay the applicable Redemption Price and will give such Clearing
Agency irrevocable instructions and authority to pay the Redemption Price to the
Holders thereof. If any Preferred Securities are not in book-entry form, the
Property Trustee, subject to Section 4.2(c), will irrevocably deposit with the
Paying Agent, to the extent available, funds sufficient to pay the applicable
Redemption Price and will give the Paying Agent irrevocable instructions and
authority to pay the Redemption Price to the Holders thereof upon surrender of
their Definitive Preferred Securities Certificates. Notwithstanding the
foregoing, Distributions payable on or prior to the Redemption Date for any
Trust Securities called for redemption shall be payable to the Holders of such
Trust Securities as they appear on the Register for the Trust Securities on the
relevant record dates for the related Distribution Dates. If notice of
redemption shall have been given and funds deposited as required, then
immediately prior to the close of business on the date of such deposit, all
rights of Holders holding Trust Securities so called for redemption will cease,
except the right of such Holders to receive the Redemption Price and any
Distribution payable on or prior to the Redemption Date, but without interest,
and such Trust Securities will cease to be outstanding. In the event that any
date on which any Redemption Price is payable is not a Business Day, then
payment of the Redemption Price payable on such date will be made on the next
succeeding day that is a Business Day (and without any interest or other payment
in respect of any such delay), except that, if such Business Day falls in the
next calendar year, such payment will be made on the immediately preceding
Business Day, in each case, with the same force and effect as if made on such
date. In the event that payment of the Redemption Price in respect of any Trust
Securities called for redemption is improperly withheld or refused and not paid
either by the Trust or by the Depositor pursuant to the Guarantee, Distributions
on such Trust Securities will continue to accumulate at the then applicable rate
from the Redemption Date originally established by the Trust for such Trust
Securities to the date such Redemption Price is actually paid, in which case the
actual payment date will be the date fixed for redemption for purposes of
calculating the Redemption Price.

      (e) Payment of the Redemption Price on the Trust Securities shall be made
upon surrender thereof in accordance with the notice of redemption provided
pursuant to Section 4.2(b).

      (f) Subject to Section 4.3(a), if less than all the Outstanding Trust
Securities are to be redeemed on a Redemption Date, then the aggregate
Liquidation Amount of Trust Securities to be redeemed shall be allocated on a
pro rata basis (based on Liquidation Amounts) between the Common Securities and
the Preferred Securities. The particular Preferred Securities to be redeemed
shall be selected on a pro rata basis (based upon Liquidation Amounts) not more
than 60 days prior to the Redemption Date by the Property Trustee from the
Outstanding Preferred Securities not previously called for redemption. The
Property Trustee shall promptly notify the Securities Registrar in writing of
the Preferred Securities selected for redemption and, in the case of any
Preferred Securities selected for partial redemption, the Liquidation Amount
thereof to be

                                       19
<PAGE>

redeemed. For all purposes of this Trust Agreement, unless the context otherwise
requires, all provisions relating to the redemption of Preferred Securities
shall relate, in the case of any Preferred Securities redeemed or to be redeemed
only in part, to the portion of the aggregate Liquidation Amount of Preferred
Securities that has been or is to be redeemed.

      (g) If, at any time, a Special Event shall occur and be continuing, the
Depositor, upon not less than 30 nor more than 60 days' notice, shall have the
right, subject to the prior approval of the Regulator if required under its
then-applicable capital guidelines or policies, to redeem the Debentures, in
whole but not in part, for cash within 90 days following the occurrence of such
Special Event, and, following such redemption, a Like Amount of Preferred
Securities and Common Securities shall be redeemed by the Trust at the
Redemption Price on a pro rata basis; provided, however, that if at the time
there is available to the Depositor or the Trust the opportunity to eliminate,
within such 90-day period, the Special Event by taking Ministerial Action, such
as filing a form or making an election or pursuing some other similar reasonable
measure that will have no adverse effect on the Trust, the Depositor or the
Holders of the Trust Securities, then the Depositor or the Trust shall be
required to pursue such measure in lieu of redemption. The Depositor shall not
redeem the Debentures at any time during which the Depositor or the Trust is
pursuing such Ministerial Action in accordance with the provisions of the
preceding sentence.

      Section 4.3. Subordination of Common Securities.

      (a) Payment of Distributions on, the Redemption Price of, and the
Liquidation Distribution in respect of, the Trust Securities, as applicable,
shall be made, subject to Section 4.2(f), pro rata among the Common Securities
and the Preferred Securities based on the aggregate Liquidation Amount of the
Trust Securities; provided, however, that if on any Distribution Date or
Redemption Date any Trust Agreement Default shall have occurred and be
continuing, no payment of any Distribution on, or Redemption Price of, any
Common Security, and no other payment on account of the redemption, liquidation
or other acquisition of Common Securities, shall be made unless payment in full
in cash of all accrued and unpaid Distributions on all Outstanding Preferred
Securities for all Distribution periods terminating on or prior thereto, or in
the case of payment of the Redemption Price the full amount of such Redemption
Price on all Outstanding Preferred Securities, shall have been made or provided
for, and all funds immediately available to the Trust shall first be applied to
the payment in full in cash of all Distributions on, or the Redemption Price of,
Preferred Securities then due and payable.

      (b) In the case of the occurrence of any Trust Agreement Default, the
Holder of Common Securities will be deemed to have waived any right to act with
respect to any such Trust Agreement Default under this Trust Agreement until the
effect of all such Trust Agreement Defaults with respect to the Preferred
Securities have been cured, waived or otherwise eliminated. Until any such Trust
Agreement Default with respect to the Preferred Securities has been so cured,
waived or otherwise eliminated, the Property Trustee shall act solely on behalf
of the Holders of the Preferred Securities and not the Holder of the Common
Securities, and only the Holders of the Preferred Securities will have the right
to direct the Property Trustee to act on their behalf.

      Section 4.4. Payment Procedures.

                                       20
<PAGE>

      Payments in respect of the Preferred Securities shall be made by check
mailed to the address of the Person entitled thereto as such address shall
appear on the Securities Register or, if the Preferred Securities are held by a
Clearing Agency, such Distributions shall be made to the Clearing Agency in
immediately available funds, which shall credit the relevant Persons' accounts
at such Clearing Agency on the applicable Distribution Dates. Payments in
respect of the Common Securities shall be made in such manner as shall be
mutually agreed between the Property Trustee and the Holder of the Common
Securities.

      Section 4.5. Tax Returns and Reports.

      The Administrators shall prepare (or cause to be prepared), at the
Depositor's expense, and file all United States federal, state and local tax and
information returns and reports required to be filed by or in respect of the
Trust. In this regard, the Administrators shall (a) prepare and file (or cause
to be prepared and filed) the appropriate Internal Revenue Service form required
to be filed in respect of the Trust in each taxable year of the Trust and (b)
prepare and furnish (or cause to be prepared and furnished) to each Holder the
appropriate Internal Revenue Service form required to be provided or the
information required to be provided on such form. The Administrators shall
provide the Depositor and each Issuer Trustee with a copy of all such returns
and reports promptly after such filing or furnishing. The Trust and the
Administrators shall comply with United States federal withholding and backup
withholding tax laws and information reporting requirements with respect to any
payments to Holders under the Trust Securities.

      Section 4.6. Payments Under Indenture or Pursuant to Direct Actions.

      Any amount payable hereunder to any Holder of Preferred Securities (and
any Owner with respect thereto) shall be reduced by the amount of any
corresponding payment such Holder (and Owner) has directly received pursuant to
Section 5.8 of the Indenture, this Article IV, Section 5.13 of this Trust
Agreement or pursuant to the Guarantee.

                                    ARTICLE V

                          TRUST SECURITIES CERTIFICATES

      Section 5.1. Initial Ownership.

      Upon the creation of the Trust and the contribution by the Depositor
pursuant to Section 2.3 and until the issuance of the Trust Securities, and at
any time during which no Trust Securities are Outstanding, the Depositor shall
be the sole beneficial owner of the Trust.

      Section 5.2. The Trust Securities Certificates.

      (a) The Preferred Securities Certificates shall be issued in minimum
denominations of $    and integral multiples of $     in excess thereof, and the
Common Securities Certificates shall be issued in denominations of $    and
integral multiples of $    in excess thereof. The Trust Securities Certificates
shall be executed on behalf of the Trust by manual signature of at least one
Administrator. Trust Securities Certificates bearing the manual signatures of
individuals who were, at the time when such signatures shall have been affixed,

                                       21
<PAGE>

authorized to sign on behalf of the Trust, shall be validly issued and entitled
to the benefits of this Trust Agreement, notwithstanding that such individuals
or any of them shall have ceased to be so authorized prior to the delivery of
such Trust Securities Certificates or did not hold such offices at the date of
delivery of such Trust Securities Certificates. A transferee of a Trust
Securities Certificate shall become a Holder, and shall be entitled to the
rights and subject to the obligations of a Holder hereunder, upon due
registration of such Trust Securities Certificate in such transferee's name
pursuant to Sections 5.4 and 5.5.

      (b) Upon their original issuance, Preferred Securities Certificates shall
be issued in the form of one or more Global Preferred Securities registered in
the name of DTC, as Clearing Agency, or its nominee and deposited with DTC or a
custodian for DTC for credit by DTC to the respective accounts of the Owners
thereof (or such other accounts as they may direct).

      (c) A single Common Securities Certificate representing the Common
Securities shall be issued to the Depositor in the form of a definitive Common
Securities Certificate.

      Section 5.3. Execution and Delivery of Trust Securities Certificates.

      At the Closing Date and on any Settlement Date thereafter, at least one
Administrator shall cause Trust Securities Certificates, in an aggregate
Liquidation Amount as provided in Sections 2.4 and 2.5, to be executed on behalf
of the Trust and delivered to or upon the written order of the Depositor, signed
by an authorized Officer thereof, without further corporate action by the
Depositor, in authorized denominations.

      Section 5.4. Book-Entry Preferred Securities.

      (a) Each Global Preferred Security issued under this Agreement shall be
registered in the name of the Clearing Agency or a nominee thereof and delivered
to such Clearing Agency or a nominee thereof or custodian therefor, and each
such Global Preferred Security shall constitute a single Preferred Securities
Certificate for all purposes of this Agreement.

      (b) Notwithstanding any other provision in this Trust Agreement, no Global
Preferred Security may be exchanged in whole or in part for Preferred Securities
Certificates registered, and no transfer of a Global Preferred Security in whole
or in part may be registered, in the name of any Person other than the Clearing
Agency for such Global Preferred Security or a nominee thereof unless (i) the
Clearing Agency advises the Property Trustee in writing that the Clearing Agency
is no longer willing or able to properly discharge its responsibilities with
respect to the Global Preferred Security, and the Property Trustee is unable to
locate a qualified successor, (ii) the Trust at its option advises the
Depositary in writing that it elects to terminate the book-entry arrangement
through the Clearing Agency with respect to the Preferred Securities, or (iii) a
Trust Agreement Default or an event that, with notice or lapse of time, or both,
would constitute a Trust Agreement Default has occurred and is continuing. Upon
the occurrence of any event specified in clause (i), (ii) or (iii) above, the
Administrators shall notify the Clearing Agency and instruct the Clearing Agency
to notify all Owners of Book-Entry Preferred Securities, the Property Trustee,
the Delaware Trustee and the Administrators of the occurrence of such event and
of the availability of Definitive Preferred Securities Certificates to Owners of
the Preferred Securities requesting the same.

                                       22
<PAGE>

      (c) If any Global Preferred Security is to be exchanged for other
Preferred Securities Certificates or canceled in part, or if any other Preferred
Securities Certificate is to be exchanged in whole or in part for Book-Entry
Preferred Securities represented by a Global Preferred Security, then either (i)
such Global Preferred Security shall be so surrendered for exchange or
cancellation as provided in this Article V or (ii) the aggregate Liquidation
Amount represented by such Global Preferred Security shall be reduced or
increased by an amount equal to the Liquidation Amount represented by that
portion of the Global Preferred Security to be so exchanged or canceled, or
equal to the Liquidation Amount represented by such other Preferred Securities
Certificates to be so exchanged for Book-Entry Preferred Securities represented
thereby, as the case may be, by means of an appropriate adjustment made on the
records of the Securities Registrar, whereupon the Property Trustee, in
accordance with the Applicable Procedures, shall instruct the Clearing Agency or
its authorized representative to make a corresponding adjustment to its records.
Upon surrender to the Administrators or the Securities Registrar of the Global
Preferred Security or Securities by the Clearing Agency, accompanied by
registration instructions, the Administrators, or any one of them, shall execute
Preferred Securities Certificates in accordance with the instructions of the
Clearing Agency. None of the Securities Registrar, the Issuer Trustees or the
Administrators shall be liable for any delay in delivery of such instructions
and may conclusively rely on, and shall be fully protected in relying on, such
instructions. Upon any issuance of Definitive Preferred Securities Certificates,
the Issuer Trustees and Administrators shall recognize the Holders of the
Definitive Preferred Securities Certificates as Holders. The Definitive
Preferred Securities Certificates shall be printed, lithographed or engraved or
may be produced in any other manner as is reasonably acceptable to the
Administrators, as evidenced by the execution thereof by the Administrators or
any one of them.

      (d) Every Preferred Securities Certificate executed and delivered upon
registration or transfer of, or in exchange for or in lieu of, a Global
Preferred Security or any portion thereof, whether pursuant to this Article V or
otherwise, shall be executed and delivered in the form of, and shall be, a
Global Preferred Security, unless such Preferred Securities Certificate is
registered in the name of a Person other than the Clearing Agency for such
Global Preferred Security or a nominee thereof.

      (e) The Clearing Agency or its nominee, as registered owner of a Global
Preferred Security, shall be the Holder of such Global Preferred Security for
all purposes under this Trust Agreement and the Global Preferred Security, and
owners of beneficial interests in such Global Preferred Security shall hold such
interests pursuant to the Applicable Procedures. The Securities Registrar and
the Property Trustee shall be entitled to deal with the Clearing Agency for all
purposes of this Trust Agreement relating to the Global Preferred Securities
(including the payment of the aggregate Liquidation Amount of and Distributions
or directions by Owners of Book-Entry Preferred Securities represented thereby)
as the sole Holder of the Preferred Securities represented thereby and shall
have no obligations to the Owners thereof. Neither of the Property Trustee nor
the Securities Registrar shall have any liability in respect of any transfers
effected by the Clearing Agency.

      The rights of the Owners of the Book-Entry Preferred Securities shall be
exercised only through the Clearing Agency and shall be limited to those
established by law, the Applicable Procedures and agreements between such Owners
and the Clearing Agency and/or the Clearing

                                       23
<PAGE>

Agency Participants; provided, that, solely for the purpose of determining
whether the Holders of the requisite amount of Preferred Securities have voted
on any matter provided for in this Trust Agreement, so long as Definitive
Preferred Security Certificates have not been issued, the Issuer Trustees may
conclusively rely on, and shall be fully protected in relying on, any written
instrument (including a proxy) delivered to the Property Trustee by the Clearing
Agency setting forth the Owners' votes or assigning the right to vote on any
matter to any other Persons either in whole or in part. Pursuant to the DTC
Letter of Representations, unless and until Definitive Preferred Securities
Certificates are issued pursuant to Section 5.4(b), the initial Clearing Agency
will make book-entry transfers among the Clearing Agency Participants and
receive and transmit payments on the Preferred Securities to such Clearing
Agency Participants, and none of the Depositor, the Administrators or the Issuer
Trustees shall have any responsibility or obligation with respect thereto.

      Section 5.5. Registration of Transfer and Exchange of Preferred Securities
Certificates.

      (a) The Property Trustee shall keep or cause to be kept, at its Corporate
Trust Office, a register or registers for the purpose of registering Trust
Securities Certificates and transfers and exchanges of Preferred Securities
Certificates (the "Securities Register") in which, the registrar designated by
the Depositor (the "Securities Registrar"), subject to such reasonable
regulations as it may prescribe, shall provide for the registration of Preferred
Securities Certificates and Common Securities Certificates (subject to Section
5.11 in the case of the Common Securities Certificates) and registration of
transfers and exchanges of Preferred Securities Certificates as herein provided.
The Property Trustee is hereby appointed Securities Registrar for the purpose of
registering Preferred Securities Certificates and (subject to Section 5.11)
Common Securities Certificates and transfers and exchanges thereof as provided
therein.

      Upon surrender for registration of transfer of any Preferred Securities
Certificate at the office or agency maintained pursuant to Section 5.9, the
Administrators or any one of them shall execute and deliver to the Property
Trustee, and the Property Trustee shall deliver in the name of the designated
transferee or transferees, one or more new Preferred Securities Certificates in
authorized denominations of a like aggregate Liquidation Amount dated the date
of execution by such Administrator.

      The Securities Registrar shall not be required to register the transfer of
any Preferred Securities that have been called for redemption. At the option of
a Holder, Preferred Securities Certificates may be exchanged for other Preferred
Securities Certificates in authorized denominations of the same class and of a
like aggregate Liquidation Amount upon surrender of the Preferred Securities
Certificates to be exchanged at the Corporate Trust Office.

      Every Preferred Securities Certificate presented or surrendered for
registration of transfer or exchange shall be accompanied by a written
instrument of transfer in form satisfactory to the Securities Registrar duly
executed by the Holder or his attorney duly authorized in writing. Each
Preferred Securities Certificate surrendered for registration of transfer or
exchange shall be cancelled and subsequently disposed of by the Property Trustee
in accordance with its customary practice.

                                       24
<PAGE>

      No service charge shall be made for any registration of transfer or
exchange of Preferred Securities Certificates, but the Trust may require payment
of a sum sufficient to cover any tax or governmental charge that may be imposed
in connection with any transfer or exchange of Preferred Securities
Certificates.

      (b) Notwithstanding any other provision of this Agreement, transfers and
exchanges of beneficial interests in a Global Preferred Security of the kind
specified in Section 5.4 and of Preferred Securities Certificates shall be made
only in accordance with Section 5.4 and this Section 5.5.

      Section 5.6. Mutilated, Destroyed, Lost or Stolen Trust Securities
Certificates.

      If (a) any mutilated Trust Securities Certificate shall be surrendered to
the Securities Registrar, or if the Securities Registrar shall receive evidence
to its satisfaction of the destruction, loss or theft of any Trust Securities
Certificate and (b) there shall be delivered to the Securities Registrar and the
Administrators such security or indemnity as may be required by them to save
each of them harmless, then in the absence of notice that such Trust Securities
Certificate shall have been acquired by a bona fide purchaser, the
Administrators, or any one of them, on behalf of the Trust, shall execute and
make available for delivery, in exchange for or in lieu of any such mutilated,
destroyed, lost or stolen Trust Securities Certificate, a new Trust Securities
Certificate of like class, tenor and denomination. In connection with the
issuance of any new Trust Securities Certificate under this Section, the
Administrators or the Securities Registrar may require the payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in
connection therewith. Any duplicate Trust Securities Certificate issued pursuant
to this Section shall constitute conclusive evidence of an undivided beneficial
ownership interest in the Trust Property, as if originally issued, whether or
not the lost, stolen or destroyed Trust Securities Certificate shall be found at
any time.

      Section 5.7. Persons Deemed Holders.

      The Issuer Trustees, the Administrators and the Securities Registrar shall
each treat the Person in whose name any Trust Securities Certificate shall be
registered in the Securities Register as the owner of such Trust Securities
Certificate for the purpose of receiving distributions and for all other
purposes whatsoever, and none of the Issuer Trustees, the Administrators or the
Securities Registrar shall be bound by any notice to the contrary.

      Section 5.8. Access to List of Holders' Names and Addresses.

      At any time when the Property Trustee is not also acting as the Securities
Registrar, the Administrators or the Depositor shall furnish or cause to be
furnished to each Issuer Trustee promptly upon request (a) a list, in such form
as the Property Trustee may reasonably require, of the names and addresses of
the Holders as of the most recent relevant record date (as set forth in Section
4.1(b)) and (b) such other information as such Issuer Trustee may reasonably
require in order to enable such Issuer Trustee to discharge its obligations
under this Trust Agreement, in each case to the extent such information is in
the possession or control of the Administrators or the Depositor and is not
identical to a previously supplied list or has not otherwise been received by
the Issuer Trustees. The rights of Holders to communicate with other Holders
with respect to

                                       25
<PAGE>

their rights under this Trust Agreement or under the Trust Securities, and the
corresponding rights of the Property Trustee shall be as provided in the Trust
Indenture Act. Each Holder, by receiving and holding a Trust Securities
Certificate, and each Owner shall be deemed to have agreed not to hold the
Depositor, the Property Trustee or the Administrators accountable by reason of
the disclosure of its name and address, regardless of the source from which such
information was derived.

      Section 5.9. Maintenance of Office or Agency.

      The Property Trustee shall designate, with the consent of the
Administrators (which shall not be unreasonably withheld), an office or offices
or agency or agencies where Trust Securities Certificates may be surrendered for
registration of transfer or exchange and where notices and demands to or upon
the Issuer Trustees in respect of the Trust Securities Certificates may be
served. The Property Trustee initially designates the Corporate Trust Office,
Attn: Corporate Trust Administration, as its principal corporate trust office
for such purposes. The Property Trustee shall give prompt written notice to the
Depositor and to the Holders of any change in the location of the Securities
Register or any such office or agency.

      Section 5.10. Appointment of Paying Agent.

      The Paying Agent shall make distributions to Holders from the Payment
Account and shall report the amounts of such distributions to the Property
Trustee and the Administrators. Any Paying Agent shall have the revocable power
to withdraw funds from the Payment Account for the purpose of making the
distributions referred to above. The Property Trustee may revoke such power and
remove the Paying Agent if it determines in its sole discretion that the Paying
Agent shall have failed to perform its obligations under this Trust Agreement in
any material respect. The Paying Agent shall initially be the Property Trustee.
Any Person acting as Paying Agent shall be permitted to resign as Paying Agent
upon 30 days written notice to the Property Trustee and the Depositor. In the
event that the Property Trustee shall no longer be the Paying Agent or a
successor Paying Agent shall resign or its authority to act be revoked, the
Property Trustee shall appoint a successor that is reasonably acceptable to the
Administrators to act as Paying Agent (which shall be a bank or trust company).
Such successor Paying Agent or any additional Paying Agent shall execute and
deliver to the Issuer Trustees an instrument in which such successor Paying
Agent or additional Paying Agent shall agree with the Issuer Trustees that as
Paying Agent, such successor Paying Agent or additional Paying Agent will hold
all sums, if any, held by it for payment to the Holders in trust for the benefit
of the Holders entitled thereto until such sums shall be paid to such Holders.
The Paying Agent shall return all unclaimed funds to the Property Trustee and
upon removal of a Paying Agent such Paying Agent shall also return all funds in
its possession to the Property Trustee. The provisions of Sections 8.1, 8.3 and
8.6 herein shall apply, to the extent applicable, to any other paying agent
appointed hereunder. Any reference in this Agreement to the Paying Agent shall
include any co-paying agent unless the context requires otherwise.

      Section 5.11. Ownership of Common Securities by Depositor.

      On the Closing Date and on each Settlement Date, if any, thereafter, the
Depositor shall acquire and retain beneficial and record ownership of the Common
Securities. To the fullest

                                       26
<PAGE>

extent permitted by law, other than pursuant to transactions permitted by
Article VIII of the Indenture, any attempted transfer of the Common Securities
shall be void. The Administrators shall cause each Common Securities Certificate
issued to the Depositor to contain a legend stating "THIS COMMON SECURITY HAS
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE
SECURITIES LAWS OR ANY OTHER APPLICABLE SECURITIES LAWS AND MAY NOT BE OFFERED,
SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EXEMPTION FROM
REGISTRATION. THIS CERTIFICATE IS NOT TRANSFERABLE OTHER THAN IN ACCORDANCE WITH
THE TRUST AGREEMENT (AS DEFINED BELOW)."

      Section 5.12. Notices to Clearing Agency.

      To the extent that a notice or other communication to Holders of Preferred
Securities is required under this Trust Agreement, for so long as Preferred
Securities are represented by a Global Preferred Security, the Administrators
and the Issuer Trustees shall give all such notices and communications specified
herein to be given to the Clearing Agency, and shall have no obligations to the
Owners.

      Section 5.13. Rights of Holders.

      (a) The legal title to the Trust Property is vested exclusively in the
Property Trustee (in its capacity as such) in accordance with Section 2.9, and
the Holders shall not have any right or title therein other than the undivided
beneficial ownership interests in the Trust Property conferred by their Trust
Securities and they shall have no right to call for any partition or division of
property, profits or rights of the Trust except as described below. The Trust
Securities shall be personal property giving only the rights specifically set
forth therein and in this Trust Agreement. By acceptance of a beneficial
interest in the Trust Securities, Holders agree to treat the Debentures as
indebtedness for all United States tax purposes. By its acceptance and holding
of a beneficial interest in the Preferred Securities or the Common Securities,
each Holder will be deemed to have represented that either (x) it is not an
employee benefit plan (within the meaning of Section 3(3) of ERISA) subject to
ERISA, a plan (within the meaning of Section 4975(e)(1) of the Code) subject to
Section 4975 of the Code, a plan subject to provisions under applicable federal,
state, local, non-U.S. or other laws or regulations that are similar to the
provisions of Title I of ERISA or Section 4975 of the Code ("Similar Laws"), or
any entity whose underlying assets include "plan assets" by reason of any such
employee benefit plan's or plan's investment in the entity and is not purchasing
and holding such Preferred Securities or Common Securities or interest therein
on behalf of or with "plan assets" of any such employee benefit plan or plan or
(y) its purchase, holding and disposition of the Preferred Securities or Common
Securities or interest therein (and accompanying interests in, and potential
transactions involving, the Debentures and the Guarantee) (i) is eligible for
the exemptive relief available under Prohibited Transaction Class Exemption
96-23, 95-60, 91-38, 90-1 or 84-14 (or some other applicable class or individual
exemption) or (ii) will not result in a prohibited transaction under ERISA or
the Code or its equivalent under applicable Similar Laws. The Trust Securities
shall have no preemptive or similar rights and when issued and delivered to
Holders against payment of the purchase price therefor will be fully paid and
nonassessable by the Trust. The Holders of the Trust Securities, in their
capacities as such, shall be entitled to the same limitation of personal
liability extended to stockholders of private corporations for profit organized
under the General Corporation Law of the State of Delaware.

                                       27
<PAGE>

      (b) For so long as any Preferred Securities remain Outstanding, if, upon a
Debenture Event of Default, the Indenture Trustee fails or the holders of not
less than 25% in aggregate principal amount of the outstanding Debentures fail
to declare the principal of all of the Debentures to be immediately due and
payable, the Holders of at least 25% in aggregate Liquidation Amount of the
Preferred Securities then Outstanding shall have such right by a notice in
writing to the Depositor and the Indenture Trustee; and upon any such
declaration such principal amount of and the accrued interest on all of the
Debentures shall become immediately due and payable; provided, that the payment
of principal and interest on such Debentures shall remain subordinated to the
extent provided in the Indenture. At any time after such a declaration of
acceleration with respect to the Debentures has been made and before a judgment
or decree for payment of the money due has been obtained by the Indenture
Trustee as provided in the Indenture, the Holders of a majority in aggregate
Liquidation Amount of the Preferred Securities, by written notice to the
Depositor and the Indenture Trustee, may rescind and annul such declaration and
its consequences if:

            (i) the Depositor has paid or deposited with the Indenture Trustee a
      sum sufficient to pay:

                  (A) all overdue interest on all of the Debentures;

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

                  (C) to the extent that payment of such interest is lawful,
                  Additional Interest; and

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

            (ii) such rescission would not conflict with any judgment or decree
      of any governmental or regulatory authority; and

            (iii) all Debenture Defaults, other than the non-payment of the
      principal of or the interest on the Debentures which have become due
      solely by such declaration of acceleration, have been cured or waived as
      provided in Section 5.13 of the Indenture.

      The Holders of a majority in aggregate Liquidation Amount of the Preferred
Securities may, on behalf of the Holders of all the Preferred Securities, waive
any past default under the Indenture, except a default in the payment of
principal or interest (unless such default has been cured and a sum sufficient
to pay all matured installments of interest and principal due otherwise than by
acceleration has been deposited with the Indenture Trustee) or a default in
respect of a covenant or provision which under the Indenture cannot be modified
or amended without the consent of the holder of each outstanding Debenture
affected. No such waiver or rescission shall affect any subsequent default or
impair any right consequent thereon. Upon receipt by the Property Trustee of
written notice declaring such an acceleration, or rescission and annulment
thereof, by Holders of the Preferred Securities, a record date shall be
established for determining

                                       28
<PAGE>

Holders of Outstanding Preferred Securities entitled to join in such notice,
which record date shall be at the close of business on the day the Property
Trustee receives such notice. The Holders on such record date, or their duly
designated proxies, and only such Persons, shall be entitled to join in such
notice, whether or not such Holders remain Holders after such record date;
provided, that, unless such declaration of acceleration, or rescission and
annulment, as the case may be, shall have become effective by virtue of the
requisite percentage having joined in such notice prior to the day which is 90
days after such record date, such notice of declaration of acceleration, or
rescission and annulment, as the case may be, shall automatically and without
further action by any Holder be canceled and of no further effect. Nothing in
this paragraph shall prevent a Holder, or a proxy of a Holder, from giving,
after expiration of such 90-day period, a new written notice of declaration of
acceleration, or rescission and annulment thereof, as the case may be, that is
identical to a written notice which has been canceled pursuant to the proviso to
the preceding sentence, in which event a new record date shall be established
pursuant to the provisions of this Section 5.13(b).

      (c) For so long as any Preferred Securities remain Outstanding, to the
fullest extent permitted by law and subject to the terms of this Trust Agreement
and the Indenture, upon a Debenture Default specified in Section 5.1(b) or
5.1(c) of the Indenture, any Holder of Preferred Securities shall have the right
to institute a proceeding directly against the Depositor, pursuant to the
Indenture, for enforcement of payment when due to such Holder of the principal
amount of and interest on Debentures having a principal amount equal to the
aggregate Liquidation Amount of the Preferred Securities of such Holder (a
"Direct Action"). In connection with any such Direct Action, the Holder of the
Common Securities will be subrogated to the rights of any Holder of the
Preferred Securities to the extent of any payment made by the Depositor to such
Holder of Preferred Securities as a result of such Direct Action. Except as set
forth in subsection (b) of this Section 5.13 and this subsection (c), the
Holders of Preferred Securities shall have no right to exercise directly any
right or remedy available to the holders of, or in respect of, the Debentures.

      (d) Except as otherwise provided in subsections (a), (b) and (c) of this
Section 5.13, the Holders of at least a majority in aggregate Liquidation Amount
of the Preferred Securities may, on behalf of the Holders of all the Preferred
Securities, waive any past default or Trust Agreement Default and its
consequences. Upon such waiver, any such default or Trust Agreement Default
shall cease to exist, and any default or Trust Agreement Default arising
therefrom shall be deemed to have been cured, for every purpose of this Trust
Agreement, but no such waiver shall extend to any subsequent or other default or
Trust Agreement Default or impair any right consequent thereon.

                                   ARTICLE VI

                        ACTS OF HOLDERS; MEETINGS; VOTING

      Section 6.1. Limitations on Voting Rights.

      (a) Except as provided in this Trust Agreement and in the Indenture and as
otherwise required by law, no Holder of Preferred Securities shall have any
right to vote or in any manner otherwise control the administration, operation
and management of the Trust or the obligations

                                       29
<PAGE>

of the parties hereto, nor shall anything herein set forth, or contained in the
terms of the Trust Securities Certificates, be construed so as to constitute the
Holders from time to time as partners or members of an association.

      (b) So long as any Debentures are held by the Property Trustee, the Issuer
Trustees shall not (i) direct the time, method and place of conducting any
proceeding for any remedy available to the Indenture Trustee, or executing any
trust or power conferred on the Property Trustee with respect to such
Debentures, (ii) waive any past default which is waivable under Section 5.13 of
the Indenture, (iii) exercise any right to rescind or annul a declaration that
the principal of all the Debentures shall be due and payable or (iv) consent to
any amendment or modification to the Indenture under Section 9.2 thereof or
termination of the Indenture or any amendment, modification or termination of
the Debentures, where such consent shall be required, without, in each case,
obtaining the prior approval of the Holders of at least a majority in aggregate
Liquidation Amount of all Outstanding Preferred Securities; provided, however,
that where a consent under the Indenture would require the consent of each
Holder of Debentures affected thereby, no such consent shall be given by the
Property Trustee without the prior written consent of each Holder of Preferred
Securities. The Property Trustee shall not revoke any action previously
authorized or approved by a vote of the Holders of Preferred Securities, except
by a subsequent vote of the Holders of Preferred Securities. The Property
Trustee shall notify all Holders of the Preferred Securities of any notice of
default received from the Indenture Trustee with respect to the Debentures. In
addition to obtaining the foregoing approvals of the Holders of the Preferred
Securities, prior to taking any of the foregoing actions, the Property Trustee
shall, at the expense of the Depositor, obtain an Opinion of Counsel experienced
in such matters to the effect that the Trust will not be classified as an
association taxable as a corporation for United States Federal income tax
purposes on account of such action.

      (c) Subject to Section 10.2(c), if any proposed amendment to the Trust
Agreement provides for (i) any action that would adversely affect in any
material respect the powers, preferences or special rights of the Preferred
Securities, whether by way of amendment to the Trust Agreement or otherwise, or
(ii) the dissolution, winding-up or termination of the Trust, other than
pursuant to the terms of this Trust Agreement, then the Holders of Outstanding
Preferred Securities as a class will be entitled to vote on such amendment or
proposal and such amendment or proposal shall not be effective except with the
approval of the Holders of at least a majority in aggregate Liquidation Amount
of the Outstanding Preferred Securities. Notwithstanding any other provision of
this Trust Agreement, no amendment to this Trust Agreement may be made if, as a
result of such amendment, the Trust would be classified as an association
taxable as a corporation for United States federal income tax purposes.

      Section 6.2. Notice of Meetings.

      Notice of all meetings of the Holders of Preferred Securities, stating the
time, place and purpose of the meeting, shall be given by the Property Trustee
pursuant to Section 10.8 to each Holder of Preferred Securities of record, at
his registered address, at least 15 days and not more than 90 days before the
meeting. At any such meeting, any business properly before the meeting may be so
considered whether or not stated in the notice of the meeting. Any adjourned
meeting may be held as adjourned without further notice.

                                       30
<PAGE>

      Section 6.3. Meetings of the Holders of Preferred Securities.

      No annual meeting of Holders is required to be held. The Property Trustee,
however, shall call a meeting of Holders to vote on any matter upon the written
request of the Holders of record of 25% in aggregate Liquidation Amount of the
Preferred Securities and the Administrators or the Property Trustee may, at any
time in their discretion, call a meeting of Holders of Preferred Securities to
consider and act on any matters as to which Holders of Preferred Securities are
entitled to act under the terms of this Trust Agreement or the rules of any
national stock exchange on which the Preferred Securities are listed or admitted
for trading.

      Unless the Delaware Statutory Trust Act, this Trust Agreement, the Trust
Indenture Act or the listing rules of any national stock exchange on which the
Preferred Securities are then listed or trading require otherwise, the
Administrators, in their sole discretion, shall establish all provisions, other
than those specifically provided for in this Trust Agreement, relating to
meetings of Holders of Trust Securities, including notice of the time, place or
purpose of any meeting at which any matter is to be voted on by any Holder of
Trust Securities, waiver of any such notice, action by consent without a
meeting, the establishment of a record date, quorum requirements, voting in
person or by proxy or any other matter with respect to the exercise of any such
right to vote.

      The Holders of record of 50% of the Outstanding Preferred Securities
(based upon their Liquidation Amount), present in person or by proxy, shall
constitute a quorum at any meeting of Holders of the Preferred Securities.

      If a quorum is present at a meeting, an affirmative vote by the Holders of
record present, in person or by proxy, holding a majority of the Preferred
Securities (based upon their Liquidation Amount) held by the Holders of record
present, either in person or by proxy, at such meeting shall constitute the
action of the Holders, unless this Trust Agreement requires a greater number of
affirmative votes.

      Section 6.4. Voting Rights.

      Holders shall be entitled to one vote for each $     of Liquidation Amount
represented by their Outstanding Trust Securities in respect of any matter as to
which such Holders are entitled to vote.

      Section 6.5. Proxies, Etc.

      At any meeting of Holders, each Holder may authorize any Person to act for
it by proxy on all matters in which a Holder is entitled to participate,
including, without limitation, waiving notice of any meeting, or voting or
participating at a meeting provided that no proxy shall be voted at any meeting
unless it shall have been placed on file with the Administrators, or with such
other officer or agent of the Trust as the Administrators may direct, for
verification prior to the time at which such vote shall be taken. Pursuant to a
resolution of the Property Trustee, proxies may be solicited in the name of the
Property Trustee or one or more Officers of the Property Trustee. Only Holders
of record and their proxies shall be entitled to vote. When Trust Securities are
held jointly by several persons, any one of them may vote at any meeting in
person or by proxy in respect of such Trust Securities, but if more than one of
them shall be present at

                                       31
<PAGE>

such meeting in person or by proxy, and such joint owners or their proxies so
present disagree as to any vote to be cast, such vote shall not be received in
respect of such Trust Securities. A proxy purporting to be executed by or on
behalf of a Holder shall be deemed valid unless challenged at or prior to its
exercise, and the burden of proving invalidity shall rest on the challenger. No
proxy shall be valid more than three years after its date of execution. Except
as otherwise provided herein, all matters relating to the giving, voting or
validity of proxies shall be governed by the General Corporation Law of the
State of Delaware relating to proxies, and judicial interpretations thereunder,
as if the Trust were a Delaware corporation and the Holders were stockholders of
a Delaware corporation.

      Section 6.6. Holder Action by Written Consent.

      Any action which may be taken by Holders at a meeting may be taken without
a meeting, without a vote and without prior notice if Holders holding a majority
of all Outstanding Trust Securities (based upon their Liquidation Amount)
entitled to vote in respect of such action (or such larger proportion thereof as
shall be required by any express provision of this Trust Agreement) shall
consent to the action in writing.

      Section 6.7. Record Date for Voting and Other Purposes.

      For the purposes of determining the Holders who are entitled to notice of
and to vote at any meeting or by written consent, or to participate in any
distribution on the Trust Securities in respect of which a record date is not
otherwise provided for in this Trust Agreement, or for the purpose of any other
action, the Administrators may from time to time fix a date, not more than 90
days prior to the date of any meeting of Holders or the payment of a
distribution or other action, as the case may be, as a record date for the
determination of the identity of the Holders of record for such purposes.

      Section 6.8. Acts of Holders.

      Any request, demand, authorization, direction, notice, consent, waiver or
other action provided or permitted by this Trust Agreement to be given, made or
taken by Holders may be embodied in and evidenced by one or more substantially
similar instruments signed by such Holders in person or by an agent duly
appointed in writing; and, except as otherwise expressly provided herein, such
action shall become effective when such instrument or instruments are delivered
to the Property Trustee. Such instrument or instruments (and the action embodied
therein and evidenced thereby) are herein sometimes referred to as the "Act" of
the Holders signing such instrument or instruments. Proof of execution of any
such instrument or of a writing appointing any such agent shall be sufficient
for any purpose of this Trust Agreement and (subject to Section 8.1) conclusive
in favor of the Issuer Trustee and the Administrators, if made in the manner
provided in this Section.

      The fact and date of the execution by any Person of any such instrument or
writing may be proved by the affidavit of a witness of such execution or by a
certificate of a notary public or other officer authorized by law to take
acknowledgments of deeds, certifying that the individual signing such instrument
or writing acknowledged to him the execution thereof. Where such execution is by
a signer acting in a capacity other than his individual capacity, such
certificate

                                       32
<PAGE>

affidavit shall also constitute sufficient proof of his authority. The fact and
date of the execution of any such instrument or writing, or the authority of the
Person executing the same, may also be proved in any other manner which any
Trustee receiving the same deems sufficient.

      The ownership of Trust Securities shall be proved by the Securities
Register.

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

      Without limiting the foregoing, a Holder entitled hereunder to take any
action hereunder with regard to any particular Trust Security may do so with
regard to all or any part of the Liquidation Amount of such Trust Security or by
one or more duly appointed agents each of which may do so pursuant to such
appointment with regard to all or any part of such Liquidation Amount.

      If any dispute shall arise among the Holders, the Administrators and the
Issuer Trustees with respect to the authenticity, validity or binding nature of
any request, demand, authorization, direction, consent, waiver or other Act of
such Holder, Administrator or Issuer Trustee under this Article VI, then the
determination of such matter by the Property Trustee shall be conclusive with
respect to such matter.

      Section 6.9. Inspection of Records.

      Upon reasonable notice to the Administrators and the Property Trustee, the
records of the Trust shall be open to inspection by Holders during normal
business hours for any purpose reasonably related to such Holder's interest as a
Holder.

                                   ARTICLE VII

                         REPRESENTATIONS AND WARRANTIES

      Section 7.1. Representations and Warranties of the Issuer Trustees.

      The Property Trustee and the Delaware Trustee, each severally on behalf of
and as to itself, hereby represents and warrants for the benefit of the
Depositor and the Holders that:

      (a) the Property Trustee is a national banking association duly organized,
validly existing and in good standing under the laws of the United States with
trust powers;

      (b) the Property Trustee meets the applicable eligibility requirements set
forth in Section 8.7, has full corporate and trust power, authority and legal
right to execute, deliver and perform its obligations under this Trust Agreement
and has taken all necessary action to authorize the execution, delivery and
performance by it of this Trust Agreement;

                                       33
<PAGE>

      (c) the Delaware Trustee is a national banking association duly organized,
validly existing and in good standing under the laws of the United States with
trust powers;

      (d) the Delaware Trustee meets the applicable eligibility requirements set
forth in Section 8.7, has full corporate power, authority and legal right to
execute, deliver and perform its obligations under this Trust Agreement and has
taken all necessary action to authorize the execution, delivery and performance
by it of this Trust Agreement;

      (e) this Trust Agreement has been duly authorized, executed and delivered
by the Issuer Trustees and constitutes the valid and legally binding agreement
of each of the Issuer Trustees enforceable against each of them in accordance
with its terms, subject to bankruptcy, insolvency, fraudulent transfer,
reorganization, moratorium and similar laws of general applicability relating to
or affecting creditors' rights and to general equity principles;

      (f) the execution, delivery and performance of this Trust Agreement have
been duly authorized by all necessary corporate or other action on the part of
the Issuer Trustees and do not require any approval of stockholders of the
Property Trustee and the Delaware Trustee and such execution, delivery and
performance will not (i) violate the articles of association or by-laws of
either Issuer Trustee, (ii) violate any provision of, or constitute, with or
without notice or lapse of time, a default under, or result in the creation or
imposition of, any Lien on any properties included in the Trust Property
pursuant to the provisions of, any indenture, mortgage, credit agreement,
license or other agreement or instrument to which either Issuer Trustee is a
party or by which it is bound, or (iii) violate any law, governmental rule or
regulation of the United States or the State of Delaware, as the case may be,
governing the corporate, banking, trust or general powers of the Property
Trustee or the Delaware Trustee (as appropriate in context) or any order,
judgment or decree applicable to the Property Trustee or the Delaware Trustee;

      (g) neither the authorization, execution or delivery by the Property
Trustee or the Delaware Trustee of this Trust Agreement nor the consummation of
any of the transactions by the Property Trustee or the Delaware Trustee, as the
case may be, contemplated herein or therein requires the consent or approval of,
the giving of notice to, the registration with or the taking of any other action
with respect to any governmental authority or agency under any existing Federal
law governing the banking, trust or general powers of the Property Trustee or
the Delaware Trustee (as appropriate in context) or under the laws of the United
States or the State of Delaware; and

      (h) there are no proceedings pending or, to the best of each of the
Property Trustee's and the Delaware Trustee's knowledge, threatened against or
affecting the Property Trustee or the Delaware Trustee in any court or before
any governmental authority, agency or arbitration board or tribunal which,
individually or in the aggregate, would materially and adversely affect the
Trust or would question the right, power and authority of the Property Trustee
or the Delaware Trustee, as the case may be, to enter into or perform its
obligations as one of the Issuer Trustees under this Trust Agreement.

      Section 7.2. Representations and Warranties of Depositor.

      The Depositor hereby represents and warrants for the benefit of the
Holders that:

                                       34
<PAGE>

      (a) the Trust Securities Certificates issued at the Closing Date and on
each Settlement Date thereafter on behalf of the Trust have been duly authorized
and will have been, duly and validly executed, issued and delivered by at least
one Administrator pursuant to the terms and provisions of, and in accordance
with the requirements of, this Trust Agreement, and the Holders will be, as of
each such date, entitled to the benefits of this Trust Agreement; and

      (b) there are no taxes, fees or other governmental charges payable by the
Trust (or the Issuer Trustees on behalf of the Trust) under the laws of the
State of Delaware or any political subdivision thereof in connection with the
execution, delivery and performance by the Property Trustee or the Delaware
Trustee, as the case may be, of this Trust Agreement.

                                  ARTICLE VIII

                     THE ISSUER TRUSTEES; THE ADMINISTRATORS

      Section 8.1. Certain Duties and Responsibilities.

      (a) The duties and responsibilities of the Issuer Trustees and the
Administrators shall be as provided by this Trust Agreement and, in the case of
the Property Trustee, subject to the Trust Indenture Act. Notwithstanding the
foregoing, no provision of this Trust Agreement shall require any of the Issuer
Trustees or the Administrators to expend or risk their own funds or otherwise
incur any financial liability in the performance of any of their duties
hereunder, or in the exercise of any of their rights or powers, if they 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 Trust
Agreement relating to the conduct or affecting the liability of or affording
protection to the Issuer Trustees or the Administrators shall be subject to the
provisions of this Section. Nothing in this Trust Agreement shall be construed
to release an Issuer Trustee or an Administrator from liability for its own
negligent action, its own negligent failure to act, or its own willful
misconduct. To the extent that, at law or in equity, an Administrator or Issuer
Trustee has duties (including fiduciary duties) and liabilities relating thereto
to the Trust or to the Holders, such Administrator or Issuer Trustee shall not
be liable to the Trust or to any Holder for its good faith reliance on the
provisions of this Trust Agreement. The provisions of this Trust Agreement, to
the extent that they restrict the duties and liabilities of the Administrators
or the Issuer Trustees otherwise existing at law or in equity, are agreed by the
Depositor and the Holders to replace such other duties and liabilities of the
Administrators and the Issuer Trustees.

      (b) All payments made by the Property Trustee or a Paying Agent in respect
of the Trust Securities shall be made only from the revenue and proceeds from
the Trust Property and only to the extent that there shall be sufficient revenue
or proceeds from such Trust Property to enable the Property Trustee or a Paying
Agent to make payments in accordance with the terms hereof. Each Holder, by its
acceptance of a Trust Security, agrees that it will look solely to the revenue
and proceeds from the Trust Property to the extent legally available for
distribution to it as herein provided and that none of the Administrators or the
Issuer Trustees are personally liable to it for any amount distributable in
respect of any Trust Security or for any other liability in respect of any Trust
Security. This Section 8.1(b) does not limit the liability of the Issuer

                                       35
<PAGE>

Trustees or the Administrators expressly set forth elsewhere in this Trust
Agreement and, in the case of the Property Trustee, in the Trust Indenture Act.

      (c) If a Trust Agreement Default has occurred and is continuing, the
Property Trustee shall enforce this Trust Agreement for the benefit of the
Holders.

      (d) The Property Trustee, before the occurrence of any Trust Agreement
Default and after the curing of all Trust Agreement Defaults that may have
occurred, shall undertake to perform only such duties as are specifically set
forth in this Trust Agreement (including pursuant to Section 10.10), and no
implied covenants shall be read into this Trust Agreement against the Property
Trustee. If a Trust Agreement Default has occurred (that has not been cured or
waived pursuant to Section 5.13), the Property Trustee shall exercise such of
the rights and powers vested in it by this Trust Agreement and use the same
degree of care and skill in its exercise thereof as a prudent person would
exercise or use under the circumstances in the conduct of his or her own
affairs.

      (e) No provision of this Trust Agreement shall be construed to relieve the
Property Trustee from liability for its own negligent action or its own
negligent failure to act, except that:

            (i) the Property Trustee shall not be liable for any error of
      judgment made in good faith by an authorized officer of the Property
      Trustee, unless it shall be proved that the Property Trustee was negligent
      in ascertaining the pertinent facts;

            (ii) the Property Trustee shall not be liable with respect to any
      action taken or omitted to be taken by it in good faith in accordance with
      the direction of the Holders of not less than a majority in aggregate
      Liquidation Amount of the Preferred Securities relating to the time,
      method and place of conducting any proceeding for any remedy available to
      the Property Trustee, or exercising any trust or power conferred upon the
      Property Trustee under this Trust Agreement;

            (iii) the Property Trustee's sole duty with respect to the custody,
      safe keeping and physical preservation of the Debentures and the Payment
      Account shall be to deal with such Property in similar manner as the
      Property Trustee deals with similar property for its own account, subject
      to the protections and limitations on liability afforded to the Property
      Trustee under this Trust Agreement and the Trust Indenture Act;

            (iv) the Property Trustee shall not be liable for any interest on
      any money received by it except as it may otherwise agree with the
      Depositor; and money held by the Property Trustee need not be segregated
      from other funds held by it except in relation to the Payment Account
      maintained by the Property Trustee pursuant to Section 3.1 and except to
      the extent otherwise required by law;

            (v) the Property Trustee shall not be responsible for monitoring the
      compliance by the Delaware Trustee, the Administrators or the Depositor
      with their respective duties under this Trust Agreement, nor shall the
      Property Trustee be liable for the default or misconduct of the Delaware
      Trustee, the Administrators or the Depositor;

                                       36
<PAGE>

            (vi) prior to the occurrence of any Trust Agreement Default and
      after the curing or waiving of all such Trust Agreement Defaults that may
      have occurred:

                  (A) the duties and obligations of the Property Trustee shall
                  be determined solely by the express provisions of this Trust
                  Agreement (including pursuant to Section 10.10), and the
                  Property Trustee shall not be liable except for the
                  performance of such duties and obligations as are specifically
                  set forth in this Trust Agreement (including pursuant to
                  Section 10.10); and

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

            (vii) subject to Section 8.1(c), no provision of this Trust
      Agreement shall require the Property Trustee to expend or risk its own
      funds or otherwise incur personal financial liability in the performance
      of any of its duties or in the exercise of any of its rights or powers, if
      the Property Trustee shall have reasonable grounds for believing that the
      repayment of such funds or liability is not reasonably assured to it under
      the terms of the Trust Agreement or indemnity reasonably satisfactory to
      it against such risk or liability is not reasonably assured to it.

      (f) The Administrators shall not be responsible for monitoring the
compliance by the Issuer Trustees or the Depositor with their respective duties
under this Trust Agreement, nor shall either Administrator be liable for the
default or misconduct of any other Administrator, the Issuer Trustees or the
Depositor.

      (g) No provision of this Trust Agreement shall be deemed to impose any
duty or obligation on any Issuer Trustee or Administrator to perform any act or
acts or exercise any right, power, duty or obligation conferred or imposed on
it, in any jurisdiction in which it shall be illegal, or in which such Person
shall be unqualified or incompetent in accordance with applicable law, to
perform any such act or acts, or to exercise any such right, power, duty or
obligation. No permissive power or authority available to any Issuer Trustee or
Administrator shall be construed to be a duty.

      Section 8.2. Certain Notices.

      Within 90 days after the occurrence of any Trust Agreement Default
actually known to the Property Trustee, the Property Trustee shall transmit, in
the manner and to the extent provided in Section 10.8, notice of such Trust
Agreement Default to the Holders, the

                                       37
<PAGE>

Administrators and the Depositor, unless such Trust Agreement Default shall have
been cured or waived.

      Promptly after the receipt of notice of the Depositor's exercise of its
right to defer the payment of interest on the Debentures pursuant to the
Indenture, the Property Trustee shall transmit, in the manner and to the extent
provided in Section 10.8, notice of such exercise to the Holders and the
Administrators, unless such exercise shall have been revoked.

      Section 8.3. Certain Rights of Property Trustee.

      Subject to the provisions of Section 8.1:

      (a) the Property Trustee may rely and shall be protected in acting or
refraining from acting in good faith upon any resolution, Opinion of Counsel,
certificate, written representation of a Holder or transferee, certificate of
auditors or any other certificate, statement, instrument, opinion, report,
notice, request, consent, order, appraisal, bond, debenture, note, other
evidence of indebtedness or other paper or document believed by it to be genuine
and to have been signed or presented by the proper party or parties;

      (b) if (i) in performing its duties under this Trust Agreement, the
Property Trustee is required to decide between alternative courses of action or
(ii) in construing any of the provisions of this Trust Agreement, the Property
Trustee finds the same ambiguous or inconsistent with any other provisions
contained herein or (iii) the Property Trustee is unsure of the application of
any provision of this Trust Agreement, then, except as to any matter as to which
the Holders of Preferred Securities are entitled to vote under the terms of this
Trust Agreement, the Property Trustee shall deliver a notice to the Depositor
requesting written instructions of the Depositor as to the course of action to
be taken and the Property Trustee shall take such action, or refrain from taking
such action, as the Property Trustee shall be instructed in writing to take, or
to refrain from taking, by the Depositor; provided, however, that if the
Property Trustee does not receive such instructions of the Depositor within ten
Business Days after it has delivered such notice, or such reasonably shorter
period of time set forth in such notice (which to the extent practicable shall
not be less than two Business Days), it may, but shall be under no duty to, take
or refrain from taking such action not inconsistent with this Trust Agreement as
it shall deem advisable and in the best interests of the Holders, in which event
the Property Trustee shall have no liability except for its own bad faith,
negligence or willful misconduct;

      (c) any direction or act of the Depositor contemplated by this Trust
Agreement shall be sufficiently evidenced by an Officers Certificate;

      (d) any direction or act of an Administrator contemplated by this Trust
Agreement shall be sufficiently evidenced by a certificate executed by such
Administrator and setting forth such direction or act;

      (e) the Property Trustee shall have no duty to see to any recording,
filing or registration of any instrument (including any financing or
continuation statement or any filing under tax or securities laws) or any
rerecording, refiling or reregistration thereof;

                                       38
<PAGE>

      (f) the Property Trustee may consult with counsel (which counsel may be
counsel to the Depositor or any of its Affiliates, and may include any of its
employees) and the advice of such counsel shall be full and complete
authorization and protection in respect of any action taken, suffered or omitted
by it hereunder in good faith and in reliance thereon and in accordance with
such advice; the Property Trustee shall have the right at any time to seek
instructions concerning the administration of this Trust Agreement from any
court of competent jurisdiction;

      (g) the Property Trustee shall be under no obligation to exercise any of
the rights or powers vested in it by this Trust Agreement at the request or
direction of any of the Holders pursuant to this Trust Agreement, unless such
Holders shall have offered to the Property Trustee reasonable security or
indemnity against the costs, expenses and liabilities which might be incurred by
it in compliance with such request or direction; provided, that nothing
contained in this Section 8.3(g) shall be taken to relieve the Property Trustee,
upon the occurrence of a Trust Agreement Default, of its obligation to exercise
the rights and powers vested in it by this Trust Agreement;

      (h) the Property Trustee shall not be bound to make any investigation into
the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, consent, order, approval, bond,
debenture, note or other evidence of indebtedness or other paper or document,
unless requested in writing to do so by one or more Holders, but the Property
Trustee may make such further inquiry or investigation into such facts or
matters as it may see fit;

      (i) the Property Trustee may execute any of the trusts or powers hereunder
or perform any duties hereunder either directly or by or through its agents or
attorneys, provided, that the Property Trustee shall be responsible for its own
negligence or recklessness with respect to selection of any agent or attorney
appointed by it hereunder;

      (j) whenever in the administration of this Trust Agreement the Property
Trustee shall deem it desirable to receive instructions with respect to
enforcing any remedy or right or taking any other action hereunder the Property
Trustee (i) may request instructions from the Holders of the Trust Securities
which instructions may only be given by the Holders of the same proportion in
aggregate Liquidation Amount of the Trust Securities as would be entitled to
direct the Property Trustee under the terms of the Trust Securities in respect
of such remedy, right or action, (ii) may refrain from enforcing such remedy or
right or taking such other action until such instructions are received and (iii)
shall be protected in acting in accordance with such instructions;

      (k) except as otherwise expressly provided by this Trust Agreement, the
Property Trustee shall not be under any obligation to take any action that is
discretionary under the provisions of this Trust Agreement; and

      (l) whenever in the administration of this Trust Agreement, the Property
Trustee shall deem it desirable that a matter be established before undertaking,
suffering or omitting any action hereunder, the Property Trustee (unless other
evidence is herein specifically prescribed) may, in the absence of bad faith on
its part, request and rely upon an Officers' Certificate which, upon receipt of
such request, shall be promptly delivered by the Depositor or the
Administrators.

                                       39
<PAGE>

      No provision of this Trust Agreement shall be deemed to impose any duty or
obligation on the Property Trustee to perform any act or acts or exercise any
right, power, duty or obligation conferred or imposed on it, in any jurisdiction
in which it shall be illegal, or in which the Property Trustee shall be
unqualified or incompetent in accordance with applicable law, to perform any
such act or acts, or to exercise any such right, power, duty or obligation. No
permissive power or authority available to the Property Trustee shall be
construed to be a duty.

      Section 8.4. Not Responsible for Recitals or Issuance of Securities.

      The recitals contained herein and in the Trust Securities Certificates
shall be taken as the statements of the Depositor, and none of the Issuer
Trustees and the Administrators assume any responsibility for their correctness.
The Issuer Trustees and the Administrators shall not be accountable for the use
or application by the Depositor of the proceeds of the Debentures.

      Section 8.5. May Hold Securities.

      Any Administrator, any Issuer Trustee or any other agent of any Issuer
Trustee or the Trust, in its individual or any other capacity, may become the
owner or pledgee of Trust Securities and, subject to Sections 8.8 and 8.13 and
except as provided in the definition of the term "Outstanding" in Article I, may
otherwise deal with the Trust with the same rights it would have if it were not
an Administrator, Issuer Trustee or such other agent.

      Section 8.6. Compensation; Indemnity; Fees.

      Pursuant to the Indenture, the Depositor, as borrower, hereby agrees:

      (a) to pay to each Issuer Trustee and Paying Agent from time to time such
reasonable compensation for all services rendered by it hereunder as may be
agreed by the Depositor and each Issuer Trustee and Paying Agent, as applicable,
from time to time (which compensation shall not be limited by any provision of
law in regard to the compensation of a trustee of an express trust);

      (b) except as otherwise expressly provided herein, to reimburse each
Issuer Trustee upon its written request for all documented reasonable expenses,
disbursements and advances incurred or made by such Issuer Trustee in accordance
with any provision of this Trust Agreement (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;

      (c) to the fullest extent permitted by applicable law, to indemnify and
hold harmless (i) each Issuer Trustee, (ii) each Administrator, (iii) each
Paying Agent, (iv) any Affiliate of any Issuer Trustee, (v) any officer,
director, shareholder, employee, representative or agent of any Issuer Trustee,
and (vi) any employee or agent of the Trust (referred to herein as an
"Indemnified Person") from and against any loss, damage, liability, tax,
penalty, expense (including attorney fees and expenses) or claim of any kind or
nature whatsoever incurred by such Indemnified Person by reason of the creation,
operation or termination of the Trust or any act or omission performed or
omitted by such Indemnified Person in good faith on behalf of the Trust and in a
manner such Indemnified Person reasonably believed to be within the scope of
authority

                                       40
<PAGE>

conferred on such Indemnified Person by this Trust Agreement, except that no
Indemnified Person shall be entitled to be indemnified in respect of any loss,
damage or claim incurred by such Indemnified Person by reason of gross
negligence, bad faith or willful misconduct with respect to such acts or
omissions; and

      (d) to the fullest extent permitted by applicable law, to advance expenses
(including legal fees) incurred by an Indemnified Person in defending any claim,
demand, action, suit or proceeding, from time to time, prior to the final
disposition of such claim, demand, action, suit or proceeding upon receipt by
the Depositor of (i) a written affirmation by or on behalf of the Indemnified
Person of its or his good faith belief that it or he has met the standard of
conduct set forth in this Section 8.6 and (ii) an undertaking by or on behalf of
the Indemnified Person to repay such amount if it shall be determined that the
Indemnified Person is not entitled to be indemnified as authorized in the
preceding subsection.

      The provisions of this Section 8.6 shall survive the termination of this
Trust Agreement or the resignation or removal of any Issuer Trustee.

      No Issuer Trustee or Paying Agent may claim any lien or charge on any
Trust Property as a result of any amount due pursuant to this Section 8.6.

      In the event that the Property Trustee is also acting as Paying Agent or
Securities Registrar hereunder, the rights and protections afforded to the
Property Trustee pursuant to this Article VIII shall also be afforded to such
Paying Agent or Securities Registrar.

      Section 8.7. Corporate Property Trustee Required; Eligibility of Issuer
Trustees and Administrators.

      (a) There shall at all times be a Property Trustee hereunder with respect
to the Trust Securities. The Property Trustee shall be a Person that is eligible
pursuant to the Trust Indenture Act to act as such and has a combined capital
and surplus of at least $50,000,000. If any such Person publishes reports of
condition at least annually, pursuant to law or to the requirements of its
supervising or examining authority, then for the purposes of this Section, the
combined capital and surplus of such Person 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 Property Trustee with respect to the Trust
Securities 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.

      (b) There shall at all times be one or more Administrators hereunder with
respect to the Trust Securities. Each Administrator shall be either a natural
person who is at least 21 years of age or a legal entity that shall act through
one or more persons authorized to bind that entity.

      (c) There shall at all times be a Delaware Trustee with respect to the
Trust Securities. The Delaware Trustee shall either be (i) a natural person who
is at least 21 years of age and a resident of the State of Delaware or (ii) a
legal entity with its principal place of business in the State of Delaware and,
in either case, a Person that satisfies for the Trust the requirements of
Section 3807(a) of the Delaware Statutory Trust Act.

      Section 8.8. Conflicting Interests.

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<PAGE>

      If the Property Trustee has or shall acquire a conflicting interest within
the meaning of the Trust Indenture Act, the Property 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 Trust
Agreement. The Depositor, any Administrator, any Paying Agent and any Issuer
Trustee may engage in or possess an interest in other business ventures of any
nature or description, independently or with others, similar or dissimilar to
the business of the Trust, and the Trust and the Holders of Trust Securities
shall have no rights by virtue of this Trust Agreement in and to such
independent ventures or the income or profits derived therefrom, and the pursuit
of any such venture, even if competitive with the business of the Trust, shall
not be deemed wrongful or improper. None of the Depositor, any Administrator,
any Paying Agent nor any Issuer Trustee shall be obligated to present any
particular investment or other opportunity to the Trust even if such opportunity
is of a character that, if presented to the Trust, could be taken by the Trust,
and the Depositor, any Administrator, any Paying Agent or any Issuer Trustee
shall have the right to take for its own account (individually or as a partner
or fiduciary) or to recommend to others any such particular investment or other
opportunity. Any Issuer Trustee or any Paying Agent may engage or be interested
in any financial or other transaction with the Depositor or any Affiliate of the
Depositor, or may act as depository for, trustee or agent for, or act on any
committee or body of holders of, securities or other obligations of the
Depositor or its Affiliates.

      Section 8.9. Co-Trustees and Separate Trustee.

      Unless a Trust Agreement Default shall have occurred and be continuing, at
any time or times, for the purpose of meeting the legal requirements of the
Trust Indenture Act or of any jurisdiction in which any part of the Trust
Property may at the time be located, the Property Trustee shall have power to
appoint, and upon the written request of the Property Trustee the Depositor and
the Administrators shall for such purpose join with the Property Trustee in the
execution, delivery and performance of all instruments and agreements necessary
or proper to appoint, one or more Persons either to act as co-trustee jointly
with the Property Trustee of all or any part of such Trust Property or, to the
extent required by law, to act as separate trustee of any such property, in
either case with such powers as may be provided in the instrument of
appointment, and to vest in such Person or Persons in the capacity aforesaid,
any property, title, right or power deemed necessary or desirable, subject to
the other provisions of this Section. Any co-trustee or separate trustee
appointed pursuant to this Section shall either be (i) a natural person who is
at least 21 years of age and a resident of the United States or (ii) a legal
entity with its principal place of business in the United States that shall act
through one or more persons authorized to bind such entity.

      Should any written instrument from the Depositor be required by any
co-trustee or separate trustee so appointed for more fully confirming to such
co-trustee or separate trustee such property, title, right, or power, any and
all such instruments shall, on request, be executed, acknowledged and delivered
by the Depositor.

      Every co-trustee or separate trustee shall, to the extent permitted by
law, but to such extent only, be appointed subject to the following terms,
namely:

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<PAGE>

      (a) The Trust Securities shall be executed by one or more Administrators
and delivered and all rights, powers, duties, and obligations hereunder in
respect of the custody of securities, cash and other personal property held by,
or required to be deposited or pledged with, the Property Trustee specified
hereunder, shall be exercised, solely by the Property Trustee and not by such
co-trustee or separate trustee.

      (b) The rights, powers, duties and obligations hereby conferred or imposed
upon the Property Trustee in respect of any property covered by such appointment
shall be conferred or imposed upon and exercised or performed by the Property
Trustee or by the Property Trustee and such co- trustee or separate trustee
jointly, as shall be provided in the instrument appointing such co-trustee or
separate trustee, except to the extent that under any law of any jurisdiction in
which any particular act is to be performed, the Property Trustee shall be
incompetent or unqualified to perform such act, in which event such rights,
powers, duties and obligations shall be exercised and performed by such
co-trustee or separate trustee.

      (c) The Property Trustee at any time, by an instrument in writing executed
by it, with the written concurrence of the Depositor, may accept the resignation
of or remove any co-trustee or separate trustee appointed under this Section,
and, in case a Trust Agreement Default has occurred and is continuing, the
Property Trustee shall have power to accept the resignation of, or remove, any
such co-trustee or separate trustee without the concurrence of the Depositor.
Upon the written request of the Property Trustee, the Depositor shall join with
the Property Trustee in the execution, delivery and performance of all
instruments and agreements necessary or proper to effectuate such resignation or
removal. A successor to any co-trustee or separate trustee so resigned or
removed may be appointed in the manner provided in this Section.

      (d) No co-trustee or separate trustee hereunder shall be personally liable
by reason of any act or omission of the Property Trustee or any other trustee
hereunder.

      (e) The Property Trustee shall not be liable by reason of any act of a
co-trustee or separate trustee.

      (f) Any Act of Holders delivered to the Property Trustee shall be deemed
to have been delivered to each such co-trustee and separate trustee.

      Section 8.10. Resignation and Removal of Issuer Trustees, Appointment of
Successor.

      No resignation or removal of any Issuer Trustee (the "Relevant Trustee")
and no appointment of a successor Issuer Trustee pursuant to this Article shall
become effective until the acceptance of appointment by the successor Issuer
Trustee in accordance with the applicable requirements of Section 8.11.

      Subject to the immediately preceding paragraph, the Relevant Trustee may
resign at any time by giving written notice thereof to the Holders and by
appointing a successor Issuer Trustee meeting the applicable requirements
hereunder. If the instrument of acceptance by the successor Issuer Trustee
required by Section 8.11 shall not have been delivered to the Relevant Trustee
within 30 days after the giving of such notice of resignation, the Relevant
Trustee may petition (pursuant to the Indenture, at the expense of the
Depositor) any court of competent jurisdiction for the appointment of a
successor Issuer Trustee.

                                       43
<PAGE>

      Subject to this Section 8.10, prior to the issuance of any Trust
Securities hereunder and, thereafter, unless a Trust Agreement Default shall
have occurred and be continuing, any Issuer Trustee may be removed at any time
by Act of the Depositor. After the issuance of the Preferred Securities and if a
Trust Agreement Default shall have occurred and be continuing, the Property
Trustee or the Delaware Trustee, or both of them, may be removed at such time by
Act of the Holders of a majority in aggregate Liquidation Amount of the
Preferred Securities, delivered to the Relevant Trustee (in its individual
capacity and on behalf of the Trust).

      If either Issuer Trustee shall resign, be removed or become incapable of
acting as Property Trustee or Delaware Trustee, as the case may be, or if a
vacancy shall occur in the office of any Issuer Trustee for any cause, at a time
when no Trust Agreement Default shall have occurred and be continuing, the
Depositor, by written consent delivered to the Relevant Trustee, shall promptly
appoint a successor Issuer Trustee or Trustees, and the Relevant Trustee shall
comply with the applicable requirements of Section 8.11. If either Issuer
Trustee shall resign, be removed or become incapable of continuing to act as the
Property Trustee or the Delaware Trustee, as the case may be, at a time when a
Trust Agreement Default shall have occurred and be continuing, the Holders of
the Preferred Securities, by Act of the Holders of a majority in aggregate
Liquidation Amount of the Preferred Securities then Outstanding delivered to the
retiring Relevant Trustee, shall promptly appoint a successor Relevant Trustee
or Trustees, and such successor Trustee shall comply with the applicable
requirements of Section 8.11.

      The Property Trustee shall give notice of each resignation and each
removal of an Issuer Trustee and each appointment of a successor Issuer Trustee
to all Holders in the manner provided in Section 10.8 and shall give notice to
the Depositor and the Administrators. Each notice shall include the name of the
successor Relevant Trustee and the address of its Corporate Trust Office if it
is the Property Trustee.

      Notwithstanding the foregoing or any other provision of this Trust
Agreement, in the event a Delaware Trustee who is a natural person dies or
becomes, in the opinion of the Depositor, incompetent or incapacitated, the
vacancy created by such death, incompetence or incapacity may be filled by the
Property Trustee (with the successor in each case being a Person who satisfies
the eligibility requirement for Delaware Trustee set forth in Section 8.7).

      Section 8.11. Acceptance of Appointment by Successor.

      In case of the appointment hereunder of a successor Relevant Trustee, the
retiring Relevant Trustee and each successor Relevant Trustee with respect to
the Trust Securities shall execute and deliver an amendment hereto wherein each
successor Relevant Trustee shall accept such appointment and which (a) shall
contain such provisions as shall be necessary or desirable to transfer and
confirm to, and to vest in, each successor Relevant Trustee all the rights,
powers, trusts and duties of the retiring Relevant Trustee with respect to the
Trust Securities and the Trust and (b) shall add to or change any of the
provisions of this Trust Agreement as shall be necessary to provide for or
facilitate the administration of the Trust by more than one Relevant Trustee, it
being understood that nothing herein or in such amendment shall constitute such
Relevant Trustees co-trustees and upon the execution and delivery of such
amendment the resignation or removal of the retiring Relevant Trustee shall
become effective to the extent provided therein and each such successor Relevant
Trustee, without any further act, deed or conveyance, shall

                                       44
<PAGE>

become vested with all the rights, powers, trusts and duties of the retiring
Relevant Trustee; but, on request of the Trust or any successor Relevant Trustee
such retiring Relevant Trustee shall duly assign, transfer and deliver to such
successor Relevant Trustee all Trust Property, all proceeds thereof and money
held by such retiring Relevant Trustee hereunder with respect to the Trust
Securities and the Trust.

      Upon request of any such successor Relevant Trustee, the Trust shall
execute any and all instruments for more fully and certainly vesting in and
confirming to such successor Relevant Trustee all such rights, powers and trusts
referred to in the preceding paragraph.

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

      Section 8.12. Merger, Conversion, Consolidation or Succession to Business.

      Any corporation into which the Property Trustee or the Delaware 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 such
Relevant Trustee shall be a party, or any corporation succeeding to all or
substantially all the corporate trust business of such Relevant Trustee, shall
be the successor of such Relevant Trustee hereunder, provided such corporation
shall be otherwise qualified and eligible under this Article, without the
execution or filing of any paper or any further act on the part of any of the
parties hereto.

      Section 8.13. Preferential Collection of Claims Against Depositor or
Trust.

      If and when the Property Trustee or the Delaware Trustee shall be or
become a creditor of the Depositor or the Trust (or any other obligor upon the
Debentures or the Trust Securities), the Property Trustee or the Delaware
Trustee, as the case may be, shall be subject to and shall take all actions
necessary in order to comply with the provisions of the Trust Indenture Act
regarding the collection of claims against the Depositor or Trust (or any such
other obligor).

      Section 8.14. Reports by the Property Trustee.

      (a) The Property Trustee shall transmit to Holders such reports concerning
the Property Trustee and its actions under this Trust Agreement as may be
required pursuant to the Trust Indenture Act at the times and in the manner
provided pursuant thereto. If required by Section 313(a) of the Trust Indenture
Act, the Property Trustee shall, within sixty days after each May 15 following
the date of this Trust Agreement, deliver to Holders a brief report, dated as of
such May 15, which complies with the provisions of such Section 313(a).

      (b) A copy of each such report shall, at the time of such transmission to
Holders, be filed by the Property Trustee with each national stock exchange, the
NASDAQ National Market or such other interdealer quotation system or
self-regulatory organization upon which the Trust Securities are listed or
traded, with the Commission and with the Depositor.

      Section 8.15. Reports to the Property Trustee.

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<PAGE>

      The Depositor and the Administrators on behalf of the Trust shall provide
to the Property Trustee such documents, reports and information as required by
Section 314 of the Trust Indenture Act (if any) and the compliance certificate
required by Section 314(a) of the Trust Indenture Act in the form, in the manner
and at the times required by Section 314 of the Trust Indenture Act, but in no
event later than 120 days after the end of each calendar year.

      Section 8.16. Evidence of Compliance with Conditions Precedent.

      Each of the Depositor and the Administrators on behalf of the Trust shall
provide to the Property Trustee such evidence of compliance with any conditions
precedent, if any, provided for in this Trust Agreement that relate to any of
the matters set forth in Section 314(c) of the Trust Indenture Act. Any
certificate or opinion required to be given by an officer pursuant to Section
314(c)(1) of the Trust Indenture Act shall be given in the form of an Officers'
Certificate.

      Section 8.17. Number of Issuer Trustees.

      (a) Subject to Section 8.9, the number of Issuer Trustees shall be two,
provided that the Property Trustee and the Delaware Trustee may be the same
Person, subject to the applicable eligibility requirements set forth herein.

      (b) If an Issuer Trustee ceases to hold office for any reason, a vacancy
shall occur. The vacancy shall be filled with an Issuer Trustee appointed in
accordance with Section 8.10.

      (c) The death, resignation, retirement, removal, bankruptcy, incompetence
or incapacity to perform the duties of an Issuer Trustee shall not operate to
annul, dissolve or terminate the Trust.

      Section 8.18. Delegation of Power by Administrators.

      (a) Any Administrator may, by power of attorney consistent with applicable
law, delegate to any other natural person over the age of 21 his or her power
for the purpose of executing any documents contemplated in Section 2.7(a),
including any registration statement or amendment thereto filed with the
Commission, or making any other governmental filing.

      (b) The Administrators shall have power to delegate from time to time to
such of their number or to the Depositor the doing of such things and the
execution of such instruments either in the name of the Trust or the names of
the Administrators or otherwise as the Administrators may deem expedient, to the
extent such delegation is not prohibited by applicable law or contrary to the
provisions of this Trust Agreement, as set forth herein.

      Section 8.19. Appointment and Removal of Administrators.

      (a) The Administrators shall initially be [ ], [ ] and [ ], and their
successors shall be appointed by the Holders of a majority in aggregate
Liquidation Amount of the Common Securities and may resign or be removed by the
Holders of a majority in aggregate Liquidation Amount of the Common Securities
at any time. Upon any resignation or removal, the Depositor shall appoint a
successor Administrator. Each Administrator shall sign

                                       46
<PAGE>

an agreement, or a counterpart to this Trust Agreement, agreeing to comply with
the terms of this Trust Agreement. If at any time there is no Administrator, the
Property Trustee or any Holder who has been a Holder of Trust Securities for at
least six months may petition any court of competent jurisdiction for the
appointment of one or more Administrators.

      (b) Whenever a vacancy in the number of Administrators shall occur, until
such vacancy is filled by the appointment of an Administrator in accordance with
this Section 8.19, the Administrators in office, regardless of their number (and
notwithstanding any other provision of this Agreement), shall have all the
powers granted to the Administrators and shall discharge all the duties imposed
upon the Administrators by this Trust Agreement.

      (c) Notwithstanding the foregoing or any other provision of this Trust
Agreement, if any Administrator who is a natural person dies or becomes, in the
opinion of the Holder of a majority in aggregate Liquidation Amount of the
Common Securities, incompetent or incapacitated, the vacancy created by such
death, incompetence or incapacity may be filled by the unanimous act of the
remaining Administrators, if there were at least two of them prior to such
vacancy, and by the Depositor, if there were not at least two such
Administrators immediately prior to such vacancy (with the successor being a
Person who satisfies the eligibility requirement for Administrators set forth in
Section 8.7).

                                   ARTICLE IX

                       TERMINATION, LIQUIDATION AND MERGER

      Section 9.1. Termination Upon Expiration Date.

      Unless earlier terminated, the Trust shall automatically dissolve on (the
"Expiration Date"). Thereafter, the Trust Property shall be distributed in
accordance with Section 9.4.

      Section 9.2. Early Termination.

      The first to occur of any of the following events is an "Early Termination
Event," the occurrence of which shall cause a dissolution of the Trust:

      (a) the occurrence of a Bankruptcy Event in respect of, or the dissolution
or liquidation of, the Depositor in its capacity as Holder of the Common
Securities;

      (b) the written direction to the Property Trustee from the Depositor at
any time (which direction is optional and wholly within the discretion of the
Depositor subject to the receipt of any necessary approvals by the Regulator
that may then be required under applicable capital guidelines, rules,
regulations or policies of the Regulator) to dissolve the Trust and distribute
Debentures to Holders in exchange for the Preferred Securities;

      (c) the redemption of all of the Preferred Securities in connection with
the redemption of all of the Debentures; and

                                       47
<PAGE>

      (d) the entry of an order for dissolution of the Trust by a court of
competent jurisdiction.

      Section 9.3. Termination.

      The respective obligations and responsibilities of the Issuer Trustees,
the Administrators and the Trust created and continued hereby shall terminate
upon the latest to occur of the following: (a) the distribution by the Property
Trustee to Holders of all amounts required to be distributed hereunder upon the
liquidation of the Trust pursuant to Section 9.4, or upon the redemption of all
of the Trust Securities pursuant to Section 4.2; (b) the payment of all expenses
owed by the Trust; and (c) the discharge of all administrative duties of the
Administrators, including the performance of any tax reporting obligations with
respect to the Trust or the Holders.

      Section 9.4. Liquidation.

      (a) If an Early Termination Event specified in clause (a), (b) or (d) of
Section 9.2 occurs or upon the Expiration Date (if the Expiration Date is a date
that occurs prior the stated maturity of the Debentures), the Trust shall be
liquidated by the Property Trustee as expeditiously as the Property Trustee
determines to be possible by distributing, after satisfaction of liabilities to
creditors of the Trust as provided by applicable law, and subject to Section
4.3(a) and 9.4(d), to each Holder a Like Amount of Debentures. Notice of
liquidation shall be given by the Property Trustee by first-class mail, postage
prepaid mailed not later than 30 nor more than 60 days prior to the Liquidation
Date to each Holder of Trust Securities at such Holder's address appearing in
the Securities Register. All notices of liquidation shall:

            (i) state the Liquidation Date;

            (ii) state that from and after the Liquidation Date, the Trust
      Securities will no longer be deemed to be Outstanding and any Trust
      Securities Certificates not surrendered for exchange will be deemed to
      represent a Like Amount of Debentures; and

            (iii) provide such information with respect to the mechanics by
      which Holders may exchange Trust Securities Certificates for Debentures,
      or if Section 9.4(d) applies receive a Liquidation Distribution, as the
      Property Trustee (after consultation with the Administrators) shall deem
      appropriate.

      (b) Except where Section 9.4(d) applies, in order to effect the
liquidation of the Trust and distribution of the Debentures to Holders, the
Property Trustee shall establish a record date for such distribution (which
shall be not more than 45 days prior to the Liquidation Date) and, either itself
acting as exchange agent or through the appointment of a separate exchange
agent, shall establish such procedures as it shall deem appropriate to effect
the distribution of Debentures in exchange for the Outstanding Trust Securities
Certificates.

      (c) Except where Section 9.4(d) applies, after the Liquidation Date, (i)
the Trust Securities will no longer be deemed to be Outstanding, (ii)
certificates representing a Like Amount of Debentures will be issued to Holders
of Trust Securities Certificates, upon surrender of such certificates to the
Administrators or their agent for exchange, (iii) the Depositor shall use

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<PAGE>

its best efforts to have the Debentures listed on the New York Stock Exchange or
on such other exchange, interdealer quotation system or self-regulatory
organization as the Preferred Securities are then listed, (iv) any Trust
Securities Certificates not so surrendered for exchange will be deemed to
represent a Like Amount of Debentures, accruing interest at the rate provided
for in the Debentures from the last Distribution Date on which a Distribution
was made on such Trust Securities Certificates until such certificates are so
surrendered (and until such certificates are so surrendered, no payments of
interest or principal will be made to Holders of Trust Securities Certificates
with respect to such Debentures) and (v) all rights of Holders holding Trust
Securities will cease, except the right of such Holders to receive Debentures
upon surrender of Trust Securities Certificates.

      (d) In the event that, upon the Expiration Date (if the Expiration Date is
a date that occurs prior to the stated maturity of the Debentures) or the
occurrence of an Early Termination Event, notwithstanding the other provisions
of this Section 9.4, whether because of an order for dissolution entered by a
court of competent jurisdiction or otherwise, distribution of the Debentures in
the manner provided herein is determined by the Property Trustee not to be
practical, the Trust Property shall be liquidated, and the Trust shall be
wound-up by the Property Trustee in such manner as the Property Trustee
determines. In such event, Holders will be entitled to receive out of the assets
of the Trust available for distribution to Holders, after satisfaction of
liabilities to creditors of the Trust as provided by applicable law, an amount
equal to the Liquidation Amount per Trust Security plus accumulated and unpaid
Distributions thereon to the date of payment (such amount being the "Liquidation
Distribution"). If, upon any such winding-up, the Liquidation Distribution can
be paid only in part because the Trust has insufficient assets available to pay
in full the aggregate Liquidation Distribution, then, subject to the next
succeeding sentence, the amounts payable by the Trust on the Trust Securities
shall be paid on a pro rata basis (based upon Liquidation Amounts). The Holder
of the Common Securities will be entitled to receive Liquidation Distributions
upon any such winding-up pro rata (determined as aforesaid) with Holders of
Preferred Securities, except that, if a Trust Agreement Default has occurred and
is continuing, the Preferred Securities shall have a priority over the Common
Securities, and no Liquidation Distribution will be paid to the Holder of the
Common Securities unless and until all Holders of the Preferred Securities have
received the entire Liquidation Distribution payable in respect thereof.

      (e) Upon the completion of the liquidation of the Trust, the Property
Trustee shall file a certificate of cancellation with the Secretary of State in
the State of Delaware and the Trust shall terminate.

      Section 9.5. Mergers, Consolidations, Conversions, Amalgamations or
Replacements of the Trust.

      The Trust may not merge with or into, consolidate, convert into,
amalgamate, be replaced by, or convey, transfer or lease its properties and
assets substantially as an entirety to any Person, except pursuant to this
Section 9.5 or Section 9.4. At the request of the Depositor and without the
consent of the Holders of the Trust Securities, the Trust may merge or
consolidate with or into, convert into, amalgamate or be replaced by or convey,
transfer or lease its properties and assets substantially as an entirety to a
trust organized as such under the laws of any State of the United States;
provided, that (a) such successor entity either (i) expressly assumes all of the
obligations

                                       49
<PAGE>

of the Trust with respect to the Preferred Securities or (ii) substitutes for
the Preferred Securities other securities having substantially the same terms as
the Preferred Securities (the "Successor Securities") so long as the Successor
Securities rank the same as the Preferred Securities rank in priority with
respect to distributions and payments upon liquidation, redemption and
otherwise, (b) the Depositor expressly appoints a trustee of such successor
entity possessing the same powers and duties as the Property Trustee as the
holder of the Debentures, (c) the Successor Securities are listed or traded, or
any Successor Securities will be listed upon notification of issuance, on any
national securities exchange or other organization on which the Preferred
Securities are then listed or traded, if any, (d) such merger, consolidation,
conversion, amalgamation, replacement, conveyance, transfer or lease does not
cause the Preferred Securities (including any Successor Securities) to be
downgraded by any nationally recognized statistical rating organization, (e)
such merger, consolidation, conversion, amalgamation, replacement, conveyance,
transfer or lease does not adversely affect the rights, preferences and
privileges of the Holders of the Preferred Securities (including any Successor
Securities) in any material respect, (f) such successor entity has a purpose
substantially similar to that of the Trust, (g) prior to such merger,
consolidation, conversion, amalgamation, replacement, conveyance, transfer or
lease, the Property Trustee has received an Opinion of Counsel experienced in
such matters to the effect that (i) such merger, consolidation, conversion,
amalgamation, replacement, conveyance, transfer or lease does not adversely
affect the rights, preferences and privileges of the Holders of the Preferred
Securities (including any Successor Securities) in any material respect, (ii)
following such merger, consolidation, conversion, amalgamation, replacement,
conveyance, transfer or lease, neither the Trust nor such successor entity will
be required to register as an investment company under the 1940 Act and (iii)
following such merger, consolidation, conversion, amalgamation, replacement,
conveyance, transfer or lease, the Trust or such successor entity will continue
to be classified as a grantor trust for United States federal income tax
purposes, and (h) the Depositor owns all of the common securities of such
successor entity and guarantees the obligations of such successor entity under
the Successor Securities at least to the extent provided by the Guarantee.
Notwithstanding the foregoing, the Trust shall not, except with the consent of
Holders of 100% in aggregate Liquidation Amount of the Preferred Securities,
merge with or into, consolidate, convert into, amalgamate, or be replaced by or
convey, transfer or lease its properties and assets substantially as an entirety
to any other Person or permit any other entity to consolidate, amalgamate, merge
with or into, or replace it if such merger, consolidation, conversion,
amalgamation, replacement, conveyance, transfer or lease would cause the Trust
or the successor entity to be classified as other than a grantor trust for
United States federal income tax purposes.

                                    ARTICLE X

                            MISCELLANEOUS PROVISIONS

      Section 10.1. Limitation of Rights of Holders.

      The death, incapacity, dissolution, bankruptcy or termination of any
Person having an interest, beneficial or otherwise, in Trust Securities shall
not operate to terminate this Trust Agreement nor dissolve, terminate or annul
the Trust nor entitle the legal representatives or heirs of such Person to claim
an accounting, take any action or bring any proceeding in any court for a

                                       50
<PAGE>

partition or winding-up of the arrangements contemplated hereby, nor otherwise
affect the rights, obligations and liabilities of the parties hereto or any of
them.

      Section 10.2. Amendment.

      (a) This Trust Agreement may be amended from time to time by the Property
Trustee and the Depositor, without the consent of the Holders of the Preferred
Securities, (i) to cure any ambiguity, correct or supplement any provision
herein which may be inconsistent with any other provision herein, or to address
or to make any other provisions with respect to matters or questions arising
under this Trust Agreement, which shall not be inconsistent with the other
provisions of this Trust Agreement, or (ii) to modify, eliminate or add to any
provisions of this Trust Agreement to such extent as shall be necessary to
ensure that the Trust will be classified for United States federal income tax
purposes as a grantor trust at all times that any Trust Securities are
outstanding or to ensure that the Trust will not be required to register as an
investment company under the 1940 Act; provided, however, that, in either case,
such action shall not adversely affect in any material respect the interests of
any Holder.

      (b) Except as provided in Section 6.1(c) or Section 10.2(c) hereof, any
provision of this Trust Agreement may be amended by the Property Trustee and the
Depositor with the consent of Holders representing not less than a majority (in
aggregate Liquidation Amount) of the Preferred Securities then Outstanding;
provided that, in connection with any such amendment, the Property Trustee shall
be required to receive an Opinion of Counsel experienced in such matters to the
effect that such amendment or the exercise of any power granted to the Issuer
Trustees in accordance with such amendment will not affect the Trust's status as
a grantor trust for United States federal income tax purposes or the Trust's
exemption from status of an investment company under the 1940 Act.

      (c) In addition to and notwithstanding any other provision in this Trust
Agreement, without the consent of each affected Holder, this Trust Agreement may
not be amended to (i) change the amount or timing of any Distribution on the
Trust Securities or otherwise adversely affect the amount of any Distribution
required to be made in respect of the Trust Securities as of a specified date,
(ii) change the Redemption Dates or Redemption Prices and the events following
which the Trust Securities may be redeemed or change the Liquidation Amount in
connection with a Liquidation Distribution or the events following which the
Trust may be Liquidated or (iii) restrict the right of a Holder to institute
suit against the Depositor for the enforcement of any such Distribution on or
after such date; notwithstanding any other provision herein, without the
unanimous consent of the Holders, this paragraph (c) of this Section 10.2 may
not be amended.

      (d) Notwithstanding any other provisions of this Trust Agreement, no
Issuer Trustee shall enter into or consent to any amendment to this Trust
Agreement which would cause the Trust to fail or cease to qualify for the
exemption from status of an investment company under the 1940 Act or fail or
cease to be classified as a grantor trust for United States federal income tax
purposes.

                                       51
<PAGE>

      (e) Notwithstanding anything in this Trust Agreement to the contrary,
without the consent of the Depositor and the Administrators, this Trust
Agreement may not be amended in a manner which imposes any additional obligation
on the Depositor or the Administrators.

      (f) In the event that any amendment to this Trust Agreement is made, the
Administrators shall promptly provide to the Depositor a copy of such amendment,
and the Property Trustee shall promptly provide to the Holders a copy of such
amendment.

      (g) Neither the Property Trustee nor the Delaware Trustee shall be
required to enter into any amendment to this Trust Agreement which affects its
own powers, rights, duties or immunities under this Trust Agreement, and any
proposed amendment to such effect shall be without force or effect until the
affected Issuer Trustee has given its affirmative approval thereto in writing.

      (h) The Property Trustee shall be entitled to receive an Opinion of
Counsel and an Officers' Certificate stating that any amendment to this Trust
Agreement is in compliance with this Trust Agreement.

      Section 10.3. Separability.

      In case any provision in this Trust Agreement or in the Trust Securities
Certificates, or the application of such provision to any person or
circumstance, 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 10.4. Governing Law.

      THIS TRUST AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF EACH OF THE
HOLDERS, THE TRUST, THE DEPOSITOR, THE ISSUER TRUSTEES AND THE ADMINISTRATORS
SHALL BE GOVERNED BY AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
DELAWARE AND ALL RIGHTS AND REMEDIES SHALL BE GOVERNED BY SUCH LAWS WITHOUT
REGARD TO THE PRINCIPLES OF CONFLICT OF LAWS OF THE STATE OF DELAWARE OR ANY
OTHER JURISDICTION THAT WOULD CALL FOR THE APPLICATION OF THE LAW OF ANY OTHER
JURISDICTION OTHER THAN THE STATE OF DELAWARE.

      Section 10.5. Payments Due on Non-Business Day.

      If the date fixed for any payment on any Trust Security shall be a day
that is not a Business Day, then such payment need not be made on such date but
may be made on the next succeeding day that is a Business Day (except as
otherwise provided in Sections 4.1(a) and 4.2(d)), with the same force and
effect as though made on the date fixed for such payment, and no interest shall
accrue thereon for the period after such date.

      Section 10.6. Successors.

      This Trust Agreement shall be binding upon and shall inure to the benefit
of any successor to the Depositor, the Trust, the Administrators or the Relevant
Trustee, including any

                                       52
<PAGE>

successor by operation of law. Except in connection with transactions permitted
under Article VIII of the Indenture and pursuant to which the assignee agrees in
writing to perform the Depositor's obligations hereunder, the Depositor shall
not assign its obligations hereunder.

      Section 10.7. Headings.

      The Article and Section headings are for convenience only and shall not
affect the construction of this Trust Agreement.

      Section 10.8. Reports, Notices and Demands.

      Any report, notice, demand or other communication which by any provision
of this Trust Agreement is required or permitted to be given or served to or
upon any Holder or the Depositor may be given or served in writing by deposit
thereof, first-class postage prepaid, in the United States mail, hand delivery
or facsimile transmission, in each case, addressed, (a) in the case of a Holder
of Preferred Securities, to such Holders of Preferred Securities as such
Holder's name and address may appear on the Securities Register; and (b) in the
case of the Holder of the Common Securities or the Depositor, to Old National
Bancorp, One Main Street, Evansville, Indiana 47708, Attention: Corporate
Secretary, facsimile no.: 812-464-1567. Such notice, demand or other
communication to or upon a Holder shall be deemed to have been sufficiently
given or made, for all purposes, upon hand delivery, mailing or transmission.
Such notice, demand or other communication to or upon the Depositor shall be
deemed to have been sufficiently given or made only upon actual receipt of the
writing by the Depositor.

      Any notice, demand or other communication which by any provision of this
Trust Agreement is required or permitted to be given or served to or upon the
Trust, the Property Trustee, the Delaware Trustee or the Administrators shall be
given in writing addressed (until another address is published by the Trust) as
follows: (a) with respect to the Property Trustee, to J. P. Morgan Trust
Company, National Association, Attention: Institutional Trust Services; (b) with
respect to the Delaware Trustee, to Chase Manhattan Bank USA, National
Association, Attention: Institutional Trust Services; and (c) with respect to
the Administrators, to them at the address above for notices to the Depositor,
marked "Attention Administrators of ONB Capital Trust [ ]." Such notice, demand
or other communication to or upon the Trust or the Property Trustee shall be
deemed to have been sufficiently given or made only upon actual receipt of the
writing by the Trust or the Property Trustee.

      Section 10.9. Agreement Not to Petition.

      Each of the Issuer Trustees and the Depositor agree for the benefit of the
Holders that, until at least one year and one day after the Trust has been
terminated in accordance with Article IX, they shall not file, or join in the
filing of, a petition against the Trust under any bankruptcy, insolvency,
reorganization or other similar law (including, without limitation, the United
States Bankruptcy Code) or otherwise join in the commencement of any proceeding
against the Trust under any Bankruptcy Law. In the event the Depositor takes
action in violation of this Section 10.9, the Property Trustee agrees, for the
benefit of Holders, that at the expense of the Depositor, it shall file an
answer with the bankruptcy court or otherwise properly contest the filing of
such petition by the Depositor against the Trust or the commencement of such
action and raise the

                                       53
<PAGE>

defense that the Depositor has agreed in writing not to take such action and
should be stopped and precluded therefrom and such other defenses, if any, as
counsel for the Property Trustee or the Trust may assert. The provisions of this
Section 10.9 shall survive the termination of this Trust Agreement.

      Section 10.10. Trust Indenture Act; Conflict with Trust Indenture Act.

      (a) This Trust Agreement is subject to the provisions of the Trust
Indenture Act that are required to be part of this Trust Agreement in order for
this Trust Agreement to be qualified and shall, to the extent applicable, be
governed by such provisions.

      (b) The Property Trustee shall be the only Issuer Trustee which is a
trustee for the purposes of the Trust Indenture Act.

      (c) If any provision hereof limits, qualifies or conflicts with the duties
imposed by Sections 310 through 317, inclusive, of the Trust Indenture Act
through the operation of Section 318(c) thereof, such imposed duties shall
control. If any provision of this Trust Agreement modifies or excludes any
provision of the Trust Indenture Act which may be so modified or excluded, the
latter provision shall be deemed to apply to this Trust Agreement as so modified
or excluded, as the case may be.

      (d) The application of the Trust Indenture Act to this Trust Agreement
shall not affect the nature of the Trust Securities as equity securities
representing undivided beneficial ownership interests in the Trust Property.

      Section 10.11. Acceptance of Terms of Trust Agreement, Guarantee and
Indenture.

      THE RECEIPT AND ACCEPTANCE OF A TRUST SECURITY OR ANY INTEREST THEREIN BY
OR ON BEHALF OF A HOLDER OR ANY BENEFICIAL OWNER, WITHOUT ANY SIGNATURE OR
FURTHER MANIFESTATION OF ASSENT, SHALL CONSTITUTE THE UNCONDITIONAL ACCEPTANCE
BY THE HOLDER AND ALL OTHERS HAVING A BENEFICIAL OWNERSHIP INTEREST IN SUCH
TRUST SECURITY OF ALL THE TERMS AND PROVISIONS OF THIS TRUST AGREEMENT AND, TO
THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, AGREEMENT TO THE SUBORDINATION
PROVISIONS AND OTHER TERMS OF THE GUARANTEE AND THE INDENTURE, AND SHALL
CONSTITUTE THE AGREEMENT OF THE TRUST, SUCH HOLDER AND SUCH OTHERS THAT THE
TERMS AND PROVISIONS OF THIS TRUST AGREEMENT SHALL BE BINDING, OPERATIVE AND
EFFECTIVE AS BETWEEN THE TRUST AND SUCH HOLDER AND SUCH OTHERS.

      Section 10.12. Counterparts.

      This Trust Agreement may contain more than one counterpart of the
signature page and this Trust Agreement may be executed by the affixing of the
signature of each of the Issuer Trustees, the Depositor and Administrators to
any of such counterpart signature pages. All of such counterpart signature pages
shall be read as though one, and they shall have the same force and effect as
though all of the signers had signed a single signature page.

                                       54
<PAGE>

      IN WITNESS WHEREOF, the undersigned have caused these presents to be
executed as of the day and year first above written.

                                        CHASE MANHATTAN BANK USA,
                                             NATIONAL ASSOCIATION,
                                             as Delaware Trustee

                                        By: _____________________________
                                              Name:
                                              Title:

                                             J. P. MORGAN TRUST
                                             COMPANY, NATIONAL
                                             ASSOCIATION, as
                                             Property Trustee

                                        By: _____________________________
                                              Name:
                                              Title:

                                        OLD NATIONAL BANCORP,
                                             as Depositor

                                        By: ______________________________
                                             Name:
                                             Title:

Attest:  By: ___________________________
               Name:
               Title:

                                       55
<PAGE>

                                        By:   ______________________________
                                              Name:
                                              Title: Administrator

                                         By:  ______________________________
                                              Name:
                                              Title: Administrator

                                          By: ______________________________
                                              Name:
                                              Title: Administrator

                                       56
<PAGE>

                                    EXHIBIT A

                       FORM OF COMMON SECURITY CERTIFICATE

      THIS COMMON SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED, OR ANY STATE SECURITIES LAWS OR ANY OTHER APPLICABLE
SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED
EXCEPT PURSUANT TO AN EXEMPTION FROM REGISTRATION. THIS CERTIFICATE IS NOT
TRANSFERABLE OTHER THAN IN ACCORDANCE WITH THE TRUST AGREEMENT (AS DEFINED
BELOW).

Certificate Number                                  Number Of Common Securities:
[    ]                                              [     ]

                    Certificate Evidencing Common Securities

                                       of

                            ONB Capital Trust [   ]

                               % Common Securities

                  (Liquidation Amount $25 Per Common Security)

      ONB Capital Trust [   ], a statutory trust created under the laws of the
State of Delaware (the "Trust"), hereby certifies that Old National Bancorp (the
"Holder") is the registered owner of [   ] ($  [ ]) common securities of the
Trust representing undivided beneficial ownership interests of the Trust and
designated the % Common Securities (liquidation amount $   per Common Security)
(the "Common Securities"). To the extent set forth in Section 5.11 of the Trust
Agreement (as defined below), the Common Securities are not transferable and any
attempted transfer hereof shall be null and void ab initio. The designations,
rights, privileges, restrictions, preferences and other terms and provisions of
the Common Securities are set forth in, and this certificate and the Common
Securities represented hereby are issued pursuant to, and shall in all respects
be subject to the terms and provisions of, the Amended and Restated Trust
Agreement of the Trust dated as of   ,    among the Administrators named
therein, Chase Manhattan Bank USA, National Association, as Delaware Trustee, J.
P. Morgan Trust Company, National Association, as Property Trustee, the Holder,
as Depositor, and the Holders from time to time of the Trust Securities, as the
same may be amended, supplemented or restated from time to time (the "Trust
Agreement") including the designation of the terms of the Common Securities as
set forth therein. The Trust will furnish a copy of the Trust Agreement to the
Holder without charge upon written request to the Trust at its principal place
of business or registered office. Capitalized terms used but not defined herein
shall have the meanings assigned to such terms in the Trust Agreement.

      By acceptance of this certificate, the Holder agrees to treat the
Debentures, for United States federal income tax purposes, as indebtedness of
the Depositor.

                                       A-1
<PAGE>

      Upon receipt of this certificate, the Holder is bound by the Trust
Agreement and is entitled to the benefits thereunder.

      This certificate and the Common Securities shall be governed by and
interpreted in accordance with the laws of the State of Delaware (without regard
to principles of conflict of laws).

      IN WITNESS WHEREOF, one of the Administrators of the Trust has executed
this certificate this day of.

                                        ONB Capital Trust [    ]

                                        By:  ______________________________
                                             Name:
                                             Title: Administrator

                                      A-2
<PAGE>

                                    EXHIBIT B

                     FORM OF PREFERRED SECURITY CERTIFICATE

      Insert the first paragraph only if this is a global security:

      THIS PREFERRED SECURITY IS A GLOBAL PREFERRED SECURITY WITHIN THE MEANING
OF THE TRUST AGREEMENT HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF
THE DEPOSITORY TRUST COMPANY (THE "DEPOSITORY") OR A NOMINEE OF THE DEPOSITORY.
THIS PREFERRED SECURITY IS EXCHANGEABLE FOR PREFERRED SECURITIES REGISTERED IN
THE NAME OF A PERSON OTHER THAN THE DEPOSITORY OR ITS NOMINEE ONLY IN THE
LIMITED CIRCUMSTANCES DESCRIBED IN THE TRUST AGREEMENT AND NO TRANSFER OF THIS
PREFERRED SECURITY (OTHER THAN A TRANSFER OF THIS PREFERRED SECURITY AS A WHOLE
BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE
DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY) MAY BE
REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE TRUST AGREEMENT.

      UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY (55 WATER STREET, A NEW YORK CORPORATION ("DTC"))
TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT,
AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH
OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY
PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED
OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

Certificate Number:                              Number Of Preferred Securities:
[    ]                                           [     ]

                                                 CUSIP No.

                   Certificate Evidencing Preferred Securities

                                       of

                            ONB Capital Trust [   ]

                             % Preferred Securities

                  (Liquidation Amount $    Per Preferred Security)

      ONB Capital Trust [ ], a statutory trust created under the laws of the
State of Delaware (the "Trust"), hereby certifies that [ - if a global security
- Cede & Co.] [   ] (the "Holder") is the registered owner of [   ] ($[   ])
preferred securities of the

                                      B-1
<PAGE>

Trust representing non-voting, cumulative, preferred undivided beneficial
ownership interests in the Trust Property of the Trust and designated the ONB
Capital Trust [   ] % Preferred Securities (liquidation amount $ per security)
(the "Preferred Securities"). The Preferred Securities are transferable on the
books and records of the Trust, in person or by a duly authorized attorney, upon
surrender of this certificate duly endorsed and in proper form for transfer as
provided in Section 5.5 of the Trust Agreement. The designations, rights,
privileges, restrictions, preferences and other terms and provisions of the
Preferred Securities are set forth in, and this certificate and the Preferred
Securities represented hereby are issued pursuant to, and shall in all respects
be subject to the terms and provisions of, the Amended and Restated Trust
Agreement of the Trust dated as of , among the Administrators named therein,
Chase Manhattan Bank USA, National Association, as Delaware Trustee, J. P.
Morgan Trust Company, National Association, as Property Trustee, Old National
Bancorp, as Depositor, and the Holders from time to time of the Trust
Securities, as the same may be amended, supplemented or restated from time to
time (the "Trust Agreement"), including the designation of the terms of
Preferred Securities as set forth therein. The Holder is entitled to the
benefits of the Guarantee Agreement entered into by the Depositor and J. P.
Morgan Trust Company, National Association, as guarantee trustee, dated as of ,
as the same may be amended from time to time (the "Guarantee"), to the extent
provided therein. The Trust will furnish a copy of the Trust Agreement and the
Guarantee to the Holder without charge upon written request to the Trust at its
principal place of business or registered office. Capitalized terms used but not
defined herein shall have the meanings assigned to such terms in the Trust
Agreement.

      By acceptance of this certificate, the Holder agrees to treat the
Debentures, for United States federal income tax purposes, as indebtedness of
the Depositor.

      Upon receipt of this certificate, the Holder is bound by the Trust
Agreement and is entitled to the benefits thereunder.

      This certificate and the Preferred Securities shall be governed by and
interpreted in accordance with the laws of the State of Delaware (without regard
to principles of conflict of laws).

      IN WITNESS WHEREOF, one of the Administrators of the Trust has executed
this certificate this day of.

                                        ONB Capital Trust [      ]

                                        By: ____________________________________
                                            Name:
                                            Administrator

                                      B-2
<PAGE>

                                   ASSIGNMENT

For value received, the undersigned assigns and transfers this Preferred
Security to:

          _____________________________________________________________
          _____________________________________________________________
          _____________________________________________________________
                       (Insert assignee's social security
                          or tax identification number)

          _____________________________________________________________
          _____________________________________________________________
          _____________________________________________________________
                    (Insert address and zip code of assignee)

and irrevocably appoints

          _____________________________________________________________
          _____________________________________________________________
          _____________________________________________________________

agent to transfer this Preferred Security Certificate on the books of the Trust.
The agent may substitute another to act for him or her.

Date:

Signature:  _____________________________________________________________
              (Sign exactly as your name appears on the other side
                     of this Preferred Security Certificate)

_________________________________________________________________________

The signature(s) should be guaranteed by an eligible guarantor institution
(banks, stockbrokers, savings and loan associations and credit unions with
membership in an approved signature guarantee medallion program), pursuant to
S.E.C. Rule 17Ad-15.

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