Document:

<PAGE>   1

                                                                     EXHIBIT 4.6

                               APACHE CORPORATION,
                                     Issuer

                                       to

                            THE CHASE MANHATTAN BANK,
                                     Trustee

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

                                    INDENTURE

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

                          Dated as of __________, 2000

                          Subordinated Debt Securities

<PAGE>   2

                         Reconciliation and tie between
             Trust Indenture Act of 1939 (the "Trust Indenture Act")
                                  and Indenture

<TABLE>
<CAPTION>
Trust Indenture
Act Section                                                                      Indenture Section

<S>                                                                              <C>
Section 310(a)(1)                                                                        607
   (a)(2)                                                                                607
   (b)                                                                                   608
Section 311                                                                              604
Section 312(a)                                                                           701
   (b)                                                                                   702
   (c)                                                                                   702
Section 313(a)                                                                           703
   (c)                                                                                   703
   (d)                                                                                   703
Section 314(a)                                                                           704
   (c)(1)                                                                                102
   (c)(2)                                                                                102
   (e)                                                                                   102
   (f)                                                                                   102
Section 315(a)                                                                           303
   (b)                                                                                   303
   (c)                                                                                   303
   (d)                                                                                   303
   (e)                                                                                   608
Section 316(a)(last sentence)                                                            101
   (a)(1)(A)                                                                           502,512
   (a)(1)(B)                                                                             513
   (b)                                                                                   508
Section 317(a)(1)                                                                        503
   (a)(2)                                                                                504
   (b)                                                                                  1003
Section 318(a)                                                                           108
</TABLE>

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

         Attention should also be directed to Section 318(c) of the Trust
Indenture Act, which provides that the provisions of Sections 310 to and
including 317 are a part of and govern every qualified indenture, whether or not
physically contained therein.

<PAGE>   3

                                TABLE OF CONTENTS

<TABLE>
<S>                                                                                                              <C>
RECITALS..........................................................................................................1

                                             ARTICLE 1.
                       DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

Section 101.      Definitions.....................................................................................1
      "Act".......................................................................................................2
      "Additional Amounts"........................................................................................2
      "Affiliate..................................................................................................2
      "Authenticating Agent"......................................................................................2
      "Authorized Newspaper"......................................................................................2
      "Bearer Security"...........................................................................................2
      "Board of Directors"........................................................................................3
      "Board Resolution"..........................................................................................3
      "Business Day"..............................................................................................3
      "Change in Control".........................................................................................3
      "Change in Control Purchase Date"...........................................................................3
      "Change in Control Purchase Notice".........................................................................3
      "Change in Control Purchase Price"..........................................................................3
      "Commission"................................................................................................3
      "Common Stock"..............................................................................................3
      "Company"...................................................................................................3
      "Company Request" and "Company Order".......................................................................3
      "Conversion Agent"..........................................................................................3
       "Conversion Event".........................................................................................3
      "Corporate Trust Office"....................................................................................4
      "Corporation"...............................................................................................4
      "Coupon"....................................................................................................4
      "Currency"..................................................................................................4
      "CUSIP number"..............................................................................................4
      "Default"...................................................................................................4
      "Defaulted Interest"........................................................................................4
      "Direct Action".............................................................................................4
      "Dollars" or "$"............................................................................................4
      "EC Treaty".................................................................................................4
      "Euro"......................................................................................................4
      "European Monetary System"..................................................................................4
      "Event of Default"..........................................................................................4
      "Foreign Currency"..........................................................................................4
      "GAAP"......................................................................................................5
      "Government Obligations"....................................................................................5
      "Holder"....................................................................................................5
      "Indebtedness"..............................................................................................5
      "Indebtedness Ranking on a Parity with the Securities"......................................................6
</TABLE>

                                       i
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<TABLE>
<S>                                                                                                              <C>
      "Indebtedness Ranking Junior to the Securities".............................................................6
      "Indenture".................................................................................................6
      "Independent Public Accountants"............................................................................6
      "Indexed Security"..........................................................................................6
      "Interest"..................................................................................................6
      "Interest Payment Date".....................................................................................7
      "Judgment Currency".........................................................................................7
      "Legal Holidays"............................................................................................7
      "Maturity"..................................................................................................7
      "New York Banking Day"......................................................................................7
      "Office" or "Agency"........................................................................................7
      "Officers' Certificate".....................................................................................7
      "Opinion of Counsel"........................................................................................7
      "Original Issue Discount Security"..........................................................................7
      "Outstanding"...............................................................................................7
      "Paying Agent"..............................................................................................9
      "Person"....................................................................................................9
      "Place of Payment"..........................................................................................9
      "Predecessor Security"......................................................................................9
      "Preferred Securities"......................................................................................9
      "Redemption Date"...........................................................................................9
      "Redemption Price"..........................................................................................9
      "Registered Security".......................................................................................9
      "Regular Record Date".......................................................................................9
      "Required Currency".........................................................................................9
      "Responsible Officer".......................................................................................9
      "Security" or "Securities".................................................................................10
      "Security Register" and "Security Registrar"...............................................................10
      "Senior Indebtedness"......................................................................................10
      "Special Record Date"......................................................................................10
      "Stated Maturity"..........................................................................................10
      "Subsidiary"...............................................................................................10
      "Trust"....................................................................................................10
      "Trust Agreement"..........................................................................................10
      "Trust Indenture Act"......................................................................................10
      "Trust Securities".........................................................................................10
      "Trustee"..................................................................................................10
      "United States"............................................................................................11
      "United States Alien"......................................................................................11
      "U.S. Depository" or "Depository"..........................................................................11
      "Vice President"...........................................................................................11
      "Voting Stock".............................................................................................11

Section 102.      Compliance Certificates and Opinions...........................................................11
Section 103.      Form of Documents Delivered to Trustee.........................................................12
Section 104.      Acts of Holders and Holders of Preferred Securities............................................12
</TABLE>

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<TABLE>
<S>               <C>                                                                                           <C>
Section 105.      Notices, etc. to Trustee and Company...........................................................14
Section 106.      Notice to Holders of Securities; Waiver........................................................15
Section 107.      Language of Notices............................................................................16
Section 108.      Conflict with Trust Indenture Act..............................................................16
Section 109.      Effect of Headings and Table of Contents.......................................................16
Section 110.      Successors and Assigns.........................................................................16
Section 111.      Separability Clause............................................................................16
Section 112.      Benefits of Indenture..........................................................................16
Section 113.      Governing Law..................................................................................16
Section 114.      Legal Holidays.................................................................................17
Section 115.      Counterparts...................................................................................17
Section 116.      Judgment Currency..............................................................................17

                                             ARTICLE 2.
                                           SECURITIES FORM

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

                                             ARTICLE 3.
                                           THE SECURITIES

Section 301.      Amount Unlimited, Issuable in Series...........................................................19
Section 302.      Currency; Denominations........................................................................23
Section 303.      Execution, Authentication, Delivery and Dating.................................................23
Section 304.      Temporary Securities...........................................................................25
Section 305.      Registration, Transfer and Exchange............................................................26
Section 306.      Mutilated, Destroyed, Lost and Stolen Securities...............................................29
Section 307.      Payment of Interest and Certain Additional Amounts; Rights to Interest and
                  Certain Additional Amounts Preserved...........................................................30
Section 308.      Persons Deemed Owners..........................................................................32
Section 309.      Cancellation...................................................................................33
Section 310.      Computation of Interest........................................................................33

                                             ARTICLE 4.
                               SATISFACTION AND DISCHARGE OF INDENTURE

Section 401.      Satisfaction and Discharge.....................................................................33
Section 402.      Defeasance and Covenant Defeasance.............................................................35
Section 403.      Application of Trust Money.....................................................................39
Section 404.      Reinstatement..................................................................................39
</TABLE>

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<TABLE>
<CAPTION>
                                             ARTICLE 5.
                                              REMEDIES

<S>               <C>                                                                                           <C>
Section 501.      Events of Default..............................................................................40
Section 502.      Acceleration of Maturity: Rescission and Annulment.............................................41
Section 503.      Collection of Indebtedness and Suits for Enforcement by Trustee................................43
Section 504.      Trustee May File Proofs of Claim...............................................................43
Section 505.      Trustee May Enforce Claim without Possession of Securities or Coupons..........................44
Section 506.      Application of Money Collected.................................................................44
Section 507.      Limitations on Suits...........................................................................45
Section 508.      Unconditional Right of Holders to Receive Principal and any Premium, Interest and
                  Additional Amounts.............................................................................46
Section 509.      Restoration of Rights and Remedies.............................................................46
Section 510.      Rights and Remedies Cumulative.................................................................46
Section 511.      Delay or Omission Not Waiver...................................................................47
Section 512.      Control by Holders of Securities...............................................................47
Section 513.      Waiver of Past Defaults........................................................................47
Section 514.      Waiver of Stay or Extension Laws...............................................................48
Section 515.      Undertaking for Costs..........................................................................48
Section 516.      Direct Action Right of Holders of Trust Preferred Securities...................................48

                                             ARTICLE 6.
                                             THE TRUSTEE

Section 601.      Certain Rights of Trustee......................................................................49
Section 602.      Notice of Defaults.............................................................................50
Section 603.      Not Responsible for Recitals or Issuance of Securities.........................................50
Section 604.      May Hold Securities............................................................................51
Section 605.      Money Held in Trust............................................................................51
Section 606.      Compensation and Reimbursement.................................................................51
Section 607.      Corporate Trustee Require; Eligibility.........................................................52
Section 608.      Resignation and Removal, Appointment of Successor..............................................52
Section 609.      Acceptance of Appointment by Successor.........................................................54
Section 610.      Merger, Conversion, Consolidation or Succession to Business....................................55
Section 611.      Appointment of Authenticating Agent............................................................55

                                             ARTICLE 7.
                          HOLDERS LISTS AND REPORTS BY TRUSTEE AND COMPANY

Section 701.      Company to Furnish Trustee Names and Addresses of Holders......................................57
Section 702.      Preservation of Information; Communications to Holders.........................................57
Section 703.      Reports by Trustee.............................................................................58
Section 704.      Reports by Company.............................................................................58
</TABLE>

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<TABLE>
<CAPTION>
                                             ARTICLE 8.
                                   CONSOLIDATION, MERGER AND SALES

<S>               <C>                                                                                           <C>
Section 801.      Company May Consolidate, Etc., Only on Certain Terms...........................................59
Section 802.      Successor Person Substituted for Company.......................................................59

                                             ARTICLE 9.
                                       SUPPLEMENTAL INDENTURES

Section 901.      Supplemental Indentures without Consent of Holders.............................................60
Section 902.      Supplemental Indentures with Consent of Holders................................................61
Section 903.      Execution of Supplemental Indentures...........................................................62
Section 904.      Effect of Supplemental Indentures..............................................................63
Section 905.      Reference in Securities to Supplemental Indentures.............................................63
Section 906.      Conformity with Trust Indenture Act............................................................63

                                             ARTICLE 10.
                                              COVENANTS

Section 1001.     Payment of Principal, any Premium and Interest.................................................63
Section 1002.     Maintenance of Office or Agency................................................................64
Section 1003.     Money for Securities Payments to Be Held in Trust..............................................65
Section 1004.     Additional Amounts.............................................................................67
Section 1005.     No Restriction on Indebtedness or Liens........................................................68
Section 1006.     Corporate Existence............................................................................68
Section 1007.     Payment of Expenses of Each Trust..............................................................68
Section 1008.     Waiver of Certain Covenants....................................................................68
Section 1009.     Company Statement as to Compliance; Notice of Certain Defaults.................................68

                                             ARTICLE 11.
                                      REDEMPTION OF SECURITIES

Section 1101.     Applicability of Article.......................................................................69
Section 1102.     Election to Redeem; Notice to Trustee..........................................................69
Section 1103.     Selection by Trustee of Securities to be Redeemed..............................................69
Section 1104.     Notice of Redemption...........................................................................70
Section 1105.     Deposit of Redemption Price....................................................................71
Section 1106.     Securities Payable on Redemption Date..........................................................71
Section 1107.     Securities Redeemed in Part....................................................................72

                                             ARTICLE 12.
                                 REPAYMENT AT THE OPTION OF HOLDERS

Section 1201.     Applicability of Article.......................................................................73
</TABLE>

                                       v

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<TABLE>
<CAPTION>
                                             ARTICLE 13.
                                  SECURITIES IN FOREIGN CURRENCIES

<S>               <C>                                                                                           <C>
Section 1301.     Applicability of Article.......................................................................73

                                             ARTICLE 14.
                                  MEETINGS OF HOLDERS OF SECURITIES

Section 1401.     Purposes for Which Meetings May Be Called......................................................74
Section 1402.     Call, Notice and Place of Meetings.............................................................74
Section 1403.     Persons Entitled to Vote at Meetings...........................................................74
Section 1404.     Quorum; Action.................................................................................75
Section 1405.     Determination of Voting Rights, Conduct and Adjournment of Meetings............................75
Section 1406.     Counting Votes and Recording Action of Meetings................................................76

                                             ARTICLE 15.
                           PURCHASE OF SECURITIES UPON CHANGE IN CONTROL

Section 1501.     Purchase of Securities at Option of the Holder upon Change in Control..........................77
Section 1502.     Effect of Change in Control Purchase Notice....................................................80
Section 1503.     Deposit of Change in Control Purchase Price....................................................80
Section 1504.     Covenant to Comply With Securities Laws Upon Purchase of Securities............................81
Section 1505.     Repayment to the Company.......................................................................81

                                             ARTICLE 16.
                                            SUBORDINATION

Section 1601.     Securities Subordinated to Senior Indebtedness.................................................81
Section 1602.     Priority and Payment of Proceeds in Certain Events: Remedies Standstill........................81
Section 1603.     Payments which May Be Made Prior to Notice.....................................................83
Section 1604.     Rights of Holders of Senior Indebtedness Not to Be Impaired....................................83
Section 1605.     Trustee May Take Action to Effectuate Subordination............................................83
Section 1606.     Subrogation....................................................................................83
Section 1607.     Obligations of Company Unconditional; Reinstatement............................................84
Section 1608.     Trustee Entitled to Assume Payments Not Prohibited in Absence of Notice........................84
Section 1609.     Right of Trustee to Hold Senior Indebtedness...................................................85
Section 1610.     Notice to Trustee..............................................................................85
Section 1611.     Reliance on Judicial Order or Certificate of Liquidating Agent.................................86
Section 1612.     Trustee Not Fiduciary for Holders of Senior Indebtedness.......................................86
</TABLE>

                                       vi
<PAGE>   9

         INDENTURE, dated as of ____________, 2000 (the "Indenture"), among
APACHE CORPORATION, a corporation duly organized and existing under the laws of
the State of Delaware (hereinafter called the "Company"), having its principal
executive office located at One Post Oak Central, 2000 Post Oak Boulevard, Suite
100, Houston, Texas 77056-4400, and The Chase Manhattan Bank, a banking
corporation duly organized and existing under the laws of the State of New York
(hereinafter called the "Trustee"), having its Corporate Trust Office located at
450 West 33rd Street, 15th Floor, New York, New York 10001.

                                    RECITALS

         The Company has duly authorized the execution and delivery of this
Indenture to provide for the issuance from time to time of its subordinated
unsecured debentures, notes or other evidence of Indebtedness (hereinafter
called the "Securities"), unlimited as to principal amount, to bear such rates
of interest, to mature at such time or times, to be issued in one or more series
and to have such other provisions as shall be fixed as hereinafter provided.

         The Company may from time to time create or establish one or more
statutory business trusts for the purpose of issuing undivided beneficial
interests in the assets thereof and using the proceeds thereof to acquire the
Company's Securities.

         The Company has duly authorized the execution and delivery of this
Indenture. All things necessary to make this Indenture a valid agreement of the
Company, in accordance with its terms, have been done.

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

         NOW, THEREFORE, THIS INDENTURE WITNESSETH:

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

                                   ARTICLE 1.

             DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

         Section 101. Definitions.

         Except as otherwise expressly provided in or pursuant to this Indenture
or unless the context otherwise requires, for all purposes of this Indenture:

                  (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;

<PAGE>   10

                  (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 terms "generally accepted accounting principles" or
         "GAAP" with respect to any computation required or permitted hereunder
         shall mean such accounting principles as are generally accepted at the
         date of such computation;

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

                  (5) the word "or" is always used inclusively (for example, the
         phrase "A or B" means "A or B or both", not "either A or B but not
         both").

         Certain terms used principally in certain Articles hereof are defined
in those Articles.

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

         "Additional Amounts" means any additional amounts which are required
hereby or by any Security, under circumstances specified herein or therein, to
be paid by the Company in respect of certain taxes, assessments or other
governmental charges imposed on Holders specified therein and which are owing to
such Holders.

         "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 the meanings correlative to
the foregoing.

         "Authenticating Agent" means any Person authorized by the Trustee
pursuant to Section 611 to act on behalf of the Trustee to authenticate
Securities of one or more series.

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

         "Bearer Security" means any Security in the form established pursuant
to Section 201 which is payable to bearer.

                                       2
<PAGE>   11

         "Board of Directors" means the board of directors of the Company or any
committee of that board duly authorized to act generally or in any particular
respect for the Company hereunder.

         "Board Resolution" means a copy of one or more resolutions, 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, delivered to the Trustee.

         "Business Day", with respect to any Place of Payment or other location,
means, unless otherwise specified with respect to any Securities pursuant to
Section 301, any day other than a Saturday, Sunday or other day on which banking
institutions in such Place of Payment or other location are authorized or
obligated by law, regulation or executive order to close.

         "Change in Control" has the meaning specified in Section 1501.

         "Change in Control Purchase Date" has the meaning specified in Section
1501.

         "Change in Control Purchase Notice" has the meaning specified in
Section 1501.

         "Change in Control Purchase Price" has the meaning specified in Section
1501.

         "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 Indenture such
Commission is not existing and performing the duties now assigned to it under
the Trust Indenture Act, then the body performing such duties at such time.

         "Common Stock" includes any stock of any class of the Company which has
no preference in respect of dividends or of amounts payable in the event of any
voluntary or involuntary liquidation, dissolution or winding up of the Company
and which is not subject to redemption by the Company.

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

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

         "Conversion Agent" means any Person authorized by the Company to
convert or exchange any Security pursuant to its terms on behalf of the Company.

         "Conversion Event" means the cessation of use of (i) a Foreign Currency
(other than the Euro) both by the government of the country or the confederation
which issued such Foreign Currency and for the settlement of transactions by a
central bank or other public institutions of

                                       3
<PAGE>   12

or within the international banking community, (ii) the Euro both within the
European Monetary System and for the settlement of transactions by public
institutions of or within the European Monetary System or (iii) any currency
unit or composite currency other than the Euro for the purposes for which it was
established.

         "Corporate Trust Office" means the principal corporate trust office of
the Trustee at which at any particular time its corporate trust business shall
be administered, which office at the date of original execution of this
Indenture is located at 450 West 33rd Street, 15th Floor, New York, New York
10001.

         "Corporation" includes corporations and limited liability companies
and, except, for purposes of Article Eight, associations, companies and business
trusts.

         "Coupon" a means any interest coupon appertaining to a Bearer Security.

         "Currency," with respect to any payment, deposit or other transfer in
respect of the principal of or any premium or interest on or any Additional
Amounts with respect to any Security, means Dollars or the Foreign Currency, as
the case may be, in which such payment, deposit or other transfer is required to
be made by or pursuant to the terms hereof or such Security and, with respect to
any other payment, deposit or transfer pursuant to or contemplated by the terms
hereof or such Security, means Dollars.

         "CUSIP number" means the alphanumeric designation assigned to a
Security by Standard & Poor's Ratings Group, CUSIP Service Bureau.

         "Default" means any event which is, or after notice or passage of time,
or both, would be, an Event of Default pursuant to Section 501.

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

         "Direct Action" has the meaning specified in Section 516.

         "Dollars" or "$" means a dollar or other equivalent unit of legal
tender for payment of public or private debts in the United States of America.

         "EC Treaty" means the treaty establishing the European Community
(signed in Rome on 25th March, 1957), as amended by the Treaty on European Union
(signed in Maastricht on 7th February, 1992).

         "Euro" means the lawful currency of the member states of the European
Union that adopt the single currency in accordance with the EC Treaty.

         "European Monetary System" means the European Economic and Monetary
Union.

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

         "Foreign Currency" means any currency, currency unit or composite
currency, including, without limitation, the Euro, issued by the government of
one or more countries

                                       4
<PAGE>   13

other than the United States of America or by any recognized confederation or
association of such governments.

         "GAAP" means such accounting principles as are generally accepted in
the United States of America as of the date or time of any computation required
hereunder.

         "Government Obligations" means securities which are (i) direct
obligations of the United States of America or the other government or
governments in the confederation which issued the Foreign Currency in which the
principal of or any premium or interest on such security or any additional
amounts in respect thereof shall be payable, in each case where the payment or
payments thereunder are supported by the full faith and credit of such
government or governments or (ii) obligations of a Person controlled or
supervised by and acting as an agency or instrumentality of the United States of
America or such other government or governments, in each case where the timely
payment or payments thereunder are unconditionally guaranteed as a full faith
and credit obligation by the United States of America or such other government
or governments, and which, in the case of (i) or (ii), are not callable or
redeemable at the option of the issuer or issuers thereof, and shall also
include a depository receipt issued by a bank or trust company as custodian with
respect to any such Government Obligation or a specific payment of interest on
or principal of or other amount with respect to any such Government Obligation
held by such custodian for the account of the holder of a depository receipt,
provided that (except as required by law) such custodian is not authorized to
make any deduction from the amount payable to the holder of such depository
receipt from any amount received by the custodian in respect of the Government
Obligation or the specific payment of interest on or principal of or other
amount with respect to the Government Obligation evidenced by such depository
receipt.

         "Holder," in the case of any Registered Security, means the Person in
whose name such Security is registered in the Security Register and, in the case
of any Bearer Security, means the bearer thereof and, in the case of any Coupon,
means the bearer thereof.

         "Indebtedness," with respect to any Person, means (a) indebtedness for
borrowed money and deferred payment obligations representing the unpaid purchase
price of real or personal property of, or guaranteed by, such Person, other than
accounts payable arising in the ordinary course of business payable on terms
customary in the trade, (b) indebtedness secured by Liens (as defined in Section
1005) or payable out of the proceeds of production from property, (c)
indebtedness which is evidenced by mortgages, notes, bonds, debentures,
acceptances or other instruments, (d) indebtedness which must be capitalized as
liabilities under GAAP, (e) liabilities under interest rate swap, exchange,
collar or cap agreements and all other agreements or arrangements designed to
protect against fluctuations in interest rates or currency exchange rates, (f)
liabilities under commodity hedge, commodity swap, exchange, collar or cap
agreements, fixed price agreements and all other agreements or arrangements
designed to protect against fluctuations in oil and gas prices, (g) guarantees
and endorsements of obligations of others, directly or indirectly, and all
other repurchase agreements and indebtedness in effect guaranteed through an
agreement, contingent or otherwise, to purchase such indebtedness, or to
purchase or sell property, or to purchase or sell services, primarily for the
purpose of enabling the debtor to make payment of the indebtedness or to assure
the owner of the indebtedness against loss, or to supply funds to or in any
manner invest in the debtor, or otherwise to assure a creditor against loss (but
excluding guarantees and endorsements of notes, bills and checks made in the
ordinary course of business); and (h) indebtedness relative to the amount of all
letters of credit; provided, however, that such term shall not include any
amounts included as deferred credits on the financial statements of such Person
or of a consolidated group including such Person, and computed in accordance
with GAAP.

                                       5
<PAGE>   14

         "Indebtedness Ranking on a Parity with the Securities" means (i)
Indebtedness, whether outstanding on the date of execution of this Indenture or
thereafter created, assumed or incurred, to the extent such Indebtedness
specifically by its terms ranks pari passu with and not prior to the Securities
in the right of payment upon the happening of the dissolution, winding-up,
liquidation or reorganization of the Company.

         "Indebtedness Ranking Junior to the Securities" means any Indebtedness,
whether outstanding on the date of execution of this Indenture or thereafter
created, assumed or incurred, to the extent such Indebtedness by its terms ranks
junior to and not pari passu with or prior to the Securities (and any other
Indebtedness Ranking on a Parity with the Securities) in right of payment upon
the happening of the dissolution, winding-up, liquidation or reorganization of
the Company. The securing of any Indebtedness otherwise constituting
Indebtedness Ranking Junior to the Securities shall not be deemed to prevent
such Indebtedness from constituting Indebtedness Ranking Junior to the
Securities.

         "Indenture" means this instrument 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, with respect to any
Security, by the terms and provisions of such Security and any Coupon
appertaining thereto established pursuant to Section 301 (as such terms and
provisions may be amended pursuant to the applicable provisions hereof).

         "Independent Public Accountants" means accountants or a firm of
accountants that, with respect to the Company and any other obligor under the
Securities or the Coupons, are independent public accountants within the meaning
of the Securities Act of 1933, as amended, and the rules and regulations
promulgated by the Commission thereunder, who may be the independent public
accountants regularly retained by the Company or who may be other independent
public accountants. Such accountants or firm shall be entitled to rely upon any
Opinion of Counsel as to the interpretation of any legal matters relating to
this Indenture or certificates required to be provided hereunder.

         "Indexed Security" means a Security the terms of which provide that the
principal amount thereof payable at Stated Maturity may be more or less than the
principal face amount thereof at original issuance.

         "Interest", with respect to any Original Issue Discount Security which
by its terms bears interest only after Maturity, means interest payable after
Maturity and, when used with respect to a Security which provides for the
payment of Additional Amounts pursuant to Section 1004, includes such Additional
Amounts.

                                       6
<PAGE>   15

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

         "Judgment Currency" has the meaning specified in Section 116.

         "Legal Holidays", with respect to any Place of Payment or other
location, means a Saturday, a Sunday or a day on which banking institutions in
such Place of Payment or other location are not authorized or obligated to be
open.

         "Maturity", 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 provided in or pursuant to this Indenture, whether at the Stated
Maturity or by declaration of acceleration, notice of redemption or repurchase,
notice of option to elect repayment or otherwise, and includes the Redemption
Date and Change in Control Purchase Date.

         "New York Banking Day" has the meaning specified in Section 116.

         "Office" or "Agency," with respect to any Securities, means an office
or agency of the Company maintained or designated in a Place of Payment for such
Securities pursuant to Section 1002 or any other office or agency of the Company
maintained or designated for such Securities pursuant to Section 1002 or, to the
extent designated or required by Section 1002 in lieu of such office or agency,
the Corporate Trust Office of the Trustee.

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

         "Opinion of Counsel" means a written opinion of counsel, who may be an
employee of or counsel for the Company or other counsel who shall be reasonably
acceptable to the Trustee, that, if required by the Trust Indenture Act,
complies with the requirements of Section 314(e) of the Trust Indenture Act and
is delivered to the Trustee.

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

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

         (a)      any such Security theretofore cancelled by the Trustee or the
                  Security Registrar or delivered to the Trustee or the Security
                  Registrar for cancellation;

         (b)      any such Security for whose payment either at the Maturity
                  thereof or upon the Company becoming obligated (subject to
                  withdrawal of any Change in Control Purchase Notice) to pay
                  the Change in Control Purchase Price, money in the necessary
                  amount has been theretofore deposited pursuant hereto (other
                  than

                                       7
<PAGE>   16

                  pursuant to Section 402) with the Trustee or any Paying Agent
                  (other than the Company) in trust or set aside and segregated
                  in trust by the Company (if the Company shall act as its own
                  Paying Agent) for the Holders of such Securities and any
                  Coupons appertaining thereto, provided that, if such
                  Securities are to be redeemed, notice of such redemption has
                  been duly given pursuant to this Indenture or provision
                  therefor satisfactory to the Trustee has been made;

         (c)      any such Security with respect to which the Company has
                  effected defeasance or covenant defeasance pursuant to Section
                  402, except to the extent provided in Section 402;

         (d)      any such Security which has been paid pursuant to Section 306
                  or in exchange for or in lieu of which other Securities have
                  been authenticated and delivered pursuant to this Indenture,
                  unless there shall have been presented to the Trustee proof
                  satisfactory to it that such Security is held by a protected
                  purchaser in whose hands such Security is a valid obligation
                  of the Company; and

         (e)      if the Securities are convertible or exchangeable into other
                  securities, Securities converted or exchanged as contemplated
                  by this Indenture, and such Securities if such other
                  securities have been either (i) delivered to the Holders
                  thereof in accordance with this Indenture or (ii) deposited
                  with and are held by the Paying Agent in trust for the Holders
                  of such Securities in accordance with this Indenture and such
                  Securities, provided in the case of this clause (ii) that any
                  applicable notice of conversion or exchange has been duly
                  given to the Holders thereof pursuant to this Indenture and
                  such securities.

provided, however, that in determining whether the Holders of the requisite
principal amount of Outstanding Securities have given any request, demand,
authorization, direction, notice, consent or waiver hereunder or are present at
a meeting of Holders of Securities for quorum purposes, (i) the principal amount
of an Original Issue Discount Security that may be counted in making such
determination and that shall be deemed to be Outstanding for such purposes shall
be equal to the amount of the principal thereof that pursuant to the terms of
such Original Issue Discount Security would be declared (or shall have been
declared to be) due and payable upon a declaration of acceleration thereof
pursuant to Section 502 at the time of such determination, and (ii) the
principal amount of any Indexed Security that may be counted in making such
determination and that shall be deemed outstanding for such purpose shall be
equal to the principal face amount of such Indexed Security at original
issuance, unless otherwise provided in or pursuant to this Indenture, and (iii)
the principal amount of a Security denominated in a Foreign Currency shall be
the Dollar equivalent, determined on the date of original issuance of such
Security, of the principal amount (or, in the case of an Original Issue Discount
Security, the Dollar equivalent on the date of original issuance of such
Security of the amount determined as provided in (i) above) of such Security,
and (iv) Securities owned by the Company or any other obligor upon the
Securities or any Affiliate of the Company (other than any Trust so long as any
of the Preferred Securities of such Trust are outstanding) or such other
obligor, shall be disregarded and deemed not to be Outstanding, except that, in
determining whether the Trustee shall be protected in making any such
determination or relying upon any such request, demand, authorization,
direction, notice, consent or waiver, only Securities which a Responsible
Officer

                                       8
<PAGE>   17

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

         "Paying Agent" means any Person authorized by the Company to pay the
principal of, or any premium or interest on, or any Additional Amounts with
respect to, any Security or any Coupon on behalf of the Company.

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

         "Place of Payment," with respect to any Security, means the place or
places where the principal of, or any premium or interest on, or any Additional
Amounts with respect to such Security are payable as provided in or pursuant to
this Indenture or such Security.

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

         "Preferred Securities" means the preferred securities of a Trust,
representing undivided beneficial interests in the assets of such Trust.

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

         "Redemption Price," with respect to any Security or portion thereof to
be redeemed, means the price at which it is to be redeemed as determined by or
pursuant to this Indenture or such Security.

         "Registered Security" means any Security established pursuant to
Section 201 which is registered in the Security Register.

         "Regular Record Date" for the interest payable on any Registered
Security on any Interest Payment Date therefor means the date, if any, specified
in or pursuant to this Indenture or such Security as the "Regular Record Date".

         "Required Currency" has the meaning specified in Section 116.

         "Responsible Officer" means any officer of the Trustee in its Corporate
Trust Office with direct responsibility for the administration of this Indenture
and also means, with respect

                                       9
<PAGE>   18

to a particular corporate trust matter, any other officer to whom such matter is
referred because of his knowledge of and familiarity with the particular
subject.

         "Security" or "Securities" means any note or notes, bond or bonds,
debenture or debentures, or any other evidences of Indebtedness, as the case may
be, authenticated and delivered under this Indenture; provided, however, that,
if at any time there is more than one Person acting as Trustee under this
Indenture, "Securities", with respect to any such Person, shall mean Securities
authenticated and delivered under this Indenture, exclusive, however, of
Securities of any series as to which such Person is not Trustee.

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

         "Senior Indebtedness" means all Indebtedness, whether outstanding on
the date of execution of this Indenture or thereafter created, assumed or
incurred, except Indebtedness Ranking on a Parity with the Securities or
Indebtedness Ranking Junior to the Securities.

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

         "Stated Maturity" with respect to any Security or any installment of
principal thereof or interest thereon or any Additional Amounts with respect
thereto, means the date established by or pursuant to this Indenture or such
Security as the fixed date on which the principal of such Security or such
installment of principal or interest is, or such Additional Amounts are, due and
payable.

         "Subsidiary" means any Corporation of which at the time of
determination the Company or one or more Subsidiaries owns or controls directly
or indirectly more than 50% of the shares of Voting Stock.

         "Trust" means any statutory business trust created or established by
the Company as a direct or indirect wholly-owned subsidiary to issue Trust
Securities and to use the proceeds from the sale thereof to purchase Securities.

         "Trust Agreement" means the agreement or declaration establishing the
terms and conditions of a Trust.

         "Trust Indenture Act" means the Trust Indenture Act of 1939, as
amended, and any reference herein to the Trust Indenture Act or a particular
provision thereof shall mean such Act or provision, as the case may be, as
amended or replaced from time to time or as supplemented from time to time by
rules or regulations adopted by the Commission under or in furtherance of the
purposes of such Act or provision, as the case may be.

         "Trust Securities" means the Preferred Securities and common securities
of a Trust, each representing undivided beneficial interests in the assets of
such Trust.

         "Trustee" means the Person named as the "Trustee" in the first
paragraph of this instrument until a successor Trustee shall have become such
with respect to one or more series

                                       10
<PAGE>   19

of Securities pursuant to the applicable provisions of this Indenture, and
thereafter "Trustee" shall mean each Person who is then a Trustee hereunder;
provided, however, that if at any time there is more than one such Person,
"Trustee" shall mean each such Person and as used with respect to the Securities
of any series shall mean the Trustee with respect to the Securities of such
series.

         "United States", except as otherwise provided in or pursuant to this
Indenture or any Security, means the United States of America (including the
states thereof and the District of Columbia), its territories and possessions
and other areas subject to its jurisdiction.

         "United States Alien," except as otherwise provided in or pursuant to
this Indenture or any Security, means any Person who, for United States Federal
income tax purposes, is a foreign corporation, a non-resident alien individual,
a non-resident alien fiduciary of a foreign estate or trust, or a foreign
partnership one or more of the members of which is, for United States Federal
income tax purposes, a foreign corporation, a non-resident alien individual or a
non-resident alien fiduciary of a foreign estate or trust.

         "U.S. Depository" or "Depository" means, with respect to any Security
issuable or issued in the form of one or more global Securities, the Person
designated as U.S. Depository or Depository by the Company in or pursuant to
this Indenture, which Person must be, to the extent required by applicable law
or regulation, a clearing agency registered under the Securities Exchange Act of
1934, as amended, and, if so provided with respect to any Security, any
successor to such Person. If at any time there is more than one such Person,
"U.S. Depository" or "Depository" shall mean, with respect to any Securities,
the qualifying entity which has been appointed with respect to such Securities.

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

         "Voting Stock" means stock of a Corporation of the class or classes
having general voting power under ordinary circumstances to elect at least a
majority of the board of directors, managers or trustees of such Corporation,
provided that, for the purposes hereof, stock which carries only the right to
vote conditionally on the happening of an event shall not be considered voting
stock whether or not such event shall have happened.

         Section 102. Compliance Certificates and Opinions.

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

                                       11
<PAGE>   20

         Section 103. Form of Documents Delivered to Trustee.

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

         Any certificate or opinion of an officer of the Company may be based,
insofar as it relates to legal matters, upon an Opinion of Counsel, unless such
officer knows, or in the exercise of reasonable care should know, that the
opinion with respect to the matters upon which his certificate or opinion is
based are erroneous. Any such 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 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 respell 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 or any Security, they may, but need not, be
consolidated and form one instrument.

         Section 104. Acts of Holders and Holders of Preferred Securities.

                  (1) Any request, demand, authorization, direction, notice,
         consent, waiver or other action provided by or pursuant to this
         Indenture to be given or taken by Holders or by holders of Preferred
         Securities may be embodied in and evidenced by one or more instruments
         of substantially similar tenor signed by such Holders or holders of
         Preferred Securities, as applicable, in person or by an agent duly
         appointed in writing. If, but only if, Securities of a series are
         issuable as Bearer Securities, any request, demand, authorization,
         direction, notice, consent, waiver or other action provided in or
         pursuant to this Indenture to be given or taken by Holders of
         Securities of such series or by holders of Preferred Securities may,
         alternatively, be embodied in and evidenced by the record of Holders of
         Securities of such series or by holders of Preferred Securities voting
         in favor thereof, either in person or by proxies duly appointed in
         writing, at any meeting of Holders of Securities of such series duly
         called and held in accordance with the provisions of Article Fourteen,
         or a combination of such instruments and any such record. Except as
         herein otherwise expressly provided, such action shall become effective
         when such instrument or instruments or record or both are delivered to
         the Trustee and, where it is hereby expressly required, to the Company.
         Such instrument or instruments and any such record (and the action
         embodied therein and evidenced thereby) are herein sometimes referred
         to as the "Act" of the Holders or holders of Preferred Securities
         signing such instrument or instruments or so voting at any such
         meeting. Proof of execution of any such instrument or of a writing
         appointing any such agent, or of the holding by any Person of a
         Security, shall be sufficient for any purpose of this Indenture and
         (subject to Section 315 of the Trust Indenture Act) conclusive in favor
         of the Trustee

                                       12
<PAGE>   21

         and the Company and any agent of the Trustee or the Company, if made in
         the manner provided in this Section 104. The record of any meeting of
         Holders of Securities shall be proved in the manner provided in Section
         1406.

                  Without limiting the generality of this Section 104, unless
         otherwise provided in or pursuant to this Indenture, a Holder,
         including a U.S. Depository that is a Holder of a global Security, may
         make, give or take, by a proxy, or proxies, duly appointed in writing,
         any request, demand, authorization, direction, notice, consent, waiver
         or other Act provided in or pursuant to this Indenture to be made,
         given or taken by Holders, and a U.S. Depository that is a Holder of a
         global Security may provide its proxy or proxies to the beneficial
         owners of interests in any such global Security through such U.S.
         Depository's standing instructions and customary practices.

                  The Trustee shall fix a record date for the purpose of
         determining the Persons who are beneficial owners of interest in any
         permanent global Security held by a U.S. Depository entitled under the
         procedures of such U.S. Depository to make, give or take, by a proxy or
         proxies duly appointed in writing, any request, demand, authorization,
         direction, notice, consent, waiver or other Act provided in or pursuant
         to this Indenture to be made, given or taken by Holders. If such a
         record date is fixed, the Holders on such record date or their duly
         appointed proxy or proxies, and only such Persons, shall be entitled to
         make, give or take such request, demand, authorization, direction,
         notice, consent, waiver or other Act, whether or not such Holders
         remain Holders after such record date. No such request, demand,
         authorization, direction, notice, consent, waiver or other Act shall be
         valid or effective if made, given or taken more than 90 days after such
         record date.

                  (2) The fact and date of the execution by any Person of any
         such instrument or writing may be proved in any reasonable manner which
         the Trustee deems sufficient and in accordance with such reasonable
         rules as the Trustee may determine; and the Trustee may in any instance
         require further proof with respect to any of the matters referred to in
         this Section 104.

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

                  (4) The ownership, principal amount and serial numbers of
         Bearer Securities held by any Person, and the date of the commencement
         and the date of the termination of holding the same, may be proved by
         the production of such Bearer Securities or by a certificate executed,
         as depositary, by any trust company, bank, banker or other depositary
         reasonably acceptable to the Company, wherever situated, if such
         certificate shall be deemed by the Company and the Trustee to be
         satisfactory, showing that at the date therein mentioned such Person
         had on deposit with such depositary, or exhibited to it, the Bearer
         Securities therein described; or such facts may be proved by the
         certificate or affidavit of the Person holding such Bearer Securities,
         if such certificate or affidavit is deemed by the Trustee to be
         satisfactory. The Trustee and the Company may assume that such
         ownership of any Bearer Security continues until (1) another
         certificate or affidavit

                                       13
<PAGE>   22

         bearing a later date issued in respect of the same Bearer Security is
         produced, or (2) such Bearer Security is produced to the Trustee by
         some other Person, or (3) such Bearer Security is surrendered in
         exchange for a Registered Security, or (4) such Bearer Security is no
         longer Outstanding. The ownership, principal amount and serial numbers
         of Bearer Securities held by the Person so executing such instrument or
         writing and the date of the commencement and the date of the
         termination of holding the same may also be proved in any other manner
         which the Company and the Trustee deem sufficient.

                  (5) If the Company shall solicit from the Holders of any
         Registered Securities any request, demand, authorization, direction,
         notice, consent, waiver or other Act, the Company may at its option
         (but is not obligated to), by Board Resolution, fix in advance a record
         date for the determination of Holders of Registered Securities entitled
         to give such request, demand, authorization, direction, notice,
         consent, waiver or other Act. If such a record date is fixed, such
         request, demand, authorization, direction, notice, consent, waiver or
         other Act may be given before or after such record date, but only the
         Holders of Registered Securities of record at the close of business on
         such record date shall be deemed to be Holders for the purpose of
         determining whether Holders of the requisite proportion of Outstanding
         Securities have authorized or agreed or consented to such request,
         demand, authorization, direction, notice, consent, waiver or other Act,
         and for that purpose the Outstanding Securities shall be computed as of
         such record date; provided that no such authorization, agreement or
         consent by the Holders of Registered Securities shall be deemed
         effective unless it shall become effective pursuant to the provisions
         of this Indenture not later than six months after the record date.

                  (6) Any request, demand, authorization, direction, notice,
         consent, waiver or other Act by 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 or
         suffered to be done by the Trustee, any Security Registrar, any Paying
         Agent, any Conversion Agent or the Company in reliance thereon, whether
         or not notation of such Act is made upon such Security.

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

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

                  (1) the Trustee by any Holder or holder of a Preferred
         Security or 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 Market Fiduciary
         Services, or

                  (2) the Company by the Trustee or any Holder or holder of a
         Preferred Security shall be sufficient for every purpose hereunder
         (unless otherwise herein expressly provided) if in writing and mailed,
         first-class postage prepaid, to the Company addressed to the attention
         of its Treasurer at the address of its principal office specified in

                                       14
<PAGE>   23

         the first paragraph of this instrument or at any other address
         previously furnished in writing to the Trustee by the Company.

         Section 106. Notice to Holders of Securities; Waiver.

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

                  (1) such notice shall be sufficiently given to Holders of
         Registered Securities if in writing and mailed, first-class postage
         prepaid, to each Holder of a Registered Security affected by such
         event, at 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; and

                  (2) such notice shall be sufficiently given to Holders of
         Bearer Securities, if any, if published in an Authorized Newspaper in
         The City of New York and, if such Securities are then listed on any
         stock exchange outside the United States, in an Authorized Newspaper in
         such city as the Company shall advise the Trustee that such stock
         exchange so requires, on a Business Day at least twice, the first such
         publication to be not earlier than the earliest date and the second
         such publication not later than the latest date prescribed for the
         giving of such notice.

         In any case where notice to Holders of Registered Securities is given
by mail, neither the failure to mail such notice, nor any defect in any notice
so mailed, to any particular Holder of a Registered Security shall affect the
sufficiency of such notice with respect to other Holders of Registered
Securities or the sufficiency of any notice to Holders of Bearer Securities
given as provided herein. Any notice which is mailed in the manner herein
provided shall be conclusively presumed to have been duly given or provided. 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 case by reason of the suspension of publication of any Authorized
Newspaper or Authorized Newspapers or by reason of any other cause it shall be
impracticable to publish any notice to Holders of Bearer Securities as provided
above, then such notification to Holders of Bearer Securities as shall be given
with the approval of the Trustee shall constitute sufficient notice to such
Holders for every purpose hereunder. Neither failure to give notice by
publication to Holders of Bearer Securities as provided above, nor any defect in
any notice so published, shall affect the sufficiency of any notice mailed to
Holders of Registered Securities as provided above.

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

                                       15
<PAGE>   24

         Section 107. Language of Notices.

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

         Section 108. Conflict with Trust Indenture Act.

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

         Section 109. Effect of Headings and Table of Contents.

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

         Section 110. 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 111. Separability Clause.

         In case any provision in this Indenture, any Security or any Coupon
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 112. Benefits of Indenture.

         Except as otherwise expressly provided herein with respect to holders
of Senior Indebtedness and holders of Preferred Securities, nothing in this
Indenture, any Security or any Coupon, express or implied, shall give to any
Person, other than the parties hereto, any Security Registrar, any Paying Agent,
any Conversion Agent and their successors hereunder and the Holders of
Securities or Coupons, any benefit or any legal or equitable right, remedy or
claim under this Indenture.

         Section 113. Governing Law.

         This Indenture, the Securities and any Coupons shall be governed by and
construed in accordance with the laws of the State of New York applicable to
agreements made or instruments entered into and, in each case, performed in said
state without regard to the conflict of laws principles thereof.

                                       16
<PAGE>   25

         Section 114. Legal Holidays.

         Unless otherwise specified in or pursuant to this Indenture or any
Securities, in any case where any Interest Payment Date, Business Day following
any Change in Control Purchase Date or Stated Maturity or Maturity of any
Security shall be a Legal Holiday at any Place of Payment, then (notwithstanding
any other provision of this Indenture, any Security or any Coupon other than a
provision in any Security or Coupon that specifically states that such provision
shall apply in lieu hereof) payment need not be made at such Place of Payment on
such date, and no interest shall accrue on the amount payable on such date or at
such time for the period from and after such Interest Payment Date, Business Day
following any Change in Control Purchase Date, Stated Maturity or Maturity, as
the case may be, to the next succeeding Business Day.

         Section 115. Counterparts.

         This Indenture may be executed in several counterparts, each of which
shall be an original and all of which shall constitute but one and the same
instrument.

         Section 116. Judgment Currency.

         The Company agrees, to the fullest extent that it may effectively do so
under applicable law, that (a) if for the purpose of obtaining judgment in any
court it is necessary to convert the sum due in respect of the principal of, or
premium or interest, if any, or Additional Amounts on the Securities of any
series (the "Required Currency") into a currency in which a judgment will be
rendered (the "Judgment Currency"), the rate of exchange used shall be the rate
at which in accordance with normal banking procedures the Trustee could purchase
in The City of New York the Required Currency with the Judgment Currency on the
New York Banking Day preceding that on which a final unappealable judgment is
given and (b) the Company's obligations under this Indenture to make payments in
the Required Currency (i) shall not be discharged or satisfied by any tender, or
any recovery pursuant to any judgment (whether or not entered in accordance with
clause (a)), in any currency other than the Required Currency, except to the
extent that such tender or recovery shall result in the actual receipt, by the
payee, of the full amount of the Required Currency expressed to be payable in
respect of such payments, (ii) shall be enforceable as an alternative or
additional cause of action for the purpose of recovering in the Required
Currency the amount, if any, by which such actual receipt shall fall short of
the full amount of the Required Currency so expressed to be payable and (iii)
shall not be affected by judgment being obtained for any other sum due under
this Indenture. For purposes of the foregoing, "New York Banking Day" means any
day except a Saturday, Sunday or a legal holiday in The City of New York or a
day on which banking institutions in The City of New York are authorized or
obligated by law, regulation or executive order to be closed.

                                       17
<PAGE>   26
                                   ARTICLE 2.

                                 SECURITIES FORM

         Section 201. Forms Generally.

         Each Registered Security, Bearer Security, Coupon and temporary or
permanent global Security issued pursuant to this Indenture shall be in the form
established by or pursuant to a Board Resolution, an Officer's Certificate or in
one or more indentures supplemental hereto, shall have such appropriate
insertions, omissions, substitutions and other variations as are required or
permitted by or pursuant to this Indenture or any indenture supplemental hereto
and may have such letters, numbers or other marks of identification and such
legends or endorsements placed thereon as may consistently herewith be
determined by the Officers executing such Security or Coupon as evidenced by
their execution of such Security or Coupon.

         Unless otherwise provided in or pursuant to this Indenture or any
Securities, the Securities shall be issuable in registered form without Coupons
and shall not be issuable upon the exercise of warrants.

         Definitive Securities and definitive Coupons shall be printed,
lithographed or engraved or produced by any combination of these methods on a
steel engraved border or steel engraved borders or may be produced in any other
manner, all as determined by the officers of the Company executing such
Securities or Coupons, as evidenced by their execution of such Securities or
Coupons.

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

         Subject to Section 611, the Trustee's certificate of authentication
shall be in substantially the following form:

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

                                        THE CHASE MANHATTAN BANK,
                                              as Trustee

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

         Section 203. Securities in Global Form.

         Unless otherwise provided in or pursuant to this Indenture or any
Securities, the Securities shall not be issuable in temporary or permanent
global form. If Securities of a series shall be issuable in global form, any
such Securities may provide that it or any number of such Securities shall
represent the aggregate amount of all Outstanding Securities of such series (or
such lesser amount as is permitted by the terms thereof) from time to time
endorsed thereon and may also provide that the aggregate amount of Outstanding
Securities represented thereby may from time to time be increased or reduced to
reflect exchanges. Any endorsement of any

                                       18
<PAGE>   27

Security in global form to reflect the amount, or any increase or decrease in
the amount, or changes in the rights of Holders, of Outstanding Securities
represented thereby shall be made in such manner and by such Person or Persons
as shall be specified therein or in the Company Order to be delivered pursuant
to Section 303 or 304 with respect thereto. Subject to the provisions of Section
303 and, if applicable, Section 304, the Trustee shall deliver and redeliver any
Security in permanent global form in the manner and upon instructions given by
the Person or Persons specified therein or in the applicable Company Order. If a
Company Order pursuant to Section 303 or 304 has been, or simultaneously is,
delivered, any instructions by the Company with respect to a Security in global
form shall be in writing but need not be accompanied by or contained in an
Officers' Certificate and need not be accompanied by an Opinion of Counsel.

         Notwithstanding the provisions of Section 307, unless otherwise
specified in or pursuant to this Indenture or any Securities, payment of
principal of, any premium and interest on, and any Additional Amounts in respect
of, any Security in temporary or permanent global form shall be made to the
Person or Persons specified therein.

         Notwithstanding the provisions of Section 308 and except as provided in
the preceding paragraph, the Company, the Trustee and any agent of the Company
and the Trustee shall treat the Holder of a global security in registered form
as the Holder of the principal amount of Outstanding Securities represented by
such global Security.

                                   ARTICLE 3.

                                 THE SECURITIES

         Section 301. Amount Unlimited, Issuable in Series.

         The aggregate principal amount of Securities which may be authenticated
and delivered under this Indenture is unlimited. The Securities may be issued in
one or more series.

         With respect to any Securities to be authenticated and delivered
hereunder, there shall be established in or pursuant to a Board Resolution, an
Officers' Certificate or established in one or more indentures supplemental
hereto,

                  (1) the title of such Securities and the series in which such
         Securities shall be included;

                  (2) any limit upon the aggregate principal amount of the
         Securities of such title or the Securities of such series which may be
         authenticated and delivered under this Indenture (except for Securities
         authenticated and delivered upon registration or transfer of, or in
         exchange for, or in lieu of, other Securities of such series pursuant
         to Section 304, 305, 306, 905 or 1107, upon repayment on part of any
         Registered Security of such series pursuant to Article Twelve or
         pursuant to the terms of such Securities);

                  (3) if such Securities are to be issuable as Registered
         Securities, as Bearer Securities or alternatively as Bearer Securities
         and Registered Securities, and whether the

                                       19
<PAGE>   28

         Bearer Securities are to be issuable with Coupons, without Coupons or
         both, and any restrictions applicable to the offer, sale or delivery of
         the Bearer Securities and the terms, if any, upon which Bearer
         Securities may be exchanged for Registered Securities and vice versa;

                  (4) if any of such Securities are to be issuable in global
         form, when any of such Securities are to be issuable in global form and
         (i) whether such Securities are to be issued in temporary or permanent
         global form or both, (ii) whether beneficial owners of interests in any
         such global Security may exchange such interests for Securities of the
         same series and of like tenor and of any authorized form and
         denomination, and the circumstances under which any such exchanges may
         occur, if other than in the manner specified in Section 305, and (iii)
         the name of the Depository or the U.S. Depository, as the case may be,
         with respect to any global Security;

                  (5) if any of such Securities are to be issuable as Bearer
         Securities or in global form, the date as of which any such Bearer
         Security or global Security shall be dated (if other than the date of
         original issuance of the first of such Securities to be issued);

                  (6) if any of such Securities are to be issuable as Bearer
         Securities, whether interest in respect of any portion of a temporary
         Bearer Security in global form payable in respect of an Interest
         Payment Date therefor prior to the exchange, if any, of such temporary
         Bearer Security for definitive Securities shall be paid to any clearing
         organization with respect to the portion of such temporary Bearer
         Security held for its account and, in such event, the terms and
         conditions (including any certification requirements) upon which any
         such interest payment received by a clearing organization will be
         credited to the Persons entitled to interest payable on such Interest
         Payment Date;

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

                  (8) the rate or rates at which such Securities shall bear
         interest, if any, or the method or methods, if any, by which such rate
         or rates are to be determined, the date or dates, if any, from which
         such interest shall accrue or the method or methods, if any, by which
         such date or dates are to be determined, the Interest Payment Dates, if
         any, on which such interest shall be payable and the Regular Record
         Date, if any, for the interest payable on Registered Securities on any
         Interest Payment Date, whether and under what circumstances Additional
         Amounts on such Securities or any of them shall be payable, the notice,
         if any, to Holders regarding the determination of interest on a
         floating rate Security and the manner of giving such notice, and the
         basis upon which interest shall be calculated if other than that of a
         360-day year of twelve 30-day months;

                  (9) any deletions from, modifications of or additions to the
         subordination provisions of Article Sixteen with respect to such
         Securities, whether or not such subordination provisions are consistent
         with the subordination provisions set forth therein;

                                       20
<PAGE>   29

                  (10) the right, if any, to extend the interest payment periods
         and the duration of any such extension, including the maximum
         consecutive period, if any, during which interest payment periods may
         be extended;

                  (11) the obligation, if any, of the Company to redeem or
         purchase Securities of the series pursuant to any sinking fund or
         analogous provisions (including payments made in cash in anticipation
         of future sinking fund obligations) or at the option of a Holder and
         the date or dates on which or the period or periods within which, the
         price or prices at which, and the terms and conditions upon which,
         Securities of the series shall be redeemed or purchased, in whole or in
         part, pursuant to such obligation;

                  (12) if in addition to or other than the Borough of Manhattan,
         The City of New York, the place or places where the principal of, any
         premium and interest on or any Additional Amounts with respect to such
         Securities shall be payable, any of such Securities that are Registered
         Securities may be surrendered for registration of transfer or exchange
         and notices or demands to or upon the Company in respect of such
         Securities and this Indenture may be served, the extent to which, or
         the manner in which, any interest payment or Additional Amounts on a
         global Security on an Interest Payment Date, will be paid and the
         manner in which any principal of or premium, if any, on any global
         Security will be paid;

                  (13) whether any of such Securities are to be redeemable at
         the option of the Company and, if so, the date or dates on which, the
         period or periods within which, the price or prices at which and the
         other terms and conditions upon which such Securities may be redeemed,
         in whole or in part, at the option of the Company;

                  (14) the right or obligation of any Holder or the Company to
         convert or exchange any Security into Common Stock of the Company or
         other securities of the Company and the terms and conditions of any
         such conversion or exchange and, if so provided, the terms and
         conditions upon which such conversion or exchange will be effected,
         including the conversion or exchange price, the conversion or exchange
         date(s) or period(s), provisions as to whether conversion or exchange
         will be at the option of the Holder or the Company, the events
         requiring adjustment of the conversion or exchange price and provisions
         affecting conversion or exchange in the event of redemption of the
         Security of any series and any deletions from or modifications or
         additions to this Indenture to permit or to facilitate the issuance of
         such convertible or exchangeable Securities or the administration
         thereof;

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

                  (16) if other than the principal amount thereof, the portion
         of the principal amount of any of such Securities that shall be payable
         upon declaration of acceleration of the Maturity thereof pursuant to
         Section 502 or the method by which such portion is to be determined;

                                       21
<PAGE>   30

                  (17) if other than Dollars, the Foreign Currency in which
         payment of the principal of, any premium or interest on or any
         Additional Amounts with respect to any of such Securities shall be
         payable;

                  (18) if the principal of, any premium or Interest on or any
         Additional Amounts with respect to any of such Securities are to be
         payable, at the election of the Company or a Holder thereof or
         otherwise, in Dollars or in a Foreign Currency other than that in which
         such Securities are stated to be payable, the date or dates on which,
         the period or periods within which, and the other terms and conditions
         upon which, such election may be made, and the time and manner of
         determining the exchange rate between the Currency in which such
         Securities are stated to be payable and the Currency in which such
         Securities or any of them are to be paid pursuant to such election, and
         any deletions from or modifications of or additions to the terms of
         this Indenture to provide for or to facilitate the issuance of
         Securities denominated or payable, at the election of the Company or a
         Holder thereof or otherwise, in a Foreign Currency;

                  (19) whether the amount of payments of principal of, any
         premium or interest on or any Additional Amounts with respect to such
         Securities may be determined with reference to an index, formula or
         other method or methods (which index, formula or method or methods may
         be based, without limitation, on one or more Currencies, commodities,
         equity indices or other indices), and, if so, the terms and conditions
         upon which and the manner in which such amounts shall be determined and
         paid or payable;

                  (20) any deletions from, modifications of or additions to the
         Events of Default or covenants of the Company with respect to any of
         such Securities, whether or not such Events of Default or covenants are
         consistent with the Events of Default or covenants set forth herein;

                  (21) if either or both of Section 402(2) relating to
         defeasance or Section 402(3) relating to covenant defeasance shall be
         applicable to the Securities of such series, or any covenants in
         addition to those specified in Section 402(3) relating to the
         Securities of such series shall be subject to covenant defeasance, and
         any deletions from, or modifications or additions to, the provisions of
         Article Four in respect of the Securities of such series;

                  (22) if any of such Securities are to be issuable upon the
         exercise of warrants, and the time, manner and place for such
         Securities to be authenticated and delivered;

                  (23) if any of such Securities are to be issuable in global
         form and are to be issuable in definitive form (whether upon original
         issue or upon exchange of a temporary Security) only upon receipt of
         certain certificates or other documents or satisfaction of other
         conditions, then the form and terms of such certificates, documents or
         conditions;

                  (24) if there is more than one Trustee, the identity of the
         Trustee and, if not the Trustee, the identity of each Security
         Registrar, Paying Agent, Conversion Agent or Authenticating Agent with
         respect to such Securities;

                  (25) the Change in Control Purchase Price, if applicable;

                                       22
<PAGE>   31

                  (26) the name of the applicable Trust (which shall distinguish
         such statutory business trust from all other Trusts), if any, to which
         the Securities of such series are to be deposited as assets and the
         date of its Trust Agreement; and

                  (27) any other terms of such Securities and any deletions from
         or modifications or additions to this Indenture in respect of such
         Securities.

         All Securities of any one series and all Coupons, if any, appertaining
to Bearer Securities of such series shall be substantially identical except as
to Currency of payments due thereunder, denomination and the rate of interest,
or method of determining the rate of interest, if any, Maturity, and the date
from which interest, if any, shall accrue and except as may otherwise be
provided by the Company in or pursuant to the Board Resolution and set forth in
the Officers' Certificate or in any indenture or indentures supplemental hereto
pertaining to such series of Securities. The terms of the Securities of any
series may provide, without limitation, that the Securities shall be
authenticated and delivered by the Trustee on original issue from time to time
upon telephonic or written order of persons designated in the Officers'
Certificate or supplemental indenture (telephonic instructions to be promptly
confirmed in writing by such person) and that such persons are authorized to
determine, consistent with such Officers' Certificate or any applicable
supplemental indenture, such terms and conditions of the Securities of such
series as are specified in such Officers' Certificate or supplemental indenture.
All Securities of any one series need not be issued at the same time and, unless
otherwise so provided by the Company, a series may be reopened for issuances of
additional Securities of such series or to establish additional terms of such
series of Securities.

         If any of the terms of the Securities of any series shall be
established by action taken by or pursuant to a Board Resolution, the Board
Resolution shall be delivered to the Trustee at or prior to the delivery of the
Officers' Certificate setting forth the terms of such series.

         Section 302. Currency; Denominations.

         Unless otherwise provided in or pursuant to this Indenture, the
principal of, any premium and interest on and any Additional Amounts with
respect to the Securities shall be payable in Dollars. Unless otherwise provided
in or pursuant to this Indenture, Registered Securities denominated in Dollars
shall be issuable in registered form without Coupons in denominations of $1,000
and any integral multiple thereof, and the Bearer Securities denominated in
Dollars shall be issuable in the denomination of $5,000. Securities not
denominated in Dollars shall be issuable in such denominations as are
established with respect to such Securities in or pursuant to this Indenture.

         Section 303. Execution, Authentication, Delivery and Dating.

         Securities shall be executed on behalf of the Company by its Chairman
of the Board, one of its Vice Chairmen, its President, its Treasurer, one of its
Assistant Treasurers or one of its Vice Presidents under its corporate seal
reproduced thereon and attested by its Secretary or one of its Assistant
Secretaries. Coupons shall be executed on behalf of the Company by the
Treasurer, one of its Vice Presidents or any Assistant Treasurer of the Company.
The signature

                                       23
<PAGE>   32

of any of these officers on the Securities or any Coupons appertaining thereto
may be manual or facsimile.

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

         At any time and from time to time after the execution and delivery of
this Indenture, the Company may deliver Securities, together with any Coupons
appertaining thereto, executed by the Company, to the Trustee for authentication
and, provided that the Board Resolution and Officers' Certificate or
supplemental indenture or indentures with respect to such Securities referred to
in Section 301 and a Company Order for the authentication and delivery of such
Securities have been delivered to the Trustee, the Trustee in accordance with
the Company Order and subject to the provisions hereof and of such Securities
shall authenticate and deliver such Securities. In authenticating such
Securities, and accepting the additional responsibilities under this Indenture
in relation to such Securities and any Coupons appertaining thereto, the Trustee
shall be entitled to receive, and (subject to Sections 315(a) through 315(d) of
the Trust Indenture Act) shall be fully protected in relying upon,

         (1) an Opinion of Counsel to the effect that:

                  (a) the form or forms and terms of such Securities and
         Coupons, if any, have been established in conformity with the
         provisions of this Indenture;

                  (b) all conditions precedent to the authentication and
         delivery of such Securities and Coupons, if any, appertaining thereto,
         have been complied with and that such Securities, and Coupons, when
         completed by appropriate insertions, executed under the Company's
         corporate seal and attested by duly authorized officers of the Company,
         delivered by duly authorized officers of the Company to the Trustee for
         authentication pursuant to this Indenture, and 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 legally valid and binding obligations of the Company,
         enforceable against the Company in accordance with their terms, except
         as enforcement thereof may be subject to or limited by bankruptcy,
         insolvency, reorganization, moratorium, arrangement, fraudulent
         conveyance, fraudulent transfer or other similar laws relating to or
         affecting creditors' rights generally, and subject to general
         principles of equity (regardless of whether enforcement is sought in a
         proceeding in equity or at law) and will entitle the Holders thereof to
         the benefits of this Indenture; such Opinion of Counsel need express no
         opinion as to the availability of equitable remedies;

                  (c) all laws and requirements in respect of the execution and
         delivery by the Company of such Securities and Coupons, if any, have
         been complied with; and

                  (d) this Indenture has been qualified under the Trust
         Indenture Act; and

                                       24
<PAGE>   33

                  (2) an Officers' Certificate stating that, to the best
         knowledge of the Persons executing such certificate, no event which is,
         or after notice or lapse of time or both would become, an Event of
         Default with respect to any of the Securities shall have occurred and
         be continuing.

         If all the Securities of any series are not to be issued at one time,
it shall not be necessary to deliver an Opinion of Counsel and an Officers'
Certificate at the time of issuance of each Security, but such opinion and
certificate, with appropriate modifications, shall be delivered at or before the
time of issuance of the first Security of such series. After any such first
delivery, any separate request by the Company that the Trustee authenticate
Securities of such series for original issue will be deemed to be a
certification by the Company that all conditions precedent provided for in this
Indenture relating to authentication and delivery of such Securities continue to
have been complied with.

         The Trustee shall not be required to authenticate or to cause an
Authenticating Agent to authenticate any 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 or if the Trustee,
being advised by counsel, determines that such action may not lawfully be taken.

         Each Registered Security shall be dated the date of its authentication.
Each Bearer Security and any Bearer Security in global form shall be dated as of
the date specified in or pursuant to this Indenture.

         No Security or Coupon appertaining thereto 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 in Section 202 or 611 executed by or on behalf of the
Trustee or by the Authenticating Agent by the manual signature of one of its
authorized officers. Such certificate upon any Security shall be conclusive
evidence, and the only evidence, that such Security has been duly authenticated
and delivered hereunder. Except as permitted by Section 306 or 307, the Trustee
shall not authenticate and deliver any Bearer Security unless all Coupons
appertaining thereto then matured have been detached and cancelled.

         Section 304. Temporary Securities.

         Pending the preparation of definitive Securities, the Company may
execute and deliver to the Trustee and, upon Company Order, the Trustee shall
authenticate and deliver, in the manner provided in Section 303, temporary
Securities in lieu thereof 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, in registered form or, if authorized in of pursuant to this
Indenture, in bearer form with one or more Coupons or without Coupons and with
such appropriate insertions, omissions, substitutions and other variations as
the officers of the Company executing such Securities may determine, as
conclusively evidenced by their execution of such Securities. Such temporary
Securities may be in global form.

         Except in the case of temporary Securities in global form, which shall
be exchanged in accordance with the provisions thereof, if temporary Securities
are issued, the Company shall

                                       25
<PAGE>   34

cause definitive Securities to be prepared without unreasonable delay. After the
preparation of definitive Securities of the same series and containing terms and
provisions that are identical to those of any temporary Securities, such
temporary Securities shall be exchangeable for such definitive Securities upon
surrender of such temporary Securities at an Office or Agency for such
Securities, without charge to any Holder thereof. Upon surrender for
cancellation of any one or more temporary Securities (accompanied by any
unmatured Coupons appertaining thereto), the Company shall execute and the
Trustee shall authenticate and deliver in exchange therefor a like principal
amount of definitive Securities of authorized denominations of the same series
and containing identical terms and provisions; provided, however, that no
definitive Bearer Security, except as provided in or pursuant to this Indenture,
shall be delivered in exchange for a temporary Registered Security; and
provided, further, that a definitive Bearer Security shall be delivered in
exchange for a temporary Bearer Security only in compliance with the conditions
set forth in or pursuant to this Indenture. Unless otherwise provided in or
pursuant to this Indenture with respect to a temporary global Security, 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 305. Registration, Transfer and Exchange.

         With respect to the Registered Securities of each series, if any, the
Company shall cause to be kept a register (each such register being herein
sometimes referred to as the "Security Register") at an Office or Agency for
such series in which, subject to such reasonable regulations as it may
prescribe, the Company shall provide for the registration of the Registered
Securities of such series and of transfers of the Registered Securities of such
series. Such Office or Agency shall be the "Security Registrar" for that series
of Securities. Unless otherwise specified in or pursuant to this Indenture or
the Securities, the Trustee shall be the initial Security Registrar for each
series of Securities. The Company shall have the right to remove and replace
from time to time the Security Registrar for any series of Securities; provided
that no such removal or replacement shall be effective until a successor
Security Registrar with respect to such series of Securities shall have been
appointed by the Company and shall have accepted such appointment by the
Company. In the event that the Trustee shall not be or shall cease to be
Security Registrar with respect to a series of Securities, it shall have the
right to examine the Security Register for such series at all reasonable times.
There shall be only one Security Register for each series of Securities.

         Upon surrender for registration of transfer of any Registered Security
of any series at any Office or Agency for such series, the Company shall
execute, and the Trustee shall authenticate and deliver, in the name of the
designated transferee or transferees, one or more new Registered Securities of
the same series denominated as authorized in or pursuant to this Indenture, of a
like aggregate principal amount bearing a number not contemporaneously
outstanding and containing identical terms and provisions.

         At the option of the Holder, Registered Securities of any series may be
exchanged for other Registered Securities of the same series containing
identical terms and provisions, in any authorized denominations, and of a like
aggregate principal amount, upon surrender of the Securities to be exchanged at
any Office or Agency for such series. Whenever any Registered Securities are so
surrendered for exchange, the Company shall execute, and the Trustee shall

                                       26
<PAGE>   35

authenticate and deliver, the Registered Securities which the Holder making the
exchange is entitled to receive.

         If provided in or pursuant to this Indenture, with respect to
Securities of any series, at the option of the Holder, Bearer Securities of such
series may be exchanged for Registered Securities of such series containing
identical terms, denominated as authorized in or pursuant to this Indenture and
in the same aggregate principal amount, upon surrender of the Bearer Securities
to be exchanged at any Office or Agency for such series, with all unmatured
Coupons and all matured Coupons in default thereto appertaining. If the Holder
of a Bearer Security is unable to produce any such unmatured Coupon or Coupons
or matured Coupon or Coupons in default, such exchange may be effected if the
Bearer Securities are accompanied by payment in funds acceptable to the Company
and the Trustee in an amount equal to the face amount of such missing Coupon or
Coupons, or the surrender of such missing Coupon or Coupons may be waived by the
Company and the Trustee if there is furnished to them such security or indemnity
as they may require to save each of them and any Paying Agent harmless. If
thereafter the Holder of such Bearer Security shall surrender to any Paying
Agent any such missing Coupon in respect of which such a payment shall have been
made, such Holder shall be entitled to receive the amount of such payment;
provided, however, that, except as otherwise provided in Section 1002, interest
represented by Coupons shall be payable only upon presentation and surrender of
those Coupons at an Office or Agency for such series located outside the United
States. Notwithstanding the foregoing, in case a Bearer Security of any series
is surrendered at any such Office or Agency for such series in exchange for a
Registered Security of such series and like tenor after the close of business at
such Office or Agency on (i) any Regular Record Date and before the opening of
business at such Office or Agency on the relevant Interest Payment Date, or (ii)
any Special Record Date and before the opening of business at such Office or
Agency on the related date for payment of Defaulted Interest, such Bearer
Security shall be surrendered without the Coupon relating to such Interest
Payment Date or proposed date of payment, as the case may be (or, if such Coupon
is so surrendered with such Bearer Security, such Coupon shall be returned to
the Person so surrendering the Bearer Security), and interest or Defaulted
Interest, as the case may be, shall not be payable on such Interest Payment Date
or proposed date for payment, as the case may be, in respect of the Registered
Security issued in exchange for such Bearer Security, but shall be payable only
to the Holder of such Coupon when due in accordance with the provisions of this
Indenture.

         If provided in or pursuant to this Indenture with respect to Securities
of any series, at the option of the Holder, Registered Securities of such series
may be exchanged for Bearer Securities upon such terms and conditions as may be
provided in or pursuant to this Indenture with respect to such series.

         Whenever any Securities are surrendered for exchange as contemplated by
the immediately preceding two paragraphs, the Company shall execute, and the
Trustee shall authenticate and deliver, the Securities which the Holder making
the exchange is entitled to receive.

         Notwithstanding the foregoing, except as otherwise provided in or
pursuant to this Indenture, any global Security shall be exchangeable for
definitive Securities only if (i) the Depository is at any time unwilling,
unable or ineligible to continue as Depository and a

                                       27
<PAGE>   36

successor depository is not appointed by the Company within 90 days of the date
the Company is so informed in writing, (ii) the Company executes and delivers to
the Trustee a Company Order to the effect that such global Security shall be so
exchangeable, or (iii) an Event of Default has occurred and is continuing with
respect to the Securities. If the beneficial owners of interests in a global
Security are entitled to exchange such interests for definitive Securities as
the result of an event described in clause (i), (ii) or (iii) of the preceding
sentence, then without unnecessary delay but in any event not later than the
earliest date on which such interests may be so exchanged, the Company shall
deliver to the Trustee definitive Securities in such form and denominations as
are required by or pursuant to this Indenture, and of the same series,
containing identical terms and in aggregate principal amount equal to the
principal amount of such global Security, executed by the Company. On or after
the earliest date on which such interests may be so exchanged, such global
Security shall be surrendered from time to time by the U.S. Depository or such
other Depository as shall be specified in the Company Order with respect
thereto, and in accordance with instructions given to the Trustee and the U.S.
Depository or such other Depository, as the case may be (which instructions
shall be in writing but need not be contained in or accompanied by an Officers'
Certificate or be accompanied by an Opinion of Counsel), as shall be specified
in the Company Order with respect thereto to the Trustee, as the Company's agent
for such purpose, to be exchanged, in whole or in part, for definitive
Securities as described above without charge. The Trustee shall authenticate and
make available for delivery, in exchange for each portion of such surrendered
global Security, a like aggregate principal amount of definitive Securities of
the same series of authorized denominations and of like tenor as the portion of
such global Security to be exchanged, which (unless such Securities are not
issuable both as Bearer Securities and as Registered Securities, in which case
the definitive Securities exchanged for the global Security shall be issuable
only in the form in which the Securities are issuable, as provided in or
pursuant to this Indenture) shall be in the form of Bearer Securities or
Registered Securities, or any combination thereof, as shall be specified by the
beneficial owner thereof, but subject to the satisfaction of any certification
or other requirements to the issuance of Bearer Securities; provided, however,
that no such exchanges may occur during a period beginning at the opening of
business 15 days before any selection of Securities of the same series to be
redeemed and ending on the relevant Redemption Date; and provided, further, that
(unless otherwise provided in or pursuant to this Indenture) no Bearer Security
delivered in exchange for a portion of a global Security shall be mailed or
otherwise delivered to any location in the United States. Promptly following any
such exchange in part, such global Security shall be returned by the Trustee to
such Depository or the U.S. Depository, as the case may be, or such other
Depository or U.S. Depository referred to above in accordance with the
instructions of the Company referred to above. If a Registered Security is
issued in exchange for any portion of a global Security after the close of
business at the Office or Agency for such Security where such exchange occurs on
or after (i) any Regular Record Date for such Security and before the opening of
business at such Office or Agency on the next Interest Payment Date, or (ii) any
Special Record Date for such Security and before the opening of business at such
Office or Agency on the related proposed date for payment of interest or
Defaulted Interest, as the case may be, interest shall not be payable on such
Interest Payment Date or proposed date for payment, as the case may be, in
respect of such Registered Security, but shall be payable on such Interest
Payment Date or proposed date for payment, as the case may be, only to the
Person to whom interest in respect of such portion of such global Security shall
be payable in accordance with the provisions of this Indenture.

                                       28
<PAGE>   37

         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 entitling the Holders thereof to the same benefits under this Indenture
as the Securities surrendered upon such registration of transfer or exchange.

         Every Registered Security presented or surrendered for registration of
transfer or for exchange or redemption shall (if so required by the Company or
the Security Registrar for such Security) be duly endorsed, or be accompanied by
a written instrument of transfer in form satisfactory to the Company and the
Security Registrar for such Security 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, or redemption of Securities, but the Company may require payment of a
sum sufficient to cover any tax or other governmental charge.

         Except as otherwise provided in or pursuant to this Indenture, the
Company shall not be required (i) to issue, register the transfer of or exchange
any Securities during a period beginning at the opening of business 15 days
before the day of the selection for redemption of Securities of like tenor and
the same series under Section 1103 and ending at the close of business on the
day of such selection, or (ii) to register the transfer of or exchange any
Registered Security so selected for redemption in whole or in part, except in
the case of any Security to be redeemed in part, the portion thereof not to be
redeemed, or (iii) to exchange any Bearer Security so selected for redemption
except, to the extent provided with respect to such Bearer Security, that such
Bearer Security may be exchanged for a Registered Security of like tenor and the
same series, provided that such Registered Security shall be immediately
surrendered for redemption with written instruction for payment consistent with
the provisions of this Indenture or (iv) to issue, register the transfer of or
exchange any Security which, in accordance with its terms, has been surrendered
for repayment at the option of the Holder, except the portion, if any, of such
Security not to be so repaid.

         Section 306. Mutilated, Destroyed, Lost and Stolen Securities.

         If any mutilated Security or a Security with a mutilated Coupon
appertaining to it is surrendered to the Trustee, subject to the provisions of
this Section 306, the Company shall execute and the Trustee shall authenticate
and deliver in exchange therefor a new Security of the same series containing
identical terms and of like principal amount and bearing a number not
contemporaneously outstanding, with Coupons appertaining thereto corresponding
to the Coupons. if any, appertaining to the surrendered Security.

         If there be delivered to the Company and to the Trustee (i) evidence to
their satisfaction of the destruction, loss or theft of any Security or Coupon,
and (ii) such security or indemnity as may be required by them to save each of
them and any agent of either of them harmless, then, in the absence of notice to
the Company or the Trustee that such Security or Coupon has been acquired by a
protected purchaser. the Company shall execute and, upon Company Request the
Trustee shall authenticate and deliver, in exchange for or in lieu of any such
mutilated, destroyed, lost or stolen Security or in exchange for the Security to
which a destroyed, lost or stolen Coupon appertains with all appurtenant Coupons
not destroyed, lost or stolen, a new

                                       29
<PAGE>   38

Security of the same series containing identical terms and of like principal
amount and bearing a number not contemporaneously outstanding, with Coupons
corresponding to the Coupons, if any, appertaining to such destroyed, lost or
stolen Security or to the Security to which such destroyed, lost or stolen
Coupon appertains.

         Notwithstanding the foregoing provisions of this Section 306, in case
any mutilated, destroyed, lost or stolen Security or Coupon has become or is
about to become due and payable, the Company in its discretion may, instead of
issuing a new Security, pay such Security or Coupon; provided, however, that
principal of, any premium or interest on or any Additional Amounts with respect
to any Bearer Securities shall, except as otherwise provided in Section 1002, be
payable only at an Office or Agency for such Securities located outside the
United States and, unless otherwise provided in or pursuant to this Indenture,
any interest on Bearer Securities and any Additional Amounts with respect to
such interest shall be payable only upon presentation and surrender of the
Coupons appertaining thereto.

         Upon the issuance of any new Security under this Section 306, 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, with any Coupons appertaining thereto issued
pursuant to this Section 306 in lieu of any destroyed, lost or stolen Security,
or in exchange for a Security to which a destroyed, lost or stolen Coupon
appertains shall constitute a separate obligation of the Company, whether or not
the destroyed, lost or stolen Security and Coupons appertaining thereto or the
destroyed, lost or stolen Coupon 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 such series and the
Coupons, if any, duly issued hereunder.

         The provisions of this Section 306, as amended or supplemented pursuant
to this Indenture with respect to particular Securities or generally, shall be
exclusive and shall preclude (to the extent lawful) all other rights and
remedies with respect to the replacement or payment of mutilated, destroyed,
lost or stolen Securities or Coupons.

         Section 307. Payment of Interest and Certain Additional Amounts; Rights
                      to Interest and Certain Additional Amounts Preserved.

         Unless otherwise provided in or pursuant to this Indenture, any
interest on and any Additional Amounts with respect to any Registered Security
which shall be payable, and are punctually paid or duty provided for, on any
Interest Payment Date shall be paid to the Person in whose name such Security
(or one or more Predecessor Securities) is registered as of the close of
business on the Regular Record Date for such interest. Unless otherwise provided
in or pursuant to this Indenture, in case a Bearer Security is surrendered in
exchange for a Registered Security after the close of business at an Office or
Agency for such Security on any Regular Record Date therefor and before the
opening of business at such Office or Agency on the next succeeding Interest
Payment Date therefor, such Bearer Security shall be surrendered without the
Coupon relating to such Interest Payment Date and interest shall not be payable
on such Interest Payment Date in respect of the Registered Security issued in
exchange for such Bearer Security, but shall

                                       30
<PAGE>   39

be payable only to the Holder of such Coupon when due in accordance with the
provisions of this Indenture.

         Unless otherwise provided in or pursuant to this Indenture, any
interest on and any Additional Amounts with respect to any Registered Security
which shall be payable, but shall not be punctually paid or duly provided for,
on any Interest Payment Date for such Registered Security (herein called
"Defaulted Interest") shall forthwith cease to be payable to the Holder thereof
on the relevant Regular Record Date by virtue of having been such Holder; and
such Defaulted Interest may be paid by the Company, at its election in each
case, as provided in Clause (1) or (2) below:

                  (1) The Company may elect to make payment of any Defaulted
         Interest to the Person in whose name such Registered Security (or a
         Predecessor Security thereof) shall be 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 such Registered Security and the date of the
         proposed payment, and at the same time the Company shall deposit with
         the Trustee an amount of money equal to the aggregate amount proposed
         to be paid in respect of such Defaulted Interest or shall make
         arrangements satisfactory to the Trustee for such deposit on or prior
         to the date of the proposed payment, such money when so deposited to be
         held in trust for the benefit of the Person 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 the
         Holder of such Registered Security (or a Predecessor Security thereof)
         at his address as it appears in the Security Register not less than 10
         days prior to such Special Record Date. The Trustee may, in its
         discretion, in the name and at the expense of the Company cause a
         similar notice to be published at least once in an Authorized Newspaper
         of general circulation in the Borough of Manhattan, The City of New
         York, but such publication shall not be a condition precedent to the
         establishment of such Special Record Date. Notice of the proposed
         payment of such Defaulted Interest and the Special Record Date therefor
         having been mailed as aforesaid, such Defaulted Interest shall be paid
         to the Person in whose name such Registered Security (or a Predecessor
         Security thereof) shall be registered at the close of business on such
         Special Record Date and shall no longer be payable pursuant to the
         following clause (2). In case a Bearer Security is surrendered at the
         Office or Agency for such Security in exchange for a Registered
         Security after the close of business at such Office or Agency on any
         Special Record Date and before the opening of business at such Office
         or Agency on the related proposed date for payment of Defaulted
         Interest, such Bearer Security shall be surrendered without the Coupon
         relating to such Defaulted Interest and Defaulted Interest shall not be
         payable on such proposed date of payment in respect of the Registered
         Security issued in exchange for such Bearer Security, but shall be
         payable

                                       31
<PAGE>   40

         only to the Holder of such Coupon when due in accordance with the
         provisions of this Indenture.

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

         Unless otherwise provided in or pursuant to this Indenture or the
Securities of any particular series, at the option of the Company, interest on
Registered Securities that bear interest may be paid by mailing a check to the
address of the Person entitled thereto as such address shall appear in the
Security Register or by transfer to an account maintained by the payee with a
bank located in the United States.

         Subject to the foregoing provisions of this Section 307 and Section
305, 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.

         If any convertible or exchangeable Security of any series is converted
or exchanged after any Regular Record Date and on or prior to the next
succeeding Interest Payment Date (other than any Security with respect to which
the Stated Maturity Date is prior to such Interest Payment Date), interest that
is due on such Interest Payment Date shall be payable on such Interest Payment
Date notwithstanding such conversion or exchange, and such interest (whether or
not punctually paid or duly provided for ) shall be paid to the Person in whose
name that Security is registered at the close of business on such Regular Record
Date. Except as otherwise expressly provided in the immediately preceding
sentence, in the case of any Security that is converted or exchanged, interest
shall not be payable if the Regular Record Date is after the date of conversion
or exchange of such Security.

         Section 308. Persons Deemed Owners.

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

         The Company, the Trustee and any agent of the Company or the Trustee
may treat the bearer of any Bearer Security or the bearer of any Coupon as the
absolute owner of such Security or Coupon for the purpose of receiving payment
thereof or on account thereof and for all other purposes whatsoever, whether or
not any payment with respect to such Security or Coupon shall

                                       32
<PAGE>   41

be overdue, and neither the Company, nor the Trustee or any agent of the Company
or the Trustee shall be affected by notice to the contrary.

         No holder of any beneficial interest in any global Security held on its
behalf by a Depository shall have any rights under this Indenture with respect
to such global Security, and such Depository may be treated by the Company, the
Trustee, and any agent of the Company or the Trustee as the owner of such global
Security for all purposes whatsoever. None of the Company, the Trustee, any
Paying Agent, any Conversion Agent or the Security Registrar will have any
responsibility or liability for any aspect of the records relating to or
payments made on account of beneficial ownership interests of a global Security
or for maintaining, supervising or reviewing any records relating to such
beneficial ownership interests.

         Section 309. Cancellation.

         All Securities and Coupons surrendered for payment, redemption,
registration of transfer, exchange or conversion or for credit against any
sinking fund payment shall, if surrendered to any Person other than the Trustee,
be delivered to the Trustee, and any such Securities and Coupons, as well as
Securities and Coupons surrendered directly to the Trustee for any such purpose,
shall be cancelled promptly by the Trustee. 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 cancelled promptly by the
Trustee. No Securities shall be authenticated in lieu of or in exchange for any
Securities cancelled as provided in this Section 309, except as expressly
permitted by or pursuant to this Indenture. All cancelled Securities and Coupons
held by the Trustee shall be destroyed by the Trustee, unless by a Company Order
the Company directs their return to it.

         Section 310. Computation of Interest.

         Except as otherwise provided in or pursuant to this Indenture or in any
Security, interest on the Securities shall be computed on the basis of a 360-day
year of twelve 30-day months.

                                   ARTICLE 4.

                     SATISFACTION AND DISCHARGE OF INDENTURE

         Section 401. Satisfaction and Discharge.

         Upon the direction of the Company by a Company Order, this Indenture
shall cease to be of further effect with respect to any series of Securities
specified in such Company Order and any Coupons appertaining thereto, and the
Trustee, on receipt of a Company Order, at the expense of the Company, shall
execute proper instruments acknowledging satisfaction and discharge of this
Indenture as to such series, when:

         (1) either:

                  (a) all Securities of such series theretofore authenticated
         and delivered and all Coupons appertaining thereto (other than (i)
         Coupons appertaining to Bearer Securities of such series surrendered in
         exchange for Registered Securities of

                                       33
<PAGE>   42

         such series and maturing after such exchange whose surrender is not
         required or has been waived as provided in Section 305, (ii) Securities
         and Coupons of such series which have been destroyed, lost or stolen
         and which have been replaced or paid as provided in Section 306, (iii)
         Coupons appertaining to Securities of such series called for redemption
         and maturing after the relevant Redemption Date whose surrender has
         been waived as provided in Section 1107, and (iv) Securities and
         Coupons of such series for whose payment money in the applicable
         Currency has theretofore been deposited in trust or segregated and held
         in trust by the Company and thereafter repaid to the Company or
         discharged from such trust, as provided in Section 1003) have been
         delivered to the Trustee for cancellation; or

                  (b) all Securities of such series and, in the case of (i) or
         (ii) below, any Coupons appertaining thereto not theretofore delivered
         to the Trustee for cancellation:

                           (i) have become due and payable; or

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

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

         and the Company, in the case of (i), (ii) or (iii) above, has deposited
         or caused to be deposited with the Trustee as trust funds in trust for
         such purpose, money in the Currency in which such Securities are
         payable in an amount sufficient to pay and discharge the entire
         indebtedness on such Securities and any Coupons appertaining thereto
         not theretofore delivered to the Trustee for cancellation, including
         the principal of, any premium and interest on, and any Additional
         Amounts with respect to such Securities and any Coupons appertaining
         thereto, to the date of such deposit (in the case of Securities which
         have become due and payable) or to the Maturity thereof, as the case
         may be;

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

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

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

                                       34
<PAGE>   43

         Notwithstanding the satisfaction and discharge of this Indenture with
respect to any series of Securities, the obligations of the Company to the
Trustee under Section 606 and, if money shall have been deposited with the
Trustee pursuant to subclause (b) of clause (1) of this Section 401, the
obligations of the Company and the Trustee with respect to the Securities of
such series under Sections 305, 306, 403, 1002, 1003 and Article Twelve, with
respect to the payment of Additional Amounts, if any, with respect to such
Securities as contemplated by Section 1004 (but only to the extent that the
Additional Amounts payable with respect to such Securities exceed the amount
deposited in respect of such Additional Amounts pursuant to subclause (b) of
clause (1) of this Section 401), and, unless otherwise provided pursuant to
Section 301 with respect to the Securities of such series, any rights to convert
or exchange the Securities of such series into other securities or rights in
accordance with their terms, shall survive.

         Section 402. Defeasance and Covenant Defeasance.

                  (1) If, pursuant to Section 301, either or both of (i)
         defeasance of the Securities of or within a series under clause (2) of
         this Section 402, or (ii) covenant defeasance of the Securities of or
         within a series under clause (3) of this Section 402 shall be
         applicable with respect to the Securities of such series, then such
         provisions, together with the other provisions of this Section 402
         (with such modifications thereto as may be specified pursuant to
         Section 301 with respect to any Securities), shall be applicable to
         such Securities and any Coupons appertaining thereto, and the Company
         may at its option by Board Resolution or Officers' Certificate, at any
         time, with respect to such Securities and any Coupons appertaining
         thereto, elect to have Section 402(2) or Section 402(3) be applied to
         such Outstanding Securities and any Coupons appertaining thereto upon
         compliance with the conditions set forth below in this Section 402.

                  (2) Upon the Company's exercise of the above option applicable
         to this Section 402(2) with respect to any Securities of or within a
         series, the Company shall be deemed to have been discharged from its
         obligations with respect to such Outstanding Securities and any Coupons
         appertaining thereto on the date the conditions set forth in clause (4)
         of this Section 402 are satisfied (hereinafter, "defeasance"). For this
         purpose, such defeasance means that the Company shall be deemed to have
         paid and discharged the entire Indebtedness represented by such
         Outstanding Securities and any Coupons appertaining thereto, which
         shall thereafter be deemed to be "Outstanding" only for the purposes of
         clause (5) of this Section 402 and the other Sections of this Indenture
         referred to in clauses (i) and (ii) below, and to have satisfied all of
         its other obligations under such Securities and any Coupons
         appertaining thereto and this Indenture insofar as such Securities and
         any Coupons appertaining thereto are concerned (and the Trustee, at the
         expense of the Company, shall execute proper instruments acknowledging
         the same), except for the following which shall survive until otherwise
         terminated or discharged hereunder: (i) the rights of Holders of such
         Outstanding Securities and any Coupons appertaining thereto to receive,
         solely from the trust fund described in clause (4) of this Section 402
         and as more fully set forth in such Section, payments in respect of the
         principal of (and premium, if any) and interest, if any, on, and
         Additional Amounts, if any, with respect to, such Securities and any
         Coupons appertaining thereto when such payments are due, and any rights
         of such Holder to convert or exchange such Securities

                                       35
<PAGE>   44

         into Common Stock or other Securities, (ii) the obligations of the
         Company and the Trustee with respect to such Securities under Sections
         305, 306, 1002 and 1003, with respect to the payment of Additional
         Amounts, if any, on such Securities as contemplated by Section 1004
         (but only to the extent that the Additional Amounts payable with
         respect to such Securities exceed the amount deposited in respect of
         such Additional Amounts pursuant to Section 402(4)(a) below), (iii) the
         rights, powers, trusts, duties and immunities of the Trustee hereunder
         and (iv) this Section 402. The Company may exercise its option under
         this Section 402(2) notwithstanding the prior exercise of its option
         under clause (3) of this Section 402 with respect to such Securities
         and any Coupons appertaining thereto.

                  (3) Upon the Company's exercise of the above option applicable
         to this Section 402(3) with respect to any Securities of or within a
         series, the Company shall, to the extent specified pursuant to Section
         301, be released from its obligations in respect of any covenant
         applicable to such Securities, with respect to such Outstanding
         Securities and any Coupons appertaining thereto on and after the date
         the conditions set forth in clause (4) of this Section 402 are
         satisfied (hereinafter, "covenant defeasance"), and such Securities and
         any Coupons appertaining thereto shall thereafter be deemed to be not
         "Outstanding" for the purposes of any direction, waiver, consent or
         declaration or Act of Holders (and the consequences of any thereof) in
         connection with any such covenant, but shall continue to be deemed
         "Outstanding" for all other purposes hereunder. For this purpose, such
         covenant defeasance means that, with respect to such Outstanding
         Securities and any Coupons appertaining thereto, the Company may omit
         to comply with, and shall have no liability in respect of, any term,
         condition or limitation set forth in any such Section or such other
         covenant, whether directly or indirectly, by reason of any reference
         elsewhere herein to any such Section or such other covenant or by
         reason of reference in any such Section or such other covenant to any
         other provision herein or in any other document and such omission to
         comply shall not constitute a default or an Event of Default under
         Section 501(4) or 501(6) or otherwise, as the case may be, but, except
         as specified above, the remainder of this Indenture and such Securities
         and Coupons appertaining thereto shall be unaffected thereby.

                  (4) The following shall be the conditions to application of
         clause (2) or (3) of this Section 402 to any Outstanding Securities of
         or within a series and any Coupons appertaining thereto:

                           (a) The Company shall irrevocably have deposited or
                  caused to be deposited with the Trustee (or another trustee
                  satisfying the requirements of Section 607 who shall agree to
                  comply with the provisions of this Section 402 applicable to
                  it) as trust funds in trust for the purpose of making the
                  following payments, specifically pledged as security for, and
                  dedicated solely to, the benefit of the Holders of such
                  Securities and any Coupons appertaining thereto:

                                    (1) an amount in Dollars or in such Foreign
                           Currency in which such Securities and any Coupons
                           appertaining thereto are then specified as payable at
                           Stated Maturity; or

                                       36
<PAGE>   45

                                    (2) Government Obligations applicable to
                           such Securities and Coupons appertaining thereto
                           (determined on the basis of the Currency in which
                           such Securities and Coupons appertaining thereto are
                           then specified as payable at Stated Maturity) which
                           through the scheduled payment of principal and
                           interest in respect thereof in accordance with their
                           terms will provide, not later than one day before the
                           due date of any payment of principal of and any
                           premium, interest and Additional Amounts on such
                           Securities and any Coupons appertaining thereto,
                           money in an amount; or

                                    (3) a combination thereof;

                           in any case, in an amount, sufficient, without
                           consideration of any reinvestment of such principal
                           and interest, in the opinion of a nationally
                           recognized firm of independent public accountants
                           expressed in a written certification thereof
                           delivered to the Trustee, to pay and discharge, and
                           which shall be applied by the Trustee (or other
                           qualifying trustee) to pay and discharge, the
                           principal of and any premium, interest and Additional
                           Amounts on such Outstanding Securities and any
                           Coupons appertaining thereto on the Stated Maturity
                           of such principal or installment of principal or
                           interest on the day on which such payments are due
                           and payable in accordance with the terms of this
                           Indenture and of such Securities and any Coupons
                           appertaining thereto.

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

                           (c) No Event of Default or event which with notice or
                  lapse of time or both would become an Event of Default with
                  respect to such Securities and any Coupons appertaining
                  thereto shall have occurred and be continuing on the date of
                  such deposit and, with respect to defeasance only, at any time
                  during the period ending on the 91st day after the date of
                  such deposit (it being understood that this condition shall
                  not be deemed satisfied until the expiration of such period).

                           (d) In the case of an election under clause (2) of
                  this Section 402, the Company shall have delivered to the
                  Trustee an Opinion of Counsel stating that (i) the Company has
                  received from the Internal Revenue Service a letter ruling, or
                  there has been published by the Internal Revenue Service a
                  Revenue Ruling, or (ii) since the date of execution of this
                  Indenture, there has been a change in the applicable Federal
                  income tax law, in either case to the effect that, and based
                  thereon such opinion shall confirm that, the Holders of such
                  Outstanding Securities and any Coupons appertaining thereto
                  will not recognize income, gain or loss for Federal income tax
                  purposes as a result of such defeasance and will be subject to
                  Federal income tax on the same amounts, in the same manner and
                  at the same times as would have been the case if such
                  defeasance had not occurred.

                                       37
<PAGE>   46

                           (e) In the case of an election under clause (3) of
                  this Section 402, the Company shall have delivered to the
                  Trustee an Opinion of Counsel to the effect that the Holders
                  of such Outstanding Securities and any Coupons appertaining
                  thereto will not recognize income, gain or loss for Federal
                  income tax purposes as a result of such covenant defeasance
                  and will be subject to Federal income tax on the same amounts,
                  in the same manner and at the same times as would have been
                  the case if such covenant defeasance had not occurred.

                           (f) The Company shall have delivered to the Trustee
                  an Officers' Certificate and an Opinion of Counsel, each
                  stating that all conditions precedent to the defeasance or
                  covenant defeasance under clause (2) or (3) of this Section
                  402 (as the case may be) have been complied with.

                           (g) Notwithstanding any other provisions of this
                  Section 402(4), such defeasance or covenant defeasance shall
                  be effected in compliance with any additional or substitute
                  terms, conditions or limitations which may be imposed on the
                  Company in connection therewith pursuant to Section 301.

                  (5) Subject to the provisions of the last paragraph of Section
         1003, all money and Government Obligations (or other property as may be
         provided pursuant to Section 301) (including the proceeds thereof)
         deposited with the Trustee (or other qualifying trustee, collectively
         for purposes of this Section 402(5) and Section 403, the "Trustee")
         pursuant to clause (4) of Section 402 in respect of any Outstanding
         Securities of any series and any Coupons appertaining thereto shall be
         held in trust and applied by the Trustee, in accordance with the
         provisions of such Securities and any Coupons appertaining thereto and
         this Indenture, to the payment, either directly or through any Paying
         Agent (including the Company acting as its own Paying Agent) as the
         Trustee may determine, to the Holders of such Securities and any
         Coupons appertaining thereto of all sums due and to become due thereon
         in respect of principal of and any premium, interest and Additional
         Amounts, but such money need not be segregated from other funds except
         to the extent required by law.

         Unless otherwise specified in or pursuant to this Indenture or any
Security, if, after a deposit referred to in Section 402(4)(a) has been made,
(a) the Holder of a Security in respect of which such deposit was made is
entitled to, and does, elect pursuant to Section 301 or the terms of such
Security to receive payment in a Currency other than that in which the deposit
pursuant to Section 402(4)(a) has been made in respect of such Security, or (b)
a Conversion Event occurs in respect of the Foreign Currency in which the
deposit pursuant to Section 402(4)(a) has been made, the indebtedness
represented by such Security and any Coupons appertaining thereto shall be
deemed to have been, and will be, fully discharged and satisfied through the
payment of the principal of and any premium and interest on, and any Additional
Amounts with respect to, such Security as the same becomes due out of the
proceeds yielded by converting (from time to time as specified below in the case
of any such election) the amount or other property deposited in respect of such
Security into the Currency in which such Security becomes payable as a result of
such election or Conversion Event based on (x) in the case of payments made
pursuant to clause (a) above, the

                                       38
<PAGE>   47

applicable market exchange rate for such Currency in effect on the second
Business Day prior to each payment date, or (y) with respect to a Conversion
Event, the applicable market exchange rate for such Foreign Currency in effect
(as nearly as feasible) at the time of the Conversion Event. Unless otherwise
provided pursuant to Section 301, the right, if any, to extend an interest
payment period shall terminate upon defeasance or covenant defeasance, as the
case may be.

         The Company shall pay and indemnify the Trustee against any tax, fee or
other charge, imposed on or assessed against the Government Obligations
deposited pursuant to this Section 402 or the principal or interest received in
respect thereof other than any such tax, fee or other charge which by law is for
the account of the Holders of such Outstanding Securities and any Coupons
appertaining thereto.

         Anything in this Section 402 to the contrary notwithstanding, the
Trustee shall deliver or pay to the Company from time to time upon Company
Request any money or Government Obligations (or other property and any proceeds
therefrom) held by it as provided in clause (4) of this Section 402 which, in
the opinion of a nationally recognized firm of independent public accountants
expressed in a written certification thereof delivered to the Trustee, are in
excess of the amount thereof which would then be required to be deposited to
effect a defeasance or covenant defeasance, as applicable, in accordance with
this Section 402.

         Section 403. Application of Trust Money.

         Subject to the provisions of the last paragraph of Section 1003, all
money and Government Obligations deposited with the Trustee pursuant to Section
401 or 402 shall be held in trust and applied by it, in accordance with the
provisions of the Securities, the Coupons and this Indenture, to the payment,
either directly or through any Paying Agent (including the Company acting as its
own Paying Agent) as the Trustee may determine, to the Persons entitled thereto,
of the principal, premium, interest and Additional Amounts for whose payment
such money has or Government Obligations have been deposited with or received by
the Trustee; but such money and Government Obligations need not be segregated
from other funds except to the extent required by law.

         Section 404. Reinstatement.

         If the Trustee or the Paying Agent is unable to apply any money in
accordance with this Article with respect to any Securities by reason of any
order or judgment of any court or governmental authority enjoining, restraining
or other wise prohibiting such application, then the obligations under this
Indenture and such Securities from which the Company has been discharged or
released pursuant to this Article shall be revived and reinstated as though no
deposit has occurred pursuant to this Article with respect to such Securities,
until such time as the Trustee or Paying Agent is permitted to apply all money
held in trust pursuant to this Article with respect to such Securities in
accordance with this Article; provided, however, that if the Company makes any
payment of principal of or any premium or interest on or Additional Amounts with
respect to any such Security following reinstatement of its obligations, the
Company shall be subrogated to the rights (if any) of the Holders of such
Securities to receive such payment from the money so held in trust.

                                       39
<PAGE>   48

                                   ARTICLE 5.

                                    REMEDIES

         Section 501. 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),
unless such event is specifically deleted or modified in or pursuant to the
supplemental indenture, Board Resolution or Officers' Certificate establishing
the terms of such Series pursuant to this Indenture:

                  (1) failure to pay any interest on or any Additional Amounts
         payable in respect of any Security of such series when such interest
         becomes or such Additional Amounts become due and payable, and
         continuance of such default for a period of 30 days; or

                  (2) failure to pay the principal of or any premium on any
         Security of such series when it becomes due and payable at either its
         Maturity or, if applicable, at 12:00 noon, New York City time, on the
         Business Day following the Change in Control Purchase Date; or

                  (3) if applicable, failure by the Company to deliver the
         required securities or other rights upon an appropriate conversion or
         exchange election by Holders of the Securities or the related Preferred
         Securities; or

                  (4) failure to perform or the breach, of any covenant or
         warranty of the Company in this Indenture or the Securities (other than
         a covenant or warranty a default in the performance or the breach of
         which is elsewhere in this Section 501 specifically dealt with or which
         has been expressly included in this Indenture solely for the benefit of
         a series of Securities other than such series), and continuance of such
         failure or breach for a period of 60 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 such series, a written notice
         specifying such failure or breach and requiring it to be remedied and
         stating that such notice is a `Notice of Default' hereunder; or

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

                  (6) the entry by a court having competent jurisdiction of:

                           (a) a decree or order for relief in respect of the
                  Company or any Subsidiary in an involuntary proceeding under
                  any applicable bankruptcy, insolvency, reorganization or other
                  similar law and such decree or order shall remain unstayed and
                  in effect for a period of 60 consecutive days; or

                                       40
<PAGE>   49

                           (b) a decree or order adjudging the Company or any
                  Subsidiary to be insolvent, or approving a petition seeking
                  reorganization, arrangement, adjustment or composition of the
                  Company or any Subsidiary and such decree or order shall
                  remain unstayed and in effect for a period of 60 consecutive
                  days; or

                           (c) a final and non-appealable order appointing a
                  custodian, receiver, liquidator, assignee, trustee or other
                  similar official of the Company or any Subsidiary or of any
                  substantial pare of the property of the Company or any
                  Subsidiary, as the case may be, or ordering the winding up or
                  liquidation of the affairs of the Company or any Subsidiary;
                  or

                  (7) the commencement by the Company or any Subsidiary of a
         voluntary proceeding under any applicable bankruptcy, insolvency,
         reorganization or other similar law or of a voluntary proceeding
         seeking to be adjudicated insolvent or the consent by the Company or
         any Subsidiary to the entry of a decree or order for relief in an
         involuntary proceeding under any applicable bankruptcy, insolvency,
         reorganization or other similar law or to the commencement of any
         insolvency proceedings against it, or the filing by the Company or any
         Subsidiary of a petition or answer or consent seeking reorganization or
         relief under any applicable law, or the consent by the Company or any
         Subsidiary to the filing of such petition or to the appointment of or
         taking possession by a custodian, receiver, liquidator, assignee,
         trustee or similar official of the Company or any Subsidiary or any
         substantial part of the property of the Company or any Subsidiary or
         the making by the Company or any Subsidiary of an assignment for the
         benefit of creditors, or the taking of corporate action by the Company
         or any Subsidiary in furtherance of any such action; or

                  (8) any other Event of Default provided in or pursuant to this
         Indenture with respect to Securities of such series.

         Section 502. Acceleration of Maturity: Rescission and Annulment.

         If an Event of Default with respect to Securities of any series at the
time Outstanding (other than an Event of Default specified in clause (6) or (7)
of Section 501) occurs and is continuing, then the Trustee or the Holders of not
less than 25% in principal amount of the Outstanding Securities of such series
may declare the principal of all the Securities of such series, or such lesser
amount as may be provided for in the Securities of such series, to be due and
payable immediately, by a notice in writing to the Company (and to the Trustee
if given by the Holders), and upon any such declaration such principal or such
lesser amount shall become immediately due and payable; provided that in the
case of a series of Securities then held by a Trust, if upon an Event of Default
with respect to the Securities of that series the Trustee has, or the Holders of
not less than 25% in principal amount of the Outstanding Securities of such
series have, failed to declare the principal of all the Securities of such
series to be due and payable immediately, the holders of not less than 25% in
aggregate liquidation amount of the outstanding Preferred Securities of that
Trust shall have such right by a notice in writing to the Company and to the
Trustee.

                                       41
<PAGE>   50

         If an Event of Default specified in clause (6) or (7) of Section 501
occurs, all unpaid principal of and accrued interest on the Outstanding
Securities of that series (or such lesser amount as may be provided for in the
Securities of such series) shall ipso facto become and be immediately due and
payable without any declaration or other act on the part of the Trustee or any
Holder of any Security of that series.

         At any time after Securities of any series have been accelerated 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 not less
than a majority in principal amount of the Outstanding Securities of such series
(subject to, in the case of any series of Securities held as assets of a Trust
and with respect to which a Security Exchange has not theretofore occurred, such
consent of the holders of the Preferred Securities and the common securities of
such Trust as may be required under the Trust Agreement of such Trust), by
written notice to the Company and the Trustee, may rescind and annul such
declaration and its consequences if:

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

                           (a) all overdue installments of any interest on and
                  Additional Amounts with respect to all Securities of such
                  series and any Coupon appertaining thereto;

                           (b) the principal of and any premium on any
                  Securities of such series which have become due otherwise than
                  by such declaration of acceleration and interest thereon and
                  any Additional Amounts with respect thereto at the rate or
                  rates borne by or provided for in such Securities;

                           (c) to the extent that payment of such interest or
                  Additional Amounts is lawful, interest upon overdue
                  installments of any interest and Additional Amounts at the
                  rate or rates borne by or provided for in such Securities; and

                           (d) all sums paid or advanced by the Trustee
                  hereunder and the reasonable compensation, expenses,
                  disbursements and advances of the Trustee, its agents and
                  counsel and all other amounts due the Trustee under Section
                  606; and

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

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

                                       42
<PAGE>   51

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

         The Company covenants that if:

                  (1) there is a failure to pay any installment of interest on
         or any Additional Amounts with respect to any Security or any Coupon
         appertaining thereto when such interest or Additional Amounts shall
         have become due and payable and such default continues for a period of
         30 days; or

                  (2) there is a failure to pay the principal of or any premium
         on any Security at its Maturity;

the Company shall, upon demand of the Trustee, pay to the Trustee, for the
benefit of the Holders of such Securities and any Coupons appertaining thereto,
the whole amount of money then due and payable with respect to such Securities
and any Coupons appertaining thereto, with interest upon the overdue principal,
any premium and, to the extent that payment of such interest shall be legally
enforceable, upon any overdue installments of interest and Additional Amounts at
the rate or rates borne by or provided for in such Securities, and, in addition
thereto, such further amount of money 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 and all other
amounts due to the Trustee under Section 606.

         If the Company fails to pay the money it is required to pay the Trustee
pursuant to the preceding paragraph forthwith upon the demand of the Trustee,
the Trustee, in its own name and as trustee of an express trust, may institute a
judicial proceeding for the collection of the money so due and unpaid, and may
prosecute such proceeding to judgment or final decree, and may enforce the same
against the Company or any other obligor upon such Securities and any Coupons
appertaining thereto 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 and any Coupons appertaining thereto, wherever
situated.

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

         Section 504. Trustee May File Proofs of Claim.

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

                                       43
<PAGE>   52

overdue principal, premium, interest or Additional Amounts) shall be entitled
and empowered, by intervention in such proceeding or otherwise,

                  (1) to file and prove a claim for the whole amount, or such
         lesser amount as may be provided for in the Securities of such series,
         of the principal and any premium, interest and Additional Amounts owing
         and unpaid in respect of the Securities and any Coupons appertaining
         thereto 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 or counsel) and of the Holders of
         Securities or any Coupons allowed in such judicial proceeding, and

                  (2) 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 of Securities or any Coupons 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 of Securities or any Coupons, to pay to the Trustee any
amount due to 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 606.

         Nothing herein contained shall be deemed to authorize the Trustee to
authorize or consent to or accept or adopt on behalf of any Holder of a Security
or any Coupon any plan of reorganization, arrangement, adjustment or composition
affecting the Securities or Coupons or the rights of any Holder thereof, or to
authorize the Trustee to vote in respect of the claim of any Holder of a
Security, or any Coupon in any such proceeding; provided, however, that the
Trustee may, on behalf of the Holders, vote for the election of a trustee in
bankruptcy or similar official and be a member of a creditors' committee or
other similar committee.

         Section 505. Trustee May Enforce Claim without Possession of Securities
                      or Coupons.

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

         Section 506.      Application of Money Collected.

         Any money collected by the Trustee pursuant to this Article shall be
applied in the following order, at the date or dates fixed by the Trustee and,
in case of the distribution of such money on account of principal, or any
premium, interest or Additional Amounts, upon

                                       44
<PAGE>   53

presentation of the Securities or Coupons, or both, as the case may be, and the
notation thereon of the payment if only partially paid and upon surrender
thereof if fully paid:

                  FIRST: To the payment of all amounts due the Trustee and any
         predecessor Trustee under Section 606;

                  SECOND: To the payment of the amounts then due and unpaid upon
         the Securities and any Coupons for principal and any premium, interest
         and Additional Amounts 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 aggregate amounts due and payable on such
         Securities and Coupons for principal and any premium, interest and
         Additional Amounts, respectively;

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

         Section 507. Limitations on Suits.

         Except as provided in Section 508 or 516, no Holder of any Security of
any series or any Coupons appertaining thereto or holder of Preferred Securities
of the Trust, if any, that is the Holder of Securities of that series, shall
have any right to institute any proceeding, judicial or otherwise, with respect
to this Indenture, or for the appointment of a receiver or trustee or for any
other remedy hereunder, unless:

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

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

                  (3) such Holder or Holders of such Outstanding Securities of
         such series or the holder or holders of such outstanding Preferred
         Securities have offered to the Trustee reasonable indemnity against the
         costs, expenses and liabilities to be incurred in compliance with such
         request;

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

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

it being understood and intended that no one or more of such Holders of such
Outstanding Securities of such series or the holder or holders of such
outstanding Preferred Securities shall

                                       45
<PAGE>   54

have any right in any manner whatever by virtue of, or by availing of, any
provision of this Indenture or any Security to affect, disturb or prejudice the
rights of any other such Holders or Holders of Securities of any other series or
holder or holders of Preferred Securities of another Trust, or to obtain or to
seek to obtain priority or preference over any other Holders of such Outstanding
Securities of such series or the holder or holders of such outstanding Preferred
Securities or to enforce any right under this Indenture, except in the manner
herein provided and for the equal and ratable benefit of all such Holders or
holders.

         Section 508. Unconditional Right of Holders to Receive Principal and
                      any Premium, Interest and Additional Amounts.

         Notwithstanding any other provision in this Indenture, the Holder of
any Security or Coupon shall have the right, which is absolute and
unconditional, to receive payment of the principal of, any premium and (subject
to Sections 305 and 307) interest on, and any Additional Amounts with respect to
such Security or payment of such Coupon, as the case may be, on the respective
Stated Maturity or Maturities therefor specified in such Security or Coupon (or,
in the case of redemption, on the Redemption Date or, in the case of repayment
at the option of such Holder if provided in or pursuant to this Indenture, on
the date such repayment is due, or in the case of a Change in Control, or as to
any Change in Control Purchase Notice given timely, on the Change in Control
Purchase Date) and to convert or exchange such Security in accordance with its
terms, if applicable, and to institute suit for the enforcement of any such
payment or conversion or exchange, and such right shall not be impaired without
the consent of such Holder.

         Section 509. Restoration of Rights and Remedies.

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

         Section 510. Rights and Remedies Cumulative.

         Except as otherwise provided with respect to the replacement or payment
of mutilated, destroyed, lost or stolen Securities or Coupons in the last
paragraph of Section 306, no right or remedy herein conferred upon or reserved
to the Trustee or to each and every Holder of a Security or a Coupon is intended
to be exclusive of any other right or remedy, and every right and remedy, to the
extent permitted by law, shall 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, to the extent permitted by law, prevent the
concurrent assertion or employment of any other appropriate right or remedy.

                                       46
<PAGE>   55

         Section 511. Delay or Omission Not Waiver.

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

         Section 512. Control by Holders of Securities.

         Subject to Section 601(5), the Holders of a majority in principal
amount of the Outstanding Securities of any series or, if that series of
Securities is held by a Trust, the holders of a majority in aggregate
liquidation amount of the Preferred Securities of that Trust, 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 and any Coupons
appertaining thereto, provided that:

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

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

                  (3) such direction is not unduly prejudicial to the rights of
         the other Holders of Securities of such series not joining in such
         action.

         Section 513. Waiver of Past Defaults.

         Subject to Section 502, the Holders of not less than a majority in
principal amount of the Outstanding Securities of any series, or, if that series
of Securities is held by a Trust, the holders of a majority in aggregate
liquidation amount of the Preferred Securities of that Trust, on behalf of the
Holders of all the Securities of such series and any Coupons appertaining
thereto, may waive any past or prospective default hereunder with respect to
such series and its consequences, except a default:

                  (1) in the payment of the principal of, any premium or
         interest on, or any Additional Amounts with respect to, any Security of
         such series or any Coupons appertaining thereto; or

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

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

                                       47
<PAGE>   56

         Section 514. Waiver of Stay or Extension Laws.

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

         Section 515. 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 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 claim or defenses made by such party litigant; but the provisions
of this Section 515 shall not apply 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 Outstanding Securities of any series, or,
if a series of Securities is held by a Trust, the holders of more than 10%
aggregate liquidation amount of the Preferred Securities of that Trust, or to
any suit instituted by any Holder or holder of Preferred Securities, if any, for
the enforcement of the payment of the principal of or any premium or interest on
or Additional Amounts with respect to any Security on or after the respective
Stated Maturities expressed in such Security or pursuant to Section 516 (or, in
the case of redemption, on or after the Redemption Date, in the case of
repayment, on or after the date for repayment and, in the case of Change of
Control, on or after the date for payment of the Change of Control Purchase
Price).

         Section 516. Direct Action Right of Holders of Trust Preferred
                      Securities.

         If an Event of Default has occurred and is continuing and is
attributable either to (a) the failure of the Company to pay the principal of or
any premium or interest on or Additional Amounts with respect to the Securities
on the due date therefor or (b) the failure by the Company to deliver the
required securities or other property upon an appropriate conversion or exchange
right election, and an event of default has occurred and is continuing under the
applicable Trust Agreement, a holder of the related Preferred Securities, in
lieu of any action that may otherwise be taken hereunder as a Holder of
Securities, may institute a legal proceeding directly against the Company for
enforcement of payment to such holder of the principal of or any premium or
interest on or Additional Amounts with respect to such Securities having a
principal amount equal to the liquidation amount of the Preferred Securities
held by such holder or for enforcement of such conversion or exchange rights, as
the case may be (a "Direct Action"). Notwithstanding anything contained herein
to the contrary, the Company may not amend this Indenture to remove the
foregoing right to bring a Direct Action without the prior written

                                       48
<PAGE>   57

consent of the holders of all of the Preferred Securities outstanding.
Notwithstanding any payments made to a holder of Preferred Securities by the
Company in connection with a Direct Action, the Company shall remain obligated
to pay the principal of and any premium or interest on or Additional Amounts
with respect to the related Securities, and the Company shall be subrogated to
the rights of the holder of such Preferred Securities with respect to payments
on the Preferred Securities to the extent of any payments made by the Company to
such holder in any Direct Action.

                                   ARTICLE 6.

                                   THE TRUSTEE

         Section 601. Certain Rights of Trustee.

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

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

                  (2) any request or direction of the Company mentioned herein
         shall be sufficiently evidenced by a Company Request or a Company Order
         (in each case, other than delivery of any Security, together with any
         Coupons appertaining thereto, to the Trustee for authentication and
         delivery pursuant to Section 303 which shall be sufficiently evidenced
         as provided therein) and any resolution of the Board of Directors may
         be sufficiently evidenced by a Board Resolution;

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

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

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

                  (6) the Trustee shall not be bound to make any investigation
         into the facts or matters stated in any resolution, certificate,
         statement, instrument, opinion, report, notice,

                                       49
<PAGE>   58

         request, direction, consent, order, bond, security, coupon 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, during
         business hours and upon reasonable notice, the books, records and
         promises of the Company, personally or by agent or attorney;

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

                  (8) the Trustee shall not be charged with knowledge of any
         default (as defined in Section 602) or Event of Default with respect to
         the Securities of any series for which it is acting as Trustee unless
         either (1) a Responsible Officer of the Trustee assigned to the
         Corporate Trust Department of the Trustee (or any successor division or
         department of the Trustee) shall have actual knowledge of such default
         or Event of Default or (2) written notice of such default or Event of
         Default shall have been given to the Trustee by the Company or any
         other obligor on such Securities or by any Holder of such Securities;
         and

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

         Section 602. Notice of Defaults.

         Within 90 days after the occurrence of any default hereunder with
respect to the Securities of any series, the Trustee shall transmit by mail to
all Holders of Securities of such series entitled to receive reports pursuant to
Section 703(3), notice of such default hereunder known to the Trustee, unless
such default shall have been cured or waived; provided, however, that, except in
the case of a default in the payment of the principal of (or premium, if any),
or interest, if any, on, or Additional Amounts with respect to, any Security of
such series, the Trustee shall be protected in withholding such notice if and so
long as a committee of Responsible Officers of the Trustee in good faith
determines that the withholding of such notice is in the best interest of the
Holders of Securities and Coupons of such series. For the purpose of this
Section, the term "default" means any event which is, or after notice or lapse
of time or both would become, an Event of Default with respect to Securities of
such series.

         Section 603. Not Responsible for Recitals or Issuance of Securities.

         The recitals contained herein and in the Securities, except the
Trustee's certificate of authentication, and in any Coupons shall be taken as
the statements of the Company and neither the Trustee nor any Authenticating
Agent assumes any responsibility for their correctness. The Trustee makes no
representations as to the validity or sufficiency of this Indenture or of the
Securities or the Coupons.

                                       50
<PAGE>   59
Neither the Trustee nor any Authenticating Agent shall be accountable for the
use or application by the Company of the Securities or the proceeds thereof.

         Section 604. May Hold Securities.

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

         Section 605. Money Held in Trust.

         Except as provided in Section 403 and Section 1003, money held by the
Trustee in trust hereunder need not be segregated from other funds except to the
extent required by law and shall be held uninvested. The Trustee shall be under
no liability for interest on any money received by it hereunder except as
otherwise agreed in writing with the Company.

         Section 606. Compensation and Reimbursement.

         The Company agrees:

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

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

                  (3) to indemnify the Trustee and its agents for, and to hold
         them harmless against, any loss, liability or expense incurred without
         negligence or bad faith on their 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 themselves against any
         claim or liability in connection with the exercise or performance of
         any of their powers or duties hereunder.

         As security for the performance of the obligations of the Company under
this Section 606, the Trustee shall have a lien prior to the Securities of any
series upon all property and funds held or collected by the Trustee as such,
except funds held in trust for the payment of principal of, and premium or
interest on or any Additional Amounts with respect to particular Securities or
any Coupons appertaining thereto.

                                       51
<PAGE>   60

         Any compensation or expense incurred by the Trustee after a default
specified by Section 501 is intended to constitute an expense of administration
under any then applicable bankruptcy or insolvency law. "Trustee" for purposes
of this Section 606 shall include any predecessor Trustee but the negligence or
bad faith of any Trustee shall not affect the rights of any other Trustee under
this Section 606.

         The Company's obligations under this Section 606 and any lien hereunder
shall survive the resignation or removal of any Trustee, the discharge of the
Company's obligations pursuant to Article Four of this Indenture and the
termination of this Indenture.

         Section 607. Corporate Trustee Require; Eligibility.

         There shall at all times be a Trustee hereunder that is a Corporation,
organized and doing business under the laws of the United States of America, any
state thereof or the District of Columbia, eligible under Section 310(a)(1) of
the Trust Indenture Act to act as trustee under an indenture qualified under the
Trust Indenture Act and that has a combined capital and surplus (computed in
accordance with Section 310(a)(2) of the Trust Indenture Act) of at least
$50,000,000 subject to supervision or examination by Federal or state authority.
If at any time the Trustee shall cease to be eligible in accordance with the
provisions of this Section 607, it shall resign immediately in the manner and
with the effect hereinafter specified in this Article Six.

         Section 608. Resignation and Removal, Appointment of Successor.

                  (1) 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 pursuant to Section 609.

                  (2) 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 609 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 such series.

                  (3) 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 the Company.

                  (4) If at any time:

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

                                       52
<PAGE>   61

                           (b) the Trustee shall cease to be eligible under
                  Section 607 and shall fail to resign after written request
                  therefor by the Company or any such Holder; or

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

then, in any such case, (i) the Company, by or pursuant to a Board Resolution,
may remove the Trustee with respect to all Securities or the Securities of such
series, or (ii) subject to Section 315(e) of the Trust Indenture Act, any Holder
of a Security who has been a bona fide Holder of a Security of such series for
at least six months may, on behalf of himself and all others similarly situated,
petition any court of competent jurisdiction for the removal of the Trustee with
respect to all Securities of such series and the appointment of a successor
Trustee or Trustees.

                  (5) 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 or pursuant to 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
         609. 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 609, become the successor Trustee with respect
         to the Securities of such series and to that extent supersede the
         successor Trustee appointed by the Company. If no successor Trustee
         with respect to the Securities of any series shall have been so
         appointed by the Company or the Holders of Securities and accepted
         appointment in the manner required by Section 609, any Holder of a
         Security who has been a bona fide Holder of a Security of such series
         for at least six months may, on behalf of himself and all others
         similarly situated, petition any court of competent jurisdiction for
         the appointment of a successor Trustee with respect to the Securities
         of such series.

                  (6) 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 the Holders of Registered Securities, if any,
         of such series as their names and addresses appear in the Security
         Register and, if Securities of such series arc issued as Bearer
         Securities, by publishing notice of such event once in an Authorized
         Newspaper in each Place of Payment located outside the United States.
         Each notice shall include the name of the successor Trustee with
         respect to the Securities of such series and the address of its
         Corporate Trust Office.

                                       53
<PAGE>   62

         Section 609. Acceptance of Appointment by Successor.

                  (1) Upon the appointment hereunder of any successor Trustee
         with respect to all Securities, such successor Trustee so appointed
         shall execute, acknowledge and deliver to the Company and 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, trusts and duties
         hereunder of the retiring Trustee; but, on the request of the Company
         or such successor Trustee, such retiring Trustee, upon payment of its
         charges, shall execute and deliver an instrument transferring to such
         successor Trustee all the rights, powers and trusts of the retiring
         Trustee and, subject to Section 1003, shall duly assign, transfer and
         deliver to such successor Trustee all property and money held by such
         retiring Trustee hereunder, subject nevertheless to its claim, if any,
         provided for in Section 606.

                  (2) Upon the appointment hereunder of any successor Trustee
         with respect to the Securities of one or more (but not all) series, the
         Company, the retiring Trustee and such successor Trustee shall execute
         and deliver an indenture supplemental hereto wherein each successor
         Trustee shall accept such appointment and which (1) shall contain such
         provisions as shall be necessary or desirable to transfer and confirm
         to, and to vest in, such successor Trustee all the rights, powers,
         trusts and duties of the retiring Trustee with respect to the
         Securities of that or those series to which the appointment of such
         successor Trustee relates, (2) if the retiring Trustee is not retiring
         with respect to all Securities, shall contain such provisions as shall
         be deemed necessary or desirable to confirm that all the rights,
         powers, trusts and duties of the retiring Trustee with respect to the
         Securities of that or those series as to which the retiring Trustee is
         not retiring shall continue to be vested in the retiring Trustee, and
         (3) shall add to or change any of the provisions of this Indenture as
         shall be necessary to provide for or facilitate the administration of
         the trusts hereunder by more than one Trustee, it being understood that
         nothing herein or in such supplemental indenture shall constitute such
         Trustees co-trustees of the same trust, that each such Trustee shall be
         trustee of a trust or trusts hereunder separate and apart from any
         trust or trusts hereunder administered by any other such Trustee and
         that no Trustee shall be responsible for any notice given to, or
         received by, or any act or failure to act on the part of any other
         Trustee hereunder, 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, such
         retiring Trustee shall have no further responsibility for the exercise
         of rights and powers or for the performance of the duties and
         obligations vested in the Trustee under this Indenture with respect to
         the Securities of that or those series to which the appointment of such
         successor Trustee relates other than as hereinafter expressly set
         forth, 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 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 such successor Trustee, such
         retiring Trustee, upon payment of its charges with respect to the
         Securities of that or those series to which the appointment of such
         successor relates and subject to Section 1003 shall duly assign,
         transfer and deliver to such successor Trustee, to the extent
         contemplated by such

                                       54
<PAGE>   63

         supplemental indenture, the 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,
         subject to its claim, if any, provided for in Section 606.

                  (3) Upon request of any Person appointed hereunder as a
         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 (1) or (2) of this Section 609, as the case may be.

                  (4) No Person shall accept its appointment hereunder as a
         successor Trustee unless at the time of such acceptance such successor
         Person shall be qualified and eligible under this Article Six.

         Section 610. Merger, Conversion, Consolidation or Succession to
                      Business.

         Any Corporation into which the Trustee may be merged or converted or
with which it may be consolidated, or any Corporation resulting from any merger,
conversion or consolidation to which the Trustee shall be a party, or any
Corporation succeeding to all or substantially all of the corporate trust
business of the Trustee, shall be the successor of the Trustee hereunder,
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 611. Appointment of Authenticating Agent.

         The Trustee may appoint one or more Authenticating Agents acceptable to
the Company with respect to one or more series of Securities which shall be
authorized to act on behalf of the Trustee to authenticate Securities of that or
those series issued upon original issue, exchange, registration of transfer,
partial redemption or partial repayment or pursuant to Section 306, and
Securities so authenticated shall be entitled to the benefits of this Indenture
and shall be valid and obligatory for all purposes as if authenticated by the
Trustee hereunder. Wherever reference is made in this Indenture to the
authentication and delivery of Securities by the Trustee or the Trustee's
certificate of authentication, such reference shall be deemed to include
authentication and delivery on behalf of the Trustee by an Authenticating Agent
and a certificate of authentication executed on behalf of the Trustee by an
Authenticating Agent.

         Each Authenticating Agent shall be acceptable to the Company and,
except as provided in or pursuant to this Indenture, shall at all times be a
corporation that would be permitted by the Trust Indenture Act to act as trustee
under an indenture qualified under the Trust Indenture Act, is authorized under
applicable law and by its charter to act as an Authenticating Agent and has a
combined capital and surplus (computed in accordance with Section 310(a)(2) of
the Trust Indenture Act) of at least $50,000,000. If at any time an
Authenticating Agent shall cease to be eligible in accordance with the
provisions of this Section 611, it shall resign immediately in the manner and
with the effect specified in this Section 611.

                                       55
<PAGE>   64

         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 all or substantially all of
the corporate agency or corporate trust business of an Authenticating Agent,
shall be the successor of such Authenticating Agent hereunder, provided such
Corporation shall be otherwise eligible under this Section 611, 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 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 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 611, the Trustee may appoint a successor
Authenticating Agent which shall be acceptable to the Company and shall (i) mail
written notice of such appointment by first-class mail, postage prepaid, to all
Holders of Registered Securities, if any, of the series with respect to which
such Authenticating Agent shall serve, as their names and addresses appear in
the Security Register, and (ii) if Securities of the series are issued as Bearer
Securities, publish notice of such appointment at least once in an Authorized
Newspaper in the place where such successor Authenticating Agent has its
principal office if such office is located outside the United States. 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 611.

         The Company agrees to pay each Authenticating Agent from time to time
reasonable compensation for its services under this Section 611. If the Trustee
makes such payments, it shall be entitled to be reimbursed for such payments,
subject to the provisions of Section 606.

         The provisions of Sections 308, 603 and 604 shall be applicable to each
Authenticating Agent.

         If an Authenticating Agent is appointed with respect to one or more
series of Securities pursuant to this Section 611, the Securities of such series
may have endorsed thereon, in addition to or in lieu of the Trustee's
certificate of authentication, an alternate certificate of authentication in
substantially the following form:

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

                                       56
<PAGE>   65

                                        THE CHASE MANHATTAN BANK,
                                        As Trustee

                                        By
                                          --------------------------------------
                                          As Authenticating Agent

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

         If all of the Securities of any series may not be originally issued at
one time, and if the Trustee does not have an office capable of authenticating
Securities upon original issuance located in a Place of Payment where the
Company wishes to have Securities of such series authenticated upon original
issuance, the Trustee, if so requested in writing (which writing need not be
accompanied by or contained in an Officers' Certificate by the Company), shall
appoint in accordance with this Section 611 an Authenticating Agent having an
office in a Place of Payment designated by the Company with respect to such
series of Securities.

                                   ARTICLE 7.

                HOLDERS LISTS AND REPORTS BY TRUSTEE AND COMPANY

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

         In accordance with Section 312(a) of the Trust Indenture Act, the
Company shall furnish or cause to be furnished to the Trustee:

                  (1) semiannually with respect to Securities of each series not
         later than March 15 and September 15 of the year or upon such other
         dates as are set forth in or pursuant to the Board Resolution,
         Officers' Certificate or indenture supplemental hereto authorizing such
         series, a list, in each case in such form as the Trustee may reasonably
         require, of the names and addresses of Holders as of the applicable
         date; and

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

provided, however, that so long as the Trustee is the Security Registrar no such
list shall be required to be furnished.

         Section 702. Preservation of Information; Communications to Holders.

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

         Every Holder of Securities or Coupons, by receiving and holding the
same, agrees with the Company and the Trustee that neither the Company, the
Trustee, any Paying Agent, any

                                       57
<PAGE>   66

Conversion Agent or any Security Registrar shall be held accountable by reason
of the disclosure of any such information as to the names and addresses of the
Holders of Securities in accordance with Section 312(c) of the Trust Indenture
Act, regardless of the source from which such information was derived, and that
the Trustee shall not be held accountable by reason of mailing any material
pursuant to a request made under Section 312(b) of the Trust Indenture Act.

         Section 703. Reports by Trustee.

                  (1) Within 60 days after May 15 of each year commencing with
         May 15, 2001, if required by Section 313(a) of the Trust Indenture Act,
         the Trustee shall transmit, pursuant to Section 313(c) of the Trust
         Indenture Act, a brief report dated as of such May 15 with respect to
         any of the events specified in said Section 313(a) which may have
         occurred since the later of the immediately preceding May 15 and the
         date of this Indenture.

                  (2) The Trustee shall transmit the reports required by Section
         313(a) of the Trust Indenture Act at the times specified therein.

                  (3) Reports pursuant to this Section 703 shall be transmitted
         in the manner and to the Persons required by Sections 313(c) and 313(d)
         of the Trust Indenture Act.

         Section 704. Reports by Company.

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

                  (1) file with the Trustee, within 15 days after the Company is
         required to file the same with the Commission, copies of the annual
         reports and of the information, documents and other reports (or copies
         of such portions of any of the foregoing as the Commission may from
         time to time by rules and regulations prescribe) which the Company may
         be required to file with the Commission pursuant to Section 13 or
         Section 15(d) of the Securities Exchange Act of 1934; or, if the
         Company is not required to file information, documents or reports
         pursuant to either of said Sections, then it shall file with the
         Trustee and the Commission, in accordance with rules and regulations
         prescribed from time to time by the Commission, such of the
         supplementary and periodic information, documents and reports which may
         be required pursuant to Section 13 of the Securities Exchange Act of
         1934 in respect of a Security listed and registered on a national
         securities exchange as may be prescribed from time to time in such
         rules and regulations;

                  (2) file with the Trustee and the Commission, in accordance
         with rules and regulations prescribed from time to time by the
         Commission, such additional information, documents and reports with
         respect to compliance by the Company, with the conditions and covenants
         of this Indenture as may be required from time to time by such rules
         and regulations; and

                  (3) transmit within 30 days after the filing thereof with the
         Trustee, in the manner and to the extent provided in Section 313(c) of
         the Trust Indenture Act, such summaries of any information, documents
         and reports required to be filed by the

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<PAGE>   67

         Company pursuant to paragraphs (1) and (2) of this Section 704 as may
         be required by rules and regulations prescribed from time to time by
         the Commission.

                                   ARTICLE 8.

                         CONSOLIDATION, MERGER AND SALES

         Section 801. Company May Consolidate, Etc., Only on Certain Terms.

         Nothing contained in this Indenture or in any of the Securities shall
prevent any consolidation or merger of the Company with or into any other Person
or Persons (whether or not affiliated with the Company), or successive
consolidations or mergers in which the Company or its successor or successors
shall be a party or parties, or shall prevent any conveyance, transfer or lease
of the property of the Company as an entirety or substantially as an entirety,
to any other Person (whether or not affiliated with the Company); provided,
however, that:

                  (1) in case the Company shall consolidate with or merge into
         another Person or convey, transfer or lease its properties and assets
         as an entirety or substantially as an entirety to any Person, the
         entity 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 as an entirety or
         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 (or indentures, if at such time there is more than one
         Trustee) supplemental hereto, executed by the successor Person and
         delivered to the Trustee, in form satisfactory to the Trustee, the due
         and punctual payment of the principal of, any premium and interest on
         and any Additional Amounts with respect to all the Securities and the
         performance of every obligation in this Indenture and the Outstanding
         Securities on the part of the Company to be performed or observed;

                  (2) immediately after giving effect to such transaction, no
         Event of Default or event which, after notice or lapse of time, or
         both, would become an Event of Default, shall have occurred and be
         continuing, including any default pursuant to the Holder's Change of
         Control Purchase Option set forth in Article Fifteen; and

                  (3) either the Company or the successor Person shall have
         delivered to the Trustee an Officers' Certificate and an Opinion of
         Counsel, each stating that such consolidation, merger, conveyance,
         transfer or lease and, if a supplemental indenture is required in
         connection with such satisfaction, such supplemental indenture comply
         with this Article Eight and that all conditions precedent herein
         provided for relating to such transaction have been complied with.

         Section 802. Successor Person Substituted for Company.

         Upon any consolidation by 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 to any Person in accordance
with Section 801, the successor Person

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<PAGE>   68

formed by such consolidation or into which the Company is merged or to which
such conveyance, transfer or lease is made shall succeed to, and be substituted
for, and may exercise every right and power of, the Company under this Indenture
with the same effect as if such successor Person had been named as the Company
herein, and thereafter, except in the case of a lease, the predecessor Person
shall be released from all obligations and covenants under this Indenture, the
Securities and the Coupons.

                                   ARTICLE 9.

                             SUPPLEMENTAL INDENTURES

         Section 901. Supplemental Indentures without Consent of Holders.

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

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

                  (2) to add to the covenants of the Company for the benefit of
         the Holders of all or any series of Securities (as shall be specified
         in such supplemental indenture or indentures) or to surrender any right
         or power herein conferred upon the Company; or

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

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

                  (5) 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 609; or

                  (6) to cure any ambiguity or to correct or supplement any
         provision herein which may be defective or inconsistent with any other
         provision herein, or to make any other provisions with respect to
         matters or questions arising under this Indenture which

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<PAGE>   69

         shall not adversely affect the interests of the Holders of Securities
         of any series then Outstanding or any Coupons appertaining thereto in
         any material respect; or

                  (7) to add to, delete from or revise the conditions,
         limitations and restrictions on the authorized amount, terms or
         purposes of issue, authentication and delivery of Securities, as herein
         set forth; or

                  (8) to add any additional Events of Default with respect to
         all or any series of Securities (as shall be specified in such
         supplemental indenture); or

                  (9) to supplement any of the provisions of this Indenture to
         such extent as shall be necessary to permit or facilitate the
         defeasance and discharge of any series of Securities pursuant to
         Article Four, provided that any such action shall not adversely affect
         the interests of any Holder of a Security of such series and any
         Coupons appertaining thereto or any other Security or Coupon in any
         material respect; or

                  (10) to secure the Securities; or

                  (11) to make provisions with respect to conversion or exchange
         rights of Holders of Securities of any series; or

                  (12) to amend or supplement any provision contained herein or
         in any supplemental indenture, provided that no such amendment or
         supplement shall materially adversely affect the interests of the
         Holders of any Securities then Outstanding.

         Section 902. Supplemental Indentures with Consent of Holders.

         With the consent of the Holders of not less than a majority in
principal amount of the Outstanding Securities of each series affected by such
supplemental indenture (and, in the case of any series of Securities held as
assets of a Trust, such consent of holders of the Preferred Securities and the
common securities of such Trust as may be required under the Trust Agreement of
such Trust), by Act of said Holders delivered to the Company and the Trustee,
the Company (when authorized by or pursuant to a Company's 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 or of the Securities of such series; provided, however, that no such
supplemental indenture, without the consent of the Holder of each Outstanding
Security affected thereby, shall:

                  (1) except as permitted by the terms of the Securities, change
         the Stated Maturity of the principal of, or any premium or installment
         of interest on or any Additional Amounts with respect to, any Security,
         or reduce the principal amount thereof or the rate (or modify the
         calculation of such rate) of interest thereon or any Additional Amounts
         with respect thereto, or any premium payable upon the redemption
         thereof or otherwise, or change the duration of the maximum consecutive
         period, if any, that payments of interest on such Securities may be
         deferred, if applicable, or change the obligation of the Company to pay
         Additional Amounts pursuant to Section 1004 (except as contemplated by
         Section 801(l) and permitted by Section 901(l)), or reduce the amount

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<PAGE>   70

         of the principal of an Original Issue Discount Security that would be
         due and payable upon a declaration of acceleration of the Maturity
         thereof pursuant to Section 502 or the amount thereof provable in
         bankruptcy pursuant to Section 504, change the redemption, conversion
         or exchange provisions or adversely affect the right of repayment at
         the option of any Holder as contemplated by Article Twelve, or change
         the subordination provisions that apply to the terms of such Securities
         in a manner adverse to Holders, or change the Place of Payment,
         Currency in which the principal of, any premium or interest on, or any
         Additional Amounts with respect to any Security 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, in the case of repayment at the option
         of the Holder, on or after the date for repayment or in the case of
         change in control, after the Change in Control Purchase Date); or

                  (2) reduce the percentage in principal amount of the
         Outstanding Securities of any series, the consent of whose Holders is
         required for any such supplemental indenture, or the consent of whose
         Holders is required for any waiver (of compliance with certain
         provisions of this Indenture or certain defaults hereunder and their
         consequences) provided for in this Indenture, or reduce the
         requirements of Section 1404 for quorum or voting; or

                  (3) modify any of the provisions of this Section 902, Section
         513 or Section 1008, except to increase any such percentage or to
         provide that certain other provisions of this Indenture cannot be
         modified or waived without the consent of the Holder of each
         Outstanding Security affected thereby.

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

         It shall not be necessary for any Act of Holders of Securities under
this Section 902 to approve the particular form of any proposed supplemental
indenture, but it shall be sufficient if such Act shall approve the substance
thereof.

         Section 903. Execution of Supplemental Indentures.

         As a condition to executing, or accepting the additional trusts created
by, any supplemental indenture permitted by this Article Nine or the
modifications thereby of the trust created by this Indenture, the Trustee shall
be entitled to receive (in addition to those documents required by Section 102),
and (subject to Section 315 of the Trust Indenture Act) shall be fully protected
in relying upon, an Opinion of Counsel stating that the execution of such
supplemental indenture is authorized or permitted by this Indenture. The Trustee
may, but shall not be obligated to, enter into any such supplemental indenture
which affects the Trustee's own rights, duties or immunities under this
Indenture or otherwise.

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<PAGE>   71

         Section 904. Effect of Supplemental Indentures.

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

         Section 905. Reference in Securities to Supplemental Indentures.

         Securities of any series authenticated and delivered after the
execution of any supplemental indenture pursuant to this Article Nine 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.

         Section 906. 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.

                                   ARTICLE 10.

                                    COVENANTS

         Section 1001. Payment of Principal, any Premium and Interest.

                  (1) The Company shall pay the principal of, any premium and
         interest on (including interest accruing during any extension period
         and/or on or after the filing of a petition in bankruptcy or
         reorganization relating to the Company, whether or not a claim for
         post-filing interest is allowed in such proceeding) and any Additional
         Amounts with respect to the Securities on or prior to the dates and in
         the manner provided in such Securities or pursuant to this Indenture.
         An installment of principal, and any premium, interest or Additional
         Amounts shall be considered paid on the applicable due date if on such
         date the Trustee or the Paying Agent holds, in accordance with this
         Indenture, money sufficient to pay all of such installment then due.
         With respect to any Security, the Company shall pay interest on overdue
         principal and interest on overdue installments of interest (including
         interest accruing during any extension period and/or on or after the
         filing of a petition in bankruptcy or reorganization relating to the
         Company, whether or not a claim for post-filing interest is allowed in
         such proceeding), or Additional Amounts to the extent lawful, at the
         rate accruing on such Security, compounded with the same frequency as
         interest is payable on such Securities. Interest on overdue interest
         shall accrue from the date such amounts become overdue.

                  (2) Notwithstanding the provisions of Section 1001 (1) or any
         other provision herein to the contrary, the Company shall have the
         right, as provided in an Officer's Certificate or supplemental
         indenture issued pursuant to Article Nine, in its sole and

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<PAGE>   72

         absolute discretion at any time and from time to time while the
         Securities of any series are outstanding, so long as no Event of
         Default with respect to such series of Securities has occurred and is
         continuing, to defer payments of interest by extending the interest
         payment period for such series of Securities for the maximum
         consecutive period, if any, specified for such series of Securities,
         provided that such extension period must end on an Interest Payment
         Date and shall not extend beyond the Stated Maturity or Redemption Date
         of any Security of such series, and provided further that at the end of
         each extension period the Company shall pay all interest then accrued
         and unpaid (together with interest thereon to the extent permitted by
         applicable law at the rate accruing on such Securities). Prior to the
         termination of an extension period, the Company may shorten or may
         further extend the interest payment period for such series of
         Securities, provided that such extension period together with all such
         previous and further extensions may not exceed the maximum consecutive
         period specified for such series of Securities, end on a date other
         than an Interest Payment Date or extend beyond the Stated Maturity or
         Redemption Date of any Security of such series. The Company shall give
         the Trustee notice of the Company's election to begin an extension
         period for any series of Securities and any shortening or extension
         thereof at least five Business Days prior to: (i) the date notice of
         payment of interest on such Securities is required to be given to any
         national securities exchange on which the related Preferred Securities,
         if any, or Securities are then listed or other applicable
         self-regulatory organization, or (ii) the date of the notice of the
         record or payment date of the related distribution on the Preferred
         Securities issued by the Trust which is the Holder of the Securities of
         such series, but in any event not less than five Business Days prior to
         the Record Date fixed by the Company for the payment of such interest.
         The Company shall give or cause the Trustee to give notice (a form of
         which shall be provided by the Company to the Trustee) of the Company's
         election to begin an extension period to the Holders by first class
         mail, postage prepaid.

         Section 1002. Maintenance of Office or Agency.

         The Company shall maintain in each Place of Payment for any series of
Securities an Office or Agency where Securities of such series (but not Bearer
Securities, except as otherwise provided below, unless such Place of Payment is
located outside the United States) may be presented or surrendered for payment,
where Securities of such series may be surrendered for registration of transfer
or exchange, where Securities of such series may be presented and surrendered in
the event of a conversion or exchange, and where notices and demands to or upon
the Company in respect of the Securities of such series relating thereto and
this Indenture may be served. If Securities of a series are issuable as Bearer
Securities, the Company shall maintain, subject to any laws or regulations
applicable thereto, an Office or Agency in a Place of Payment for such series
which is located outside the United States where Securities of such series and
any Coupons appertaining thereto may be presented and surrendered for payment;
provided, however, that if the Securities of such series are listed on The Stock
Exchange of the United Kingdom and the Republic of Ireland or the Luxembourg
Stock Exchange or any other stock exchange located outside the United States and
such stock exchange shall so require, the Company shall maintain a Paying Agent
and a Conversion Agent, if applicable, in London, Luxembourg or any other
required city located outside the United States, as the case may be, so long as
the Securities of such series are listed on such exchange. The Company will give
prompt written notice to the Trustee of the location, and any change in the
location, of such Office or

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<PAGE>   73

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 addresses
thereof, such presentations, surrenders, notices and demands may be made or
served at the Corporate Trust Office of the Trustee, except that Bearer
Securities of such series and any Coupons appertaining thereto may only be
presented and surrendered for payment at the place specified for the purpose
with respect to such Securities as provided in or pursuant to this Indenture,
and the Company hereby appoints the Trustee as its agent to receive all such
presentations, surrenders, notices and demands.

         Except as otherwise provided in or pursuant to this Indenture, no
payment of principal, premium, interest or Additional Amounts with respect to
Bearer Securities shall be made at any Office or Agency in the United States or
by check mailed to any address in the United States or by transfer to an account
maintained with a bank located in the United States; provided, however, if
amounts owing with respect to any Bearer Securities shall be payable in Dollars,
payment of principal of, any premium or interest on and any Additional Amounts
with respect to any such Security may be made at the Corporate Trust Office of
the Trustee or any Office or Agency designated by the Company in the Borough of
Manhattan, The City of New York, if (but only if) payment of the full amount of
such principal, premium, interest or Additional Amounts at all offices outside
the United States maintained for such purpose by the Company in accordance with
this Indenture is illegal or effectively precluded by exchange controls or other
similar restrictions.

         The Company may also from time to time designate one or more other
Offices or Agencies where the Securities of one or more series may be presented
or surrendered for any or all such purposes and may from time to time rescind
such designations; provided, however, that no such designation or rescission
shall in any manner relieve the Company of its obligation to maintain an Office
or Agency in each Place of Payment for Securities of any series for such
purposes. The Company shall give prompt written notice to the Trustee of any
such designation or rescission and of any change in the location of any such
other Office or Agency. Unless otherwise provided in or pursuant to this
Indenture, the Company hereby designates as the Place of Payment for each series
of Securities the Borough of Manhattan, The City of New York, and initially
appoints the Corporate Trust Office of the Trustee as the Office or Agency of
the Company in the Borough of Manhattan, The City of New York for such purpose.
The Company may subsequently appoint a different Office or Agency in the Borough
of Manhattan, The City of New York for the Securities of any series.

         Unless otherwise specified with respect to any Securities pursuant to
Section 301, if and so long as the Securities of any series (i) are denominated
in a Foreign Currency or (ii) may be payable in a Foreign Currency, or so long
as it is required under any other provision of this Indenture, then the Company
will maintain with respect to each such series of Securities, or as so required,
at least one, exchange rate agent.

         Section 1003. 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 shall, on or before each due date of the
principal of, any premium or interest on or Additional Amounts with respect to
any of the Securities of such series, segregate and hold in trust for the
benefit of the Persons entitled thereto a sum in the Currency or Currencies in
which

                                       65
<PAGE>   74
 the Securities of such series are payable (except as otherwise specified
pursuant to Section 301 for the Securities of such series) sufficient to pay the
principal of or any premium, interest or Additional Amounts so becoming due
until such sums shall be paid to such Persons or otherwise disposed of as herein
provided, and shall 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 shall, on or prior to each due date of the principal
of, any premium or interest on or any Additional Amounts with respect to any
Securities of such series, deposit with any Paying Agent a sum (in the Currency
or Currencies described in the preceding paragraph) sufficient to pay the
principal of or any premium, interest or Additional Amounts so becoming due,
such sum to be held in trust for the benefit of the Persons entitled thereto,
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 shall 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 1003, that such Paying Agent shall:

                  (1) hold all sums held by it for the payment of the principal
         of, any premium or interest on or any Additional Amounts with respect
         to Securities of such series in trust for the benefit of the Persons
         entitled thereto until such sums shall be paid to such Persons or
         otherwise disposed of as provided in or pursuant to this Indenture;

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

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

         The Company 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 a 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 terms 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 sums.

         Except as otherwise provided herein or pursuant hereto, 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, any premium or interest on or any
Additional Amounts with respect to any Security of any series or any Coupon
appertaining thereto and remaining unclaimed for two years after such principal
or any such premium or interest or any such Additional Amount shall have 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 or any

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Coupon appertaining thereto shall thereafter, as an unsecured general creditor,
look only to the Company for payment thereof, and all liability of the Trustee
or such Paying Agent with respect to such trust money, and all liability of the
Company as trustee thereof, shall thereupon cease; provided, however, that the
Trustee or such Paying Agent, before being required to make any such repayment,
may at the expense of the Company cause to be published once, in an Authorized
Newspaper in each Place of Payment for such series or to be mailed to Holders of
Registered Securities of such series, or both, notice that such money remains
unclaimed and that, after a date specified therein, which shall not be less than
30 days from the date of such publication or mailing nor shall it be later than
two years after such principal and any premium or interest or Additional Amounts
shall have become due and payable, any unclaimed balance of such money then
remaining will be repaid to the Company.

         Section 1004. Additional Amounts.

         If any Securities of a series provide for the payment of Additional
Amounts, the Company agrees to pay to the Holder of any such Security or any
Coupon appertaining thereto Additional Amounts as provided in or pursuant to
this Indenture or such Securities. Whenever in this Indenture there is
mentioned, in any context, the payment of the principal of or any premium or
interest on, or in respect of, any Security of any series or any Coupon or the
net proceeds received on the sale or exchange of any Security of any series,
such mention shall be deemed to include mention of the payment of Additional
Amounts provided by the terms of such series established hereby or pursuant
hereto to the extent that, in such context, Additional Amounts are, were or
would be payable in respect thereof pursuant to such terms, and express mention
of the payment of Additional Amounts, if applicable, in any provision hereof
shall not be construed as excluding Additional Amounts in those provisions
hereof where such express mention is not made.

         Except as otherwise provided in or pursuant to this Indenture or the
Securities of the applicable series, if the Securities of a series provide for
the payment of Additional Amounts, at least 10 days prior to the first Interest
Payment Date with respect to such series of Securities (or if the Securities of
such series shall not bear interest prior to Maturity, the first day on which a
payment of principal is made), and at least 10 days prior to each date of
payment of principal or interest if there has been any change with respect to
the matters set forth in the below-mentioned Officers' Certificate, the Company
shall furnish to the Trustee and the principal Paying Agent or Paying Agents, if
other than the Trustee, an Officers' Certificate instructing the Trustee and
such Paying Agent or Paying Agents whether such payment of principal of and
premium, if any, or interest on the Securities of such series shall be made to
Holders of Securities of such series or the Coupons appertaining thereto who are
United States Aliens without withholding for or on account of any tax,
assessment or other governmental charge described in the Securities of such
series. If any such withholding shall be required, then such Officers'
Certificate shall specify by country the amount, if any, required to be withheld
on such payments to such Holders of Securities or Coupons, and the Company
agrees to pay to the Trustee or such Paying Agent the Additional Amounts
required by the terms of such Securities. The Company covenants to indemnify the
Trustee and any Paying Agent for, and to hold them harmless against any loss,
liability or expense reasonably incurred without negligence or bad faith on
their part arising out of or in connection with actions taken or omitted by any
of them in reliance on any Officers' Certificate furnished pursuant to this
Section 1004.

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         Section 1005. No Restriction on Indebtedness or Liens.

         Nothing in this Indenture or in the Securities shall in any way
restrict or prevent the Company or any Subsidiary from issuing, assuming,
guaranteeing or otherwise incurring or securing any Indebtedness, or otherwise
granting any Liens in respect thereof.

         For purposes of this Section 1005, "Lien" shall mean, with respect to
any asset, any mortgage, lien, pledge, security interest or encumbrances of any
kind in respect of such asset, whether or not filed, recorded or otherwise
perfected under applicable law.

         Section 1006. Corporate Existence.

         Subject to Articles Eight and Fifteen, the Company shall do or cause to
be done all things necessary to preserve and keep in full force and effect its
corporate existence and that of each Subsidiary and their respective rights
(charter and statutory) and franchises; provided, however, that the foregoing
shall not obligate the Company or any Subsidiary to preserve any such right or
franchise if the Company or any Subsidiary shall determine that the preservation
thereof is no longer desirable in the conduct of its business or the business of
such Subsidiary.

         Section 1007. Payment of Expenses of Each Trust. The Company covenants
for the benefit of the Holders of each series of Securities owned by a Trust to
pay all of the obligations, costs and expenses of such Trust (other than
payments in respect of Trust Securities) in accordance with the provisions of
its Trust Agreement and to pay the taxes of such Trust in accordance with the
provisions of its Trust Agreement in order to permit such Trust to make
distributions on and redemptions of its Preferred Securities in accordance with
its Trust Agreement.

         Section 1008. Waiver of Certain Covenants.

         The Company may omit in any particular instance to comply with any
term, provision or condition set forth in Sections 1001(2) or 1006 with respect
to the Securities of any series if before the time for such compliance the
Holders of at least a majority in principal amount of the Outstanding Securities
of such series, by Act of such Holders, either shall waive such compliance in
such instance or generally shall have waived compliance with such term,
provision or condition, but no such waiver shall extend to or affect such term,
provision or condition except to the extent so expressly waived, and, until such
waiver shall become effective, the obligations of the Company and the duties of
the Trustee in respect of any such term, provision or condition shall remain in
full force and effect.

         Section 1009. Company Statement as to Compliance; Notice of Certain
Defaults.

                  (1) The Company shall deliver to the Trustee, within 120 days
         after the end of each fiscal year, a written statement (which need not
         be contained in or accompanied by an Officers' Certificate) signed by
         the principal executive officer, the principal financial officer or the
         principal accounting officer of the Company, stating that:

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                           (a) a review of the activities of the Company during
                  such year and of its performance under this Indenture has been
                  made under his or her supervision; and

                           (b) to the best of his or her knowledge, based on
                  such review, (i) the Company has complied with all the
                  conditions and covenants imposed on it under this Indenture
                  throughout such year, or, if there has been a default in the
                  fulfillment of any such condition or covenant, specifying each
                  such default known to him or her and the nature and status
                  thereof, and (ii) no event has occurred and is continuing
                  which is, or after notice or lapse of time or both would
                  become, an Event of Default, or, if such an event has occurred
                  and is continuing, specifying each such event known to him and
                  the nature and status thereof.

                  (2) the Company shall deliver to the Trustee, within five days
         after the occurrence thereof, written notice of any Event of Default or
         any Default.

                                   ARTICLE 11.

                            REDEMPTION OF SECURITIES

         Section 1101. Applicability of Article.

         Redemption of Securities of any series at the option of the Company as
permitted or required by the terms of such Securities shall be made in
accordance with the terms of such Securities and (except as otherwise provided
herein or pursuant hereto) this Article Eleven.

         Section 1102. Election to Redeem; Notice to Trustee.

         The election of the Company to redeem any Securities shall be evidenced
by or pursuant to a Board Resolution or an Officers' Certificate. In case of any
redemption at the election of the Company of (a) less than all of the Securities
of any series or (b) all of the Securities of any series, with the same issue
date, interest rate or formula, Stated Maturity and other terms, the Company
shall, at least 60 days prior to the Redemption Date fixed by the Company
(unless a shorter notice shall be satisfactory to the Trustee), notify the
Trustee of such Redemption Date and of the principal amount of Securities of
such series to be redeemed.

         Section 1103. Selection by Trustee of Securities to be Redeemed.

         If less than all of the Securities of any series with the same issue
date, interest rate or formula, Stated Maturity and other terms 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 of the principal amount of Registered
Securities of such series; provided, however, that no such partial redemption
shall reduce the portion of the principal amount of a Registered Security of
such series not redeemed to less than the minimum denomination for a Security of
such series established herein or pursuant hereto.

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<PAGE>   78

         The Trustee shall promptly notify the Company and the Security
Registrar (if other than itself) in writing of the Securities selected for
redemption and, in the case of any Securities selected for partial redemption,
the principal amount thereof to be redeemed.

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

         Section 1104. Notice of Redemption.

         Notice of redemption shall be given in the manner provided in Section
106, not less than 30 nor more than 60 days prior to the Redemption Date, unless
a shorter period is specified in the Securities to be redeemed, to the Holders
of Securities to be redeemed. Failure to give notice by mailing in the manner
herein provided to the Holder of any Registered Securities designated for
redemption as a whole or in part, or any defect in the notice to any such
Holder, shall not affect the validity of the proceedings for the redemption of
any other Securities or portion thereof.

         Any notice that is mailed to the Holder of any Registered Securities in
the manner herein provided shall be conclusively presumed to have been duly
given, whether or not such Holder receives the notice.

         All notices of redemption shall state:

                  (1) the Redemption Date;

                  (2) the Redemption Price;

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

                  (4) in case any Security is to be redeemed in part only, the
         notice which relates to such Security shall state that on and after the
         Redemption Date, upon surrender of such Security, the Holder of such
         Security will receive, without charge, a new Security or Securities of
         authorized denominations for the principal amount thereof remaining
         unredeemed;

                  (5) that, on the Redemption Date, the Redemption Price shall
         become due and payable upon each such Security or portion thereof to be
         redeemed, and, if applicable, that interest thereon shall cease to
         accrue on and after said date;

                  (6) the place or places where such Securities, together (in
         the case of Bearer Securities) with all Coupons appertaining thereto,
         if any, maturing after the Redemption Date, are to be surrendered for
         payment of the Redemption Price and any accrued interest and Additional
         Amounts pertaining thereto;

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<PAGE>   79

                  (7) that, unless otherwise specified in such notice, Bearer
         Securities of any series, if any, surrendered for redemption must be
         accompanied by all Coupons maturing subsequent to the date fixed for
         redemption or the amount of any such missing Coupon or Coupons will be
         deducted from the Redemption Price, unless security or indemnity
         satisfactory to the Company, the Trustee and any Paying Agent is
         furnished;

                  (8) if Bearer Securities of any series are to be redeemed and
         any Registered Securities of such series are not to be redeemed, and if
         such Bearer Securities may be exchanged for Registered Securities not
         subject to redemption on the Redemption Date pursuant to Section 305 or
         otherwise, the last date, as determined by the Company, on which such
         exchanges may be made;

                  (9) that the redemption is out of a sinking fund, if such is
         the case;

                  (10) in the case of Securities of any series that are
         convertible or exchangeable into other securities or rights, the
         conversion or exchange price or rate, the date or dates on which or the
         period or periods during which the right to convert or exchange the
         principal of the Securities of such series to be redeemed will commence
         or terminate and the place or places where such Securities may be
         surrendered for conversion or exchange; and

                  (11) the CUSIP number or the Euroclear or the Clearstream
         Luxembourg reference numbers of such Securities, if any (or any other
         numbers used by a Depository to identify such Securities).

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

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

         Section 1105. Deposit of Redemption Price.

         On or prior to any Redemption Date, the Company shall deposit, with
respect to the Securities of any series called for redemption pursuant to
Section 1104, with the Trustee or with a Paying Agent (or, if the Company is
acting as its own Paying Agent, segregate and hold in trust as provided in
Section 1003) an amount of money in the applicable Currency sufficient to pay
the Redemption Price of, and (except if the Redemption Date shall be an Interest
Payment Date, unless otherwise specified pursuant to Section 301 or in the
Securities of such series) any accrued interest on and Additional Amounts with
respect thereto, all such Securities or portions thereof which are to be
redeemed on that date.

         Section 1106. Securities Payable on Redemption Date.

         Notice of redemption having been given as aforesaid, the Securities so
to be redeemed shall, on the Redemption Date, become due and payable at the
Redemption Price therein specified, and from and after such date (unless the
Company shall default in the payment of the

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<PAGE>   80

Redemption Price and accrued interest) such Securities shall cease to bear
interest and the Coupons for such interest appertaining to any Bearer Securities
so to be redeemed, except to the extent provided below, shall be void. Upon
surrender of any such Security for redemption in accordance with said notice,
together with all Coupons, if any, appertaining thereto maturing after the
Redemption Date, such Security shall be paid by the Company at the Redemption
Price, together with any accrued interest and Additional Amounts to the
Redemption Date; provided, however, that, except as otherwise provided in or
pursuant to this Indenture or the Bearer Securities of such series, installments
of interest on Bearer Securities whose Stated Maturity is on or prior to the
Redemption Date shall be payable only upon presentation and surrender of Coupons
for such interest (at an Office or Agency located outside the United States
except as otherwise provided in Section 1002), and provided, further, that,
except as otherwise specified in or pursuant to this Indenture or the Registered
Securities of such series, installments of interest on Registered Securities
whose Stated Maturity is on or prior to the Redemption Date shall be payable to
the Holders of such Securities, or one or more Predecessor Securities,
registered as such at the close of business on the Regular Record Dates therefor
according to their terms and the provisions of Section 307.

         If any Bearer Security surrendered for redemption shall not be
accompanied by all appurtenant Coupons maturing after the Redemption Date, such
Security may be paid after deducting from the Redemption Price an amount equal
to the face amount of all such missing Coupons, or the surrender of such missing
Coupon or Coupons may be waived by the Company and the Trustee if there be
furnished to them such security or indemnity as they may require to save each of
them and any Paying Agent harmless. If thereafter the Holder of such Security
shall surrender to the Trustee or any Paying Agent any such missing Coupon in
respect of which a deduction shall have been made from the Redemption Price,
such Holder shall be entitled to receive the amount so deducted; provided,
however, that any interest or Additional Amounts represented by Coupons shall be
payable only upon presentation and surrender of those Coupons at an Office or
Agency for such Security located outside of the United States except as
otherwise provided in Section 1002.

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

         Section 1107. Securities Redeemed in Part.

         Any Registered Security which is to be redeemed only in part shall be
surrendered at any Office or Agency for such Security (with, if the Company or
the Trustee so requires, due endorsement by, or a written instrument of transfer
in form satisfactory to the Company and the Trustee duly executed by, the Holder
thereof or his attorney duly authorized in writing) and the Company shall
execute and the Trustee shall authenticate and deliver to the Holder of such
Security without service charge, a new Registered Security or Securities of the
same series, containing identical terms and provisions, 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. If a Security in global form is so surrendered, the Company shall
execute, and the Trustee shall authenticate and deliver to the U.S. Depository
or other Depository for such Security in global form as shall be specified in
the Company Order

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<PAGE>   81

with respect thereto to the Trustee, without service charge, a new Security in
global form in a denomination equal to and in exchange for the unredeemed
portion of the principal of the Security in global form so surrendered.

                                   ARTICLE 12.

                       REPAYMENT AT THE OPTION OF HOLDERS

         Section 1201. Applicability of Article.

         Securities of any series which are repayable at the option of the
Holders thereof before their Stated Maturity shall be repaid in accordance with
the terms of the Securities of such series. The repayment of any principal
amount of Securities pursuant to such option of the Holder to require repayment
of Securities before their Stated Maturity, for purposes of Section 309, shall
not operate as a payment, redemption or satisfaction of the Indebtedness
represented by such Securities unless and until the Company, at its option,
shall deliver or surrender the same to the Trustee with a directive that such
Securities be cancelled. Notwithstanding anything to the contrary contained in
this Section 1201, in connection with any repayment of Securities, the Company
may arrange for the purchase of any Securities by an agreement with one or more
investment bankers or other purchasers to purchase such Securities by paying to
the Holders of such Securities on or before the close of business on the
repayment date an amount not less than the repayment price payable by the
Company on repayment of such Securities, and the obligation of the Company to
pay the repayment price of such Securities shall be satisfied and discharged to
the extent such payment is so paid by such purchasers.

                                   ARTICLE 13.

                        SECURITIES IN FOREIGN CURRENCIES

         Section 1301. Applicability of Article.

         Whenever this Indenture provides for (i) any action by, or the
determination of any of the rights of, Holders of Securities of any series in
which not all of such Securities are denominated in the same Currency, or (ii)
any distribution to Holders of Securities, in the absence of any provision to
the contrary in the form of Security of any particular series or pursuant to
this Indenture or the Securities, any amount in respect of any Security
denominated in a Currency other than Dollars shall be treated for any such
action or distribution as that amount of Dollars that could be obtained for such
amount on such reasonable basis of exchange and as of the record date with
respect to Registered Securities of such series (if any) for such action,
determination of rights or distribution (or, if there shall be no applicable
record date, such other date reasonably proximate to the date of such action,
determination of rights or distribution) as the Company may specify in a written
notice to the Trustee or, in the absence of such written notice, as the Trustee
may determine.

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                                   ARTICLE 14.

                        MEETINGS OF HOLDERS OF SECURITIES

         Section 1401. Purposes for Which Meetings May Be Called.

         A meeting of Holders of Securities of any series may be called at any
time and from time to time pursuant to this Article Fourteen to make, give or
take any request, demand, authorization, direction, notice, consent, waiver or
other Act provided by this Indenture to be made, given or taken by Holders of
Securities of such series.

         Section 1402. Call, Notice and Place of Meetings.

                  (1) The Trustee may at any time call a meeting of Holders of
         Securities of any series for any purpose specified in Section 1401, to
         be held at such time and at such place in the Borough of Manhattan, The
         City of New York, or, if Securities of such series have been issued in
         whole or in part as Bearer Securities, in London or in such place
         outside the United States as the Trustee shall determine. Notice of
         every meeting of Holders of Securities of any series, setting forth the
         time and the place of such meeting and in general terms the action
         proposed to be taken at such meeting, shall be given in the manner
         provided in Section 106 not less than 21 nor more than 180 days prior
         to the date fixed for the meeting.

                  (2) In case at any time the Company (by or pursuant to a Board
         Resolution) or the Holders of at least 10% in principal amount of the
         Outstanding Securities of any series shall have requested the Trustee
         to call a meeting of the Holders of Securities of such series for any
         purpose specified in Section 1401, by written request setting forth in
         reasonable detail the action proposed to be taken at the meeting, and
         the Trustee shall not have mailed notice of or made the first
         publication of the notice of such meeting within 21 days after receipt
         of such request (whichever shall be required pursuant to Section 106)
         or shall not thereafter proceed to cause the meeting to be held as
         provided herein, then the Company or the Holders of Securities of such
         series in the amount above specified, as the case may be, may determine
         the time and the place in the Borough of Manhattan, The City of New
         York, or, if Securities of such series are to be issued as Bearer
         Securities, in London for such meeting and may call such meeting for
         such purposes by giving notice thereof as provided in clause (1) of
         this Section 1402.

         Section 1403. Persons Entitled to Vote at Meetings.

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

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         Section 1404. Quorum; Action.

         The Persons entitled to vote a majority in principal amount of the
Outstanding Securities of a series shall constitute a quorum for a meeting of
Holders of Securities of such series; provided, however, that if any action is
to be taken at such meeting with respect to a consent or waiver which this
Indenture expressly provides may be given by the Holders of at least 66-2/3% in
principal amount of the Outstanding Securities of a series, the Persons entitled
to vote 66-2/3% in principal amount of the Outstanding Securities of such series
shall constitute a quorum. In the absence of a quorum within 30 minutes after
the time appointed for any such meeting, the meeting shall, if convened at the
request of Holders of Securities of such series, be dissolved. In any other
case, the meeting may be adjourned for a period of not less than 10 days as
determined by the chairman of the meeting prior to the adjournment of such
meeting. In the absence of a quorum at any such adjourned meeting, such
adjourned meeting may be further adjourned for a period of not less than 10 days
as determined by the chairman of the meeting prior to the adjournment of such
adjourned meeting. Notice of the reconvening of any adjourned meeting shall be
given as provided in Section 1402(l), except that such notice need be given only
once not less than five days prior to the date on which the meeting is scheduled
to be reconvened. Notice of the reconvening of an adjourned meeting shall state
expressly the percentage, as provided above, of the principal amount of the
Outstanding Securities of such series which shall constitute a quorum.

         Except as limited by the proviso to Section 902, any resolution
presented to a meeting or adjourned meeting duly reconvened at which a quorum is
present as aforesaid may be adopted only by the affirmative vote of the Holders
of a majority in principal amount of the Outstanding Securities of that series;
provided, however, that, except as limited by the proviso to Section 902, any
resolution with respect to any consent or waiver which this Indenture expressly
provides may be given by the Holders of at least 66-2/3% in principal amount of
the Outstanding Securities of a series may be adopted at a meeting or an
adjourned meeting duly convened and at which a quorum is present as aforesaid
only by the affirmative vote of the Holders of 66-2/3% in principal amount of
the Outstanding Securities of that series; and provided, further, that, except
as limited by the proviso to Section 902, any resolution with respect to any
request, demand, authorization, direction, notice, consent, waiver or other Act
which this Indenture expressly provides may be made, given or taken by the
Holders of a specified percentage, which is less than a majority, in principal
amount of the Outstanding Securities of a series may be adopted at a meeting or
an adjourned meeting duly reconvened and at which a quorum is present as
aforesaid by the affirmative vote of the Holders of such specified percentage in
principal amount of the Outstanding Securities of such series.

         Any resolution passed or decision taken at any meeting of Holders of
Securities of any series duly held in accordance with this Section 1404 shall be
binding on all the Holders of Securities of such series and the Coupons
appertaining thereto, whether or not such Holders were present or represented at
the meeting.

         Section 1405. Determination of Voting Rights, Conduct and Adjournment
                       of Meetings.

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

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         Securities of such series in regard to proof of the holding of
         Securities of such series and of the appointment of proxies and in
         regard to the appointment and duties of inspectors of votes, the
         submission and examination of proxies, certificates and other evidence
         of the right to vote, and such other matters concerning the conduct of
         the meeting as it shall deem appropriate. Except as otherwise permitted
         or required by any such regulations, the holding of Securities shall be
         proved in the manner specified in Section 104 and the appointment of
         any proxy shall be proved in the manner specified in Section 104 or by
         having the signature of the person executing the proxy witnessed or
         guaranteed by any trust company, bank or banker authorized by Section
         104 to certify to the holding of Bearer Securities. Such regulations
         may provide that written instruments appointing proxies, regular on
         their face, may be presumed valid and genuine without the proof
         specified in Section 104 or other proof.

                  (2) The Trustee shall, by an instrument in writing, appoint a
         temporary chairman of the meeting, unless the meeting shall have been
         called by the Company or by Holders of Securities as provided in
         Section 1402(2), in which case the Company or the Holders of Securities
         of the series calling the meeting, as the case may be, shall in like
         manner appoint a temporary chairman. A permanent chairman and a
         permanent secretary of the meeting shall be elected by vote of the
         Persons entitled to vote a majority in principal amount of the
         Outstanding Securities of such series represented at the meeting.

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

                  (4) Any meeting of Holders of Securities of any series duly
         called pursuant to Section 1402 at which a quorum is present may be
         adjourned from time to time by Persons entitled to vote a majority in
         principal amount of the Outstanding Securities of such series
         represented at the meeting; and the meeting may be held as so adjourned
         without further notice.

         Section 1406. Counting Votes and Recording Action of Meetings.

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

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meeting and showing that said notice was given as provided in Section 1402 and,
if applicable, Section 1404. Each copy shall be signed and verified by the
affidavits of the permanent chairman and secretary of the meeting and one such
copy shall be delivered to the Company, and another to the Trustee to be
preserved by the Trustee, the latter to have attached thereto the ballots voted
at the meeting. Any record so signed and verified shall be conclusive evidence
of the matters therein stated.

                                   ARTICLE 15.

                  PURCHASE OF SECURITIES UPON CHANGE IN CONTROL

         Section 1501. Purchase of Securities at Option of the Holder upon
                       Change in Control.

                  (1) If on or prior to Maturity, there shall have occurred a
         Change in Control (as defined herein), the Securities shall be
         purchased, at the option of the Holder thereof, by the Company at the
         purchase price specified in the Securities (the "Change in Control
         Purchase Price"), on the date that is 35 Business Days after the
         occurrence of the Change in Control (the "Change in Control Purchase
         Date"), subject to satisfaction by or on behalf of the Holder of the
         requirements set forth in Section 1501(3).

         A "Change in Control" shall be deemed to have occurred at such time as
any of the following events shall occur:

                           (a) Any person (for purposes of paragraph (a) of this
                  Section 1501(1) only, the term "person" shall mean a "person"
                  as defined in or for purposes of Section 13(d)(3) or Section
                  14(d)(2) of the Exchange Act of 1934 (as defined herein), or
                  any successor provision to either of the foregoing, including
                  any "group" acting for the purposes of acquiring, holding or
                  disposing of Securities within the meaning of Rule 13D-5(b)(1)
                  under the Exchange Act of 1934), together with its Affiliates
                  and Associates (as defined herein), shall file or become
                  obligated to file a report under or in response to Schedule
                  13D or 14D-1 (or any successor schedule, form or report)
                  pursuant to the Exchange Act of 1934 disclosing that such
                  person has become the beneficial owner (as the term
                  "beneficial owner" is defined in Rule 13d-3 under the Exchange
                  Act of 1934, or any successor provision) of either (A) 50% or
                  more of the shares of Common Stock then outstanding or (B) 50%
                  or more of the voting power of the Voting Stock of the Company
                  then outstanding; provided, however, that for purposes of
                  paragraph (a) of this Section 1501(1), a person shall not be
                  deemed the beneficial owner of (1) any Securities tendered
                  pursuant to a tender offer or exchange offer made by or on
                  behalf of such person, or its Affiliates or Associates, until
                  such tendered Securities are accepted for purchase or exchange
                  thereunder, or (2) any Securities in respect of which
                  beneficial ownership by such person arises solely as a result
                  of a revocable proxy delivered in response to a proxy or
                  consent solicitation that is made pursuant to, and in
                  accordance with, the Exchange Act of 1934 and the applicable
                  rules and regulations thereunder and is not then reportable on
                  Schedule 13D (or any successor schedule, form or report) under
                  the Exchange Act of 1934;

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                           (b) There shall be consummated any sale, transfer,
                  lease or conveyance of all or substantially all of the
                  properties and assets of the Company to any other Corporation
                  or Corporations or other person or persons (other than a
                  Subsidiary of the Company);

                           (c) There shall be consummated any consolidation of
                  the Company with or merger of the Company with or into any
                  other Person (whether or not affiliated with the Company) in
                  which the Company is not the sole surviving or continuing
                  corporation or pursuant to which the shares of Common Stock
                  outstanding immediately prior to the consummation of such
                  consolidation or merger are converted into cash, securities or
                  other property, other than a consolidation or merger in which
                  the holders of shares of Common Stock receive, directly or
                  indirectly, (A) 75% or more of the common stock of the sole
                  surviving or continuing Corporation outstanding immediately
                  following the consummation of such consolidation or merger and
                  (B) securities representing 75% or more of the combined voting
                  power of the Voting Stock of the sole surviving or continuing
                  corporation outstanding immediately following the consummation
                  thereof of such consolidation or merger.

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

         "Associate" shall have the meaning ascribed to such term in Rule 12b-2
under the Exchange Act of 1934, as in effect on the date hereof.

                  (2) Within 15 Business Days after the occurrence of a Change
         in Control, the Company shall mail a written notice of Change in
         Control by first-class mail to the Trustee and to each Holder (and to
         beneficial owners as required by applicable law, including, without
         limitation, Rule 13c-4 under the Securities Exchange Act of 1934) and,
         if any Bearer Securities are then outstanding, shall cause a copy of
         such notice to be published at least once in an Authorized Newspaper
         located in The City of New York and, if any Securities are then listed
         on any stock exchange located outside the United States, in an
         Authorized Newspaper in such city as the stock exchange so requires.
         The notice shall include or transmit a form of Change in Control
         Purchase Notice (as described below) to be completed by the Holder and
         shall state:

                           (a) the events causing a Change in Control and the
                  date of such Change in Control;

                           (b) the date by which the Change in Control Purchase
                  Notice pursuant to this Section 1501 must be given;

                           (c) the Change in Control Purchase Date;

                           (d) the Change in Control Purchase Price;

                           (e) the name and address of the Trustee and the
                  Office or Agency;

                                       78
<PAGE>   87

                           (f) that the Securities must be surrendered to the
                  Trustee or the Office or Agency to collect payment;

                           (g) that the Change in Control Purchase Price for any
                  Security as to which a Change in Control Purchase Notice has
                  been duly given and not withdrawn will be paid promptly
                  following the later of the Change in Control Purchase Date or
                  the time of surrender of such Security as described in Section
                  1501(2)(f);

                           (h) the procedures the Holder must follow to exercise
                  rights under this Section 1501(2) and a brief description of
                  those rights; and

                           (i) the procedures for withdrawing a Change in
                  Control Purchase Notice.

                  (3) A Holder may exercise its rights specified in Section
         1501(l) upon delivery of a written notice of purchase (a "Change in
         Control Purchase Notice") to the Trustee or to the Office or Agency at
         any time prior to the close of business of the Change in Control
         Purchase Date, stating:

                           (a) the certificate number or numbers of the Security
                  or Securities, except in the case of global Securities, which
                  the Holder will deliver to be purchased;

                           (b) the portion of the principal amount of the
                  Security or Securities which the Holder will deliver to be
                  purchased, which portion must be $1,000 or an integral
                  multiple thereof; and

                           (c) that such Security or Securities shall be
                  purchased on the Change in Control Purchase Date pursuant to
                  the terms and conditions specified in the Securities.

         The delivery of the Security, by hand or by registered mail prior to,
on or after the Change in Control Purchase Date (together with all necessary
endorsements), to the Trustee or to the Office or Agency shall be a condition
precedent to the obligation of the Company to pay to the Holder the Change in
Control Purchase Price therefor; provided, however, that such Change in Control
Purchase Price shall be so paid pursuant to this Section 1501 only if the
Security so delivered to the Trustee or such Office or Agency shall conform in
all respects to the description thereof set forth in the related Change in
Control Purchase Notice.

         Notwithstanding anything herein to the contrary, any Holder delivering
to the Trustee or to the Office or Agency, the Change in Control Purchase Notice
contemplated by this Section 1501(3) shall have the right to withdraw such
Change in Control Purchase Notice at any time prior to or on the Change in
Control Purchase Date by delivery of a written notice of withdrawal to the
Trustee or to such office or agency in accordance with Section 1502.

                                       79
<PAGE>   88

         Section 1502. Effect of Change in Control Purchase Notice.

         Upon receipt by the Company of the Change in Control Purchase Notice
specified in Section 1501(3), the Holder of the Security in respect of which
such Change in Control Purchase Notice was given shall (unless such Change in
Control Purchase Notice is withdrawn as specified in the following paragraph)
thereafter be entitled to receive solely the Change in Control Purchase Price
with respect to such Security. Such Change in Control Purchase Price shall be
paid to such Holder promptly following the later of (x) the Change in Control
Purchase Date, as the case may be, with respect to such Security (provided the
conditions in Section 1501(3), as applicable, have been satisfied) and (y) the
time of delivery of such Security to the Trustee or to the Office or Agency by
the Holder thereof in the manner required by Section 1501(3) as applicable.

         A Change in Control Purchase Notice may be withdrawn by means of a
written notice of withdrawal delivered to the office of the Trustee or to the
Office or Agency at any time prior to the close of business on the Change in
Control Purchase Date, specifying:

                  (1) the certificate number or numbers of the Security or
         Securities, except in the case of global Securities, in respect of
         which such notice of withdrawal is being submitted;

                  (2) the principal amount of the Security or Securities with
         respect to which such notice of withdrawal is being submitted, and

                  (3) the principal amount, if any, of such Security or
         Securities which remains subject to the original Change in Control
         Purchase Notice, and which has been and will be delivered for purchase
         by the Company.

         There shall be no purchase of any Securities pursuant to Section 1501
if there has occurred and is continuing an Event of Default (other than a
default in the payment of the Change in Control Purchase Price).

         Section 1503. Deposit of Change in Control Purchase Price.

         Prior to 12:00 Noon (local time in The City of New York) on the
Business Day following the Change in Control Purchase Date, the Company shall
deposit with the Trustee (or, if the Company or a Subsidiary or an Affiliate of
either of them is acting as Paying Agent, shall segregate and hold in trust as
provided in Section 1003) an amount of cash in immediately available funds or
Securities, if expressly permitted hereunder, sufficient to pay the aggregate
Change in Control Purchase Price of all the Securities or portions thereof which
are to be purchased. If a deposit is made with the Trustee of the aforesaid
amount of cash or Securities, the Securities or portions thereof with respect to
which a Change in Control Purchase Notice has been delivered and not validly
withdrawn shall become due and payable as of the Business Day following the
applicable Change in Control Purchase Date, and on and after such date interest
payable in respect of such Securities shall cease and all other rights of the
Holders thereof shall terminate, other than the right to receive the Change in
Control Purchase Price upon delivery of such Securities to the Trustee.

                                       80
<PAGE>   89

         Section 1504. Covenant to Comply With Securities Laws Upon Purchase of
                       Securities.

         In connection with any purchase of Securities under Section 1501
hereof, the Company shall (a) comply with Rule 13e-4 under the Securities
Exchange Act of 1934, if applicable, (b) file the related Schedule 13E-4 (or any
successor schedule, form or report) under the Securities Exchange Act of 1934,
if applicable, and (c) otherwise comply with all Federal and state securities
laws regulating the purchase of the Securities (including positions of the
Commission under applicable no-action letters) so as to permit the rights and
obligation under Section 1501 to be exercised in the time and in the manner
specified in Section 1501 and 1502.

         Section 1505. Repayment to the Company.

         The Trustee shall return to the Company any cash, together with
interest or dividends, if any, thereon (subject to the provisions of Section
605) held by it for the payment of the Change in Control Purchase Price of the
Securities that remain unclaimed as provided in the Securities; provided,
however, that to the extent the aggregate amount of cash deposited by the
Company pursuant to Section 1503 exceeds the aggregate Change in Control
Purchase Price of the Securities or portions thereof to be purchased, then
promptly after the Change in Control Purchase Date, the Trustee shall return any
such excess to the Company together with interest or dividends, if any, thereon
(subject to the provisions of Section 605).

                                   ARTICLE 16.

                                  SUBORDINATION

         Section 1601. Securities Subordinated to Senior Indebtedness.

         Notwithstanding the provisions of Section 506 or any other provision
herein or in any Security, the Company and the Trustee and, by their acceptance
thereof, the Holders of the Securities (a) covenant and agree that all payments
by the Company of the principal of and any premium or interest on and any
Additional Amounts with respect to the Securities (other than Securities which
have been discharged pursuant to Article Four or Securities that provide for a
sinking fund pursuant to the Board Resolution, Officers' Certificate or
supplemental indenture establishing the series as to which such sinking fund is
applicable) shall be subordinated in accordance with the provisions of this
Article Sixteen in right of payment to the prior payment in full, in cash or
cash equivalents, of all amounts payable on, under or in connection with Senior
Indebtedness, and (b) acknowledge that holders of Senior Indebtedness are or
shall be relying on this Article Sixteen. Nothing herein or in any Security is
intended to or shall limit the amount of Senior Indebtedness the Company may
incur.

         Section 1602. Priority and Payment of Proceeds in Certain Events:
                       Remedies Standstill.

                  (1) Upon any payment or distribution of assets or securities
         of the Company, as the case may be, of any kind or character, whether
         in cash, property or securities, upon any dissolution or winding up or
         total or partial liquidation or reorganization of the Company, whether
         voluntary or involuntary, or in bankruptcy, insolvency, receivership or
         other proceedings, all amounts payable on, under or in connection with
         Senior

                                       81
<PAGE>   90

         Indebtedness (including any interest accruing on such Senior
         Indebtedness subsequent to the commencement of a bankruptcy,
         insolvency, receivership or similar proceeding) shall first be paid,
         ratably according to the aggregate amounts remaining unpaid on account
         of the principal of and any premium and interest on the Senior
         Indebtedness held or represented by each, to the extent necessary to
         make payment in full of all Senior Indebtedness remaining unpaid, in
         cash, or payment provided for in cash or cash equivalents, ratably
         according to the aggregate amounts remaining unpaid on account of the
         principal of and any premium and interest on the Senior Indebtedness
         held or represented by each, to the extent necessary to make payment in
         full of all Senior Indebtedness remaining unpaid, before the Holders or
         the Trustee on behalf of the Holders or the holders of Preferred
         Securities, if any, shall be entitled to receive from the Company any
         payment of principal of or any premium or interest on or Additional
         Amounts with respect to the Securities or distribution of any assets or
         securities.

                  (2) No direct or indirect payment by or on behalf of the
         Company of principal of or any premium or interest on or Additional
         Amounts with respect to the Securities (other than Securities which
         have been discharged pursuant to Article Four or Securities that
         provide for a sinking fund), whether pursuant to the terms of the
         Securities or upon acceleration or otherwise, shall be made if, at the
         time of such payment, there exists (a) a default in the payment of all
         or any portion of any Senior Indebtedness and the Trustee has received
         written notice thereof from the Company, from holders of Senior
         Indebtedness or from any trustee, representative or agent therefor, or
         (b) any other default affecting Senior Indebtedness as a result of
         which the maturity of Senior Indebtedness has been accelerated and the
         Trustee has received written notice from the Company, from holders of
         Senior Indebtedness or from any trustee, representative or agent
         therefor, and such default shall not have been cured or waived by or on
         behalf of the holders of such Senior Indebtedness.

                  (3) If, notwithstanding the foregoing provisions prohibiting
         such payment or distribution, the Trustee or any Holder shall have
         received any payment on account of the principal of or any premium or
         interest on or Additional Amounts with respect to the Securities when
         such payment is prohibited by this Section 1602 and before all amounts
         payable on, under or in connection with Senior Indebtedness are paid in
         full in cash or cash equivalents, then and in such event (subject to
         the provisions of Section 1608) such payment or distribution shall be
         received and held in trust for the holders of Senior Indebtedness and,
         at the written direction of the trustee, representative or agent for
         the holders of the Senior Indebtedness, shall be paid to the holders of
         the Senior Indebtedness remaining unpaid to the extent necessary to pay
         such Senior Indebtedness in full in cash or cash equivalents.

         Upon any payment or distribution of assets or securities referred to in
this Article Sixteen, the Trustee and the Holders shall be entitled to rely upon
any order or decree of a court of competent jurisdiction in which such
dissolution, winding up, liquidation or reorganization proceedings are pending
or upon a certificate of the receiver, trustee in bankruptcy, liquidating
trustee, agent or other Person making any such payment or distribution,
delivered to the Trustee or to the Holders for the purpose of ascertaining the
Persons entitled to participate in such distribution, the holders of Senior
Indebtedness and other Indebtedness of the Company, the

                                       82
<PAGE>   91

amount thereof or payable thereon, the amount or amounts paid or distributed
thereon and all other facts pertinent thereto or to this Article Sixteen.

         Section 1603. Payments which May Be Made Prior to Notice.

         Nothing in this Article Sixteen or elsewhere in this Indenture shall
prevent (1) the Company, except under the conditions described in Section 1602,
from making payments of principal of or any premium or interest on or Additional
Amounts with respect to the Securities or from depositing with the Trustee any
monies for such payments, or (2) the application by the Trustee of any monies
deposited with it for the purpose of making such payments of principal of or any
premium or interest on or Additional Amounts with respect to the Securities, to
the Holders entitled thereto, unless at least two Business Days prior to the
date when such payment would otherwise (except for the prohibitions contained in
Section 1602) become due and payable, the Trustee shall have received the
written notice provided for in Section 1602(2)(a) or (b).

         Section 1604. Rights of Holders of Senior Indebtedness Not to Be
                       Impaired.

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

         The provisions of this Article Sixteen are intended to be for the
benefit of, and shall be enforceable directly by, the holders of Senior
Indebtedness. Notwithstanding anything to the contrary in this Article Sixteen,
to the extent any Holders or the Trustee have paid over or delivered to any
holder of Senior Indebtedness any payment or distribution received on account of
the principal of or any premium or interest on or Additional Amounts with
respect to the Securities to which any other holder of Senior Indebtedness shall
be entitled to share in accordance with Section 1602, no holder of Senior
Indebtedness shall have a claim or right against any Holders or the Trustee with
respect to any such payment or distribution or as a result of the failure to
make payments or distributions to such other holder of Senior Indebtedness.

         Section 1605. Trustee May Take Action to Effectuate Subordination.

         Each Holder of a Security, by his acceptance thereof, authorizes and
directs the Trustee on his behalf to take such action as may be required by the
trustee, representative or agent for holders of Senior Indebtedness or by the
Company to effectuate, as between the holders of Senior Indebtedness and the
Holders, the subordination as provided in this Article Sixteen and appoints the
Trustee his attorney-in-fact for any and all such purposes.

         Section 1606. Subrogation.

         Upon the payment in full, in cash or cash equivalents, of all Senior
Indebtedness, any Holder shall be subrogated to the rights of the holders of
such Senior Indebtedness to receive payments or distributions of assets of the
Company in respect of such Senior Indebtedness until the Securities shall be
paid in full; and for the purposes of such subrogation, no payments or

                                       83
<PAGE>   92

distributions to holders of such Senior Indebtedness of any cash property or
securities to which such Holders of the Securities would be entitled except for
this Article Sixteen, and no payment pursuant to this Article Sixteen to holders
of such Senior Indebtedness by such Holders of the Securities, shall, as between
the Company, its creditors other than holders of such Senior Indebtedness and
such Holders of the Securities, be deemed to be a payment by the Company to or
on account of such Senior Indebtedness, it being understood that the provisions
of this Article Sixteen are solely for the purpose of defining the relative
rights of the holders of such Senior Indebtedness, on the one hand, and such
Holders of the Securities, on the other hand.

         If any payment or distribution to which Holders of Securities would
otherwise have been entitled but for the provisions of this Article Sixteen
shall have been applied, pursuant to this Article Sixteen, to the payment of all
Senior Indebtedness, then and in such case such Holders of the Securities shall
be entitled to receive from the holders of such Senior Indebtedness at the time
outstanding any payments or distributions received by such holders of Senior
Indebtedness in excess of the amount sufficient to pay, in cash or cash
equivalents, all such Senior Indebtedness in full.

         Section 1607. Obligations of Company Unconditional; Reinstatement.

         Nothing in this Article Sixteen or elsewhere in this Indenture or in
any Security is intended to or shall impair, as among the Company, its creditors
other than holders of Senior Indebtedness and Holders of the Securities, the
obligations of the Company, which are absolute and unconditional, to pay to such
Holders the principal of and any premium and interest on and Additional Amounts
with respect to 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 such Holders of the Securities and creditors of the Company other than
the holders of the Senior Indebtedness, nor shall anything herein or therein
prevent the Trustee or any Holder of Securities or holder of Preferred
Securities, as applicable, from exercising all remedies otherwise permitted by
applicable law under this Indenture, subject to the rights, if any, under this
Article Sixteen of the holders of such Senior Indebtedness in respect of cash,
property or securities of the Company received upon the exercise of any such
remedy.

         The failure to make a scheduled payment of principal of or any premium
or interest on or Additional Amounts with respect to the Securities by reason of
Section 1602 shall not be construed as preventing the occurrence of a Default or
an Event of Default under Section 501; provided, however, that if (1) the
conditions preventing the making of such payment no longer exist, and (2) such
Holders of the Securities are made whole with respect to such omitted payments,
the Default or Event of Default relating thereto (including any failure to pay
any accelerated amounts) shall be automatically waived, and the provisions of
the Indenture shall be reinstated as if no such Event of Default had occurred.

         Section 1608. Trustee Entitled to Assume Payments Not Prohibited in
                       Absence of Notice.

         The Trustee or Paying Agent shall not be charged with the knowledge of
the existence of any default in the payment of all or a portion of any Senior
Indebtedness or any other default affecting Senior Indebtedness as a result of
which the maturity of the Senior Indebtedness has been accelerated, unless and
until the Trustee or Paying Agent shall have received written notice

                                       84
<PAGE>   93

thereof from the Company or one or more holders of Senior Indebtedness or from
any trustee, representative or agent therefor; and, prior to the receipt of any
such written notice, the Trustee or Paying Agent may conclusively assume that no
such facts exist.

         Unless at least two Business Days prior to the date when by the terms
of this Indenture any monies are to be deposited by the Company with the Trustee
or any Paying Agent for any purpose (including, without limitation, the payment
of the principal of or any premium or interest on or Additional Amounts with
respect to any Security), the Trustee or Paying Agent shall have received with
respect to such monies the notice provided for in Section 1602, the Trustee or
Paying Agent shall have full power and authority to receive and apply such
monies to the purpose for which they were received. Neither of them shall be
affected by any notice to the contrary, which may be received by either on or
after such second Business Day. The foregoing shall not apply to the Paying
Agent if the Company is acting as Paying Agent. Nothing in this Section 1608
shall limit the right of the holders of Senior Indebtedness to recover payments
as contemplated by Section 1602. The Trustee or Paying Agent shall be entitled
to rely on the delivery to it of a written notice by a Person representing
himself or itself to be a holder of such Senior Indebtedness (or a trustee,
representative or agent on behalf of such holder) to establish that such notice
has been given by a holder of such Senior Indebtedness or a trustee,
representative or agent on behalf of any such holder. The Trustee shall not be
deemed to have any fiduciary duty to the holders (and shall be fully protected
in relying upon such notice) of Senior Indebtedness.

         Section 1609. Right of Trustee to Hold Senior Indebtedness.

         The Trustee and any Paying Agent shall be entitled to all of the rights
set forth in this Article Sixteen in respect of any Senior Indebtedness at any
time held by them, to the same extent as any other holder of such Senior
Indebtedness, and nothing in this Indenture shall be construed to deprive the
Trustee or any Paying Agent of any of its rights as such holder.

         Section 1610. Notice to Trustee.

         The Company shall give prompt written notice to the Trustee or Paying
Agent of any fact known to the Company which would prohibit the making of any
payment to or by the Trustee in respect of the Securities. Failure to give such
notice shall not affect the subordination of the Securities to Senior
Indebtedness. Notwithstanding the provisions of this or any other provision of
this Indenture, the Trustee or Paying Agent shall not be charged with knowledge
of the existence of any facts which would prohibit the making of any payment to
or by the Trustee or Paying Agent in respect of the Securities, unless and until
the Trustee or Paying Agent shall have received written notice from the Company
or a holder of Senior Indebtedness or from any trustee or agent therefor; and,
prior to the receipt of any such written notice, the Trustee, subject to the
provisions of Section 601, or Paying Agent shall be entitled in all respects to
assume that no such facts exist; provided, however, that if a Responsible
Officer of the Trustee or Paying Agent shall not have received, at least three
Business Days prior to the date upon which by the terms hereof any such money
may become payable for any purpose (including, without limitation, the payment
of the principal of or any premium or interest on or Additional Amounts with
respect to any Security, the notice with respect to such money provided for in
this Section 1610, then, anything herein contained to the contrary
notwithstanding, the Trustee or Paying Agent shall have full power and authority
to receive such money and to apply the same to the purpose for

                                       85
<PAGE>   94

which such money was received and shall not be affected by any notice to the
contrary which may be received by it within three Business Days prior to such
date.

         The Trustee, subject to the provisions of Section 601, or Paying Agent
shall be entitled to conclusively rely on the delivery to it of a written notice
by a Person representing himself or itself to be a holder of Senior Indebtedness
(or a trustee or agent on behalf of such holder) to establish that such notice
has been given by a holder of Senior Indebtedness (or a trustee or agent on
behalf of any such holder). In the event that the Trustee or Paying Agent
determines in good faith that further evidence is required with respect to the
right of any Person as a holder of Senior Indebtedness to participate in any
payment or distribution pursuant to this Article Sixteen, the Trustee or Paying
Agent may request such Person to furnish evidence to the reasonable satisfaction
of the Trustee or Paying Agent as to the amount of Senior Indebtedness held by
such Person, the extent to which such Person is entitled to participate in such
payment or distribution and any other facts pertinent to the rights of such
Person under this Article Sixteen, and if such evidence is not furnished, the
Trustee or Paying Agent may defer any payment which it may be required to make
for the benefit of such Person pursuant to the terms of this Indenture pending
judicial determination as to the rights of such Person to receive such payment.

         Section 1611. Reliance on Judicial Order or Certificate of Liquidating
                       Agent.

         Upon any payment or distribution of assets of the Company referred to
in this Article Sixteen, the Trustee, subject to the provisions of Section 601,
and the Holders of the Securities shall be entitled to rely upon any order or
decree entered by any court of competent jurisdiction in which such insolvency,
bankruptcy, receivership, liquidation, reorganization, dissolution, winding up
or similar case or proceeding is pending, or a certificate of the trustee in
bankruptcy, liquidating trustee, Custodian, receiver, assignee for the benefit
of creditors, agent or other Person making such payment or distribution,
delivered to the Trustee or to the Holders of Securities, for the purpose of
ascertaining the Persons entitled to participate in such payment or
distribution, the holders of Senior Indebtedness and other indebtedness of the
Company, the amount thereof or payable thereon, the amount or amounts paid or
distributed thereon and all other facts pertinent thereto or to this Article
Sixteen.

         Section 1612. Trustee Not Fiduciary for Holders of Senior Indebtedness.

         The Trustee shall not be deemed to owe any fiduciary duty to the
holders of Senior Indebtedness and shall not be liable to any such holders if
the Trustee shall in good faith mistakenly pay over or distribute to Holders of
Securities or to the Company or to any other Person cash, property or securities
to which any holders of Senior Indebtedness shall be entitled by virtue of this
Article or otherwise. With respect to the holders of Senior Indebtedness, the
Trustee undertakes to perform or to observe only such of its covenants or
obligations as are specifically set forth in this Article and no implied
covenants or obligations with respect to holders of Senior Indebtedness shall be
read into this Indenture against the Trustee.

         Nothing in this Article shall apply to claims of or payments to, the
Trustee under or pursuant to Section 606.

                                    * * * * *

                                       86
<PAGE>   95
         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.

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

(SEAL]                                       APACHE CORPORATION

Attest:

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

(SEAL]                                       THE CHASE MANHATTAN BANK,
                                             as Trustee

Attest:

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

                                       87
<PAGE>   96
STATE OF TEXAS    )
                  ) ss.
COUNTY OF HARRIS  )

         On the ____ day of _________________, before me personally came
____________, to me known, who, being by me duly sworn, did depose and say that
he is an Assistant Treasurer of APACHE CORPORATION, a State of Delaware
corporation, one of the persons described in and who executed the foregoing
instrument; that he knows the seal of said Corporation; that the seal affixed to
said instrument is such Corporation's seal; that it was so affixed by authority
of the Board of Directors of said Corporation; and that he signed his name
thereto by like authority.

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

[NOTARIAL SEAL]

                                       88
<PAGE>   97
STATE OF TEXAS    )
                  ) ss.
COUNTY OF HARRIS  )

         On the ____ day of _________________, ____, before me personally came
____________, to me known, who, being by me duly sworn, did depose and say that
he is a ______________ of ________________________, a [banking corporation]
organized and existing under the laws of the ______________________, one of the
persons described in and who executed the foregoing instrument; that he knows
the seal of said Corporation; that the seal affixed to said instrument is such
Corporation's seal; that it was so affixed by authority of the Board of
Directors of said Corporation; and that he signed his name thereto by like
authority.

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

[NOTARIAL SEAL]

                                       89<PAGE>   1

                                                                     EXHIBIT 4.9

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

                                     FORM OF

                    PREFERRED SECURITIES GUARANTEE AGREEMENT

                               APACHE Trust [I/II]

                           Dated as of ______________

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

<PAGE>   2

                             CROSS REFERENCE TABLE(1)

<TABLE>
<CAPTION>
Section of Trust Indenture Act
of 1939, as amended                                                                           Section of Agreement

<S>                                                                                                        <C>
310(a) .....................................................................................................4.1(a)
310(b) ........................................................................................................2.8
310(c) ...............................................................................................Inapplicable
311(a) ........................................................................................................2.2
311(b) ........................................................................................................2.2
311(c) ...............................................................................................Inapplicable
312(a) ........................................................................................................2.2
312(b) ........................................................................................................2.2
312(c) ...............................................................................................Inapplicable
313(a) ........................................................................................................2.3
313(b) ........................................................................................................2.3
313(c) ........................................................................................................2.3
313(d) ........................................................................................................2.3
314(a) ........................................................................................................2.4
314(b) ...............................................................................................Inapplicable
314(c) ........................................................................................................2.5
314(d) ...............................................................................................Inapplicable
314(e) ........................................................................................................2.5
314(f) ...............................................................................................Inapplicable
315(a) .............................................................................................3.1(d); 3.2(a)
315(b) .....................................................................................................2.7(a)
315(c) .....................................................................................................3.1(c)
315(d) .....................................................................................................3.1(d)
316(a) ................................................................................................2.6; 5.4(a)
317(a) .....................................................................................................3.1(b)
318(a) .....................................................................................................2.1(b)
</TABLE>

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

(1)      This Cross-Reference Table does not constitute part of the Agreement
         and shall not have any bearing upon the interpretation of any of its
         terms or provisions.

<PAGE>   3

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                               PAGE
                                                                                                               ----

<S>                 <C>                                                                                        <C>
ARTICLE I DEFINITIONS AND INTERPRETATIONS.........................................................................1

SECTION 1.1         Definitions and Interpretations...............................................................1

ARTICLE II TRUST INDENTURE ACT....................................................................................5

SECTION 2.1         Trust Indenture Act:  Application.............................................................5
SECTION 2.2         List of Holders of Securities.................................................................5
SECTION 2.3         Reports by the Preferred Securities Guarantee Trustee.........................................5
SECTION 2.4         Periodic Reports to Preferred Securities Guarantee Trustee....................................6
SECTION 2.5         Evidence of Compliance with Conditions Precedent..............................................6
SECTION 2.6         Events of Default; Waiver.....................................................................6
SECTION 2.7         Event of Default; Notice......................................................................6
SECTION 2.8         Conflicting Interests.........................................................................7

ARTICLE III POWERS, DUTIES AND RIGHTS OF PREFERRED SECURITIES GUARANTEE TRUSTEE...................................8

SECTION 3.1         Powers and Duties of the Preferred Securities Guarantee Trustee...............................8
SECTION 3.2         Certain Rights of Preferred Securities Guarantee Trustee......................................9
SECTION 3.3         Not Responsible for Recitals or Issuance of Guarantee........................................12

ARTICLE IV PREFERRED SECURITIES GUARANTEE TRUSTEE................................................................12

SECTION 4.1         Preferred Securities Guarantee Trustee; Eligibility..........................................12
SECTION 4.2         Appointment, Removal and Resignation of Preferred Securities Guarantee Trustees..............12

ARTICLE V GUARANTEE..............................................................................................13

SECTION 5.1         Guarantee....................................................................................13
SECTION 5.2         Waiver of Notice and Demand..................................................................14
SECTION 5.3         Obligations Not Affected.....................................................................14
SECTION 5.4         Rights of Holders............................................................................15
SECTION 5.5         Guarantee of Payment.........................................................................15
SECTION 5.6         Subrogation..................................................................................15
SECTION 5.7         Independent Obligations......................................................................15
</TABLE>

                                        i
<PAGE>   4

<TABLE>
<S>                 <C>                                                                                        <C>
ARTICLE VI LIMITATION OF TRANSACTIONS; RANKING...................................................................16

SECTION 6.1         Limitation of Transactions...................................................................16
SECTION 6.2         Ranking......................................................................................16

ARTICLE VII TERMINATION..........................................................................................17

SECTION 7.1         Termination..................................................................................17

ARTICLE VIII INDEMNIFICATION.....................................................................................17

SECTION 8.1         Exculpation..................................................................................17
SECTION 8.2         Indemnification..............................................................................17
SECTION 8.3         Compensation.................................................................................18

ARTICLE IX MISCELLANEOUS.........................................................................................18

SECTION 9.1         Successors and Assigns.......................................................................18
SECTION 9.2         Amendments...................................................................................18
SECTION 9.3         Notices......................................................................................19
SECTION 9.4         Benefit......................................................................................19
SECTION 9.5         Governing Law................................................................................20
SECTION 9.6         Counterparts.................................................................................20
</TABLE>

                                       ii
<PAGE>   5

                    PREFERRED SECURITIES GUARANTEE AGREEMENT

                  This GUARANTEE AGREEMENT (the "Preferred Securities
Guarantee"), dated as of ______________, is executed and delivered by Apache
Corporation, a Delaware corporation (the "Guarantor"), and ________________, as
trustee (the "Preferred Securities Guarantee Trustee"), for the benefit of the
Holders (as defined herein) from time to time of the Preferred Securities (as
defined herein) of Apache Trust [I/II], a Delaware statutory business trust (the
"Issuer").

                  WHEREAS, pursuant to an Amended and Restated Trust Agreement
(the "Agreement"), dated as of ________________, among the trustees of the
Issuer named therein, the Guarantor, as sponsor, and the holders from time to
time of undivided beneficial interests in the assets of the Issuer, the Issuer
is issuing on the date hereof up to _______________ preferred securities,
liquidation amount $___ per preferred security, having an aggregate liquidation
amount of $_____________ designated the __% preferred securities (the "Preferred
Securities");

                  WHEREAS, as incentive for the Holders to purchase the
Preferred Securities, the Guarantor desires irrevocably and unconditionally to
agree, to the extent set forth in this Preferred Securities Guarantee, to pay to
the Holders the Guarantee Payments (as defined herein) and to make certain other
payments and fulfill certain other obligations on the terms and conditions set
forth herein; and

                  WHEREAS, the Guarantor is concurrently herewith executing and
delivering a guarantee agreement (the "Common Securities Guarantee") with
substantially identical terms to this Preferred Securities Guarantee for the
benefit of the holders of the Common Securities (as defined herein), except that
if an Event of Default (as defined in the Agreement), has occurred and is
continuing, the rights of holders of the Common Securities to receive Guarantee
Payments under the Common Securities Guarantee are subordinated to the rights of
Holders to receive Guarantee Payments under this Preferred Securities Guarantee.

                  NOW, THEREFORE, in consideration of the purchase by each
Holder, which purchase the Guarantor hereby agrees shall benefit the Guarantor,
the Guarantor executes and delivers this Guarantee for the benefit of the
Holders.

                                   ARTICLE I
                         DEFINITIONS AND INTERPRETATIONS

SECTION 1.1 Definitions and Interpretations

                  In this Preferred Securities Guarantee, unless the context
otherwise requires or otherwise specifies:

                  (a)      capitalized terms used in this Preferred Securities
                           Guarantee but not defined in the preamble above have
                           the respective meanings assigned to them in this
                           Section 1.1;

<PAGE>   6

                  (b)      terms defined in the Agreement as at the date of
                           execution of this Preferred Securities Guarantee have
                           the same meaning when used in this Preferred
                           Securities Guarantee unless otherwise defined in this
                           Preferred Securities Guarantee;

                  (c)      a term defined anywhere in this Preferred Securities
                           Guarantee, including the recitals, has the same
                           meaning throughout;

                  (d)      all references to "the Preferred Securities
                           Guarantee" or "this Preferred Securities Guarantee"
                           are to this Preferred Securities Guarantee as
                           modified, supplemented or amended from time to time;

                  (e)      all references in this Preferred Securities Guarantee
                           to an Article, Section or other subdivision are to an
                           Article, Section or other subdivision of this
                           Preferred Securities Guarantee;

                  (f)      a term defined in the Trust Indenture Act has the
                           same meaning when used in this Preferred Securities
                           Guarantee, unless otherwise defined in this Preferred
                           Securities Guarantee;

                  (g)      a reference to the singular includes the plural and
                           vice versa;

                  (h)      the words "include," "includes" and "including" shall
                           be deemed to be followed by the phrase "without
                           limitation; and

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

                  "Affiliate" has the same meaning given to that term in Rule
405 of the Securities Act of 1933, as amended, or any successor rule thereunder.

                  "Authorized Officer" of a Person means any Person that is
authorized to bind such Person.

                  "Business Day" means any day other than Saturday, Sunday or
any day on which banking institutions and trust companies in The City of New
York are permitted or required by any applicable law or executive order to
close.

                  "Common Securities" means the securities representing common
undivided beneficial interests in the assets of the Issuer.

                  "Corporate Trust Office" means the office of the Preferred
Securities Guarantee Trustee at which the corporate trust business of the
Preferred Securities Guarantee Trustee shall, at any particular time, be
principally administered, which office at the date of execution of this
Guarantee is located at ___________________, __________________, New York, NY
_____________, Attention: ___________________.

                                       2
<PAGE>   7

                  "Covered Person" means any Holder or beneficial owner of
Preferred Securities.

                  "Debentures" means the series of debt securities of the
Guarantor issued under the Indenture (as defined in the Agreement) held by the
Property Trustee (as defined in the Agreement) on behalf of the Issuer.

                  "Direction" by a person means a written direction signed: (a)
if the Person is a natural person, by that Person; or (b) in any other case in
the name of such Person by one or more Authorized Officers of that Person.

                  "Event of Default" means a default by the Guarantor on any of
its payment or other obligations under this Preferred Securities Guarantee.

                  "Guarantee Payments" means the following payments or
distributions, without duplication, with respect to the Preferred Securities, to
the extent not paid or made by the Issuer:

                           (i) any accrued and unpaid Distributions (as defined
                  in the Agreement) that are required to be paid on such
                  Preferred Securities to the extent the Issuer shall have funds
                  available therefor,

                           (ii) the redemption or repayment price, if any,
                  specified in the Agreement, including all accrued and unpaid
                  distributions to the date of redemption or repayment (the
                  "Redemption or Repayment Price") with respect to Preferred
                  Securities called or submitted for redemption or repayment, to
                  the extent the Issuer has funds available therefor, and

                           (iii) upon a voluntary or involuntary dissolution,
                  winding-up or termination of the Issuer (other than in
                  connection with the distribution of Debt Securities to the
                  Holders in exchange for Preferred Securities if so provided in
                  the Agreement), the lesser of (a) the aggregate of the
                  liquidation amount and all accrued and unpaid Distributions on
                  the Preferred Securities to the date of payment, to the extent
                  the Issuer shall have funds available therefor, and (b) the
                  amount of assets of the Issuer remaining available for
                  distribution to Holders in liquidation of the Issuer (in
                  either case, the "Liquidation Distribution").

                  "Holder" shall mean any holder, as registered on the books and
records of the Issuer, of any Preferred Securities; provided, however, that, in
determining whether the Holders of the requisite percentage of Preferred
Securities have given any request, notice, consent or waiver hereunder, "Holder"
shall not include the Guarantor or any Affiliate of the Guarantor.

                  "Indemnified Person" means the Preferred Securities Guarantee
Trustee, including in its individual capacity, any Affiliate of the Preferred
Securities Guarantee Trustee, or any officers, directors, shareholders, members,
partners, employees, representatives, nominees, custodians or agents of the
Preferred Securities Guarantee Trustee.

                  "Officers' Certificate" means, with respect to (A) the
Guarantor, a certificate signed by the Chairman of the Board, a Vice Chairman,
the President or a Vice President, and by the Treasurer, an Assistant Treasurer,
the Secretary or an Assistant Secretary of the Guarantor

                                       3
<PAGE>   8

and (B) any other Person, a certificate signed by any two Authorized Officers of
such Person. Any Officers' Certificate delivered with respect to compliance with
a condition or covenant provided for in this Preferred Guarantee Agreement shall
comply with Section 314 of the Trust Indenture Act and shall include:

                  (a) a statement that the individuals signing the Officers'
Certificate have read the covenant or condition and the definitions relating
thereto;

                  (b) a brief statement of the nature and scope of the
examination or investigation upon which the statements or opinions contained in
such Officers' Certificate are based;

                  (c) a statement that, in the opinion of each such individual,
he or she has made such examination or investigation as, in such individual's
opinion, is necessary to enable such individual 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 such
individuals, such condition or covenant has been complied with.

                  "Other Document" means any instrument or agreement
constituting Trust Property, other than the Debentures, specified in the
Agreement.

                  "Person" means a legal person, including any individual,
corporation, estate, partnership, joint venture, association, joint stock
company, limited liability company, trust, unincorporated association or
government or any agency or political subdivision thereof, or any other entity
of whatever nature.

                  "Preferred Securities Guarantee Trustee" means
_________________, until a Successor Preferred Securities Guarantee Trustee has
been appointed and has accepted such appointment pursuant to the terms of this
Preferred Securities Guarantee and thereafter means each such Successor
Preferred Securities Guarantee Trustee.

                  "Responsible Officer" means, with respect to the Preferred
Guarantee Trustee, any officer within the Corporate Trust Office of the
Preferred Guarantee Trustee with direct responsibility for the Preferred
Guarantee Trustee's obligations under this Preferred Guarantee Agreement and
also means, with respect to a particular corporate trust matter, any other
officer to whom such matter is referred because of that Officer's knowledge of
and familiarity with the particular subject.

                  "Successor Preferred Securities Guarantee Trustee" means a
successor Preferred Securities Guarantee Trustee possessing the qualifications
to act as Preferred Securities Guarantee Trustee under Section 4.1.

                  "Trust Indenture Act" means the Trust Indenture Act of 1939,
as amended.

                                       4
<PAGE>   9

                                   ARTICLE II
                               TRUST INDENTURE ACT

SECTION 2.1 Trust Indenture Act: Application

                  (a) This Preferred Securities Guarantee is subject to the
provisions of the Trust Indenture Act that are required to be part of this
Preferred Securities Guarantee and shall, to the extent applicable, be governed
by such provisions; and

                  (b) If and to the extent that any provision of this Preferred
Securities Guarantee limits, qualifies or conflicts with the duties imposed by
Sections 310 to 317, inclusive, of the Trust Indenture Act, such imposed duties
shall control.

SECTION 2.2 List of Holders of Securities

                  In accordance with Section 312(a) of the Trust Indenture Act,
the Guarantor shall provide to the Preferred Securities Guarantee Trustee:

                  (a) within 14 days after each of the dates as are determined
for the Property Trustee pursuant to Section 2.2(a)(i) of the Agreement, a list,
in such form as the Preferred Securities Guarantee Trustee may reasonably
require, of the names and addresses of the Holders ("List of Holders") as of
such date, provided that the Guarantor shall not be obligated to provide such
List of Holders if the Preferred Securities Guarantee Trustee is the Registrar
or at any time the List of Holders does not differ from the most recent List of
Holders given to the Preferred Securities Guarantee Trustee by the Guarantor;
and

                  (b) at any other time, within 30 days of receipt by the
Guarantor of a written request by the Preferred Securities Guarantee Trustee for
a List of Holders as of a date no more than 14 days before such List of Holders
is given to the Preferred Securities Guarantee Trustee. The Preferred Securities
Guarantee Trustee shall preserve, in as current a form as is reasonably
practicable, all information contained in the List of Holders given to it or
which it receives in its capacity as paying agent or registrar (if acting in
such capacity), provided that the Preferred Securities Guarantee Trustee may
destroy any List of Holders previously given to it on receipt of a new List of
Holders.

                  The Preferred Securities Guarantee Trustee shall comply with
its obligations under Sections 311(a), 311(b) and 312(b) of the Trust Indenture
Act.

SECTION 2.3 Reports by the Preferred Securities Guarantee Trustee

                  Within 60 days after May 15 of each year, commencing with the
May 15 that first occurs following the issuance of the Preferred Securities, the
Preferred Securities Guarantee Trustee shall provide to the Holders such reports
as are required by Section 313 of the Trust Indenture Act, if any, in the form
and in the manner provided by Section 313 of the Trust Indenture Act. The
Preferred Securities Guarantee Trustee shall also comply with the requirements
of Section 313(d) of the Trust Indenture Act.

                                       5
<PAGE>   10

SECTION 2.4 Periodic Reports to Preferred Securities Guarantee Trustee

                  The Guarantor shall provide to the Preferred Securities
Guarantee Trustee such documents, reports and information as required by Section
314 (if any) and the compliance certificate required by Section 314 of the Trust
Indenture Act in the form, in the manner and at the times required by Section
314 of the Trust Indenture Act.

SECTION 2.5 Evidence of Compliance with Conditions Precedent

                  The Guarantor shall provide to the Preferred Securities
Guarantee Trustee such evidence of compliance with any conditions precedent, if
any, provided for in this Preferred Securities Guarantee 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) may be given in the form of an Officers' Certificate.

SECTION 2.6 Events of Default; Waiver

                  The Holders of not less than a Majority in liquidation amount
of Preferred Securities may, by vote or written consent, on behalf of all
Holders, waive any past Event of Default and its consequences. Upon such waiver,
any such Event of Default shall cease to exist, and any Event of Default arising
therefrom shall be deemed to have been cured, for every purpose of this
Preferred Securities Guarantee, but no such waiver shall extend to any
subsequent or other default or Event of Default or impair any right consequent
thereon.

SECTION 2.7 Event of Default; Notice

                  (a) The Preferred Securities Guarantee Trustee shall, within
90 days after a Responsible Officer of the Preferred Securities Guarantee
Trustee obtains actual knowledge of the occurrence of an Event of Default,
transmit by mail, first class postage prepaid, to the Holders, notices of all
such Events of Default actually known to such Responsible Officer of the
Preferred Securities Guarantee Trustee, unless such defaults have been cured
before the giving of such notice, provided, that, except in the case of default
in the payment of any Guarantee Payment or, if applicable, in the delivery of
any cash, securities or other property in exchange for or upon conversion or
redemption of or otherwise in accordance with the terms of, any Debenture or
Other Document or the Securities, the Preferred Securities Guarantee Trustee
shall be protected in withholding such notice if and so long as a Responsible
Officer of the Preferred Securities Guarantee Trustee in good faith determines
that the withholding of such notice is in the interests of the Holders.

                  (b) The Preferred Securities Guarantee Trustee shall not be
deemed to have knowledge of any Event of Default except:

                  (i)      a default in the payment of any Guarantee Payment;

                  (ii)     any failure to deliver any cash, securities or other
                           property in exchange for or upon conversion or
                           redemption of or otherwise in accordance with the
                           terms of any Debenture or Other Document or the
                           Securities, if applicable; and

                                       6
<PAGE>   11

                  (iii)    any default as to which the Preferred Securities
                           Guarantee Trustee shall have received written notice
                           or of which a Responsible Officer of the Preferred
                           Securities Guarantee Trustee charged with the
                           administration of this Preferred Securities Guarantee
                           Agreement shall have actual knowledge.

                  (c) The Guarantor shall file annually within 30 days after May
15 of each year, commencing with the May 15 that first occurs following the
issuance of the Preferred Securities, with the Preferred Securities Guarantee
Trustee in accordance with Section 314(a)(4) of the Trust Indenture Act a
certification as to whether or not it is in compliance with all the conditions
applicable to it under this Preferred Securities Guarantee Agreement.

SECTION 2.8 Conflicting Interests

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

                  (b) The Agreement and the Indenture shall be deemed to be
specifically described in this Preferred Securities Guarantee for the purposes
of clause (i) of the first proviso contained in Section 310(b) of the Trust
Indenture Act. [Describe others if applicable]

                                       7
<PAGE>   12

                                  ARTICLE III
                          POWERS, DUTIES AND RIGHTS OF
                     PREFERRED SECURITIES GUARANTEE TRUSTEE

SECTION 3.1 Powers and Duties of the Preferred Securities Guarantee Trustee

                  (a) This Preferred Securities Guarantee shall be held by the
Preferred Securities Guarantee Trustee for the benefit of the Holders, and the
Preferred Securities Guarantee Trustee shall not transfer this Preferred
Securities Guarantee to any Person except a Holder exercising his or her rights
pursuant to Section 5.4(b) or to a Successor Preferred Securities Guarantee
Trustee on acceptance by such Successor Preferred Securities Guarantee Trustee
of its appointment to act as Successor Preferred Securities Guarantee Trustee.
The right, title and interest of the Preferred Securities Guarantee Trustee
shall automatically vest in any Successor Preferred Securities Guarantee
Trustee, and such vesting and succession of title shall be effective whether or
not conveyancing documents have been executed and delivered pursuant to the
appointment of such Successor Preferred Securities Guarantee Trustee.

                  (b) If an Event of Default actually known to a Responsible
Officer of the Preferred Securities Guarantee Trustee has occurred and is
continuing, the Preferred Securities Guarantee Trustee shall enforce this
Preferred Securities Guarantee for the benefit of the Holders.

                  (c) The Preferred Securities Guarantee Trustee, before the
occurrence of any Event of Default and after the curing or waiver of all Events
of Default that may have occurred, shall undertake to perform only such duties
as are specifically set forth in this Preferred Securities Guarantee, and no
implied covenants or obligations shall be read into this Preferred Securities
Guarantee against the Preferred Securities Guarantee Trustee. In case an Event
of Default has occurred (that has not been cured or waived pursuant to Section
2.6) and is actually known to a Responsible Officer of the Preferred Securities
Guarantee Trustee, the Preferred Securities Guarantee Trustee shall exercise
such of the rights and powers vested in it by this Preferred Securities
Guarantee, 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.

                  (d) No provision of this Preferred Securities Guarantee shall
be construed to relieve the Preferred Securities Guarantee Trustee from
liability for its own negligent action, its own negligent failure to act, its
own bad faith or its own willful misconduct, except that:

                           (i) prior to the occurrence of any Event of Default
                  and after the curing or waiving of such Events of Default that
                  may have occurred:

                                    (A) the duties and obligations of the
                           Preferred Securities Guarantee Trustee shall be
                           determined solely by the express provisions of this
                           Preferred Securities Guarantee, and the Preferred
                           Securities Guarantee Trustee shall not be liable
                           except for the performance of such duties and

                                       8
<PAGE>   13

                           obligations as are specifically set forth in this
                           Preferred Securities Guarantee, and no implied
                           covenants or obligations shall be read into this
                           Preferred Securities Guarantee against the Preferred
                           Securities Guarantee Trustee; and

                                    (B) in the absence of bad faith on the part
                           of the Preferred Securities Guarantee Trustee, the
                           Preferred Securities Guarantee 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 Preferred Securities Guarantee Trustee and
                           conforming to the requirements of this Preferred
                           Securities Guarantee; but in the case of any such
                           certificates or opinions that by any provision hereof
                           are specifically required to be furnished to the
                           Preferred Securities Guarantee Trustee, the Preferred
                           Securities Guarantee Trustee shall be under a duty to
                           examine the same to determine whether or not they
                           conform to the requirements of this Preferred
                           Securities Guarantee;

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

                           (iii) the Preferred Securities Guarantee 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
                  liquidation amount of the Preferred Securities relating to the
                  time, method and place of conducting any proceeding for any
                  remedy available to the Preferred Securities Guarantee
                  Trustee, or exercising any trust or power conferred upon the
                  Preferred Securities Guarantee Trustee under this Preferred
                  Securities Guarantee; and

                           (iv) no provision of this Preferred Securities
                  Guarantee shall require the Preferred Securities Guarantee
                  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 Preferred Securities Guarantee 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 this Preferred Securities Guarantee or if indemnity
                  reasonably satisfactory to the Preferred Securities Guarantee
                  Trustee against such risk or liability is not reasonably
                  assured to it.

SECTION 3.2 Certain Rights of Preferred Securities Guarantee Trustee

                  (a) Subject to the provisions of Section 3.1:

                           (i) the Preferred Securities Guarantee 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,

                                       9
<PAGE>   14

                  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, sent or presented
                  by the proper party or parties;

                           (ii) any direction or act of the Guarantor
                  contemplated by this Preferred Securities Guarantee shall be
                  sufficiently evidenced by a Direction or an Officers'
                  Certificate;

                           (iii) whenever, in the administration of this
                  Preferred Securities Guarantee, the Preferred Securities
                  Guarantee Trustee shall deem it desirable that a matter be
                  proved or established before taking, suffering or omitting any
                  action hereunder, the Preferred Securities Guarantee Trustee
                  (unless other evidence is herein specifically prescribed) may,
                  in the absence of negligence, bad faith or willful misconduct
                  on its part, request and conclusively rely upon an Officers'
                  Certificate which, upon receipt of such request, shall be
                  promptly delivered by the Guarantor;

                           (iv) the Preferred Securities Guarantee Trustee shall
                  have no duty to see to any recording, filing or registration
                  of any instrument (or any rerecording, refiling or
                  reregistration thereof);

                           (v) the Preferred Securities Guarantee Trustee may
                  consult with competent legal counsel or other experts, and the
                  advice or written opinion of such counsel and experts with
                  respect to legal matters or advice within the scope of such
                  legal counsel's or expert's area of expertise 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 accordance with such advice or opinion. Such
                  counsel may be counsel to the Guarantor or any of its
                  Affiliates and may include any of its employees. The Preferred
                  Securities Guarantee Trustee shall have the right at any time
                  to seek instructions concerning the administration of this
                  Preferred Securities Guarantee from any court of competent
                  jurisdiction;

                           (vi) the Preferred Securities Guarantee Trustee shall
                  be under no obligation to exercise any of the rights or powers
                  vested in it by this Preferred Securities Guarantee at the
                  request or direction of any Holder, unless such Holder shall
                  have provided to the Preferred Securities Guarantee Trustee
                  such security and indemnity, reasonably satisfactory to the
                  Preferred Securities Guarantee Trustee, against the reasonable
                  costs, expenses (including reasonable attorneys' fees and
                  reasonable expenses and the expenses of the Preferred
                  Securities Guarantee Trustees, agents, nominees or custodians)
                  and liabilities that might be incurred by it in complying with
                  such request or direction, including such reasonable advances
                  as may be requested by the Preferred Securities Guarantee
                  Trustee; provided that, nothing contained in this Section
                  3.2(a)(vi) shall be taken to relieve the Preferred Securities
                  Guarantee Trustee, upon the occurrence of an Event of Default,
                  of its obligation to exercise the rights and powers vested in
                  it by this Preferred Securities Guarantee;

                                       10
<PAGE>   15

                           (vii) the Preferred Securities Guarantee Trustee
                  shall not be bound to conduct an 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 Preferred
                  Securities Guarantee Trustee, in its discretion, may make such
                  further inquiry or investigation into such facts or matters as
                  it may see fit;

                           (viii) the Preferred Securities Guarantee Trustee may
                  execute any of the trusts or powers hereunder or perform any
                  duties hereunder either directly or by or through agents,
                  nominees, custodians or attorneys, and the Preferred
                  Securities Guarantee 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;

                           (ix) any action taken by the Preferred Securities
                  Guarantee Trustee or its agents hereunder shall bind the
                  Holders, and the signature of the Preferred Securities
                  Guarantee Trustee or its agents alone shall be sufficient and
                  effective to perform any such action, and no third party shall
                  be required to inquire as to the authority of the Preferred
                  Securities Guarantee Trustee to so act or as to its compliance
                  with any of the terms and provisions of this Preferred
                  Securities Guarantee, both of which shall be conclusively
                  evidenced by the Preferred Securities Guarantee Trustee's or
                  its agent's taking such action;

                           (x) whenever in the administration of this Preferred
                  Securities Guarantee the Preferred Securities Guarantee
                  Trustee shall deem it desirable to receive instructions with
                  respect to enforcing any remedy or right or taking any other
                  action hereunder, the Preferred Securities Guarantee Trustee
                  (i) may request instructions from the Holders of a Majority in
                  liquidation amount of the Preferred Securities, (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 conclusively relying on or acting in
                  accordance with such instructions;

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

                           (xii) the Preferred Securities Guarantee Trustee
                  shall not be liable for any action taken, suffered, or omitted
                  to be taken by it in good faith, without negligence, and
                  reasonably believed by it to be authorized or within the
                  discretion or rights or powers conferred upon it by this
                  Preferred Securities Guarantee.

                  (b) No provision of this Preferred Securities Guarantee shall
be deemed to impose any duty or obligation on the Preferred Securities Guarantee
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 Preferred Securities Guarantee Trustee shall be
unqualified or incompetent in accordance with applicable law, to perform any
such act

                                       11
<PAGE>   16

or acts or to exercise any such right, power, duty or obligation. No permissive
power or authority available to the Preferred Securities Guarantee Trustee shall
be construed to be a duty.

SECTION 3.3 Not Responsible for Recitals or Issuance of Guarantee

                  The recitals contained in this Guarantee shall be taken as the
statements of the Guarantor, and the Preferred Securities Guarantee Trustee does
not assume any responsibility for their correctness. The Preferred Securities
Guarantee Trustee makes no representation as to the validity or sufficiency of
this Preferred Securities Guarantee.

                                   ARTICLE IV
                     PREFERRED SECURITIES GUARANTEE TRUSTEE

SECTION 4.1 Preferred Securities Guarantee Trustee; Eligibility

                  (a) There shall at all times be a Preferred Securities
Guarantee Trustee which shall:

                           (i) not be an Affiliate of the Guarantor; and

                           (ii) be a corporation organized and doing business
                  under the laws of the United States of America or any State or
                  Territory thereof or of the District of Columbia, or a
                  corporation or Person permitted by the Securities and Exchange
                  Commission to act as an institutional trustee under the Trust
                  Indenture Act, authorized under such laws to exercise
                  corporate trust powers, having a combined capital and surplus
                  of at least 50 million U.S. dollars ($50,000,000), and subject
                  to supervision or examination by Federal, State, Territorial
                  or District of Columbia authority. If such corporation
                  publishes reports of condition at least annually, pursuant to
                  law or to the requirements of the supervising or examining
                  authority referred to above, then, for the purposes of this
                  Section 4.1 (a)(ii), 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.

                  (b) If at any time the Preferred Securities Guarantee Trustee
shall cease to be eligible to so act under Section 4.1(a), the Preferred
Securities Guarantee Trustee shall immediately resign in the manner and with the
effect set out in Section 4.2(c).

SECTION 4.2 Appointment, Removal and Resignation of Preferred Securities
Guarantee Trustees

                  (a) Subject to Section 4.2(b), the Preferred Securities
Guarantee Trustee may be appointed or removed without cause at any time:

                           (i) until the issuance of any Preferred Securities,
                  by written instrument executed by the Guarantor;

                           (ii) unless an Event of Default shall have occurred
                  and be continuing, after the issuance of any Securities, by
                  the Guarantor; and

                                       12
<PAGE>   17

                           (iii) if an Event of Default shall have occurred and
                  be continuing, after the issuance of the Preferred Securities,
                  by vote or written consent of the Holders of a Majority in
                  liquidation amount of the Preferred Securities.

                  (b) The Preferred Securities Guarantee Trustee shall not be
removed in accordance with Section 4.2(a) until a Successor Preferred Securities
Guarantee Trustee has been appointed and has accepted such appointment by
written instrument executed by such Successor Preferred Securities Guarantee
Trustee and delivered to the Guarantor.

                  (c) The Preferred Securities Guarantee Trustee appointed to
office shall hold office until a Successor Preferred Securities Guarantee
Trustee shall have been appointed or until its removal or resignation. The
Preferred Securities Guarantee Trustee may resign from office (without need for
prior or subsequent accounting) by an instrument in writing executed by the
Preferred Securities Guarantee Trustee and delivered to the Guarantor, which
resignation shall not take effect until a Successor Preferred Securities
Guarantee Trustee has been appointed and has accepted such appointment by
instrument in writing executed by such Successor Preferred Securities Guarantee
Trustee and delivered to the Guarantor and the resigning Preferred Securities
Guarantee Trustee.

                  (d) If no Successor Preferred Securities Guarantee Trustee
shall have been appointed and accepted appointment as provided in this Section
4.2 within 60 days after delivery to the Guarantor of an instrument of removal
or resignation, the Preferred Securities Guarantee Trustee resigning or being
removed may petition any court of competent jurisdiction for appointment of a
Successor Preferred Securities Guarantee Trustee. Such court may thereupon,
after prescribing such notice, if any, as it may deem proper, appoint a
Successor Preferred Securities Guarantee Trustee.

                  (e) No Preferred Securities Guarantee Trustee shall be liable
for the acts or omissions to act of any Successor Preferred Securities Guarantee
Trustee.

                  (f) Upon termination of this Preferred Securities Guarantee or
removal or resignation of the Preferred Securities Guarantee Trustee pursuant to
this Section 4.2, the Guarantor shall pay to the Preferred Securities Guarantee
Trustee all amounts due to the Preferred Securities Guarantee Trustee accrued to
the date of such termination, removal or resignation.

                                    ARTICLE V
                                    GUARANTEE

SECTION 5.1 Guarantee

                  The Guarantor irrevocably and unconditionally agrees to pay in
full to the Holders the Guarantee Payments (without duplication of amounts
theretofore paid by the Issuer), as and when due, regardless of any defense,
right of set-off or counterclaim that the Issuer may have or assert. The
Guarantor's obligation to make a Guarantee Payment may be satisfied by direct
payment of the required amounts by the Guarantor to the Holders or by causing
the Issuer to pay such amounts to the Holders.

                                       13
<PAGE>   18

                  In addition, the Guarantor irrevocably and unconditionally
agrees to cause the Issuer to deliver to the Holders such securities and other
property as may be deliverable to them in accordance with the terms of the
Preferred Securities, including as a result of any conversion, exchange,
redemption, liquidation or other provision of the Debentures, the Other
Documents or the Preferred Securities.

SECTION 5.2 Waiver of Notice and Demand

                  The Guarantor hereby waives notice of acceptance of this
Preferred Securities Guarantee and of any liability to which it applies or may
apply, presentment, demand for payment, any right to require a proceeding first
against the Issuer or any other Person before proceeding against the Guarantor,
protest, notice of nonpayment, notice of dishonor, notice of redemption and all
other notices and demands.

SECTION 5.3 Obligations Not Affected

                  The obligations, covenants, agreements and duties of the
Guarantor under this Preferred Securities Guarantee shall in no way be affected
or impaired by reason of the happening from time to time of any of the
following:

                  (a) the release or waiver, by operation of law or otherwise,
of the performance or observance by the Issuer of any express or implied
agreement, covenant, term or condition relating to the Preferred Securities to
be performed or observed by the Issuer;

                  (b) the extension of time for the payment by the Issuer of all
or any portion any sums payable or the performance by the Issuer of any other
obligation under, arising out of, or in connection with, the Preferred
Securities (other than an extension of time permitted by the Indenture);

                  (c) any failure, omission, delay or lack of diligence on the
part of the Holders to enforce, assert or exercise any right, privilege, power
or remedy conferred on the Holders pursuant to the terms of the Preferred
Securities, or any action on the part of the Issuer granting indulgence or
extension of any kind;

                  (d) the voluntary or involuntary liquidation, dissolution,
sale of any collateral, receivership, insolvency, bankruptcy, assignment for the
benefit of creditors, reorganization, arrangement, composition or readjustment
of debt of, or other similar proceedings affecting, the Issuer or any of the
assets of the Issuer;

                  (e) any invalidity of, or defect or deficiency in, the
Preferred Securities;

                  (f) the settlement or compromise of any obligation guaranteed
hereby or hereby incurred; or

                  (g) any other circumstance whatsoever that might otherwise
constitute a legal or equitable discharge or defense of a guarantor, it being
the intent of this Section 5.3 that the obligations of the Guarantor hereunder
shall be absolute and unconditional under any and all circumstances.

                                       14
<PAGE>   19

                  There shall be no obligation of the Holders to give notice to,
or obtain the consent of, the Guarantor with respect to the happening of any of
the foregoing.

SECTION 5.4 Rights of Holders

                  (a) The Holders of a Majority in liquidation amount of the
Preferred Securities have the right to direct the time, method and place of
conducting of any proceeding for any remedy available to the Preferred
Securities Guarantee Trustee in respect of this Preferred Securities Guarantee
or exercising any trust or power conferred upon the Preferred Securities
Guarantee Trustee under this Preferred Securities Guarantee.

                  (b) If the Preferred Securities Guarantee Trustee fails to
enforce this Preferred Securities Guarantee, any Holder may institute a legal
proceeding directly against the Guarantor to enforce its rights under this
Preferred Securities Guarantee, without first instituting a legal proceeding
against the Issuer, the Preferred Securities Guarantee Trustee or any other
Person. Notwithstanding the foregoing, if the Guarantor has failed to make a
Guarantee Payment or to perform any of its other obligations under Section 5.1,
a Holder may directly institute a proceeding in the Holder's own name against
the Guarantor for enforcement of this Capital Security Guarantee for the portion
of such Guarantee Payment or the performance of such other obligation to which
such Holder is entitled. The Guarantor waives any right or remedy to require
that any action on this Preferred Securities Guarantee be brought first against
the Issuer or any other person or entity before proceeding directly against the
Guarantor.

SECTION 5.5 Guarantee of Payment

                  This Preferred Securities Guarantee creates a guarantee of
payment and not of collection.

SECTION 5.6 Subrogation

                  The Guarantor shall be subrogated to all rights, if any, of
the Holders against the Issuer in respect of any amounts paid to such Holders by
the Guarantor under this Preferred Securities Guarantee; provided, however, that
the Guarantor shall not (except to the extent required by mandatory provisions
of law) be entitled to enforce or exercise any right that it may acquire by way
of subrogation or any indemnity, reimbursement or other agreement, in all cases
as a result of payment under this Preferred Securities Guarantee, if, at the
time of any such payment, any amounts are due and unpaid under this Preferred
Securities Guarantee. If any amount shall be paid or property delivered to the
Guarantor in violation of the preceding sentence, the Guarantor agrees to hold
such amount or property in trust for the Holders and to pay over such amount or
deliver such property to the Holders entitled thereto.

SECTION 5.7 Independent Obligations

                  The Guarantor acknowledges that its obligations hereunder are
independent of the obligations of the Issuer with respect to the Preferred
Securities, and that the Guarantor shall be liable as principal and as debtor
hereunder to make Guarantee Payments pursuant to the terms of this Preferred
Securities Guarantee notwithstanding the occurrence of any event referred to in
subsections (a) through (g), inclusive, of Section 5.3 hereof.

                                       15
<PAGE>   20

                                   ARTICLE VI
                       LIMITATION OF TRANSACTIONS; RANKING

SECTION 6.1 Limitation of Transactions

                  So long as any Preferred Securities remain outstanding, the
Guarantor shall not

         (i)      declare or pay any dividends or distributions on, or redeem,
                  purchase, acquire, or make a liquidation payment with respect
                  to, any of the Guarantor's capital stock (which includes
                  common and preferred stock);

         (ii)     make any payment of principal, interest or premium, if any, on
                  or repay or repurchase or redeem any debt securities of the
                  Guarantor that rank pari passu with or junior in right of
                  payment to the Debentures;

         (iii)    make any guarantee payments with respect to any guarantee by
                  the Guarantor of the debt securities of any subsidiary thereof
                  or any other party if such guarantee ranks pari passu or
                  junior in right of payment to the Debentures (other than (a)
                  dividends or distributions in shares of, or options, warrants
                  or rights to subscribe for or purchase shares of, common stock
                  of the Guarantor, (b) any declaration of a dividend in
                  connection with the implementation of a stockholders' rights
                  plan, or the issuance of stock under any such plan in the
                  future, or the redemption or repurchase of any such rights
                  pursuant thereto, (c) payments under the Preferred Securities
                  Guarantee and any Other Documents, (d) as a result of a
                  reclassification of the Guarantor's capital stock or the
                  exchange or the conversion of one class or series of the
                  Guarantor's capital stock for another class or series of the
                  Guarantor's capital stock, (e) the purchase of fractional
                  interests in shares of the Guarantor's capital stock pursuant
                  to the conversion or exchange provisions of such capital stock
                  or the security being converted or exchanged, and (f)
                  purchases of common stock related to the issuance of common
                  stock or rights under any of the Guarantor's benefit plans for
                  its directors, officers or employees or any of the Guarantor's
                  dividend reinvestment plans)

if at such time (i) there shall have occurred any event of which the Guarantor
has actual knowledge that is, or with the giving of notice or the lapse of time,
or both, would be an Event of Default, (ii) the Guarantor shall be in default
with respect to its payment or other obligations under Section 5.1 of this
Preferred Securities Guarantee or (iii), if the terms of the Debentures provide
for the deferral of the obligation of the Guarantor, as issuer of the Debenture,
to pay interest thereon, whether at the option of the Guarantor or another
Person or otherwise, a notice of deferral has been given and not rescinded or
any interest deferral period shall have commenced and be continuing. [insert or
modify the foregoing provision as appropriate]

SECTION 6.2 Ranking

                           This Preferred Securities Guarantee will constitute
         an unsecured obligation of the Guarantor and will rank [insert
         applicable ranking, i.e., equal to Debentures, subordinate, senior or
         otherwise]

                                       16
<PAGE>   21

                                  ARTICLE VII
                                   TERMINATION

SECTION 7.1 Termination

                  This Preferred Securities Guarantee shall terminate upon (i)
full payment of the Redemption or Repayment Price of all Preferred Securities,
(ii) the conversion or exchange of all the Preferred Securities and the full
payment of any related amounts or (iii) full payment of the amounts payable or
delivery of securities or other property deliverable upon liquidation of the
Issuer, in each case, in accordance with the terms of the Agreement.
Notwithstanding the foregoing, this Preferred Securities Guarantee will continue
to be effective or will be reinstated, as the case may be, if at any time any
Holder must restore payment of any sums paid or other property distributed under
the Preferred Securities or under this Preferred Securities Guarantee.

                                  ARTICLE VIII
                                 INDEMNIFICATION

SECTION 8.1 Exculpation

                  (a) No Indemnified Person shall be liable, responsible or
accountable in damages or otherwise to the Guarantor or any Covered Person for
any loss, damage or claim incurred by reason of any act or omission performed or
omitted by such Indemnified Person in good faith in accordance with this
Preferred Securities Guarantee and in a manner that such Indemnified Person
reasonably believed to be within the scope of the authority conferred on such
Indemnified Person by this Preferred Securities Guarantee or by law, except that
an Indemnified Person shall be liable for any such loss, damage or claim
incurred by reason of such Indemnified Person's negligence, bad faith or willful
misconduct with respect to such acts or omissions.

                  (b) An Indemnified Person shall be fully protected in relying
in good faith upon the records of the Guarantor and upon such information,
opinions, reports or statements presented to the Guarantor by any Person as to
matters the Indemnified Person reasonably believes are within such other
Person's professional or expert competence and who has been selected with
reasonable care by or on behalf of the Guarantor, including information,
opinions, reports or statements as to the value and amount of the assets,
liabilities, profits, losses, or any other facts pertinent to the existence and
amount of assets from which Distributions to Holders might properly be paid.

SECTION 8.2 Indemnification

                  (a) To the fullest extent permitted by applicable law, the
Guarantor agrees to indemnify and hold harmless each Indemnified Person from and
against any loss, damage or claim incurred by such Indemnified Person by reason
of any act or omission performed or omitted by such Indemnified Person in good
faith in accordance with this Preferred Securities Guarantee and in a manner
such Indemnified Person reasonably believed to be within the scope of authority
conferred on such Indemnified Person by this Preferred Securities Guarantee,
except that no Indemnified Person shall be entitled to be indemnified in respect
of any loss, damage or

                                       17
<PAGE>   22

claim incurred by such Indemnified Person by reason of negligence, bad faith or
willful misconduct with respect to such acts or omissions.

                  (b) To the fullest extent permitted by applicable law,
reasonable out-of-pocket expenses (including reasonable legal fees) incurred by
an Indemnified Person in defending any claim, demand, action, suit or proceeding
shall, from time to time, be advanced by the Guarantor prior to the final
disposition of such claim, demand, action, suit or proceeding upon receipt by
the Guarantor of 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 Section 8.2(a).

                  (c) The provisions set forth in this Section 8.2 shall survive
the termination of the Preferred Securities Guarantee and any resignation or
removal of the Preferred Securities Guarantee Trustee.

SECTION 8.3 Compensation

                  The Guarantor agrees:

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

                  (b) to reimburse the Preferred Securities Guarantee Trustee
upon its request for reasonable expenses, disbursements and advances incurred or
made by the Preferred Securities Guarantee Trustee in accordance with any
provision of this Preferred Securities Guarantee (including the reasonable
compensation and the expenses and advances of its agents and counsel), except
any such expense or advance as may be attributable to its negligence, willful
misconduct or bad faith.

                                   ARTICLE IX
                                  MISCELLANEOUS

SECTION 9.1 Successors and Assigns

                  All guarantees and agreements contained in this Preferred
Securities Guarantee shall bind the successors, assigns, receivers, trustees and
representatives of the Guarantor and shall inure to the benefit of the Holders
of the Preferred Securities then outstanding.

SECTION 9.2 Amendments

                  Except with respect to any changes that do not adversely
affect the rights of Holders (in which case no consent of Holders will be
required), this Preferred Securities Guarantee may only be amended while any
Preferred Securities are outstanding with the prior approval of the Holders of
at least a Majority in liquidation amount (including the stated amount

                                       18
<PAGE>   23

that would be paid on redemption, liquidation or otherwise, plus accrued and
unpaid Distributions to the date upon which the voting percentages are
determined) of all the outstanding Preferred Securities covered by the Preferred
Securities Guarantee. The provisions of Section 12.2 of the Agreement with
respect to meetings of Holders apply to the giving of such approval.

SECTION 9.3 Notices

                  All notices provided for in this Preferred Securities
Guarantee shall be in writing, duly signed by the party giving such notice, and
shall be delivered, telecopied or mailed by registered or certified mail, as
follows:

                  (a) If given to the Preferred Securities Guarantee Trustee, at
the Preferred Securities Guarantee Trustee's mailing address set forth below (or
such other address as the Preferred Securities Guarantee Trustee may give notice
of to the Holders of the Preferred Securities):

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

                                    -------------------------
                                    New York, NY
                                                 ------------
                                    Attention: [                  ]
                                                ------------------

                  (b) If given to the Guarantor, at the Guarantor's mailing
address set forth below (or such other address as the Guarantor may give notice
of to the Holders):

                                    Apache Corporation
                                    2000 Post Oak Blvd., Suite 100
                                    Houston, Texas  77056
                                    Attention:
                                               -------------------

                  (c) If given to any Holder, at the address set forth on the
books and records of the Issuer.

                  All such notices shall be deemed to have been given when
received in person, telecopied with receipt confirmed, or mailed by first class
mail, postage prepaid except that if a notice or other document is refused
delivery or cannot be delivered because of a changed address of which no notice
was given, such notice or other document shall be deemed to have been delivered
on the date of such refusal or inability to deliver.

SECTION 9.4 Benefit

                  This Preferred Securities Guarantee is solely for the benefit
of the Holders and, subject to Section 3.1(a), is not separately transferable
from the Preferred Securities.

                                       19
<PAGE>   24

SECTION 9.5 Governing Law.

                  THIS PREFERRED SECURITIES GUARANTEE SHALL BE GOVERNED BY, AND
CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK
WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES THEREOF.

SECTION 9.6 Counterparts.

                  The parties may sign any number of copies of this Preferred
Securities Guarantee. Each signed copy shall be an original, but all of them
together represent the same agreement. Any signed copy shall be sufficient proof
of this Preferred Securities Guarantee.

                                       20
<PAGE>   25

                  THIS PREFERRED SECURITIES GUARANTEE is executed as of the day
and year first above written.

                                      APACHE CORPORATION
                                      as Guarantor

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

                                      -----------------------------------------
                                      as Preferred Securities Guarantee Trustee

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

                                       21

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