Document:

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                                                                    EXHIBIT 4.6

                             INDEPENDENT BANK CORP.

                                       AND

                              THE BANK OF NEW YORK,
                              AS INDENTURE TRUSTEE

                                    INDENTURE

                  8.375% JUNIOR SUBORDINATED DEBENTURES DUE 2032

                          DATED AS OF APRIL 12, 2002

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                                TABLE OF CONTENTS

<TABLE>
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                                                                                                              PAGE
<S>                                                                                                           <C>
ARTICLE I DEFINITIONS.............................................................................................6
         1.1          Definitions of Terms........................................................................6
ARTICLE II ISSUE, DESCRIPTION, TERMS, CONDITIONS, REGISTRATION AND EXCHANGE OF THE DEBENTURES....................14
         2.1          Designation and Principal Amount...........................................................14
         2.2          Maturity...................................................................................15
         2.3          Form and Payment...........................................................................15
         2.4          [Intentionally Left Blank].................................................................15
         2.5          Interest...................................................................................15
         2.6          Execution and Authentications..............................................................16
         2.7          Registration of Transfer and Exchange......................................................17
         2.8          Temporary Debentures.......................................................................18
         2.9          Mutilated, Destroyed, Lost or Stolen Debentures............................................18
         2.10         Cancellation...............................................................................19
         2.11         Benefit of Indenture.......................................................................20
         2.12         Authenticating Agent.......................................................................20
ARTICLE III REDEMPTION OF DEBENTURES.............................................................................20
         3.1          Redemption.................................................................................20
         3.2          Special Event Redemption...................................................................21
         3.3          Optional Redemption by Company.............................................................21
         3.4          Notice of Redemption.......................................................................22
         3.5          Payment Upon Redemption....................................................................23
         3.6          No Sinking Fund............................................................................24
ARTICLE IV EXTENSION OF INTEREST PAYMENT PERIOD..................................................................24
         4.1          Extension of Interest Payment Period.......................................................24
         4.2          Notice of Extension........................................................................24
         4.3          Limitation on Transactions.................................................................25
ARTICLE V PARTICULAR COVENANTS OF THE COMPANY....................................................................25
         5.1          Payment of Principal and Interest..........................................................25
         5.2          Maintenance of Agency......................................................................26
         5.3          Paying Agents..............................................................................26
         5.4          Appointment to Fill Vacancy in Office of Trustee...........................................27
         5.5          Compliance with Consolidation Provisions...................................................27
         5.6          Limitation on Transactions.................................................................27
         5.7          Covenants as to the Trust..................................................................28
         5.8          Covenants as to Purchases..................................................................29
         5.9          Waiver of Usury, Stay or Extension Laws....................................................29
ARTICLE VI DEBENTUREHOLDERS' LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE....................................29
         6.1          Company to Furnish Trustee Names and Addresses of Debentureholders.........................29
         6.2          Preservation of Information Communications with Debentureholders...........................29

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<S>                                                                                                            <C>
         6.3          Reports by the Company.....................................................................30
         6.4          Reports by the Trustee.....................................................................30
ARTICLE VII REMEDIES OF THE TRUSTEE AND DEBENTUREHOLDERS ON EVENT OF DEFAULT.....................................31
         7.1          Events of Default..........................................................................31
         7.2          Collection of Indebtedness and Suits for Enforcement by Trustee............................32
         7.3          Application of Moneys Collected............................................................34
         7.4          Limitation on Suits........................................................................34
         7.5          Rights and Remedies Cumulative; Delay or Omission not Waiver...............................35
         7.6          Control by Debentureholders................................................................35
         7.7          Undertaking to Pay Costs...................................................................36
         7.8          Direct Action; Right of Set-Off............................................................36
ARTICLE VIII FORM OF DEBENTURE AND ORIGINAL ISSUE................................................................37
         8.1          Form of Debenture..........................................................................37
         8.2          Original Issue of Debentures...............................................................37
ARTICLE IX CONCERNING THE TRUSTEE................................................................................37
         9.1          Certain Duties and Responsibilities of the Trustee.........................................37
         9.2          Notice of Defaults.........................................................................38
         9.3          Certain Rights of Trustee..................................................................39
         9.4          Trustee Not Responsible for Recitals, etc..................................................40
         9.5          May Hold Debentures........................................................................40
         9.6          Moneys Held in Trust.......................................................................40
         9.7          Compensation and Reimbursement.............................................................41
         9.8          Reliance on Officers' Certificate..........................................................41
         9.9          Disqualification:  Conflicting Interests...................................................41
         9.10         Corporate Trustee Required; Eligibility....................................................42
         9.11         Resignation and Removal; Appointment of Successor..........................................42
         9.12         Acceptance of Appointment by Successor.....................................................43
         9.13         Merger, Conversion, Consolidation or Succession to Business................................44
         9.14         Preferential Collection of Claims Against the Company......................................44
ARTICLE X CONCERNING THE DEBENTUREHOLDERS........................................................................44
         10.1         Evidence of Action by Holders..............................................................44
         10.2         Proof of Execution by Debentureholders.....................................................45
         10.3         Who May be Deemed Owners...................................................................45
         10.4         Certain Debentures Owned by Company Disregarded............................................46
         10.5         Actions Binding on Future Debentureholders.................................................46
ARTICLE XI SUPPLEMENTAL INDENTURES...............................................................................46
         11.1         Supplemental Indentures Without the Consent of Debentureholders............................46
         11.2         Supplemental Indentures with Consent of Debentureholders...................................47
         11.3         Effect of Supplemental Indentures..........................................................48
         11.4         Debentures Affected by Supplemental Indentures.............................................48
         11.5         Execution of Supplemental Indentures.......................................................48
ARTICLE XII SUCCESSOR CORPORATION................................................................................49
         12.1         Company May Consolidate, etc...............................................................49
         12.2         Successor Corporation Substituted..........................................................50

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         12.3         Evidence of Consolidation, etc. to Trustee.................................................50
ARTICLE XIII SATISFACTION AND DISCHARGE..........................................................................50
         13.1         Satisfaction and Discharge of Indenture....................................................50
         13.2         Discharge of Obligations...................................................................51
         13.3         Deposited Moneys to be Held in Trust.......................................................51
         13.4         Payment of Monies Held by Paying Agents....................................................51
         13.5         Repayment to Company.......................................................................51
ARTICLE XIV IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS......................................52
         14.1         No Recourse................................................................................52
ARTICLE XV MISCELLANEOUS PROVISIONS..............................................................................52
         15.1         Effect on Successors and Assigns...........................................................52
         15.2         Actions by Successor.......................................................................53
         15.3         Surrender of Company Powers................................................................53
         15.4         Notices....................................................................................53
         15.5         Governing Law..............................................................................53
         15.6         Treatment of Debentures as Debt............................................................53
         15.7         Compliance Certificates and Opinions.......................................................53
         15.8         Payments on Business Days..................................................................54
         15.9         Conflict with Trust Indenture Act..........................................................54
         15.10        Counterparts...............................................................................54
         15.11        Severability...............................................................................54
         15.12        Assignment.................................................................................54
         15.13        Acknowledgment of Rights...................................................................55
ARTICLE XVI SUBORDINATION OF DEBENTURES..........................................................................55
         16.1         Agreement to Subordinate...................................................................55
         16.2         Default on Senior Debt, Subordinated Debt or Additional Senior Obligations.................55
         16.3         Liquidation; Dissolution; Bankruptcy.......................................................56
         16.4         Subrogation................................................................................57
         16.5         Trustee to Effectuate Subordination........................................................58
         16.6         Notice by the Company......................................................................58
         16.7         Rights of the Trustee; Holders of Senior Indebtedness......................................59
         16.8         Subordination May Not be Impaired..........................................................59
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                              CROSS-REFERENCE TABLE

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SECTION OF
TRUST INDENTURE ACT                                                        SECTION OF
OF 1939, AS AMENDED                                                        INDENTURE
<S>                                                                        <C>
310(a).................................................................................9.10
310(b)..................................................................................9.9
       ................................................................................9.11
310(c).......................................................................Not Applicable
311(a).................................................................................9.14
311(b).................................................................................9.14
311(c)...................................................................... Not Applicable
312(a)..................................................................................6.1
      ...............................................................................6.2(a)
312(b)...............................................................................6.2(c)
312(c)...............................................................................6.2(c)
313(a)...............................................................................6.4(a)
313(b)...............................................................................6.4(b)
313(c)...............................................................................6.4(a)
       ..............................................................................6.4(b)
313(d)...............................................................................6.4(c)
314(a)...............................................................................6.3(a)
314(b).......................................................................Not Applicable
314(c).................................................................................15.7
314(d).......................................................................Not Applicable
314(e).................................................................................15.7
314(f).......................................................................Not Applicable
315(a)...............................................................................9.1(a)
       .................................................................................9.3
315(b)..................................................................................9.2
315(c)...............................................................................9.1(a)
315(d)...............................................................................9.1(b)
315(e)..................................................................................7.7
316(a)..................................................................................1.1
       .................................................................................7.6
316(b)...............................................................................7.4(b)
316(c)..............................................................................10.1(b)
317(a)..................................................................................7.2
317(b)..................................................................................5.3
318(a).................................................................................15.9
</TABLE>

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

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                                    INDENTURE

         INDENTURE, dated as of April 12, 2002 between INDEPENDENT BANK
CORP., a Massachusetts corporation (the "Company"), and THE BANK OF NEW YORK, a
New York banking corporation (the "Trustee");

                                    RECITALS

         WHEREAS, for its lawful corporate purposes, the Company has duly
authorized the execution and delivery of this Indenture to provide for the
issuance of securities to be known as its 8.375% Junior Subordinated Debentures
due 2032 (hereinafter referred to as the "Debentures"), the form and substance
of such Debentures and the terms, provisions and conditions thereof to be set
forth as provided in this Indenture;

         WHEREAS, Independent Capital Trust IV, a Delaware statutory business
trust (the "Trust"), has offered to the public up to $25,000,000 aggregate
liquidation amount of its Preferred Securities (as defined herein) and proposes
to invest the proceeds from such offering, together with the proceeds of the
issuance and sale by the Trust to the Company of up to $773,200 aggregate
liquidation amount of its Common Securities (as defined herein), in up to
$25,773,200 aggregate principal amount of the Debentures;

         WHEREAS, the Company has requested that the Trustee execute and deliver
this Indenture;

         WHEREAS, all requirements necessary to make this Indenture a valid
instrument in accordance with its terms, and to make the Debentures, when
executed by the Company and authenticated and delivered by the Trustee, the
valid obligations of the Company, have been performed, and the execution and
delivery of this Indenture have been duly authorized in all respects;

         WHEREAS, to provide the terms and conditions upon which the Debentures
are to be authenticated, issued and delivered, the Company has duly authorized
the execution of this Indenture; and

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

         NOW, THEREFORE, in consideration of the premises and the purchase of
the Debentures by the holders thereof, it is mutually covenanted and agreed as
follows for the equal and ratable benefit of the holders of the Debentures:

                                      -5-
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                                   ARTICLE I

                                   DEFINITIONS

1.1      DEFINITIONS OF TERMS.

         The terms defined in this Section 1.1 (except as in this Indenture
otherwise expressly provided or unless the context otherwise requires) for all
purposes of this Indenture and of any indenture supplemental hereto shall have
the respective meanings specified in this Section 1.1 and shall include the
plural as well as the singular. All other terms used in this Indenture that are
defined in the Trust Indenture Act, or that are by reference in the Trust
Indenture Act defined in the Securities Act (except as herein otherwise
expressly provided or unless the context otherwise requires), shall have the
meanings assigned to such terms in the Trust Indenture Act and in the Securities
Act as in force at the date of the execution of this instrument. All accounting
terms used herein and not expressly defined shall have the meanings assigned to
such terms in accordance with Generally Accepted Accounting Principles.

         "Accelerated Maturity Date" means if the Company elects to accelerate
the Maturity Date in accordance with Section 2.2(c), the date selected by the
Company which is prior to the Scheduled Maturity Date, but is after April 30,
2007.

         "Additional Interest" shall have the meaning set forth in Section
2.5(c).

         "Additional Junior Indebtedness" means, without duplication, (A) any
indebtedness, liabilities or obligations of the Company, or any Affiliate of the
Company, under debt securities (or guarantees in respect of debt securities)
initially issued to any trust, or a trustee of a trust, partnership or other
entity affiliated with the Company that is, directly or indirectly, a finance
subsidiary (as such term is defined in Rule 3a-5 under the Investment Company
Act) or other financing vehicle of the Company or any Affiliate of the Company
in connection with the issuance by that entity of preferred securities or other
securities that are intended to qualify for Tier 1 capital treatment (or the
then equivalent thereof) for purposes of the capital adequacy guidelines of the
Federal Reserve, as then in effect and applicable to the Company, other than the
Debentures; PROVIDED, HOWEVER, that the inability of the Company to treat all or
any portion of the Additional Junior Indebtedness as Tier 1 capital shall not
disqualify it as Additional Junior Indebtedness if such inability results from
the Company having cumulative preferred stock, minority interests in
consolidated subsidiaries, or any other class of security or interest which the
Federal Reserve now or may hereafter accord Tier 1 capital treatment (including
the Debentures) in excess of the amount which may qualify for treatment as Tier
1 capital under applicable capital adequacy guidelines of the Federal Reserve,
and (B) any indebtedness, liabilities or obligations of the Company, or any
Affiliate of the Company, that is junior or otherwise subordinate in right of
payment to Senior Indebtedness of the Company and that has a maturity or is
otherwise due and payable by the Company on a date twelve (12) months or more
after its date of original issuance, other than the Debentures.

         "Additional Senior Obligations" means all indebtedness of the Company
whether incurred on or prior to the date of this Indenture or thereafter
incurred, for claims in respect of

                                      -6-
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derivative products such as interest and foreign exchange rate contracts,
commodity contracts and similar arrangements; PROVIDED, HOWEVER, that Additional
Senior Obligations does not include claims in respect of Senior Debt or
Subordinated Debt or obligations which, by their terms, are expressly stated to
be not superior in right of payment to the Debentures or to rank PARI PASSU in
right of payment with the Debentures. For purposes of this definition, "claim"
shall have the meaning assigned thereto in Section 101(4) of the United States
Bankruptcy Code of 1978, as amended.

         "Administrative Trustees" shall have the meaning set forth in the Trust
Agreement.

         "Affiliate" means, with respect to a specified Person, (a) any Person
directly or indirectly owning, controlling or holding with power to vote 10% or
more of the outstanding voting securities or other ownership interests of the
specified Person; (b) any Person 10% or more of whose outstanding voting
securities or other ownership interests are directly or indirectly owned,
controlled or held with power to vote by the specified Person; (c) any Person
directly or indirectly controlling, controlled by, or under common control with
the specified Person; (d) a partnership in which the specified Person is a
general partner; (e) any officer or director of the specified Person; and (f) if
the specified Person is an individual, any entity of which the specified Person
is an officer, director or general partner.

         "Authenticating Agent" means an authenticating agent with respect to
the Debentures appointed by the Trustee pursuant to Section 2.12.

         "Bankruptcy Law" means Title 11, U.S. Code, or any similar federal or
state law for the relief of debtors.

         "Board of Directors" means the Board of Directors of the Company or any
duly authorized committee of such Board or any other duly designated officers of
the Company.

         "Board Resolution" means a copy of a resolution certified by the Clerk
or an Assistant Clerk 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.

         "Business Day" means, with respect to the Debentures, any day other
than a Saturday or a Sunday or a day on which federal or state banking
institutions in Rockland, Massachusetts or the Borough of Manhattan, The City of
New York, are authorized or required by law, executive order or regulation to
close, or a day on which the Corporate Trust Office of the Trustee or the
Property Trustee is closed for business.

         "Capital Treatment Event" means the receipt by the Company and the
Trust of an Opinion of Counsel, rendered by a law firm having a recognized
national bank regulatory practice, to the effect that, as a result of any
amendment to, or change (including any announced prospective change) in, the
laws (or any regulations thereunder) of the United States or any political
subdivision thereof or therein, or as a result of any official or administrative
pronouncement or action or judicial decision interpreting or applying such laws
or regulations, which amendment or change is effective or which pronouncement or
decision is announced on or after the date of issuance of the Preferred
Securities under the Trust Agreement, there is more

                                      -7-
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than an insubstantial risk of impairment of the Company's ability to treat the
Preferred Securities (or any substantial portion thereof) as Tier 1 capital (or
the then equivalent thereof), for purposes of the capital adequacy guidelines of
the Federal Reserve, as then in effect and applicable to the Company; PROVIDED,
HOWEVER, that the Trust or the Company shall have requested and received such an
Opinion of Counsel with regard to such matters within a reasonable period of
time after the Trust or the Company shall have become aware of the possible
occurrence of any such event; PROVIDED, HOWEVER, that the inability of the
Company to treat all or any portion of the Liquidation Amount of the Preferred
Securities as Tier 1 Capital shall not constitute the basis for a Capital
Treatment Event if such inability results from the Company having cumulative
preferred stock, minority interests in consolidated subsidiaries, or any other
class of security or interest which the Federal Reserve now or may hereafter
accord Tier 1 Capital treatment in excess of the amount which may qualify for
treatment as Tier 1 Capital under applicable capital adequacy guidelines of the
Federal Reserve; PROVIDED, FURTHER, HOWEVER, that the distribution of Junior
Subordinated Debentures in connection with the dissolution of the Trust shall
not in and of itself constitute a Capital Treatment Event.

         "Certificate" means a certificate signed by the principal executive
officer, the chief financial officer, the principal accounting officer, the
treasurer or any vice president of the Company. The Certificate need not comply
with the provisions of Section 15.7.

         "Change in 1940 Act Law" shall have the meaning set forth in the
definition of "Investment Company Event."

         "Commission" means the Securities and Exchange Commission.

         "Common Securities" means undivided beneficial interests in the assets
of the Trust which rank PARI PASSU with the Preferred Securities; PROVIDED,
HOWEVER, that upon the occurrence of an Event of Default, the rights of holders
of Common Securities to payment in respect of distributions and payments upon
liquidation, redemption and otherwise are subordinated to the rights of holders
of Preferred Securities.

         "Company" means Independent Bank Corp., a corporation duly organized
and existing under the laws of the Commonwealth of Massachusetts and subject to
the provisions of Article XII, shall also include its successors and assigns.

         "Compounded Interest" shall have the meaning set forth in Section 4.1.

         "Corporate Trust Office" means the office of the Trustee at which, at
any particular time, its corporate trust business shall be principally
administered, which office at the date hereof is located at101 Barclay Street,
New York, New York 10286, Attention: Corporate Trust Trustee Administration.

         "Coupon Rate" shall have the meaning set forth in Section 2.5.

         "Custodian" means any receiver, trustee, assignee, liquidator, or
similar official under any Bankruptcy Law.

                                      -8-
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         "Debentures" shall have the meaning set forth in the Recitals hereto.

         "Debentureholder," "holder of Debentures," "registered holder," or
other similar term, means the Person or Persons in whose name or names a
particular Debenture shall be registered on the books of the Company or the
Trustee kept for that purpose in accordance with the terms of this Indenture.

         "Debenture Register" shall have the meaning set forth in Section
2.7(b).

         "Debenture Registrar" shall have the meaning set forth in Section
2.7(b).

         "Debt" means with respect to any Person, whether recourse is to all or
a portion of the assets of such Person and whether or not contingent, (i) every
obligation of such Person for money borrowed; (ii) every obligation of such
Person evidenced by bonds, debentures, notes or other similar instruments,
including obligations incurred in connection with the acquisition of property,
assets or businesses; (iii) every reimbursement obligation of such Person with
respect to letters of credit, bankers' acceptances or similar facilities issued
for the account of such Person; (iv) every obligation of such Person issued or
assumed as the deferred purchase price of property or services (but excluding
trade accounts payable or accrued liabilities arising in the ordinary course of
business); (v) every capital lease obligation of such Person; and (vi) and every
obligation of the type referred to in clauses (i) through (v) of another Person
and all dividends of another Person the payment of which, in either case, such
Person has guaranteed or is responsible or liable, directly or indirectly, as
obligor or otherwise.

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

         "Deferred Interest" shall have the meaning set forth in Section 4.1.

         "Direct Action" shall have the meaning set forth in Section 7.8.

         "Dissolution Event" means that as a result of the occurrence and
continuation of a Special Event, the Trust is to be dissolved in accordance with
the Trust Agreement and the Debentures held by the Property Trustee are to be
distributed to the holders of the Trust Securities issued by the Trust pro rata
in accordance with the Trust Agreement.

         "Event of Default" means, with respect to the Debentures, any event
specified in Section 7.1, which has continued for the period of time, if any,
and after the giving of the notice, if any, therein designated.

         "Exchange Act," means the Securities Exchange Act of 1934, as amended,
as in effect at the date of execution of this Indenture.

         "Extended Interest Payment Period" shall have the meaning set forth in
Section 4.1.

         "Federal Reserve" means the Board of Governors of the Federal Reserve
System.

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         "Generally Accepted Accounting Principles" means such accounting
principles as are generally accepted at the time of any computation required
hereunder.

         "Governmental Obligations" means securities that are (i) direct
obligations of the United States of America for the payment of which its full
faith and credit is pledged; or (ii) obligations of a Person controlled or
supervised by and acting as an agency or instrumentality of the United States of
America, the payment of which is unconditionally guaranteed as a full faith and
credit obligation by the United States of America that, in either case, are not
callable or redeemable at the option of the issuer thereof, and shall also
include a depositary receipt issued by a bank (as defined in Section 3(a)(2) of
the Securities Act) as custodian with respect to any such Governmental
Obligation or a specific payment of principal of or interest on any such
Governmental Obligation held by such custodian for the account of the holder of
such depositary receipt; PROVIDED, HOWEVER, that (except as required by law)
such custodian is not authorized to make any deduction from the amount payable
to the holder of such depositary receipt from any amount received by the
custodian in respect of the Governmental Obligation or the specific payment of
principal of or interest on the Governmental Obligation evidenced by such
depositary receipt.

         "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.

         "Indenture" means this instrument as originally executed or as it may
from time to time be supplemented or amended by one or more indentures
supplemental hereto entered into in accordance with the terms hereof.

         "Interest Payment Date," when used with respect to any installment of
interest on the Debentures, means the date specified in the Debenture or in an
indenture supplemental hereto with respect to the Debentures as the fixed date
on which an installment of interest with respect to the Debentures is due and
payable.

         "Investment Company Act," means the Investment Company Act of 1940, as
amended, as in effect at the date of execution of this Indenture.

         "Investment Company Event" means the receipt by the Trust and the
Company of an Opinion of Counsel, rendered by a law firm having a recognized
national tax and securities law practice, to the effect that, as a result of the
occurrence of a change in law or regulation or a change in interpretation or
application of law or regulation by any legislative body, court, governmental
agency or regulatory authority (a "Change in 1940 Act Law"), the Trust is or
shall be considered an "investment company" that is required to be registered
under the Investment Company Act, which Change in 1940 Act Law becomes effective
on or after the date of original issuance of the Preferred Securities under the
Trust Agreement; PROVIDED, HOWEVER, that the Trust or the Company shall have
requested and received such an Opinion of Counsel with regard to such matters
within a reasonable period of time after the Trust or the Company shall have
become aware of the possible occurrence of any such event.

                                      -10-
<PAGE>

         "Maturity Date" means the date on which the Debentures mature and on
which the principal shall be due and payable together with all accrued and
unpaid interest thereon, including Compounded Interest and Additional Interest,
if any.

         "Ministerial Action" shall have the meaning set forth in Section 3.2.

         "Officers' Certificate" means a certificate signed by the President or
an Executive Vice President and by the Chief Financial Officer or the Treasurer
or an Assistant Treasurer or the Clerk or an Assistant Clerk of the Company that
is delivered to the Trustee in accordance with the terms hereof. Each such
certificate shall include the statements provided for in Section 15.7, if and to
the extent required by the provisions thereof.

         "Opinion of Counsel" means an opinion in writing of independent,
outside legal counsel for the Company that is delivered to the Trustee in
accordance with the terms hereof. Each such opinion shall include the statements
provided for in Section 15.7, if and to the extent required by the provisions
thereof.

         "Outstanding," when used in reference to the Debentures, means, subject
to the provisions of Section 10.4, as of any particular time, all Debentures
theretofore authenticated and delivered by the Trustee under this Indenture,
except (a) Debentures theretofore canceled by the Trustee or any paying agent,
or delivered to the Trustee or any paying agent for cancellation or that have
previously been canceled; (b) Debentures or portions thereof for the payment or
redemption of which moneys or Governmental Obligations in the necessary amount
shall have been deposited in trust with the Trustee or with any paying agent
(other than the Company) or shall have been set aside and segregated in trust by
the Company (if the Company shall act as its own paying agent); PROVIDED,
HOWEVER, that if such Debentures or portions of such Debentures are to be
redeemed prior to the maturity thereof, notice of such redemption shall have
been given as in Article III PROVIDED, or provision satisfactory to the Trustee
shall have been made for giving such notice; and (c) Debentures in lieu of or in
substitution for which other Debentures shall have been authenticated and
delivered pursuant to the terms of Section 2.7; PROVIDED, HOWEVER, that in
determining whether the holders of the requisite percentage of Debentures have
given any request, notice, consent or waiver hereunder, Debentures held by the
Company or any Affiliate of the Company shall not be included; PROVIDED,
FURTHER, that the Trustee shall be protected in relying upon any request,
notice, consent or waiver unless a Responsible Officer of the Trustee shall have
actual knowledge that the holder of such Debenture is the Company or an
Affiliate thereof.

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

         "Predecessor Debenture" means every previous Debenture evidencing all
or a portion of the same debt as that evidenced by such particular Debenture;
and, for the purposes of this definition, any Debenture authenticated and
delivered under Section 2.9 in lieu of a lost, destroyed or stolen Debenture
shall be deemed to evidence the same debt as the lost, destroyed or stolen
Debenture.

                                      -11-
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         "Preferred Securities" means the 8.375% Cumulative Trust Preferred
Securities representing undivided beneficial interests in the assets of the
Trust which rank PARI PASSU with Common Securities issued by the Trust;
PROVIDED, HOWEVER, that upon the occurrence of an Event of Default, the rights
of holders of Common Securities to payment in respect of distributions and
payments upon liquidation, redemption and otherwise are subordinated to the
rights of holders of Preferred Securities.

         "Preferred Securities Guarantee" means any guarantee that the Company
may enter into with the Trustee or other Persons that operates directly or
indirectly for the benefit of holders of Preferred Securities.

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

         "Redemption Price" shall have the meaning set forth in Section 3.2.

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

         "Scheduled Maturity Date" means April 30, 2032.

         "Securities Act," means the Securities Act of 1933, as amended, as in
effect at the date of execution of this instrument.

         "Senior Debt" means the principal of (and premium, if any) and
interest, if any (including interest accruing on or after the filing of any
petition in bankruptcy or for reorganization relating to the Company whether or
not such claim for post-petition interest is allowed in such proceeding), on
Debt, whether incurred on or prior to the date of this Indenture or thereafter
incurred, unless, in the instrument creating or evidencing the same or pursuant
to which the same is outstanding, it is provided that such obligations are not
superior in right of payment to the Debentures or to other Debt which is PARI
PASSU with, or subordinated to, the Debentures, PROVIDED, HOWEVER, that Senior
Debt shall not be deemed to include (i) any Debt of the Company which when
incurred and without respect to any election under section 1111(b) of the United
States Bankruptcy Code of 1978, as amended, was without recourse to the Company;
(ii) any Debt owed to any employee of the Company; (iii) any Debt which by its
terms is subordinated to trade accounts payable or accrued liabilities arising
in the ordinary course of business to the extent that payments made to the
holders of such Debt by the holders of the Debentures as a result of the
subordination provisions of this Indenture would be greater than they otherwise
would have been as a result of any obligation of such holders to pay amounts
over to the obligees on such trade accounts payable or accrued liabilities
arising in the ordinary course of business as a result of subordination
provisions to which such Debt is subject; and (iv) any Debt which constitutes
Subordinated Debt.

                                      -12-
<PAGE>

         "Senior Indebtedness" shall have the meaning set forth in Section 16.1.

         "Special Event" means a Tax Event, an Investment Company Event or a
Capital Treatment Event.

         "Subordinated Debt" means the principal of (and premium, if any) and
interest, if any (including interest accruing on or after the filing of any
petition in bankruptcy or for reorganization relating to the Company whether or
not such claim for post-petition interest is allowed in such proceeding), on
Debt, whether incurred on or prior to the date of this Indenture or thereafter
incurred, which is by its terms expressly provided to be junior and subordinate
to Senior Debt of the Company (other than the Debentures); PROVIDED, HOWEVER,
that Subordinated Debt will not be deemed to include (i) any Debt of the Company
which when incurred and without respect to any election under section 1111(b) of
the United States Bankruptcy Code of 1978, as amended, was without recourse to
the Company; (ii) any Debt owed to any employee of the Company; (iii) any Debt
which by its terms is subordinated to trade accounts payable or accrued
liabilities arising in the ordinary course of business to the extent that
payments made to the holders of such Debt by the holders of the Subordinated
Debentures as a result of the subordination provisions of this Indenture would
be greater than they otherwise would have been as a result of any obligation of
such holders to pay amounts over to the obligees on such trade accounts payable
or accrued liabilities arising in the ordinary course of business as a result of
subordination provisions to which such Debt is subject; (iv) any Debt which
constitutes Senior Debt; and (v) any Debt of the Company under debt securities
(and guarantees in respect of these debt securities) initially issued to any
trust, or a trustee of a trust, partnership or other entity affiliated with the
Company that is, directly or indirectly, a financing vehicle of the Company in
connection with the issuance by that entity of preferred securities or other
securities which are intended to qualify for Tier 1 capital treatment.

         "Subsidiary" means, with respect to any Person, (i) any corporation at
least a majority of whose outstanding Voting Stock shall at the time be owned,
directly or indirectly, by such Person or by one or more of its Subsidiaries or
by such Person and one or more of its Subsidiaries; (ii) any general
partnership, limited liability company, joint venture, trust or similar entity,
at least a majority of whose outstanding partnership or similar interests shall
at the time be owned by such Person, or by one or more of its Subsidiaries, or
by such Person and one or more of its Subsidiaries; and (iii) any limited
partnership of which such Person or any of its Subsidiaries is a general
partner.

         "Tax Event" means the receipt by the Company and the Trust of an
Opinion of Counsel, rendered by a law firm having a recognized national tax and
securities practice, to the effect that, as a result of any amendment to, or
change (including any announced prospective change) in, the laws (or any
regulations thereunder) of the United States or any political subdivision or
taxing authority thereof or therein, or as a result of any official
administrative pronouncement or judicial decision interpreting or applying such
laws or regulations, which amendment or change is effective or which
pronouncement or decision is announced on or after the date of issuance of the
Preferred Securities under the Trust Agreement, there is more than an
insubstantial risk that (i) the Trust is, or shall be within 90 days after the
date of such Opinion of Counsel, subject to United States federal income tax
with respect to income received or accrued on the Debentures;

                                      -13-
<PAGE>

(ii) interest payable by the Company on the Debentures is not, or within 90 days
after the date of such Opinion of Counsel, shall not be, deductible by the
Company, in whole or in part, for United States federal income tax purposes; or
(iii) the Trust is, or shall be within 90 days after the date of such Opinion of
Counsel, subject to more than a DE MINIMIS amount of other taxes, duties,
assessments or other governmental charges; PROVIDED, HOWEVER, that the Trust or
the Company shall have requested and received such an Opinion of Counsel with
regard to such matters within a reasonable period of time after the Trust or the
Company shall have become aware of the possible occurrence of any of the events
described in clauses (i) through (iii) above.

         "Trust" means Independent Capital Trust IV, a Delaware statutory
business trust.

         "Trust Agreement" means the Amended and Restated Declaration of Trust,
dated as of April 12, 2002, of the Trust.

         "Trustee" means The Bank of New York and, subject to the provisions of
Article IX, shall also include its successors and assigns, and, if at any time
there is more than one Person acting in such capacity hereunder, "Trustee" shall
mean each such Person.

         "Trust Indenture Act," means the Trust Indenture Act of 1939, as
amended, subject to the provisions of Sections 11.1, 11.2, and 12.1, as in
effect at the date of execution of this instrument.

         "Trust Securities" means the Common Securities and Preferred
Securities, collectively.

         "Voting Stock," as applied to stock of any Person, means shares,
interests, participations or other equivalents in the equity interest (however
designated) in such Person having ordinary voting power for the election of a
majority of the directors (or the equivalent) of such Person, other than shares,
interests, participations or other equivalents having such power only by reason
of the occurrence of a contingency.

                                   ARTICLE II

        ISSUE, DESCRIPTION, TERMS, CONDITIONS, REGISTRATION AND EXCHANGE
                               OF THE DEBENTURES

2.1      DESIGNATION AND PRINCIPAL AMOUNT.

         There is hereby authorized Debentures designated the 8.375% Junior
Subordinated Debentures due April 30, 2032 limited in aggregate principal
amount to $25,773,200 which amount shall be as set forth in any written order
of the Company for the authentication and delivery of Debentures pursuant to
Section 2.6.

                                      -14-
<PAGE>

2.2      MATURITY.

         (a) The Maturity Date shall be either:

             (i)  the Scheduled Maturity Date; or

             (ii) if the Company elects to accelerate the Maturity Date to
         be a date prior to the Scheduled Maturity Date in accordance with
         Section 2.2(c), the Accelerated Maturity Date.

         (b) the Company may at any time before the day which is 90 days
before the Scheduled Maturity Date and after April 30, 2007 elect to
shorten the Maturity Date only once to the Accelerated Maturity Date,
PROVIDED that the Company has received the prior approval of the Federal
Reserve if then required under applicable capital guidelines, policies or
regulations of the Federal Reserve.

         (c) if the Company elects to accelerate the Maturity Date in
accordance with Section 2.2(b), the Company shall give notice to the Trustee
and the Trust (unless the Trust is not the holder of the Debentures, in which
case the Trustee will give notice to the holders of the Debentures) of the
acceleration of the Maturity Date and the Accelerated Maturity Date at least
30 days and no more than 180 days before the Accelerated Maturity Date;
PROVIDED, HOWEVER that nothing provided in this Section 2.2 shall limit the
Company's rights, as provided in Article III hereof, to redeem all or a
portion of the Debentures at such time or times on or after April 30,
2007, as the Company may so determine, or at any time upon the occurrence of
a Special Event.

2.3      FORM AND PAYMENT.

         The Debentures shall be issued in fully registered certificated form
without interest coupons. Principal and interest on the Debentures issued in
certificated form shall be payable, the transfer of such Debentures shall be
registrable and such Debentures shall be exchangeable for Debentures bearing
identical terms and provisions at the office or agency of the Trustee; PROVIDED,
HOWEVER, that payment of interest may be made at the option of the Company by
check mailed to the holder at such address as shall appear in the Debenture
Register or by wire transfer to an account maintained by the holder as specified
in the Debenture Register, PROVIDED that the holder provides proper transfer
instructions by the regular record date. Notwithstanding the foregoing, so long
as the holder of any Debentures is the Property Trustee, the payment of
principal of and interest (including Compounded Interest and Additional
Interest, if any) on such Debentures held by the Property Trustee shall be made
at such place and to such account as may be designated by the Property Trustee.

2.4      [INTENTIONALLY LEFT BLANK].

2.5      INTEREST.

         (a) Each Debenture shall bear interest at the rate of 8.375% per annum
(the "Coupon Rate") from the original date of issuance until the principal
thereof becomes due and payable,

                                      -15-
<PAGE>

and on any overdue principal and (to the extent that payment of such interest
is enforceable under applicable law) on any overdue installment of interest
at the Coupon Rate, compounded quarterly, payable (subject to the provisions
of Article IV) quarterly in arrears on March 31, June 30, September 30 and
December 31 of each year (each, an "Interest Payment Date"), commencing on
June 30, 2002 to the Person in whose name such Debenture or any Predecessor
Debenture is registered, at the close of business on the regular record date
for such interest installment, which shall be the fifteenth day of the last
month of the calendar quarter.

         (b) The amount of interest payable for any period shall be computed on
the basis of a 360-day year of twelve 30-day months. The amount of interest
payable for any period shorter than a full quarterly period for which interest
is computed, shall be computed on the basis of the number of days elapsed in a
360-day year of twelve 30-day months. In the event that any date on which
interest is payable on the Debentures is not a Business Day, then payment of
interest payable on such date shall be made on the next succeeding day which is
a Business Day (and without any interest or other payment in respect of any such
delay) except that, if such Business Day is in the next succeeding calendar
year, such payment shall be made on the immediately preceding Business Day (and
without any reduction of interest or any other payment in respect of any such
acceleration), in each case with the same force and effect as if made on the
date such payment was originally payable.

         (c) If, at any time while the Property Trustee is the holder of any
Debentures, the Trust or the Property Trustee is required to pay any taxes,
duties, assessments or governmental charges of whatever nature (other than
withholding taxes) imposed by the United States, or any other taxing authority,
then, in any case, the Company shall pay as additional interest ("Additional
Interest") on the Debentures held by the Property Trustee, such additional
amounts as shall be required so that the net amounts received and retained by
the Trust and the Property Trustee after paying such taxes, duties, assessments
or other governmental charges shall be equal to the amounts the Trust and the
Property Trustee would have received had no such taxes, duties, assessments or
other government charges been imposed.

2.6      EXECUTION AND AUTHENTICATIONS.

         (a) The Debentures shall be signed on behalf of the Company by its
President or one of its Vice Presidents or Chief Financial Officer or Treasurer,
attested by its Clerk or one of its Assistant Clerks. Signatures may be in the
form of a manual or facsimile signature. The Company may use the facsimile
signature of any Person who shall have been a President or Vice President
thereof, or of any Person who shall have been a Clerk or Assistant Clerk
thereof, notwithstanding the fact that at the time the Debentures shall be
authenticated and delivered or disposed of such Person shall have ceased to be
the President or a Vice President, or the Clerk or an Assistant Clerk, of the
Company (and any such signature shall be binding on the Company). The Debentures
may contain such notations, legends or endorsements required by law, stock
exchange rule or usage. Each Debenture shall be dated the date of its
authentication by the Trustee.

         (b) A Debenture shall not be valid until authenticated manually by an
authorized signatory of the Trustee, or by an Authenticating Agent. Such
signature shall be conclusive

                                      -16-
<PAGE>

evidence that the Debenture so authenticated has been duly authenticated and
delivered hereunder and that the holder is entitled to the benefits of this
Indenture.

         (c) At any time and from time to time after the execution and delivery
of this Indenture, the Company may deliver Debentures executed by the Company to
the Trustee for authentication, together with a written order of the Company for
the authentication and delivery of such Debentures signed by its President or
any Vice President and its Chief Financial Officer or the Treasurer or any
Assistant Treasurer, and the Trustee in accordance with such written order shall
authenticate and deliver such Debentures.

         (d) In authenticating such Debentures and accepting the additional
responsibilities under this Indenture in relation to such Debentures, the
Trustee shall be entitled to receive, and (subject to Section 9.1) shall be
fully protected in relying upon, an Opinion of Counsel stating that the form and
terms thereof have been established in conformity with the provisions of this
Indenture.

         (e) The Trustee shall not be required to authenticate such Debentures
if the issue of such Debentures pursuant to this Indenture shall affect the
Trustee's own rights, duties or immunities under the Debentures and this
Indenture or otherwise in a manner that is not reasonably acceptable to the
Trustee.

2.7      REGISTRATION OF TRANSFER AND EXCHANGE.

         (a) Debentures may be exchanged upon presentation thereof at the office
or agency of the Company designated for such purpose in the Borough of
Manhattan, The City of New York, or at the office of the Debenture Registrar,
for other Debentures and for a like aggregate principal amount in denominations
of integral multiples of $25, upon payment of a sum sufficient to cover any tax
or other governmental charge in relation thereto, all as provided in this
Section 2.7. In respect of any Debentures so surrendered for exchange, the
Company shall execute, the Trustee shall authenticate and such office or agency
shall deliver in exchange therefor the Debenture or Debentures that the
Debentureholder making the exchange shall be entitled to receive, bearing
numbers not contemporaneously outstanding.

         (b) The Company shall keep, or cause to be kept, at its office or
agency designated for such purpose in the Borough of Manhattan, The City of New
York, or at the office of the Debenture Registrar or such other location
designated by the Company a register or registers (herein referred to as the
"Debenture Register") in which, subject to such reasonable regulations as the
Debenture Registrar (as defined below) may prescribe, the Company shall register
the Debentures and the transfers of Debentures as in this Article II PROVIDED
and which at all reasonable times shall be open for inspection by the Trustee.
The registrar for the purpose of registering Debentures and transfer of
Debentures as herein provided shall initially be the Trustee and thereafter as
may be appointed by the Company as authorized by Board Resolution (the
"Debenture Registrar"). Upon surrender for transfer of any Debenture at the
office or agency of the Company designated for such purpose, the Company shall
execute, the Trustee shall authenticate and such office or agency shall deliver
in the name of the transferee or transferees a new Debenture or Debentures for a
like aggregate principal amount. All

                                      -17-
<PAGE>

Debentures presented or surrendered for exchange or registration of transfer, as
provided in this Section 2.7, shall be accompanied (if so required by the
Company or the Debenture Registrar) by a written instrument or instruments of
transfer, in form satisfactory to the Company or the Debenture Registrar, duly
executed by the registered holder or by such holder's duly authorized attorney
in writing.

         (c) No service charge shall be made for any exchange or registration of
transfer of Debentures, or issue of new Debentures in case of partial
redemption, but the Company may require payment of a sum sufficient to cover any
tax or other governmental charge in relation thereto, other than exchanges
pursuant to Section 2.8, Section 3.5(b) and Section 11.4 not involving any
transfer.

         (d) The Company shall not be required (i) to issue, exchange or
register the transfer of any Debentures during a period beginning at the opening
of business 15 days before the day of the mailing of a notice of redemption of
less than all the Outstanding Debentures and ending at the close of business on
the day of such mailing; nor (ii) to register the transfer of or exchange any
Debentures or portions thereof called for redemption.

         (e) Debentures may only be transferred, in whole or in part, in
accordance with the terms and conditions set forth in this Indenture. Any
transfer or purported transfer of any Debenture not made in accordance with this
Indenture shall be null and void.

2.8      TEMPORARY DEBENTURES.

         Pending the preparation of definitive Debentures, the Company may
execute, and the Trustee shall authenticate and deliver, temporary Debentures
(printed, lithographed, or typewritten). Such temporary Debentures shall be
substantially in the form of the definitive Debentures in lieu of which they are
issued, but with such omissions, insertions and variations as may be appropriate
for temporary Debentures, all as may be determined by the Company. Every
temporary Debenture shall be executed by the Company and be authenticated by the
Trustee upon the same conditions and in substantially the same manner, and with
like effect, as the definitive Debentures. Without unnecessary delay the Company
shall execute and shall furnish definitive Debentures and thereupon any or all
temporary Debentures may be surrendered in exchange therefor (without charge to
the holders), at the office or agency of the Company designated for the purpose
in the Borough of Manhattan, The City of New York, and the Trustee shall
authenticate and such office or agency shall deliver in exchange for such
temporary Debentures an equal aggregate principal amount of definitive
Debentures, unless the Company advises the Trustee to the effect that definitive
Debentures need not be executed and furnished until further notice from the
Company. Until so exchanged, the temporary Debentures shall be entitled to the
same benefits under this Indenture as definitive Debentures authenticated and
delivered hereunder.

2.9      MUTILATED, DESTROYED, LOST OR STOLEN DEBENTURES.

         (a) In case any temporary or definitive Debenture shall become
mutilated or be destroyed, lost or stolen, the Company (subject to the next
succeeding sentence) shall execute,

                                      -18-
<PAGE>

and upon the Company's request the Trustee (subject as aforesaid) shall
authenticate and deliver, a new Debenture bearing a number not contemporaneously
outstanding, in exchange and substitution for the mutilated Debenture, or in
lieu of and in substitution for the Debenture so destroyed, lost, stolen or
mutilated. In every case the applicant for a substituted Debenture shall furnish
to the Company and the Trustee such security or indemnity as may be required by
them to save each of them harmless, and, in every case of destruction, loss or
theft, the applicant shall also furnish to the Company and the Trustee evidence
to their satisfaction of the destruction, loss or theft of the applicant's
Debenture and of the ownership thereof. The Trustee may authenticate any such
substituted Debenture and deliver the same upon the written request or
authorization of the President or any Vice President and the Chief Financial
Officer or the Treasurer or any Assistant Treasurer of the Company. Upon the
issuance of any substituted Debenture, 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. In case any Debenture that has matured or is
about to mature shall become mutilated or be destroyed, lost or stolen, the
Company may, instead of issuing a substitute Debenture, pay or authorize the
payment of the same (without surrender thereof except in the case of a mutilated
Debenture) if the applicant for such payment shall furnish to the Company and
the Trustee such security or indemnity as they may require to save them
harmless, and, in case of destruction, loss or theft, evidence to the
satisfaction of the Company and the Trustee of the destruction, loss or theft of
such Debenture and of the ownership thereof.

         (b) Every replacement Debenture issued pursuant to the provisions of
this Section 2.9 shall constitute an additional contractual obligation of the
Company whether or not the mutilated, destroyed, lost or stolen Debenture shall
be found at any time, or be enforceable by anyone, and shall be entitled to all
the benefits of this Indenture equally and proportionately with any and all
other Debentures duly issued hereunder. All Debentures shall be held and owned
upon the express condition that the foregoing provisions are exclusive with
respect to the replacement or payment of mutilated, destroyed, lost or stolen
Debentures, and shall preclude (to the extent lawful) any and all other rights
or remedies, notwithstanding any law or statute existing or hereafter enacted to
the contrary with respect to the replacement or payment of negotiable
instruments or other securities without their surrender.

2.10     CANCELLATION.

         All Debentures surrendered for the purpose of payment, redemption,
exchange or registration of transfer shall, if surrendered to the Company or any
paying agent, be delivered to the Trustee for cancellation, or, if surrendered
to the Trustee, shall be canceled by it, and no Debentures shall be issued in
lieu thereof except as expressly required or permitted by any of the provisions
of this Indenture. On request of the Company at the time of such surrender, the
Trustee shall deliver to the Company canceled Debentures held by the Trustee. In
the absence of such request the Trustee may dispose of canceled Debentures in
accordance with its standard procedures and deliver a certificate of disposition
to the Company. If the Company shall otherwise acquire any of the Debentures,
however, such acquisition shall not operate as a redemption or satisfaction of
the indebtedness represented by such Debentures unless and until the same are
delivered to the Trustee for cancellation.

                                      -19-
<PAGE>

2.11     BENEFIT OF INDENTURE.

         Nothing in this Indenture or in the Debentures, express or implied,
shall give or be construed to give to any Person, other than the parties hereto
and the holders of the Debentures (and, with respect to the provisions of
Article XVI, the holders of Senior Indebtedness) any legal or equitable right,
remedy or claim under or in respect of this Indenture, or under any covenant,
condition or provision herein contained; all such covenants, conditions and
provisions being for the sole benefit of the parties hereto and of the holders
of the Debentures (and, with respect to the provisions of Article XVI, the
holders of Senior Indebtedness).

2.12     AUTHENTICATING AGENT.

         (a) So long as any of the Debentures remain Outstanding there may be an
Authenticating Agent for any or all such Debentures, which Authenticating Agent
the Trustee shall have the right to appoint. Said Authenticating Agent shall be
authorized to act on behalf of the Trustee to authenticate Debentures issued
upon exchange, transfer or partial redemption thereof, and Debentures so
authenticated shall be entitled to the benefits of this Indenture and shall be
valid and obligatory for all purposes as if authenticated by the Trustee
hereunder. All references in this Indenture to the authentication of Debentures
by the Trustee shall be deemed to include authentication by an Authenticating
Agent. Each Authenticating Agent shall be acceptable to the Company and shall be
a corporation that has a combined capital and surplus, as most recently reported
or determined by it, sufficient under the laws of any jurisdiction under which
it is organized or in which it is doing business to conduct a trust business,
and that is otherwise authorized under such laws to conduct such business and is
subject to supervision or examination by federal or state authorities. If at any
time any Authenticating Agent shall cease to be eligible in accordance with
these provisions, it shall resign immediately.

         (b) Any Authenticating Agent may at any time resign by giving written
notice of resignation to the Trustee and to the Company. The Trustee may at any
time (and upon request by the Company shall) terminate the agency of any
Authenticating Agent by giving written notice of termination to such
Authenticating Agent and to the Company. Upon resignation, termination or
cessation of eligibility of any Authenticating Agent, the Trustee may appoint an
eligible successor Authenticating Agent acceptable to the Company. Any successor
Authenticating Agent, upon acceptance of its appointment hereunder, shall become
vested with all the rights, powers and duties of its predecessor hereunder as if
originally named as an Authenticating Agent pursuant hereto.

                                  ARTICLE III

                            REDEMPTION OF DEBENTURES

3.1      REDEMPTION.

         Subject to the Company having received prior approval of the Federal
Reserve, if then required under the applicable capital guidelines, policies or
regulations of the Federal Reserve,

                                      -20-
<PAGE>

the Company may redeem the Debentures issued hereunder on and after the dates
set forth in and in accordance with the terms of this Article III.

3.2      SPECIAL EVENT REDEMPTION.

         Subject to the Company having received the prior approval of the
Federal Reserve, if then required under the applicable capital guidelines,
policies or regulations of the Federal Reserve, if a Special Event has occurred
and is continuing, then, notwithstanding Section 3.3(a) but subject to Section
3.3(b), the Company shall have the right upon not less than 30 days' nor more
than 60 days' notice to the holders of the Debentures to redeem the Debentures,
in whole but not in part, for cash within 180 days following the occurrence of
such Special Event (the "180-Day Period") at a redemption price equal to 100% of
the principal amount to be redeemed plus any accrued and unpaid interest thereon
to the date of such redemption (the "Redemption Price"), PROVIDED that if at the
time there is available to the Company the opportunity to eliminate, within the
180-Day Period, a Tax Event by taking some ministerial action (a "Ministerial
Action"), such as filing a form or making an election, or pursuing some other
similar reasonable measure which has no adverse effect on the Company, the Trust
or the holders of the Trust Securities issued by the Trust, the Company shall
pursue such Ministerial Action in lieu of redemption, and, PROVIDED FURTHER,
that the Company shall have no right to redeem the Debentures pursuant to this
Section 3.2 while it is pursuing any Ministerial Action pursuant to its
obligations hereunder, and, PROVIDED FURTHER, that, if it is determined that the
taking of a Ministerial Action would not eliminate the Tax Event within the 180
Day Period, the Company's right to redeem the Debentures pursuant to this
Section 3.2 shall be restored and it shall have no further obligations to pursue
the Ministerial Action. The Redemption Price shall be paid prior to 12:00 noon,
New York time, on the date of such redemption or such earlier time as the
Company determines, PROVIDED that the Company shall deposit with the Trustee an
amount sufficient to pay the Redemption Price by 10:00 a.m., New York time, on
the date such Redemption Price is to be paid.

3.3      OPTIONAL REDEMPTION BY COMPANY.

         (a) Subject to the provisions of Section 3.3(c), except as otherwise
may be specified in this Indenture, the Company shall have the right to
redeem the Debentures, in whole or in part, from time to time, on or after
April 30, 2007, at a Redemption Price equal to 100% of the principal
amount to be redeemed plus any accrued and unpaid interest thereon to the
date of such redemption. Any redemption pursuant to this Section 3.3(a) shall
be made upon not less than 30 days' nor more than 60 days' notice to the
holder of the Debentures, at the Redemption Price. If the Debentures are only
partially redeemed pursuant to this Section 3.3(a), the Debentures shall be
redeemed pro rata or by lot or in such other manner as the Trustee shall deem
appropriate and fair in its discretion. The Redemption Price shall be paid
prior to 12:00 noon, New York time, on the date of such redemption or at such
earlier time as the Company determines PROVIDED that the Company shall
deposit with the Trustee an amount sufficient to pay the Redemption Price by
10:00 a.m., New York time, on the date such Redemption Price is to be paid.

                                      -21-
<PAGE>

         (b) Subject to the provisions of Section 3.3(c), the Company shall have
the right to redeem Debentures at any time and from time to time in a principal
amount equal to the Liquidation Amount (as defined in the Trust Agreement) of
any Preferred Securities purchased and beneficially owned by the Company, plus
an additional principal amount of Debentures equal to the Liquidation Amount (as
defined in the Trust Agreement) of that number of Common Securities that bears
the same proportion to the total number of Common Securities then outstanding as
the number of Preferred Securities to be redeemed bears to the total number of
Preferred Securities then outstanding. Such Debentures shall be redeemed
pursuant to this Section 3.3(b) only in exchange for and upon surrender by the
Company to the Property Trustee of the Preferred Securities and a proportionate
amount of Common Securities, whereupon the Property Trustee shall cancel the
Preferred Securities and Common Securities so surrendered and a Like Amount (as
defined in the Trust Agreement) of Debentures shall be extinguished by the
Trustee and shall no longer be deemed Outstanding.

         (c) If a partial redemption of the Debentures would result in the
delisting of the Preferred Securities issued by the Trust from The Nasdaq
National Market or any national securities exchange or other organization on
which the Preferred Securities are then listed or quoted, the Company shall not
be permitted to effect such partial redemption and may only redeem the
Debentures in whole or in part to such extent as would not cause a delisting.

3.4      NOTICE OF REDEMPTION.

         (a) Except in the case of a redemption pursuant to Section 3.3(b), in
case the Company shall desire to exercise such right to redeem all or, as the
case may be, a portion of the Debentures in accordance with the right reserved
so to do, the Company shall, or shall cause the Trustee to upon receipt of 45
days' written notice from the Company (which notice shall, in the event of a
partial redemption, include a representation to the effect that such partial
redemption will not result in the delisting of the Preferred Securities as
described in Section 3.3(c) above), give notice of such redemption to holders of
the Debentures to be redeemed by mailing, first class postage prepaid, a notice
of such redemption not less than 30 days and not more than 60 days before the
date fixed for redemption to such holders at their last addresses as they shall
appear upon the Debenture Register unless a shorter period is specified in the
Debentures to be redeemed. Any notice that is mailed in the manner herein
provided shall be conclusively presumed to have been duly given, whether or not
the registered holder receives the notice. In any case, failure duly to give
such notice to the holder of any Debenture designated for redemption in whole or
in part, or any defect in the notice, shall not affect the validity of the
proceedings for the redemption of any other Debentures. In the case of any
redemption of Debentures prior to the expiration of any restriction on such
redemption provided in the terms of such Debentures or elsewhere in this
Indenture, the Company shall furnish the Trustee with an Officers' Certificate
evidencing compliance with any such restriction. Each such notice of redemption
shall specify the date fixed for redemption and the Redemption Price and shall
state that payment of the Redemption Price shall be made at the office or agency
of the Company in the Borough of Manhattan, The City of New York or at the
Corporate Trust Office, upon presentation and surrender of such Debentures, that
interest accrued to the date fixed for redemption shall be paid as specified in
said notice and that from and after said date interest shall cease to accrue. If
less than all the Debentures are to be redeemed, the notice to the holders of

                                      -22-
<PAGE>

the Debentures shall specify the particular Debentures to be redeemed. If the
Debentures are to be redeemed in part only, the notice shall state the portion
of the principal amount thereof to be redeemed and shall state that on and after
the redemption date, upon surrender of such Debenture, a new Debenture or
Debentures in principal amount equal to the unredeemed portion thereof shall be
issued.

         (b) Except in the case of redemption pursuant to Section 3.3(b), if
less than all the Debentures are to be redeemed, the Company shall give the
Trustee at least 45 days' notice in advance of the date fixed for redemption as
to the aggregate principal amount of Debentures to be redeemed, and thereupon
the Trustee shall select, pro rata or by lot or in such other manner as it shall
deem appropriate and fair in its discretion, the portion or portions (equal to
$25 or any integral multiple thereof) of the Debentures to be redeemed and shall
thereafter promptly notify the Company in writing of the numbers of the
Debentures to be redeemed, in whole or in part. The Company may, if and whenever
it shall so elect pursuant to the terms hereof, by delivery of instructions
signed on its behalf by its Chairman, its President or any Vice President, its
Chief Financial Officer, or its Treasurer, instruct the Trustee or any paying
agent to call all or any part of the Debentures for redemption and to give
notice of redemption in the manner set forth in this Section 3.4, such notice to
be in the name of the Company or its own name as the Trustee or such paying
agent may deem advisable. In any case in which notice of redemption is to be
given by the Trustee or any such paying agent, the Company shall deliver or
cause to be delivered to, or permit to remain with, the Trustee or such paying
agent, as the case may be, such Debenture Register, transfer books or other
records, or suitable copies or extracts therefrom, sufficient to enable the
Trustee or such paying agent to give any notice by mail that may be required
under the provisions of this Section 3.4.

3.5      PAYMENT UPON REDEMPTION.

         (a) If the giving of notice of redemption shall have been completed as
above provided, the Debentures or portions of Debentures to be redeemed
specified in such notice shall become due and payable on the date and at the
place stated in such notice at the applicable Redemption Price, and interest on
such Debentures or portions of Debentures shall cease to accrue on and after the
date fixed for redemption, unless the Company shall default in the payment of
such Redemption Price with respect to any such Debenture or portion thereof. On
presentation and surrender of such Debentures on or after the date fixed for
redemption at the place of payment specified in the notice, said Debentures
shall be paid and redeemed at the Redemption Price (but if the date fixed for
redemption is an Interest Payment Date, the interest installment payable on such
date shall be payable to the registered holder at the close of business on the
applicable record date pursuant to Section 3.3).

         (b) Upon presentation of any Debenture that is to be redeemed in part
only, the Company shall execute and the Trustee shall authenticate and the
office or agency where the Debenture is presented shall deliver to the holder
thereof, at the expense of the Company, a new Debenture of authorized
denomination in principal amount equal to the unredeemed portion of the
Debenture so presented.

                                      -23-
<PAGE>

3.6      NO SINKING FUND.

         The Debentures are not entitled to the benefit of any sinking fund.

                                   ARTICLE IV

                      EXTENSION OF INTEREST PAYMENT PERIOD

4.1      EXTENSION OF INTEREST PAYMENT PERIOD.

         The Company shall have the right, at any time and from time to time
during the term of the Debentures so long as no Event of Default has occurred
and is continuing, to defer payments of interest by extending the interest
payment period of such Debentures for a period not exceeding 20 consecutive
quarters (the "Extended Interest Payment Period"), during which Extended
Interest Payment Period no interest shall be due and payable; PROVIDED that no
Extended Interest Payment Period may extend beyond the Maturity Date or end on a
date other than an Interest Payment Date. To the extent permitted by applicable
law, interest, the payment of which has been deferred because of the extension
of the interest payment period pursuant to this Section 4.1, shall bear interest
thereon at the Coupon Rate compounded quarterly for each quarter of the Extended
Interest Payment Period ("Compounded Interest"). At the end of the Extended
Interest Payment Period, the Company shall calculate (and deliver such
calculation to the Trustee) and pay all interest accrued and unpaid on the
Debentures, including any Additional Interest and Compounded Interest (together,
"Deferred Interest") that shall be payable to the holders of the Debentures in
whose names the Debentures are registered in the Debenture Register on the first
record date after the end of the Extended Interest Payment Period. Before the
termination of any Extended Interest Payment Period, the Company may further
extend such period so long as no Event of Default has occurred and is
continuing, provided that such period together with all such further extensions
thereof shall not exceed 20 consecutive quarters, or extend beyond the Maturity
Date of the Debentures or end on a date other than an Interest Payment Date.
Upon the termination of any Extended Interest Payment Period and upon the
payment of all Deferred Interest then due, the Company may commence a new
Extended Interest Payment Period, subject to the foregoing requirements. No
interest shall be due and payable during an Extended Interest Payment Period,
except at the end thereof, but the Company may prepay at any time all or any
portion of the interest accrued during an Extended Interest Payment Period.

4.2      NOTICE OF EXTENSION.

         (a) If the Property Trustee is the only registered holder of the
Debentures at the time the Company selects an Extended Interest Payment Period,
the Company shall give written notice to the Administrative Trustees, the
Property Trustee and the Trustee of its selection of such Extended Interest
Payment Period two Business Days before the earlier of (i) the next succeeding
date on which Distributions on the Trust Securities issued by the Trust are
payable; or (ii) the date the Trust is required to give notice of the record
date, or the date such Distributions are payable, to The Nasdaq National Market
or other applicable self-regulatory

                                      -24-
<PAGE>

organization or to holders of the Preferred Securities issued by the Trust, but
in any event at least one Business Day before such record date.

         (b) If the Property Trustee is not the only holder of the Debentures at
the time the Company selects an Extended Interest Payment Period, the Company
shall give the holders of the Debentures and the Trustee written notice of its
selection of such Extended Interest Payment Period at least two Business Days
before the earlier of (i) the next succeeding Interest Payment Date; or (ii) the
date the Company is required to give notice of the record or payment date of
such interest payment to The Nasdaq National Market or other applicable
self-regulatory organization or to holders of the Debentures.

         (c) The quarter in which any notice is given pursuant to paragraphs (a)
or (b) of this Section 4.2 shall be counted as one of the 20 quarters permitted
in the maximum Extended Interest Payment Period permitted under Section 4.1.

4.3      LIMITATION ON TRANSACTIONS.

         If (i) the Company shall exercise its right to defer payment of
interest as provided in Section 4.1, or (ii) there shall have occurred and be
continuing any Event of Default, then (a) the Company shall not declare or pay
any dividend on, make any distributions with respect to, or redeem, purchase,
acquire or make a liquidation payment with respect to, any of its capital stock
(other than (A) dividends or distributions in common stock of the Company, or
any declaration of a non-cash dividend in connection with the implementation of
a shareholder rights plan, or the issuance of stock under any such plan in the
future, or the redemption or repurchase of any such rights pursuant thereto, (B)
purchases of common stock of the Company related to the rights under any of the
Company's benefit plans for its directors, officers or employees, or (C) as a
result of a reclassification of its capital stock for another class of its
capital stock); (b) the Company shall not make any payment of interest,
principal or premium, if any, or repay, repurchase or redeem any debt securities
issued by the Company which rank PARI PASSU with or junior to the Debentures or
make any guarantee payment with respect to any guarantee by the Company of the
debt securities of any subsidiary of the Company if such guarantee ranks PARI
PASSU with or junior to the Debentures; PROVIDED, HOWEVER, that, notwithstanding
the foregoing, the Company may make payments pursuant to its obligations under
the Preferred Securities Guarantee; and (c) the Company shall not redeem,
purchase or acquire less than all of the outstanding Debentures or any of the
Preferred Securities.

                                   ARTICLE V

                       PARTICULAR COVENANTS OF THE COMPANY

5.1      PAYMENT OF PRINCIPAL AND INTEREST.

         The Company shall duly and punctually pay or cause to be paid the
principal of and interest on the Debentures at the time and place and in the
manner provided herein. Each such payment of the principal of and interest on
the Debentures shall relate only to the Debentures, shall not be combined with
any other payment of the principal of or interest on any other

                                      -25-
<PAGE>

obligation of the Company, and shall be clearly and unmistakably identified as
pertaining to the Debentures.

5.2      MAINTENANCE OF AGENCY.

         So long as any of the Debentures remain Outstanding, the Company shall
maintain, or shall cause to be maintained, an office or agency in the Borough of
Manhattan, The City of New York, and at such other location or locations as may
be designated as provided in this Section 5.2, where (i) Debentures may be
presented for payment; (ii) Debentures may be presented as hereinabove
authorized for registration of transfer and exchange; and (iii) notices and
demands to or upon the Company in respect of the Debentures and this Indenture
may be given or served, such designation to continue with respect to such office
or agency until the Company shall, by written notice signed by its President or
an Executive Vice President and delivered to the Trustee, designate some other
office or agency for such purposes or any of them. 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, 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, notices and demands. In addition to any such office or agency,
the Company may from time to time designate one or more offices or agencies
outside of the Borough of Manhattan, The City of New York, where the Debentures
may be presented for registration or transfer and for exchange in the manner
provided herein, and the Company may from time to time rescind such designation
as the Company may deem desirable or expedient; PROVIDED, HOWEVER, that no such
designation or rescission shall in any manner relieve the Company of its
obligation to maintain any such office or agency in the Borough of Manhattan,
The City of New York, for the purposes above mentioned. The Company shall give
the Trustee prompt written notice of any such designation or rescission thereof.

5.3      PAYING AGENTS.

         (a) The Company shall be the initial paying agent. If the Company shall
appoint one or more paying agents for the Debentures, other than the Trustee,
the Company shall cause each such paying agent to execute and deliver to the
Trustee an instrument in which such agent shall agree with the Trustee, subject
to the provisions of this Section 5.3:

                  (i) that it shall hold all sums held by it as such agent for
         the payment of the principal of or interest on the Debentures (whether
         such sums have been paid to it by the Company or by any other obligor
         of such Debentures) in trust for the benefit of the Persons entitled
         thereto;

                  (ii) that it shall give the Trustee notice of any failure by
         the Company (or by any other obligor of such Debentures) to make any
         payment of the principal of or interest on the Debentures when the same
         shall be due and payable;

                                      -26-
<PAGE>

                  (iii) that it shall, at any time during the continuance of any
         failure referred to in the preceding paragraph (a)(ii) above, upon the
         written request of the Trustee, forthwith pay to the Trustee all sums
         so held in trust by such paying agent; and

                  (iv) that it shall perform all other duties of paying agent
         as set forth in this Indenture.

         (b) If the Company shall act as its own paying agent with respect to
the Debentures, it shall on or before each due date of the principal of or
interest on such Debentures, set aside, segregate and hold in trust for the
benefit of the Persons entitled thereto a sum sufficient to pay such principal
or interest so becoming due on Debentures until such sums shall be paid to such
Persons or otherwise disposed of as herein provided and shall promptly notify
the Trustee of such action, or any failure (by it or any other obligor on such
Debentures) to take such action. Whenever the Company shall have one or more
paying agents for the Debentures, it shall, prior to each due date of the
principal of or interest on any Debentures, deposit with the paying agent a sum
sufficient to pay the principal or interest so becoming due, such sum to be held
in trust for the benefit of the Persons entitled to such principal or interest,
and (unless such paying agent is the Trustee) the Company shall promptly notify
the Trustee of this action or failure so to act.

         (c) Notwithstanding anything in this Section 5.3 to the contrary, (i)
the agreement to hold sums in trust as provided in this Section 5.3 is subject
to the provisions of Section 13.3 and 13.4; and (ii) 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 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 terms and conditions as those upon
which such sums were held by the Company or such paying agent; and, upon such
payment by any paying agent to the Trustee, such paying agent shall be released
from all further liability with respect to such money.

5.4      APPOINTMENT TO FILL VACANCY IN OFFICE OF TRUSTEE.

         The Company, whenever necessary to avoid or fill a vacancy in the
office of Trustee, shall appoint, in the manner provided in Section 9.11, a
Trustee, so that there shall at all times be a Trustee hereunder.

5.5      COMPLIANCE WITH CONSOLIDATION PROVISIONS.

         The Company shall not, while any of the Debentures remain outstanding,
consolidate with, or merge into, or merge into itself, or sell or convey all or
substantially all of its property to any other company unless the provisions of
Article XII hereof are complied with.

5.6      LIMITATION ON TRANSACTIONS.

         If Debentures are issued to the Trust or a Trustee of the Trust in
connection with the issuance of Trust Securities by the Trust and (i) there
shall have occurred any event that would constitute an Event of Default; (ii)
the Company shall be in default with respect to any of its obligations under the
Preferred Securities Guarantee relating to the Trust; or (iii) the Company shall
have given notice of its election to defer payments of interest on such
Debentures by

                                      -27-
<PAGE>

extending the interest payment period as provided in this Indenture and such
period, or any extension thereof, shall be continuing, then (a) the Company
shall not declare or pay any dividend on, make any distributions with respect
to, or redeem, purchase, acquire or make a liquidation payment with respect to,
any of its capital stock (other than (A) dividends or distributions in common
stock of the Company, or any declaration of a non-cash dividend in connection
with the implementation of a shareholder rights plan, or the issuance of stock
under any such plan in the future, or the redemption or repurchase of any such
rights pursuant thereto, (B) purchases of common stock of the Company related to
the rights under any of the Company's benefit plans for its directors, officers
or employees, or (C) as a result of a reclassification of its capital stock into
another class of its capital stock); and (b) the Company shall not make any
payment of interest, principal or premium, if any, or repay, repurchase or
redeem any debt securities issued by the Company which rank PARI PASSU with or
junior to the Debentures or make any guarantee payments with respect to any
guarantee by the Company of the debt securities of any subsidiary of the Company
if such guarantee ranks PARI PASSU with or junior in interest to the Debentures;
PROVIDED, HOWEVER, that notwithstanding the foregoing the Company may make
payments pursuant to its obligations under the Preferred Securities Guarantee;
and (c) the Company shall not redeem, purchase or acquire less than all of the
outstanding Debentures or any of the Preferred Securities.

5.7      COVENANTS AS TO THE TRUST.

         For so long as such Trust Securities of the Trust remain outstanding,
the Company shall (i) maintain 100% direct or indirect ownership of the Common
Securities of the Trust; PROVIDED, HOWEVER, that any permitted successor of the
Company under this Indenture may succeed to the Company's ownership of the
Common Securities; (ii) not voluntarily terminate, wind up or liquidate the
Trust, except upon prior approval of the Federal Reserve if then so required
under applicable capital guidelines, policies or regulations of the Federal
Reserve and use its reasonable efforts to cause the Trust (a) to remain a
business trust (and to avoid involuntary termination, winding up or
liquidation), except in connection with a distribution of Debentures, the
redemption of all of the Trust Securities of the Trust or certain mergers,
consolidations or amalgamations, each as permitted by the Trust Agreement; and
(b) to otherwise continue not to be treated as an association taxable as a
corporation or partnership for United States federal income tax purposes; (iii)
use its reasonable efforts to cause each holder of Trust Securities to be
treated as owning an individual beneficial interest in the Debentures; and (iv)
the Company, and any successor to the Company, shall use best efforts to
maintain the eligibility of the Preferred Securities for quotation or listing on
any national securities exchange or other organization on which the Preferred
Securities are then quoted or listed (including, if applicable, The Nasdaq
National Market) and shall use best efforts to keep the Preferred Securities so
quoted or listed for so long as the Preferred Securities remain outstanding. In
connection with the distribution of the Debentures to the holders of the
Preferred Securities issued by the Trust upon a Dissolution Event, the Company
shall use its best efforts to list such Debentures on The Nasdaq National Market
or on such other exchange as the Preferred Securities are then listed.

                                      -28-
<PAGE>

5.8      COVENANTS AS TO PURCHASES.

         Except upon the exercise by the Company of its right to redeem the
Debentures pursuant to Section 3.2 upon the occurrence and continuation of a
Special Event or pursuant to Section 3.3(b), prior to ____________ 2007, the
Company shall not purchase any Debentures, in whole or in part, from the
Trust.

5.9      WAIVER OF USURY, STAY OR EXTENSION LAWS.

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

                                   ARTICLE VI

       DEBENTUREHOLDERS' LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE

6.1      COMPANY TO FURNISH TRUSTEE NAMES AND ADDRESSES OF DEBENTUREHOLDERS.

         The Company shall furnish or cause to be furnished to the Trustee (a)
on a quarterly basis on each regular record date (as described in Section 2.5) a
list, in such form as the Trustee may reasonably require, of the names and
addresses of the holders of the Debentures as of such regular record date,
provided that the Company shall not be obligated to furnish or cause to furnish
such list at any time that the list shall not differ in any respect from the
most recent list furnished to the Trustee by the Company (in the event the
Company fails to provide such list on a quarterly basis, the Trustee shall be
entitled to rely on the most recent list provided by the Company); and (b) at
such other times as the Trustee may request in writing within 30 days after the
receipt by the Company of any such request, a list of similar form and content
as of a date not more than 15 days prior to the time such list is furnished;
PROVIDED, HOWEVER, that, in either case, no such list need be furnished if the
Trustee shall be the Debenture Registrar.

6.2      PRESERVATION OF INFORMATION COMMUNICATIONS WITH DEBENTUREHOLDERS.

         (a) The Trustee shall preserve, in as current a form as is reasonably
practicable, all information as to the names and addresses of the holders of
Debentures contained in the most recent list furnished to it as provided in
Section 6.1 and as to the names and addresses of holders of Debentures received
by the Trustee in its capacity as registrar for the Debentures (if acting in
such capacity).

                                      -29-
<PAGE>

         (b) The Trustee may destroy any list furnished to it as provided in
Section 6.1 upon receipt of a new list so furnished.

         (c) Debentureholders may communicate as provided in Section 312(b) of
the Trust Indenture Act with other Debentureholders with respect to their rights
under this Indenture or under the Debentures.

6.3      REPORTS BY THE COMPANY.

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

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

         (c) The Company covenants and agrees to transmit by mail, first class
postage prepaid, or reputable overnight delivery service that provides for
evidence of receipt, to the Debentureholders, as their names and addresses
appear upon the Debenture Register, within 30 days after the filing thereof with
the Trustee, such summaries of any information, documents and reports required
to be filed by the Company pursuant to subsections (a) and (b) of this Section
6.3 as may be required by rules and regulations prescribed from time to time by
the Commission. Delivery of such reports, information and documents to the
Trustee is for informational purposes only and the Trustee's receipt of such
shall not constitute constructive notice of any information contained therein or
determinable from information contained therein, including the Company's
compliance with any of its covenants hereunder (as to which the Trustee is
entitled to rely exclusively on Officer's Certificates.)

6.4      REPORTS BY THE TRUSTEE.

         (a) On or before July 15 in each year in which any of the Debentures
are Outstanding, the Trustee shall transmit by mail, first class postage
prepaid, to the Debentureholders, as their names and addresses appear upon the
Debenture Register, a brief report dated as of the preceding May 15, if and to
the extent required under Section 313(a) of the Trust Indenture Act.

                                      -30-
<PAGE>

         (b) The Trustee shall comply with Section 313(b) and 313(c) of the
Trust Indenture Act.

         (c) A copy of each such report shall, at the time of such transmission
to Debentureholders, be filed by the Trustee with the Company, with each stock
exchange upon which any Debentures are listed (if so listed) and also with the
Commission. The Company agrees to notify the Trustee when any Debentures become
listed on any stock exchange.

                                  ARTICLE VII

        REMEDIES OF THE TRUSTEE AND DEBENTUREHOLDERS ON EVENT OF DEFAULT

7.1      EVENTS OF DEFAULT.

         (a) Whenever used herein with respect to the Debentures, "Event of
Default" means any one or more of the following events that has occurred and is
continuing:

                  (i) the Company defaults in the payment of any installment of
         interest upon any of the Debentures, as and when the same shall become
         due and payable, and continuance of such default for a period of 30
         days; PROVIDED, HOWEVER, that a valid extension of an interest payment
         period by the Company in accordance with the terms of this Indenture
         shall not constitute a default in the payment of interest for this
         purpose;

                  (ii) the Company defaults in the payment of the principal on
         the Debentures as and when the same shall become due and payable
         whether at maturity, upon redemption, by declaration or otherwise;

                  (iii) the Company fails to observe or perform any other of its
         covenants or agreements with respect to the Debentures for a period of
         90 days after the date on which written notice of such failure,
         requiring the same to be remedied and stating that such notice is a
         "Notice of Default" hereunder, shall have been given to the Company by
         the Trustee, by registered or certified mail, or to the Company and the
         Trustee by the holders of at least 25% in principal amount of the
         Debentures at the time Outstanding;

                  (iv) the Company pursuant to or within the meaning of any
         Bankruptcy Law (i) commences a voluntary case; (ii) consents to the
         entry of an order for relief against it in an involuntary case; (iii)
         consents to the appointment of a Custodian of it or for all or
         substantially all of its property; or (iv) makes a general assignment
         for the benefit of its creditors;

                  (v) a court of competent jurisdiction enters an order under
         any Bankruptcy Law that (i) is for relief against the Company in an
         involuntary case; (ii) appoints a Custodian of the Company for all or
         substantially all of its property; or (iii) orders the liquidation of
         the Company, and the order or decree remains unstayed and in effect for
         90 days; or

                                      -31-
<PAGE>

                  (vi) the Trust shall have voluntarily or involuntarily
         dissolved, wound-up its business or otherwise terminated its existence
         except in connection with (i) the distribution of Debentures to holders
         of Trust Securities in liquidation of their interests in the Trust;
         (ii) the redemption of all of the outstanding Trust Securities of the
         Trust; or (iii) certain mergers, consolidations or amalgamations, each
         as permitted by the Trust Agreement.

         (b) In each and every such case referred to in paragraph (i) through
(vi) of this Section 7.1(a), unless the principal of all the Debentures shall
have already become due and payable, either the Trustee or the holders of not
less than 25% in aggregate principal amount of the Debentures then Outstanding
hereunder, by notice in writing to the Company (and to the Trustee if given by
such Debentureholders) may declare the principal of all the Debentures to be due
and payable immediately, and upon any such declaration the same shall become and
shall be immediately due and payable, notwithstanding anything contained in this
Indenture or in the Debentures.

         (c) At any time after the principal of the Debentures shall have been
so declared due and payable, and before any judgment or decree for the payment
of the moneys due shall have been obtained or entered as hereinafter provided,
the holders of a majority in aggregate principal amount of the Debentures then
Outstanding hereunder, by written notice to the Company and the Trustee, may
rescind and annul such declaration and its consequences if: (i) the Company has
paid or deposited with the Trustee a sum sufficient to pay all matured
installments of interest upon all the Debentures and the principal of any and
all Debentures that shall have become due otherwise than by acceleration (with
interest upon such principal, and, to the extent that such payment is
enforceable under applicable law, upon overdue installments of interest, at the
rate per annum expressed in the Debentures to the date of such payment or
deposit) and the amount payable to the Trustee under Section 9.7; and (ii) any
and all Events of Default under this Indenture, other than the nonpayment of
principal on Debentures that shall not have become due by their terms, shall
have been remedied or waived as provided in Section 7.6. No such rescission and
annulment shall extend to or shall affect any subsequent default or impair any
right consequent thereon.

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

7.2      COLLECTION OF INDEBTEDNESS AND SUITS FOR ENFORCEMENT BY TRUSTEE.

         (a) The Company covenants that (1) in case it shall default in the
payment of any installment of interest on any of the Debentures, and such
default shall have continued for a period of 30 days; or (2) in case it shall
default in the payment of the principal of any of the Debentures when the same
shall have become due and payable, whether upon maturity of the

                                      -32-
<PAGE>

Debentures or upon redemption or upon declaration or otherwise, then, upon
demand of the Trustee, the Company shall pay to the Trustee, for the benefit of
the holders of the Debentures, the whole amount that then shall have become due
and payable on all such Debentures for principal or interest, or both, as the
case may be, with interest upon the overdue principal and (to the extent that
payment of such interest is enforceable under applicable law and, if the
Debentures are held by the Trust or a trustee of the Trust, without duplication
of any other amounts paid by the Trust or trustee in respect thereof) upon
overdue installments of interest at the rate per annum expressed in the
Debentures; and, in addition thereto, such further amount as shall be sufficient
to cover the costs and expenses of collection, and the amount payable to the
Trustee under Section 9.7.

         (b) If the Company shall fail to pay such amounts set forth in Section
7.2(a) forthwith upon such demand, the Trustee, in its own name and as trustee
of an express trust, shall be entitled and empowered to institute any action or
proceedings at law or in equity for the collection of the sums so due and
unpaid, and may prosecute any such action or proceeding to judgment or final
decree, and may enforce any such judgment or final decree against the Company or
other obligor upon the Debentures and collect the moneys adjudged or decreed to
be payable in the manner provided by law out of the property of the Company or
other obligor upon the Debentures, wherever situated.

         (c) In case of any receivership, insolvency, liquidation, bankruptcy,
reorganization, readjustment, arrangement, composition or judicial proceedings
affecting the Company, the Trust, or the creditors or property of either, the
Trustee shall have power to intervene in such proceedings and take any action
therein that may be permitted by the court and shall (except as may be otherwise
provided by law) be entitled to file such proofs of claim and other papers and
documents as may be necessary or advisable in order to have the claims of the
Trustee and of the holders of the Debentures allowed for the entire amount due
and payable by the Company under this Indenture at the date of institution of
such proceedings and for any additional amount that may become due and payable
by the Company after such date, and to collect and receive any moneys or other
property payable or deliverable on any such claim, and to distribute the same
after the deduction of the amount payable to the Trustee under Section 9.7; and
any receiver, assignee or trustee in bankruptcy or reorganization is hereby
authorized by each of the holders of the Debentures to make such payments to the
Trustee, and, in the event that the Trustee shall consent to the making of such
payments directly to such Debentureholders, to pay to the Trustee any amount due
it under Section 9.7.

         (d) All rights of action and of asserting claims under this Indenture,
or under any of the terms established with respect to the Debentures, may be
enforced by the Trustee without the possession of any of such Debentures, or the
production thereof at any trial or other proceeding relative thereto, and any
such suit or proceeding instituted by the Trustee shall be brought in its own
name as trustee of an express trust, and any recovery of judgment shall, after
provision for payment to the Trustee of any amounts due under Section 9.7, be
for the ratable benefit of the holders of the Debentures. In case of an Event of
Default hereunder, the Trustee may in its discretion proceed to protect and
enforce the rights vested in it by this Indenture by such appropriate judicial
proceedings as the Trustee shall deem most effectual to protect and enforce any
of such rights, either at law or in equity or in bankruptcy or otherwise,
whether for the

                                      -33-
<PAGE>

specific enforcement of any covenant or agreement contained in this Indenture or
in aid of the exercise of any power granted in this Indenture, or to enforce any
other legal or equitable right vested in the Trustee by this Indenture or by
law. Nothing contained herein shall be deemed to authorize the Trustee to
authorize or consent to or accept or adopt on behalf of any Debentureholder any
plan of reorganization, arrangement, adjustment or composition affecting the
Debentures or the rights of any holder thereof or to authorize the Trustee to
vote in respect of the claim of any Debentureholder in any such proceeding.

7.3      APPLICATION OF MONEYS COLLECTED.

         Any moneys or other assets collected by the Trustee pursuant to this
Article VII with respect to the Debentures shall be applied in the following
order, at the date or dates fixed by the Trustee and, in case of the
distribution of such moneys or other assets on account of principal or interest,
upon presentation of the Debentures, and notation thereon the payment, if only
partially paid, and upon surrender thereof if fully paid:

         FIRST: To the payment of costs and expenses of collection and of all
         amounts payable to the Trustee under Section 9.7;

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

         THIRD: To the payment of the amounts then due and unpaid upon the
         Debentures for principal and interest, 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 Debentures for principal and interest, respectively.

7.4      LIMITATION ON SUITS.

         (a) Except as set forth in this Indenture, no holder of any Debenture
shall have any right by virtue or by availing of any provision of this Indenture
to institute any suit, action or proceeding in equity or at law upon or under or
with respect to this Indenture or for the appointment of a receiver or trustee,
or for any other remedy hereunder, unless (i) such holder previously shall have
given to the Trustee written notice of an Event of Default and of the
continuance thereof with respect to the Debentures specifying such Event of
Default, as hereinbefore provided; (ii) the holders of not less than 25% in
aggregate principal amount of the Debentures then Outstanding shall have made
written request upon the Trustee to institute such action, suit or proceeding in
its own name as trustee hereunder; (iii) such holder or holders shall have
offered to the Trustee such reasonable indemnity as it may require against the
costs, expenses and liabilities to be incurred therein or thereby; (iv) the
Trustee for 60 days after its receipt of such notice, request and offer of
indemnity, shall have failed to institute any such action, suit or proceeding;
and (v) during such 60 day period, the holders of a majority in principal amount
of the Debentures do not give the Trustee a direction inconsistent with the
request.

         (b) Notwithstanding anything contained herein to the contrary or any
other provisions of this Indenture, the right of any holder of the Debentures to
receive payment of the principal of

                                      -34-
<PAGE>

and interest on the Debentures, as therein provided, on or after the respective
due dates expressed in such Debenture (or in the case of redemption, on the
redemption date), or to institute suit for the enforcement of any such payment
on or after such respective dates or redemption date, shall not be impaired or
affected without the consent of such holder and by accepting a Debenture
hereunder it is expressly understood, intended and covenanted by the taker and
holder of every Debenture with every other such taker and holder and the
Trustee, that no one or more holders of Debentures shall have any right in any
manner whatsoever by virtue or by availing of any provision of this Indenture to
affect, disturb or prejudice the rights of the holders of any other of such
Debentures, or to obtain or seek to obtain priority over or preference to any
other such holder, or to enforce any right under this Indenture, except in the
manner herein provided and for the equal, ratable and common benefit of all
holders of Debentures. For the protection and enforcement of the provisions of
this Section 7.4, each and every Debentureholder and the Trustee shall be
entitled to such relief as can be given either at law or in equity.

7.5      RIGHTS AND REMEDIES CUMULATIVE; DELAY OR OMISSION NOT WAIVER.

         (a) Except as otherwise provided in Section 2.9(b), all powers and
remedies given by this Article VII to the Trustee or to the Debentureholders
shall, to the extent permitted by law, be deemed cumulative and not exclusive of
any other powers and remedies available to the Trustee or the holders of the
Debentures, by judicial proceedings or otherwise, to enforce the performance or
observance of the covenants and agreements contained in this Indenture or
otherwise established with respect to such Debentures.

         (b) No delay or omission of the Trustee or of any holder of any of the
Debentures to exercise any right or power accruing upon any Event of Default
occurring and continuing as aforesaid shall impair any such right or power, or
shall be construed to be a waiver of any such default or on acquiescence
therein; and, subject to the provisions of Section 7.4, every power and remedy
given by this Article VII or by law to the Trustee or the Debentureholders may
be exercised from time to time, and as often as shall be deemed expedient, by
the Trustee or by the Debentureholders.

7.6      CONTROL BY DEBENTUREHOLDERS.

         The holders of a majority in aggregate principal amount of the
Debentures at the time Outstanding, determined in accordance with Section 10.4,
shall have the right to direct the time, method and place of conducting any
proceeding for any remedy available to the Trustee, or exercising any trust or
power conferred on the Trustee; PROVIDED, HOWEVER, that such direction shall not
be in conflict with any rule of law or with this Indenture. Subject to the
provisions of Section 9.1, the Trustee shall have the right to decline to follow
any such direction if the Trustee in good faith shall, by a Responsible Officer
or Officers of the Trustee, determine that the proceeding so directed would
involve the Trustee in personal liability. The holders of a majority in
aggregate principal amount of the Debentures at the time Outstanding affected
thereby, determined in accordance with Section 10.4, may on behalf of the
holders of all of the Debentures waive any past default in the performance of
any of the covenants contained herein and its consequences, except (i) a default
in the payment of the principal of, or interest on, any of the Debentures as and
when the same shall become due by the terms of such Debentures

                                      -35-
<PAGE>

otherwise than by acceleration (unless such default has been cured and a sum
sufficient to pay all matured installments of interest and principal has been
deposited with the Trustee (in accordance with Section 7.1(c)); (ii) a default
in the covenants contained in Section 5.7; or (iii) in respect of a covenant or
provision hereof which cannot be modified or amended without the consent of the
holder of each Outstanding Debenture affected; PROVIDED, HOWEVER, that if the
Debentures are held by the Trust or a trustee of the Trust, such waiver or
modification to such waiver shall not be effective until the holders of a
majority in liquidation preference of Trust Securities of the Trust shall have
consented to such waiver or modification to such waiver; PROVIDED FURTHER, that
if the consent of the holder of each Outstanding Debenture is required, such
waiver shall not be effective until each holder of the Trust Securities of the
Trust shall have consented to such waiver. Upon any such waiver, the default
covered thereby shall be deemed to be cured for all purposes of this Indenture
and the Company, the Trustee and the holders of the Debentures shall be restored
to their former positions and rights hereunder, respectively; but no such waiver
shall extend to any subsequent or other default or impair any right consequent
thereon.

7.7      UNDERTAKING TO PAY COSTS.

         All parties to this Indenture agree, and each holder of any Debentures
by such holder's acceptance thereof shall be deemed to have agreed, that any
court may in its discretion require, in any suit for the enforcement of any
right or remedy under this Indenture, or in any suit against the Trustee for any
action taken or omitted by it as Trustee, the filing by any party litigant in
such suit of an undertaking to pay the costs of such suit, and that such court
may in its discretion assess reasonable costs, including reasonable attorneys'
fees, against any party litigant in such suit, having due regard to the merits
and good faith of the claims or defenses made by such party litigant; but the
provisions of this Section 7.7 shall not apply to any suit instituted by the
Trustee, to any suit instituted by any Debentureholder, or group of
Debentureholders holding more than 10% in aggregate principal amount of the
Outstanding Debentures, or to any suit instituted by any Debentureholder for the
enforcement of the payment of the principal of or interest on the Debentures, on
or after the respective due dates expressed in such Debenture or established
pursuant to this Indenture.

7.8      DIRECT ACTION; RIGHT OF SET-OFF

         In the event that an Event of Default has occurred and is continuing
and such event is attributable to the failure of the Company to pay interest on
or principal of the Debentures on an Interest Payment Date or Maturity Date, as
applicable, then a holder of Preferred Securities may institute a legal
proceeding directly against the Company for enforcement of payment to such
holder of the principal of or interest on such Debentures having a principal
amount equal to the aggregate Liquidation Amount of the Preferred Securities of
such holders (a "Direct Action"). In connection with such Direct Action, the
Company will have a right of set-off under this Indenture to the extent of any
payment actually made by the Company to such holder of the Preferred Securities
with respect to such Direct Action.

                                      -36-
<PAGE>

                                  ARTICLE VIII

                      FORM OF DEBENTURE AND ORIGINAL ISSUE

8.1      FORM OF DEBENTURE.

         The Debenture and the Trustee's Certificate of Authentication to be
endorsed thereon are to be substantially in the forms contained as Exhibit A to
this Indenture, attached hereto and incorporated herein by reference.

8.2      ORIGINAL ISSUE OF DEBENTURES.

         Debentures in the aggregate principal amount of $25,773,200 may, upon
execution of this Indenture, be executed by the Company and delivered to the
Trustee for authentication. The Trustee shall thereupon authenticate and deliver
said Debentures to or upon the written order of the Company, signed by its
President, or any Vice President and its Chief Financial Officer or the
Treasurer or an Assistant Treasurer, without any further action by the Company.

                                   ARTICLE IX

                             CONCERNING THE TRUSTEE

9.1      CERTAIN DUTIES AND RESPONSIBILITIES OF THE TRUSTEE.

         (a) The Trustee, prior to the occurrence of an Event of Default and
after the curing of all Events of Default that may have occurred, shall
undertake to perform with respect to the Debentures such duties and only such
duties as are specifically set forth in this Indenture, and no implied covenants
shall be read into this Indenture against the Trustee. In case an Event of
Default has occurred that has not been cured or waived, the Trustee shall
exercise such of the rights and powers vested in it by this Indenture, and use
the same degree of care and skill in its exercise, as a prudent person would
exercise or use under the circumstances in the conduct of his or her own
affairs.

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

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

                           (1)  the duties and obligations of the Trustee shall
                                with respect to the Debentures be determined
                                solely by the express provisions of this
                                Indenture, and the Trustee shall not be liable
                                with respect to the Debentures except for the
                                performance of such duties and obligations as
                                are specifically set forth in this Indenture,
                                and no implied

                                      -37-
<PAGE>

                                covenants or obligations shall be read into
                                this Indenture against the Trustee; and

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

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

                  (iii) the Trustee shall not be liable with respect to any
         action taken or omitted to be taken by it in good faith in accordance
         with the direction of the holders of not less than a majority in
         principal amount of the Debentures at the time Outstanding 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 Debentures;
         and

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

9.2      NOTICE OF DEFAULTS.

         Within 90 days after actual knowledge by a Responsible Officer of the
Trustee of the occurrence of any default hereunder with respect to the
Debentures, the Trustee shall transmit by mail to all holders of the Debentures,
as their names and addresses appear in the Debenture Register, notice of such
default, unless such default shall have been cured or waived; PROVIDED, HOWEVER,
that, except in the case default in the payment of the principal or interest
(including any Additional Interest) on any Debenture, 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 the directors and/or Responsible
Officers of the Trustee determines in good faith that the withholding of such
notice is in the interests of the holders of such Debentures; and PROVIDED,
FURTHER, that in the case of any default of the character specified in Section
7.1(a)(iii), no such notice to holders of Debentures need be sent until at least
30 days after the occurrence thereof.

                                      -38-
<PAGE>

For the purposes of this Section 9.2, the term "default" means any event which
is, or after notice or lapse of time or both, would become, an Event of Default
with respect to the Debentures.

9.3      CERTAIN RIGHTS OF TRUSTEE.

         Except as otherwise provided in Section 9.1:

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

         (b) Any request, direction, order or demand of the Company mentioned
herein shall be sufficiently evidenced by a Board Resolution or an instrument
signed in the name of the Company by its President or any Vice President and by
the Clerk or an Assistant Clerk or the Treasurer or an Assistant Treasurer
thereof (unless other evidence in respect thereof is specifically prescribed
herein);

         (c) The Trustee shall not be deemed to have knowledge of a default or
an Event of Default, other than an Event of Default specified in Section
7.1(a)(i) or (ii), unless and until it receives written notification of such
Event of Default from the Company or by holders of at least 25% of the aggregate
principal amount of the Debentures at the time Outstanding;

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

         (e) The Trustee shall be under no obligation to exercise any of the
rights or powers vested in it by this Indenture at the request, order or
direction of any of the Debentureholders, pursuant to the provisions of this
Indenture, unless such Debentureholders shall have offered to the Trustee
reasonable security or indemnity against the costs, expenses and liabilities
that may be incurred therein or thereby; nothing contained herein shall,
however, relieve the Trustee of the obligation, upon the occurrence of an Event
of Default (that has not been cured or waived) to exercise with respect to the
Debentures such of the rights and powers vested in it by this Indenture, and to
use the same degree of care and skill in its exercise, as a prudent person would
exercise or use under the circumstances in the conduct of his or her own
affairs;

         (f) The Trustee shall not be liable for any action taken or omitted to
be taken 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;

         (g) The Trustee shall not be bound to make any investigation into the
facts or matters stated in any resolution, certificate, statement, instrument,
opinion, report, notice, request, consent, order, approval, bond, security, or
other papers or documents, unless requested in writing so to do by the holders
of not less than a majority in principal amount of the Outstanding Debentures
(determined as provided in Section 10.4); PROVIDED, HOWEVER, that if the payment
within a reasonable time to the Trustee of the costs, expenses or liabilities
likely to be incurred

                                      -39-
<PAGE>

by it in the making of such investigation is, in the opinion of the Trustee, not
reasonably assured to the Trustee by the security afforded to it by the terms of
this Indenture, the Trustee may require reasonable indemnity against such costs,
expenses or liabilities as a condition to so proceeding. The reasonable expense
of every such examination shall be paid by the Company or, if paid by the
Trustee, shall be repaid by the Company upon demand; and

         (h) 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.

         (i) 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 [BY THE TRUSTEE]
to act hereunder.

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

9.4      TRUSTEE NOT RESPONSIBLE FOR RECITALS, ETC.

         (a) The Recitals contained herein and in the Debentures shall be taken
as the statements of the Company, and the Trustee assumes no responsibility for
the correctness of the same.

         (b) The Trustee makes no representations as to the validity or
sufficiency of this Indenture or of the Debentures.

         (c) The Trustee shall not be accountable for the use or application by
the Company of any of the Debentures or of the proceeds of such Debentures, or
for the use or application of any moneys paid over by the Trustee in accordance
with any provision of this Indenture, or for the use or application of any
moneys received by any paying agent other than the Trustee.

9.5      MAY HOLD DEBENTURES.

         The Trustee or any paying agent or registrar for the Debentures, in its
individual or any other capacity, may become the owner or pledgee of Debentures
with the same rights it would have if it were not Trustee, paying agent or
Debenture Registrar.

9.6      MONEYS HELD IN TRUST.

         Subject to the provisions of Section 13.5, all moneys received by the
Trustee shall, until used or applied as herein provided, be held in trust for
the purposes for which they were received, but need not be segregated from other
funds except to the extent required by law. The

                                      -40-
<PAGE>

Trustee shall be under no liability for interest on any moneys received by it
hereunder except such as it may agree with the Company to pay thereon.

9.7      COMPENSATION AND REIMBURSEMENT.

         (a) The Company covenants and agrees to pay to the Trustee, and the
Trustee shall be entitled to, such compensation (which shall not be limited by
any provision of law in regard to the compensation of a trustee of an express
trust), as the Company and the Trustee may from time to time agree in writing,
for all services rendered by it in the execution of the trusts hereby created
and in the exercise and performance of any of the powers and duties hereunder of
the Trustee, and, except as otherwise expressly provided herein, the Company
shall pay or reimburse the Trustee upon its request for all reasonable expenses,
disbursements and advances incurred or made by the Trustee in accordance with
any of the provisions of this Indenture (including the reasonable compensation
and the expenses and disbursements of its counsel and of all Persons not
regularly in its employ) except any such expense, disbursement or advance as may
arise from its negligence or bad faith. The Company also covenants to indemnify
the Trustee (and its officers, agents, directors and employees) for, and to hold
it harmless against, any loss, liability or expense incurred without negligence
or bad faith on the part of the Trustee and arising out of or in connection with
the acceptance or administration of this trust, including the costs and expenses
of defending itself against any claim of liability in the premises.

         (b) The obligations of the Company under this Section 9.7 to compensate
and indemnify the Trustee and to pay or reimburse the Trustee for expenses,
disbursements and advances shall constitute additional indebtedness hereunder.
Such additional indebtedness shall be secured by a lien prior to that of the
Debentures upon all property and funds held or collected by the Trustee as such,
except funds held in trust for the benefit of the holders of particular
Debentures.

9.8      RELIANCE ON OFFICERS' CERTIFICATE.

         Except as otherwise provided in Section 9.1, whenever in the
administration of the provisions of this Indenture the Trustee shall deem it
necessary or desirable that a matter be proved or established prior to taking or
suffering or omitting to take any action hereunder, such matter (unless other
evidence in respect thereof be herein specifically prescribed) may, in the
absence of negligence or bad faith on the part of the Trustee, be deemed to be
conclusively proved and established by an Officers' Certificate delivered to the
Trustee and such certificate, in the absence of negligence or bad faith on the
part of the Trustee, shall be full warrant to the Trustee for any action taken,
suffered or omitted to be taken by it under the provisions of this Indenture
upon the faith thereof.

9.9      DISQUALIFICATION:  CONFLICTING INTERESTS.

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

                                      -41-
<PAGE>

9.10     CORPORATE TRUSTEE REQUIRED; ELIGIBILITY.

         There shall at all times be a Trustee with respect to the Debentures
issued hereunder which shall at all times be a corporation organized and doing
business under the laws of the United States of America or any State or
territory thereof or of the District of Columbia, or a corporation or other
Person permitted to act as trustee by the Commission, authorized under such laws
to exercise corporate trust powers, having a combined capital and surplus of at
least $50,000,000, and subject to supervision or examination by federal, State,
territorial, or District of Columbia authority. If such corporation publishes
reports of condition at least annually, pursuant to law or to the requirements
of the aforesaid supervising or examining authority, then for the purposes of
this Section 9.10, the combined capital and surplus of such corporation shall be
deemed to be its combined capital and surplus as set forth in its most recent
report of condition so published. The Company may not, nor may any Person
directly or indirectly controlling, controlled by, or under common control with
the Company, serve as Trustee. In case at any time the Trustee shall cease to be
eligible in accordance with the provisions of this Section 9.10, the Trustee
shall resign immediately in the manner and with the effect specified in Section
9.11.

9.11     RESIGNATION AND REMOVAL; APPOINTMENT OF SUCCESSOR.

         (a) The Trustee or any successor hereafter appointed, may at any time
resign by giving written notice thereof to the Company and by transmitting
notice of resignation by mail, first class postage prepaid, to the
Debentureholders, as their names and addresses appear upon the Debenture
Register. Upon receiving such notice of resignation, the Company shall promptly
appoint a successor trustee with respect to Debentures by written instrument, in
duplicate, executed by order of the Board of Directors, one copy of which
instrument shall be delivered to the resigning Trustee and one copy to the
successor trustee. If no successor trustee shall have been so appointed and have
accepted appointment within 30 days after the mailing of such notice of
resignation, the resigning Trustee may, at the expense of the Company, petition
any court of competent jurisdiction for the appointment of a successor trustee
with respect to Debentures, or any Debentureholder who has been a bona fide
holder of a Debenture or Debentures for at least six months may, subject to the
provisions of Sections 9.9 and 9.10, on behalf of himself and all others
similarly situated, petition any such court for the appointment of a successor
trustee. Such court may thereupon after such notice, if any, as it may deem
proper and prescribe, appoint a successor trustee.

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

                  (i) the Trustee shall fail to comply with the provisions of
         Section 9.9 after written request therefor by the Company or by any
         Debentureholder who has been a bona fide holder of a Debenture or
         Debentures for at least six months; or

                  (ii) the Trustee shall cease to be eligible in accordance with
         the provisions of Section 9.10 and shall fail to resign after written
         request therefor by the Company or by any such Debentureholder; or

                                      -42-
<PAGE>

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

Then, in any such case, the Company may remove the Trustee with respect to all
Debentures and appoint a successor trustee by written instrument, in duplicate,
executed by order of the Board of Directors, one copy of which instrument shall
be delivered to the Trustee so removed and one copy to the successor trustee,
or, subject to the provisions of Sections 9.9 and 9.10, unless the Trustee's
duty to resign is stayed as provided herein, any Debentureholder who has been a
bona fide holder of a Debenture or Debentures for at least six months may, on
behalf of that holder and all others similarly situated, petition any court of
competent jurisdiction for the removal of the Trustee and the appointment of a
successor trustee. Such court may thereupon after such notice, if any, as it may
deem proper and prescribe, remove the Trustee and appoint a successor trustee.

         (c) The holders of a majority in aggregate principal amount of the
Debentures at the time Outstanding may at any time remove the Trustee by so
notifying the Trustee and the Company and may appoint a successor Trustee with
the consent of the Company.

         (d) Any resignation or removal of the Trustee and appointment of a
successor trustee with respect to the Debentures pursuant to any of the
provisions of this Section 9.11 shall become effective upon acceptance of
appointment by the successor trustee as provided in Section 9.12.

         (e) Any successor trustee appointed pursuant to this Section 9.11 may
be appointed with respect to the Debentures, and at any time there shall be only
one Trustee with respect to the Debentures.

9.12     ACCEPTANCE OF APPOINTMENT BY SUCCESSOR.

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

         (b) Upon request of any successor trustee, the Company shall execute
any and all instruments for more fully and certainly vesting in and confirming
to such successor trustee all such rights, powers and trusts referred to in
paragraph (a) of this Section 9.12.

                                      -43-
<PAGE>

         (c) 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 IX.

         (d) Upon acceptance of appointment by a successor trustee as provided
in this Section 9.12, the Company shall transmit notice of the succession of
such trustee hereunder by mail, first class postage prepaid, to the
Debentureholders, as their names and addresses appear upon the Debenture
Register. If the Company fails to transmit such notice within ten days after
acceptance of appointment by the successor trustee, the successor trustee shall
cause such notice to be transmitted at the expense of the Company.

9.13     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 the corporate trust business of the Trustee, shall be
the successor of the Trustee hereunder, provided that such corporation shall be
qualified under the provisions of Section 9.9 and eligible under the provisions
of Section 9.10, without the execution or filing of any paper or any further act
on the part of any of the parties hereto, anything herein to the contrary
notwithstanding. In case any Debentures 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 Debentures so authenticated with the same effect as if such
successor Trustee had itself authenticated such Debentures.

9.14     PREFERENTIAL COLLECTION OF CLAIMS AGAINST THE COMPANY.

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

                                   ARTICLE X

                         CONCERNING THE DEBENTUREHOLDERS

10.1     EVIDENCE OF ACTION BY HOLDERS.

         (a) Whenever in this Indenture it is provided that the holders of a
majority or specified percentage in aggregate principal amount of the Debentures
may take any action (including the making of any demand or request, the giving
of any notice, consent or waiver or the taking of any other action), the fact
that at the time of taking any such action the holders of such majority or
specified percentage have joined therein may be evidenced by any instrument or
any number of instruments of similar tenor executed by such holders of
Debentures in Person or by agent or proxy appointed in writing.

                                      -44-
<PAGE>

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

10.2     PROOF OF EXECUTION BY DEBENTUREHOLDERS.

         Subject to the provisions of Section 9.1, proof of the execution of any
instrument by a Debentureholder (such proof shall not require notarization) or
such Debentureholder's agent or proxy and proof of the holding by any Person of
any of the Debentures shall be sufficient if made in the following manner:

         (a) The fact and date of the execution by any such Person of any
instrument may be proved in any reasonable manner acceptable to the Trustee.

         (b) The ownership of Debentures shall be proved by the Debenture
Register of such Debentures or by a certificate of the Debenture Registrar
thereof.

         (c) The Trustee may require such additional proof of any matter
referred to in this Section 10.2 as it shall deem necessary.

10.3     WHO MAY BE DEEMED OWNERS.

         Prior to the due presentment for registration of transfer of any
Debenture, the Company, the Trustee, any paying agent, any Authenticating Agent
and any Debenture Registrar may deem and treat the Person in whose name such
Debenture shall be registered upon the books of the Company as the absolute
owner of such Debenture (whether or not such Debenture shall be overdue and
notwithstanding any notice of ownership or writing thereon made by anyone other
than the Debenture Registrar) for the purpose of receiving payment of or on
account of the principal of and interest on such Debenture (subject to Section
2.3) and for all other purposes; and neither the Company nor the Trustee nor any
paying agent nor any Authenticating Agent nor any Debenture Registrar shall be
affected by any notice to the contrary.

                                      -45-
<PAGE>

10.4     CERTAIN DEBENTURES OWNED BY COMPANY DISREGARDED.

         In determining whether the holders of the requisite aggregate principal
amount of Debentures have concurred in any direction, consent or waiver under
this Indenture, the Debentures that are owned by the Company or any other
obligor on the Debentures or by any Person directly or indirectly controlling or
controlled by or under common control with the Company or any other obligor on
the Debentures shall be disregarded and deemed not to be Outstanding for the
purpose of any such determination, except (i) that for the purpose of
determining whether the Trustee shall be protected in relying on any such
direction, consent or waiver, only Debentures that the Trustee actually knows
are so owned shall be so disregarded; and (ii) for purposes of this Section
10.4, the Trust shall be deemed not to be controlled by the Company. The
Debentures so owned that have been pledged in good faith may be regarded as
Outstanding for the purposes of this Section 10.4, if the pledgee shall
establish to the satisfaction of the Trustee the pledgee's right so to act with
respect to such Debentures and that the pledgee is not a Person directly or
indirectly controlling or controlled by or under direct or indirect common
control with the Company or any such other obligor. In case of a dispute as to
such right, any decision by the Trustee taken upon the advice of counsel shall
be full protection to the Trustee.

10.5     ACTIONS BINDING ON FUTURE DEBENTUREHOLDERS.

         At any time prior to (but not after) the evidencing to the Trustee, as
provided in Section 10.1, of the taking of any action by the holders of the
majority or percentage in aggregate principal amount of the Debentures specified
in this Indenture in connection with such action, any holder of a Debenture that
is shown by the evidence to be included in the Debentures the holders of which
have consented to such action may, by filing written notice with the Trustee,
and upon proof of holding as provided in Section 10.2, revoke such action so far
as concerns such Debenture. Except as aforesaid any such action taken by the
holder of any Debenture shall be conclusive and binding upon such holder and
upon all future holders and owners of such Debenture, and of any Debenture
issued in exchange therefor, on registration of transfer thereof or in place
thereof, irrespective of whether or not any notation in regard thereto is made
upon such Debenture. Any action taken by the holders of the majority or
percentage in aggregate principal amount of the Debentures specified in this
Indenture in connection with such action shall be conclusively binding upon the
Company, the Trustee and the holders of all the Debentures.

                                   ARTICLE XI

                             SUPPLEMENTAL INDENTURES

11.1     SUPPLEMENTAL INDENTURES WITHOUT THE CONSENT OF DEBENTUREHOLDERS.

         In addition to any supplemental indenture otherwise authorized by this
Indenture, the Company and the Trustee may from time to time and at any time
enter into an indenture or indentures supplemental hereto (which shall conform
to the provisions of the Trust Indenture Act

                                      -46-
<PAGE>

as then in effect), without the consent of the Debentureholders, for one or more
of the following purposes:

         (a) to cure any ambiguity, defect, or inconsistency herein, or in the
Debentures;

         (b) to comply with Article X;

         (c) to provide for uncertificated Debentures in addition to or in place
of certificated Debentures;

         (d) to add to the covenants of the Company for the benefit of the
holders of all or any of the Debentures or to surrender any right or power
herein conferred upon the Company;

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

         (f) to make any change that does not adversely affect the rights of any
Debentureholder in any material respect;

         (g) to provide for the issuance of and establish the form and terms and
conditions of the Debentures, to establish the form of any certifications
required to be furnished pursuant to the terms of this Indenture or of the
Debentures, or to add to the rights of the holders of the Debentures;

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

         (i) to evidence a consolidation or merger involving the Company as
permitted under Section 12.1.

The Trustee is hereby authorized to join with the Company in the execution of
any such supplemental indenture, and to make any further appropriate agreements
and stipulations that may be therein contained, but the Trustee shall not be
obligated to enter into any such supplemental indenture that affects the
Trustee's own rights, duties or immunities under this Indenture or otherwise.
Any supplemental indenture authorized by the provisions of this Section 11.1 may
be executed by the Company and the Trustee without the consent of the holders of
any of the Debentures at the time Outstanding, notwithstanding any of the
provisions of Section 11.2.

11.2     SUPPLEMENTAL INDENTURES WITH CONSENT OF DEBENTUREHOLDERS.

         With the consent (evidenced as provided in Section 10.1) of the holders
of not less than a majority in aggregate principal amount of the Debentures at
the time Outstanding, the Company, when authorized by Board Resolutions, and the
Trustee may from time to time and at any time enter into an indenture or
indentures supplemental hereto (which shall conform to the provisions of the
Trust Indenture Act as then in effect) for the purpose of adding any provisions
to or

                                      -47-
<PAGE>

changing in any manner or eliminating any of the provisions of this Indenture or
of any supplemental indenture or of modifying in any manner not covered by
Section 11.1 the rights of the holders of the Debentures under this Indenture;
PROVIDED, HOWEVER, that no such supplemental indenture shall without the consent
of the holders of each Debenture then Outstanding and affected thereby, (i)
extend the fixed maturity of any Debentures, reduce the principal amount
thereof, or reduce the rate or extend the time of payment of interest thereon,
without the consent of the holder of each Debenture so affected; or (ii) reduce
the aforesaid percentage of Debentures, the holders of which are required to
consent to any such supplemental indenture; PROVIDED FURTHER, that if the
Debentures are held by the Trust or a trustee of the Trust, such supplemental
indenture shall not be effective until the holders of a majority in liquidation
preference of Trust Securities of the Trust shall have consented to such
supplemental indenture; PROVIDED FURTHER, that if the consent of the holder of
each Outstanding Debenture is required, such supplemental indenture shall not be
effective until each holder of the Trust Securities of the Trust shall have
consented to such supplemental indenture. It shall not be necessary for the
consent of the Debentureholders affected thereby under this Section 11.2 to
approve the particular form of any proposed supplemental indenture, but it shall
be sufficient if such consent shall approve the substance thereof.

11.3     EFFECT OF SUPPLEMENTAL INDENTURES.

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

11.4     DEBENTURES AFFECTED BY SUPPLEMENTAL INDENTURES.

         Debentures affected by a supplemental indenture, authenticated and
delivered after the execution of such supplemental indenture pursuant to the
provisions of this Article XI, may bear a notation in form approved by the
Company, provided such form meets the requirements of any exchange or automated
quotation system upon which the Debentures may be listed or quoted, as to any
matter provided for in such supplemental indenture. If the Company shall so
determine, new Debentures so modified as to conform, in the opinion of the Board
of Directors of the Company, to any modification of this Indenture contained in
any such supplemental indenture may be prepared by the Company, authenticated by
the Trustee and delivered in exchange for the Debentures then Outstanding.

11.5     EXECUTION OF SUPPLEMENTAL INDENTURES.

         (a) Upon the request of the Company, accompanied by its Board
Resolutions authorizing the execution of any such supplemental indenture, and
upon the filing with the Trustee of evidence of the consent of Debentureholders
required to consent thereto as aforesaid, the Trustee shall join with the
Company in the execution of such supplemental indenture unless

                                      -48-
<PAGE>

such supplemental indenture affects the Trustee's own rights, duties or
immunities under this Indenture or otherwise, in which case the Trustee may in
its discretion but shall not be obligated to enter into such supplemental
indenture. The Trustee, subject to the provisions of Sections 9.1, may receive
an Opinion of Counsel as conclusive evidence that any supplemental indenture
executed pursuant to this Article XI is authorized or permitted by, and conforms
to, the terms of this Article XI and that it is proper for the Trustee under the
provisions of this Article XI to join in the execution thereof.

         (b) Promptly after the execution by the Company and the Trustee of any
supplemental indenture pursuant to the provisions of this Section 11.5, the
Trustee shall transmit by mail, first class postage prepaid, a notice, setting
forth in general terms the substance of such supplemental indenture, to the
Debentureholders as their names and addresses appear upon the Debenture
Register. Any failure of the Trustee to mail such notice, or any defect therein,
shall not, however, in any way impair or affect the validity of any such
supplemental indenture.

                                  ARTICLE XII

                              SUCCESSOR CORPORATION

12.1     COMPANY MAY CONSOLIDATE, ETC.

         Nothing contained in this Indenture or in any of the Debentures shall
prevent any consolidation or merger of the Company with or into any other
corporation or corporations (whether or not affiliated with the Company, as the
case may be), or successive consolidations or mergers in which the Company, as
the case may be, or its successor or successors shall be a party or parties, or
shall prevent any sale, conveyance, transfer or other disposition of the
property of the Company, as the case may be, or its successor or successors as
an entirety, or substantially as an entirety, to any other corporation (whether
or not affiliated with the Company, as the case may be, or its successor or
successors) authorized to acquire and operate the same; PROVIDED, HOWEVER, the
Company hereby covenants and agrees that, (i) upon any such consolidation,
merger, sale, conveyance, transfer or other disposition, the due and punctual
payment, in the case of the Company, of the principal of and interest on all of
the Debentures, according to their tenor and the due and punctual performance
and observance of all the covenants and conditions of this Indenture to be kept
or performed by the Company as the case may be, shall be expressly assumed, by
supplemental indenture (which shall conform to the provisions of the Trust
Indenture Act, as then in effect) satisfactory in form to the Trustee executed
and delivered to the Trustee by the entity formed by such consolidation, or into
which the Company, as the case may be, shall have been merged, or by the entity
which shall have acquired such property, and the ultimate parent entity of such
successor entity expressly assumes the obligations of the Company under the
related Preferred Securities Guarantee, to the extent the Preferred Securities
are then Outstanding; (ii) in case the Company consolidates with or merges into
another Person or conveys or transfers its properties and assets substantially
as an entirety to any Person, the successor Person is organized under the laws
of the United States or any State or the District of Columbia; and (iii)
immediately after giving effect thereto, no Event of Default, and no event

                                      -49-
<PAGE>

which, after notice or lapse of time or both, would become an Event of Default,
shall have occurred and be continuing.

12.2     SUCCESSOR CORPORATION SUBSTITUTED.

         (a) In case of any such consolidation, merger, sale, conveyance,
transfer or other disposition and upon the assumption by the successor
corporation, by supplemental indenture, executed and delivered to the Trustee
and satisfactory in form to the Trustee, of, in the case of the Company, the due
and punctual payment of the principal of and interest on all of the Debentures
Outstanding and the due and punctual performance of all of the covenants and
conditions of this Indenture to be performed by the Company, as the case may be,
such successor corporation shall succeed to and be substituted for the Company,
with the same effect as if it had been named as the Company herein, and
thereupon the predecessor corporation shall be relieved of all obligations and
covenants under this Indenture and the Debentures.

         (b) In case of any such consolidation, merger, sale, conveyance,
transfer or other disposition such changes in phraseology and form (but not in
substance) may be made in the Debentures thereafter to be issued as may be
appropriate.

         (c) Nothing contained in this Indenture or in any of the Debentures
shall prevent the Company from merging into itself or acquiring by purchase or
otherwise all or any part of the property of any other Person (whether or not
affiliated with the Company).

12.3     EVIDENCE OF CONSOLIDATION, ETC. TO TRUSTEE.

         The Trustee, subject to the provisions of Section 9.1, may receive an
Opinion of Counsel as conclusive evidence that any such consolidation, merger,
sale, conveyance, transfer or other disposition, and any such assumption, comply
with the provisions of this Article XII.

                                  ARTICLE XIII

                           SATISFACTION AND DISCHARGE

13.1     SATISFACTION AND DISCHARGE OF INDENTURE.

         If at any time: (a) the Company shall have delivered to the Trustee for
cancellation all Debentures theretofore authenticated (other than any Debentures
that shall have been destroyed, lost or stolen and that shall have been replaced
or paid as provided in Section 2.9) and all Debentures for whose payment money
or Governmental Obligations have theretofore been deposited in trust or
segregated and held in trust by the Company (and thereupon repaid to the Company
or discharged from such trust, as provided in Section 13.5); or (b) all such
Debentures not theretofore delivered to the Trustee for cancellation shall have
become due and payable, or are by their terms to become due and payable within
one year or are to be called for redemption within one year under arrangements
satisfactory to the Trustee for the giving of notice of redemption, and the
Company shall deposit or cause to be deposited with the Trustee as trust funds
the entire amount in moneys or Governmental Obligations sufficient or a
combination

                                      -50-
<PAGE>

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 at maturity or upon redemption all Debentures
not theretofore delivered to the Trustee for cancellation, including principal
and interest due or to become due to such date of maturity or date fixed for
redemption, as the case may be, and if the Company shall also pay or cause to be
paid all other sums payable hereunder by the Company; then this Indenture shall
thereupon cease to be of further effect except for the provisions of Sections
2.3, 2.7, 2.9, 5.1, 5.2, 5.3, 9.6, 9.7 and 9.10, that shall survive until the
date of maturity or redemption date, as the case may be, and Sections 9.7 and
13.5, that shall survive to such date and thereafter, and the Trustee, on demand
of the Company and at the cost and expense of the Company, shall execute proper
instruments acknowledging satisfaction of and discharging this Indenture.

13.2     DISCHARGE OF OBLIGATIONS.

         If at any time all Debentures not heretofore delivered to the Trustee
for cancellation or that have not become due and payable as described in Section
13.1 shall have been paid by the Company by depositing irrevocably with the
Trustee as trust funds moneys or an amount of Governmental Obligations
sufficient in the opinion of a nationally recognized certified public accounting
firm to pay at maturity or upon redemption all Debentures not theretofore
delivered to the Trustee for cancellation, including principal and interest due
or to become due to such date of maturity or date fixed for redemption, as the
case may be, and if the Company shall also pay or cause to be paid all other
sums payable hereunder by the Company, then after the date such moneys or
Governmental Obligations, as the case may be, are deposited with the Trustee,
the obligations of the Company under this Indenture shall cease to be of further
effect except for the provisions of Sections 2.3, 2.7, 2.9, 5.1, 5.2, 5.3, 9.6,
9.7 and 13.5 hereof that shall survive until such Debentures shall mature and be
paid. Thereafter, Sections 9.7 and 13.5 shall survive.

13.3     DEPOSITED MONEYS TO BE HELD IN TRUST.

         All monies or Governmental Obligations deposited with the Trustee
pursuant to Sections 13.1 or 13.2 shall be held in trust and shall be available
for payment as due, either directly or through any paying agent (including the
Company acting as its own paying agent), to the holders of the Debentures for
the payment or redemption of which such moneys or Governmental Obligations have
been deposited with the Trustee.

13.4     PAYMENT OF MONIES HELD BY PAYING AGENTS.

         In connection with the satisfaction and discharge of this Indenture,
all moneys or Governmental Obligations then held by any paying agent under the
provisions of this Indenture shall, upon demand of the Company, be paid to the
Trustee and thereupon such paying agent shall be released from all further
liability with respect to such moneys or Governmental Obligations.

13.5     REPAYMENT TO COMPANY.

         Any monies or Governmental Obligations deposited with any paying agent
or the Trustee, or then held by the Company in trust, for payment of principal
of or interest on the

                                      -51-
<PAGE>

Debentures that are not applied but remain unclaimed by the holders of such
Debentures for at least two years after the date upon which the principal of or
interest on such Debentures shall have respectively become due and payable,
shall be repaid to the Company, as the case may be, on December 31 of each year
or (if then held by the Company) shall be discharged from such trust; and
thereupon the paying agent and the Trustee shall be released from all further
liability with respect to such moneys or Governmental Obligations, and the
holder of any of the Debentures entitled to receive such payment shall
thereafter, as an unsecured general creditor, look only to the Company for the
payment thereof.

                                  ARTICLE XIV

         IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS

14.1     NO RECOURSE.

         No recourse under or upon any obligation, covenant or agreement of this
Indenture, or of the Debentures, or for any claim based thereon or otherwise in
respect thereof, shall be had against any incorporator, stockholder, officer or
director, past, present or future as such, of the Company or of any predecessor
or successor corporation, either directly or through the Company or any such
predecessor or successor corporation, whether by virtue of any constitution,
statute or rule of law, or by the enforcement of any assessment or penalty or
otherwise; it being expressly understood that this Indenture and the obligations
issued hereunder are solely corporate obligations, and that no such personal
liability whatever shall attach to, or is or shall be incurred by, the
incorporators, stockholders, officers or directors as such, of the Company or of
any predecessor or successor corporation, or any of them, because of the
creation of the indebtedness hereby authorized, or under or by reason of the
obligations, covenants or agreements contained in this Indenture or in any of
the Debentures or implied therefrom; and that any and all such personal
liability of every name and nature, either at common law or in equity or by
constitution or statute, of, and any and all such rights and claims against,
every such incorporator, stockholder, officer or director as such, because of
the creation of the indebtedness hereby authorized, or under or by reason of the
obligations, covenants or agreements contained in this Indenture or in any of
the Debentures or implied therefrom, are hereby expressly waived and released as
a condition of, and as a consideration for, the execution of this Indenture and
the issuance of such Debentures.

                                   ARTICLE XV

                            MISCELLANEOUS PROVISIONS

15.1     EFFECT ON SUCCESSORS AND ASSIGNS.

         All the covenants, stipulations, promises and agreements in this
Indenture contained by or on behalf of the Company shall bind its respective
successors and assigns, whether so expressed or not.

                                      -52-
<PAGE>

15.2     ACTIONS BY SUCCESSOR.

         Any act or proceeding by any provision of this Indenture authorized or
required to be done or performed by any board, committee or officer of the
Company shall and may be done and performed with like force and effect by the
corresponding board, committee or officer of any corporation that shall at the
time be the lawful sole successor of the Company.

15.3     SURRENDER OF COMPANY POWERS.

         The Company by instrument in writing executed by appropriate authority
of its Board of Directors and delivered to the Trustee may surrender any of the
powers reserved to the Company, and thereupon such power so surrendered shall
terminate both as to the Company, as the case may be, and as to any successor
corporation.

15.4     NOTICES.

         Except as otherwise expressly provided herein any notice or demand that
by any provision of this Indenture is required or permitted to be given or
served by the Trustee or by the holders of Debentures to or on the Company may
be given or served by being deposited first class postage prepaid in a
post-office letterbox addressed (until another address is filed in writing by
the Company with the Trustee), as follows: Independent Bank Corp., 288 Union
Street, Rockland, Massachusetts 02370, Attention: Chief Financial Officer. Any
notice, election, request or demand by the Company or any Debentureholder to or
upon the Trustee shall be deemed to have been sufficiently given or made, for
all purposes, if given or made in writing at the Corporate Trust Office of the
Trustee.

15.5     GOVERNING LAW.

         This Indenture and each Debenture shall be deemed to be a contract made
under the internal laws of the State of New York and for all purposes shall be
construed in accordance with the laws of said State.

15.6     TREATMENT OF DEBENTURES AS DEBT.

         It is intended that the Debentures shall be treated as indebtedness and
not as equity for federal income tax purposes. The provisions of this Indenture
shall be interpreted to further this intention.

15.7     COMPLIANCE CERTIFICATES AND OPINIONS.

         (a) Upon any application or demand by the Company to the Trustee to
take any action under any of the provisions of this Indenture, the Company shall
furnish to the Trustee an Officers' Certificate stating that all conditions
precedent provided for in this Indenture relating to the proposed action have
been complied with and an Opinion of Counsel stating that in the opinion of such
counsel all such conditions precedent have been complied with, except that in
the case of any such application or demand as to which the furnishing of such
documents is

                                      -53-
<PAGE>

specifically required by any provision of this Indenture relating to such
particular application or demand, no additional certificate or opinion need be
furnished.

         (b) Each certificate or opinion of the Company provided for in this
Indenture and delivered to the Trustee with respect to compliance with a
condition or covenant in this Indenture shall include (1) a statement that the
Person making such certificate or opinion has read such covenant or condition;
(2) a brief statement as to the nature and scope of the examination or
investigation upon which the statements or opinions contained in such
certificate or opinion are based; (3) a statement that, in the opinion of such
Person, he has made such examination or investigation as, in the opinion of such
Person, is necessary to enable him to express an informed opinion as to whether
or not such covenant or condition has been complied with; and (4) a statement as
to whether or not, in the opinion of such Person, such condition or covenant has
been complied with; PROVIDED, HOWEVER, that each such certificate shall comply
with the provisions of Section 314 of the Trust Indenture Act.

15.8     PAYMENTS ON BUSINESS DAYS.

         In any case where the date of maturity of interest or principal of any
Debenture or the date of redemption of any Debenture shall not be a Business
Day, then payment of interest or principal may be made on the next succeeding
Business Day with the same force and effect as if made on the nominal date of
maturity or redemption, and no interest shall accrue for the period after such
nominal date.

15.9     CONFLICT WITH TRUST INDENTURE ACT.

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

15.10    COUNTERPARTS.

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

15.11    SEVERABILITY.

         In case any one or more of the provisions contained in this Indenture
or in the Debentures shall for any reason be held to be invalid, illegal or
unenforceable in any respect, such invalidity, illegality or unenforceability
shall not affect any other provisions of this Indenture or of the Debentures,
but this Indenture and the Debentures shall be construed as if such invalid or
illegal or unenforceable provision had never been contained herein or therein.

15.12    ASSIGNMENT.

         The Company shall have the right at all times to assign any of its
respective rights or obligations under this Indenture to a direct or indirect
wholly owned Subsidiary of the Company, provided that, in the event of any such
assignment, the Company shall remain liable for all such

                                      -54-
<PAGE>

obligations. Subject to the foregoing, this Indenture is binding upon and inures
to the benefit of the parties thereto and their respective successors and
assigns. This Indenture may not otherwise be assigned by the parties thereto.

15.13    ACKNOWLEDGMENT OF RIGHTS.

         The Company acknowledges that, with respect to any Debentures held by
the Trust or a trustee of the Trust, if the Property Trustee fails to enforce
its rights under this Indenture as the holder of the Debentures held as the
assets of the Trust, any holder of Preferred Securities may institute legal
proceedings directly against the Company to enforce such Property Trustee's
rights under this Indenture without first instituting any legal proceedings
against such Property Trustee or any other person or entity. Notwithstanding the
foregoing, if an Event of Default has occurred and is continuing and such event
is attributable to the failure of the Company to pay interest or principal on
the Debentures on the date such interest or principal is otherwise payable (or
in the case of redemption, on the redemption date), the Company acknowledges
that a holder of Preferred Securities may directly institute a proceeding for
enforcement of payment to such holder of the principal of or interest on the
Debentures having a principal amount equal to the aggregate liquidation amount
of the Preferred Securities of such holder on or after the respective due date
specified in the Debentures.

                                  ARTICLE XVI

                           SUBORDINATION OF DEBENTURES

16.1     AGREEMENT TO SUBORDINATE.

         The Company covenants and agrees, and each holder of Debentures issued
hereunder by such holder's acceptance thereof likewise covenants and agrees,
that all Debentures shall be issued subject to the provisions of this Article
XVI; and each holder of a Debenture, whether upon original issue or upon
transfer or assignment thereof, accepts and agrees to be bound by such
provisions. The payment by the Company of the principal of and interest on all
Debentures issued hereunder shall, to the extent and in the manner hereinafter
set forth, be subordinated and junior in right of payment to the prior payment
in full of all Senior Debt, Subordinated Debt and Additional Senior Obligations
(collectively, "Senior Indebtedness") to the extent provided herein, whether
outstanding at the date of this Indenture or thereafter incurred. No provision
of this Article XVI shall prevent the occurrence of any default or Event of
Default hereunder.

16.2     DEFAULT ON SENIOR DEBT, SUBORDINATED DEBT OR ADDITIONAL SENIOR
         OBLIGATIONS.

         In the event and during the continuation of any default by the Company
in the payment of principal, premium, interest or any other payment due on any
Senior Indebtedness of the Company, or in the event that the maturity of any
Senior Indebtedness of the Company has been accelerated because of a default,
then, in either case, no payment shall be made by the Company with respect to
the principal (including redemption payments) of or interest on the Debentures.
In the event that, notwithstanding the foregoing, any payment shall be received
by the Trustee when such payment is prohibited by the preceding sentence of this
Section 16.2, such payment

                                      -55-
<PAGE>

shall be held in trust for the benefit of, and shall be paid over or delivered
to, the holders of Senior Indebtedness or their respective representatives, or
to the trustee or trustees under any indenture pursuant to which any of such
Senior Indebtedness may have been issued, as their respective interests may
appear, but only to the extent that the holders of the Senior Indebtedness (or
their representative or representatives or a trustee) notify the Trustee in
writing within 90 days of such payment of the amounts then due and owing on the
Senior Indebtedness and only the amounts specified in such notice to the Trustee
shall be paid to the holders of Senior Indebtedness.

16.3     LIQUIDATION; DISSOLUTION; BANKRUPTCY.

         (a) Upon any payment by the Company or distribution of assets of the
Company of any kind or character, whether in cash, property or securities, to
creditors upon any dissolution or winding-up or liquidation or reorganization of
the Company, whether voluntary or involuntary or in bankruptcy, insolvency,
receivership or other proceedings, all amounts due upon all Senior Indebtedness
of the Company shall first be paid in full, or payment thereof provided for in
money in accordance with its terms, before any payment is made by the Company on
account of the principal or interest on the Debentures; and upon any such
dissolution or winding-up or liquidation or reorganization, any payment by the
Company, or distribution of assets of the Company of any kind or character,
whether in cash, property or securities, to which the holders of the Debentures
or the Trustee would be entitled to receive from the Company, except for the
provisions of this Article XVI, shall be paid by the Company or by any receiver,
trustee in bankruptcy, liquidating trustee, agent or other Person making such
payment or distribution, or by the holders of the Debentures or by the Trustee
under this Indenture if received by them or it, directly to the holders of
Senior Indebtedness of the Company (pro rata to such holders on the basis of the
respective amounts of Senior Indebtedness held by such holders, as calculated by
the Company) or their representative or representatives, or to the trustee or
trustees under any indenture pursuant to which any instruments evidencing such
Senior Indebtedness may have been issued, as their respective interests may
appear, to the extent necessary to pay such Senior Indebtedness in full, in
money or money's worth, after giving effect to any concurrent payment or
distribution to or for the holders of such Senior Indebtedness, before any
payment or distribution is made to the holders of Debentures or to the Trustee.

         (b) In the event that, notwithstanding the foregoing, any payment or
distribution of assets of the Company of any kind or character, whether in cash,
property or securities, prohibited by the foregoing, shall be received by the
Trustee before all Senior Indebtedness of the Company is paid in full, or
provision is made for such payment in money in accordance with its terms, such
payment or distribution shall be held in trust for the benefit of and shall be
paid over or delivered to the holders of such Senior Indebtedness or their
representative or representatives, or to the trustee or trustees under any
indenture pursuant to which any instruments evidencing such Senior Indebtedness
may have been issued, and their respective interests may appear, as calculated
by the Company, for application to the payment of all Senior Indebtedness of the
Company, as the case may be, remaining unpaid to the extent necessary to pay
such Senior Indebtedness in full in money in accordance with its terms, after
giving effect to any concurrent payment or distribution to or for the benefit of
the holders of such Senior Indebtedness.

                                      -56-
<PAGE>

         (c) For purposes of this Article XVI, the words "cash, property or
securities" shall not be deemed to include shares of stock of the Company as
reorganized or readjusted, or securities of the Company or any other corporation
provided for by a plan of reorganization or readjustment, the payment of which
is subordinated at least to the extent provided in this Article XVI with respect
to the Debentures to the payment of all Senior Indebtedness of the Company, as
the case may be, that may at the time be outstanding, provided that (i) such
Senior Indebtedness is assumed by the new corporation, if any, resulting from
any such reorganization or readjustment; and (ii) the rights of the holders of
such Senior Indebtedness are not, without the consent of such holders, altered
by such reorganization or readjustment. The consolidation of the Company with,
or the merger of the Company into, another corporation or the liquidation or
dissolution of the Company following the conveyance or transfer of its property
as an entirety, or substantially as an entirety, to another corporation upon the
terms and conditions provided for in Article XII shall not be deemed a
dissolution, winding-up, liquidation or reorganization for the purposes of this
Section 16.3 if such other corporation shall, as a part of such consolidation,
merger, conveyance or transfer, comply with the conditions stated in Article
XII. Nothing in Section 16.2 or in this Section 16.3 shall apply to claims of,
or payments to, the Trustee under or pursuant to Section 9.7.

16.4     SUBROGATION.

         (a) Subject to the payment in full of all Senior Indebtedness of the
Company, the rights of the holders of the Debentures shall be subrogated to the
rights of the holders of such Senior Indebtedness to receive payments or
distributions of cash, property or securities of the Company, as the case may
be, applicable to such Senior Indebtedness until the principal of and interest
on the Debentures shall be paid in full; and, for the purposes of such
subrogation, no payments or distributions to the holders of such Senior
Indebtedness of any cash, property or securities to which the holders of the
Debentures or the Trustee would be entitled except for the provisions of this
Article XVI, and no payment over pursuant to the provisions of this Article XVI
to or for the benefit of the holders of such Senior Indebtedness by holders of
the Debentures or the Trustee, shall, as between the Company, its creditors
other than holders of Senior Indebtedness of the Company, and the holders of the
Debentures, be deemed to be a payment by the Company to or on account of such
Senior Indebtedness. It is understood that the provisions of this Article XVI
are and are intended solely for the purposes of defining the relative rights of
the holders of the Debentures, on the one hand, and the holders of such Senior
Indebtedness on the other hand.

         (b) Nothing contained in this Article XVI or elsewhere in this
Indenture or in the Debentures is intended to or shall impair, as between the
Company, its creditors (other than the holders of Senior Indebtedness of the
Company), and the holders of the Debentures, the obligation of the Company,
which is absolute and unconditional, to pay to the holders of the Debentures the
principal of and interest on the Debentures as and when the same shall become
due and payable in accordance with their terms, or is intended to or shall
affect the relative rights of the holders of the Debentures and creditors of the
Company, as the case may be, other than the holders of Senior Indebtedness of
the Company, as the case may be, nor shall anything herein or therein prevent
the Trustee or the holder of any Debenture from exercising all remedies
otherwise permitted by applicable law upon default under this Indenture, subject
to the rights, if

                                      -57-
<PAGE>

any, under this Article XVI of the holders of such Senior Indebtedness in
respect of cash, property or securities of the Company, as the case may be,
received upon the exercise of any such remedy.

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

16.5     TRUSTEE TO EFFECTUATE SUBORDINATION.

         Each holder of Debentures by such holder's acceptance thereof
authorizes and directs the Trustee on such holder's behalf to take such action
as may be necessary or appropriate to effectuate the subordination provided in
this Article XVI and appoints the Trustee such holder's attorney-in-fact for any
and all such purposes.

16.6     NOTICE BY THE COMPANY.

         (a) The Company shall give prompt written notice to a Responsible
Officer of the Trustee of any fact known to the Company that would prohibit the
making of any payment of monies to or by the Trustee in respect of the
Debentures pursuant to the provisions of this Article XVI. Notwithstanding the
provisions of this Article XVI or any other provision of this Indenture, the
Trustee shall not be charged with knowledge of the existence of any facts that
would prohibit the making of any payment of monies to or by the Trustee in
respect of the Debentures pursuant to the provisions of this Article XVI, unless
and until a Responsible Officer of the Trustee shall have received written
notice thereof from the Company or a holder or holders of Senior Indebtedness or
from any trustee therefor; and before the receipt of any such written notice,
the Trustee, subject to the provisions of Section 9.1, shall be entitled in all
respects to assume that no such facts exist; PROVIDED, HOWEVER, that if the
Trustee shall not have received the notice provided for in this Section 16.6 at
least two Business Days prior to the date upon which by the terms hereof any
money may become payable for any purpose (including, without limitation, the
payment of the principal of or interest on any Debenture), then, anything herein
contained to the contrary notwithstanding, the Trustee shall have full power and
authority to receive such money and to apply the same to the purposes for which
they were received, and shall not be affected by any notice to the contrary that
may be received by it within two Business Days prior to such date.

         (b) The Trustee, subject to the provisions of Section 9.1, shall be
entitled to conclusively rely on the delivery to it of a written notice by a
Person representing himself to be a holder of Senior Indebtedness of the Company
(or a trustee on behalf of such holder) to establish

                                      -58-
<PAGE>

that such notice has been given by a holder of such Senior Indebtedness or a
trustee on behalf of any such holder or holders. In the event that the Trustee
determines in good faith that further evidence is required with respect to the
right of any Person as a holder of such Senior Indebtedness to participate in
any payment or distribution pursuant to this Article XVI, the Trustee may
request such Person to furnish evidence to the reasonable satisfaction of the
Trustee as to the amount of such Senior Indebtedness held by such Person, the
extent to which such Person is entitled to participate in such payment or
distribution and any other facts pertinent to the rights of such Person under
this Article XVI, 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.

16.7     RIGHTS OF THE TRUSTEE; HOLDERS OF SENIOR INDEBTEDNESS.

         (a) The Trustee in its individual capacity shall be entitled to all the
rights set forth in this Article XVI in respect of any Senior Indebtedness at
any time held by it, to the same extent as any other holder of Senior
Indebtedness, and nothing in this Indenture shall deprive the Trustee of any of
its rights as such holder. The Trustee's right to compensation and reimbursement
of expenses as set forth in Section 9.7 shall not be subject to the
subordination provisions of the Article XVI.

         (b) With respect to the holders of Senior Indebtedness of the Company,
the Trustee undertakes to perform or to observe only such of its covenants and
obligations as are specifically set forth in this Article XVI, and no implied
covenants or obligations with respect to the holders of such Senior Indebtedness
shall be read into this Indenture against the Trustee. The Trustee shall not be
deemed to owe any fiduciary duty to the holders of such Senior Indebtedness and,
subject to the provisions of Section 9.1, the Trustee shall not be liable to any
holder of such Senior Indebtedness if it shall pay over or deliver to holders of
Debentures, the Company or any other Person money or assets to which any holder
of such Senior Indebtedness shall be entitled by virtue of this Article XVI or
otherwise.

16.8     SUBORDINATION MAY NOT BE IMPAIRED.

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

         (b) Without in any way limiting the generality of the foregoing
paragraph, the holders of Senior Indebtedness of the Company may, at any time
and from time to time, without the consent of or notice to the Trustee or the
holders of the Debentures, without incurring responsibility to the holders of
the Debentures and without impairing or releasing the subordination provided in
this Article XVI or the obligations hereunder of the holders of the Debentures
to the holders of such Senior Indebtedness, do any one or more of the following:
(i) change the manner, place or terms of payment or extend the time of payment
of, or renew or

                                      -59-
<PAGE>

alter, such Senior Indebtedness, or otherwise amend or supplement in any
manner such Senior Indebtedness or any instrument evidencing the same or any
agreement under which such Senior Indebtedness is outstanding; (ii) sell,
exchange, release or otherwise deal with any property pledged, mortgaged or
otherwise securing such Senior Indebtedness; (iii) release any Person liable
in any manner for the collection of such Senior Indebtedness; and (iv)
exercise or refrain from exercising any rights against the Company and any
other Person.

                                      -60-
<PAGE>

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

INDEPENDENT BANK CORP.

By: /s/ Denis K. Sheahan
    -------------------------------
Name: Denis K. Sheahan
Title: Chief Financial Officer

THE BANK OF NEW YORK,
     as Trustee

By: /s/ Kisha Holder
    -------------------------------
Name: Kisha Holder
Title: Assistant Treasurer

                                      -61-
<PAGE>

                                                                      EXHIBIT A

                           (FORM OF FACE OF DEBENTURE)

                             INDEPENDENT BANK CORP.

                       8.375% JUNIOR SUBORDINATED DEBENTURE

                               DUE APRIL 12, 2032

NO. 1                                                               $25,773,200

                                                           CUSIP NO. 453836AE8

         Independent Bank Corp., a Massachusetts corporation (the "Company,"
which term includes any successor corporation under the Indenture hereinafter
referred to), for value received, hereby promises to pay to INDEPENDENT
CAPITAL TRUST IV or registered assigns, the principal sum of Twenty Five
Million Seven Hundred Seventy Three Thousand Two Hundred No/Dollars
($25,773,200) on April 30, 2032 (the "Stated Maturity"), and to pay interest
on said principal sum from April 12, 2032 or from the most recent interest
payment date (each such date, an "Interest Payment Date") to which interest
has been paid or duly provided for, quarterly (subject to deferral as set
forth herein) in arrears on the last day of March, June, September and
December of each year commencing June 30, 2002, at the rate of 8.375% per
annum until the principal hereof shall have become due and payable, and on
any overdue principal and (without duplication and to the extent that payment
of such interest is enforceable under applicable law) on any overdue
installment of interest at the same rate per annum compounded quarterly. The
amount of interest payable on any Interest Payment Date shall be computed on
the basis of a 360-day year of twelve 30-day months. The amount of interest
for any partial period shall be computed on the basis of the number of days
elapsed in a 360-day year of twelve 30-day months. In the event that any date
on which interest is payable on this Debenture is not a business day, then
payment of interest payable on such date shall be made on the next succeeding
day that is a business day (and without any interest or other payment in
respect of any such delay) except that, if such business day is in the next
succeeding calendar year, payment of such interest will be made on the
immediately preceding business day, in each case, with the same force and
effect as if made on such date. The interest installment so payable, and
punctually paid or duly provided for, on any Interest Payment Date shall, as
provided in the Indenture, be paid to the person in whose name this Debenture
(or one or more Predecessor Debentures, as defined in said Indenture) is
registered at the close of business on the regular record date for such
interest installment, which shall be the close of business on the business
day next preceding such Interest Payment Date unless otherwise provided in
the Indenture. Any such interest installment not punctually paid or duly
provided for shall forthwith cease to be payable to the registered holders on
such regular record date and may be paid to the Person in whose name this
Debenture (or one or more Predecessor Debentures) is registered at the close
of business on a special record date to be fixed by the Trustee for the
payment of such defaulted interest, notice thereof shall be fixed by the
Trustee for the payment of such defaulted interest, notice thereof shall be
given to the registered holders of the Debentures not less than 10 days prior
to such special record date, or

                                      A-1

<PAGE>

may be paid at any time in any other lawful manner not inconsistent with the
requirements of any securities exchange or quotation system on or in which the
Debentures may be listed or quoted, and upon such notice as may be required by
such exchange, all as more fully provided in the Indenture. The principal of and
the interest on this Debenture shall be payable at the office or agency of the
Trustee maintained for that purpose in any coin or currency of the United States
of America that at the time of payment is legal tender for payment of public and
private debts; PROVIDED, HOWEVER, that payment of interest may be made at the
option of the Company by check mailed to the registered holder at such address
as shall appear in the Debenture Register. Notwithstanding the foregoing, so
long as the holder of this Debenture is the Property Trustee, the payment of the
principal of and interest on this Debenture shall be made at such place and to
such account as may be designated by the Trustee.

         The Stated Maturity may be shortened at any time by the Company to
any date not earlier than April 30, 2007, subject to the Company having
received prior approval of the Federal Reserve if then required under
applicable capital guidelines, policies or regulations of the Federal Reserve.

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

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

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

                                      A-2

<PAGE>

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

Dated April 12, 2002.

INDEPENDENT BANK CORP.

By:________________________________
Name: Denis K. Sheahan
Title: Chief Financial Officer

Attest:

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

                                      A-3

<PAGE>

                     [FORM OF CERTIFICATE OF AUTHENTICATION]

                          CERTIFICATE OF AUTHENTICATION

     This is one of the Debentures described in the within-mentioned Indenture.

Dated: April 12, 2002

The Bank of New York,
   as Trustee or Authentication Agent

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

                                      A-4

<PAGE>

                         [FORM OF REVERSE OF DEBENTURE]

                   8.375% JUNIOR SUBORDINATED DEBENTURE DUE 2032
                                   (CONTINUED)

         This Debenture is one of the subordinated debentures of the Company
(herein sometimes referred to as the "Debentures"), all issued or to be
issued under and pursuant to an Indenture dated as of April 12, 2002 (the
"Indenture") duly executed and delivered between the Company and The Bank of
New York, as Trustee (the "Trustee"), to which Indenture reference is hereby
made for a description of the rights, limitations of rights, obligations,
duties and immunities thereunder of the Trustee, the Company and the holders
of the Debentures. The Debentures are limited in aggregate principal amount
as specified in the Indenture.

         Because of the occurrence and continuation of a Special Event (as
defined in the Indenture), in certain circumstances, this Debenture may
become due and payable at the principal amount together with any interest
accrued thereon (the "Redemption Price"). The Redemption Price shall be paid
prior to 12:00 noon, Eastern Standard Time, on the date of such redemption or
at such earlier time as the Company determines. The Company shall have the
right as set forth in the Indenture to redeem this Debenture at the option of
the Company, without premium or penalty, in whole or in part at any time on
or after April 30, 2007 (an "Optional Redemption"), or at any time in
certain circumstances upon the occurrence of a Special Event, at a Redemption
Price equal to 100% of the principal amount hereof plus any accrued but
unpaid interest hereon, to the date of such redemption. Any redemption
pursuant to this paragraph shall be made upon not less than 30 days nor more
than 60 days notice, at the Redemption Price. The Redemption Price shall be
paid at the time and in the manner provided therefor in the Indenture. If the
Debentures are only partially redeemed by the Company pursuant to an Optional
Redemption, the Debentures shall be redeemed pro rata or by lot or by any
other method utilized by the Trustee as described in the Indenture.

         In the event of redemption of this Debenture in part only, a new
Debenture or Debentures for the unredeemed portion hereof shall be issued in the
name of the holder hereof upon the cancellation hereof.

         In case an Event of Default (as defined in the Indenture) shall have
occurred and be continuing, the principal of all of the Debentures may be
declared, and upon such declaration shall become, due and payable, in the
manner, with the effect and subject to the conditions provided in the Indenture.

         The Indenture contains provisions permitting the Company and the
Trustee, with the consent of the holders of not less than a majority in
aggregate principal amount of the Debentures at the time Outstanding (as defined
in the Indenture) to execute supplemental indentures for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions
of the Indenture or of any supplemental indenture or of modifying in any manner
the rights of the holders of the Debentures; PROVIDED, HOWEVER, that no such
supplemental indenture shall (i) extend the fixed maturity of the Debentures
except as provided in the Indenture, or

                                      A-5
<PAGE>

reduce the principal amount thereof, or reduce the rate or extend the time of
payment of interest thereon, without the consent of the holder of each Debenture
so affected; or (ii) reduce the aforesaid percentage of Debentures, the holders
of which are required to consent to any such supplemental indenture, without the
consent of the holders of each Debenture then Outstanding and affected thereby.
The Indenture also contains provisions permitting the holders of a majority in
aggregate principal amount of the Debentures at the time Outstanding, on behalf
of all of the holders of the Debentures, to waive any past default in the
performance of any of the covenants contained in the Indenture, or established
pursuant to the Indenture, and its consequences, except a default in the payment
of the principal of or interest on any of the Debentures. Any such consent or
waiver by the registered holder of this Debenture (unless revoked as provided in
the Indenture) shall be conclusive and binding upon such holder and upon all
future holders and owners of this Debenture and of any Debenture issued in
exchange herefor or in place hereof (whether by registration of transfer or
otherwise), irrespective of whether or not any notation of such consent or
waiver is made upon this Debenture.

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

         Provided certain conditions are met, the Company shall have the right
at any time during the term of the Debentures and from time to time to extend
the interest payment period of such Debentures for up to 20 consecutive quarters
(each, an "Extended Interest Payment Period"), at the end of which period the
Company shall pay all interest then accrued and unpaid (together with interest
thereon at the rate specified for the Debentures to the extent that payment of
such interest is enforceable under applicable law). Before the termination of
any such Extended Interest Payment Period, so long as no Event of Default shall
have occurred and be continuing, the Company may further extend such Extended
Interest Payment Period, provided that such Extended Interest Payment Period
together with all such further extensions thereof shall not exceed 20
consecutive quarters, extend beyond the Stated Maturity or end on a date other
than an Interest Payment Date. At the termination of any such Extended Interest
Payment Period and upon the payment of all accrued and unpaid interest and any
additional amounts then due and subject to the foregoing conditions, the Company
may commence a new Extended Interest Payment Period.

         As provided in the Indenture and subject to certain limitations therein
set forth, this Debenture is transferable by the registered holder hereof on the
Debenture Register of the Company, upon surrender of this Debenture for
registration of transfer at the office or agency of the Trustee accompanied by a
written instrument or instruments of transfer in form satisfactory to the
Company or the Trustee duly executed by the registered holder hereof or his
attorney duly authorized in writing, and thereupon one or more new Debentures of
authorized denominations and for the same aggregate principal amount shall be
issued to the designated transferee or transferees. No service charge shall be
made for any such transfer, but the Company may require payment of a sum
sufficient to cover any tax or other governmental charge payable in relation
thereto.

                                      A-6

<PAGE>

         Prior to due presentment for registration of transfer of this
Debenture, the Company, the Trustee, any paying agent and the Debenture
Registrar may deem and treat the registered holder hereof as the absolute owner
hereof (whether or not this Debenture shall be overdue and notwithstanding any
notice of ownership or writing hereon made by anyone other than the Debenture
Registrar) for the purpose of receiving payment of or on account of the
principal hereof and interest due hereon and for all other purposes, and neither
the Company nor the Trustee nor any paying agent nor any Debenture Registrar
shall be affected by any notice to the contrary.

         No recourse shall be had for the payment of the principal of or the
interest on this Debenture, or for any claim based hereon, or otherwise in
respect hereof, or based on or in respect of the Indenture, against any
incorporator, stockholder, officer or director, past, present or future, as
such, of the Company or of any predecessor or successor corporation, whether by
virtue of any constitution, statute or rule of law, or by the enforcement of any
assessment or penalty or otherwise, all such liability being, by the acceptance
hereof and as part of the consideration for the issuance hereof, expressly
waived and released.

         The Debentures are issuable only in registered form without coupons in
denominations of $25 and any integral multiple thereof.

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

         This Debenture shall be deemed to be a contract made under the internal
laws of the State of New York and for all purposes shall be construed in
accordance with the laws of said State.

                                      A-7<PAGE>

                                                                    EXHIBIT 4.8

                           INDEPENDENT CAPITAL TRUST IV

                              AMENDED AND RESTATED
                              DECLARATION OF TRUST

                                      AMONG

                       INDEPENDENT BANK CORP., AS SPONSOR,

                   THE BANK OF NEW YORK, AS PROPERTY TRUSTEE,

              THE BANK OF NEW YORK (DELAWARE), AS DELAWARE TRUSTEE,

                                       AND

                    THE ADMINISTRATIVE TRUSTEES NAMED HEREIN

                          DATED AS OF APRIL 12, 2002

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                               PAGE
<S>                                                                                                            <C>
Article I DEFINED TERMS..........................................................................................2
         1.1      Definitions....................................................................................2
Article II ESTABLISHMENT OF THE TRUST...........................................................................10
         2.1      Name..........................................................................................10
         2.2      Office of the Delaware Trustee; Principal Place of Business...................................10
         2.3      Organizational Expenses.......................................................................10
         2.4      Issuance of the Preferred Securities..........................................................11
         2.5      Issuance of the Common Securities; Subscription and Purchase of Debentures....................11
         2.6      Declaration of Trust..........................................................................11
         2.7      Authorization to Enter into Certain Transactions..............................................11
         2.8      Assets of Trust...............................................................................15
         2.9      Title to Trust Property.......................................................................16
Article III PAYMENT ACCOUNT.....................................................................................16
         3.1      Payment Account...............................................................................16
Article IV DISTRIBUTIONS; REDEMPTION............................................................................16
         4.1      Distributions.................................................................................16
         4.2      Redemption....................................................................................17
         4.3      Subordination of Common Securities............................................................20
         4.4      Payment Procedures............................................................................21
         4.5      Tax Returns and Reports.......................................................................21
         4.6      Payment of Taxes, Duties, etc. of the Trust...................................................21
         4.7      Payments Under Indenture......................................................................21
Article V TRUST SECURITIES CERTIFICATES.........................................................................22
         5.1      Initial Ownership.............................................................................22
         5.2      The Trust Securities Certificates.............................................................22
         5.3      Execution, Authentication and Delivery of Trust Securities Certificates.......................22
         5.4      Registration of Transfer and Exchange of Preferred Securities Certificates....................24
         5.5      Mutilated, Destroyed, Lost or Stolen Trust Securities Certificates............................26
         5.6      Persons Deemed Securityholders................................................................26
         5.7      Access to List of Securityholders' Names and Addresses........................................26
         5.8      Maintenance of Office or Agency...............................................................27
         5.9      Appointment of Paying Agent...................................................................27
         5.10     Ownership of Common Securities by Sponsor.....................................................28
         5.11     Trust Securities Certificates.................................................................28
         5.12     Notices to Clearing Agency....................................................................28
         5.13     Rights of Securityholders.....................................................................28
Article VI ACTS OF SECURITYHOLDERS; MEETINGS; VOTING............................................................29
         6.1      Limitations on Voting Rights..................................................................29
         6.2      Notice of Meetings............................................................................31
         6.3      Meetings of Preferred Securityholders.........................................................31
         6.4      Voting Rights.................................................................................31

                                       i

<PAGE>

<S>                                                                                                          <C>
         6.5      Proxies, etc..................................................................................31
         6.6      Securityholder Action by Written Consent......................................................32
         6.7      Record Date for Voting and Other Purposes.....................................................32
         6.8      Acts of Securityholders.......................................................................32
         6.9      Inspection of Records.........................................................................33
Article VII REPRESENTATIONS AND WARRANTIES......................................................................33
         7.1      Representations and Warranties of the Bank and the Property Trustee...........................33
         7.2      Representations and Warranties of the Delaware Bank and the Delaware Trustee..................35
         7.3      Representations and Warranties of Sponsor.....................................................36
Article VIII TRUSTEES...........................................................................................37
         8.1      Certain Duties and Responsibilities...........................................................37
         8.2      Certain Notices...............................................................................38
         8.3      Certain Rights of Property Trustee............................................................39
         8.4      Not Responsible for Recitals or Issuance of Securities........................................41
         8.5      May Hold Securities...........................................................................42
         8.6      Compensation; Indemnity; Fees.................................................................42
         8.7      Corporate Property Trustee Required; Eligibility of Trustees..................................43
         8.8      Conflicting Interests.........................................................................43
         8.9      Co-Trustees and Separate Trustee..............................................................43
         8.10     Resignation and Removal; Appointment of Successor.............................................45
         8.11     Acceptance of Appointment by Successor........................................................47
         8.12     Merger, Conversion, Consolidation or Succession to Business...................................47
         8.13     Preferential Collection of Claims Against Sponsor or Trust....................................48
         8.14     Reports by Property Trustee...................................................................48
         8.15     Reports to the Property Trustee...............................................................48
         8.16     Evidence of Compliance with Conditions Precedent..............................................48
         8.17     Number of Trustees............................................................................49
         8.18     Delegation of Power...........................................................................49
         8.19     Voting........................................................................................50
Article IX TERMINATION, LIQUIDATION AND MERGER..................................................................50
         9.1      Termination Upon Expiration Date..............................................................50
         9.2      Early Termination.............................................................................50
         9.3      Termination...................................................................................50
         9.4      Liquidation...................................................................................51
         9.5      Mergers, Consolidations, Amalgamations or Replacements of the Trust...........................52
Article X MISCELLANEOUS PROVISIONS..............................................................................54
         10.1     Limitation of Rights of Securityholders.......................................................54
         10.2     Amendment.....................................................................................54
         10.3     Severability..................................................................................56
         10.4     Governing Law.................................................................................56
         10.5     Payments Due on Non-Business Day..............................................................56
         10.6     Successors....................................................................................56
         10.7     Headings......................................................................................56
         10.8     Reports, Notices and Demands..................................................................56

                                       ii

<PAGE>

<S>                                                                                                          <C>
         10.9     Agreement Not to Petition.....................................................................57
         10.10    Trust Indenture Act; Conflict with Trust Indenture Act........................................57
         10.11    Acceptance of Terms of Trust Agreement, Guarantee and Indenture...............................58
         10.12    Counterparts..................................................................................58
         10.13    Exchange Act Obligations......................................................................59

EXHIBITS

         Exhibit A.........Certificate of Trust
         Exhibit B.........Form of Common Securities Certificate
         Exhibit C.........Form of Preferred Securities Certificate
         Exhibit D.........Form of Preferred Securities Certificate Authentication
</TABLE>

                                      iii

<PAGE>

                              CROSS-REFERENCE TABLE

<TABLE>
<CAPTION>
Section of                                                                                     Amended and Restated
Trust Indenture Act of 1939, as amended                                                        Declaration of Trust
<S>                                                                                            <C>
310(a)(1).......................................................................................................807
310(a)(2).......................................................................................................807
310(a)(3).......................................................................................................807
310(a)(4)................................................................................................207(a)(ii)
310(b)..........................................................................................................808
311(a)..........................................................................................................813
311(b)..........................................................................................................813
312(a)..........................................................................................................507
312(b)..........................................................................................................507
312(c)..........................................................................................................507
313(a).......................................................................................................814(a)
313(a)(4)....................................................................................................814(b)
313(b).......................................................................................................814(b)
313(c).........................................................................................................1008
313(d).......................................................................................................814(c)
314(a)..........................................................................................................815
314(b)...............................................................................................Not Applicable
314(c)(1).......................................................................................................816
314(c)(2).......................................................................................................816
314(c)(3)............................................................................................Not Applicable
314(d)...............................................................................................Not Applicable
314(e).....................................................................................................101, 816
315(a)...............................................................................................801(a), 803(a)
315(b)....................................................................................................802, 1008
315(c).......................................................................................................801(a)
315(d).....................................................................................................801, 803
316(a)(2)............................................................................................Not Applicable
316(b)...............................................................................................Not Applicable
316(c)..........................................................................................................607
317(a)(1)............................................................................................Not Applicable
317(a)(2)............................................................................................Not Applicable
317(b)..........................................................................................................509
318(a).........................................................................................................1010
</TABLE>

Note: This Cross-Reference Table does not constitute part of this Agreement and
      shall not affect the interpretation of any of its terms or provisions.

                                       iv

<PAGE>

                    AMENDED AND RESTATED DECLARATION OF TRUST

         AMENDED AND RESTATED DECLARATION OF TRUST, dated as of April 12,
2002, among (i) INDEPENDENT BANK CORP., a Massachusetts corporation (including
any successors or assigns, the "Sponsor"), (ii) THE BANK OF NEW YORK, a
banking corporation duly organized and existing under the laws of the State of
New York as property trustee (the "Property Trustee" and, in its separate
corporate capacity and not in its capacity as Property Trustee, the "Bank"),
(iii) THE BANK OF NEW YORK (DELAWARE), a banking corporation duly organized and
existing under the laws of the State of Delaware, as Delaware trustee (the
"Delaware Trustee," and, in its separate corporate capacity and not in its
capacity as Delaware Trustee, the "Delaware Bank") (iv) EDWARD H. SEKSAY, an
individual, ANTHONY W. DIROBBIO, an individual, and DENIS K. SHEAHAN, an
individual, each of whose address is c/o Company (each an "Administrative
Trustee" and collectively the "Administrative Trustees") (the Property Trustee,
the Delaware Trustee and the Administrative Trustees referred to collectively as
the "Trustees"), and (v) the several Holders (as hereinafter defined).

                                    RECITALS

         WHEREAS, the Sponsor, the Delaware Trustee, and EDWARD H. SEKSAY,
WILLIAM E. MATTESON and DENIS K. SHEAHAN, each as an administrative trustee,
have heretofore duly declared and established a business trust pursuant to the
Delaware Business Trust Act by the entering into that certain Declaration of
Trust dated as of March 18, 2002 (the "Original Trust Agreement") and by the
execution and filing by the Delaware Trustee and the Administrative Trustees
with the Secretary of State of the State of Delaware of the Certificate of
Trust, filed on March 18, 2002, the form of which is attached as EXHIBIT A;
and

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

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

                                      -1-
<PAGE>

                                    ARTICLE I

                                  DEFINED TERMS

1.1      DEFINITIONS

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

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

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

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

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

         "Act" has the meaning specified in Section 6.8.

         "Additional Amount" means, with respect to Trust Securities of a given
Liquidation Amount and/or a given period, the amount equal to accrued interest,
including compound interest, in arrears and paid by the Sponsor on a Like
Amount of Debentures for such period.

         "Additional Interest" has the meaning specified in Section 1.1 of the
Indenture.

         "Administrative Trustee" means each of Edward H. Seksay, Anthony W.
DiRobbio and Denis K. Sheahan, solely in his capacity as Administrative Trustee
of the Trust formed and continued hereunder and not in his individual capacity,
or such Administrative Trustee's successor in interest in such capacity, or any
successor trustee appointed as herein provided.

         "Affiliate" means, with respect to a specified Person, (a) any Person
directly or indirectly owning, controlling or holding with power to vote 10% or
more of the outstanding voting securities or other ownership interests of the
specified Person; (b) any Person 10% or more of whose outstanding voting
securities or other ownership interests are directly or indirectly owned,
controlled or held with power to vote by the specified Person; (c) any Person
directly or indirectly controlling, controlled by, or under common control with
the specified Person; (d) a partnership in which the specified Person is a
general partner; (e) any officer or director of the specified Person; and (f) if
the specified Person is an individual, any entity of which the specified Person
is an officer, director or general partner.

                                      -2-
<PAGE>

         "Authenticating Agent" means an authenticating agent with respect to
the Preferred Securities appointed by the Property Trustee pursuant to Section
5.3.

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

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

         (a) the entry of a decree or order by a court having jurisdiction in
the premises adjudging such Person a bankrupt or insolvent, or approving as
properly filed a petition seeking liquidation or reorganization of or in respect
of such Person under the United States Bankruptcy Code of 1978, as amended, or
any other similar applicable federal or state law, and the continuance of any
such decree or order unvacated and unstayed for a period of 90 days; or the
commencement of an involuntary case under the United States Bankruptcy Code of
1978, as amended, in respect of such Person, which shall continue undismissed
for a period of 90 days or entry of an order for relief in such case; or the
entry of a decree or order of a court having jurisdiction in the premises for
the appointment on the ground of insolvency or bankruptcy of a receiver,
custodian, liquidator, trustee or assignee in bankruptcy or insolvency of such
Person or of its property, or for the winding up or liquidation of its affairs,
and such decree or order shall have remained in force unvacated and unstayed for
a period of 90 days; or

         (b) the institution by such Person of proceedings to be adjudicated a
voluntary bankrupt, or the consent by such Person to the filing of a bankruptcy
proceeding against it, or the filing by such Person of a petition or answer or
consent seeking liquidation or reorganization under the United States Bankruptcy
Code of 1978, as amended, or other similar applicable federal or state law, or
the consent by such Person to the filing of any such petition or to the
appointment on the ground of insolvency or bankruptcy of a receiver or custodian
or liquidator or trustee or assignee in bankruptcy or insolvency of such Person
or of its property, or shall make a general assignment for the benefit of
creditors.

         "Bankruptcy Laws" has the meaning specified in Section 10.9.

         "Board Resolution" means a copy of a resolution certified by the Clerk
of the Sponsor to have been duly adopted by the Sponsor's Board of
Directors, or such committee of the Board of Directors or officers of the
Sponsor to which authority to act on behalf of the Board of Directors has been
delegated, and to be in full force and effect on the date of such certification,
and delivered to the appropriate Trustee.

         "Business Day" means a day other than a Saturday or Sunday, a day on
which banking institutions in Rockland, Massachusetts or The City of New York
are authorized or required by law, executive order or regulation to remain
closed, or a day on which the Property Trustee's Corporate Trust Office or the
Corporate Trust Office of the Debenture Trustee is closed for business.

         "Certificate Depositary Agreement" means the letter of
representations among Sponsor, Trust and DTC, as the initial Clearing Agency,
dated as of the Closing Date.

                                      -3-
<PAGE>

         "Certificate of Trust" means the certificate of trust filed with the
Secretary of State of the State of Delaware with respect to the Trust, as
amended or restated from time to time.

         "Change in 1940 Act Law" shall have the meaning set forth in the
definition of "Investment Company Event."

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

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

         "Closing Date" means the date of execution and delivery of this Trust
Agreement.

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

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

         "Common Security" means an undivided beneficial interest in the assets
of the Trust, having a Liquidation Amount of $25 and having the rights provided
therefor in this Trust Agreement, including the right to receive Distributions
and a Liquidation Distribution as provided herein.

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

         "Company" means Independent Bank Corp., a Massachusetts corporation.

         "Corporate Trust Office" means the office at which, at any particular
time, the corporate trust business of the Property Trustee or the Debenture
Trustee, as the case may be, shall be principally administered, which office at
the date hereof, in each such case, is located at 101 Barclay Street, New York,
New York 10286.

         "Debenture Event of Default" means an "Event of Default" as defined in
Section 7.1 of the Indenture.

         "Debenture Redemption Date" means, with respect to any Debentures to be
redeemed under the Indenture, the date fixed for redemption under the Indenture.

         "Debenture Tax Event" means a "Tax Event" as specified in Section 1.1
of the Indenture.

                                      -4-
<PAGE>

         "Debenture Trustee" means The Bank of New York, a banking organization
organized under the laws of the State of New York and any successor thereto, as
trustee under the Indenture.

         "Debentures" means up to $25,773,200 principal amount of the
Sponsor's 8.375% Junior Subordinated Debentures due April 30, 2032 issued
pursuant to the Indenture.

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

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

         "Delaware Business Trust Act" means Chapter 38 of Title 12 of the
Delaware Code, 12 Delaware Code Sections 3801 ET SEQ. as it may be amended from
time to time.

         "Delaware Trustee" means the commercial bank or trust company
identified as the "Delaware Trustee" in the Preamble to this Trust Agreement
solely in its capacity as Delaware Trustee of the Trust and not in its
individual capacity, or its successor in interest in such capacity, or any
successor trustee appointed as herein provided.

         "Depositary" means DTC or any successor thereto.

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

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

         "DTC" means The Depository Trust Company.

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

         (a) the occurrence of a Debenture Event of Default; or

         (b) default by the Trust in the payment of any Distribution when it
becomes due and payable, and continuation of such default for a period of 30
days; or

         (c) default by the Trust in the payment of any Redemption Price of any
Trust Security when it becomes due and payable; or

         (d) default in the performance, or breach, in any material respect, of
any covenant or warranty of the Trustees in this Trust Agreement (other than a
covenant or warranty a default in the performance of which or the breach of
which is dealt with in clause (b) or (c), above) and

                                      -5-
<PAGE>

continuation of such default or breach for a period of 60 days after there has
been given, by registered or certified mail, to the defaulting Trustee or
Trustees by the Holders of at least 25% in aggregate Liquidation Amount of the
Outstanding Preferred Securities a written notice specifying such default or
breach and requiring it to be remedied and stating that such notice is a "Notice
of Default" hereunder; or

         (e) the occurrence of a Bankruptcy Event with respect to the Property
Trustee and the failure by the Sponsor to appoint a successor Property Trustee
within 60 days thereof.

         "Exchange Act" means the Securities Exchange Act of 1934, as amended.

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

         "Extended Interest Payment Period" has the meaning specified in Section
4.1 of the Indenture.

         "Global Preferred Securities Certificate" means a Preferred Securities
Certificate evidencing ownership of Global Preferred Securities.

         "Global Preferred Security" means a Preferred Security, the ownership
and transfer of which shall be made through book entries by a Clearing Agency as
described herein.

         "Guarantee" means the Preferred Securities Guarantee Agreement executed
and delivered by the Sponsor and The Bank of New York, as trustee,
contemporaneously with the execution and delivery of this Trust Agreement, for
the benefit of the holders of the Preferred Securities, as amended from time to
time.

         "Indenture" means the Indenture, dated as of April 12, 2002, between
the Sponsor and the Debenture Trustee, as trustee, as amended or supplemented
from time to time.

         "Investment Company Act," means the Investment Company Act of 1940, as
amended, as in effect at the date of execution of this instrument.

         "Investment Company Event" means the receipt by the Trust and the
Sponsor of an Opinion of Counsel, rendered by a law firm having a recognized
national tax and securities law practice, to the effect that, as a result of the
occurrence of a change in law or regulation or a change in interpretation or
application of law or regulation by any legislative body, court, governmental
agency or regulatory authority (a "Change in 1940 Act Law"), the Trust is or
shall be considered an "investment company" that is required to be registered
under the Investment Company Act, which Change in 1940 Act Law becomes effective
on or after the date of original issuance of the Preferred Securities under this
Trust Agreement, provided, however, that the Sponsor or the Trust shall have
requested and received such an Opinion of Counsel with regard to such matters
within a reasonable period of time after the Sponsor or the Trust shall have
become aware of the possible occurrence of any such event.

                                      -6-
<PAGE>

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

         "Like Amount" means (a) with respect to a redemption of Trust
Securities, Trust Securities having an aggregate Liquidation Amount equal to the
aggregate principal amount of Debentures to be contemporaneously redeemed in
accordance with the Indenture and the proceeds of which shall be used to pay the
Redemption Price of such Trust Securities; and (b) with respect to a
distribution of Debentures to Holders of Trust Securities in connection with a
termination or liquidation of the Trust, Debentures having a principal amount
equal to the Liquidation Amount of the Trust Securities of the Holder to whom
such Debentures are distributed. Each Debenture distributed pursuant to clause
(b) above shall carry with it accrued interest in an amount equal to the accrued
and unpaid interest then due on such Debentures.

         "Liquidation Amount" means the stated amount of $25 per Trust Security.

         "Liquidation Date" means the date on which Debentures are to be
distributed to Holders of Trust Securities in connection with a dissolution and
liquidation of the Trust pursuant to Section 9.4(a).

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

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

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

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

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

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

         "Opinion of Counsel" means an opinion in writing of independent,
outside legal counsel for the Trust, the Property Trustee, the Delaware Trustee
or the Sponsor, who shall be reasonably acceptable to the Property Trustee.

                                      -7-
<PAGE>

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

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

         (a) Preferred Securities theretofore canceled by the Property Trustee
or delivered to the Property Trustee for cancellation;

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

         (c) Preferred Securities which have been paid for in exchange for, or
in lieu of, which other Preferred Securities have been executed and delivered
pursuant to Sections 5.4, 5.5 and 5.11; PROVIDED, HOWEVER, that in determining
whether the Holders of the requisite Liquidation Amount of the Outstanding
Preferred Securities have given any request, demand, authorization, direction,
notice, consent or waiver hereunder, Preferred Securities owned by the
Sponsor, any Trustee or any Affiliate of the Sponsor or any Trustee shall be
disregarded and deemed not to be Outstanding, except that (a) in determining
whether any Trustee shall be protected in relying upon any such request, demand,
authorization, direction, notice, consent or waiver, only Preferred Securities
that such Trustee knows to be so owned shall be so disregarded; and (b) the
foregoing shall not apply at any time when all of the outstanding Preferred
Securities are owned by the Sponsor, one or more of the Trustees and/or any
such Affiliate. Preferred Securities so owned which have been pledged in good
faith may be regarded as Outstanding if the pledgee establishes to the
satisfaction of the Administrative Trustees the pledgee's right so to act with
respect to such Preferred Securities and the pledgee is not the Sponsor or any
other Obligor upon the Preferred Securities or a Person directly or indirectly
controlling or controlled by or under direct or indirect common control with the
Sponsor or any Affiliate of the Sponsor.

         "Paying Agent" means any paying agent or co-paying agent appointed
pursuant to Section 5.9 and shall initially be the Bank.

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

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

         "Preferred Security" means an undivided beneficial interest in the
assets of the Trust, having a Liquidation Amount of $25 and having the rights
provided therefor in this Trust

                                      -8-
<PAGE>

Agreement, including the right to receive Distributions and a Liquidation
Distribution as provided herein.

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

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

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

         "Redemption Price" means, with respect to any Trust Security, the
Liquidation Amount of such Trust Security, plus accumulated and unpaid
Distributions to the Redemption Date allocated on a pro rata basis (based on
Liquidation Amounts) among the Trust Securities.

         "Relevant Trustee" shall have the meaning specified in Section 8.10.

         "Securities Register" and "Securities Registrar" have the respective
meanings specified in Section 5.4.

         "Securityholder" or "Holder" means a Person in whose name a Trust
Security is or Trust Securities are registered in the Securities Register; any
such Person is a beneficial owner within the meaning of the Delaware Business
Trust Act.

         "Sponsor" has the meaning specified in the Preamble to this Trust
Agreement.

         "Trust" means the Delaware business trust created and continued hereby
and identified on the cover page to this Trust Agreement.

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

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

         "Trust Property" means (a) the Debentures; (b) any cash on deposit in,
or owing to, the Payment Account; and (c) all proceeds and rights in respect of
the foregoing and any other

                                      -9-
<PAGE>

property and assets for the time being held or deemed to be held by the Property
Trustee pursuant to the trusts of this Trust Agreement.

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

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

         "Trustees" means, collectively, the Property Trustee, the Delaware
Trustee and the Administrative Trustees.

         "Underwriting Agreement" means the Underwriting Agreement, dated as
of April 8, 2002, among the Trust, the Sponsor and the Underwriter named
therein.

                                   ARTICLE II

                           ESTABLISHMENT OF THE TRUST

2.1      NAME.

         The Trust continued hereby shall be known as "Independent Capital
Trust IV," as such name may be modified from time to time by the
Administrative Trustees following written notice to the Holders of Trust
Securities and the other Trustees, in which name the Trustees may engage in
the transactions contemplated hereby, make and execute contracts and other
instruments on behalf of the Trust and sue and be sued.

2.2      OFFICE OF THE DELAWARE TRUSTEE; PRINCIPAL PLACE OF BUSINESS.

         The address of the Delaware Trustee in the State of Delaware is c/o The
Bank of New York (Delaware), White Clay Center, Route 273, Newark, Delaware
19711, Attn: Corporate Trust Department, or such other address in the State of
Delaware as the Delaware Trustee may designate by written notice to the
Securityholders and the Sponsor. The principal executive office of the Trust
is c/o The Bank of New York, 101 Barclay Street, New York, New York 10286.

2.3      ORGANIZATIONAL EXPENSES.

         The Sponsor shall pay organizational expenses of the Trust as they
arise or shall, upon request of any Trustee, promptly reimburse such Trustee
for any such expenses paid by such Trustee. The Sponsor shall make no claim
upon the Trust Property for the payment of such expenses.

                                      -10-

<PAGE>

2.4      ISSUANCE OF THE PREFERRED SECURITIES.

         The Sponsor and an Administrative Trustee, on behalf of the Trust and
pursuant to the Original Trust Agreement, executed and delivered the
Underwriting Agreement. Contemporaneously with the execution and delivery of
this Trust Agreement, an Administrative Trustee, on behalf of the Trust, shall
execute in accordance with Section 5.2 and deliver in accordance with the
Underwriting Agreement, Preferred Securities Certificates, registered in the
name of Persons entitled thereto in an aggregate amount of 1,000,000 Preferred
Securities having an aggregate Liquidation Amount of $25,000,000 against receipt
of the aggregate purchase price for such Preferred Securities of $25,000,000
which amount such Administrative Trustee shall promptly deliver to the Property
Trustee.

2.5      ISSUANCE OF THE COMMON SECURITIES; SUBSCRIPTION AND PURCHASE OF
         DEBENTURES.

         Contemporaneously with the execution and delivery of this Trust
Agreement, an Administrative Trustee, on behalf of the Trust, shall execute in
accordance with Section 5.2 and deliver to the Sponsor, a Common Securities
Certificate, registered in the name of the Sponsor, in an aggregate amount of
Common Securities having an aggregate Liquidation Amount of $773,200 against
payment by the Sponsor of such amount. Contemporaneously therewith, an
Administrative Trustee, on behalf of the Trust, shall subscribe to and purchase
from the Sponsor Debentures, registered in the name of the Property Trustee on
behalf of the Trust and having an aggregate principal amount equal to $773,200,
and, in satisfaction of the purchase price for such Debentures, the Property
Trustee, on behalf of the Trust, shall deliver to the Sponsor the sum of
$773,200.

2.6      DECLARATION OF TRUST.

         The exclusive purposes and functions of the Trust are (a) to issue and
sell Trust Securities and use the proceeds from such sale to acquire the
Debentures; and (b) to engage in those activities necessary, advisable or
incidental thereto. The Sponsor hereby appoints the Trustees as trustees of
the Trust, to have all the rights, powers and duties to the extent set forth
herein, and the Trustees hereby accept such appointment. The Property Trustee
hereby declares that it shall hold the Trust Property in trust upon and subject
to the conditions set forth herein for the benefit of the Securityholders. The
Administrative Trustees shall have all rights, powers and duties set forth
herein and in accordance with applicable law with respect to accomplishing the
purposes of the Trust. The Delaware Trustee shall not be entitled to exercise
any powers, nor shall the Delaware Trustee have any of the duties and
responsibilities of the Property Trustee or the Administrative Trustees set
forth herein. The Delaware Trustee shall be one of the Trustees of the Trust for
the sole and limited purpose of fulfilling the requirements of Section 3807 of
the Delaware Business Trust Act.

2.7      AUTHORIZATION TO ENTER INTO CERTAIN TRANSACTIONS.

         (a) The Trustees shall conduct the affairs of the Trust in accordance
             with the terms of this Trust Agreement. Subject to the limitations
             set forth in paragraph (b) of this Section 2.7 and Article VIII,
             and in accordance with

                                      -11-
<PAGE>

             the following provisions (i) and (ii), the Administrative Trustees
             shall have the authority to enter into all transactions and
             agreements determined by the Administrative Trustees to be
             appropriate in exercising the authority, express or implied,
             otherwise granted to the Administrative Trustees under this Trust
             Agreement, and to perform all acts in furtherance thereof,
             including without limitation, the following:

             (i) As among the Trustees, each Administrative Trustee, acting
                 singly or jointly, shall have the power and authority to act on
                 behalf of the Trust with respect to the following matters:

                 (A) issuance and sale of the Trust Securities and the
                     compliance with the Underwriting Agreement in connection
                     therewith;

                 (B) causing the Trust to enter into, and execute, deliver and
                     perform on behalf of the Trust, the Underwriting Agreement,
                     and such other agreements or documents as may be necessary
                     or desirable in connection with the purposes and function
                     of the Trust;

                 (C) assisting in the registration of the Preferred Securities
                     under the Securities Act of 1933, as amended, and under
                     State securities "blue sky" laws, including the
                     execution of a registration statement and the
                     qualification of this Trust Agreement as a trust indenture
                     under the Trust Indenture Act;

                 (D) assisting in the listing of the Preferred Securities upon
                     The Nasdaq National Market or such securities exchange or
                     exchanges as shall be determined by the Sponsor, the
                     registration of the Preferred Securities under the Exchange
                     Act, compliance with the listing requirements of The Nasdaq
                     National Market or the applicable securities exchanges and
                     preparation and filing of all periodic and other reports
                     and other documents pursuant to the foregoing;

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

                 (F) appointment of a Paying Agent, Authenticating Agent and
                     Securities Registrar in accordance with this Trust
                     Agreement;

                                      -12-
<PAGE>

                 (G) to the extent provided in this Trust Agreement, the winding
                     up of the affairs of and liquidation of the Trust and the
                     preparation, execution and filing of the certificate of
                     cancellation with the Secretary of State of the State of
                     Delaware;

                 (H) taking all action that may be necessary or appropriate for
                     the preservation and the continuation of the Trust's valid
                     existence, rights, franchises and privileges as a statutory
                     business trust under the laws of the State of Delaware and
                     of each other jurisdiction in which such existence is
                     necessary to protect the limited liability of the Holders
                     of the Preferred Securities or to enable the Trust to
                     effect the purposes for which the Trust was created; and

                 (I) taking any action incidental to the foregoing as the
                     Administrative Trustees may from time to time determine is
                     necessary or advisable to give effect to the terms of this
                     Trust Agreement for the benefit of the Securityholders
                     (without consideration of the effect of any such action on
                     any particular Securityholder).

            (ii) As among the Trustees, the Property Trustee shall have the
                 power, duty and authority to act on behalf of the Trust with
                 respect to the following matters:

                 (A) the establishment of the Payment Account;

                 (B) the receipt of the Debentures;

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

                 (D) the distribution of amounts owed to the Securityholders in
                     respect of the Trust Securities in accordance with the
                     terms of this Trust Agreement;

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

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

                 (G) the distribution of the Trust Property in accordance with
                     the terms of this Trust Agreement;

                                      -13-
<PAGE>

                 (H) to the extent provided in this Trust Agreement, the winding
                     up of the affairs of and liquidation of the Trust;

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

                 (J) registering transfers of the Trust Securities in accordance
                     with this Trust Agreement; and

                 (K) except as otherwise provided in this Section 2.7(a)(ii),
                     the Property Trustee shall have none of the duties,
                     liabilities, powers or the authority of the Administrative
                     Trustees set forth in Section 2.7(a)(i).

         (b) So long as this Trust Agreement remains in effect, the Trust (or
             the Trustees acting on behalf of the Trust) shall not undertake any
             business, activities or transaction except as expressly provided
             herein or contemplated hereby. In particular, the Trustees shall
             not (i) acquire any investments or engage in any activities not
             authorized by this Trust Agreement; (ii) sell, assign, transfer,
             exchange, mortgage, pledge, set-off or otherwise dispose of any of
             the Trust Property or interests therein, including to
             Securityholders, or acquire any assets, in each case, except as
             expressly provided herein; (iii) take any action that would cause
             the Trust to fail or cease to qualify as a "grantor trust" for
             United States federal income tax purposes; (iv) incur any
             indebtedness for borrowed money or issue any other debt; or (v)
             take or consent to any action that would result in the placement of
             a Lien on any of the Trust Property. The Administrative Trustees
             shall defend all claims and demands of all Persons at any time
             claiming any Lien on any of the Trust Property adverse to the
             interest of the Trust or the Securityholders in their capacity as
             Securityholders.

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

             (i) the preparation and filing by the Trust with the Commission and
                 the execution of a registration statement on

                                      -14-
<PAGE>

                 the appropriate form in relation to the Preferred Securities,
                 the Debentures, and the Guarantee, including any amendments
                 thereto;

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

           (iii) the preparation for filing by the Trust and execution on
                 behalf of the Trust of an application to The Nasdaq National
                 Market or a national stock exchange or other organizations for
                 listing upon notice of issuance of any Preferred Securities and
                 to file or cause an Administrative Trustee to file thereafter
                 with such exchange or organization such notifications and
                 documents as may be necessary from time to time;

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

             (v) the taking of any other actions necessary or desirable to carry
                 out any of the foregoing activities.

         (d) Notwithstanding anything herein to the contrary, the Trustees are
             authorized and directed to conduct the affairs of the Trust and to
             operate the Trust so that the Trust shall not be deemed to be an
             "investment company" required to be registered under the Investment
             Company Act, shall be classified as a "grantor trust" and not as an
             association taxable as a corporation for United States federal
             income tax purposes and so that the Debentures shall be treated as
             indebtedness of the Sponsor for United States federal income tax
             purposes. In this connection, subject to Section 10.2, the
             Sponsor and the Administrative Trustees are authorized to take
             any action, not inconsistent with applicable law or this Trust
             Agreement, that each of the Sponsor and the Trustees determines
             in their discretion to be necessary or desirable for such purposes.

2.8      ASSETS OF TRUST.

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

                                      -15-
<PAGE>

2.9      TITLE TO TRUST PROPERTY.

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

                                  ARTICLE III

                                 PAYMENT ACCOUNT

3.1      PAYMENT ACCOUNT.

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

         (b) The Property Trustee shall deposit in the Payment Account, promptly
             upon receipt, all payments of principal of or interest on, and any
             other payments or proceeds with respect to, the Debentures. Amounts
             held in the Payment Account shall not be invested by the Property
             Trustee pending distribution thereof.

                                   ARTICLE IV

                            DISTRIBUTIONS; REDEMPTION

         4.1 DISTRIBUTIONS.

         (a) Distributions on the Trust Securities shall be cumulative, and
             shall accumulate whether or not there are funds of the Trust
             available for the payment of Distributions. Distributions shall
             accumulate from April 12, 2002, and, except during any Extended
             Interest Payment Period with respect to the Debentures, shall be
             payable quarterly in arrears on the last calendar day of March,
             June, September and December of each year, commencing on June 30,
             2002. If any date on which a Distribution is otherwise payable on
             the Trust Securities is not a Business Day, then the payment of
             such Distribution shall be made on the next succeeding day that is
             a Business Day (and without any interest or other

                                      -16-
<PAGE>

             payment in respect of any such delay) except that, if such Business
             Day is in the next succeeding calendar year, such payment shall be
             made on the immediately preceding Business Day (and without any
             reduction of interest or any other payment in respect of any such
             acceleration), in each case with the same force and effect as if
             made on such date (each date on which distributions are payable in
             accordance with this Section 4.1(a), a "Distribution Date").

         (b) The Trust Securities represent undivided beneficial interests in
             the Trust Property. Distributions on the Trust Securities shall be
             payable at a rate of 8.375% per annum of the Liquidation Amount of
             the Trust Securities. The amount of Distributions payable for any
             full period shall be computed on the basis of a 360-day year of
             twelve 30-day months. The amount of Distributions for any partial
             period shall be computed on the basis of the number of days elapsed
             in a 360-day year of twelve 30-day months. During any Extended
             Interest Payment Period with respect to the Debentures,
             Distributions on the Preferred Securities shall be deferred for a
             period equal to the Extended Interest Payment Period. The amount of
             Distributions payable for any period shall include the Additional
             Amounts, if any.

         (c) Distributions on the Trust Securities shall be made by the Property
             Trustee solely from the Payment Account and shall be payable on
             each Distribution Date only to the extent that the Trust has funds
             on hand and immediately available by 12:30 p.m. on each
             Distribution Date in the Payment Account for the payment of such
             Distributions.

         (d) Distributions on the Trust Securities with respect to a
             Distribution Date shall be payable to the Holders thereof as they
             appear on the Securities Register for the Trust Securities on the
             relevant record date, which shall be the 15th day of March, June,
             September or December for Distributions payable on the last
             calendar day of the respective month; provided, however, that for
             any Trust Securities held in global form, Distributions shall be
             payable to the Holder thereof as of one Business Day immediately
             preceding the Distribution Date.

         4.2 REDEMPTION.

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

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

                                      -17-
<PAGE>

             Property Trustee shall have no responsibility for the accuracy of
             any CUSIP number contained in such notice. All notices of
             redemption shall state:

             (i) the Redemption Date;

            (ii) the Redemption Price;

           (iii)  the CUSIP number;

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

            (v)  that, on the Redemption Date, the Redemption Price shall become
                 due and payable upon each such Trust Security to be redeemed
                 and that Distributions thereon shall cease to accumulate on and
                 after said date, except as provided in Section 4.2(d); and

            (vi) the place or places at which Trust Securities are to be
                 surrendered for the payment of the Redemption Price.

         (c) The Trust Securities redeemed on each Redemption Date shall be
             redeemed at the Redemption Price with the proceeds from the
             contemporaneous redemption of Debentures. Redemptions of the Trust
             Securities shall be made and the Redemption Price shall be payable
             on each Redemption Date only to the extent that the Trust has
             immediately available funds then on hand and available in the
             Payment Account for the payment of such Redemption Price.

         (d) If the Property Trustee gives a notice of redemption in respect of
             any Preferred Securities, then, by 12:00 noon, New York City time,
             on the Redemption Date, the Property Trustee, subject to Section
             4.2(c), shall, with respect to Preferred Securities held in global
             form, deposit with the Clearing Agency for such Preferred
             Securities, to the extent available therefor, funds sufficient to
             pay the applicable Redemption Price and will give such Clearing
             Agency irrevocable instructions and authority to pay the Redemption
             Price to the Holders of the Preferred Securities. With respect to
             Trust Securities that are not held in global form, the Property
             Trustee, subject to Section 4.2(c), shall deposit with the Paying
             Agent funds sufficient to pay the applicable Redemption Price and
             shall give the Paying Agent irrevocable instructions and authority
             to pay the Redemption Price to the record holders thereof upon
             surrender of their Preferred Securities Certificates.
             Notwithstanding the foregoing, Distributions payable on or prior to
             the Redemption Date for any Trust Securities called for redemption
             shall be payable to the Holders of such Trust Securities as they
             appear on the Securities Register for the Trust

                                      -18-
<PAGE>

             Securities on the relevant record dates for the related
             Distribution Dates. If notice of redemption shall have been given
             and funds deposited as required, then upon the date of such
             deposit, (i) all rights of Securityholders holding Trust Securities
             so called for redemption shall cease, except the right of such
             Securityholders to receive the Redemption Price, but without
             interest and (ii) such Trust Securities shall cease to be
             Outstanding. In the event that any date on which any Redemption
             Price is payable is not a Business Day, then payment of the
             Redemption Price payable on such date shall be made on the next
             succeeding day that is a Business Day (and without any interest or
             other payment in respect of any such delay) except that, if such
             Business Day is in the next succeeding calendar year, such payment
             shall be made on the immediately preceding Business Day (and
             without any reduction of interest or any other payment in respect
             of any such acceleration), in each case with the same force and
             effect as if made on such date. In the event that payment of the
             Redemption Price in respect of any Trust Securities called for
             redemption is improperly withheld or refused and not paid either by
             the Trust or by the Sponsor pursuant to the Guarantee,
             Distributions on such Trust Securities shall continue to
             accumulate, at the then applicable rate, from the Redemption Date
             originally established by the Trust for such Trust Securities to
             the date such Redemption Price is actually paid, in which case the
             actual payment date shall be the date fixed for redemption for
             purposes of calculating the Redemption Price.

         (e) Payment of the Redemption Price on the Trust Securities shall be
             made to the record holders thereof as they appear on the Securities
             Register for the Trust Securities on the relevant record date,
             which shall be the date 15 days prior to the relevant Redemption
             Date.

         (f) Subject to Section 4.3(a), if less than all the Outstanding Trust
             Securities are to be redeemed on a Redemption Date, then the
             aggregate Liquidation Amount of Trust Securities to be redeemed
             shall be allocated on a pro rata basis (based on Liquidation
             Amounts) among the Common Securities and the Preferred Securities.
             The particular Preferred Securities to be redeemed shall be
             selected not more than 60 days prior to the Redemption Date by the
             Property Trustee from the Outstanding Preferred Securities not
             previously called for redemption, by such method (including,
             without limitation, by lot) as the Property Trustee shall deem fair
             and appropriate and which may provide for the selection for
             redemption of portions (equal to such Liquidation Amount or an
             integral multiple of such Liquidation Amount in excess thereof) of
             the Liquidation Amount of Preferred Securities of a denomination
             larger than such Liquidation Amount; PROVIDED, HOWEVER, in the
             event the redemption relates only to Preferred Securities purchased
             and held by the Sponsor being redeemed in exchange for a Like
             Amount of Debentures, the Property Trustee shall select those
             particular Preferred Securities for redemption. The Property

                                      -19-
<PAGE>

             Trustee shall promptly notify the Securities Registrar in writing
             of the Preferred Securities selected for redemption and, in the
             case of any Preferred Securities selected for partial redemption,
             the Liquidation Amount thereof to be redeemed. For all purposes of
             this Trust Agreement, unless the context otherwise requires, all
             provisions relating to the redemption of Preferred Securities shall
             relate, in the case of any Preferred Securities redeemed or to be
             redeemed only in part, to the portion of the Liquidation Amount of
             Preferred Securities which has been or is to be redeemed.

         4.3 SUBORDINATION OF COMMON SECURITIES.

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

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

                                      -20-
<PAGE>

         4.4 PAYMENT PROCEDURES.

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

         4.5 TAX RETURNS AND REPORTS.

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

         4.6 PAYMENT OF TAXES, DUTIES, ETC. OF THE TRUST.

         Upon receipt under the Debentures of Additional Interest, the Property
Trustee, at the direction of an Administrative Trustee or the Sponsor, shall
promptly pay any taxes, duties or governmental charges of whatsoever nature
(other than withholding taxes) imposed on the Trust by the United States or any
other taxing authority.

         4.7 PAYMENTS UNDER INDENTURE.

         Any amount payable hereunder to any Holder of Preferred Securities
shall be reduced by the amount of any corresponding payment such Holder has
directly received under the Indenture pursuant to Section 5.13(b) or (c) hereof.

                                      -21-
<PAGE>

                                   ARTICLE V

                          TRUST SECURITIES CERTIFICATES

         5.1 INITIAL OWNERSHIP.

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

         5.2 THE TRUST SECURITIES CERTIFICATES.

         The Preferred Securities Certificates shall be issued in minimum
denominations of the Liquidation Amount and integral multiples of the
Liquidation Amount in excess thereof, and the Common Securities Certificates
shall be issued in denominations of the Liquidation Amount and multiples thereof
(which may, in the case of the Common Securities, include fractional amounts).
The Trust Securities Certificates shall be executed on behalf of the Trust by
manual or facsimile signature of at least one Administrative Trustee. Trust
Securities Certificates bearing the manual or facsimile signatures of
individuals who were, at the time when such signatures shall have been affixed,
authorized to sign on behalf of the Trust, shall be validly issued and entitled
to the benefits of this Trust Agreement, notwithstanding that such individuals
or any of them shall have ceased to be so authorized prior to the delivery of
such Trust Securities Certificates or did not hold such offices at the date of
delivery of such Trust Securities Certificates. A transferee of a Trust
Securities Certificate shall become a Securityholder, and shall be entitled to
the rights and subject to the obligations of a Securityholder hereunder, upon
due registration of such Trust Securities Certificate in such transferee's name
pursuant to Sections 5.4, 5.11 and 5.13.

         5.3 EXECUTION, AUTHENTICATION AND DELIVERY OF TRUST SECURITIES
             CERTIFICATES.

             (a) On the Closing Date, the Administrative Trustees shall cause
                 Trust Securities Certificates, in an aggregate Liquidation
                 Amount as provided in Sections 2.4 and 2.5, to be executed on
                 behalf of the Trust by at least one of the Administrative
                 Trustees and delivered to or upon the written order of the
                 Sponsor, signed by its Chief Executive Officer, President,
                 any Vice President or its Treasurer without further corporate
                 action by the Sponsor, in authorized denominations.

             (b) A Preferred Securities Certificate shall not be valid until
                 authenticated by the manual signature of an authorized
                 signatory of the Property Trustee in substantially the form of
                 EXHIBIT D attached hereto. The signature shall be conclusive
                 evidence that the Preferred Securities Certificate has been
                 authenticated under this Trust Agreement. Each Preferred
                 Security Certificate shall be dated the date of its
                 authentication.

                                      -22-
<PAGE>

         Upon the written order of the Trust signed by one of the Administrative
Trustees, the Property Trustee shall authenticate and make available for
delivery the Preferred Securities Certificates.

         The Property Trustee may appoint an Authenticating Agent acceptable to
the Trust to authenticate the Preferred Securities. An Authenticating Agent may
authenticate the Preferred Securities whenever the Property Trustee may do so.
Each reference in this Trust Agreement to authentication by the Property Trustee
includes authentication by such agent. An Authenticating Agent has the same
rights as the Property Trustee to deal with the Company or the Trust.

         5.3A. GLOBAL PREFERRED SECURITY

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

               (b) Notwithstanding any other provision in this Trust Agreement,
                   no Global Preferred Security may be exchanged for Preferred
                   Securities registered in the names of persons other than the
                   Depositary or its nominee unless (i) the Depositary notifies
                   the Debenture Trustee that it is unwilling or unable to
                   continue as a depositary for such Global Preferred Securities
                   and the Sponsor is unable to locate a qualified successor
                   depositary, (ii) the Sponsor executes and delivers to the
                   Debenture Trustee a written order stating that it elects to
                   terminate the book-entry system through the Depositary or
                   (iii) there shall have occurred and be continuing a Debenture
                   Event of Default.

               (c) If a Preferred Security is to be exchanged in whole or in
                   part for a beneficial interest in a Global Preferred
                   Security, then either (i) such Global Preferred Security
                   shall be so surrendered for exchange or cancellation as
                   provided in this Article V or (ii) the Liquidation Amount
                   thereof shall be reduced or increased by an amount equal to
                   the portion thereof to be so exchanged or cancelled, or equal
                   to the Liquidation Amount of such other Preferred Securities
                   to be so exchanged for a beneficial interest therein, as the
                   case may be, by means of an appropriate adjustment made on
                   the records of the Securities Registrar, whereupon the
                   Property Trustee, in accordance with the rules and procedures
                   of the Depositary for such Global Preferred Security (the
                   "Applicable Procedures"), shall instruct the Clearing Agency
                   or its authorized representative to make a corresponding
                   adjustment to its records. Upon any such surrender or
                   adjustment of a Global Preferred Security by the Clearing
                   Agency, accompanied by registration instructions, the
                   Administrative Trustees shall execute and the Property
                   Trustee shall, subject to Section 5.4(b) and as otherwise
                   provided in this Article V,

                                      -23-
<PAGE>

                   authenticate and deliver any Preferred Securities issuable in
                   exchange for such Global Preferred Security (or any portion
                   thereof) in accordance with the instructions of the Clearing
                   Agency. The Property Trustee shall not be liable for any
                   delay in delivery of such instructions and may conclusively
                   rely on, and shall be fully protected in relying on, such
                   instructions.

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

               (e) The Clearing Agency or its nominee, as the registered owner
                   of a Global Preferred Security, shall be considered the
                   Holder of the Preferred Securities represented by such Global
                   Preferred Security for all purposes under this Trust
                   Agreement and the Preferred Securities, and owners of
                   beneficial interests in such Global Preferred Security shall
                   hold such interests pursuant to the Applicable Procedures
                   and, except as otherwise provided herein, shall not be
                   entitled to receive physical delivery of any such Preferred
                   Securities in definitive form and shall not be considered the
                   Holders thereof under this Trust Agreement. Accordingly, any
                   such owner's beneficial interest in the Global Preferred
                   Securities shall be shown only on, and the transfer of such
                   interest shall be effected only through, records maintained
                   by the Clearing Agency or its nominee. Neither the Property
                   Trustee, the Securities Registrar nor the Sponsor shall
                   have any liability in respect of any transfers effected by
                   the Clearing Agency.

               (f) The rights of owners of beneficial interests in a Global
                   Preferred Security shall be exercised only through the
                   Clearing Agency and shall be limited to those established by
                   law and agreements between such owners and the Clearing
                   Agency.

         5.4 REGISTRATION OF TRANSFER AND EXCHANGE OF PREFERRED SECURITIES
             CERTIFICATES.

             (a) The Sponsor shall keep or cause to be kept, at the office or
                 agency maintained pursuant to Section 5.8, a register or
                 registers for the purpose of registering Trust Securities
                 Certificates and, subject to the provisions of Section 5.3A,
                 transfers and exchanges of Preferred Securities Certificates
                 (herein referred to as the "Securities Register") in which the
                 registrar designated by the Sponsor (the "Securities
                 Registrar"), subject to such reasonable regulations as it may
                 prescribe, shall provide for the registration of Preferred
                 Securities Certificates and Common Securities Certificates
                 (subject to Section 5.10 in the case of the Common Securities

                                      -24-
<PAGE>

                 Certificates) and registration of transfers and exchanges of
                 Preferred Securities Certificates as herein provided. The
                 Property Trustee shall be the initial Securities Registrar.

             (b) Subject to the provisions of Section 5.3A, upon surrender for
                 registration of transfer of any Preferred Securities
                 Certificate at the office or agency maintained pursuant to
                 Section 5.8, the Administrative Trustees or any one of them
                 shall execute and deliver, in the name of the designated
                 transferee or transferees, one or more new Preferred Securities
                 Certificates in authorized denominations of a like aggregate
                 Liquidation Amount dated the date of execution by such
                 Administrative Trustee or Trustees. The Securities Registrar
                 shall not be required to register the transfer of any Preferred
                 Securities that have been called for redemption. At the option
                 of a Holder, Preferred Securities Certificates may be exchanged
                 for other Preferred Securities Certificates in authorized
                 denominations of the same class and of a like aggregate
                 Liquidation Amount upon surrender of the Preferred Securities
                 Certificates to be exchanged at the office or agency maintained
                 pursuant to Section 5.8.

             (c) Every Preferred Securities Certificate presented or surrendered
                 for registration of transfer or exchange, subject to the
                 provisions of Section 5.3A, shall be accompanied by a written
                 instrument of transfer in form satisfactory to the Property
                 Trustee and the Securities Registrar duly executed by the
                 Holder or his, her, or its attorney duly authorized in writing.
                 Each Preferred Securities Certificate surrendered for
                 registration of transfer or exchange shall be canceled and
                 subsequently disposed of by the Property Trustee in accordance
                 with its customary practice. The Trust shall not be required to
                 (i) issue, register the transfer of, or exchange any Preferred
                 Securities during a period beginning at the opening of business
                 15 calendar days before the date of mailing of a notice of
                 redemption of any Preferred Securities called for redemption
                 and ending at the close of business on the day of such mailing;
                 or (ii) register the transfer of or exchange any Preferred
                 Securities so selected for redemption, in whole or in part,
                 except the unredeemed portion of any such Preferred Securities
                 being redeemed in part.

             (d) No service charge shall be made for any registration of
                 transfer or exchange of Preferred Securities Certificates,
                 subject to the provisions of Section 5.3A, but the Securities
                 Registrar may require payment of a sum sufficient to cover any
                 tax or governmental charge that may be imposed in connection
                 with any transfer or exchange of Preferred Securities
                 Certificates.

             (e) Preferred Securities may only be transferred, in whole or in
                 part, in accordance with the terms and conditions set forth in
                 this Trust Agreement. To the fullest extent permitted by law,
                 any transfer or

                                      -25-
<PAGE>

                 purported transfer of any Preferred Security not made in
                 accordance with this Trust Agreement shall be null and void. A
                 Preferred Security that is not a Global Preferred Security may
                 be transferred, in whole or in part, to a Person who takes
                 delivery in the form of another Preferred Security that is not
                 a Global Preferred Security as provided in Section 5.4(a). A
                 beneficial interest in a Global Preferred Security may be
                 exchanged for a Preferred Security that is not a Global
                 Preferred Security only as provided in Section 5.3A.

         5.5 MUTILATED, DESTROYED, LOST OR STOLEN TRUST SECURITIES CERTIFICATES.

         If (a) any mutilated Trust Securities Certificate shall be surrendered
to the Securities Registrar, or if the Securities Registrar shall receive
evidence to its satisfaction of the destruction, loss or theft of any Trust
Securities Certificate; and (b) there shall be delivered to the Securities
Registrar and the Administrative Trustees such security or indemnity as may be
required by them to save each of them harmless, then in the absence of notice
that such Trust Securities Certificate shall have been acquired by a bona fide
purchaser, the Administrative Trustees, or any one of them, on behalf of the
Trust shall execute and make available for delivery, in exchange for or in lieu
of any such mutilated, destroyed, lost or stolen Trust Securities Certificate, a
new Trust Securities Certificate of like class, tenor and denomination. In
connection with the issuance of any new Trust Securities Certificate under this
Section 5.5, the Administrative Trustees or the Securities Registrar may require
the payment of a sum sufficient to cover any tax or other governmental charge
that may be imposed in connection therewith. Any duplicate Trust Securities
Certificate issued pursuant to this Section 5.5 shall constitute conclusive
evidence of an undivided beneficial interest in the assets of the Trust, as if
originally issued, whether or not the lost, stolen or destroyed Trust Securities
Certificate shall be found at any time.

         5.6 PERSONS DEEMED SECURITYHOLDERS.

         The Trustees, the Paying Agent and the Securities Registrar shall treat
the Person in whose name any Trust Securities Certificate shall be registered in
the Securities Register as the owner of such Trust Securities Certificate for
the purpose of receiving Distributions and for all other purposes whatsoever,
and neither the Trustees nor the Securities Registrar shall be bound by any
notice to the contrary.

         5.7 ACCESS TO LIST OF SECURITYHOLDERS' NAMES AND ADDRESSES.

         At any time when the Property Trustee is not also acting as the
Securities Registrar, the Administrative Trustees or the Sponsor shall furnish
or cause to be furnished to the Property Trustee (a) within five Business Days
of March 15, June 15, September 15 and December 15 of each year, a list, in such
form as the Property Trustee may reasonably require, of the names and addresses
of the Securityholders as of the most recent record date; and (b) promptly after
receipt by any Administrative Trustee or the Sponsor of a request therefor
from the Property Trustee in order to enable the Property Trustee to discharge
its obligations under this Trust Agreement, in each case to the extent such
information is in the possession or control of the Administrative

                                      -26-
<PAGE>

Trustees or the Sponsor and is not identical to a previously supplied list or
has not otherwise been received by the Property Trustee in its capacity as
Securities Registrar. The rights of Securityholders to communicate with other
Securityholders with respect to their rights under this Trust Agreement or under
the Trust Securities, and the corresponding rights of the Trustee shall be as
provided in the Trust Indenture Act. Each Holder, by receiving and holding a
Trust Securities Certificate, and each owner shall be deemed to have agreed not
to hold the Sponsor, the Property Trustee or the Administrative Trustees
accountable by reason of the disclosure of its name and address, regardless of
the source from which such information was derived.

         5.8 MAINTENANCE OF OFFICE OR AGENCY.

         The Administrative Trustees shall maintain, or cause to be maintained,
in The City of New York, or other location designated by the Administrative
Trustees, an office or offices or agency or agencies where Preferred Securities
Certificates may be surrendered for registration of transfer or exchange and
where notices and demands to or upon the Trustees in respect of the Trust
Securities Certificates may be served. The Administrative Trustees initially
designate the Corporate Trust Office of the Property Trustee, The Bank of New
York, as the principal corporate trust office for such purposes. The
Administrative Trustees shall give prompt written notice to the Sponsor and to
the Securityholders of any change in the location of the Securities Register or
any such office or agency.

         5.9 APPOINTMENT OF PAYING AGENT.

         The Paying Agent shall make Distributions to Securityholders from the
Payment Account and shall report the amounts of such Distributions to the
Property Trustee and the Administrative Trustees. Any Paying Agent shall have
the revocable power to withdraw funds from the Payment Account for the purpose
of making the Distributions referred to above. The Administrative Trustees may
revoke such power and remove the Paying Agent if such Trustees determine in
their sole discretion that the Paying Agent shall have failed to perform its
obligations under this Trust Agreement in any material respect. The Paying Agent
shall initially be the Property Trustee, and any co-paying agent chosen by the
Property Trustee must be acceptable to the Administrative Trustees and the
Sponsor. Any Person acting as Paying Agent shall be permitted to resign as
Paying Agent upon 30 days' written notice to the Administrative Trustees, the
Property Trustee and the Sponsor. In the event that the Property Trustee shall
no longer be the Paying Agent or a successor Paying Agent shall resign or its
authority to act be revoked, the Administrative Trustees shall appoint a
successor that is acceptable to the Property Trustee and the Sponsor to act as
Paying Agent (which shall be a bank or trust company). The Administrative
Trustees shall cause such successor Paying Agent or any additional Paying Agent
appointed by the Administrative Trustees to execute and deliver to the Trustees
an instrument in which such successor Paying Agent or additional Paying Agent
shall agree with the Trustees that as Paying Agent, such successor Paying Agent
or additional Paying Agent shall hold all sums, if any, held by it for payment
to the Securityholders in trust for the benefit of the Securityholders entitled
thereto until such sums shall be paid to such Securityholders. The Paying Agent
shall return all unclaimed funds to the Property Trustee and, upon removal of a
Paying Agent, such Paying Agent shall also return all funds in its possession to
the Property Trustee. The provisions of Sections 8.1, 8.3 and 8.6 shall apply to
the Property Trustee also in its role as Paying Agent,

                                      -27-
<PAGE>

for so long as the Property Trustee shall act as Paying Agent and, to the extent
applicable, to any other Paying Agent appointed hereunder. Any reference in this
Agreement to the Paying Agent shall include any co-paying agent unless the
context requires otherwise.

         5.10 OWNERSHIP OF COMMON SECURITIES BY DEPOSITOR.

         On the Closing Date, the Sponsor shall acquire and retain beneficial
and record ownership of the Common Securities. To the fullest extent permitted
by law, any attempted transfer of the Common Securities (other than a transfer
in connection with a merger or consolidation of the Sponsor into another
corporation pursuant to Section 12.1 of the Indenture) shall be void. The
Administrative Trustees shall cause each Common Securities Certificate issued to
the Sponsor to contain a legend stating "THIS CERTIFICATE IS NOT TRANSFERABLE
EXCEPT AS PROVIDED IN THE TRUST AGREEMENT (AS DEFINED BELOW)."

         5.11 TRUST SECURITIES CERTIFICATES.

              (a) Upon their original issuance, Preferred Securities
                  Certificates shall be issued in the form of one or more fully
                  registered Global Preferred Securities Certificates which will
                  be deposited with or on behalf of the Clearing Agency and
                  registered in the name of the Clearing Agency's nominee.
                  Unless and until it is exchangeable in whole or in part for
                  the Preferred Securities in definitive form, a global security
                  may not be transferred except as a whole by the Clearing
                  Agency to a nominee of the Clearing Agency or by a nominee of
                  the Clearing Agency to the Clearing Agency or another nominee
                  of the Clearing Agency or by the Clearing Agency or any such
                  nominee to a successor of such Clearing Agency or a nominee of
                  such successor.

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

         5.12 NOTICES TO CLEARING AGENCY.

         To the extent that a notice or other communication to the Holders is
required under this Trust Agreement, for so long as Preferred Securities are
represented by a Global Preferred Securities Certificate, the Trustees shall
give all such notices and communications specified herein to be given to the
Clearing Agency, and shall have no obligation to provide notice to the owners of
the beneficial interest in the Global Preferred Securities.

         5.13 RIGHTS OF SECURITYHOLDERS.

              (a) The legal title to the Trust Property is vested exclusively in
                  the Property Trustee (in its capacity as such) in accordance
                  with Section 2.9, and the Securityholders shall not have any
                  right or title therein other than the undivided beneficial
                  interest in the assets of the Trust conferred by their

                                      -28-
<PAGE>

                  Trust Securities and they shall have no right to call for any
                  partition or division of property, profits or rights of the
                  Trust except as described below. The Trust Securities shall be
                  personal property giving only the rights specifically set
                  forth therein and in this Trust Agreement. The Trust
                  Securities shall have no preemptive or similar rights. When
                  issued and delivered to Holders of the Preferred Securities
                  against payment of the purchase price therefor, the Preferred
                  Securities shall be fully paid and nonassessable interests in
                  the Trust. The Holders of the Preferred Securities, in their
                  capacities as such, shall be entitled to the same limitation
                  of personal liability extended to stockholders of private
                  corporations for profit organized under the General
                  Corporation Law of the State of Delaware.

              (b) For so long as any Preferred Securities remain Outstanding,
                  if, upon a Debenture Event of Default, the Debenture Trustee
                  fails or the holders of not less than 25% in principal amount
                  of the outstanding Debentures fail to declare the principal of
                  all of the Debentures to be immediately due and payable, the
                  Holders of at least 25% in Liquidation Amount of the Preferred
                  Securities then Outstanding shall have such right by a notice
                  in writing to the Sponsor and the Debenture Trustee; and
                  upon any such declaration such principal amount of and the
                  accrued interest on all of the Debentures shall become
                  immediately due and payable, provided that the payment of
                  principal and interest on such Debentures shall remain
                  subordinated to the extent provided in the Indenture.

              (c) For so long as any Preferred Securities remain Outstanding,
                  upon a Debenture Event of Default arising from the failure to
                  pay interest or principal on the Debentures, the Holders of
                  any Preferred Securities then Outstanding shall, to the
                  fullest extent permitted by law, have the right to directly
                  institute proceedings for enforcement of payment to such
                  Holders of principal of or interest on the Debentures having a
                  principal amount equal to the Liquidation Amount of the
                  Preferred Securities of such Holders.

                                   ARTICLE VI

                    ACTS OF SECURITYHOLDERS; MEETINGS; VOTING

         6.1 LIMITATIONS ON VOTING RIGHTS.

             (a) Except as provided in this Section 6.1, in Sections 5.13, 8.10
                 and 10.2 and in the Indenture and as otherwise required by law,
                 no record Holder of Preferred Securities shall have any right
                 to vote or in any manner otherwise control the administration,
                 operation and management of the Trust or the obligations of the
                 parties hereto, nor shall anything herein set forth, or
                 contained in the terms of the Trust Securities Certificates, be

                                      -29-
<PAGE>

                 construed so as to constitute the Securityholders from time
                 to time as partners or members of an association.

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

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

                                      -30-
<PAGE>

         6.2 NOTICE OF MEETINGS.

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

         6.3 MEETINGS OF PREFERRED SECURITYHOLDERS.

             (a) No annual meeting of Securityholders is required to be held.
                 The Administrative Trustees, however, shall call a meeting of
                 Securityholders to vote on any matter in respect of which
                 Preferred Securityholders are entitled to vote upon the written
                 request of the Preferred Securityholders of 25% of the
                 Outstanding Preferred Securities (based upon their aggregate
                 Liquidation Amount) and the Administrative Trustees or the
                 Property Trustee may, at any time in their discretion, call a
                 meeting of Preferred Securityholders to vote on any matters as
                 to which the Preferred Securityholders are entitled to vote.

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

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

         6.4 VOTING RIGHTS.

         Securityholders shall be entitled to one vote for each $25 of
Liquidation Amount represented by their Trust Securities (with any fractional
multiple thereof rounded up or down as the case may be to the closest integral
multiple) in respect of any matter as to which such Securityholders are entitled
to vote.

         6.5 PROXIES, ETC.

         At any meeting of Securityholders, any Securityholder entitled to vote
thereat may vote by proxy, provided that no proxy, shall be voted at any meeting
unless it shall have been placed on file with the Administrative Trustees, or
with such other officer or agent of the Trust as the Administrative Trustees may
direct, for verification prior to the time at which such vote shall be

                                      -31-
<PAGE>

taken. Only Holders shall be entitled to vote. When Trust Securities are held
jointly by several Persons, any one of them may vote at any meeting in person or
by proxy in respect of such Trust Securities, but if more than one of them shall
be present at such meeting in person or by proxy, and such joint owners or their
proxies so present disagree as to any vote to be cast, such vote shall not be
received in respect of such Trust Securities. A proxy purporting to be executed
by or on behalf of a Securityholder shall be deemed valid unless challenged at
or prior to its exercise, and, the burden of proving invalidity shall rest on
the challenger. No proxy shall be valid more than three years after its date of
execution.

         6.6 SECURITYHOLDER ACTION BY WRITTEN CONSENT.

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

         6.7 RECORD DATE FOR VOTING AND OTHER PURPOSES.

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

         6.8 ACTS OF SECURITYHOLDERS.

             (a) Any request, demand, authorization, direction, notice, consent,
                 waiver or other action provided or permitted by this Trust
                 Agreement to be given, made or taken by Securityholders may be
                 embodied in and evidenced by one or more instruments of
                 substantially similar tenor signed by such Securityholders in
                 person or by an agent duly appointed in writing; and, except as
                 otherwise expressly provided herein, such action shall become
                 effective when such instrument or instruments are delivered to
                 an Administrative Trustee. Such instrument or instruments (and
                 the action embodied therein and evidenced thereby) are herein
                 sometimes referred to as the "Act" of the Securityholders
                 signing such instrument or instruments. Proof of execution of
                 any such instrument or of a writing appointing any such agent
                 shall be sufficient for any purpose of this Trust Agreement and
                 (subject to Section 8.1) conclusive in favor of the Trustees,
                 if made in the manner provided in this Section 6.8.

                                      -32-
<PAGE>

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

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

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

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

         6.9 INSPECTION OF RECORDS.

         Upon reasonable notice to the Administrative Trustees and the Property
Trustee, the records of the Trust shall be open to inspection at the principal
executive office of the Trust (as indicated in Section 2.2) by Holders of the
Trust Securities during normal business hours for any purpose reasonably related
to such Holder's interest as a Holder.

                                  ARTICLE VII

                         REPRESENTATIONS AND WARRANTIES

         7.1 REPRESENTATIONS AND WARRANTIES OF THE BANK AND THE PROPERTY
             TRUSTEE.

         The Bank and the Property Trustee, each severally on behalf of and as
to itself, as of the date hereof, and each successor Property Trustee at the
time of the successor Property Trustee's acceptance of its appointment as
Property Trustee hereunder (in the case of a successor Property

                                      -33-
<PAGE>

Trustee, the term "Bank" as used herein shall be deemed to refer to such
successor Property Trustee in its separate corporate capacity), hereby
represents and warrants (as applicable) for the benefit of the Sponsor and the
Securityholders that:

             (a) the Bank is duly organized, validly existing and in good
                 standing under the laws of the State of New York;

             (b) the Bank has full corporate power, authority and legal right to
                 execute, deliver and perform its obligations under this Trust
                 Agreement and has taken all necessary action to authorize the
                 execution, delivery and performance by it of this Trust
                 Agreement;

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

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

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

             (f) there are no proceedings pending or, to the best of the
                 Property Trustee's knowledge, threatened against or affecting
                 the Bank or the Property

                                      -34-
<PAGE>

                 Trustee in any court or before any governmental authority,
                 agency or arbitration board or tribunal which, individually or
                 in the aggregate, would materially and adversely affect the
                 Trust or would question the right, power and authority of the
                 Property Trustee to enter into or perform its obligations as
                 one of the Trustees under this Trust Agreement; and

             (g) the Property Trustee is a Person eligible pursuant to the Trust
                 Indenture Act to act as such and has a combined capital and
                 surplus of at least $50,000,000.

         7.2 REPRESENTATIONS AND WARRANTIES OF THE DELAWARE BANK AND THE
             DELAWARE TRUSTEE.

         The Delaware Bank and the Delaware Trustee, each severally on behalf of
and as to itself, as of the date hereof, and each successor Delaware Trustee at
the time of the successor Delaware Trustee's acceptance of appointment as
Delaware Trustee hereunder (the term "Delaware Bank" being used to refer to such
successor Delaware Trustee in its separate corporate capacity), hereby
represents and warrants (as applicable) for the benefit of the Sponsor and the
Securityholders that:

             (a) the Delaware Bank is duly organized, validly existing and in
                 good standing under the laws of the State of Delaware;

             (b) the Delaware Bank has full corporate power, authority and legal
                 right to execute, deliver and perform its obligations under
                 this Trust Agreement and has taken all necessary action to
                 authorize the execution, delivery and performance by it of this
                 Trust Agreement;

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

             (d) the execution, delivery and performance by the Delaware Trustee
                 of this Trust Agreement have been duly authorized by all
                 necessary corporate or other action on the part of the Delaware
                 Trustee and do not require any approval of stockholders of the
                 Delaware Bank and such execution, delivery and performance
                 shall not (i) violate the Delaware Bank's charter or by-laws;
                 (ii) violate any provision of, or constitute, with or without
                 notice or lapse of time, a default under, or result in the
                 creation or imposition of, any Lien on any properties included
                 in the Trust Property pursuant to the provisions of, any
                 indenture, mortgage, credit agreement, license or other
                 agreement or instrument to which the Delaware Bank or the
                 Delaware Trustee is a party or by which it is bound; or (iii)
                 violate any law, governmental rule or regulation of the United
                 States or the State of

                                      -35-
<PAGE>

                 Delaware, as the case may be, governing the banking or trust
                 powers of the Delaware Bank or the Delaware Trustee (as
                 appropriate in context) or any order, judgment or decree
                 applicable to the Delaware Bank or the Delaware Trustee;

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

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

         7.3 REPRESENTATIONS AND WARRANTIES OF DEPOSITOR.

         The Sponsor hereby represents and warrants for the benefit of the
Securityholders that:

             (a) the Trust Securities Certificates issued on the Closing Date,
                 on behalf of the Trust have been duly authorized and, shall
                 have been, duly and validly executed, issued and delivered by
                 the Administrative Trustees pursuant to the terms and
                 provisions of, and in accordance with the requirements of, this
                 Trust Agreement and the Securityholders shall be, as of such
                 date, entitled to the benefits of this Trust Agreement; and

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

                                      -36-
<PAGE>

                                  ARTICLE VIII

                                    TRUSTEES

         8.1 CERTAIN DUTIES AND RESPONSIBILITIES.

             (a) The duties and responsibilities of the Trustees shall be as
                 provided by this Trust Agreement and, in the case of the
                 Property Trustee, by the Trust Indenture Act. Notwithstanding
                 the foregoing, no provision of this Trust Agreement shall
                 require the Trustees to expend or risk their own funds or
                 otherwise incur any financial liability in the performance of
                 any of their duties hereunder, or in the exercise of any of
                 their rights or powers, if they shall have reasonable grounds
                 for believing that repayment of such funds or adequate
                 indemnity against such risk or liability is not reasonably
                 assured to it. No Administrative Trustee nor the Delaware
                 Trustee shall be liable for its act or omissions hereunder
                 except as a result of its own gross negligence or willful
                 misconduct. The Property Trustee's liability shall be
                 determined under the Trust Indenture Act. Whether or not
                 therein expressly so provided, every provision of this Trust
                 Agreement relating to the conduct or affecting the liability of
                 or affording protection to the Trustees shall be subject to the
                 provisions of this Section 8.1. To the extent that, at law or
                 in equity, the Delaware Trustee or an Administrative Trustee
                 has duties (including fiduciary duties) and liabilities
                 relating thereto to the Trust or to the Securityholders, the
                 Delaware Trustee or such Administrative Trustee shall not be
                 liable to the Trust or to any Securityholder for such Trustee's
                 good faith reliance on the provisions of this Trust Agreement.
                 The provisions of this Trust Agreement, to the extent that they
                 restrict the duties and liabilities of the Delaware Trustee or
                 the Administrative Trustees otherwise existing at law or in
                 equity, are agreed by the Sponsor and the Securityholders to
                 replace such other duties and liabilities of the Delaware
                 Trustee or the Administrative Trustees, as the case may be.

             (b) All payments made by the Property Trustee or a Paying Agent in
                 respect of the Trust Securities shall be made only from the
                 revenue and proceeds from the Trust Property and only to the
                 extent that there shall be sufficient revenue or proceeds from
                 the Trust Property to enable the Property Trustee or a Paying
                 Agent to make payments in accordance with the terms hereof.
                 Each Securityholder, by its acceptance of a Trust Security,
                 agrees that it shall look solely to the revenue and proceeds
                 from the Trust Property to the extent legally available for
                 distribution to it as herein provided and that the Trustees are
                 not personally liable to it for any amount distributable in
                 respect of any Trust Security or for any other liability in
                 respect of any Trust Security. This Section 8.1(b) does not
                 limit the liability of the Trustees expressly set forth
                 elsewhere in this Trust

                                      -37-
<PAGE>

                 Agreement or, in the case of the Property Trustee, in the
                 Trust Indenture Act.

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

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

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

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

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

             (d) the Property Trustee shall not be responsible for monitoring
                 the compliance by the Administrative Trustees or the Sponsor
                 with their respective duties under this Trust Agreement, nor
                 shall the Property Trustee be liable for the negligence,
                 default or misconduct of the Administrative Trustees or the
                 Sponsor.

         8.2 CERTAIN NOTICES.

             (a) Within five Business Days after the occurrence of any Event of
                 Default actually known to the Property Trustee, the Property
                 Trustee shall transmit, in the manner and to the extent
                 provided in Section 10.8, notice of such Event of Default to
                 the Securityholders, the Administrative

                                      -38-
<PAGE>

                 Trustees and the Sponsor, unless such Event of Default shall
                 have been cured or waived. For purposes of this Section 8.2 the
                 term "Event of Default" means any event that is, or after
                 notice or lapse of time or both would become, an Event of
                 Default.

             (b) The Administrative Trustees shall transmit, to the
                 Securityholders in the manner and to the extent provided in
                 Section 10.8, notice of the Sponsor's election to begin or
                 further extend an Extended Interest Payment Period on the
                 Debentures (unless such election shall have been revoked) and
                 of any election by the Sponsor to accelerate the Maturity
                 Date of the Debentures, as defined in the Indenture, within the
                 time specified for transmitting such notice to the holders of
                 the Debentures pursuant to the Indenture as originally
                 executed.

         8.3 CERTAIN RIGHTS OF PROPERTY TRUSTEE.

         Subject to the provisions of Section 8.1:

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

             (b) if (i) in performing its duties under this Trust Agreement, the
                 Property Trustee is required to decide between alternative
                 courses of action; or (ii) in construing any of the provisions
                 of this Trust Agreement, the Property Trustee finds the same
                 ambiguous or inconsistent with other provisions contained
                 herein; or (iii) the Property Trustee is unsure of the
                 application of any provision of this Trust Agreement, then,
                 except as to any matter as to which the Preferred
                 Securityholders are entitled to vote under the terms of this
                 Trust Agreement, the Property Trustee shall deliver a notice to
                 the Sponsor requesting written instructions of the Sponsor
                 as to the course of action to be taken and the Property Trustee
                 shall take such action, or refrain from taking such action, as
                 the Property Trustee shall be instructed in writing to take, or
                 to refrain from taking, by the Sponsor; PROVIDED, HOWEVER,
                 that if the Property Trustee does not receive such instructions
                 of the Sponsor within 10 Business Days after it has delivered
                 such notice, or such reasonably shorter period of time set
                 forth in such notice (which to the extent practicable shall not
                 be less than 2 Business Days), it may, but shall be under no
                 duty to, take or refrain from taking such action not
                 inconsistent with this Trust Agreement as it shall deem
                 advisable and in the best interests of the Securityholders, in

                                      -39-
<PAGE>

                 which event the Property Trustee shall have no liability except
                 for its own bad faith, negligence or willful misconduct;

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

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

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

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

             (g) the Property Trustee shall be under no obligation to exercise
                 any of the rights or powers vested in it by this Trust
                 Agreement at the request or direction of any of the
                 Securityholders pursuant to this Trust Agreement, unless such
                 Securityholders shall have offered to the Property Trustee
                 reasonable security or indemnity against the costs, expenses
                 and liabilities which might be incurred by it in compliance
                 with such request or direction; nothing contained herein shall,
                 however, relieve the Property Trustee of the obligation, upon
                 the occurrence of any Event of Default (that has not been cured
                 or waived) to exercise such of the rights and powers vested in
                 it by this Trust Agreement, and to use the same degree of care
                 and skill in their exercise as a prudent man would exercise or
                 use under the circumstances in the conduct of his own affairs;

             (h) the Property Trustee shall not be bound to make any
                 investigation into the facts or matters stated in any
                 resolution, certificate, statement, instrument,

                                      -40-
<PAGE>

                 opinion, report, notice, request, consent, order, approval,
                 bond, debenture, note or other evidence of indebtedness or
                 other paper or document, unless requested in writing to do so
                 by one or more Securityholders, but the Property Trustee may
                 make such further inquiry or investigation into such facts or
                 matters as it may see fit;

             (i) the Property Trustee may execute any of the trusts or powers
                 hereunder or perform any duties hereunder either directly or by
                 or through its agents or attorneys, and the Property Trustee
                 shall not be liable for the default or misconduct of such other
                 agents or attorneys; provided that the Property Trustee shall
                 be responsible for its own negligence or recklessness with
                 respect to selection of any agent or attorney appointed by it
                 hereunder;

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

             (k) except as otherwise expressly provided by this Trust Agreement,
                 the Property Trustee shall not be under any obligation to take
                 any action that is discretionary under the provisions of this
                 Trust Agreement. No provision of this Trust Agreement shall be
                 deemed to impose any duty or obligation on the Property Trustee
                 to perform any act or acts or exercise any right, power, duty
                 or obligation conferred or imposed on it, in any jurisdiction
                 in which it shall be illegal, or in which the Property Trustee
                 shall be unqualified or incompetent in accordance with
                 applicable law, to perform any such act or acts, or to exercise
                 any such right, power, duty or obligation. No permissive power
                 or authority available to the Property Trustee shall be
                 construed to be a duty.

         8.4 NOT RESPONSIBLE FOR RECITALS OR ISSUANCE OF SECURITIES.

         The Recitals contained herein and in the Trust Securities Certificates
shall be taken as the statements of the Trust, and the Trustees do not assume
any responsibility for their correctness. The Trustees shall not be accountable
for the use or application by the Sponsor of the proceeds of the Debentures.

                                      -41-
<PAGE>

         8.5 MAY HOLD SECURITIES.

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

         8.6 COMPENSATION; INDEMNITY; FEES.

         The Sponsor agrees:

             (a) to pay to the Trustees from time to time compensation for all
                 services rendered by them hereunder (which compensation shall
                 not be limited by any provision of law in regard to the
                 compensation of a trustee of an express trust), in the case of
                 the Property Trustee, as set forth in a written agreement
                 between the Sponsor and the Property Trustee;

             (b) except as otherwise expressly provided herein, to reimburse the
                 Trustees upon request for all reasonable expenses,
                 disbursements and advances incurred or made by the Trustees in
                 accordance with any provision of this Trust Agreement
                 (including the reasonable compensation and the expenses and
                 disbursements of its agents and counsel), except any such
                 expense, disbursement or advance as may be attributable to such
                 Trustee's negligence, bad faith or willful misconduct (or, in
                 the case of the Administrative Trustees or the Delaware
                 Trustee, any such expense, disbursement or advance as may be
                 attributable to its, his or her gross negligence, bad faith or
                 willful misconduct); and

             (c) to indemnify each of the Trustees or any predecessor Trustee
                 for, and to hold the Trustees harmless against, any loss,
                 damage, claims, liability, penalty or expense of any kind or
                 nature whatsoever, arising out of or in connection with the
                 acceptance or administration of this Trust Agreement, 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, except any such expense,
                 disbursement or advance as may be attributable to such
                 Trustee's negligence, bad faith or willful misconduct for (or,
                 in the case of the Administrative Trustees or the Delaware
                 Trustee, any such expense, disbursement or advance as may be
                 attributable to its, his or her gross negligence, bad faith or
                 willful misconduct).

         No Trustee may claim any Lien or charge on Trust Property as a result
of any amount due and unpaid pursuant to this Section 8.6.

                                      -42-
<PAGE>

         8.7 CORPORATE PROPERTY TRUSTEE REQUIRED; ELIGIBILITY OF TRUSTEES.

             (a) There shall at all times be a Property Trustee hereunder with
                 respect to the Trust Securities. The Property Trustee shall be
                 a Person that is eligible pursuant to the Trust Indenture Act
                 to act as such and has a combined capital and surplus of at
                 least $50,000,000. If any such Person publishes reports of
                 condition at least annually, pursuant to law or to the
                 requirements of its supervising or examining authority, then
                 for the purposes of this Section 8.7, the combined capital and
                 surplus of such Person shall be deemed to be its combined
                 capital and surplus as set forth in its most recent report of
                 condition so published. If at any time the Property Trustee
                 with respect to the Trust Securities shall cease to be eligible
                 in accordance with the provisions of this Section 8.7, it shall
                 resign immediately in the manner and with the effect
                 hereinafter specified in this Article VIII. The Property
                 Trustee and the Delaware Trustee may be the same Person.

             (b) There shall at all times be one or more Administrative Trustees
                 hereunder with respect to the Trust Securities. Each
                 Administrative Trustee shall be either a natural person who is
                 at least 21 years of age or a legal entity that shall act
                 through one or more persons authorized to bind that entity.

             (c) There shall at all times be a Delaware Trustee with respect to
                 the Trust Securities. The Delaware Trustee shall either be (i)
                 a natural person who is at least 21 years of age and a resident
                 of the State of Delaware; or (ii) a legal entity with its
                 principal place of business in the State of Delaware and that
                 otherwise meets the requirements of applicable Delaware law
                 that shall act through one or more persons authorized to bind
                 such entity.

         8.8 CONFLICTING INTERESTS.

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

         8.9 CO-TRUSTEES AND SEPARATE TRUSTEE.

             (a) Unless a Debenture Event of Default shall have occurred and be
                 continuing, at any time or times, for the purpose of meeting
                 the legal requirements of the Trust Indenture Act or of any
                 jurisdiction in which any part of the Trust Property may at the
                 time be located, the Sponsor shall have power to appoint, and
                 upon the written request of the Property Trustee, the Sponsor
                 shall for such purpose join with the Property Trustee in the
                 execution, delivery and performance of all instruments and
                 agreements necessary or proper to appoint, one or more Persons
                 approved

                                      -43-
<PAGE>

                 by the Property Trustee either to act as co-trustee, jointly
                 with the Property Trustee, of all or any part of such Trust
                 Property, or to the extent required by law to act as separate
                 trustee of any such property, in either case with such powers
                 as may be provided in the instrument of appointment, and to
                 vest in such Person or Persons in the capacity aforesaid, any
                 property, title, right or power deemed necessary or desirable,
                 subject to the other provisions of this Section 8.9. If the
                 Sponsor does not join in such appointment within 15 days
                 after the receipt by it of a request so to do, or in case a
                 Debenture Event of Default has occurred and is continuing, the
                 Property Trustee alone shall have power to make such
                 appointment. Any co-trustee or separate trustee appointed
                 pursuant to this Section 8.9 shall either be (i) a natural
                 person who is at least 21 years of age and a resident of the
                 United States; or (ii) a legal entity with its principal place
                 of business in the United States that shall act through one or
                 more persons authorized to bind such entity.

             (b) Should any written instrument from the Sponsor be required by
                 any co-trustee or separate trustee so appointed for more fully
                 confirming to such co-trustee or separate trustee such
                 property, title, right, or power, any and all such instruments
                 shall, on request, be executed, acknowledged, and delivered by
                 the Sponsor.

             (c) Every co-trustee or separate trustee shall, to the extent
                 permitted by law, but to such extent only, be appointed subject
                 to the following terms, namely:

                 (i) The Trust Securities shall be executed and delivered and
                     all rights, powers, duties and obligations hereunder in
                     respect of the custody of securities, cash and other
                     personal property held by, or required to be deposited or
                     pledged with, the Trustees specified hereunder, shall be
                     exercised, solely by such Trustees and not by such
                     co-trustee or separate trustee.

                (ii) The rights, powers, duties and obligations hereby
                     conferred or imposed upon the Property Trustee in respect
                     of any property covered by such appointment shall be
                     conferred or imposed upon and exercised or performed by the
                     Property Trustee or by the Property Trustee and such
                     co-trustee or separate trustee jointly, as shall be
                     provided in the instrument appointing such co-trustee or
                     separate trustee, except to the extent that under any law
                     of any jurisdiction in which any particular act is to be
                     performed, the Property Trustee shall be incompetent or
                     unqualified to perform such act, in which event such
                     rights, powers, duties and obligations shall be exercised
                     and performed by such co-trustee or separate trustee.

                                      -44-
<PAGE>

               (iii) The Property Trustee at any time, by an instrument in
                     writing executed by it, with the written concurrence of the
                     Sponsor, may accept the resignation of or remove any
                     co-trustee or separate trustee appointed under this Section
                     8.9, and, in case a Debenture Event of Default has occurred
                     and is continuing, the Property Trustee shall have the
                     power to accept the resignation of, or remove, any such
                     co-trustee or separate trustee without the concurrence of
                     the Sponsor. Upon the written request of the Property
                     Trustee, the Sponsor shall join with the Property Trustee
                     in the execution, delivery and performance of all
                     instruments and agreements necessary or proper to
                     effectuate such resignation or removal. A successor to any
                     co-trustee or separate trustee so resigned or removed may
                     be appointed in the manner provided in this Section 8.9.

                 (iv) No co-trustee or separate trustee hereunder shall be
                     personally liable by reason of any act or omission of the
                     Property Trustee or any other trustee hereunder.

                 (v) The Property Trustee shall not be liable by reason of any
                     act of a co-trustee or separate trustee.

                 (vi) Any Act of Holders delivered to the Property Trustee shall
                     be deemed to have been delivered to each such co-trustee
                     and separate trustee.

         8.10 RESIGNATION AND REMOVAL; APPOINTMENT OF SUCCESSOR.

              (a) No resignation or removal of any Trustee (the "Relevant
                 Trustee") and no appointment of a successor Trustee pursuant to
                 this Article VIII shall become effective until the acceptance
                 of appointment by the successor Trustee in accordance with the
                 applicable requirements of Section 8.11.

              (b) Subject to the immediately preceding paragraph, the Relevant
                 Trustee may resign at any time with respect to the Trust
                 Securities by giving written notice thereof to the
                 Securityholders. If the instrument of acceptance by the
                 successor Trustee required by Section 8.11 shall not have been
                 delivered to the Relevant Trustee within 30 days after the
                 giving of such notice of resignation, the Relevant Trustee may
                 petition, at the expense of the Sponsor, any court of
                 competent jurisdiction for the appointment of a successor
                 Relevant Trustee with respect to the Trust Securities.

              (c) Unless a Debenture Event of Default shall have occurred and be
                 continuing, any Trustee may be removed at any time by Act of
                 the Common Securityholder. If a Debenture Event of Default
                 shall have occurred and be continuing, the Property Trustee or
                 the Delaware Trustee,

                                      -45-
<PAGE>

                 or both of them, may be removed at such time by Act of the
                 Holders of a majority in Liquidation Amount of the Preferred
                 Securities, delivered to the Relevant Trustee (in its
                 individual capacity and on behalf of the Trust). An
                 Administrative Trustee may be removed by the Common
                 Securityholder at any time.

             (d) If any Trustee shall resign, be removed or become incapable of
                 acting as Trustee, or if a vacancy shall occur in the office of
                 any Trustee for any cause, at a time when no Debenture Event of
                 Default shall have occurred and be continuing, the Common
                 Securityholder, by Act of the Common Securityholder delivered
                 to the retiring Trustee, shall promptly appoint a successor
                 Trustee or Trustees with respect to the Trust Securities and
                 the Trust, and the successor Trustee shall comply with the
                 applicable requirements of Section 8.11. If the Property
                 Trustee or the Delaware Trustee shall resign, be removed or
                 become incapable of continuing to act as the Property Trustee
                 or the Delaware Trustee, as the case may be, at a time when a
                 Debenture Event of Default shall have occurred and is
                 continuing, the Preferred Securityholders, by Act of the
                 Securityholders of a majority in Liquidation Amount of the
                 Preferred Securities then Outstanding delivered to the retiring
                 Relevant Trustee, shall promptly appoint a successor Relevant
                 Trustee or Trustees with respect to the Trust Securities and
                 the Trust, and such successor Trustee shall comply with the
                 applicable requirements of Section 8.11. If an Administrative
                 Trustee shall resign, be removed or become incapable of acting
                 as Administrative Trustee, at a time when a Debenture Event of
                 Default shall have occurred and be continuing, the Common
                 Securityholder, by Act of the Common Securityholder delivered
                 to an Administrative Trustee, shall promptly appoint a
                 successor Administrative Trustee or Administrative Trustees
                 with respect to the Trust Securities and the Trust, and such
                 successor Administrative Trustee or Administrative Trustees
                 shall comply with the applicable requirements of Section 8.11.
                 If no successor Relevant Trustee with respect to the Trust
                 Securities shall have been so appointed by the Common
                 Securityholder or the Preferred Securityholders and accepted
                 appointment in the manner required by Section 8.11, any
                 Securityholder who has been a Securityholder of Trust
                 Securities on behalf of himself and all others similarly
                 situated may petition a court of competent jurisdiction for the
                 appointment Trustee with respect to the Trust Securities.

             (e) The Property Trustee shall give notice of each resignation and
                 each removal of a Trustee and each appointment of a successor
                 Trustee to all Securityholders in the manner provided in
                 Section 10.8 and shall give notice to the Sponsor. Each
                 notice shall include the name of the successor Relevant Trustee
                 and the address of its Corporate Trust office if it is the
                 Property Trustee.

                                      -46-
<PAGE>

             (f) Notwithstanding the foregoing or any other provision of this
                 Trust Agreement, in the event any Administrative Trustee or a
                 Delaware Trustee who is a natural person dies or becomes, in
                 the opinion of the Sponsor, incompetent or incapacitated, the
                 vacancy created by such death, incompetence or incapacity may
                 be filled by (a) the unanimous act of remaining Administrative
                 Trustees if there are at least two of them; or (b) otherwise by
                 the Sponsor (with the successor in each case being a Person
                 who satisfies the eligibility requirement for Administrative
                 Trustees set forth in Section 8.7).

         8.11 ACCEPTANCE OF APPOINTMENT BY SUCCESSOR.

              (a) In case of the appointment hereunder of a successor Relevant
                  Trustee with respect to the Trust Securities and the Trust,
                  the retiring Relevant Trustee (if requested by the Sponsor)
                  and each successor Relevant Trustee with respect to the Trust
                  Securities shall execute and deliver an instrument hereto
                  wherein each successor Relevant Trustee shall accept such
                  appointment and which shall contain such provisions as shall
                  be necessary or desirable to transfer and confirm to, and to
                  vest in, each successor Relevant Trustee all the rights,
                  powers, trusts and duties of the retiring Relevant Trustee
                  with respect to the Trust Securities and the Trust and upon
                  the execution and delivery of such instrument the resignation
                  or removal of the retiring Relevant Trustee shall become
                  effective to the extent provided therein and each such
                  successor Relevant Trustee, without any further act, deed or
                  conveyance, shall become vested with all the rights, powers,
                  trusts and duties of the retiring Relevant Trustee with
                  respect to the Trust Securities and the Trust; but, on request
                  of the Trust or any successor Relevant Trustee such retiring
                  Relevant Trustee shall duly assign, transfer and deliver to
                  such successor Relevant Trustee all Trust Property, all
                  proceeds thereof and money held by such retiring Relevant
                  Trustee hereunder with respect to the Trust Securities and the
                  Trust.

              (b) Upon request of any such successor Relevant Trustee, the Trust
                  shall execute any and all instruments for more fully and
                  certainly vesting in and confirming to such successor Relevant
                  Trustee all such rights, powers and trusts referred to in the
                  immediately preceding paragraph, as the case may be.

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

         8.12 MERGER, CONVERSION, CONSOLIDATION OR SUCCESSION TO BUSINESS.

         Any Person into which the Property Trustee, the Delaware Trustee or any
Administrative Trustee may be merged or converted or with which it may be
consolidated, or any Person

                                      -47-
<PAGE>

resulting from any merger, conversion or consolidation to which such Relevant
Trustee shall be a party, or any corporation succeeding to all or substantially
all the corporate trust business of such Relevant Trustee, shall be the
successor of such Relevant Trustee hereunder, provided such Person shall be
otherwise qualified and eligible under this Article VIII, without the execution
or filing of any paper or any further act on the part of any of the parties
hereto.

         8.13 PREFERENTIAL COLLECTION OF CLAIMS AGAINST DEPOSITOR OR TRUST.

         If and when the Property Trustee or the Delaware Trustee shall be or
become a creditor of the Sponsor or the Trust (or any other obligor upon the
Debentures or the Trust Securities), the Property Trustee or the Delaware
Trustee, as the case may be, shall be subject to and shall take all actions
necessary in order to comply with the provisions of the Trust Indenture Act
regarding the collection of claims against the Sponsor or Trust (or any such
other obligor).

         8.14 REPORTS BY PROPERTY TRUSTEE.

              (a) On or before July 31 of each year, commencing July 31, 2002,
                  the Property Trustee shall transmit to the Securityholders
                  such reports concerning the Property Trustee, its actions
                  under this Trust Agreement and the property and funds in its
                  possession in its capacity as the Property Trustee as may be
                  required pursuant to the Trust Indenture Act in the manner
                  provided pursuant thereto.

              (b) A copy of each such report shall, at the time of such
                  transmission to Holders, be filed by the Property Trustee with
                  The Nasdaq National Market, and each national securities
                  exchange or other organization upon which the Trust Securities
                  are listed, and also with the Commission and the Sponsor.

         8.15 REPORTS TO THE PROPERTY TRUSTEE.

         The Sponsor and the Administrative Trustees on behalf of the Trust
shall provide to the Property Trustee such documents, reports and information as
required by Section 314 of the Trust Indenture Act (if any) and the compliance
certificate required by Section 314(a) of the Trust Indenture Act in the form,
in the manner and at the times required by Section 314 of the Trust Indenture
Act.

         8.16 EVIDENCE OF COMPLIANCE WITH CONDITIONS PRECEDENT.

         Each of the Sponsor and the Administrative Trustees on behalf of the
Trust shall provide to the Property Trustee such evidence of compliance with any
conditions precedent, if any, provided for in this Trust Agreement that relate
to any of the matters set forth in Section 314(c) of the Trust Indenture Act.
Any certificate or opinion required to be given by an officer pursuant to
Section 314(c)(1) of the Trust Indenture Act shall be given in the form of an
Officers' Certificate.

                                      -48-
<PAGE>

         8.17 NUMBER OF TRUSTEES.

              (a) The number of Trustees shall be five, provided that the Holder
                  of all of the Common Securities by written instrument may
                  increase or decrease the number of Administrative Trustees.
                  The Property Trustee and the Delaware Trustee may be the same
                  Person.

              (b) If a Trustee ceases to hold office for any reason and the
                  number of Administrative Trustees is not reduced pursuant to
                  Section 8.17(a), or if the number of Trustees is increased
                  pursuant to Section 8.17(a), a vacancy shall occur. The
                  vacancy shall be filled with a Trustee appointed in accordance
                  with Section 8.10.

              (c) The death, resignation, retirement, removal, bankruptcy,
                  incompetence or incapacity to perform the duties of a Trustee
                  shall not operate to annul the Trust. Whenever a vacancy in
                  the number of Administrative Trustees shall occur, until such
                  vacancy is filled by the appointment of an Administrative
                  Trustee in accordance with Section 8.10, the Administrative
                  Trustees in office, regardless of their number (and
                  notwithstanding any other provision of this Agreement), shall
                  have all the powers granted to the Administrative Trustees and
                  shall discharge all the duties imposed upon the Administrative
                  Trustees by this Trust Agreement.

         8.18 DELEGATION OF POWER.

              (a) Any Administrative Trustee may, by power of attorney
                  consistent with applicable law, delegate to any other natural
                  person over the age of 21 his or her power for the purpose of
                  executing any documents contemplated in Section 2.7(a); and

              (b) The Administrative Trustees shall have power to delegate from
                  time to time to such of their number or to the Sponsor the
                  doing of such things and the execution of such instruments
                  either in the name of the Trust or the names of the
                  Administrative Trustees or otherwise as the Administrative
                  Trustees may deem expedient, to the extent such delegation is
                  not prohibited by applicable law or contrary to the provisions
                  of the Trust, as set forth herein.

                                      -49-
<PAGE>

         8.19 VOTING.

         Except as otherwise provided in this Trust Agreement, the consent or
approval of the Administrative Trustees shall require consent or approval by not
less than a majority of the Administrative Trustees, unless there are only two,
in which case both must consent.

                                   ARTICLE IX

                       TERMINATION, LIQUIDATION AND MERGER

         9.1 TERMINATION UPON EXPIRATION DATE.

         Unless earlier dissolved, the Trust shall automatically dissolve on
April 30, 2032 (the "Expiration Date"), subject to distribution of the Trust
Property in accordance with Section 9.4.

         9.2 EARLY TERMINATION.

         The first to occur of any of the following events is an "Early
Termination Event" upon the occurrence of which the Trust shall dissolve:

              (a) the occurrence of a Bankruptcy Event in respect of, or the
                  dissolution or liquidation of, the Sponsor;

              (b) delivery of written direction to the Property Trustee by the
                  Sponsor (which direction is wholly optional and within the
                  discretion of the Sponsor, subject to Sponsor having
                  received prior approval of the Board of Governors of the
                  Federal Reserve System if so required under applicable
                  guidelines, policies or regulations thereof) to dissolve the
                  Trust and distribute the Debentures to Securityholders in
                  exchange for the Preferred Securities in accordance with
                  Section 9.4;

              (c) the redemption of all of the Preferred Securities in
                  connection with the redemption of all of the Debentures
                  (whether upon a Debenture Redemption Date or the maturity of
                  the Debenture); or

              (d) an order for dissolution of the Trust shall have been entered
                  by a court of competent jurisdiction.

         9.3 TERMINATION.

         The respective obligations and responsibilities of the Trustees and the
Trust created and continued hereby shall terminate upon the latest to occur of
the following: (a) the distribution by the Property Trustee to Securityholders
upon the liquidation of the Trust pursuant to Section 9.4, or upon the
redemption of all of the Trust Securities pursuant to Section 4.2, of all
amounts required to be distributed hereunder upon the final payment of the Trust
Securities; (b) the payment of any expenses owed by the Trust; (c) the discharge
of all administrative duties of the Administrative Trustees, including the
performance of any tax reporting obligations with respect

                                      -50-
<PAGE>

to the Trust or the Securityholders; and (d) the filing of a Certificate of
Cancellation by an Administrative Trustee under the Delaware Business Trust Act.

         9.4 LIQUIDATION.

             (a) If an Early Termination Event specified in clause (a), (b), or
                 (d) of Section 9.2 occurs or upon the Expiration Date, the
                 Trust shall be liquidated by the Trustees as expeditiously as
                 the Trustees determine to be possible by distributing, after
                 satisfaction of liabilities to creditors of the Trust as
                 provided by applicable law, to each Securityholder a Like
                 Amount of Debentures, subject to Section 9.4(d). Notice of
                 liquidation shall be given by the Property Trustee by
                 first-class mail, postage prepaid, mailed not later than 30 nor
                 more than 60 days prior to the Liquidation Date to each Holder
                 of Trust Securities at such Holder's address appearing in the
                 Securities Register. All notices of liquidation shall:

                 (i)   state the Liquidation Date;

                 (ii)  state that from and after the Liquidation Date, the Trust
                       Securities shall no longer be deemed to be Outstanding
                       and any Trust Securities Certificates not surrendered for
                       exchange shall be deemed to represent a Like Amount of
                       Debentures; and

                 (iii) provide such information with respect to the mechanics by
                       which Holders may exchange Trust Securities Certificates
                       for Debentures, or, if Section 9.4(d) applies, receive a
                       Liquidation Distribution, as the Administrative Trustees
                       or the Property Trustee shall deem appropriate.

             (b) Except where Section 9.2(c) or 9.4(d) applies, in order to
                 effect the liquidation of the Trust and distribution of the
                 Debentures to Securityholders, the Property Trustee shall
                 establish a record date for such distribution (which shall be
                 not more than 45 days prior to the Liquidation Date) and,
                 either itself acting as exchange agent or through the
                 appointment of a separate exchange agent, shall establish such
                 procedures as it shall deem appropriate to effect the
                 distribution of Debentures in exchange for the outstanding
                 Trust Securities Certificates.

             (c) Except where Section 9.2(c) or 9.4(d) applies, after the
                 Liquidation Date, (i) the Trust Securities shall no longer be
                 deemed to be outstanding; (ii) certificates representing a Like
                 Amount of Debentures shall be issued to Holders of Trust
                 Securities Certificates upon surrender of such certificates to
                 the Administrative Trustees or their agent for exchange; (iii)
                 the Sponsor shall use its reasonable efforts to have the
                 Debentures listed on the Nasdaq National Market or on such
                 other securities exchange or other organization as the
                 Preferred Securities are then listed or traded;

                                      -51-
<PAGE>

                 (iv) any Trust Securities Certificates not so surrendered
                 for exchange shall be deemed to represent a Like Amount of
                 Debentures, accruing interest at the rate provided for in
                 the Debentures from the last Distribution Date on which a
                 Distribution was made on such Trust Securities Certificates
                 until such certificates are so surrendered (and until such
                 certificates are so surrendered, no payments of interest or
                 principal shall be made to Holders of Trust Securities
                 Certificates with respect to such Debentures); and (v) all
                 rights of Securityholders holding Trust Securities shall
                 cease, except the right of such Securityholders to receive
                 Debentures upon surrender of Trust Securities Certificates.

             (d) In the event that, notwithstanding the other provisions of this
                 Section 9.4, whether because of an order for dissolution
                 entered by a court of competent jurisdiction or otherwise,
                 distribution of the Debentures in the manner provided herein is
                 determined by the Property Trustee not to be practical, the
                 Trust Property shall be liquidated, and the Trust shall be
                 wound-up by the Property Trustee in such manner as the Property
                 Trustee determines. In such event, on the date of the winding
                 up of the Trust, Securityholders shall be entitled to receive
                 out of the assets of the Trust available for distribution to
                 Securityholders, after satisfaction of liabilities to creditors
                 of the Trust as provided by applicable law, an amount equal to
                 the Liquidation Amount per Trust Security plus accumulated and
                 unpaid Distributions thereon to the date of payment (such
                 amount being the "Liquidation Distribution"). If the
                 Liquidation Distribution can be paid only in part because the
                 Trust has insufficient assets available to pay in full the
                 aggregate Liquidation Distribution, then, subject to the next
                 succeeding sentence, the amounts payable by the Trust on the
                 Trust Securities shall be paid on a pro rata basis (based upon
                 Liquidation Amounts). The Holder of the Common Securities shall
                 be entitled to receive Liquidation Distributions upon any such
                 dissolution, winding-up or termination pro rata (determined as
                 aforesaid) with Holders of Preferred Securities, except that,
                 if a Debenture Event of Default has occurred and is continuing,
                 the Preferred Securities shall have a priority over the Common
                 Securities.

         9.5 MERGERS, CONSOLIDATIONS, AMALGAMATIONS OR REPLACEMENTS OF THE
             TRUST.

         The Trust may not merge with or into, consolidate, amalgamate, or be
replaced by, or convey, transfer or lease its properties and assets
substantially as an entirety to any corporation or other Person, except pursuant
to this Section 9.5. At the request of the Sponsor, with the consent of the
Administrative Trustees and without the consent of the Holders of the Preferred
Securities, the Property Trustee or the Delaware Trustee, the Trust may merge
with or into, consolidate, amalgamate, be replaced by or convey, transfer or
lease its properties and assets substantially as an entirety to a trust
organized as such under the laws of any state; provided, that (i) such successor
entity either (a) expressly assumes all of the obligations of the Trust with
respect to the Preferred Securities; or (b) substitutes for the Preferred
Securities other securities

                                      -52-
<PAGE>

having substantially the same terms as the Preferred Securities (the "Successor
Securities") so long as the Successor Securities rank the same as the Preferred
Securities rank in priority with respect to distributions and payments upon
liquidation, redemption and otherwise; (ii) the Sponsor expressly appoints a
trustee of such successor entity possessing substantially the same powers and
duties as the Property Trustee as the holder of the Debentures; (iii) the
Successor Securities are listed or traded, or any Successor Securities shall be
listed or traded upon notification of issuance, on any national securities
exchange or other organization on which the Preferred Securities are then
listed, if any; (iv) such merger, consolidation, amalgamation, replacement,
conveyance, transfer or lease does not adversely affect the rights, preferences
and privileges of the holders of the Preferred Securities (including any
Successor Securities) in any material respect; (v) such successor entity has a
purpose substantially identical to that of the Trust; (vi) prior to such merger,
consolidation, amalgamation, replacement, conveyance, transfer or lease, the
Sponsor has received an Opinion of Counsel to the effect that (a) such merger,
consolidation, amalgamation, replacement, conveyance, transfer or lease does not
adversely affect the rights, preferences and privileges of the Holders of the
Preferred Securities (including any Successor Securities) in any material
respect; and (b) following such merger, consolidation, amalgamation,
replacement, conveyance, transfer or lease, neither the Trust nor such successor
entity shall be required to register as an "investment company" under the
Investment Company Act; and (vii) the Sponsor owns all of the common
securities of such successor entity and guarantees the obligations of such
successor entity under the Successor Securities at least to the extent provided
by the Guarantee, the Debentures, and this Trust Agreement. For purposes of this
Section 9.5, any such consolidation, merger, sale, conveyance, transfer or other
disposition as a result of which (a) the Company is not the surviving Person,
and (b) the same Person is not both (i) the primary obligor in respect of the
Debentures and (ii) the Guarantor under that certain Preferred Securities
Guarantee Agreement of even date herewith (the "Guarantee") between the Company
and The Bank of New York, shall be deemed to constitute a replacement of the
Trust by a successor entity; provided further that, notwithstanding the
foregoing, in the event that upon the consummation of such a consolidation,
merger, sale, conveyance, transfer or other disposition, the parent company (if
any) of the Company, or its successor, is a bank holding company or financial
holding company or comparably regulated financial institution, such parent
company shall guarantee the obligations of the Trust (and any successor thereto)
under the Preferred Securities (including any Successor Securities) at least to
the extent provided by the Guarantee, the Debentures, and the Trust Agreement.
Notwithstanding the foregoing, the Trust shall not, except with the consent of
holders of 100% in Liquidation Amount of the Preferred Securities, consolidate,
amalgamate, merge with or into, or be replaced by or convey, transfer or lease
its properties and assets substantially as an entirety to any other Person or
permit any other Person to consolidate, amalgamate, merge with or into, or
replace it if such consolidation, amalgamation, merger or replacement would
cause the Trust or the successor entity to be classified as other than a grantor
trust for United States federal income tax purposes.

                                      -53-
<PAGE>

                                   ARTICLE X

                            MISCELLANEOUS PROVISIONS

         10.1 LIMITATION OF RIGHTS OF SECURITYHOLDERS.

         The death or incapacity of any Person having an interest, beneficial or
otherwise, in Trust Securities shall not operate to terminate this Trust
Agreement, nor entitle the legal representatives or heirs of such Person or any
Securityholder for such Person, to claim an accounting, take any action or bring
any proceeding in any court for a partition or winding-up of the arrangements
contemplated hereby, nor otherwise affect the rights, obligations and
liabilities of the parties hereto or any of them.

         10.2 AMENDMENT.

             (a) This Trust Agreement may be amended from time to time by the
                 Trustees and the Sponsor, without the consent of any
                 Securityholders, (i) as provided in Section 8.11 with respect
                 to acceptance of appointment by a successor Trustee; (ii) to
                 cure any ambiguity, correct or supplement any provision herein
                 or therein which may be inconsistent with any other provision
                 herein or therein, or to make any other provisions with respect
                 to matters or questions arising under this Trust Agreement,
                 that shall not be inconsistent with the other provisions of
                 this Trust Agreement; or (iii) to modify, eliminate or add to
                 any provisions of this Trust Agreement to such extent as shall
                 be necessary to ensure that the Trust shall be classified for
                 United States federal income tax purposes as a grantor trust at
                 all times that any Trust Securities are outstanding or to
                 ensure that the Trust shall not be required to register as an
                 "investment company" under the Investment Company Act; or (iv)
                 to reduce or increase the Liquidation Amount per Trust Security
                 and simultaneously to correspondingly increase or decrease the
                 number of Trust Securities issued and Outstanding solely for
                 the purpose of maintaining the eligibility of the Preferred
                 Securities for quotation or listing on any national securities
                 exchange or other organization on which the Preferred
                 Securities are then quoted or listed (including, if applicable,
                 the Nasdaq National Market); PROVIDED, HOWEVER, that in the
                 case of clause (ii), such action shall not adversely affect in
                 any material respect the interests of any Securityholder, and
                 provided further, that in the case of clause (iv) the aggregate
                 Liquidation Amount of the Trust Securities Outstanding upon
                 completion of any such reduction must be the same as the
                 aggregate Liquidation Amount of the Trust Securities
                 Outstanding immediately prior to such reduction or increase;
                 and any amendments of this Trust Agreement shall become
                 effective when notice thereof is given to the Securityholders
                 (or in the case of an amendment pursuant to clause (iv), as of
                 the date specified in the notice).

                                      -54-
<PAGE>

             (b) Except as provided in Section 6.1(c) or Section 10.2(c) hereof,
                 any provision of this Trust Agreement may be amended by the
                 Trustees and the Sponsor (i) with the consent of Trust
                 Securityholders representing not less than a majority (based
                 upon Liquidation Amounts) of the Trust Securities then
                 Outstanding; and (ii) upon receipt by the Trustees of an
                 Opinion of Counsel to the effect that such amendment or the
                 exercise of any power granted to the Trustees in accordance
                 with such amendment shall not affect the Trust's status as a
                 grantor trust for United States federal income tax purposes or
                 the Trust's exemption from status of an "investment company"
                 under the Investment Company Act.

             (c) In addition to and notwithstanding any other provision in this
                 Trust Agreement, without the consent of each affected
                 Securityholder, this Trust Agreement may not be amended to (i)
                 change the amount or timing of any Distribution on the Trust
                 Securities or otherwise adversely affect the amount of any
                 Distribution required to be made in respect of the Trust
                 Securities as of a specified date; or (ii) restrict the right
                 of a Securityholder to institute suit for the enforcement of
                 any such payment on or after such date; notwithstanding any
                 other provision herein, without the unanimous consent of the
                 Securityholders this paragraph (c) of this Section 10.2 may not
                 be amended.

             (d) Notwithstanding any other provisions of this Trust Agreement,
                 no Trustee shall enter into or consent to any amendment to this
                 Trust Agreement which would cause the Trust to fail or cease to
                 qualify for the exemption from status of an "investment
                 company" under the Investment Company Act or to fail or cease
                 to be classified as a grantor trust for United States federal
                 income tax purposes.

             (e) Notwithstanding anything in this Trust Agreement to the
                 contrary, without the consent of the Sponsor, this Trust
                 Agreement may not be amended in a manner which imposes any
                 additional obligation on the Sponsor.

             (f) In the event that any amendment to this Trust Agreement is
                 made, the Administrative Trustees shall promptly provide to the
                 Sponsor a copy of such amendment.

             (g) Neither the Property Trustee nor the Delaware Trustee shall be
                 required to enter into any amendment to this Trust Agreement
                 which affects its own rights, duties or immunities under this
                 Trust Agreement. The Property Trustee shall be entitled to
                 receive an Opinion of Counsel and an Officers' Certificate
                 stating that any amendment to this Trust Agreement has been
                 effected in compliance with this Trust Agreement.

                                      -55-
<PAGE>

         10.3 SEVERABILITY.

         In case any provision in this Trust Agreement or in the Trust
Securities Certificates 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.

         10.4 GOVERNING LAW.

         THIS TRUST AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF EACH OF THE
SECURITYHOLDERS, THE TRUST AND THE TRUSTEES WITH RESPECT TO THIS TRUST AGREEMENT
AND THE TRUST SECURITIES SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY
THE LAWS OF THE STATE OF DELAWARE (WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES
THEREOF).

         10.5 PAYMENTS DUE ON NON-BUSINESS DAY.

         If the date fixed for any payment on any Trust Security shall be a day
that is not a Business Day, then such payment need not be made on such date but
may be made on the next succeeding day which is a Business Day, except that, if
such Business Day is in the next succeeding calendar year, such payment shall be
made on the immediately preceding Business Day (and without any reduction of
interest or any other payment in respect of any such acceleration), in each case
with the same force and effect as though made on the date fixed for such
payment, and no distribution shall accumulate thereon for the period after such
date.

         10.6 SUCCESSORS.

         This Trust Agreement shall be binding upon and shall inure to the
benefit of any successor to the Sponsor, the Trust or the Relevant Trustee(s),
including any successor by operation of law. Except in connection with a
consolidation, merger or sale involving the Sponsor that is permitted under
Article XII of the Indenture and pursuant to which the assignee agrees in
writing to perform the Sponsor's obligations hereunder, the Sponsor shall
not assign its obligations hereunder.

         10.7 HEADINGS.

         The Article and Section headings are for convenience only and shall not
affect the construction of this Trust Agreement.

         10.8 REPORTS, NOTICES AND DEMANDS.

         Any report, notice, demand or other communication which by any
provision of this Trust Agreement is required or permitted to be given or served
to or upon any Securityholder or the Sponsor may be given or served in writing
by deposit thereof, first-class postage prepaid, in the United States mail, hand
delivery or facsimile transmission, in each case, addressed, (a) in the case of
a Preferred Securityholder, to such Preferred Securityholder as such
Securityholder's name and address may appear on the Securities Register; and (b)
in the case of the Common Securityholder or the Sponsor, to Independent Bank
Corp., 288 Union Street, Rockland,

                                      -56-
<PAGE>

Massachusetts 02370, Attention: Chief Financial Officer, facsimile no:(781)
982-6591. Any notice to Preferred Securityholders shall also be given to such
owners as have, within two years preceding the giving of such notice, filed
their names and addresses with the Property Trustee for that purpose. Such
notice, demand or other communication to or upon a Securityholder shall be
deemed to have been sufficiently given or made, for all purposes, upon hand
delivery, mailing or transmission.

         Any notice, demand or other communication which by any provision of
this Trust Agreement is required or permitted to be given or served to or upon
the Trust, the Property Trustee or the Administrative Trustees shall be given in
writing addressed (until another address is published by the Trust) as follows:
(a) with respect to the Property Trustee and the Administrative Trustees to The
Bank of New York, 101 Barclay Street, New York, New York 10286, Attention
either: Corporate Trust Trustee Administration for the Property Trustee or
Administrative Trustees of Independent Capital Trust IV; and (b) with respect
to the Delaware Trustee, to The Bank of New York (Delaware), 23 White Clay
Center, Route 273, Newark, Delaware 19711, Attention: Corporate Trust
Department. Such notice, demand or other communication to or upon the Trust or
the Property Trustee shall be deemed to have been sufficiently given or made
only upon actual receipt of the writing by the Trust or the Property Trustee.

         10.9 AGREEMENT NOT TO PETITION.

         Each of the Trustees and the Sponsor agree for the benefit of the
Securityholders that, until at least one year and one day after the Trust has
been terminated in accordance with Article IX, they shall not file, or join in
the filing of, a petition against the Trust under any bankruptcy, insolvency,
reorganization or other similar law (including, without limitation, the United
States Bankruptcy Code of 1978, as amended) (collectively, "Bankruptcy Laws") or
otherwise join in the commencement of any proceeding against the Trust under any
Bankruptcy Law. In the event the Sponsor or any of the Trustees takes action
in violation of this Section 10.9, the Property Trustee agrees, for the benefit
of Securityholders, that at the expense of the Sponsor (which expense shall be
paid prior to the filing), it shall file an answer with the bankruptcy court or
otherwise properly contest the filing of such petition by the Sponsor or such
Trustee against the Trust or the commencement of such action and raise the
defense that the Sponsor or such Trustee has agreed in writing not to take
such action and should be stopped and precluded therefrom. The provisions of
this Section 10.9 shall survive the termination of this Trust Agreement.

         10.10 TRUST INDENTURE ACT; CONFLICT WITH TRUST INDENTURE ACT.

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

               (b) The Property Trustee shall be the only Trustee which is a
                   trustee for the purposes of the Trust Indenture Act.

                                      -57-
<PAGE>

               (c) If any provision hereof limits, qualifies or conflicts with
                   another provision hereof which is required to be included in
                   this Trust Agreement by any of the provisions of the Trust
                   Indenture Act, such required provision shall control. If any
                   provision of this Trust Agreement modifies or excludes any
                   provision of the Trust Indenture Act which may be so modified
                   or excluded, the latter provision shall be deemed to apply to
                   this Trust Agreement as so modified or to be excluded, as the
                   case may be.

               (d) The application of the Trust Indenture Act to this Trust
                   Agreement shall not affect the nature of the Trust Securities
                   as equity securities representing undivided beneficial
                   interests in the assets of the Trust.

         10.11 ACCEPTANCE OF TERMS OF TRUST AGREEMENT, GUARANTEE AND INDENTURE.

         THE RECEIPT AND ACCEPTANCE OF A TRUST SECURITY OR ANY INTEREST THEREIN
BY OR ON BEHALF OF A SECURITYHOLDER OR ANY BENEFICIAL OWNER, WITHOUT ANY
SIGNATURE OR FURTHER MANIFESTATION OF ASSENT, SHALL CONSTITUTE THE UNCONDITIONAL
ACCEPTANCE BY THE SECURITYHOLDER AND ALL OTHERS HAVING A BENEFICIAL INTEREST IN
SUCH TRUST SECURITY OF ALL THE TERMS AND PROVISIONS OF THIS TRUST AGREEMENT AND
AGREEMENT TO ALL OTHER TERMS OF THE GUARANTEE AND THE INDENTURE, AND SHALL
CONSTITUTE THE AGREEMENT OF THE TRUST, SUCH SECURITYHOLDER AND SUCH OTHERS THAT
THE TERMS AND PROVISIONS OF THIS TRUST AGREEMENT SHALL BE BINDING, OPERATIVE AND
EFFECTIVE AS BETWEEN THE TRUST AND SUCH SECURITYHOLDER AND SUCH OTHERS.

         10.12 COUNTERPARTS.

         This Trust Agreement may be executed in any number of counterparts,
each of which when so executed and delivered shall be an original, and all of
which counterparts together shall constitute one and the same agreement.

         10.13 EXCHANGE ACT OBLIGATIONS.

         For so long as the Trust Securities shall remain outstanding, Sponsor
shall fulfill all reporting and filing obligations under the Securities Exchange
Act of 1934, as amended, as applicable to companies having a class of securities
registered under Section 12(b) or 12(g) thereunder.

                            [SIGNATURE PAGE FOLLOWS]

                                      -58-
<PAGE>

INDEPENDENT BANK CORP.

By: /s/ Denis K. Sheahan
    ------------------------------
    Name: Denis K. Sheahan
    Title: Chief Financial Officer and Treasurer

THE BANK OF NEW YORK, AS
      PROPERTY TRUSTEE

By: /s/ Kisha Holder
    -----------------------------
    Name: Kisha Holder
    Title: Assistant Treasurer

THE BANK OF NEW YORK (DELAWARE), AS
     DELAWARE TRUSTEE

By: /s/ Michael Santino
    -----------------------------
    Name: Michael Santino
    Title: Senior Vice President

/s/ Edward H. Seksay
--------------------------------
Edward H. Seksay,
     as Administrative Trustee

/s/ Anthony W. DiRobbio
--------------------------------
Anthony W. DiRobbio,
     as Administrative Trustee

/s/ Denis K. Sheahan
--------------------------------
Denis K. Sheahan,
     as Administrative Trustee

                                      -59-
<PAGE>

                                                                      EXHIBIT A

                              CERTIFICATE OF TRUST

                                       OF

                          INDEPENDENT CAPITAL TRUST IV

         This Certificate of Trust is being executed as of March 18, 2002 for
the purposes of organizing a business trust pursuant to the Delaware Business
Trust Act, 12 Del. C.ss.ss.3801 et seq. (the "Act").

         The undersigned hereby certifies as follows:

1.       Name. The name of the business trust is "Independent Capital Trust IV"
         (the "Trust").

2.       Delaware Trustee. The name and business address of the Delaware trustee
         of the Trust meeting the requirements of Section 3807 of the Act are as
         follows:

         The Bank of New York (Delaware)
         White Clay Center
         Route 273
         Newark, Delaware 19711

3.       Effective. This Certificate of Trust shall be effective immediately
         upon filing in the Office of the Secretary of State of the State of
         Delaware.

         IN WITNESS WHEREOF, the undersigned being all of the trustees of the
Trust, have duly executed this Certificate of Trust as of the day and year first
above written.

THE BANK OF NEW YORK (DELAWARE), AS
  DELAWARE TRUSTEE

By: /s/ William T. Lewis
    --------------------------------
        Name:  William T. Lewis
        Title: Senior Vice President

                                      A-1

<PAGE>

ADMINISTRATIVE TRUSTEE

/s/ Edward H. Seksay
--------------------------------------
Name: Edward H. Seksay

ADMINISTRATIVE TRUSTEE

/s/ William E Matteson
--------------------------------------
Name: William E. Matteson

ADMINISTRATIVE TRUSTEE

/s/ Denis K. Sheahan
--------------------------------------
Name: Denis K. Sheahan

                                      A-2

<PAGE>

                                                                      EXHIBIT B

                      THIS CERTIFICATE IS NOT TRANSFERABLE
           EXCEPT AS DESCRIBED IN THE TRUST AGREEMENT AS DEFINED BELOW

CERTIFICATE NUMBER 1                        NUMBER OF COMMON SECURITIES 30,928

                    CERTIFICATE EVIDENCING COMMON SECURITIES
                                       OF
                          INDEPENDENT CAPITAL TRUST IV

                                COMMON SECURITIES
                  (LIQUIDATION AMOUNT $25 PER COMMON SECURITY)

         INDEPENDENT CAPITAL TRUST IV, a statutory business trust created
under the laws of the State of Delaware (the "Trust"), hereby certifies that
INDEPENDENT BANK CORP. (the "Holder") is the registered owner of thirty
thousand, nine hundred and twenty-eight (30,928) common securities of the
Trust representing undivided beneficial interests in the assets of the Trust
and designated the Common Securities (liquidation amount $25 per Common
Security) (the "Common Securities"). Except as provided in Section 5.10 of
the Trust Agreement (as defined below), the Common Securities are not
transferable, to the fullest extent permitted below, and any attempted
prohibited transfer hereof shall be void. The designations, rights,
privileges, restrictions, preferences, and other terms and provisions of the
Common Securities are set forth in, and this certificate and the Common
Securities represented hereby are issued and shall in all respects be subject
to the terms and provisions of, the Amended and Restated Declaration of Trust
dated as of April 12, 2002, as the same may be amended from time to time (the
"Trust Agreement"), including the designation of the terms of the Common
Securities as set forth therein. The Trust shall furnish a copy of the Trust
Agreement to the Holder without charge upon written request to the Trust at
its principal place of business or registered office.

         Upon receipt of this certificate, the Holder is bound by the Trust
Agreement and is entitled to the benefits thereunder.

         IN WITNESS WHEREOF, one of the Administrative Trustees of the Trust has
executed this certificate this 12th day of April, 2002.

INDEPENDENT CAPITAL TRUST IV

By:
   -----------------------------------------
   Name: Anthony W. DiRobbio
   Title: Administrative Trustee

                                      B-1

<PAGE>

                                                                      EXHIBIT C

CERTIFICATE NUMBER 1                   NUMBER OF PREFERRED SECURITIES 1,000,000

                   CERTIFICATE EVIDENCING PREFERRED SECURITIES
                                       OF
                          INDEPENDENT CAPITAL TRUST IV

                   8.375% CUMULATIVE TRUST PREFERRED SECURITIES
                 (LIQUIDATION AMOUNT $25 PER PREFERRED SECURITY)

                                                        CUSIP NO. 45384 D 200

         Independent Capital Trust IV, a statutory business trust created
under the laws of the State of Delaware (the "Trust"), hereby certifies that
Cede & Co, Inc. (the "Holder") is the registered owner of one million
(1,000,000) preferred securities of the Trust representing undivided
beneficial interests in the assets of the Trust and designated the 8.375%
Cumulative Trust Preferred Securities (liquidation amount $25 per Preferred
Security) (the "Preferred Securities"). The Preferred Securities are
transferable on the books and records of the Trust, in person or by a duly
authorized attorney, upon surrender of this Certificate duly endorsed and in
proper form for transfer as provided in Section 5.4 of the Trust Agreement
(as defined herein). The designations, rights, privileges, restrictions,
preferences, and other terms and provisions of the Preferred Securities are
set forth in, and this Certificate and the Preferred Securities represented
hereby are issued and shall in all respects be subject to the terms and
provisions of, the Amended and Restated Declaration of Trust of the Trust
dated as of April 12, 2002, as the same may be amended from time to time (the
"Trust Agreement"), including the designation of the terms of Preferred
Securities as set forth therein. The Holder is entitled to the benefits of
the Preferred Securities Guarantee Agreement entered into by Independent Bank
Corp., a Massachusetts corporation, and The Bank of New York as guarantee
trustee, dated as of April 12, 2002, as the same may be amended from time to
time (the "Guarantee"), to the extent provided therein. The Trust shall
furnish a copy of the Trust Agreement and the Guarantee to the Holder without
charge upon written request to the Trust at its principal place of business
or registered office.

         Upon receipt of this Certificate, the Holder is bound by the Trust
Agreement and is entitled to the benefits thereunder.

         Unless the Certificate of Authentication has been manually executed by
the Authentication Agent, this Certificate is not valid or effective.

                                      C-1

<PAGE>

         IN WITNESS WHEREOF, one of the Administrative Trustees of the Trust has
executed this Certificate this 12th day of April, 2002.

INDEPENDENT CAPITAL TRUST IV

By:
   --------------------------------------------
   Anthony W. DiRobbio
   Administrative Trustee

                                      C-2

<PAGE>

                                     LEGEND
                           FOR CERTIFICATES EVIDENCING
                        GLOBAL PREFERRED SECURITIES ONLY:

                  Unless this certificate is presented by an authorized
                  representative of The Depository Trust Company, a New York
                  corporation ("DTC"), to Independent Capital Trust IV or its
                  agent for registration of transfer, exchange, or payment, and
                  any certificate issued is registered in the name of Cede & Co.
                  or in such other name as is requested by an authorized
                  representative of DTC (and any payment is made to Cede & Co.
                  or to such other entity as is requested by an authorized
                  representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE
                  HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
                  inasmuch as the registered owner hereof, Cede & Co., has an
                  interest herein.

                                      C-3

<PAGE>

                        [FORM OF REVERSE OF CERTIFICATE]

         The Trust will furnish without charge to any registered owner of
Preferred Securities who so requests, a copy of the Trust Agreement and the
Guarantee. Any such request should be in writing and addressed to Independent
Capital Trust IV, C/O THE BANK OF NEW YORK, 101 BARCLAY STREET, NEW YORK, NEW
YORK 10286, or to the Registrar named on the face of this Certificate.

         The following abbreviations, when used in the inscription on the face
of this Certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

<TABLE>
<S>        <C>                                <C>                      <C>
TEN COM -- as tenants in common               UNIF GIFT MIN ACT--   under Uniform Gift
TEN ENT -- as tenants by the entireties                             to Minors Act and
JT TEN  -- as joint tenants with right of                           not as tenants
           survival
</TABLE>

             Additional abbreviations may also be used though not in
                                the above list.

                                   ASSIGNMENT

         FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto:

     (Please insert social security or other identifying number of assignee)

                    (insert address and zip code of assignee)

the within Certificate and all rights and interests represented by the Preferred
Securities evidenced thereby, and hereby irrevocably constitutes and appoints
attorney
         ----------------------------------------------------------------------
to transfer the said Preferred Securities on the books of the within-named
Trust with full power of

substitution in the premises.

Dated:                               Signature:
     -------------------------                 --------------------------------
                                               Note: The signature(s) to this
                                               assignment must correspond
                                               with the name(s) as written
                                               upon the face of this
                                               Certificate in every particular,
                                               without alteration or
                                               enlargement, or any change
                                               whatever.
Signature(s) Guaranteed:

---------------------------------
NOTICE:  Signature(s)  must be  guaranteed by an "eligible
guarantor  institution" that is a member or participant in
a "signature  guarantee  program"  (i.e.,  the  Securities
Transfer  Agents  Medallion  Program,  the Stock  Exchange
Medallion  Program  or the New York Stock  Exchange,  Inc.
Medallion Signature Program).

                                      C-4

<PAGE>

                                                                      EXHIBIT D

           FORM OF PREFERRED SECURITIES CERTIFICATE OF AUTHENTICATION

         This is one of the 8.375% Cumulative Trust Preferred Securities
referred to in the within-mentioned Trust Agreement.

THE BANK OF NEW YORK,
   as Authentication Agent and Registrar

By:
   -------------------------------------
         AUTHORIZED SIGNATURE

                                       D-1

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