Document:

Exhibit 10.1

                              EMPLOYMENT AGREEMENT

         THIS EMPLOYMENT AGREEMENT (the "Agreement") entered into to be
effective as of the 18th day of January, 2001, is made and entered into by and
between FIRST NATIONAL BANK OF NASSAU COUNTY, a national bank organized under
the laws of the United States (the "Bank") (the Bank is also referred to herein
as the "Employer"), and WILLIAM J. KELLEY (the "Executive"). Unless expressly
stated otherwise herein, this Agreement shall be deemed to supersede all prior
warranties, representations, covenants, and agreements among the parties hereto.

                              W I T N E S S E T H:

         WHEREAS, the Bank is seeking to establish a wholesale mortgage
business; and

         WHEREAS, Executive is willing to assist the Bank to establish a
wholesale mortgage business and to become the Senior Vice President -- Wholesale
Mortgage Lending of the Bank in accordance with the terms and conditions
hereinafter set forth.

         NOW, THEREFORE, for and in consideration of the mutual premises and
covenants herein contained, the parties hereto agree as follows:

         1. Employment. Employer employs Executive and Executive accepts
employment upon the terms and conditions set forth in this Agreement.

         2. Term. The term of employment of Executive under this Agreement shall
be the three year period commending on January 18, 2001 (the "Term").

         3. Compensation.

         (a) Salary. For all services rendered by Executive, Executive shall be
paid a minimum annual base salary of $150,000.00, payable in equal semi-monthly
installments during the term of this Agreement. Salary payment shall be subject
to withholding and other applicable taxes. Such base salary shall be increased
from time to time in the sole discretion of the Board of Directors of the Bank.

         (b) Bonus. In addition to Executive's base salary and the compensation
set forth in Section 8, Executive shall be eligible to receive such performance
bonuses as determined in the discretion of the Board of Directors of the Bank.

                         (i)        Prior to the granting of any performance
                                    bonus to Executive and without any effect
                                    upon the compensation set forth in Sections
                                    3(a), 8(a), 8(b), and 8(c), the Board of
                                    Directors of the Bank shall consider, and
                                    document its findings in the minutes of the
                                    meeting wherein the issue was considered,
                                    Executive's performance in light of the
                                    status of the internal controls, loan
                                    documentation, credit underwriting, interest
                                    rate exposure, asset growth, asset quality,
                                    and earnings of the Bank's wholesale
                                    mortgage business and the Bank, and such
                                    other performance goals and objectives
                                    mutually agreed upon between Executive and
                                    such Board of Directors.

                         (ii)       The overall condition of the Bank must
                                    be "satisfactory" in the opinion of the OCC
                                    as set forth in the most current OCC Report
                                    of Supervisory Activity provided to the
                                    Board of Directors of the Bank and the
                                    Uniform Financial Institution Rating of the
                                    Bank shall not be less than a "2"; and

                         (iii)      The Bank shall be "well capitalized" as
                                    defined under regulations promulgated by the
                                    OCC pursuant to the Federal Deposit
                                    Insurance Corporation Improvement Act of
                                    1991.

                                       13
<PAGE>

         4. Title and Duties. Executive shall serve as Senior Vice President--
Wholesale Mortgage Lending of the Bank, reporting to the President of the Bank.
Executive shall run the day-to-day activities of the Bank's wholesale mortgage
business and oversee that business within the framework of the approved annual
budget, with a sound system of internal controls, and in compliance with the
policies of the Board of Directors of the Bank, the directives of the Bank's
President, and all applicable laws and regulations.

         5. Extent of Services. Executive shall devote his entire time,
attention and energies to the business of Employer and shall not during the term
of this Agreement be engaged in any other business activity which requires the
attention or participation of Executive during normal business hours of
Employer, recognition being given to the fact that Executive is expected on
occasion to participate in client development after normal business hours.
However, Executive may invest his assets in such form or manner as will not
require his services in the operation of the affairs of the companies in which
such investments are made. Executive shall notify Employer of any participation
by him in any trade association or similar organization.

         6. Expenses. Executive may incur reasonable expenses for promoting the
business of the Bank, including expenses for entertainment, travel, and similar
items. Executive will be reimbursed for all reasonable expenses upon Executive's
monthly presentation of an itemized account of such expenditures, including but
not limited to a car allowance of $500.00 per month.

         7. Vacations. Executive shall be entitled each year to a vacation of
not less than fifteen days during which time Executive's compensation shall be
paid in full.

         8. Additional Compensation.

         (a) As additional consideration paid to Executive, Executive shall be
provided with $500.00 per month to help defray the cost of health,
hospitalization, disability and term life insurance (including the costs of
insurance premiums, deductible items, and items excluded from coverage).

         (b) The Bank shall also grant to Executive options to purchase 15,000
shares of the common stock of First Capital Bank Holding Corporation (the
"Company") with an exercise price equal to the current fair market value of the
shares as established by the Company's Board of Directors. Options to purchase
3,000 shares shall vest on the earlier of (i) the date on which the first
employee of the Bank's wholesale mortgage business is hired at the
recommendation of Executive or (ii) the first day of the Term. The remaining
options shall vest ratably on each of the first four anniversary dates of the
Term.

         (c) Executive shall be entitled to receive a portion of the net,
pre-tax income attributable to the Bank's wholesale mortgage business pursuant
to the terms and conditions set forth on Exhibit A, which is incorporated
hereby.

         9. Change in Control of the Bank.

         (a) In the event of a "change in control" of the Bank, as defined
herein, Executive shall be entitled, for a period of 30 days from the date of
closing of the transaction effecting such change in control and at his election,
to give written notice to Employer of termination of this Agreement and to
receive a cash payment equal to 100% times the compensation, including bonus, if
any, received by Executive in the one-year period immediately preceding the
change in control. The severance payments provided for in this Section 9(a)
shall be paid in cash, commencing not later than ten days after the date of
notice of termination by Executive under this Section 10 or ten days after the
date of closing of the transaction effecting the change in control of the Bank,
whichever is later.

         (b) For purposes of this Section 9, "change in control" of the Bank
shall mean:

                         (i)        any transaction, whether by merger,
                                    consolidation, asset sale, tender offer,
                                    reverse stock split, or otherwise, which
                                    results in the acquisition or beneficial
                                    ownership (as such term is defined under
                                    rules and regulations promulgated under the
                                    Securities Exchange Act of 1934, as amended)
                                    by any person or entity or any group of
                                    persons

                                       14
<PAGE>

                                    or entities acting in concert (other
                                    than any affiliate of the Bank as of the
                                    date of this Agreement) of 50% or more of
                                    the outstanding shares of Common Stock of
                                    the Bank;

                         (ii)       the sale of all or substantially all of the
                                    assets of the Bank; or

                         (iii)      the liquidation of the Bank.

         10. Termination.

         (a) For Cause. This Agreement may be terminated by the Board of
Directors of the Bank without notice and without further obligation than for
monies already paid, for any of the following reasons:

                          (i)       receipt by the Bank of written notice
                                    from the Office of the Comptroller of the
                                    Currency (or other applicable regulatory
                                    agency) that criticizes Executive's
                                    performance or his area of responsibility;

                          (ii)      the failure of the Bank's wholesale
                                    mortgage business to attain the
                                    profitability and volume measures set forth
                                    on Exhibit B hereto, which is incorporated
                                    hereby;

                          (iii)     failure of Executive to follow reasonable
                                    written instructions or policies of the
                                    President or the Board of Directors of the
                                    Bank;

                          (iv)      gross negligence or willful misconduct
                                    of Executive materially damaging to the
                                    business of the Bank during the term of this
                                    Agreement, or at any time while he was
                                    employed by the Bank prior to the term of
                                    this Agreement, if not disclosed to the Bank
                                    prior to the commencement of the term of
                                    this Agreement; or

                          (v)       Executive's arrest for, being charged
                                    in relation to (whether by criminal
                                    information, indictment, or otherwise), or
                                    conviction of a felony or a crime involving
                                    breach of trust or moral turpitude

                  In the event that the Bank discharges Executive alleging
"cause" under this Section 10(a) and it is subsequently determined by a court of
law or other authorized tribunal that the termination was "without cause," then
such discharge shall be deemed a discharge without cause subject to the
provisions of Section 10(b) hereof. In the event that the Bank discharges
Executive alleging "cause" under this Section 10(a), such notice of discharge
shall be accompanied by a written and specific description of the circumstances
alleging such "cause".

         (b)  Without Cause.

                              (i)   The Bank may, upon 30 days' written notice
                                    to Executive, terminate this Agreement
                                    without cause at any time during the first
                                    six months of the Term upon the condition
                                    that Executive shall be entitled, as
                                    liquidated damages in lieu of all other
                                    claims, to: (A) monies already paid; (B)
                                    monies owed for the 30 day notice period;
                                    (C) the payment of Executive's base salary
                                    for a period of six months; and (D) any
                                    bonus or profit sharing accrued through the
                                    date of termination. The termination of
                                    Executive's employment "without cause" shall
                                    not entitle the Bank to enforcement of the
                                    non-competition and non-solicitation
                                    covenants contained in Section 12 hereof.

                              (ii)  After the first six months of the Term, the
                                    Bank may, upon 30 days' written notice to
                                    Executive, terminate this Agreement without
                                    cause at any time during the Term upon the
                                    condition that Executive shall be entitled,
                                    as liquidated damages in lieu of all other
                                    claims, to: (A) monies already paid; (B)
                                    monies owed for the 30 day notice period;
                                    (C) the payment of Executive's base salary
                                    for a period of twelve months, and (D) any
                                    bonus or profit sharing accrued through the
                                    date of termination. The severance payments
                                    provided for in this Section 10(b) shall
                                    commence not later than thirty days after
                                    the actual date of termination of employment
                                    of Executive. The termination of Executive
                                    "without cause" shall not entitle the Bank
                                    to enforcement of the non-competition and
                                    non-solicitation covenants contained in
                                    Section 12 hereof.

                                       15
<PAGE>

                            (iii)   Executive may upon 30 days' written
                                    notice to Employer terminate this Agreement
                                    without cause at any time during the Term.
                                    In the event of termination of this
                                    Agreement by Executive, the Bank shall have
                                    no obligation to Executive and the Bank
                                    shall be entitled to enforcement of the
                                    non-competition and  non-solicitation
                                    covenants contained in Section 12 hereof.

                            (iv)    In the event this Agreement is
                                    terminated without cause by the Bank, any of
                                    Executive's stock options, whether or not
                                    vested on the date of termination, may be
                                    exercised by Executive within 60 days from
                                    the date of termination, at which time all
                                    such options shall expire.

                            (v)     In the event this Agreement is
                                    terminated without cause by the Executive,
                                    any of Executive's stock options that are
                                    not vested shall expire, and any vested
                                    stock options may be exercised by Executive
                                    within 60 days from the date of termination,
                                    at which time all such options shall expire.

         11. Death or Disability. In the event of Executive's death, Employer
shall pay to Executive's designated beneficiary, or, if Executive has failed to
designate a beneficiary, to his estate, an amount equal to Executive's base
salary pursuant to Section 3 hereof through the end of the month in which
Executive's death occurred. Such compensation shall be in lieu of any other
benefits provided hereunder, except that (i) in the event of a change in control
of the Bank as defined herein, Executive's designated beneficiary or his estate,
as the case may be, shall be entitled to the benefits of Section 9(a) hereof,
and (ii) any benefit payable pursuant to Section 3 shall be prorated and made
available to Executive in respect of any period prior to his death. The Bank may
maintain insurance on its behalf to satisfy in whole or in part the obligations
of this Section 11.

         In the event of Executive's disability, as hereinafter defined,
Employer shall pay to Executive the base salary then in effect through the end
of the month in which Executive became disabled. Executive shall be deemed
disabled if, by reason of physical or mental impairment, he is incapable of
performing his duties hereunder for a period of sixty (60) consecutive days. Any
dispute regarding the existence, the extent, or the continuance of Executive's
disability shall be resolved by the determination of a duly licensed and
practicing physician selected by and mutually agreeable to both the Board of
Directors of the Bank and Executive; provided, however, if Executive officially
establishes his eligibility to receive social security disability benefits or is
deemed disabled under the terms and conditions of any disability insurance
policy carried on Executive by the Bank or its affiliate, he shall be deemed to
be disabled as provided herein without further proof. Executive shall make
himself available for and submit to such examinations by said physician as may
be directed from time to time by the physician. Failure to submit to any such
examination shall constitute a material breach of this Agreement.

         12. Non-Competition and Non-Solicitation.

         (a) Executive acknowledges that he has performed services or will
perform services hereunder, which directly affect Employer's business.
Accordingly, the parties deem it necessary to enter into the protective
agreement set forth below, the terms and conditions of which have been
negotiated by and between the parties hereto.

         (b) Executive recognizes and acknowledges that the Bank's customers and
the specific needs of such customers are essential to the success of its
business and its continued good will. Executive covenants and agrees that in the
event his employment relationship with the Bank is terminated for any reason
whatsoever, other than termination pursuant to Sections 10(b)(i) or 10(b)(ii),
Executive shall not, for a period of one (1) year following the termination of
Executive's employment with the Bank, directly or indirectly, alone or in
association with or on behalf of any other person or entity, (i) solicit, (ii)
accept Business from, or (iii) perform any service for any person or entity who
was a customer of the Bank at any time during the 12 months preceding the
termination of Executive's employment with the Bank for the purpose of competing
with the Business of the Bank. For purposes of this Agreement, "Business" means
mortgage lending and wholesale mortgage lending.

         (c) Executive recognizes and acknowledges that the Bank's employees are
essential to the success of its business and its continued good will. Executive
covenants and agrees that in the event his employment relationship with the Bank
is terminated for any reason whatsoever, other than termination pursuant to
Sections 10(b)(i) or 10(b)(ii), Executive shall not, for a period of one (1)
year following the termination of Executive's employment with

                                       16

<PAGE>

the Bank, directly or indirectly, alone or in association with or on behalf of
any other person or entity, (i) solicit, (ii) employ, or (iii) cause to be
employed any person who was an employee of the Bank at any time during the 12
months preceding the termination of Executive's employment with the Bank for the
purpose of competing with the Business of the Bank.

         (d) The covenants of Executive set forth in this Section 12 are
separate and independent covenants for which valuable consideration has been
paid, the receipt, adequacy and sufficiency of which are acknowledged by
Executive, and have also been made by Executive to induce Employer to enter into
this Agreement. In the event that a court of competent jurisdiction finds that
Executive has violated the provisions of this Section 12, then as partial relief
to Employer, all rights granted to Executive pursuant to Sections 8(b) and 8(c)
hereof shall immediately become null and void. Further, each of the aforesaid
covenants may be availed of or relied upon by Employer in any court of competent
jurisdiction, and shall form the basis of injunctive relief and damages
including expenses of litigation (including but not limited to reasonable
attorneys' fees) suffered by Employer arising out of any breach of the aforesaid
covenants by Executive. The covenants of Executive set forth in this Section 12
are cumulative to each other and to all other covenants of Executive in favor of
Employer contained in this Agreement and shall survive the termination of this
Agreement for the purposes intended. Should any covenant, term, or condition
contained in this Section 12 become or be declared invalid or unenforceable by a
court of competent jurisdiction, then the parties may request that such court
judicially modify such unenforceable provision consistent with the intent of
this Section 12 so that it shall be enforceable as modified, and in any event
the invalidity of any provision of this Section 12 shall not affect the validity
of any other provision of this Section 12 or elsewhere in this Agreement.

         13. Notices. Any notice required or desired to be given under this
Agreement shall be deemed given if in writing sent by certified mail to his
residence in the case of Executive, or its principal office in the case of
Employer.

         14. Waiver of Breach. The waiver by Employer to a breach of any
provision of this Agreement by Executive shall not operate or be construed as a
waiver of any subsequent breach by Executive. No waiver shall be valid unless in
writing and signed by an authorized officer of Employer.

         15. Assignment. Executive acknowledges that the services to be rendered
by him are unique and personal. Accordingly, Executive may not assign any of his
rights or delegate any of his duties or obligations under this Agreement. The
rights and obligations of Executive under this Agreement shall inure to the
benefit of and shall be binding upon the successors and assigns of Employer.

         16. Governing Law. This Agreement shall be governed and construed in
accordance with the

laws of the State of Florida.

         17. Entire Agreement. This Agreement embodies the entire and final
agreement of the parties hereto on the subject matter stated in this Agreement.
It may not be changed orally but only by an agreement in writing signed by the
party against whom enforcement of any waiver, change, modification, extension,
or discharge is sought.

                         (signatures on following page)

                                       17

<PAGE>

         IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the date first above written.

                                         "BANK"

                                         FIRST NATIONAL BANK OF NASSAU COUNTY

                                         By: /s/ Michael Sanchez, President
                                         ---------------------------------------

                                         "EXECUTIVE"

                                         /s/ William J. Kelley
                                         ---------------------------------------
                                         WILLIAM J. KELLEY

                                       18EXHIBIT 4.6
                                                  FORM OF SUBORDINATED INDENTURE

                               BE AEROSPACE, INC.,
                                     Issuer

                                       TO

                              THE BANK OF NEW YORK

                                     Trustee

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

                                    Indenture

                                   Dated as of

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

                           Providing for the Issuance
                                       of
                          Subordinated Debt Securities

<PAGE>

                               BE AEROSPACE, INC.

               Reconciliation and tie between Trust Indenture Act
              of 1939 and Indenture, dated as of [month][day][year]

Trust Indenture                                              Indenture
  Act Section                                                Section

 310(a)(1)        ......................................     607
       (a)(2)     ......................................     607
       (b)        ......................................     608
 312(c)           ......................................     701
 314(a)(4)        ......................................     1008(a)
    (c)(1)        ......................................     103
    (c)(2)        ......................................     103
    (e)           ......................................     103
 315(b)           ......................................     601
 316(a)(last
     sentence)    ......................................     101 ("Outstanding")
    (a)(1)(A)     ......................................     502, 512
    (a)(1)(B)     ......................................     513
       (b)        ......................................     508
       (c)        ......................................     105(d)
 317(a)(1)        ......................................     503
       (a)(2)     ......................................     504
       (b)        ......................................     1003
 318(a)           ......................................     112

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

<PAGE>

                                TABLE OF CONTENTS

                                                                           PAGE

PARTIES.......................................................................1

RECITALS......................................................................1

ARTICLE ONE  DEFINITIONS AND OTHER PROVISIONS
 OF GENERAL APPLICATION                                                       1

SECTION 101.  Definitions  ...................................................1
                           Act................................................2
                           AET................................................2
                           Affiliate..........................................2
                           Agent Bank.........................................2
                           Asset Sale.........................................2
                           Average Life.......................................3
                           Bank Credit Agreement..............................3
                           Banks..............................................3
                           Board of Directors.................................3
                           Board Resolution...................................3
                           Business Day.......................................3
                           Capital Stock......................................3
                           Capitalized Lease Obligation.......................3
                           Cash Equivalents...................................3
                           Change of Control..................................4
                           Closing Date.......................................4
                           Commission.........................................4
                           Common Stock.......................................4
                           Company............................................4
                           Company Request" or "Company Order.................5
                           Consolidated Net Worth.............................5
                           Corporate Trust Office.............................5
                           corporation........................................5
                           Default............................................5
                           Defaulted Interest.................................5
                           Depositary.........................................5
                           Designated Senior Indebtedness.....................5
                           Eligible Receivables...............................5
                           Event of Default...................................5
                           Exchange Act.......................................5
<PAGE>

                           Fair Market Value..................................5
                           Federal Bankruptcy Code............................5
                           Fully Traded Common Stock..........................6
                           GAAP...............................................6
                           guarantee..........................................6
                           Guarantee..........................................6
                           Guarantor..........................................6
                           Holder.............................................6
                           Indebtedness.......................................6
                           Indenture..........................................7
                           Interest Payment Date..............................7
                           Interest Rate Protection Obligations...............7
                           Lien...............................................8
                           Maturity...........................................8
                           Moody's............................................8
                           Non-payment Event of Default.......................8
                           Officers' Certificate..............................8
                           Opinion of Counsel.................................8
                           Outstanding........................................8
                           Pari Passu Indebtedness............................9
                           Paying Agent.......................................9
                           Payment Event of Default...........................9
                           Permitted Indebtedness............................10
                           Permitted Subsidiary Indebtedness.................10
                           Person............................................11
                           Preferred Stock...................................12
                           Qualified Capital Stock...........................12
                           Redeemable Capital Stock..........................12
                           Redemption Date...................................12
                           Redemption Price..................................12
                           Regular Record Date...............................12
                           Responsible Officer...............................12
                           Restricted Subsidiary.............................12
                           S&P...............................................12
                           Securities........................................12
                           Securities Act....................................12
                           Security Register" and "Security Registrar........13
                           Senior Indebtedness...............................13
                           Significant Subsidiary............................13
                           Special Record Date...............................13
                           Stated Maturity...................................13
                           Subordinated Indebtedness.........................13

                                      -ii-
<PAGE>

                           Subsidiary........................................13
                           Trust Indenture Act" or "TIA......................14
                           Trustee...........................................14
                           Unrestricted Subsidiary...........................14
                           Vice President....................................14
                           Voting Stock......................................14
                           wholly-owned......................................14
                           8% Notes..........................................14
                           8% Notes Indenture................................15
                           8% Notes..........................................15
                           8% Notes Indenture................................15
                           9 1/2% Notes......................................15
                           9 1/2% Notes Indenture............................15
                           9 7/8% Notes......................................15
                           9 7/8% Notes Indenture............................15
SECTION 102.  Incorporation by Reference of Trust Indenture Act..............15
SECTION 103.  Compliance Certificates and Opinions...........................16
SECTION 104.  Form of Documents Delivered to Trustee.........................16
SECTION 105.  Acts of Holders................................................17
SECTION 106.  Notices, Etc., to Trustee, Company.............................18
SECTION 107.  Notice to Holders; Waiver......................................18
SECTION 108.  Effect of Headings and Table of Contents.......................19
SECTION 109.  Successors and Assigns.........................................19
SECTION 110.  Separability Clause............................................19
SECTION 111.  Benefits of Indenture..........................................19
SECTION 112.  Governing Law..................................................19
SECTION 113.  Legal Holidays.................................................19

ARTICLE TWO SECURITY FORMS                                                   20

SECTION 201.  Forms Generally................................................21

ARTICLE THREE  THE SECURITIES                                                22

SECTION 301.  Title and Terms................................................22
SECTION 302.  Denominations..................................................24
SECTION 303.  Execution, Authentication, Delivery and Dating.................24
SECTION 304.  Temporary Securities...........................................26
SECTION 305.  Registration, Registration of Transfer and Exchange............26
SECTION 306.  Book-Entry Provisions for U.S. Global Security.................27
SECTION 307.  Mutilated, Destroyed, Lost and Stolen Securities...............28
SECTION 308.  Payment of Interest; Interest Rights Preserved.................29

                                     -iii-
<PAGE>

SECTION 309.  Persons Deemed Owners..........................................30
SECTION 310.  Cancellation ..................................................30
SECTION 311.  Computation of Interest........................................31

ARTICLE FOUR  SATISFACTION AND DISCHARGE                                     32

SECTION 401.  Satisfaction and Discharge of Indenture........................32
SECTION 402.  Application of Trust Money.....................................33

ARTICLE FIVE  REMEDIES                                                       34

SECTION 501.  Events of Default..............................................34
SECTION 502.  Acceleration of Maturity; Rescission and Annulment.............35
SECTION 503.  Collection of Indebtedness and Suits for
                  Enforcement by Trustee.....................................36
SECTION 504.  Trustee May File Proofs of Claim...............................37
SECTION 505.  Trustee May Enforce Claims Without Possession
                  of Securities..............................................38
SECTION 506.  Application of Money Collected.................................38
SECTION 507.  Limitation on Suits............................................39
SECTION 508.  Unconditional Right of Holders to Receive Principal,
                  Premium and Interest.......................................39
SECTION 509.  Restoration of Rights and Remedies.............................39
SECTION 510.  Rights and Remedies Cumulative.................................40
SECTION 511.  Delay or Omission Not Waiver...................................40
SECTION 512.  Control by Holders.............................................40
SECTION 513.  Waiver of Past Defaults........................................40
SECTION 514.  Waiver of Stay or Extension Laws...............................41

ARTICLE SIX THE TRUSTEE                                                      42

SECTION 601.  Notice of Defaults.............................................42
SECTION 602.  Certain Rights of Trustee......................................42
SECTION 603.  Trustee Not Responsible for Recitals or Issuance of
                   Securities................................................44
SECTION 604.  May Hold Securities............................................44
SECTION 605.  Money Held in Trust............................................44
SECTION 606.  Compensation and Reimbursement.................................44
SECTION 607.  Corporate Trustee Required; Eligibility........................45
SECTION 608.  Resignation and Removal; Appointment of Successor..............45
SECTION 609.  Acceptance of Appointment by Successor.........................47
SECTION 610.  Merger, Conversion, Consolidation or Succession to Business....47

                                      -iv-
<PAGE>

SECTION 611.  Trustee Not Fiduciary for Holders of Senior Indebtedness.......47

ARTICLE SEVEN  HOLDERS' LISTS AND REPORTS BY TRUSTEE                         49

SECTION 701.  Disclosure of Names and Addresses of Holders...................49
SECTION 702.  Reports by Trustee.............................................49

ARTICLE EIGHT CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE           50

SECTION 801.  Company May Consolidate, Etc., Only on Certain Terms...........50
SECTION 802.  Successor Substituted..........................................51
SECTION 803.  Securities to Be Secured in Certain Events.....................51

ARTICLE NINE  SUPPLEMENTAL INDENTURES                                        52

SECTION 901.  Supplemental Indentures Without Consent of Holders.............52
SECTION 902.  Supplemental Indentures with Consent of Holders................52
SECTION 903.  Execution of Supplemental Indentures...........................53
SECTION 904.  Effect of Supplemental Indentures..............................53
SECTION 905.  Conformity with Trust Indenture Act............................54
SECTION 906.  Reference in Securities to Supplemental Indentures.............54
SECTION 907.  Notice of Supplemental Indentures..............................54
SECTION 908.  Effect on Senior Indebtedness..................................54

ARTICLE TEN COVENANTS                                                        55

SECTION 1001.  Payment of Principal, Premium, If Any, and Interest...........55
SECTION 1002.  Maintenance of Office or Agency...............................55
SECTION 1003.  Money for Security Payments to Be Held in Trust...............55
SECTION 1004.  Corporate Existence...........................................57
SECTION 1005.  Payment of Taxes and Other Claims.............................57
SECTION 1006.  Maintenance of Properties.....................................57
SECTION 1007.  Insurance.....................................................57
SECTION 1008.  Statement by Officers as to Default...........................57
SECTION 1009.  Provision of Financial Statements.............................58
SECTION 1020.  Waiver of Certain Covenants...................................59

                                      -v-
<PAGE>

ARTICLE ELEVEN REDEMPTION OF SECURITIES                                      60

SECTION 1101.  Right of Redemption...........................................60
SECTION 1102.  Applicability of Article......................................60
SECTION 1103.  Election to Redeem; Notice to Trustee.........................60
SECTION 1104.  Selection by Trustee of Securities to Be Redeemed.............60
SECTION 1105.  Notice of Redemption..........................................60
SECTION 1106.  Deposit of Redemption Price...................................61
SECTION 1107.  Securities Payable on Redemption Date.........................61
SECTION 1108.  Securities Redeemed in Part...................................62

ARTICLE TWELVE DEFEASANCE AND COVENANT DEFEASANCE                            63

SECTION 1201.  Company's Option to Effect Defeasance or Covenant
                     Defeasance..............................................63
SECTION 1202.  Defeasance and Discharge......................................63
SECTION 1203.  Covenant Defeasance...........................................63
SECTION 1204.  Conditions to Defeasance or Covenant Defeasance...............64
SECTION 1205.  Deposited Money and U.S. Government Obligations to Be
                     Held in Trust; Other Miscellaneous Provisions...........65
SECTION 1206.  Reinstatement.................................................66

ARTICLE THIRTEEN SUBORDINATION OF SECURITIES                                 67

SECTION 1301.  Securities Subordinate to Senior Indebtedness.................67
SECTION 1302.  Payment Over of Proceeds upon Dissolution, Etc................67
SECTION 1303.  Suspension of Payment When Senior Indebtedness in
                     Default.................................................68
SECTION 1304.  Payment Permitted If No Default...............................69
SECTION 1305.  Subrogation to Rights of Holders of Senior Indebtedness.......70
SECTION 1306.  Provisions Solely to Define Relative Rights...................70
SECTION 1307.  Trustee to Effectuate Subordination...........................70
SECTION 1308.  No Waiver of Subordination Provisions.........................70
SECTION 1309.  Notice to Trustee.............................................71
SECTION 1310.  Reliance on Judicial Order or Certificate of Liquidating
                    Agent....................................................72
SECTION 1311.  Rights of Trustee As a Holder of Senior Indebtedness;
                    Preservation of Trustee's Rights.........................72
SECTION 1312.  Article Applicable to Paying Agents...........................72
SECTION 1313.  No Suspension of Remedies.....................................72
SECTION 1314.  Trust Moneys Not Subordinated.................................72

                                      -vi-
<PAGE>

SECTION 1315.  Trustee Not Fiduciary for Holders of Senior Indebtedness......74

SIGNATURES...................................................................75

                                     -vii-

<PAGE>

         INDENTURE, dated as of           between BE AEROSPACE, INC., a
corporation duly organized and existing under the laws of the State of Delaware
(herein called the "Company"), having its principal office at 1400 Corporate
Center Way, Wellington, Florida 33414, and THE BANK OF NEW YORK, a New York
banking corporation formed under the laws of the State of New York, as Trustee
(herein called the "Trustee").

                             RECITALS OF THE COMPANY

         The Company deems it necessary to issue from time to time subordinated
debt securities (the "Securities") evidencing its unsecured and subordinated
indebtedness, which may or may not be convertible into or exchangeable for any
securities of any Person (including the Company) and has duly authorized the
execution and delivery of this Indenture to provide for the issuance from time
to time of the Securities, to be issued in one or more series, unlimited as to
principal amount, to bear such rates of interest, to mature at such times and to
have such other provisions as provided in this Indenture.

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

         All things necessary have been done to make the Securities, when
executed by the Company and authenticated and delivered hereunder and duly
issued by the Company, the valid obligations of the Company and to make this
Indenture a valid agreement of the Company, in accordance with their and its
terms.

                   NOW, THEREFORE, THIS INDENTURE WITNESSETH:

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

                                   ARTICLE ONE

                        DEFINITIONS AND OTHER PROVISIONS
                             OF GENERAL APPLICATION

                  SECTION 101.  Definitions.

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

<PAGE>

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

               (b) all other terms used herein which are defined in the Trust
          Indenture Act, either directly or by reference therein, have the
          meanings assigned to them therein, and the terms "cash transaction"
          and "self-liquidating paper", as used in TIA Section 311, shall have
          the meanings assigned to them in the rules of the Commission adopted
          under the Trust Indenture Act;

               (c) all accounting terms not otherwise defined herein have the
          meanings assigned to them in accordance with GAAP; and

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

         Certain terms, used principally in Articles Two, Ten and Twelve, are
defined in those Articles.

         "Act", when used with respect to any Holder, has the meaning specified
in Section 105.

         "AET" means Applied Extrusion Technologies, Inc., a Delaware
corporation.

         "Affiliate" means, with respect to any specified Person, any other
Person directly or indirectly controlling or controlled by or under direct or
indirect common control with such specified Person and, in the case of the
Company and its Restricted Subsidiaries, also means AET and The K.A.D.
Companies, Inc.

         "Agent Bank" means any future agent under the Bank Credit Agreement.

         "Asset Sale" means any sale, issuance, conveyance, transfer, lease or
other disposition to any Person other than the Company or a wholly-owned
Restricted Subsidiary of the Company, in one or a series of related
transactions, of (a) any Capital Stock of any Restricted Subsidiary of the
Company held by the Company or any Restricted Subsidiary; (b) all or
substantially all of the properties and assets of any division or line of
business of the Company or any Restricted Subsidiary of the Company; or (c) any
other properties or assets of the Company or any Restricted Subsidiary other
than in the ordinary course of business. For the purposes of this definition,
the term "Asset Sale" shall not include any sale, issuance, conveyance,
transfer, lease or other disposition of properties or assets (i) that is
governed by the provisions of Article Eight of this Indenture, (ii) to an
Unrestricted Subsidiary, if permitted under this Indenture or any supplemental
indenture or pursuant to any Board Resolution of the Company (iii) having a Fair
Market Value of less than $250,000.

                                       2
<PAGE>

         "Average Life" means, with respect to any Indebtedness, as at any date
of determination, the quotient obtained by dividing (a) the sum of the products
of (i) the number of years from such date to the date or dates of each
successive scheduled principal payment (including, without limitation, any
sinking fund requirements) of such Indebtedness multiplied by (ii) the amount of
each such principal payment by (b) the sum of all such principal payments.

         "Bank Credit Agreement" means the Credit Agreement dated as of October
29, 1993, amended and restated as of August 7, 1998 and as further amended as of
December 4, 1998 and December 21, 1999 between the Company and the Banks that
was terminated April 17, 2001 as such Agreement may be restated, replaced,
refinanced, substituted or otherwise modified and as such future agreement
restating, replacing, refinancing or substituting such Bank Credit Agreement may
be amended, restated, supplemented, replaced, refinanced, substituted or
otherwise modified from time to time.

         "Banks" means the banks and other financial institutions from time to
time that are lenders under the Bank Credit Agreement.

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

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

         "Business Day" means each Monday, Tuesday, Wednesday, Thursday and
Friday which is not a day on which banking institutions in The City of New York
or the city in which the principal corporate trust office of the Trustee is
located are authorized or obligated by law or executive order to close.

         "Capital Stock" means, with respect to any Person, any and all shares,
interests, participations, rights in or other equivalents (however designated)
of such Person's capital stock, and any rights (other than debt securities
convertible into capital stock), warrants or options exchangeable for or
convertible into such capital stock.

         "Capitalized Lease Obligation" means any obligation under a lease of
(or other agreement conveying the right to use) any property (whether real,
personal or mixed) that is required to be classified and accounted for as a
capital lease obligation under GAAP, and, for the purpose of this Indenture, the
amount of such obligation at any date shall be the capitalized amount thereof at
such date, determined in accordance with GAAP.

         "Cash Equivalents" means (i) any evidence of Indebtedness with a
maturity of 180 days or less issued or directly and fully guaranteed or insured
by the United States of America or any agency or instrumentality thereof
(provided that the full faith and credit of the United States of America is
pledged in support thereof); (ii) certificates of deposit or acceptances with a
maturity of 180 days or less of any financial institution that is a member of
the Federal Reserve System having combined capital and surplus and undivided
profits of not less than $500,000,000; and (iii) commercial paper with a
maturity of 180 days or less issued by a corporation that is not an

                                       3
<PAGE>

Affiliate of the Company and is organized under the laws of any state of the
United States or the District of Columbia and rated at least A-1 by S&P or at
least P-1 by Moody's.

         "Change of Control" means the occurrence of any of the following
events: (a) any "person" or "group" (as such terms are used in Sections 13(d)
and 14(d) of the Exchange Act) is or becomes the "beneficial owner" (as defined
in Rules 13d-3 and 13d-5 under the Exchange Act, except that a Person shall be
deemed to have "beneficial ownership" of all securities that such Person has the
right to acquire, whether such right is exercisable immediately or only after
the passage of time), directly or indirectly, of more than 40% of the total
Voting Stock of the Company; (b) the Company consolidates with, or merges with
or into, another Person or sells, assigns, conveys, transfers, leases or
otherwise disposes of all or substantially all of its assets to any Person, or
any Person consolidates with, or merges with or into, the Company, in any such
event pursuant to a transaction in which the outstanding Voting Stock of the
Company is converted into or exchanged for cash, securities or other property,
other than any such transaction where (i) the outstanding Voting Stock of the
Company is converted into or exchanged for (1) Voting Stock (other than
Redeemable Capital Stock) of the surviving or transferee corporation or (2)
cash, securities and other property in an amount that could be paid by the
Company as a Restricted Payment under this Indenture and (ii) immediately after
such transaction no "person" or "group" (as such terms are used in Sections
13(d) and 14(d) of the Exchange Act) is the "beneficial owner" (as defined in
Rules 13d-3 and 13d-5 under the Exchange Act, except that a Person shall be
deemed to have "beneficial ownership" of all securities that such Person has the
right to acquire, whether such right is exercisable immediately or only after
the passage of time), directly or indirectly, of more than 40% of the total
Voting Stock of the surviving or transferee corporation; (c) during any
consecutive two-year period, individuals who at the beginning of such period
constituted the Board of Directors of the Company (together with any new
directors whose election by such Board of Directors or whose nomination for
election by the stockholders of the Company was approved by a vote of 66-2/3% of
the directors then still in office who were either directors at the beginning of
such period or whose election or nomination for election was previously so
approved) cease for any reason to constitute a majority of the Board of
Directors of the Company then in office; or (d) any final order, judgment or
decree of a court of competent jurisdiction shall be entered against the Company
decreeing the dissolution or liquidation of the Company.

         "Closing Date" means the date upon which any particular series of
Securities is issued.

         "Commission" means the Securities and Exchange Commission, as from time
to time constituted, created under the Securities Exchange Act of 1934, or, if
at any time after the execution of this 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" means, with respect to any Person, any and all shares,
interests or other participations in, and other equivalents (however designated
and whether voting or nonvoting) of, such Person's common stock, whether
outstanding at the Closing Date or issued after the Closing Date, and includes,
without limitation, all series and classes of such common stock.

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

                                        4
<PAGE>

         "Company Request" or "Company Order" means a written request or order
in sufficient form and detail satisfactory to the Trustee signed in the name of
the Company by its Chairman, Chief Executive Officer, its President, any Vice
President, its Chief Financial Officer, its Treasurer or an Assistant Treasurer,
and delivered to the Trustee.

         "Consolidated Net Worth" means, with respect to any Person at any date,
the consolidated stockholders' equity of such Person less the amount of such
stockholders' equity attributable to Redeemable Capital Stock or treasury stock
of such Person and its Subsidiaries, as determined in accordance with GAAP.

         "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 execution of this Indenture is
located at 101 Barclay Street, New York, New York 10286.

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

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

         "Defaulted Interest" has the meaning specified in Section 309.

         "Depositary" means The Depository Trust Company, its nominees and
successors.

         "Designated Senior Indebtedness" means (i) all Senior Indebtedness
under the Bank Credit Agreement and (ii) any other Senior Indebtedness which, at
the time of determination, has an aggregate principal amount outstanding of at
least $17,000,000 and is specifically designated in the instrument evidencing
such Senior Indebtedness as "Designated Senior Indebtedness" by the Company.

         "Eligible Receivables" as of any date means the consolidated accounts
receivables (net of any reserve) of the Company and its Restricted Subsidiaries
that are not more than 60 days past their due date and that were entered into on
normal payment terms as shown on a consolidated balance sheet of the Company and
its Restricted Subsidiaries, all in accordance with GAAP.

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

         "Exchange Act" means the Securities Exchange Act of 1934, as amended
from time to time, and the rules and regulations thereunder.

         "Fair Market Value" means, with respect to any asset, the price which
could be negotiated in an arm's-length free market transaction, for cash,
between a willing seller and a willing buyer, neither of which is under pressure
or compulsion to complete the transaction.

         "Federal Bankruptcy Code" means the Bankruptcy Act of Title 11 of the
United States Code, as amended from time to time.

                                       5
<PAGE>

         "Fully Traded Common Stock" means Common Stock issued by any
corporation if (A) such Common Stock is listed on The New York Stock Exchange,
The American Stock Exchange or The London Stock Exchange or is included for
trading privileges in the National Market System of the National Association of
Securities Dealers Automated Quotation System; provided that such Common Stock
is freely tradeable under the Securities Act (or, in the case of The London
Stock Exchange, any applicable law, rule or regulation) upon issuance; and (B)
such Common Stock does not constitute more than 15% of the issued and
outstanding Common Stock of such corporation held by Persons other than 10%
holders of such Common Stock and Affiliates and insiders of such corporation.

         "GAAP" means generally accepted accounting principles, consistently
applied, that are set forth in the opinions and pronouncements of the Accounting
Principles Board of the American Institute of Certified Public Accountants and
statements and pronouncements of the Financial Accounting Standards Board or in
such other statements by such other entity as may be approved by a significant
segment of the accounting profession of the United States of America, which are
applicable as of the Closing Date.

         "guarantee" means, as applied to any obligation, (i) a guarantee (other
than by endorsement of negotiable instruments for collection in the ordinary
course of business), direct or indirect, in any manner, of any part or all of
such obligation and (ii) an agreement, direct or indirect, contingent or
otherwise, the practical effect of which is to assure in any way the payment or
performance (or payment of damages in the event of non-performance) of all or
any part of such obligation, including, without limiting the foregoing, the
payment of amounts drawn down by letters of credit.

         "Guarantee" means any guarantee of any Indebtedness of the Company
incurred by any Restricted Subsidiary pursuant to provisions of any supplemental
indenture or pursuant to a Board Resolution of the Company. When used as a verb,
"Guarantee" shall have a corresponding meaning.

         "Guarantor" means any Restricted Subsidiary which incurs a Guarantee.

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

         "Indebtedness" means, with respect to any Person, without duplication,
(a) all liabilities of such Person for borrowed money or for the deferred
purchase price of property or services, excluding any trade payables and other
accrued current liabilities incurred in the ordinary course of business, but
including, without limitation, all obligations, contingent or otherwise, of such
Person in connection with any letters of credit, bankers' acceptance or other
similar credit transaction and in connection with any agreement to purchase,
redeem, exchange, convert or otherwise acquire for value any Capital Stock of
such Person, or any warrants, rights or options to acquire such Capital Stock,
now or hereafter outstanding, if, and to the extent, any of the foregoing would
appear as a liability upon a balance sheet of such Person prepared in accordance
with GAAP, (b) all obligations of such Person evidenced by bonds, notes,
debentures or other similar instruments, if, and to the extent, any of the
foregoing would appear as a liability upon a balance sheet of such Person
prepared

                                       6
<PAGE>

in accordance with GAAP, (c) all indebtedness of such Person created or arising
under any conditional sale or other title retention agreement with respect to
property acquired by such Person (even if the rights and remedies of the seller
or lender under such agreement in the event of default are limited to
repossession or sale of such property), but excluding trade accounts payable
arising in the ordinary course of business, (d) all Capitalized Lease
Obligations of such Person, (e) all Indebtedness referred to in the preceding
clauses of other Persons and all dividends of other Persons, the payment of
which is secured by (or for which the holder of such Indebtedness has an
existing right, contingent or otherwise, to be secured by) any Lien upon
property (including, without limitation, accounts and contract rights) owned by
such Person, even though such Person has not assumed or become liable for the
payment of such Indebtedness (the amount of such obligation being deemed to be
the lesser of the value of such property or asset or the amount of the
obligation so secured), (f) all guarantees by such Person of Indebtedness
referred to in this definition, (g) all Redeemable Capital Stock of such Person
valued at the greater of its voluntary or involuntary maximum fixed repurchase
price plus accrued dividends, (h) all obligations of such Person under or in
respect of currency exchange contracts and Interest Rate Protection Obligations
and (i) any amendment, supplement, modification, deferral, renewal, extension or
refunding of any liability of such Person of the types referred to in clauses
(a) through (h) above. For purposes hereof, the "maximum fixed repurchase price"
of any Redeemable Capital Stock which does not have a fixed repurchase price
shall be calculated in accordance with the terms of such Redeemable Capital
Stock as if such Redeemable Capital Stock were purchased on any date on which
Indebtedness shall be required to be determined pursuant to this Indenture, and
if such price is based upon, or measured by, the fair market value of such
Redeemable Capital Stock, such fair market value shall be determined in good
faith by the board of directors of the issuer of such Redeemable Capital Stock.

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

         "Interest Payment Date" means the Stated Maturity of an installment of
interest on the Securities.

         "Interest Rate Protection Obligations" means the obligations of any
Person pursuant to any arrangement with any other Person whereby, directly or
indirectly, such Person is entitled to receive from time to time periodic
payments calculated by applying either a floating or a fixed rate of interest on
a stated notional amount in exchange for periodic payments made by such Person

                                       7
<PAGE>

calculated by applying a fixed or a floating rate of interest on the same
notional amount and shall include without limitation, interest rate swaps, caps,
floors, collars and similar agreements.

         "Lien" means any mortgage, charge, pledge, lien (statutory or other),
security interest, hypothecation, assignment for security, claim, or preference
or priority or other encumbrance upon or with respect to any property of any
kind. A Person shall be deemed to own subject to a Lien any property which such
Person has acquired or holds subject to the interest of a vendor or lessor under
any conditional sale agreement, capital lease or other title retention
agreement.

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

         "Moody's" means Moody's Investors Service, Inc. and its successors.

         "Non-payment Event of Default" means any event (other than a Payment
Event of Default) the occurrence of which entitles one or more Persons to
accelerate the maturity of any Designated Senior Indebtedness.

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

         "Opinion of Counsel" means a written opinion of counsel in form and
substance reasonably satisfactory to the Trustee, who may be counsel for the
Company, including an employee of the Company, and who shall be acceptable to
the Trustee.

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

               (i) Securities theretofore cancelled pursuant to a Company Order
          by the Trustee or delivered to the Trustee for cancellation;

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

                                       8
<PAGE>

               (iii) Securities, except to the extent provided in Sections 1202
          and 1203, with respect to which the Company has effected defeasance
          and/or covenant defeasance as provided in Article Twelve; and

               (iv) Securities which have been paid pursuant to Section 308 or
          in exchange for or in lieu of which other Securities have been
          authenticated and delivered pursuant to this Indenture, other than any
          such Securities in respect of which there shall have been presented
          and delivered to the Trustee proof satisfactory to it in its sole
          discretion that such Securities are held by a bona fide purchaser in
          whose hands the Securities are valid obligations of the Company;

provided, however, that, in determining whether the Holders of the requisite
principal amount of Outstanding Securities have given any request, demand,
authorization, direction, consent, notice or waiver hereunder, and for the
purpose of making the calculations required by TIA Section 313, Securities owned
by the Company or any other obligor upon the Securities or any Affiliate of the
Company 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 such calculation or in relying upon any such request, demand,
authorization, direction, notice, consent or waiver, only Securities which the
Trustee actually knows to be so owned shall be so disregarded. Securities so
owned which have been pledged in good faith may be regarded as Outstanding if
the pledgee establishes to the satisfaction of the Trustee the pledgee's right
so to act with respect to such Securities and that the pledgee is not the
Company or any other obligor upon the Securities or any Affiliate of the Company
or such other obligor.

         "Pari Passu Indebtedness" means Indebtedness of the Company which is
pari passu with the Securities.

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

         "Payment Event of Default" means any default in the payment of
Designated Senior Indebtedness.

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

         "Permitted Indebtedness" means any of the following:

               (i) Indebtedness of the Company in an aggregate principal amount
          at any one time outstanding not to exceed the greater of (i)
          $200,000,000 and (ii) the sum of 80% of the aggregate amount of
          Eligible Receivables and 50% of the aggregate amount of Eligible

                                       9
<PAGE>

          Inventory, measured as of the most recent fiscal quarter preceding the
          time such Indebtedness is incurred;

               (ii) Indebtedness of the Company under the Securities;

               (iii) Indebtedness of the Company outstanding on the date of this
          Indenture (other than Indebtedness incurred pursuant to clause (i) of
          this definition); provided that the Indebtedness evidenced by the 9
          7/8% Notes and by the Bank Credit Agreement shall not be considered to
          be outstanding on the date of this Indenture for purposes of clause
          (vii) of this definition;

               (iv) obligations of the Company pursuant to Interest Rate
          Protection Obligations, which obligations do not exceed the aggregate
          principal amount of the Indebtedness covered by such Interest Rate
          Protection Obligations and obligations under currency exchange
          contracts entered into in the ordinary course of business;

               (v) Indebtedness of the Company to any wholly owned Restricted
          Subsidiaries;

               (vi) Indebtedness of the Company consisting of guarantees,
          indemnities or obligations in respect of purchase price adjustments in
          connection with the acquisition or disposition of assets, including,
          without limitation, shares of Capital Stock of Restricted
          Subsidiaries;

               (vii) any renewals, extensions, substitutions, refinancings or
          replacements (each, for purposes of this clause, a "refinancing") by
          the Company of any Indebtedness of the Company incurred pursuant to
          clauses (ii) and (iii) of this definition, including any successive
          refinancings by the Company, so long as (A) any such new Indebtedness
          shall be in a principal amount that does not exceed the principal
          amount (or, if such Indebtedness being refinanced provides for an
          amount less than the principal amount thereof to be due and payable
          upon a declaration of acceleration thereof, such lesser amount as of
          the date of determination) so refinanced plus the amount of any
          premium required to be paid in connection with such refinancing
          pursuant to the terms of the Indebtedness refinanced or the amount of
          any premium reasonably determined by the Company as necessary to
          accomplish such refinancing, plus the amount of expenses of the
          Company incurred in connection with such refinancing, (B) in the case
          of any refinancing of Pari Passu Indebtedness or Subordinated
          Indebtedness, such new Indebtedness is made pari passu with or
          subordinate to the Securities at least to the same extent as the
          Indebtedness being refinanced and (C) such new Indebtedness has an
          Average Life longer than the Average Life of the Securities and a
          final Stated Maturity later than the final Stated Maturity of the
          Securities; and

               (viii) Indebtedness in an aggregate principal amount not in
          excess of $50 million at any one time outstanding, less the amount of
          Permitted Subsidiary Indebtedness then outstanding pursuant to clause
          (vii) of the definition thereof.

         "Permitted Subsidiary Indebtedness" means any of the following:

                                       10
<PAGE>

               (i) Indebtedness of any Restricted Subsidiary outstanding on the
          date of this Indenture;

               (ii) obligations of any Restricted Subsidiary pursuant to
          Interest Rate Protection Obligations, which obligations do not exceed
          the aggregate principal amount of the Indebtedness covered by such
          Interest Rate Protection Obligations;

               (iii) Indebtedness of any Restricted Subsidiary to any
          wholly-owned Restricted Subsidiary of the Company or to the Company;

               (iv) Indebtedness of any Restricted Subsidiary consisting of
          guaranties, indemnities or obligations in respect of purchase price
          adjustments in connection with the acquisition or disposition of
          assets, including, without limitation, shares of Capital Stock of
          Restricted Subsidiaries;

               (v) Any renewals, extensions, substitutions, refinancings or
          replacements (each, for purposes of this clause, a "refinancing") by
          any Restricted Subsidiary of any Indebtedness of such Restricted
          Subsidiary incurred pursuant to clause (i) of this definition,
          including any successive refinancings by such Restricted Subsidiary,
          so long as any such new Indebtedness shall be in a principal amount
          that does not exceed the principal amount (or, if such Indebtedness
          being refinanced provides for an amount less than the principal amount
          thereof to be due and payable upon a declaration of acceleration
          thereof, such lesser amount as of the date of determination) so
          refinanced plus the amount of any premium required to be paid in
          connection with such refinancing pursuant to the terms of the
          Indebtedness refinanced or the amount of any premium reasonably
          determined by such Restricted Subsidiary as necessary to accomplish
          such refinancing, plus the amount of expenses of such Restricted
          Subsidiary incurred in connection with such refinancing and such new
          Indebtedness has an Average Life longer than the Average Life of the
          Securities and a final Stated Maturity later than the final Stated
          Maturity of the Securities;

               (vi) Indebtedness (as defined in clauses (e) and (f) of the
          definition of Indebtedness) to the Holders incurred pursuant to
          provisions of this Indenture;

               (vii) Indebtedness in an amount not to exceed $50 million at any
          one time outstanding, less the amount of Permitted Indebtedness then
          outstanding pursuant to clause (viii) of the definition thereof; and

               (viii) Guarantees of Indebtedness of the Company permitted under
          Section 1017.

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

         "Preferred Stock" means, with respect to any Person, any and all
shares, interests, participations or other equivalents (however designated) of
such Person's preferred or preference

                                       11
<PAGE>

stock whether now outstanding, or issued after the Closing Date, and including,
without limitation, all classes and series of preferred or preference stock of
such Person.

         "Qualified Capital Stock" of any person means any and all Capital Stock
of such person other than Redeemable Capital Stock.

         "Redeemable Capital Stock" means any class or series of Capital Stock
that, either by its terms, by the terms of any security into which it is
convertible or exchangeable or by contract or otherwise, is, or upon the
happening of an event or passage of time would be, required to be redeemed prior
to the final Stated Maturity of the Securities or is redeemable at the option of
the holder thereof at any time prior to such final Stated Maturity, or is
convertible into or exchangeable for debt securities at any time prior to such
final Stated Maturity.

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

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

         "Regular Record Date" for the interest payable on any Interest Payment
Date means the specific dates set forth in the applicable supplemental indenture
or by Board Resolution of the Company (whether or not a Business Day), as the
case may be, next preceding such Interest Payment Date.

         "Responsible Officer", when used with respect to the Trustee, means any
vice president, any assistant vice president, any assistant treasurer, any trust
officer or any other officer of the Trustee customarily performing functions
similar to those performed by any of the above-designated officers, and also
means, with respect to a particular corporate trust matter, any other officer to
whom such matter is referred because of his knowledge of and familiarity with
the particular subject.

         "Restricted Subsidiary" means any Subsidiary of the Company other than
an Unrestricted Subsidiary.

         "S&P" means Standard & Poor's Ratings Group, a division of McGraw-Hill,
Inc., and its successors.

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

         "Securities Act" means the Securities Act of 1933, as amended from time
to time, and the rules and regulations thereunder.

                                       12
<PAGE>

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

         "Senior Indebtedness" means the principal of (and premium, if any, on)
and interest on (including interest accruing after the filing of a petition by
or against the Company under any bankruptcy law) and all other amounts due on or
in connection with any Indebtedness of the Company, whether outstanding on the
date of this Indenture or hereafter created, incurred or assumed, unless, in the
case of any particular Indebtedness, the instrument creating or evidencing the
same or pursuant to which the same is outstanding expressly provides that such
Indebtedness shall not be senior in right of payment to the Securities. Without
limiting the generality of the foregoing, "Senior Indebtedness" shall include
the principal of (and premium, if any, on) and interest (including interest
accruing after the occurrence of an event of default or after the filing of a
petition by or against the Company under any bankruptcy law) on all
Indebtedness, and all other amounts and obligations of every nature of the
Company from time to time owed, under the Bank Credit Agreement. Notwithstanding
the foregoing, "Senior Indebtedness" shall not include (A) Indebtedness
evidenced by the Securities, the 9 1/2% Notes, the 8% Notes and the 8 7/8%
Notes, (B) Indebtedness of the Company that is expressly subordinated in right
of payment to any Indebtedness of the Company, (C) Indebtedness of the Company
that by operation of law is subordinate to any general unsecured obligations of
the Company, (D) that portion of any Indebtedness of the Company that at the
time of incurrence thereof is incurred in violation of any covenant of this
Indenture, (E) any liability for federal, state or local taxes or other taxes,
owed or owing by the Company, (F) trade accounts payable owed or owing by the
Company, (G) Indebtedness of the Company to any Subsidiary or any other
Affiliate of the Company, (H) Redeemable Capital Stock of the Company and (I)
Indebtedness which when incurred and without respect to any election under
Section 1111(b) of Title 11 of the United States Code is without recourse to the
Company or any Subsidiary of the Company.

         "Significant Subsidiary" of the Company means any Restricted Subsidiary
of the Company that is a "significant subsidiary" as defined in Rule 1.02(v) of
Regulation S-X under the Securities Act, and in any event shall include any
Guarantor.

         "Special Record Date" for the payment of any Defaulted Interest means a
date fixed by the Trustee pursuant to Section 308.

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

         "Subordinated Indebtedness" means Indebtedness of the Company which is
expressly subordinated in right of payment to the Securities.

         "Subsidiary" means, with respect to any Person, (i) a corporation a
majority of whose Voting Stock is at the time, directly or indirectly, owned by
such Person, by one or more Subsidiaries of such Person or by such Person and
one or more Subsidiaries thereof or (ii) any other Person (other

                                       13
<PAGE>

than a corporation), including, without limitation, a joint venture, in which
such Person, one or more Subsidiaries thereof or such Person and one or more
Subsidiaries thereof, directly or indirectly, at the date of determination
thereof, has at least majority ownership interest entitled to vote in the
election of directors, managers or trustees thereof (or other Person performing
similar functions). Unless specifically provided to the contrary herein,
Unrestricted Subsidiaries shall not be included in the definition of
Subsidiaries for any purpose of this Indenture (other than for the purposes of
the definition of "Unrestricted Subsidiary" herein).

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

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

         "Unrestricted Subsidiary" means (1) any Subsidiary of the Company which
at the time of determination shall be an Unrestricted Subsidiary (as designated
by the Board of Directors of the Company, as provided below) and (2) any
Subsidiary of an Unrestricted Subsidiary. The Board of Directors of the Company
may designate any Subsidiary of the Company (including any newly acquired or
newly formed Subsidiary) to be an Unrestricted Subsidiary unless such Subsidiary
owns any Capital Stock of, or owns, or holds any Lien on, any property of the
Company or any other Subsidiary of the Company which is not a Subsidiary of the
Subsidiary to be so designated; provided that either (x) the Subsidiary to be
designated has total assets of $1,000 or less at the time of its designation or
(y) immediately after giving effect to such designation, the Company could incur
$1.00 of additional Indebtedness (other than Permitted Indebtedness). The Board
of Directors may designate any Unrestricted Subsidiary to be a Subsidiary;
provided that immediately after giving effect to such designation, the Company
could incur $1.00 of additional Indebtedness (other than Permitted
Indebtedness).

         "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 any class or classes of Capital Stock pursuant to
which the holders thereof have the general voting power under ordinary
circumstances to elect at least a majority of the board of directors, managers
or trustees of any Person (irrespective of whether or not, at the time, stock of
any other class or classes shall have, or might have, voting power by reason of
the happening of any contingency).

         "wholly-owned" with respect to any Subsidiary, means any Subsidiary of
any Person of which at least 99% of the outstanding Capital Stock is owned by
such Person or another wholly-owned Subsidiary of such Person. For purposes of
this definition, any directors' qualifying shares or investments by foreign
nationals mandated by applicable law shall be disregarded in determining the
ownership of a Subsidiary.

         "8% Notes" means the Company's 8% Senior Subordinated Notes due 2008.

                                       14
<PAGE>

         "8% Notes Indenture" means the Indenture, dated as of February 13,
1998, between the Company and United States Trust Company of New York, or its
successors or assigns, in connection with the 8% Notes.

         "8 7/8% Notes" means the Company's 8 7/8% Senior Subordinated Notes due
2011.

         "8 7/8% Notes Indenture" means the Indenture, dated as of April 17,
2001, between the Company and Bank of New York, or its successors or assigns, in
connection with the 8 7/8% Notes.

         "9 1/2% Notes" means the Company's 9 1/2% Senior Subordinated Notes due
2008.

         "9 1/2% Notes Indenture" means the Indenture, dated as of November 2,
1998, between the Company and The Bank of New York, or its successors and
assigns, in connection with the 9 1/2% Notes.

         "9 7/8% Notes" means the Company's 9 7/8% Senior Subordinated Notes due
2006.

         "9 7/8% Notes Indenture" means the Indenture, dated as of January 24,
1996, between the Company and Fleet National Bank of Connecticut, or its
successors or assigns, in connection with the 9 7/8% Notes.

         SECTION 102. Incorporation by Reference of Trust Indenture Act.

         Whenever this Indenture refers to a provision of the Trust Indenture
Act, the provision is incorporated by reference in and made a part of this
Indenture. The following Trust Indenture Act terms used in this Indenture have
the following meanings:

         "indenture securities" means the Securities;

         "indenture security holder" means a Holder;

         "indenture to be qualified" means this Indenture;

         "indenture trustee" or "institutional trustee" means the Trustee; and

         "obligor" on the indenture securities means the Company or any other
obligor on the Securities.

         All other Trust Indenture Act terms used in this Indenture that are
defined by the Trust Indenture Act, defined by reference in the Trust Indenture
Act to another statute or defined by a rule of the Commission and not otherwise
defined herein shall have the meanings assigned to them therein.

         SECTION 103. Compliance Certificates and Opinions.

                                       15
<PAGE>

         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 and an Opinion of Counsel each satisfactory
in form and substance to the Trustee, which, taken together, state that all
conditions precedent, if any, provided for in this Indenture (including any
covenant compliance with which constitutes a condition precedent) relating to
the proposed action have been complied with, except that in the case of any such
application or request as to which the furnishing of such documents is
specifically required by any provision of this Indenture relating to such
particular application or request, no additional certificate or opinion need be
furnished.

         Every certificate or opinion with respect to compliance with a
condition or covenant provided for in this Indenture (other than pursuant to
Section 1008(a)) shall include:

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

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

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

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

              SECTION 104. Form of Documents Delivered to Trustee.

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

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

                                       16
<PAGE>

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

         SECTION 105. Acts of Holders.

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

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

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

         (d) If the Company shall solicit from the Holders of Securities any
request, demand, authorization, direction, notice, consent, waiver or other Act,
the Company may, at its option, by or pursuant to Board Resolution, fix in
advance a record date, of which it shall notify the Trustee and Paying Agent,
for the determination of Holders entitled to give such request, demand,
authorization, direction, notice, consent, waiver or other Act, but the Company
shall have no obligation to do so. Notwithstanding TIA Section 316(c), such
record date shall be the record date specified in or pursuant to such Board
Resolution, which shall be a date not earlier than the date 30 days prior to the
first solicitation of Holders generally in connection therewith and not later
than the date such solicitation is completed. 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
record at the close of business on such record date shall be deemed to be
Holders for the purposes 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 on such record date shall be deemed effective unless it shall become
effective pursuant to the provisions of this Indenture not later than eleven
months after the record date.

                                       17
<PAGE>

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

              SECTION 106. Notices, Etc., to Trustee, Company.

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

               (1) the Trustee by any Holder or by the Company shall be
          sufficient for every purpose hereunder if made, given, furnished or
          filed in writing to or with the Trustee at 101 Barclay Street, New
          York, New York 10286, telefax: 212-815-5915, Attention: Corporate
          Trust Administration, or

               (2) the Company by the Trustee or by any Holder shall be
          sufficient for every purpose hereunder (unless otherwise herein
          expressly provided) if in writing and mailed, first-class postage
          prepaid, to the Company addressed to it at 1400 Corporate Center Way,
          Wellington, Florida 33414, telefax: 561-791-3966, Attention: Chief
          Financial Officer, or at any other address previously furnished in
          writing to the Trustee by the Company.

         SECTION 107. Notice to Holders; Waiver.

         Where this Indenture provides for notice of any event to Holders by the
Company or the Trustee, such notice shall be sufficiently given (unless
otherwise herein expressly provided) if in writing and mailed, first-class
postage prepaid, to each Holder affected by such event, at his address as it
appears in the Security Register, not later than the latest date, and not
earlier than the earliest date, prescribed for the giving of such notice. In any
case where notice to Holders is given by mail, neither the failure to mail such
notice, nor any defect in any notice so mailed, to any particular Holder shall
affect the sufficiency of such notice with respect to other Holders. Any notice
mailed to a Holder in the manner herein prescribed shall be conclusively deemed
to have been received by such Holder, whether or not such Holder actually
receives such notice. Where this Indenture provides for notice in any manner,
such notice may be waived in writing by the Person entitled to receive such
notice, either before or after the event, and such waiver shall be the
equivalent of such notice. Waivers of notice by Holders shall be filed with the
Trustee, but such filing shall not be a condition precedent to the validity of
any action taken in reliance upon such waiver.

         In case by reason of the suspension of or irregularities in regular
mail service or by reason of any other cause, it shall be impracticable to mail
notice of any event to Holders when such notice is required to be given pursuant
to any provision of this Indenture, then any manner of giving such notice as
shall be satisfactory to the Trustee shall be deemed to be a sufficient giving
of such notice for every purpose hereunder.

                                       18
<PAGE>

         SECTION 108. Effect of Headings and Table of Contents.

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

         SECTION 109. Successors and Assigns.

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

         SECTION 110. Separability Clause.

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

              SECTION 111.  Benefits of Indenture.

         Nothing in this Indenture or in the Securities, express or implied,
shall give to any Person, other than the parties hereto, any Paying Agent, any
Securities Registrar and their successors hereunder, the Holders and, with
respect to any provisions hereof relating to the subordination of the Securities
or the rights of holders of Senior Indebtedness, the holders of Senior
Indebtedness, any benefit or any legal or equitable right, remedy or claim under
this Indenture.

         SECTION 112. Governing Law.

         This Indenture and the Securities shall be governed by and construed in
accordance with the law of the State of New York, without regard to the
principles of conflicts of law. Upon the issuance of the Exchange Securities or
the effectiveness of the Shelf Registration Statement, this Indenture shall be
subject to the provisions of the Trust Indenture Act of 1939, as amended, that
are required to be part of this Indenture and shall, to the extent applicable,
be governed by such provisions.

         SECTION 113. Legal Holidays.

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

                                       19
<PAGE>

                                   ARTICLE TWO

                                 SECURITY FORMS

         SECTION 201. Forms Generally.

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

         The Securities shall be in substantially the forms as shall be
established in one or more indentures supplemental hereto or approved from time
to time by or pursuant to a Board Resolution of the Company, in accordance with
Section 301, shall have such appropriate insertions, omissions, substitutions
and other variations as are required or permitted by this Indenture or any
indenture supplemental hereto, and may have such letters, numbers or other marks
of identification or designation and such legends or endorsements placed thereon
as the Company may deem appropriate and as are not inconsistent with the
provisions of this Indenture, or as may be required to comply with any law or
with any rule or regulation made pursuant thereto or

         The Securities offered shall be issued in the form of one or more
permanent global Securities in the form to be set forth in any applicable
supplemental indenture or Board Resolution of the Company (the "Global
Security") deposited with the Trustee, as custodian for the Depositary, duly
executed by the Company and authenticated by the Trustee as hereinafter
provided. The aggregate principal amount of the Global Security may from time to
time be increased or decreased by adjustments made on the records of the
Trustee, as custodian for the Depositary or its nominee, as hereinafter
provided.

         Securities offered and sold other than as described in the preceding
paragraph shall be issued in the form of permanent certificated Securities in
registered form (the "Physical Securities".)

                                       20
<PAGE>

                                  ARTICLE THREE

                                 THE SECURITIES

               SECTION 301. Title and Terms.

              The aggregate principal amount of Securities which may be
authenticated and delivered under this Indenture is unlimited. The Securities
shall be subordinated in right of payment to Senior Indebtedness as provided in
Article Thirteen.

              The Securities shall rank equally and pari passu and may be issued
in one or more series. There shall be established in one or more Board
Resolutions or pursuant to authority granted by one or more Board Resolutions
and, subject to Section 303, set forth, or determined in the manner provided, in
an Officers' Certificate, or established in one or more indentures supplemental
hereto, prior to the issuance of Securities of any series, any or all of the
following, as applicable (each of which (except for the matters set forth in
clauses (1), (2) and (12) below), if so provided, may be determined from time to
time by the Company with respect to unissued Securities of the series when
issued from time to time):

          (1)  the title of the Securities of the series including CUSIP numbers
               (which shall distinguish the Securities of such series from all
               other series of Securities);

          (2)  any limit upon the aggregate principal amount of the Securities
               of the series that may be authenticated and delivered under this
               Indenture (except for Securities authenticated and delivered upon
               registration of transfer of, or in exchange for, or in lieu of,
               other Securities of the series pursuant to Section 304, 305, 306,
               906, 1108) and except for any Securities which, pursuant to
               Section 303, are deemed never to have been authenticated and
               delivered hereunder);

          (3)  the date or dates, or the method by which such date or dates will
               be determined or extended, on which the principal of the
               Securities of the series shall be payable;

          (4)  the rate or rates at which the Securities of the series shall
               bear interest, if any, or the method by which such rate or rates
               shall be determined, the date or dates from which any such
               interest shall accrue or the method by which any such date or
               dates shall be determined, the Interest Payment Dates on which
               any such interest will be payable and the Regular Record Date, if
               any, for any interest payable on any Security on any Interest
               Payment Date, or the method by which such date or dates shall be
               determined, and the basis upon which such interest shall be
               calculated if other than that of a 360-day year of twelve 30-day
               months;

          (5)  the place or places, if any, other than or in addition to the
               Borough of Manhattan, The City of New York, where the principal
               of (and premium, if

                                       21
<PAGE>

               any) and interest, if any, on Securities of the series shall
               be payable, any Securities of the series may be surrendered
               for registration of transfer, Securities of the series may be
               surrendered for exchange, where Securities of that series that
               are convertible or exchangeable may be surrendered for
               conversion or exchange, as applicable, and, if different than
               the location specified in Section 106, the place or places
               where notices or demands to or upon the Company;

          (6)  the period or periods within which, the price or prices at which,
               and other terms and conditions upon which Securities, of the
               series may be redeemed, in whole or in part, at the option of the
               Company, if the Company is to have that option;

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

          (8)  if other than the Trustee, the identity of each Security
               Registrar and/or Paying Agent;

          (9)  if other than the principal amount thereof, the portion of the
               principal amount of Securities of the series that shall be
               payable upon declaration of acceleration of the Maturity thereof
               pursuant to Section 502, upon redemption of the Securities of the
               series which are redeemable before their Stated Maturity, upon
               surrender for repayment at the option of the Holder, or which the
               Trustee shall be entitled to claim pursuant to Section 504 or the
               method by which such portion shall be determined;

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

          (11) provisions, if any, granting special rights to the Holders of
               Securities of the series upon the occurrence of such events as
               may be specified;

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

          (13) the Person to whom any interest on any Security of the series
               shall be payable, if other than the Person in whose name such
               Security is registered at the close of business on the Regular
               Record Date for such interest, the extent to which, or the manner
               in which, any interest payable on a temporary global Security on
               an Interest Payment Date will be paid if other than in the manner
               provided in Section 304;

                                       22
<PAGE>

          (14) the applicability, if any, of Sections 1202 and/or 1203 to the
               Securities of the series and any provisions in modification of,
               in addition to or in lieu of any of the provisions of Article
               Twelve;

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

          (16) if the Securities of the series are to be issued upon the
               exercise of warrants, the time, manner and place for such
               Securities to be authenticated and delivered;

          (17) if the Securities of the series are to be convertible into or
               exchangeable for any securities of any Person (including the
               Company), the terms and conditions upon which such Securities
               will be so convertible or exchangeable;

          (18) any other terms of the series (which terms shall not be
               inconsistent with the provisions of this Indenture or the
               requirements of the Trust Indenture Act) at which the Securities
               will be issued and any modification of the definitions set forth
               herein.

         All Securities of any one series and the coupons appertaining to any
such series shall be substantially identical, except as to denomination and
except as may otherwise be provided in or pursuant to the Board Resolution
referred to above (subject to Section 303) and set forth in the Officers'
Certificate referred to above or in any such indenture supplemental hereto. Not
all Securities of any one series need be issued at the same time and, unless
otherwise provided, a series may be reopened, without the consent of the
Holders, for issuances of additional Securities of such series.

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

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

                                       23
<PAGE>

         SECTION 302. Denominations.

         The Securities shall be issuable only in registered form without
coupons and only in denominations of $1,000 and any integral multiple thereof.

         SECTION 303. Execution, Authentication, Delivery and Dating.

         The Securities shall be executed on behalf of the Company by its
Chairman, its President or a Vice President, and be notarized by a notary
public. The signature of any of these officers on the Securities may be manual
or facsimile signatures of the present or any future such authorized officer and
may be imprinted or otherwise reproduced on the Securities.

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

         At any time and from time to time after the execution and delivery of
this Indenture, the Company may deliver Securities of any series, together with
any coupons appertaining thereto, executed by the Company to the Trustee for
authentication, together with a Company Order for the authentication and
delivery of such Securities, and the Trustee in accordance with the Company
Order shall authenticate and deliver such Securities; provided, however, that,
in the case of Securities offered in a Periodic Offering, the Trustee shall
authenticate and deliver such Securities from time to time in accordance with
such other procedures (including, without limitation, the receipt by the Trustee
of oral or electronic instructions from the Company or its duly authorized
agents, promptly confirmed in writing) acceptable to the Trustee as may be
specified by or pursuant to a Company Order delivered to the Trustee prior to
the time of the first authentication of Securities of such series. If not all
the Securities of any series are to be issued at one time and if the Board
Resolution or supplemental indenture establishing such series shall so permit,
such Company Order may set forth procedures acceptable to the Trustee for the
issuance of such Securities and determining the terms of particular Securities
of such series, such as interest rate, maturity date, date of issuance and date
from which interest shall accrue. In authenticating such Securities, and
accepting the additional responsibilities under this Indenture in relation to
such Securities, the Trustee shall be entitled to receive, and (subject to TIA
Section 315(a) through 315(d)) shall be fully protected in relying upon) an
Opinion of Counsel stating,

               (a) that the form or forms of such Securities to be endorsed
          thereon and any coupons have been established in conformity with the
          provisions of this Indenture;

               (b) that the terms of such Securities and any coupons have been,
          or in the case of Securities of a series offered in a Periodic
          Offering, will be, established in conformity with the provisions of
          this Indenture, subject, in the case of Securities of a series offered
          in a Periodic Offering, to any conditions specified in such Opinion of
          Counsel; and

                                       24
<PAGE>

               (c) that such Securities, endorsed thereon and any coupons
          appertaining thereto, when completed by appropriate insertions and
          executed and delivered by the Company to the Trustee for
          authentication in accordance with this Indenture, authenticated and
          delivered by the Trustee in accordance with this Indenture and issued
          by the Company in the manner and subject to any conditions specified
          in such Opinion of Counsel, will constitute legal, valid and binding
          obligations of the Company enforceable in accordance with their terms,
          subject to applicable bankruptcy, insolvency, reorganization and other
          similar laws of general applicability relating to or affecting the
          enforcement of creditors' rights, to general equitable principles and
          to such other qualifications as such counsel shall conclude do not
          materially affect the rights of Holders of such Securities.

         Notwithstanding the provisions of Section 301 and the two preceding
paragraphs, if all the Securities of any series are not to be issued at one
time, it shall not be necessary to deliver an Officers' Certificate otherwise
required pursuant to Section 301 or the Company Order, Opinion of Counsel or
Officers' Certificate otherwise required pursuant to such preceding paragraphs
at the time of issuance of each Security of such series, but such order, opinion
and certificates, with appropriate modifications to cover such future issuances,
shall be delivered at or before the time of issuance of the first Security of
such series.

         Each Security shall be dated the date of its authentication.

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

         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

                  Dated:              The Bank of New York, as Trustee

                                      By: ____________________
                                      Authorized Signatory

         In case the Company, pursuant to Article Eight, shall be consolidated
or merged with or into any other Person or shall convey, transfer, lease or
otherwise dispose of its properties and assets substantially as an entirety to
any Person, and the successor Person resulting from such consolidation, or
surviving such merger, or into which the Company shall have been merged, or the
Person which shall have received a conveyance, transfer, lease or other
disposition as aforesaid, shall have executed an indenture supplemental hereto
with the Trustee pursuant to Article Eight, any of the Securities authenticated
or delivered prior to such consolidation, merger, conveyance, transfer, lease

                                       25
<PAGE>

or other disposition may, from time to time, at the request of the successor
Person, be exchanged for other Securities executed in the name of the successor
Person with such changes in phraseology and form as may be appropriate, but
otherwise in substance of like tenor as the Securities surrendered for such
exchange and of like principal amount; and the Trustee, upon Company Request of
the successor Person, shall authenticate and deliver Securities as specified in
such request for the purpose of such exchange. If Securities shall at any time
be authenticated and delivered in any new name of a successor Person pursuant to
this Section in exchange or substitution for or upon registration of transfer of
any Securities, such successor Person, at the option of the Holders but without
expense to them, shall provide for the exchange of all Securities at the time
Outstanding for Securities authenticated and delivered in such new name.

         SECTION 304. Temporary Securities.

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

         If temporary Securities are issued, the Company will cause definitive
Securities to be prepared without unreasonable delay. After the preparation of
definitive Securities, the temporary Securities shall be exchangeable for
definitive Securities upon surrender of the temporary Securities at the office
or agency of the Company designated for such purpose pursuant to Section 1002,
without charge to the Holder. Upon surrender for cancellation of any one or more
temporary Securities, the Company shall execute and the Trustee shall
authenticate and deliver in exchange therefor a like principal amount of
definitive Securities of authorized denominations. Until so exchanged, the
temporary Securities shall in all respects be entitled to the same benefits
under this Indenture as definitive Securities.

         SECTION 305. Registration, Registration of Transfer and Exchange.

         The Company shall cause to be kept at the Corporate Trust Office of the
Trustee a register (the register maintained in such office and in any other
office or agency designated pursuant to Section 1002 being herein sometimes
referred to as the "Security Register") in which, subject to such reasonable
regulations as it may prescribe, the Company shall provide for the registration
of Securities and of transfers of Securities. The Security Register shall be in
written form or any other form capable of being converted into written form
within a reasonable time. At all reasonable times, the Security Register shall
be open to inspection by the Trustee. The Trustee is hereby initially appointed
as security registrar (the "Security Registrar") for the purpose of registering
Securities and transfers of Securities as herein provided.

         Upon surrender for registration of transfer of any Security at the
office or agency of the Company designated pursuant to Section 1002, the Company
shall execute, and the Trustee shall

                                       26
<PAGE>

authenticate and deliver, in the name of the designated transferee or
transferees, one or more new Securities of any authorized denomination or
denominations of a like aggregate principal amount.

         Furthermore, any Holder of the Global Security shall, by acceptance of
such Global Security, agree that transfers of beneficial interest in such Global
Security may be effected only through a book-entry system maintained by the
Holder at such Global Security (or its agent), and that ownership of a
beneficial interest in the Security shall be required to be reflected in a book
entry.

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

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

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

         No service charge shall be made for any registration of transfer or
exchange or redemption of Securities, but the Company may require payment of a
sum sufficient to cover any tax or other governmental charge that may be imposed
in connection with any registration of transfer or exchange of Securities, other
than exchanges pursuant to Section 304, 906, 1108, or other provisions found in
a supplemental indenture or in a Board Resolution of the Company not involving
any transfer.

         The Company shall not be required (i) to issue, register the transfer
of or exchange any Security during a period beginning at the opening of business
15 days before the selection of Securities to be redeemed under Section 1104 and
ending at the close of business on the day of such mailing of the relevant
notice of redemption, or (ii) to register the transfer of or exchange any
Security so selected for redemption in whole or in part, except the unredeemed
portion of any Security being redeemed in part.

         SECTION 306. Book-Entry Provisions for Global Security.

         (a) The Global Security initially shall (i) be registered in the name
of the Depositary for such global Security or the nominee of such Depositary and
(ii) be delivered to the Trustee as custodian for such Depositary.

         Members of, or participants in, the Depositary ("Agent Members") shall
have no rights under this Indenture with respect to any Global Security held on
their behalf by the Depositary, or the Trustee as its custodian, or under the
Global Security, and the Depositary may be treated by the

                                       27
<PAGE>

Company, the Trustee and any agent of the Company or the Trustee as the absolute
owner of such Global Security for all purposes whatsoever. Notwithstanding the
foregoing, nothing herein shall prevent the Company, the Trustee or any agent of
the Company or the Trustee from giving effect to any written certification,
proxy or other authorization furnished by the Depositary or shall impair, as
between the Depositary and its Agent Members, the operation of customary
practices governing the exercise of the rights of a holder of any Security.

         (b) Transfers of the Global Security shall be limited to transfers of
such Global Security in whole, but not in part, to the Depositary, its
successors or their respective nominees. Interests of beneficial owners in the
Global Security may be transferred in accordance with the rules and procedures
of the Depositary. Beneficial owners may obtain Physical Securities in exchange
for their beneficial interests in the Global Security upon request in accordance
with the Depositary's and the Registrar's procedures. In addition, Physical
Securities shall be transferred to all beneficial owners in exchange for their
beneficial interests in the Global Security if (i) the Depositary notifies the
Company that it is unwilling or unable to continue as Depositary for the Global
Security and a successor depositary is not appointed by the Company within 90
days of such notice or (ii) an Event of Default has occurred and is continuing
and the Registrar has received a request from the Depositary.

         (c) In connection with any transfer of a portion of the beneficial
interest in the Global Security to beneficial owners pursuant to subsection (b)
of this Section, the Registrar shall reflect on its books and records the date
and a decrease in the principal amount of the Global Security in an amount equal
to the principal amount of the beneficial interest in the Global Security to be
transferred, and the Company shall execute, and the Trustee shall authenticate
and deliver, one or more Physical Securities of like tenor and amount.

         (d) In connection with the transfer of the entire Global Security to
beneficial owners pursuant to subsection (b) of this Section, the Global
Security shall be deemed to be surrendered to the Trustee for cancellation, and
the Company shall execute, and the Trustee shall authenticate and deliver, to
each beneficial owner identified by the Depositary in exchange for its
beneficial interest in the Global Security, an equal aggregate principal amount
of Physical Securities of authorized denominations.

         (e) The registered holder of the Global Security may grant proxies and
otherwise authorize any person, including Agent Members and persons that may
hold interests through Agent Members, to take any action which a Holder is
entitled to take under this Indenture or the Securities.

         SECTION 307. Mutilated, Destroyed, Lost and Stolen Securities.

         If (i) any mutilated Security is surrendered to the Trustee or the
Registrar, or (ii) the Company and the Trustee receive evidence to their
satisfaction of the destruction, loss or theft of any Security, and there is
delivered to the Company and the Trustee such security or indemnity as may be

                                       28
<PAGE>

required by them to save each of them harmless, then, in the absence of notice
to the Company or the Trustee that such Security has been acquired by a bona
fide purchaser, the Company shall execute and upon Company Order the Trustee
shall authenticate and deliver, in exchange for any such mutilated Security or
in lieu of any such destroyed, lost or stolen Security, a new Security of like
tenor and principal amount, bearing a number not contemporaneously outstanding.

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

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

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

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

         SECTION 308. Payment of Interest; Interest Rights Preserved.

         Interest on any Security which is payable, and is punctually paid or
duly provided for, on any Interest Payment Date shall be paid to the Person in
whose name such Security (or one or more Predecessor Securities) is registered
at the close of business on the Regular Record Date for such interest at the
office or agency of the Company maintained for such purpose pursuant to Section
1002; provided, however, that each installment of interest may at the Company's
option be paid by (i) mailing a check for such interest, payable to or upon the
written order of the Person entitled thereto pursuant to Section 310, to the
address of such Person as it appears in the Security Register or (ii) transfer
to an account maintained by the payee located in the United States.

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

               (1) The Company may elect to make payment of any Defaulted
          Interest to the Persons in whose names the Securities (or their
          respective Predecessor Securities) are registered at the close of
          business on a Special Record Date for the payment of such Defaulted

                                       29
<PAGE>

          Interest, which shall be fixed in the following manner. The Company
          shall notify the Trustee in writing of the amount of Defaulted
          Interest proposed to be paid on each Security and the date of the
          proposed payment, and at the same time the Company shall irrevocably
          deposit with the Trustee an amount of money equal to the aggregate
          amount proposed to be paid in respect of such Defaulted Interest or
          shall make arrangements satisfactory to the Trustee for such deposit
          prior to the date of the proposed payment, such money when deposited
          to be held in trust for the benefit of the Persons entitled to such
          Defaulted Interest as in this clause provided. Thereupon the Trustee
          shall fix a Special Record Date for the payment of such Defaulted
          Interest which shall be not more than 15 days and not less than 10
          days prior to the date of the proposed payment and not less than 10
          days after the receipt by the Trustee of the notice of the proposed
          payment. The Trustee shall promptly notify the Company of such Special
          Record Date, and in the name and at the expense of the Company, shall
          cause notice of the proposed payment of such Defaulted Interest and
          the Special Record Date therefor to be given in the manner provided
          for in Section 107, not less than 10 days prior to such Special Record
          Date. Notice of the proposed payment of such Defaulted Interest and
          the Special Record Date therefor having been so given, such Defaulted
          Interest shall be paid to the Persons in whose names the Securities
          (or their respective Predecessor Securities) are registered at the
          close of business on such Special Record Date and shall no longer be
          payable pursuant to the following clause (2).

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

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

         SECTION 309. Persons Deemed Owners.

         Prior to the due presentment of a Security for registration of
transfer, the Company, the Trustee and any agent of the Company or the Trustee
may treat the Person in whose name such Security is registered as the owner of
such Security for the purpose of receiving payment of principal of (and premium,
if any, on) and (subject to Sections 305 and 309) interest on such Security and
for all other purposes whatsoever, whether or not such Security be overdue, and
none of the Company, the Trustee or any agent of the Company or the Trustee
shall be affected by notice to the contrary.

         SECTION 310. Cancellation.

         All Securities surrendered for payment, redemption, registration of
transfer or exchange shall, if surrendered to any Person other than the Trustee,
be delivered to the Trustee and shall be promptly cancelled by it. The Company
may at any time deliver to the Trustee for cancellation any Securities
previously authenticated and delivered hereunder which the Company may have
acquired in any manner whatsoever, and may deliver to the Trustee (or to any
other Person for

                                       30
<PAGE>

delivery to the Trustee) for cancellation any Securities previously
authenticated hereunder which the Company has not issued and sold, and all
Securities so delivered shall be promptly cancelled by the Trustee. If the
Company shall so acquire any of the Securities, however, such acquisition shall
not operate as a redemption or satisfaction of the indebtedness represented by
such Securities unless and until the same are surrendered to the Trustee for
cancellation along with an Officers' Certificate and Company Order requesting
the cancellation. No Securities shall be authenticated in lieu of or in exchange
for any Securities cancelled as provided in this Section, except as expressly
permitted by this Indenture. All cancelled Securities held by the Trustee shall
be disposed of by the Trustee in accordance with its customary procedures and
certification of their disposal delivered to the Company unless by Company Order
the Company shall direct that cancelled Securities be returned to it.

         SECTION 311. Computation of Interest.

         Interest on the Securities shall be computed on the basis of a 360-day
year of twelve 30-day months.

         SECTION 312. CUSIP Numbers

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

                                       31
<PAGE>

                                  ARTICLE FOUR

                           SATISFACTION AND DISCHARGE

         SECTION 401. Satisfaction and Discharge of Indenture.

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

              (1) either

               (a) all Securities theretofore authenticated and delivered (other
          than (i) Securities which have been destroyed, lost or stolen and
          which have been replaced or paid as provided in Section 308 and (ii)
          Securities for whose payment money has theretofore been deposited in
          trust with the Trustee or any Paying Agent 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 such Securities not theretofore delivered to the Trustee
          for cancellation

                    (i) have become due and payable, or

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

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

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

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

                                       32
<PAGE>

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

         Notwithstanding the satisfaction and discharge of this Indenture, the
obligations of the Company to the Trustee under Section 606 and, if money shall
have been deposited with the Trustee pursuant to subclause (b) of clause (1) of
this Section, the obligations of the Trustee under Section 402 and the last
paragraph of Section 1003 shall survive.

         SECTION 402. Application of Trust Money.

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

                                       33
<PAGE>

                                  ARTICLE FIVE

                                    REMEDIES

              SECTION 501. Events of Default.

         "Event of Default", wherever used herein, means any one of the
following events (whatever the reason for such Event of Default and whether it
shall be occasioned by the provisions of Article Thirteen or 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):

                  (1) default in the payment of the principal of or premium, if
         any, when due and payable, on any of the Securities; or

                  (2) default in the payment of an installment of interest on
         any of the Securities, when due and payable, for 30 days; or

                  (3) default in the performance or breach of the provisions of
         Article Eight of this Indenture, the failure to make or consummate a
         Change of Control offer or the failure to make or consummate an excess
         proceeds offer in accordance with the provisions of any applicable
         supplemental indenture or Board Resolution of the Company; or

                  (4) the Company or any Guarantor shall fail to perform or
         observe any other term, covenant or agreement contained in the
         Securities, any Guarantee or this Indenture (other than a default
         specified in (1), (2) or (3) above) for a period of 30 days after
         written notice of such failure requiring the Company to remedy the same
         shall have been given (x) to the Company by the Trustee or (y) to the
         Company and the Trustee by the holders of 25% in aggregate principal
         amount of the Securities then outstanding; or

                  (5) default or defaults under one or more mortgages, bonds,
         debentures or other evidences of Indebtedness under which the Company
         or any Significant Subsidiary then has outstanding Indebtedness in
         excess of $5,000,000, individually or in the aggregate, and either (a)
         such Indebtedness is already due and payable in full or (b) such
         default or defaults have resulted in the acceleration of the maturity
         of such Indebtedness; or

                  (6) one or more final judgments, orders or decrees of any
         court or regulatory or administrative agency of competent jurisdiction
         for the payment of money in excess of $5,000,000, individually or in
         the aggregate, shall be entered against the Company or any of its
         Significant Subsidiaries or any of their respective properties and
         shall not be discharged or fully bonded and there shall have been a
         period of 60 days after the date on which any period for appeal has
         expired and during which a stay of enforcement of such judgment, order
         or decree, shall not be in effect; or

                  (7) any Guarantee ceases to be in full force and effect or is
         declared null and void or any Guarantor denies that it has any further
         liability under any Guarantee, or gives notice to

                                       34
<PAGE>

         such effect (other than by reason of the termination of this Indenture
         or the release of any such Guarantee in accordance with this Indenture)
         and such condition shall have continued for a period of 30 days after
         written notice of such failure requiring the Guarantor and the Company
         to remedy the same shall have been given (x) to the Company by the
         Trustee or (y) to the Company and the Trustee by the holders of 25% in
         aggregate principal amount of the Securities then outstanding; or

                  (8) the entry of a decree or order by a court having
         jurisdiction in the premises adjudging the Company or any Significant
         Subsidiary a bankrupt or insolvent, or approving as properly filed a
         petition seeking reorganization, arrangement, adjustments or
         composition of or in respect of the Company or any Significant
         Subsidiary under the Federal Bankruptcy Code or any other applicable
         federal or state law, or appointing a receiver, liquidator, assignee,
         trustee, sequestrator (or other similar official) of the Company or any
         Significant Subsidiary or of any substantial part of its property, or
         ordering the winding up or liquidation of its affairs, and the
         continuance of any such decree or order unstayed and in effect for a
         period of 90 consecutive days; or

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

         SECTION 502. Acceleration of Maturity; Rescission and Annulment.

         If an Event of Default (other than an Event of Default specified in
Section 501(8) or 501(9) occurs and is continuing, then and in every such case
the Trustee or the Holders of not less than 25% in principal amount of the
Securities Outstanding may declare the principal amount of, premium, if any, and
accrued interest on all the Securities to be due and payable immediately, by a
notice in writing to the Company (and to the Trustee if given by Holders), upon
which declaration all amounts payable in respect of the Securities shall be
immediately due and payable; provided, however, that, for so long as the Bank
Credit Agreement is in effect, such declaration shall not become effective until
the earlier of (i) five Business Days following delivery of notice to the Agent
Bank of the intention to accelerate the Securities or (ii) the acceleration of
any Indebtedness under the Bank Credit Agreement. If an Event of Default
specified in Section 501(8) or 501(9) occurs and is continuing, then the
principal amount of, premium, if any, and accrued interest on all the Securities
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.

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

                                       35
<PAGE>

notice to the Company and the Trustee, may rescind and annul such declaration
and its consequences if

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

                           (A) all overdue interest on all Outstanding
                  Securities,

                           (B) all unpaid principal of (and premium, if any, on)
                  any Outstanding Securities which has become due otherwise than
                  by such declaration of acceleration, and interest on such
                  unpaid principal at the rate borne by the Securities,

                           (C) to the extent that payment of such interest is
                  lawful, interest on overdue interest at the rate borne by the
                  Securities which has become due otherwise than by such
                  declaration of acceleration, and

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

                  (2) such rescission would not conflict with any judgment or
         decree of a court of competent jurisdiction; and

                  (3) all Events of Default, other than the non-payment of
         amounts of principal of (or premium, if any, on) or interest on
         Securities which have become due solely by such declaration of
         acceleration, have been cured or waived as provided in Section 513.

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

         Notwithstanding the preceding paragraph, in the event of a declaration
of acceleration in respect of the Securities because of an Event of Default
specified in Section 501(5) shall have occurred and be continuing, such
declaration of acceleration shall be automatically annulled if the Indebtedness
that is the subject of such Event of Default has been discharged or the holders
thereof have rescinded their declaration of acceleration in respect of such
Indebtedness, and written notice of such discharge or rescission, as the case
may be, shall have been given to the Trustee by the Company and countersigned by
the holders of such Indebtedness or a trustee, fiduciary or agent for such
holders, within 30 days after such declaration of acceleration in respect of the
Securities, and no other Event of Default has occurred during such 30-day period
which has not been cured or waived during such period.

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

The Company covenants that if

                                       36
<PAGE>

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

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

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

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

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

         SECTION 504. Trustee May File Proofs of Claim.

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

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

                                       37
<PAGE>

                  (ii) to collect and receive any moneys or other property
         payable or deliverable on any such claims and to distribute the same;

and any custodian, receiver, assignee, trustee, liquidator, sequestrator or
similar official in any such judicial proceeding is hereby authorized by each
Holder to make such payments to the Trustee and, in the event that the Trustee
shall consent to the making of such payments directly to the Holders, to pay the
Trustee any amount due it for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, and any other
amounts due the Trustee under Section 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 any plan of
reorganization,  arrangement, adjustment or composition affecting the Securities
or the rights of any Holder  thereof,  or to  authorize  the  Trustee to vote in
respect of the claim of any Holder in any such proceeding.

         SECTION 505. Trustee May Enforce Claims Without Possession of
Securities.

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

         SECTION 506. Application of Money Collected.

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

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

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

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

         SECTION 507. Limitation on Suits.

                                       38
<PAGE>

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

                  (1) such Holder has previously given written notice to the
         Trustee of a continuing Event of Default;

                  (2) the Holders of not less than 25% in principal amount of
         the Outstanding 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 have offered to the Trustee
         reasonable indemnity against the costs, expenses and liabilities
         (including fees and expenses of its agents and counsel) to be incurred
         in compliance with such request;

                  (4) the Trustee for 15 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 15-day period by the Holders of a
         majority or more in principal amount of the Outstanding Securities;

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

         SECTION 508. Unconditional Right of Holders to Receive Principal,
Premium and Interest.

         Notwithstanding any other provision in this Indenture, the Holder of
any Security shall have the right, which is absolute and unconditional, to
receive payment, as provided herein (including, if applicable, Article Twelve)
and in such Security of the principal of (and premium, if any, on) and (subject
to Section 308) interest on, such Security on the respective Stated Maturities
expressed in such Security (or, in the case of redemption, on the Redemption
Date) and to institute suit for the enforcement of any such payment, and such
rights shall not be impaired without the consent of such Holder.

         SECTION 509. Restoration of Rights and Remedies.

     If the Trustee or any Holder has  instituted  any proceeding to enforce any
right or remedy under this Indenture and such  proceeding has been  discontinued
or abandoned for any reason, or has been determined  adversely to the Trustee or
to such Holder,  then and in every such case,  subject to any  determination  in
such  proceeding,  the  Company,  the Trustee and the Holders  shall be restored
severally and  respectively to their former  positions  hereunder and thereafter
all rights and

                                       39
<PAGE>

remedies of the Trustee and the Holders 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 in the last paragraph of
Section 307, no right or remedy herein conferred upon or reserved to the Trustee
or to the Holders is intended to be exclusive of any other right or remedy, and
every right and remedy shall, to the extent permitted by law, be cumulative and
in addition to every other right and remedy given hereunder or now or hereafter
existing at law or in equity or otherwise. The assertion or employment of any
right or remedy hereunder, or otherwise, shall not prevent the concurrent
assertion or employment of any other appropriate right or remedy.

         SECTION 511. Delay or Omission Not Waiver.

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

         SECTION 512. Control by Holders.

         The Holders of not less than a majority in principal amount of the
Outstanding Securities shall have the right to direct the time, method and place
of conducting any proceeding for any remedy available to the Trustee, or
exercising any trust or power conferred on the Trustee, provided that

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

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

                  (3) the Trustee need not take any action which might subject
         it to personal liability or be unjustly prejudicial to the Holders not
         consenting.

         SECTION 513. Waiver of Past Defaults.

         The Holders of not less than a majority in principal amount of the
Outstanding Securities may on behalf of the Holders of all the Securities waive
any past default hereunder and its consequences, except a default

                  (1) in respect of the payment of the principal of (or premium,
         if any, on) or interest on any Security, or

                                       40
<PAGE>

                  (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 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 Event of Default or impair any right consequent thereon.

         SECTION 514. Waiver of Stay or Extension Laws.

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

                                       41
<PAGE>

                                   ARTICLE SIX

                                   THE TRUSTEE

         SECTION 601. Notice of Defaults.

         If any Default hereunder is actually known to the Trustee, the Trustee
shall transmit in the manner and to the extent provided in TIA Section 313(c),
notice of such Default within 5 days after the occurrence of any such Default,
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, on) or interest on any Security, the Trustee shall be protected in
withholding such notice if and so long as the board of directors, the executive
committee or a trust committee of directors and/or Responsible Officers of the
Trustee in good faith determines that the withholding of such notice is in the
interest of the Holders; and provided further that in the case of any Default of
the character specified in Section 501(4) no such notice to Holders shall be
given until at least 30 days after the occurrence thereof.

         SECTION 602. Certain Rights of Trustee.

         Subject to the provisions of TIA Sections 315(a) through 315(d):

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

                  (2) any request or direction of the Company mentioned herein
         shall be sufficiently evidenced by a Company Request or Company Order
         with sufficient detail as may be requested by the Trustee 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 be herein specifically prescribed) may,
         in the absence of bad faith on its part conclusively, rely upon an
         Officers' Certificate and/or an Opinion of Counsel;

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

                  (5) the Trustee shall be under no obligation to exercise any
         of the rights or powers vested in it by this Indenture at the request
         or direction of any of the Holders pursuant to this Indenture, unless
         such Holders shall have offered to the Trustee security or indemnity

                                       42
<PAGE>

         reasonably satisfactory to it against the costs, expenses and
         liabilities (including fees and expenses of its agents and counsel)
         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, and may conclusively rely upon, the facts or matters stated in
         any resolution, certificate, statement, instrument, opinion, report,
         notice, request, direction, consent, order, bond, debenture, note,
         other evidence of indebtedness or other paper or document, but the
         Trustee, in its discretion, may make such further inquiry or
         investigation into such facts or matters as it may see fit, and, if the
         Trustee shall determine to make such further inquiry or investigation,
         it shall be entitled to examine the books, records and premises of the
         Company, personally or by agent or attorney at the sole cost of the
         Company and shall incur no liability or additional liability of any
         kind by reason of such inquiry or investigation;

                  (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 liable for any action taken, I
         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;

                  (9) the Trustee shall not be liable with respect to any action
         taken or omitted to be taken by it in good faith in accordance with the
         direction of the Holders of a majority in principal amount of the
         Outstanding Securities of any series, determined as provided in
         Sections 105 and 512, relating to the time, method and place of
         conducting any proceeding for any remedy available to the Trustee, or
         exercising any trust or power conferred upon the Trustee, under this
         Indenture with respect to the Securities of such series;

                  (10) notwithstanding anything else to the contrary contained
         herein, the Trustee need perform only those duties as are specifically
         set forth in this Indenture and no others and no implied covenants or
         obligations shall be read into this Indenture against the Trustee;

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

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

                  (13) the Trustee may request that the Company deliver an
         Officers' Certificate setting forth the names of individuals and/or
         titles of officers authorized at such time to take

                                       43
<PAGE>

         specified actions pursuant to this Indenture, which Officers'
         Certificate may be signed by any person authorized to sign an Officers'
         Certificate, including any person specified as so authorized in any
         such certificate previously delivered and not superseded.

         The Trustee shall not be required to expend or risk its own funds or
otherwise incur any financial liability in the performance of any of its duties
hereunder, or in the exercise of any of its rights or powers if it shall have
reasonable grounds for believing that repayment of such funds or adequate
indemnity against such risk or liability is not reasonably assured to it.

         Whether or not therein expressly so provided, every provision of this
Indenture relating to the conduct or affecting the liability of or affording
protection to the Trustee shall be subject to the provisions of this Section.

         SECTION 603. Trustee Not Responsible for Recitals or Issuance of
Securities.

         The recitals contained herein and in the Securities, except for the
Trustee's certificates of authentication, shall be taken as the statements of
the Company, and the Trustee assumes no responsibility for their correctness.
The Trustee makes no representations as to the validity or sufficiency of this
Indenture or of the Securities, except that the Trustee represents that it is
duly authorized to execute and deliver this Indenture, authenticate the
Securities and perform its obligations hereunder and that the statements made by
it in a Statement of Eligibility on Form T-1 supplied to the Company are true
and accurate, subject to the qualifications set forth therein. The Trustee shall
not be accountable for the use or application by the Company of Securities or
the proceeds thereof.

         SECTION 604. May Hold Securities.

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

         SECTION 605. Money Held in Trust.

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

         SECTION 606. Compensation and Reimbursement.

         The Company agrees:

                  (1) to pay to the Trustee (in its capacity as Trustee, Paying
         Agent and Registrar) from time to time such compensation for all
         services rendered by it hereunder as the Company

                                       44
<PAGE>

         and the Trustee shall from time to time agree in writing (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); and

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

         The obligations of the Company under this Section to compensate the
Trustee, to pay or reimburse the Trustee for expenses, disbursements and
advances and to indemnify and hold harmless the Trustee shall constitute
additional indebtedness hereunder. As security for the performance of such
obligations of the Company, the Trustee shall have a claim prior to the
Securities upon all property and funds held or collected by the Trustee as such,
except funds held in trust for the payment of principal of (and premium, if any,
on) or interest on particular Securities.

         When the Trustee incurs expenses or renders services in connection with
an Event of Default specified in Section 501(9) or Section 501(10), the expenses
and the compensation for the services are intended to constitute expenses of
administration under any bankruptcy law.

         The provisions of this Section shall survive the satisfaction and
discharge of this Indenture and the resignation or removal of the Trustee.

         SECTION 607. Corporate Trustee Required; Eligibility.

         There shall at all times be a Trustee hereunder which shall be eligible
to act as Trustee under TIA Section 310(a)(1) and shall have a combined capital
and surplus of at least $50,000,000. If such corporation publishes reports of
condition at least annually, pursuant to law or to the requirements of federal,
state, territorial or District of Columbia supervising or examining authority,
then for the purposes of this Section, the combined capital and surplus of such
corporation shall be deemed to be its combined capital and surplus as set forth
in its most recent report of condition so published. If at any time the Trustee
shall cease to be eligible in accordance with the provisions of this Section, it
shall resign immediately in the manner and with the effect hereinafter specified
in this Article.

         SECTION 608. Resignation and Removal; Appointment of Successor.

         (a) No resignation or removal of the Trustee and no appointment of a
successor Trustee pursuant to this Article shall become effective until the
acceptance of appointment by the successor Trustee in accordance with the
applicable requirements of Section 609.

                                       45
<PAGE>

         (b) The Trustee may resign at any time 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.

         (c) The Trustee may be removed at any time by Act of the Holders of not
less than a majority in principal amount of the Outstanding Securities,
delivered to the Trustee and to the Company.

         (d) If at any time:

                  (1) the Trustee shall fail to comply with the provisions of
         TIA Section 310(b) after written request therefor by the Company or by
         any Holder who has been a bona fide Holder of a Security for at least
         six months, except when the Trustee's duty to resign is stayed in
         accordance with the provisions of TIA Section 310(b), or

                  (2) the Trustee shall cease to be eligible under Section 607
         and shall fail to resign after written request therefor by the Company
         or by any Holder who has been a bona fide Holder of a Security for at
         least six months, or

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

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

         (e) If the Trustee shall resign, be removed or become incapable of
acting, or if a vacancy shall occur in the office of Trustee for any cause, the
Company, by a Board Resolution, shall promptly appoint a successor Trustee. If,
within one year after such resignation, removal or incapability, or the
occurrence of such vacancy, a successor Trustee shall be appointed by Act of the
Holders of a majority in principal amount of the Outstanding Securities
delivered to the Company and the retiring Trustee, the successor Trustee so
appointed shall, forthwith upon its acceptance of such appointment, become the
successor Trustee and supersede the successor Trustee appointed by the Company.
If no successor Trustee shall have been so appointed by the Company or the
Holders and accepted appointment in the manner hereinafter provided subject to
TIA Section 315(e), any Holder who has been a bona fide Holder of a Security for
at least six months may, on behalf of himself and all others similarly situated,
petition any court of competent jurisdiction for the appointment of a successor
Trustee.

         (f) The Company shall give notice of each resignation and each removal
of the Trustee and each appointment of a successor Trustee to the Holders of
Securities in the manner

                                       46
<PAGE>

provided for in Section 107. Each notice shall include the name of the successor
Trustee and the address of its Corporate Trust Office.

         SECTION 609. Acceptance of Appointment by Successor.

         Every successor Trustee appointed hereunder shall execute, acknowledge
and deliver to the Company and to the retiring Trustee an instrument accepting
such appointment, and thereupon the resignation or removal of the retiring
Trustee shall become effective and such successor Trustee, without any further
act, deed or conveyance, shall become vested with all the rights, powers, trusts
and duties of the retiring Trustee; but, on request of the Company or the
successor Trustee, such retiring Trustee shall, upon payment of its charges,
execute and deliver an instrument transferring to such successor Trustee all the
rights, powers and trusts of the retiring Trustee and shall duly assign,
transfer and deliver to such successor Trustee all property and money held by
such retiring Trustee hereunder subject to the retiring Trustee's rights as
provided under the last sentence of Section 606. Upon request of any such
successor Trustee, the Company shall execute any and all instruments for more
fully and certainly vesting in and confirming to such successor Trustee all such
rights, powers and trusts.

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

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

         SECTION 611. Trustee Not Fiduciary for Holders of Senior Indebtedness.

                                       47
<PAGE>

     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  Article
Thirteen or otherwise.  With respect to the holder of Senior  Indebtedness,  the
Trustee  undertakes  to  perform  or  observe  only  such  of its  covenants  or
obligations  as are  specifically  set forth in this  Indenture  and no  implied
covenants or obligations with respect to holders of Senior Indebtedness shall be
read into this Indenture against the Trustee.

                                       48
<PAGE>

                                  ARTICLE SEVEN

                      HOLDERS' LISTS AND REPORTS BY TRUSTEE

         SECTION 701. Disclosure of Names and Addresses of Holders.

         Every Holder of Securities, by receiving and holding the same, agrees
with the Company and the Trustee that none of the Company or the Trustee or any
agent of either of them shall be held accountable by reason of the disclosure of
any such information as to the names and addresses of the Holders in accordance
with TIA Section 312, 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 TIA Section 312(b).

         SECTION 702. Reports by Trustee.

         Within 60 days after May 15 of each year commencing with the first May
15 after the first issuance of Securities, the Trustee shall transmit to the
Holders, in the manner and to the extent provided in TIA Section 313(c), a brief
report dated as of such May 15 if required by TIA Section 313(a) as provided for
in TIA Section 313(d). The Company will promptly notify the Trustee when the
Securities are listed on any stock exchange and any delisting thereof.

                                       49
<PAGE>

                                  ARTICLE EIGHT

              CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE

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

         The Company shall not, in any transaction or series of transactions,
merge or consolidate with or into, or sell, assign, transfer, lease or otherwise
dispose of all or substantially all of its properties and assets as an entirety
to, any Person or Persons, and the Company will not permit any Restricted
Subsidiary to enter into any such transaction or series of transactions if such
transaction or series of transactions, in the aggregate, would result in a sale,
assignment, transfer, lease or other disposition of all or substantially all of
the properties and assets of the Company and its Restricted Subsidiaries on a
consolidated basis to any other Person or Persons, unless at the time and after
giving effect thereto:

                  (1) either (A) if the transaction or transactions is a merger
         or consolidation, the Company shall be the surviving Person of such
         merger or consolidation, or (B) the Person formed by such consolidation
         or into which the Company or such Restricted Subsidiary is merged or to
         which the properties and assets of the Company or such Restricted
         Subsidiary, as the case may be, substantially as an entirety, are sold,
         assigned, transferred, leased or otherwise disposed of (any such
         surviving Person or transferee Person being the "Surviving Entity")
         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 a supplemental indenture executed and
         delivered to the Trustee, in form satisfactory to the Trustee, all the
         obligations of the Company under the Securities and the Indenture, and,
         in each case, the Indenture shall remain in full force and effect;

                  (2) immediately before and immediately after giving effect to
         such transaction or series of transactions on a pro forma basis
         (including, without limitation, any Indebtedness incurred or
         anticipated to be incurred in connection with or in respect of such
         transaction or series of transactions), no Default or Event of Default
         shall have occurred and be continuing and the Company or the Surviving
         Entity, as the case may be, after giving effect to such transaction or
         series of transactions on a pro forma basis, could incur $1.00 of
         additional Indebtedness (other than Permitted Indebtedness) in
         accordance with the provisions of any supplemental indenture or any
         Board Resolution of the Company;

                  (3) immediately after giving effect to such transaction or
         series of transactions on a pro forma basis, the Consolidated Net Worth
         of the Company, or the Surviving Entity, as the case may be, is at
         least equal to the Consolidated Net Worth of the Company immediately
         before such transaction or series of transactions; and

                  (4) the Company or such Person shall have delivered to the
         Trustee an Officers' Certificate and an Opinion of Counsel satisfactory
         in form and substance to the Trustee, which, taken together, state that
         such consolidation, merger, conveyance, transfer or lease and, if a
         supplemental indenture is required in connection with such transaction,
         such supplemental

                                       50
<PAGE>

         indenture, comply with this Article and that all conditions precedent
         herein provided for relating to such transaction have been complied
         with.

         SECTION 802. Successor Substituted.

         Upon any consolidation of the Company with or merger of the Company
with or into any other corporation 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 Surviving Entity formed by such
consolidation or into which the Company is merged or to which such conveyance,
transfer or lease is made shall succeed to, and be substituted for, and may
exercise every right and power of, the Company under this Indenture with the
same effect as if such Surviving Entity had been named as the Company herein,
and in the event of any such conveyance or transfer, the Company (which term
shall for this purpose mean the Person named as the "Company" in the first
paragraph of this Indenture or any Surviving Entity which shall theretofore
become such in the manner described in Section 801), except in the case of a
lease, shall be discharged of all obligations and covenants under this Indenture
and the Securities and may be dissolved and liquidated.

         SECTION 803. Securities to Be Secured in Certain Events.

         If, upon any such consolidation of the Company with or merger of the
Company into any other corporation, or upon any conveyance, lease or transfer of
the property of the Company substantially as an entirety to any other Person,
any property or assets of the Company would thereupon become subject to any
Lien, then unless such Lien could be created in accordance with the provisions
of any applicable supplemental indenture or pursuant to a Board Resolution of
the Company without equally and ratably securing the Securities, the Company,
prior to or simultaneously with such consolidation, merger, conveyance, lease or
transfer, will as to such property or assets, secure the Securities Outstanding
(together with, if the Company shall so determine any other Indebtedness of the
Company now existing or hereinafter created which is not subordinate in right of
payment to the Securities) equally and ratably with (or prior to) the
Indebtedness which upon such consolidation, merger, conveyance, lease or
transfer is to become secured as to such property or assets by such Lien, or
will cause such Securities to be so secured.

                                       51
<PAGE>

                                  ARTICLE NINE

                             SUPPLEMENTAL INDENTURES

         SECTION 901. Supplemental Indentures Without Consent of Holders.

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

                  (1) to evidence the succession of another 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 or to surrender any right or power herein conferred upon
         the Company; or

                  (3) to add any additional Events of Default; or

                  (4) to evidence and provide for the acceptance of appointment
         hereunder by a successor Trustee pursuant to the requirements of
         Section 609; or

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

                  (6) to secure the Securities pursuant to the requirements of
         Section 803 or otherwise;

                  (7) to establish the form or terms of Securities of any series
         and any related coupons as permitted by Sections 201 and 301, or

                  (8) to qualify, or maintain the qualification of, this
         Indenture under the Trust Indenture Act.

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

                                       52
<PAGE>

                  (1) change the Stated Maturity of the principal of, or any
         installment of interest on, any Security, or reduce the principal
         amount thereof or the rate of interest thereon or any premium payable
         upon the redemption thereof, or change the coin or currency in which
         any Security or any premium or the interest thereon is payable, or
         impair the right to institute suit for the enforcement of any such
         payment after the Stated Maturity thereof (or, in the case of
         redemption, on or after the Redemption Date), or

                  (2) reduce the percentage in principal amount of the
         Outstanding Securities, 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

                  (3) release any Guarantor from any of its obligations under
         its Guarantee or this Indenture other than in accordance with the terms
         of this Indenture, or

                  (4) modify any of the provisions of this Section or Sections
         513 and 1020, 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, or

                  (5) modify any of the provisions of this Indenture relating to
         the subordination of the Securities in a manner adverse to the Holders
         thereof, or

                  (6) amend, change or modify the obligation of the Company to
         make and consummate a Change in Control Offer in the event of a Change
         in Control or make and consummate an Offer with respect to any Asset
         Sale or modify any of the provisions or definitions with respect
         thereto; and

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

         SECTION 903. Execution of Supplemental Indentures.

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

         SECTION 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

                                       53
<PAGE>

Indenture for all purposes; and every Holder of Securities theretofore or
thereafter authenticated and delivered hereunder shall be bound thereby.

         SECTION 905. Conformity with Trust Indenture Act.

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

         SECTION 906. Reference in Securities to Supplemental Indentures.

         Securities authenticated and delivered after the execution of any
supplemental indenture pursuant to this Article may, and shall if required by
the Trustee, bear a notation in form and substance approved by the Trustee as to
any matter provided for in such supplemental indenture. If the Company shall so
determine, new Securities 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.

         SECTION 907. Notice of Supplemental Indentures.

         Promptly after the execution by the Company and the Trustee of any
supplemental indenture pursuant to the provisions of Section 902, the Company
shall give notice thereof to the Holders of each Outstanding Security affected,
in the manner provided for in Section 107, setting forth in general terms the
substance of such supplemental indenture.

        SECTION 908. Effect on Senior Indebtedness.

         No supplemental indenture shall adversely affect the rights of the
holders of Designated Senior Indebtedness under Article Thirteen without the
consent of the appropriate representatives of such holders.

                                       54
<PAGE>

                                   ARTICLE TEN

                                    COVENANTS

         SECTION 1001. Payment of Principal, Premium, If Any, and Interest.

         The Company covenants and agrees for the benefit of the Holders that it
will duly and punctually pay the principal of (and premium, if any, on) and
interest on the Securities in accordance with the terms of the Securities and
this Indenture.

         SECTION 1002. Maintenance of Office or Agency.

         The Company will maintain in The City of New York, an office or agency
where Securities may be presented or surrendered for payment, where Securities
may be surrendered for registration of transfer or exchange and where notices
and demands to or upon the Company in respect of the Securities and this
Indenture may be served. The Trust Office located at 101 Barclay Street, New
York, New York 10286 of the Trustee shall be such office or agency of the
Company, unless the Company shall designate and maintain some other office or
agency for one or more of such purposes. The Company will give prompt written
notice to the Trustee of any change in the location of any such office or
agency. If at any time the Company shall fail to maintain any such required
office or agency or shall fail to furnish the Trustee with the address thereof,
such presentations, surrenders, notices and demands may be made or served at the
Corporate Trust Office of the Trustee, and the Company hereby appoints the
Trustee as its agent to receive all such presentations, surrenders, notices and
demands.

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

         SECTION 1003. Money for Security Payments to Be Held in Trust.

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

         Whenever the Company shall have one or more Paying Agents for the
Securities, it will, on or before each due date of the principal of (and
premium, if any, on), or interest on, any Securities, deposit with a Paying
Agent a sum sufficient to pay the principal (and premium, if any) or interest so
becoming due, such sum to be held in trust for the benefit of the Persons
entitled to such

                                       55
<PAGE>

principal, premium or interest, and (unless such Paying Agent is the Trustee)
the Company will promptly notify the Trustee of such action or any failure so to
act.

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

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

                  (2) give the Trustee notice of any default by the Company (or
         any other obligor upon the Securities) in the making of any payment of
         principal (and premium, if any) or interest; 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 any Paying Agent to pay, to the Trustee all sums held in
trust by the Company or such Paying Agent, such sums to be held by the Trustee
upon the same trusts as those upon which such sums were held by the Company or
such Paying Agent; and, upon such payment by any Paying Agent to the Trustee,
such Paying Agent shall be released from all further liability with respect to
such sums.

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

                                       56
<PAGE>

         SECTION 1004. Corporate Existence.

         Subject to Article Eight, the Company will do or cause to be done all
things necessary to preserve and keep in full force and effect the corporate
existence, rights (charter and statutory) and franchises of the Company and each
Subsidiary; provided, however, that the Company shall not be required to
preserve any such right or franchise if the Board of Directors shall determine
that the preservation thereof is no longer desirable in the conduct of the
business of the Company and its Subsidiaries as a whole and that the loss
thereof is not disadvantageous in any material respect to the Holders.

         SECTION 1005. Payment of Taxes and Other Claims.

         The Company will pay or discharge or cause to be paid or discharged,
before the same shall become delinquent, (a) all taxes, assessments and
governmental charges levied or imposed upon the Company or any Subsidiary or
upon the income, profits or property of the Company or any Subsidiary and (b)
all lawful claims for labor, materials and supplies, which, if unpaid, might by
law become a lien upon the property of the Company or any Subsidiary; provided,
however, that the Company shall not be required to pay or discharge or cause to
be paid or discharged any such tax, assessment, charge or claim whose amount,
applicability or validity is being contested in good faith by appropriate
proceedings.

         SECTION 1006. Maintenance of Properties.

         The Company will cause all properties owned by the Company or any
Subsidiary or used or held for use in the conduct of its business or the
business of any Subsidiary to be maintained and kept in good condition, repair
and working order and supplied with all necessary equipment and will cause to be
made all necessary repairs, renewals, replacements, betterments and improvements
thereof, all as in the judgment of the Company may be necessary so that the
business carried on in connection therewith may be properly and advantageously
conducted at all times; provided, however, that nothing in this Section shall
prevent the Company from discontinuing the maintenance of any of such properties
if such discontinuance is, in the judgment of the Company, desirable in the
conduct of its business or the business of any Subsidiary and not
disadvantageous in any material respect to the Holders.

         SECTION 1007. Insurance.

         The Company will at all times keep all of its and its Subsidiaries
properties which are of an insurable nature insured with insurers, believed by
the Company to be responsible, against loss or damage to the extent that
property of similar character is usually so insured by corporations similarly
situated and owning like properties.

         SECTION 1008. Statement by Officers as to Default.

         (a) The Company will deliver to the Trustee, within (x) 120 days after
the end of each fiscal year, (y) within 45 days after the end of each fiscal
quarter and (z) within 15 days of the

                                       57
<PAGE>

date of receipt by the Company of the request of the Trustee, a brief
certificate from the principal executive officer, principal financial officer or
principal accounting officer as to his or her knowledge of compliance by the
Company and the Guarantors with all conditions and covenants under this
Indenture. For purposes of this Section 1008(a), such compliance shall be
determined without regard to any period of grace or requirement of notice under
this Indenture.

         (b) When any Default has occurred and is continuing under this
Indenture, or if the trustee for or the holder of any other evidence of
Indebtedness of the Company or any Subsidiary gives any notice or takes any
other action with respect to a claimed default (other than with respect to
Indebtedness in the principal amount of less than $5,000,000), the Company shall
deliver to the Trustee by registered or certified mail or by telegram, telex or
facsimile transmission an Officers' Certificate specifying such event, notice or
other action within 10 days of its occurrence.

         SECTION 1009. Provision of Financial Statements.

         The Company will file on a timely basis with the Commission, to the
extent such filings are accepted by the Commission and whether or not the
Company has a class of securities registered under the Exchange Act, the annual
reports, quarterly reports and other documents that the Company would be
required to file if it were subject to Section 13 or 15 of the Exchange Act. The
Company shall also (a) file with the Trustee, and provide to each holder of
Securities, without cost to such holder, copies of such reports and documents
within 15 days after the date on which the Company files such reports and
documents with the Commission or the date on which the Company would be required
to file such reports and documents if the Company were so required and (b) if
filing such reports and documents with the Commission is not accepted by the
Commission or is prohibited under the Exchange Act, the Company shall supply at
its cost copies of such reports and documents to any prospective holder of
Securities promptly upon written request therefor.

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

                                       58
<PAGE>

         SECTION 1010. Waiver of Certain Covenants.

         The Company may omit in any particular instance to comply with any
term, provision or condition set forth in Section 803 or Sections 1007 through
1009, inclusive, if before or after the time for such compliance the Holders of
at least a majority in principal amount of the Outstanding Securities, by Act of
such Holders, waive such compliance in such instance 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; provided, however, that the Holders of each Outstanding
Security affected thereby will be required to waive any obligation of the
Company to make and consummate a Change in Control offer in the event of a
Change of Control or make and consummate an offer with respect to any Asset
Sale, as set forth in the applicable supplemental indenture or pursuant to a
Board Resolution of the Company.

                                       59
<PAGE>

                                 ARTICLE ELEVEN

                            REDEMPTION OF SECURITIES

         SECTION 1101. Right of Redemption.

         The Securities may be redeemed at the election of the Company, as a
whole or from time to time in part, subject to the conditions and at the
Redemption Prices set forth in any applicable supplemental indenture or pursuant
to a Board Resolution of the Company.

         SECTION 1102. Applicability of Article.

         Redemption of Securities at the election of the Company or otherwise,
as permitted or required by any provision of this Indenture or any applicable
supplemental indenture or pursuant to a Board Resolution of the Company, shall
be made in accordance with such provision and this Article.

         SECTION 1103. Election to Redeem; Notice to Trustee.

         The election of the Company to redeem any Securities pursuant to
Section 1101 shall be evidenced by a Board Resolution. In case of any redemption
at the election of the Company, 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 to be redeemed and shall deliver to the
Trustee such documentation and records as shall enable the Trustee to select the
Securities to be redeemed pursuant to Section 1104.

         SECTION 1104. Selection by Trustee of Securities to Be Redeemed.

         If less than all the Securities are to be redeemed, the particular
Securities to be redeemed shall be selected not more than 30 days prior to the
Redemption Date by the Trustee, from the Outstanding Securities 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 of Securities; provided, however, that no such partial
redemption shall reduce the portion of the principal amount of a Security not
redeemed to less than $1,000.

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

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

         SECTION 1105. Notice of Redemption.

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         Notice of redemption shall be given in the manner provided for in
Section 107 not less than 30 nor more than 60 days prior to the Redemption Date,
to each Holder of Securities to be redeemed.

         All notices of redemption shall state:

                  (1) the Redemption Date,

                  (2) the Redemption Price,

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

                  (4) that on the Redemption Date the Redemption Price (together
         with accrued interest, if any, to the Redemption Date payable as
         provided in Section 1107) will become due and payable upon each such
         Security, or the portion thereof, to be redeemed, and that interest
         thereon will cease to accrue on and after said date,

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

                  (6) the CUSIP number.

         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 written request
delivered to the Trustee at least fifteen days prior to the date such notice is
to be given (unless a shorter period shall be acceptable to the Trustee), by the
Trustee in the name and at the expense of the Company.

         SECTION 1106. Deposit of Redemption Price.

         Prior to any Redemption Date, the Company shall deposit with the
Trustee or with a Paying Agent (or, if the Company is acting as its own Paying
Agent, segregate and hold in trust as provided in Section 1003) an amount of
money sufficient to pay the Redemption Price of, and accrued interest on, all
the Securities which are to be redeemed on that date.

         SECTION 1107. 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 (together with accrued interest, if any, to
the Redemption Date), and from and after such date (unless the Company shall
default in the payment of the Redemption Price and accrued interest) such
Securities shall cease to bear interest. Upon surrender of any such Security for
redemption in accordance with said notice, such Security shall be paid by the
Company at the Redemption Price, together with accrued interest, if any, to the
Redemption Date; provided, however, that installments of interest whose Stated
Maturity is on or prior to the Redemption Date shall be payable to the

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Holders of such Securities, or one or more Predecessor Securities, registered as
such at the close of business on the relevant Record Dates according to their
terms and the provisions of Section 308.

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

         SECTION 1108. Securities Redeemed in Part.

         Any Security which is to be redeemed only in part shall be surrendered
at the office or agency of the Company maintained for such purpose pursuant to
Section 1002 (with, if the Company or the Trustee so requires, due endorsement
by, or a written instrument of transfer in form satisfactory to the Company and
the Trustee duly executed by, the Holder thereof or such Holder's attorney duly
authorized in writing), and the Company shall execute, and the Trustee shall
authenticate and deliver to the Holder of such Security without service charge,
a new Security or Securities, of 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.

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                                 ARTICLE TWELVE

                       DEFEASANCE AND COVENANT DEFEASANCE

         SECTION 1201. Company's Option to Effect Defeasance or Covenant
Defeasance.

         The Company may, at its option by Board Resolution, at any time, with
respect to the Securities, elect to have either Section 1202 or Section 1203 be
applied to all Outstanding Securities upon compliance with the conditions set
forth below in this Article Twelve.

         SECTION 1202. Defeasance and Discharge.

         Upon the Company's exercise under Section 1201 of the option applicable
to this Section 1202, the Company and the Guarantors shall be deemed to have
been discharged from their respective obligations with respect to all
Outstanding Securities on the date the conditions set forth in Section 1204 are
satisfied (hereinafter, "defeasance"). For this purpose, such defeasance means
that the Company shall be deemed to have paid and discharged the entire
indebtedness represented by the Outstanding Securities, which shall thereafter
be deemed to be "Outstanding" only for the purposes of Section 1205 and the
other Sections of this Indenture referred to in (A) and (B) below, and to have
satisfied all its other obligations under such Securities and this Indenture
insofar as such Securities are concerned (and the Trustee, at the expense of the
Company, shall execute proper instruments acknowledging the same), except for
the following which shall survive until otherwise terminated or discharged
hereunder: (A) the rights of Holders of Outstanding Securities to receive,
solely from the trust fund described in Section 1204 and as more fully set forth
in such Section, payments in respect of the principal of (and premium, if any,
on) and interest on such Securities when such payments are due, (B) the
Company's obligations with respect to such Securities under Sections 304, 305,
307, 1002 and 1003, (C) the rights, powers, trusts, duties and immunities of the
Trustee hereunder and (D) this Article Twelve. Subject to compliance with this
Article Twelve, the Company may exercise its option under this Section 1202
notwithstanding the prior exercise of its option under Section 1203 with respect
to the Securities.

         SECTION 1203. Covenant Defeasance.

         Upon the Company's exercise under Section 1201 of the option applicable
to this Section 1203, the Company and the Guarantors shall be released from
their respective obligations under any covenant contained in Section 801 and
Section 803 and in Sections 1007 through 1019 with respect to the Outstanding
Securities on and after the date the conditions set forth below are satisfied
(hereinafter, "covenant defeasance"), and the Securities shall thereafter be
deemed not to be "Outstanding" for the purposes of any direction, waiver,
consent or declaration or Act of Holders (and the consequences of any thereof)
in connection with such covenants, but shall continue to be deemed "Outstanding"
for all other purposes hereunder. For this purpose, such covenant defeasance
means that, with respect to the Outstanding Securities, the Company and the
Guarantors may omit to comply with and shall have no liability in respect of any
term, condition or limitation set forth in any such covenant, whether directly
or indirectly, by reason of any reference elsewhere herein to any such covenant
or by reason of any reference in any such covenant to any other provision herein
or in any other document and such omission to comply shall not constitute a
Default or an Event of Default

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<PAGE>

under Section 501(3) or Section 501(4), but, except as specified above, the
remainder of this Indenture and such Securities shall be unaffected thereby.

         SECTION 1204. Conditions to Defeasance or Covenant Defeasance.

         The following shall be the conditions to application of either Section
1202 or Section 1203 to the Outstanding Securities:

                  (1) 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 Article Twelve 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, (A) money in an amount, or (B) U.S.
         Government Obligations which through the scheduled payment of principal
         and interest in respect thereof in accordance with their terms will
         provide, not later than one day before the due date of any payment,
         money in an amount, or (C) a combination thereof, sufficient, in the
         opinion of a nationally recognized firm of independent public
         accountants expressed in a written certification thereof delivered to
         the Trustee, to pay and discharge, and which shall be applied by the
         Trustee (or other qualifying trustee) to pay and discharge, the
         principal of (and premium, if any, on) and interest on the Outstanding
         Securities on the Stated Maturity (or Redemption Date, if applicable)
         of such principal (and premium, if any) or installment of interest;
         provided that the Trustee shall have been irrevocably instructed to
         apply such money or the proceeds of such U.S. Government Obligations to
         said payments with respect to the Securities. Before such a deposit,
         the Company may give to the Trustee, in accordance with Section 1103
         hereof, a notice of its election to redeem all of the Outstanding
         Securities at a future date in accordance with Article Eleven hereof,
         which notice shall be irrevocable. Such irrevocable redemption notice,
         if given, shall be given effect in applying the foregoing. For this
         purpose, "U.S. Government Obligations" means securities that are (x)
         direct obligations of the United States of America for the timely
         payment of which its full faith and credit is pledged or (y)
         obligations of a Person controlled or supervised by and acting as an
         agency or instrumentality of the United States of America the timely
         payment of which is unconditionally guaranteed as a full faith and
         credit obligation by the United States of America, which, in either
         case, are not callable or redeemable at the option of the issuer
         thereof, and shall also include a depository receipt issued by a bank
         (as defined in Section 3(a)(2) of the Securities Act of 1933, as
         amended), as custodian with respect to any such U.S. Government
         Obligation or a specific payment of principal of or interest on any
         such U.S. Government Obligation held by such custodian for the account
         of the holder of such depository receipt, provided that (except as
         required by law) such custodian is not authorized to make any deduction
         from the amount payable to the holder of such depository receipt from
         any amount received by the custodian in respect of the U.S. Government
         Obligation or the specific payment of principal of or interest on the
         U.S. Government Obligation evidenced by such depository receipt.

                  (2) No Default or Event of Default with respect to the
         Securities shall have occurred and be continuing on the date of such
         deposit.

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<PAGE>

                  (3) Such defeasance or covenant defeasance shall not cause the
         Trustee to have a conflicting interest, as determined by the Trustee,
         with respect to any securities of the Company or any Guarantor.

                  (4) 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 or
         any Guarantor is a party or by which it is bound.

                  (5) In the case of an election under Section 1202, the Company
         shall have delivered to the Trustee an Opinion of Counsel stating that
         (x) the Company has received from, or there has been published by, the
         Internal Revenue Service a ruling, or (y) since the date of 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 the Outstanding
         Securities 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.

                  (6) In the case of an election under Section 1203, the Company
         shall have delivered to the Trustee an Opinion of Counsel to the effect
         that the Holders of the Outstanding Securities 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.

                  (7) The Company shall have delivered to the Trustee an Opinion
         of Counsel to the effect that after the 91st day following the deposit,
         the trust funds will not be subject to the effect of any applicable
         bankruptcy, insolvency, reorganization or similar laws affecting
         creditors' rights generally.

                  (8) The Company shall have delivered to the Trustee an
         Officers' Certificate and an Opinion of Counsel satisfactory to the
         Trustee, which, taken together, state that all conditions precedent
         provided for relating to either the defeasance under Section 1202 or
         the covenant defeasance under Section 1203 (as the case may be) have
         been complied with.

                  (9) No event or condition shall exist that pursuant to the
         provisions of Section 1302 or 1303 would prevent the Company from
         making payments of the principal of (and premium, if any, on) or
         interest on the Securities on the date of such deposit or 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).

         SECTION 1205. Deposited Money and U.S. Government Obligations to Be
Held in Trust; Other Miscellaneous Provisions.

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<PAGE>

         Subject to the provisions of the last paragraph of Section 1003, all
money and U.S. Government Obligations (including the proceeds thereof) deposited
with the Trustee (or other qualifying trustee, collectively for purposes of this
Section 1205, the "Trustee") pursuant to Section 1204 in respect of the
Outstanding Securities shall be held in trust and applied by the Trustee, in
accordance with the provisions of such Securities and this Indenture, to the
payment, either directly or through any Paying Agent (including the Company
acting as its own Paying Agent) as the Trustee may determine, to the Holders of
such Securities of all sums due and to become due thereon in respect of
principal (and premium, if any) and interest, but such money need not be
segregated from other funds except to the extent required by law.

         The Company shall pay and indemnify the Trustee against any tax, fee or
other charge imposed on or assessed against the U.S. Governmental Obligations
deposited pursuant to Section 1204 or the principal and interest received in
respect thereof other than any such tax, fee or other charge which by law is for
the account of the Holders of the Outstanding Securities.

         Anything in this Article Twelve to the contrary notwithstanding, the
Trustee shall deliver or pay to the Company from time to time upon Company
Request any money or U.S. Government Obligations held by it as provided in
Section 1204 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 an equivalent defeasance or covenant
defeasance, as applicable, in accordance with this Article.

         SECTION 1206. Reinstatement.

         If the Trustee or any Paying Agent is unable to apply any money in
accordance with Section 1205 by reason of any order or judgment of any court or
governmental authority enjoining, restraining or otherwise prohibiting such
application, then the Company's obligations under this Indenture and the
Securities shall be revived and reinstated as though no deposit had occurred
pursuant to Section 1202 or 1203, as the case may be, until such time as the
Trustee or Paying Agent is permitted to apply all such money in accordance with
Section 1205; provided, however, that if the Company makes any payment of
principal of (or premium, if any, on) or interest on any Security following the
reinstatement of its obligations, the Company shall be subrogated to the rights
of the Holders of such Securities to receive such payment from the money held by
the Trustee or Paying Agent.

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                                ARTICLE THIRTEEN

                           SUBORDINATION OF SECURITIES

         SECTION 1301. Securities Subordinate to Senior Indebtedness.

         The Company covenants and agrees, and each Holder of a Security, by his
acceptance thereof, likewise covenants and agrees, for the benefit of the
holders, from time to time, of Senior Indebtedness that, to the extent and in
the manner hereinafter set forth in this Article as well as in any supplemental
indenture or Board Resolution of the Company, the Indebtedness represented by
the Securities and the payment of the principal of (and premium, if any) and
interest on each and all of the Securities are hereby expressly made subordinate
and subject in right of payment as provided in this Article to the prior payment
in full of all Senior Indebtedness; provided, however, that the Securities, the
Indebtedness represented thereby and the payment of the principal of (and
premium, if any) and interest on the Securities in all respects shall rank
equally with, or prior to, all existing and future unsecured indebtedness
(including, without limitation, Indebtedness) of the Company that is
subordinated to Senior Indebtedness.

         Further terms of subordination may be set forth in any future
supplemental indentures or by Board Resolution of the Company.

         SECTION 1302. Payment Over of Proceeds upon Dissolution, Etc.

         In the event of (a) any insolvency or bankruptcy case or proceeding, or
any receivership, liquidation, reorganization or other similar case or
proceeding in connection therewith, relating to the Company or to its creditors,
as such, or to its assets, or (b) any liquidation, dissolution or other winding
up of the Company, whether voluntary or involuntary and whether or not involving
insolvency or bankruptcy, or (c) any assignment for the benefit of creditors or
any other marshalling of assets or liabilities of the Company, then and in any
such event

                  (1) the holders of Senior Indebtedness shall be entitled to
         receive payment in full of all amounts due on or in respect of all
         Senior Indebtedness, or provision shall be made for such payment in
         cash or Cash Equivalents, before the Holders of the Securities are
         entitled to receive any payment or distribution of any kind or
         character (other than any payment or distribution in the form of equity
         securities or subordinated securities of the Company or any successor
         obligor with respect to the Senior Indebtedness provided for by a plan
         of reorganization or readjustment that, in the case of any such
         subordinated securities, are subordinated in right of payment to all
         Senior Indebtedness that may at the time be outstanding at least to the
         same extent as the Securities are so subordinated as provided in this
         Article (such equity securities or subordinated securities hereinafter
         being "Permitted Junior Securities")) on account of principal of (or
         premium, if any, on) or interest on the Securities; and

                  (2) any payment or distribution of assets of the Company of
         any kind or character, whether in cash, property or securities (other
         than a payment or distribution in the form of

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         Permitted Junior Securities), by set-off or otherwise, to which the
         Holders or the Trustee would be entitled but for the provisions of this
         Article shall be paid by the liquidating trustee or agent or other
         person making such payment or distribution, whether a trustee in
         bankruptcy, a receiver or liquidating trustee or otherwise, directly to
         the holders of Senior Indebtedness or their representative or
         representatives or to the trustee or trustees under any indenture under
         which any instruments evidencing any of such Senior Indebtedness may
         have been issued, ratably according to the aggregate amounts remaining
         unpaid on account of the Senior Indebtedness held or represented by
         each, to the extent necessary to make payment in full in cash or Cash
         Equivalents of all Senior Indebtedness remaining unpaid, after giving
         effect to any concurrent payment or distribution to the holders of such
         Senior Indebtedness; and

                  (3) in the event that, notwithstanding the foregoing
         provisions of this Section, the Trustee or the Holder of any Security
         shall have received any payment or distribution of assets of the
         Company of any kind or character, whether in cash, property or
         securities, in respect of principal of (and premium, if any) or
         interest on the Securities before all Senior Indebtedness is paid in
         full or payment thereof provided for, then and in such event such
         payment or distribution (other than a payment or distribution in the
         form of Permitted Junior Securities) shall be paid over or delivered
         forthwith to the trustee in bankruptcy, receiver, liquidating trustee,
         custodian, assignee, agent or other Person making payment or
         distribution of assets of the Company for application to the payment of
         all Senior Indebtedness remaining unpaid, to the extent necessary to
         pay all Senior Indebtedness in full, after giving effect to any
         concurrent payment or distribution to or for the holders of Senior
         Indebtedness.

         The consolidation of the Company with, or the merger of the Company
into, another Person or the liquidation or dissolution of the Company following
the conveyance, transfer or lease of its properties and assets substantially as
an entirety to another Person upon the terms and conditions set forth in Article
Eight shall not be deemed a dissolution, winding up, liquidation,
reorganization, assignment for the benefit of creditors or marshalling of assets
and liabilities of the Company for the purposes of this Section if the Person
formed by such consolidation or into which the Company is merged or the Person
which acquires by conveyance, transfer or lease such properties and assets
substantially as an entirety, as the case may be, shall, as a part of such
consolidation, merger, conveyance, transfer or lease, comply with the conditions
set forth in Article Eight.

         SECTION 1303. Suspension of Payment When Senior Indebtedness in
Default.

         (a) Unless Section 1302 shall be applicable, upon the occurrence of a
Payment Event of Default, no payment (other than payments made pursuant to
Article Twelve from monies or U.S. Government Obligations previously deposited
with the Trustee) or distribution of any assets of the Company of any kind or
character, whether in cash, property or securities (other than Permitted Junior
Securities), shall be made by or on behalf of the Company on account of
principal of (or premium, if any) or interest on the Securities or on account of
the purchase or redemption or other acquisition or defeasance of Securities
unless and until such Payment Event of Default shall have been cured or waived
in writing or shall have ceased to exist or the Designated Senior Indebtedness
to which the Payment Event of Default is related shall have been discharged or
paid in full in cash or Cash Equivalents, after which the Company shall resume
making any and all required payments in respect of the Securities, including any
missed payments.

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         (b) Unless Section 1302 shall be applicable, upon (1) the occurrence of
a Non-payment Event of Default and (2) receipt by the Trustee from the Agent
Bank or any other representative of holders of Designated Senior Indebtedness of
written notice of such occurrence, then no payment (other than payments made
pursuant to Article Twelve from monies or U.S. Government Obligations previously
deposited with the Trustee) or distribution of any assets of the Company of any
kind or character, whether in cash, property or securities (other than Permitted
Junior Securities), shall be made by or on behalf of the Company on account of
any principal of (or premium, if any) or interest on the Securities or on
account of the purchase or redemption or other acquisition or defeasance of
Securities for a period ("Payment Blockage Period") commencing on the date of
receipt by the Trustee of such notice from the Agent Bank or such other
representative unless and until (subject to any blockage of payments that may
then be in effect under paragraph (a) of this Section) (x) more than 179 days
shall have elapsed since receipt of such written notice by the Trustee (provided
that any Designated Senior Indebtedness as to which notice was given shall not
theretofore have been accelerated), (y) such Non-payment Event of Default shall
have been cured or waived in writing or shall have ceased to exist or such
Designated Senior Indebtedness shall have been discharged or paid in full in
cash or Cash Equivalents or (z) such Payment Blockage Period, shall have been
terminated by written notice to the Company or the Trustee from the Agent Bank
or such other representative initiating such Payment Blockage Period, after
which, in the case of clause (x), (y) or (z), the Company shall resume making
any and all required payments in respect of the Securities, including any missed
payments. Notwithstanding any other provision of this Agreement, only one
Payment Blockage Period may be commenced within any consecutive 365-day period,
and no event of default with respect to Designated Senior Indebtedness which
existed or was continuing on the date of the commencement of any Payment
Blockage Period initiated by or behalf of such Designated Senior Indebtedness
shall be, or be made, the basis for the commencement of a subsequent Payment
Blockage Period, whether or not within a period of 365 consecutive days, unless
such event of default shall have been cured or waived for a period of not less
than 90 consecutive days subsequent to the commencement of such initial Payment
Blockage Period (it being acknowledged that any breach of any financial covenant
for the period commencing after the date of commencement of such Payment
Blockage Period which would give rise to a Non-payment Default pursuant to any
provision under which a Non-payment Default previously existed or was continuing
shall constitute a new Non-payment Default). In no event will a Payment Blockage
Period extend beyond 179 days.

         (c) In the event that, notwithstanding the foregoing, the Company shall
make any payment to the Trustee or the Holder of any Security prohibited by the
foregoing provisions of this Section, then and in such event such payment shall
be paid over and delivered forthwith to the Company.

         SECTION 1304. Payment Permitted If No Default.

         Nothing contained in this Article or elsewhere in this Indenture or in
any of the Securities shall prevent the Company, at any time except during the
pendency of any case, proceeding, dissolution, liquidation or other winding up,
assignment for the benefit of creditors or other marshalling of assets and
liabilities of the Company referred to in Section 1302 or under the conditions
described in Section 1303, from making payments at any time of principal of (and

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<PAGE>

premium, if any, on) or interest on the Securities.

         SECTION 1305. Subrogation to Rights of Holders of Senior Indebtedness.

         Subject to the payment in full of all Senior Indebtedness, the Holders
of the Securities shall be subrogated (equally and ratably with the holders of
all indebtedness of the Company which by its express terms is subordinated to
Senior Indebtedness of the Company to the same extent as the Securities are
subordinated and which is entitled to like rights of subrogation) to the rights
of the holders of such Senior Indebtedness to receive payments and distributions
of cash, property and securities applicable to the Senior Indebtedness until the
principal of (and premium, if any) and interest on the Securities shall be paid
in full. For purposes of such subrogation, no payments or distributions to the
holders of Senior Indebtedness of any cash, property or securities to which the
Holders of the Securities or the Trustee would be entitled except for the
provisions of this Article, and no payments over pursuant to the provisions of
this Article to the holders of Senior Indebtedness by Holders of the Securities
or the Trustee, shall, as among the Company, its creditors other than holders of
Senior Indebtedness, and the Holders of the Securities, be deemed to be a
payment or distribution by the Company to or on account of the Senior
Indebtedness.

         SECTION 1306. Provisions Solely to Define Relative Rights.

         The provisions of this Article are and are intended solely for the
purpose of defining the relative rights of the Holders of the Securities on the
one hand and the holders of Senior Indebtedness on the other hand. Nothing
contained in this Article or elsewhere in this Indenture or in the Securities is
intended to or shall (a) impair, as between the Company and the Holders of the
Securities, the obligation of the Company, which is absolute and unconditional,
to pay to the Holders of the Securities the principal of (and premium, if any)
and interest on the Securities as and when the same shall become due and payable
in accordance with their terms; or (b) affect the relative rights against the
Company of the Holders of the Securities and creditors of the Company other than
the holders of Senior Indebtedness; or (c) prevent the Trustee or the Holder of
any Security from exercising all remedies otherwise permitted by applicable law
upon default under this Indenture, subject to the rights, if any, under this
Article of the holders of Senior Indebtedness.

         SECTION 1307. Trustee 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 necessary or
appropriate to effectuate the subordination provided in this Article and
appoints the Trustee his attorney-in-fact for any and all such purposes.

         SECTION 1308. No Waiver of Subordination Provisions.

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

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         (b) Without in any way limiting the generality of paragraph (a) of this
Section, the holders of Senior Indebtedness may, at any time and from time to
time, without the consent of or notice to the Trustee or the Holders of the
Securities, without incurring responsibility to the Holders of the Securities
and without impairing or releasing the subordination provided in this Article or
the obligations hereunder of the Holders of the Securities to the holders of
Senior Indebtedness, do any one or more of the following: (1) change the manner,
place or terms of payment or extend the time of payment of, or renew or alter,
Senior Indebtedness or any instrument evidencing the same or any agreement under
which Senior Indebtedness is outstanding; (2) sell, exchange, release or
otherwise deal with any property pledged, mortgaged or otherwise securing Senior
Indebtedness; (3) release any Person liable in any manner for the collection of
Senior Indebtedness; and (4) exercise or refrain from exercising any rights
against the Company and any other Person.

         SECTION 1309. Notice to Trustee.

         (a) The Company shall give prompt written notice to the Trustee 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. Notwithstanding the provisions of
this Article or any other provision of this Indenture, the Trustee 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 in respect of the Securities, unless
and until the Trustee shall have received written notice thereof from the
Company, the Agent Bank or a holder of Senior Indebtedness or from any trustee,
fiduciary or agent therefor; and, prior to the receipt of any such written
notice, the Trustee, subject to TIA Sections 315(a) through 315(d), shall be
entitled in all respects to assume that no such facts exist; provided, however,
that, if the Trustee shall not have received the notice provided for in this
Section at least three Business Days prior to the date upon which by the terms
hereof any money may become payable for any purpose (including, without
limitation, the payment of the principal of (and premium, if any) or interest on
any Security), then, anything herein contained to the contrary notwithstanding,
the Trustee shall have full power and authority to receive such money and to
apply the same to the purpose for 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.

         (b) Subject to TIA Sections 315(a) through 315(d), the Trustee shall be
entitled to rely on the delivery to it of a written notice by a Person
representing himself to be a holder of Senior Indebtedness (or a trustee,
fiduciary or agent therefor) to establish that such notice has been given by a
holder of Senior Indebtedness (or a trustee, fiduciary or agent therefor). In
the event that the Trustee determines in good faith that further evidence is
required with respect to the right of any Person as a holder of Senior
Indebtedness to participate in any payment or distribution pursuant to this
Article, the Trustee may request such Person to furnish evidence to the
reasonable satisfaction of the Trustee as to the amount of Senior Indebtedness
held by such Person, 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 and, if such evidence is not furnished, the
Trustee may defer any payment to such Person pending judicial determination as
to the right of such Person to receive such payment.

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<PAGE>

         SECTION 1310. Reliance on Judicial Order or Certificate of Liquidating
Agent.

         Upon any payment or distribution of assets of the Company referred to
in this Article, the Trustee, subject to TIA Sections 315(a) through 315(d), 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, receiver, liquidating trustee, custodian, 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.

         SECTION 1311. Rights of Trustee As a Holder of Senior Indebtedness;
Preservation of Trustee's Rights.

         The Trustee in its individual capacity shall be entitled to all the
rights set forth in this Article with respect to any Senior Indebtedness which
may at any time be held by it, to the same extent as any other holder of Senior
Indebtedness, and nothing in this Indenture shall deprive the Trustee of any of
its rights as such holder. Nothing in this Article shall apply to claims of, or
payments to, the Trustee under or pursuant to Section 606.

         SECTION 1312. Article Applicable to Paying Agents.

         In case at any time any Paying Agent other than the Trustee shall have
been appointed by the Company and be then acting hereunder, the term "Trustee"
as used in this Article shall in such case (unless the context otherwise
requires) be construed as extending to and including such Paying Agent within
its meaning as fully for all intents and purposes as if such Paying Agent were
named in this Article in addition to or in place of the Trustee; provided,
however, that Section 1311 shall not apply to the Company or any Affiliate of
the Company if it or such Affiliate acts as Paying Agent.

         SECTION 1313. No Suspension of Remedies.

         Nothing contained in this Article shall limit the right of the Trustee
or the Holders of Securities to take any action to accelerate the maturity of
the Securities pursuant to Article Five or to pursue any rights or remedies
hereunder or under applicable law.

         SECTION 1314. Trust Moneys Not Subordinated.

         Notwithstanding anything contained herein to the contrary, payments
from cash or the proceeds of U.S. Government Obligations held in trust under
Article Thirteen hereof by the Trustee (or other qualifying trustee) and which
were deposited in accordance with the terms of Article Thirteen hereof and not
in violation of Section 1303 hereof for the payment of principal of (and
premium, if any) and interest on the Securities shall not be subordinated to the
prior payment of any Senior Indebtedness or subject to the restrictions set
forth in this Article Thirteen, and none of the

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Holders shall be obligated to pay over any such amount to the Company or any
holder of Senior Indebtedness or any other creditor of the Company.

                                       73
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         SECTION 1315. 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.

                                       74
<PAGE>

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

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

                           BE AEROSPACE, INC.

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

                           THE BANK OF NEW YORK

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

                                       75

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