Document:

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                                                                    EXHIBIT 10.1

                                                                  EXECUTION COPY

                   AMENDED & RESTATED STOCK PURCHASE AGREEMENT

                                     BETWEEN

                  FIDELITY NATIONAL INFORMATION SERVICES, INC.,

                        FIDELITY NATIONAL FINANCIAL, INC.

                                       AND

                           THE PURCHASERS NAMED HEREIN

                            DATED AS OF MARCH 8, 2005

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                            TABLE OF CONTENTS

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ARTICLE I         DEFINITIONS..............................................     3

      1.1         Certain Definitions......................................     3

      1.2         Construction.............................................    11

ARTICLE II        PURCHASE OF SHARES.......................................    11

      2.1         Purchase and Sale of the Shares..........................    12

      2.2         Closing Date.............................................    12

      2.3         Proceedings at Closing...................................    12

      2.4         Use of Proceeds..........................................    12

ARTICLE III       REPRESENTATIONS AND WARRANTIES OF PARENT.................    13

      3.1         Organization and Power...................................    13

      3.2         Authorization............................................    13

      3.3         Consents and Approvals...................................    13

      3.4         No Conflicts.............................................    14

      3.5         Broker's Fees............................................    14

      3.6         Capitalization...........................................    14

      3.7         Subsidiaries and Equity Investments; Joint Ventures......    15

      3.8         Authorization of Securities..............................    16

      3.9         Investment Company Act...................................    16

      3.10        Financial Statements.....................................    16

      3.11        Absence of Undisclosed Liabilities, Indebtedness.........    16

      3.12        Absence of Certain Changes...............................    17

      3.13        Litigation; Orders.......................................    17

      3.14        Compliance with Laws.....................................    17

      3.15        Permits..................................................    17

      3.16        Contracts................................................    18

      3.17        Intellectual Property....................................    18

      3.18        Affiliate Transactions...................................    20

      3.19        Assets and Properties....................................    20

      3.20        Insurance................................................    21
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                                TABLE OF CONTENTS
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      3.21        Tax Matters..............................................    21

      3.22        Employee Benefit Plans...................................    23

      3.23        Labor and Employment Matters.............................    27

      3.24        Real Property............................................    28

      3.25        Environmental Matters....................................    28

      3.26        Material Customers.......................................    29

      3.27        Corporate Records........................................    30

ARTICLE IV        REPRESENTATIONS AND WARRANTIES OF PURCHASERS.............    30

      4.1         Organization.............................................    30

      4.2         Authorization............................................    30

      4.3         Consents and Approvals...................................    31

      4.4         No Conflicts.............................................    31

      4.5         Brokers' Fees............................................    31

      4.6         Securities Law Matters; Valid Offering...................    31

      4.7         Sufficiency of Funds.....................................    31

ARTICLE V         COVENANTS................................................    31

      5.1         Access to Information....................................    32

      5.2         Conduct of the Business..................................    32

      5.3         Intercompany Agreements..................................    35

      5.4         All Reasonable Efforts; Further Assurances...............    36

      5.5         Approvals................................................    36

      5.6         Public Announcements.....................................    37

      5.7         Notification.............................................    37

      5.8         Exclusivity..............................................    38

      5.9         Confidentiality..........................................    38

      5.10        Transfer Taxes...........................................    38

      5.11        Financial Statements.....................................    38

      5.12        Non-Competition Agreements...............................    39

      5.13        New York State Title Insurance Subsidiary................    39
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      5.14        Certain Business in Certain Counties.....................    40

ARTICLE VI        CONDITIONS PRECEDENT TO CLOSING..........................    40

      6.1         Conditions Precedent to the Company's Obligations........    40

      6.2         Conditions Precedent to Purchasers' Obligations..........    42

ARTICLE VII       CLOSING DELIVERIES.......................................    45

      7.1         Items to Be Delivered by the Company.....................    45

      7.2         Items to Be Delivered by Purchasers......................    46

ARTICLE VIII      SURVIVAL AND INDEMNIFICATION.............................    46

      8.1         Survival of Representations, Warranties, and Covenants...    46

      8.2         Indemnification..........................................    46

      8.3         Deductible; Maximum Liability............................    48

      8.4         Definitions..............................................    49

      8.5         Procedures for Third-Party Claims........................    49

      8.6         Direct Claims............................................    50

      8.7         Sole Remedy..............................................    51

      8.8         Certain Other Matters....................................    51

ARTICLE IX        TERMINATION..............................................    51

      9.1         Termination..............................................    51

      9.2         Effect of Termination....................................    52

ARTICLE X         MISCELLANEOUS............................................    52

      10.1        Amendments...............................................    52

      10.2        Assignment...............................................    52

      10.3        Binding Effect...........................................    53

      10.4        Counterparts.............................................    53

      10.5        Entire Agreement.........................................    53

      10.6        Fees and Expenses........................................    53

      10.7        Governing Law............................................    54

      10.8        Headings.................................................    54

      10.9        Jurisdiction.............................................    54
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10.10       Notices..................................................    54

10.11       No Recourse..............................................    56

10.12       Severability.............................................    56

10.13       Specific Performance.....................................    56

10.14       Third-Party Beneficiaries................................    56

10.15       Waiver...................................................    56

10.16       Purchaser Obligations....................................    57
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SCHEDULES

A     Allocation of Purchase Price and Shares

EXHIBITS

A     Non-Competition and Non-Solicitation Agreement
B     Registration Rights Agreement
C     2005 Stock Incentive Plan
D     Stockholders Agreement
E     Financing Term Sheet
F     Management Agreements
G     Intentionally Left Blank
H     Form of Director Indemnification Agreement
I     Promissory Note

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                   AMENDED & RESTATED STOCK PURCHASE AGREEMENT

      THIS AMENDED & RESTATED STOCK PURCHASE AGREEMENT (this "Agreement") is
entered into as of March 8, 2005, among Fidelity National Information Services,
Inc., a Delaware corporation (the "Company"), Fidelity National Financial, Inc.,
a Delaware corporation ("Parent"), and each of the Persons listed on Schedule A
attached hereto (collectively, the "Purchasers").

      WHEREAS, certain of the parties hereto entered into that certain Stock
Purchase Agreement, dated as of December 23, 2004 (the "Initial Agreement");

      WHEREAS, the parties hereto desire to amend and restate the initial
Purchase Agreement in order to add (i) Evercore METC Capital Partners II L.P.
("Evercore"), and (ii) Banc of America Capital Investors, L.P. ("BACI") as
Purchasers, and to make certain other changes;

      WHEREAS, on the terms and subject to the conditions set forth herein, the
Company desires to issue and sell to each Purchaser, and each such Purchaser
desires to purchase and acquire from the Company, that number of shares of
common stock, par value $0.0001 per share ("Common Stock"), of the Company, set
forth opposite its name on Schedule A attached hereto.

      WHEREAS, Parent desires that the Company undertake such transactions.

      WHEREAS, the shares of Common Stock to be issued to the Purchasers
hereunder are referred to collectively as the "Shares."

      WHEREAS, prior to the consummation of the sale of the Shares (the
"Transaction"), the Company intends to declare and pay a dividend (the "Parent
Distribution") through distribution of a promissory note (attached hereto as
Exhibit I) from the Company to Parent in the amount of $2.7 billion (the "$2.7
Billion Note").

      WHEREAS, prior to the consummation of the Transaction, Parent may cause
the Company to be recapitalized in a transaction pursuant to which, the Company
will have borrowed up to $2.5 billion (the "Initial Financing") on terms
reasonably comparable to the terms set forth on the financing term sheet
attached hereto as Exhibit E (the "Financing Term Sheet") of which up to $2
billion will be paid by the Company to Parent in partial repayment of the $2.7
Billion Note and accrued interest thereon.

      WHEREAS, immediately prior to the consummation of the Transaction, Parent
may cause the Company to be recapitalized in a transaction pursuant to which,
immediately prior to the Closing, the Company will have borrowed up to a total
(including the Initial Financing) of $3.2 billion (together with the Initial
Financing, the "Financing") on terms reasonably comparable to the terms set
forth on the Financing Term Sheet, and a total of $2.7 billion, plus accrued
interest on the $2.7 Billion Note will have been paid by the Company to Parent
in full repayment of the $2.7 Billion Note and interest thereon.

      WHEREAS, in the event that the Initial Financing shall not have been
consummated prior to the time immediately prior to the consummation of the
Transaction, the Parent may cause the

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Company to be recapitalized in a transaction pursuant to which, immediately
prior to the Closing, the Company will have borrowed up to a total of $3.2
billion (and in such event, such borrowing will be deemed hereunder to be the
"Financing") on terms reasonably comparable to the terms set forth on the
Financing Term Sheet, and $2.7 billion, plus accrued interest on the $2.7
Billion Note, will be paid by the Company to Parent in full repayment of the
$2.7 Billion Note and interest thereon.

      WHEREAS, the Company will use the remaining proceeds from the Transaction
and the Financing in the manner set forth herein.

      NOW, THEREFORE, in consideration of the foregoing recitals and the
representations, warranties, covenants, and agreements herein contained, and
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto hereby agree as follows:

                                    ARTICLE I
                                   Definitions

      1.1   Certain Definitions. The following terms shall have the meanings set
forth below (and such meanings shall be equally applicable to both the singular
and plural form of the terms defined, as the context may require):

      "Affiliate" means, in respect of any Person, any other Person that is
directly or indirectly controlling, controlled by, or under common control with
such Person or any of its Subsidiaries, and the term "control" (including the
terms "controlled by" and "under common control with") means having, directly or
indirectly, the power to direct or cause the direction of the management and
policies of a Person, whether through ownership of voting securities or by
contract or otherwise.

      "Affiliated Group" has the meaning ascribed to it in Section 1504(a) of
the Code or any other provision of Law pursuant to which Taxes or Tax Returns
are or may be paid or filed on a consolidated, combined or unitary basis.

      "Amended Company Disclosure Letter" has the meaning ascribed to it in the
preamble to Article III.

      "Annual Combined Financial Statements" has the meaning ascribed to it in
Section 3.10.

      "BACI" has the meaning ascribed to it in the preamble to this Agreement.

      "Board of Directors" has the meaning ascribed to it in Section 6.2(h).

      "Business Day" means any day other than a Saturday, Sunday, or other day
on which banking institutions in the State of New York are authorized or
required by Law to close.

      "Business Restraint" has the meaning ascribed to it in Section 5.5(a).

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      "Capital Leases" means, in respect of any Person, leases of (or other
agreements conveying the right to use) any property (whether real, personal, or
mixed) by such Person as lessee that, in accordance with GAAP, either would be
required to be classified and accounted for as capital leases on a balance sheet
of such Person or otherwise be disclosed as such in a note to such balance
sheet.

      "Capital Stock" means, in respect of any Person, any shares or other
equivalents (however designated) of any class of corporate stock, partnership
interests, or membership interests in a limited liability company or any other
participations, rights, warrants, options, or other interests in the nature of
an equity interest in such Person, including preferred stock.

      "Closing" has the meaning ascribed to it in Section 2.2.

      "Closing Date" has the meaning ascribed to it in Section 2.2.

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

      "Common Stock" has the meaning ascribed to it in the recitals to this
Agreement.

      "Company" has the meaning ascribed to it in the preamble to this
Agreement.

      "Company Documents" has the meaning ascribed to it in Section 3.2.

      "Contractor" means all "preferred" agents, consultants, contractors, and
subcontractors, as tracked by the Company's Contractor Management Office, which
are involved in the development, support, customization, installation,
maintenance or modification of any Intellectual Property of the Company or its
Subsidiaries.

      "Contractor Agreement" means any written agreement between any Contractor
and the Company or its Subsidiaries.

      "Contracts" means oral or written contracts, agreements, indentures,
notes, bonds, loans, instruments, leases, commitments, or other equivalent
arrangements or commitments.

      "Copyrights" means unexpired registrations for copyrighted material duly
issued by the U.S. Copyright Office.

      "Corporate Services" has the meaning ascribed to it in Section 5.3.

      "CTI" has the meaning ascribed to it in Section 5.13(c).

      "Default" has the meaning ascribed to it in Section 3.4.

      "Defaulting Sponsor Group" has the meaning ascribed to it in Section 6.2.

      "DGCL" means the General Corporation Law of the State of Delaware.

                                       4
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      "Direct Claim" has the meaning ascribed to it in Section 8.5.

      "Director Indemnification Agreements" mean the indemnification agreements
to be entered into by the Company and each member of the Company's Board of
Directors, in substantially the form attached hereto as Exhibit H.

      "EBITDA" means the combined earnings of the Company and its Subsidiaries
before deduction for interest, income taxes, depreciation and amortization, with
each determined in accordance with GAAP applied consistent with the Company's
past practice.

      "Employee Benefit Plans" has the meaning ascribed to it in Section
3.22(a).

      "Encumbrance" means any security interest, lien, pledge, claim, charge,
encumbrance, right of first offer, right of first refusal, preemptive right,
mortgage, indenture, security agreement or other equivalent agreement,
arrangement, contract, commitment, understanding, or obligation, whether written
or oral, and whether or not relating in any way to credit or the borrowing of
money, other than as imposed by the Transaction Documents.

      "Environmental Costs and Liabilities" means, in respect of any Person, all
Liabilities, obligations, responsibilities, Remedial Actions, losses, damages,
punitive damages, consequential damages, treble damages, costs, and expenses
(including all reasonable fees, disbursements, and expenses of counsel, experts,
and consultants and costs of investigation and feasibility studies), fines,
penalties, sanctions, and interest incurred as a result of any claim or demand
by any other Person or in response to any violation of Environmental Law,
whether known or unknown, accrued or contingent, whether based in contract,
tort, implied or express warranty, strict liability, criminal or civil statute,
to the extent based upon, related to, or arising under or pursuant to any
Environmental Law, Environmental Permit, Order, or Contract with any
Governmental Entity or other Person, that relates to any environmental, health
or safety condition, violation of Environmental Law, or a Release or threatened
Release of Hazardous Materials.

      "Environmental Law" means any Law in any way relating to the protection of
human health and safety, the environment or natural resources, including the
Comprehensive Environmental Response, Compensation and Liability Act (42 U.S.C.
Section 9601 et seq.), the Hazardous Materials Transportation Act (49 U.S.C.
App. Section 1801 et seq.), the Resource Conservation and Recovery Act (42
U.S.C. Section 6901 et seq.), the Clean Water Act (33 U.S.C. Section 1251 et
seq.), the Clean Air Act (42 U.S.C. Section 7401 et seq.), the Toxic Substances
Control Act (15 U.S.C. Section 2601 et seq.), the Federal Insecticide,
Fungicide, and Rodenticide Act (7 U.S.C. Section 136 et seq.), and the
Occupational Safety and Health Act (29 U.S.C. Section 651 et seq.), as each has
been amended.

      "Environmental Permits" has the meaning ascribed to it in Section 3.25(a).

      "ERISA" has the meaning ascribed to it in Section 3.22(a).

      "ERISA Affiliate" has the meaning ascribed to it in Section 3.22(a).

      "Evercore" has the meaning ascribed to it in the preamble to this
Agreement.

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

      "Filed SEC Reports" means the Registration Statement on Form S-1 dated May
26, 2004, as amended through the date hereof, as filed by the Company with the
SEC (but not including the information incorporated by reference therein).

      "Financial Statements" has the meaning ascribed to it in Section 3.10.

      "Financing" has the meaning ascribed to it in the recitals to this
Agreement.

      "Financing Term Sheet" has the meaning ascribed to it in the recitals to
this Agreement.

      "Foreign Plan" has the meaning ascribed to it in Section 3.22(q).

      "Form A Filing" has the meaning ascribed to it in Section 5.13(a).

      "GAAP" has the meaning ascribed to it in Section 3.10.

      "Governmental Entity" means any federal, state, or municipal court or
other governmental department, commission, board, bureau, agency, or
instrumentality, governmental or quasi-governmental, domestic or foreign.

      "Guaranty" shall mean any guaranty of the payment or performance of any
Indebtedness or other obligation and any other equivalent arrangement whereby
credit is extended to one obligor on the basis of any promise of another Person,
whether that promise is expressed in terms of an obligation to pay the
Indebtedness of such obligor, or to purchase an obligation owed by such obligor,
or to purchase goods and services from such obligor pursuant to a take or pay
contract, or to maintain the capital, working capital, solvency, or general
financial condition of such obligor, whether or not any such arrangement is
reflected on the balance sheet of such other Person or referred to in a note
thereto.

      "Hazardous Material" means any substance, material, or waste that is
regulated, classified, or otherwise characterized under or pursuant to any
Environmental Law as "hazardous," "toxic," "pollutant," "contaminant,"
"radioactive," or words of equivalent meaning or effect, including petroleum and
its by-products, asbestos, polychlorinated biphenyls, radon, mold, and urea
formaldehyde insulation.

      "HSR Act" has the meaning ascribed to it in Section 3.3.

      "Indebtedness" means, for any Person at the time of any determination,
without duplication, all obligations, contingent or otherwise, of such Person
that, in accordance with GAAP, should be classified upon the balance sheet of
such Person as indebtedness.

      "Indemnifiable Losses" has the meaning ascribed to it in Section 8.4.

      "Indemnitee" has the meaning ascribed to it in Section 8.4.

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      "Indemnitor" has the meaning ascribed to it in Section 8.4.

      "Indemnity Payment" has the meaning ascribed to it in Section 8.4.

      "Intercompany Agreements" has the meaning ascribed to it in Section 5.3.

      "Interim Balance Sheet" has the meaning ascribed to it in Section 3.10.

      "Interim Period" has the meaning ascribed to it in Section 5.13(c).

      "Intellectual Property" means Marks; Patents; Copyrights; internet domain
names that are registered with a domain name registrar; computer software;
databases; proprietary technology; trade secrets and other confidential
information; proprietary know-how; proprietary processes; formulae; algorithms;
customer lists; source codes; object codes; and, in respect of all of the
foregoing, related confidential data or information.

      "IRS" means the Internal Revenue Service and any governmental body or
agency succeeding to the functions thereof.

      "IT" has the meaning ascribed to it in Section 5.3.

      "Law" means the common law and all federal, state, local, and foreign
laws, rules and regulations, Orders, and other determinations of the United
States, any foreign country, or any domestic or foreign Governmental Entity.

      "Leased Real Property" has the meaning ascribed to it in Section 3.24(a).

      "Liabilities" means all Indebtedness, obligations, and other liabilities
(or contingencies that have not yet become liabilities) of a Person, whether
absolute, accrued, contingent (or based upon any contingency), known or unknown,
fixed or otherwise, or whether due or to become due.

      "LSI" has the meaning ascribed to it in Section 5.5(b).

      "Management Agreements" shall mean those Management Agreements to be
entered into at the Closing by and between the Company and each of THL Managers
V, LLC, TPG GenPar IV, L.P. and Evercore Advisors L.L.C., each in substantially
the form attached as Exhibit F.

      "Marks" means trademarks and service marks (whether registered or
unregistered), trade names and designs, together with all goodwill related to
the foregoing.

      "Material Adverse Effect" means any material adverse effect on: (A) the
business, liabilities, operations or financial position of the Company and its
Subsidiaries, taken as a whole, other than any such effect to the extent it
results from (i) changes in general economic, market or political conditions or
any acts of war or terrorism, (ii) matters generally affecting any of the
industries in which the Company or its Subsidiaries operate, (iii) matters
resulting from the execution, delivery, performance or announcement of any of
the Transaction Documents and the transactions contemplated hereby and thereby,
or (iv) the actions of any of the Purchasers, or (B)

                                       7
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the ability of the Company to perform any of its material obligations under any
of the Transaction Documents.

      "Material Contracts" has the meaning ascribed to it in Section 3.16.

      "Material Customers" has the meaning ascribed to it in Section 3.26(a).

      "Multiemployer Plan" has the meaning ascribed to it in Section 3.22(a).

      "Multiple Employer Plans" has the meaning ascribed to it in Section
3.22(a).

      "National Title" has the meaning ascribed to it in Section 5.13(a).

      "Non-Competition Agreement" shall mean that Non-Competition and
Non-Solicitation Agreement to be entered into at the Closing by and between the
Company and Parent, in substantially the form attached as Exhibit A.

      "Non-Disclosure Agreements" shall mean the Non-Disclosure Agreements, by
and among Parent, Bear Stearns Merchant Manager II, LLC, and certain of the
Purchasers or their affiliates, dated as of October 13, 2004.

      "NYSDI" has the meaning ascribed to it in Section 5.5(d).

      "Order" has the meaning ascribed to it in Section 3.4.

      "Owned Real Property" has the meaning ascribed to it in Section 3.24(a).

      "Parent" has the meaning ascribed to it in the preamble.

      "Parent Distribution" has the meaning ascribed to it in the recitals to
this Agreement.

      "Parent's Knowledge" means the actual knowledge of William P. Foley, II,
Al Stinson, Brent Bickett, Peter Sadowski, Tony Park, Dan Murphy, Roger Maloch,
Brian Hershkowitz, Eric Swenson, Todd Johnson, Michael Gravelle, Dan Scheuble,
Hugh Harris, Ernie Smith and Michael Sanchez.

      "Patents" means unexpired patents duly issued by the U.S. Patent and
Trademark Office.

      "PBGC" has the meaning ascribed to it in Section 3.22(d).

      "Permits" has the meaning ascribed to it in Section 3.15.

      "Permitted Encumbrances" means (i) Encumbrances for current Taxes not yet
due and payable, (ii) any materialmen's, mechanics, workmen's, repairmen's,
contractor's, warehousemen's, carrier's, supplier's, vendor's, or equivalent
Encumbrances if payment is not yet due on the underlying obligation, (iii) liens
reflected in the financial statements contained in the Filed SEC Reports, (iv)
statutory or common law liens to secure landlords, lessors, or renters

                                       8
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under leases or rental agreements confined to the premises rented, and (v)
deposits or pledges made in connection with, or to secure payment of, worker's
compensation, unemployment insurance, old age pension, or other social security
programs mandated under applicable laws.

      "Person" means any individual, partnership, limited partnership,
corporation, limited liability company, association, joint stock company, trust,
joint venture, unincorporated organization, or Governmental Entity.

      "Products" has the meaning ascribed to it in Section 3.17(g).

      "Purchase Price" has the meaning ascribed to it in Section 2.1.

      "Purchasers" has the meaning ascribed to it in the preamble to this
Agreement.

      "Purchasers Representatives" means, in the case of the Purchasers
affiliated with Thomas H. Lee Equity Fund V, L.P., Thomas M. Hagerty, and in the
case of the Purchasers affiliated with TPG Partners IV, L.P. and TPG Partners
III, L.P., Jonathan Coslet, and in case any individual set forth above is unable
to serve, such other person as a majority in interest of the Purchasers whom
such person represents shall designate as a successor. It is acknowledged by the
parties that any required consent of the Purchasers Representatives hereunder
shall require the consent of each of Thomas M. Hagerty and Jonathan Coslet and
their respective successors, as the case may be.

      "Purchaser Documents" has the meaning ascribed to it in Section 4.2.

      "Purchaser Material Adverse Effect" shall mean a material adverse effect
on the Purchasers' ability to consummate the transactions contemplated hereby.

      "Qualified Plans" has the meaning ascribed to it in Section 3.22(b).

      "Real Property" has the meaning ascribed to it in Section 3.24(a).

      "Registration Rights Agreement" shall mean that Registration Rights
Agreement to be entered into at the Closing by and among the Company, the
Purchasers and Parent, in substantially the form attached as Exhibit B.

      "Related Persons" has the meaning ascribed to it in Section 3.18.

      "Relationships" has the meaning ascribed to it in Section 5.3.

      "Release" means any release, spill, emission, leaking, pumping, injection,
deposit, disposal, discharge, dispersal, or leaching into the indoor or outdoor
environment, or into or out of any property.

      "Remedial Action" means all actions to (i) clean up, remove, treat, or in
any other way address any Hazardous Material, (ii) prevent the Release of any
Hazardous Material so it does not endanger or threaten to endanger public health
or welfare or the indoor or outdoor environment,

                                       9
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(iii) perform pre-remedial studies and investigations or post-remedial
monitoring and care, or (iv) correct a condition of noncompliance with
Environmental Laws.

      "Restraint" has the meaning ascribed to it in Section 6.1(d).

      "SEC" means the U.S. Securities and Exchange Commission and any
governmental body or agency succeeding to the functions thereof.

      "Securities Act" means the Securities Act of 1933, as amended.

      "Separation Agreements" has the meaning ascribed to it in Section 5.3.

      "Shares" has the meaning ascribed to it in the recitals to this Agreement.

      "Sponsor Group" shall mean either (i) Thomas H. Lee Equity Fund V, L.P.,
Thomas H. Lee Parallel Fund V, L.P., Thomas H. Lee Cayman Fund V, L.P., Thomas
H. Lee Investors Limited Partnership, Putnam Investments Holdings, LLC, Putnam
Investments Employees' Securities Company I, LLC, and Putnam Investments
Employees' Securities Company II, LLC, collectively, or (ii) TPG Partners III,
L.P., TPG Parallel III, L.P., TPG Investors III, L.P., FOF Partners III, L.P.,
FOF Partners III-B, L.P., TPG Dutch Parallel III, C.V. and TPG Partners IV,
L.P., collectively.

      "State Interim Period" has the meaning ascribed to it in Section 5.13(c).

      "Stock Incentive Plan" means the Company's 2005 Stock Incentive Plan, in
substantially the form attached as Exhibit C.

      "Stockholders Agreement" shall mean that Stockholders Agreement to be
entered into at the Closing by and among the Company, the Purchasers and Parent,
in substantially the form attached as Exhibit D.

      "Subsidiary" means, in respect of any Person, any Person in which such
first Person, directly or indirectly, beneficially owns more than 50% of either
the equity interest in, or the voting control of, such Person, whether or not
existing on the date hereof.

      "Tax Returns" means all returns, declarations, reports, estimates,
information returns and statements required to be filed or actually filed in
respect of any Taxes.

      "Taxes" means (i) all federal, state, local, or foreign taxes, charges,
fees, imposts, levies, or other assessments, including, all net income, gross
receipts, capital, sales, use, ad valorem, value added, transfer, franchise,
profits, inventory, capital stock, license, withholding, payroll, employment,
social security, unemployment, excise, severance, stamp, occupation, property,
and estimated taxes, customs duties, fees, assessments, and charges of any kind
whatsoever, (ii) all interest, penalties, fines, additions to tax, or additional
amounts imposed by any taxing authority in connection with any item described in
clause (i), and (iii) any liability in respect of any items described in clauses
(i) and/or (ii) payable by reason of contract, assumption, transferee liability,

                                       10
<PAGE>

operation of Law, Treasury Regulation Section 1.1502-6(a) (or any predecessor or
successor thereof or any analogous or similar provision of Law) or otherwise.

      "Third Party Claims" has the meaning ascribed to it in Section 8.3.

      "THL" means Thomas H. Lee Equity Fund V, L.P., Thomas H. Lee Parallel Fund
V, L.P., Thomas H. Lee Cayman Fund V, L.P., Thomas H. Lee Investors Limited
Partnership, Putnam Investments Holdings, LLC, Putnam Investments Employees'
Securities Company I, LLC, and Putnam Investments Employees' Securities Company
II, LLC, collectively.

      "Title Plant" has the meaning ascribed to it in Section 5.3.

      "TPG" means TPG Partners III, L.P., TPG Parallel III, L.P., TPG Investors
III, L.P., FOF Partners III, L.P., FOF Partners III-B, L.P., TPG Dutch Parallel
III, C.V. and TPG Partners IV, L.P., collectively.

      "Transaction" has the meaning ascribed to it in the recitals to this
Agreement.

      "Transaction Documents" means, collectively, this Agreement, the
Stockholders Agreement, the Registration Rights Agreement, the Intercompany
Agreements, the Non-Competition Agreement, the Management Agreements, the
Director Indemnification Agreements and each other document, instrument,
certificate, or agreement to be executed by the parties to effect the
transactions contemplated by this Agreement.

      "Unaudited Financial Statements" has the meaning ascribed to it in Section
3.10.

      1.2   Construction.

            (a)   All references to "Articles," "Sections," "Schedules," and
      "Exhibits" contained in this Agreement are, unless specifically indicated
      otherwise, references to articles, sections, schedules, or exhibits of or
      to this Agreement.

            (b)   As used in this Agreement, the following terms shall have the
      meanings indicated: (i) "day" means a calendar day; (ii) "U.S." or "United
      States" means the United States of America; (iii) "dollar" or "$" means
      lawful currency of the United States; (iv) "including" or "include" means
      "including without limitation"; and (v) references in this Agreement to
      specific Laws (such as the DGCL, the Code, and ERISA), or to specific
      sections or provisions of Laws, apply to the respective U.S. or state Laws
      that bear the names so specified and to any succeeding Law (which now has
      a new section number, code number or other designation that is different
      from that used herein and is in existence on the date hereof), section, or
      provision corresponding thereto and the rules and regulations promulgated
      thereunder.

                                       11
<PAGE>

                                   ARTICLE II
                               Purchase of Shares

      2.1   Purchase and Sale of the Shares. On the terms and subject to the
conditions set forth herein, on the Closing Date, the Company shall issue, sell,
and deliver to each Purchaser, and each Purchaser, severally and not jointly,
shall purchase and acquire from the Company, the number of Shares listed
opposite its name on Schedule A attached hereto for the consideration set forth
opposite such Purchaser's name on Schedule A attached hereto. The aggregate
consideration to be paid to the Company by the Purchasers for the Shares shall
be equal to Five Hundred Million Dollars ($500,000,000) (the "Purchase Price.")
The Purchase Price shall be paid by one or more wire transfers of immediately
available funds to the Company's account designated to the Purchasers in writing
no later than two (2) business days before the Closing.

      2.2   Closing Date. The closing of the Transaction (the "Closing") shall
take place at the offices of Weil, Gotshal & Manges LLP, 767 Fifth Avenue, New
York, New York 10153, at 10:00 a.m., local time, as promptly as practicable
following the date on which all of the conditions contained in Article VI have
been satisfied or waived, as applicable, or at such other place, time, or date
as may be mutually agreed to in writing by Purchasers Representatives and the
Company. The date of the Closing is referred to herein as the "Closing Date."

      2.3   Proceedings at Closing. All actions to be taken and all documents to
be executed and delivered by the Company in connection with the consummation of
the transactions contemplated at the Closing shall be reasonably satisfactory in
form and substance to Purchasers Representatives and their counsel, and all
actions to be taken and all documents to be executed and delivered by Purchasers
in connection with the consummation of the transactions contemplated at the
Closing shall be reasonably satisfactory in form and substance to the Company
and its counsel. All actions to be taken and all documents to be executed and
delivered by all parties hereto at the Closing shall be deemed to have been
taken and executed and delivered simultaneously, and no action shall be deemed
taken nor any document executed or delivered until all have been taken,
executed, and delivered. At the Closing, (i) the Company shall deliver to
Purchasers the items in Section 7.1 and (ii) Purchasers shall deliver to the
Company the items described in Section 7.2.

      2.4   Use of Proceeds. The Company will use the proceeds received from the
Initial Financing and the Financing to (i) repay at or prior to the Closing, all
the Company's Indebtedness for borrowed money existing immediately prior to the
Initial Financing or the Financing, as the case may be (other than with respect
to Capital Leases), (ii) pay all expenses of the Company or its Subsidiaries
incurred in connection with the negotiation and consummation of the Initial
Financing and the Financing (including the associated fees of the lenders),
(iii) fund at least $30.0 million of additional cash to the Company's balance
sheet, and (iv) pay to Parent up to $2 billion of proceeds from the Initial
Financing and a total of $2.7 billion, plus accrued interest on the $2.7 Billion
Note, of proceeds from the Financing in full repayment of the $2.7 Billion Note
and interest thereon. The Company will use the proceeds received from the
Transaction to (i) repay all the Company's Indebtedness for borrowed money
existing immediately prior to the Closing (other than with respect to Capital
Leases and $2.8 billion of the Financing), and (ii) pay all expenses of the
Company and the Purchasers incurred in connection with the negotiation and
consummation of the Transaction at the Closing (including the amounts due under
Section 2(a) of the Management Agreements), and (iii) fund at least $40 million
of additional cash to the Company's balance sheet.

                                       12
<PAGE>

                                  ARTICLE III
                    Representations and Warranties of Parent

      Except as disclosed in (i) the Filed SEC Reports or (ii) the amended and
restated disclosure letter delivered by Parent to the Purchasers concurrently
with the execution of this Agreement (the "Amended Company Disclosure Letter)
(it being agreed, that any disclosure therein with respect to any particular
section of the Agreement shall not be deemed disclosure with respect to another
section of the Agreement and no disclosure in any SEC Filed Report shall be
deemed disclosed for purposes hereof, unless, in each case, the applicability of
such disclosure to the subject matter of such section is clear from a reasonable
reading of such disclosure or listing in such section), the Parent hereby makes
the following representations and warranties to the Purchasers, each of which
was true and correct as of the date of the Initial Agreement:

      3.1   Organization and Power. Parent, the Company and each of the
Company's Subsidiaries is a corporation duly incorporated, validly existing, and
in good standing under the Laws of the jurisdiction of its incorporation. The
Company and each of its Subsidiaries has the requisite corporate power and
authority to own, lease, or otherwise hold the assets and properties owned,
leased, or otherwise held by it and necessary to carry on its business as
presently conducted. The Company and each of its Subsidiaries is in good
standing and is duly qualified to conduct business as a foreign corporation in
each jurisdiction in which the nature of its business or the ownership of
property make such qualification necessary, except where the failure to be so
qualified would not reasonably be expected to have a Material Adverse Effect.

      3.2   Authorization. Each of Parent and the Company has the requisite
corporate power to execute and deliver this Agreement and each other Transaction
Document to be executed by it in connection with the consummation of the
transactions contemplated hereby (the "Company Documents") and to perform its
obligations hereunder and thereunder. The execution and delivery by the Company
and Parent of this Agreement and each Company Document to which it is a party
and the performance by each of them of its obligations hereunder and thereunder
have been (or at the time of execution will be) duly authorized by all necessary
corporate action on its part. This Agreement has been (and each Company Document
to which it is a party will be) duly executed and delivered by duly authorized
officers of each of the Company and Parent and, assuming the due execution and
delivery of this Agreement and each Company Document by the other party or
parties hereto or thereto, this Agreement and each Company Document to which it
is a party shall constitute valid and binding obligations of the Company and
Parent enforceable against the Company and Parent in accordance with their
respective terms, except as may be limited by bankruptcy, insolvency,
reorganization, moratorium, or other equivalent Laws affecting the enforcement
of creditors' rights in general and subject to general principles of equity
(regardless of whether such enforceability is considered in a proceeding at law
or in equity).

      3.3   Consents and Approvals. Except as would not reasonably be expected
to have a Material Adverse Effect, no consent, approval, waiver, order, or
authorization of, or registration, declaration, or filing with, or notice to,
any Governmental Entity (including any consent, approval, waiver, or
authorization in respect of any Contract or Permit) is required to be obtained
or made by or in respect of Parent, the Company or any of the Company's
Subsidiaries in

                                       13
<PAGE>

connection with the execution and delivery of this Agreement or any Company
Document by the Company or Parent, the performance by the Company or Parent of
its obligations hereunder and thereunder or the consummation of the transactions
contemplated hereby or thereby, other than (i) if required, the filing of a Form
D with the SEC and any applicable state securities regulatory authorities, (ii)
the filing of premerger notification and report forms under the
Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the "HSR
Act"), or (iii) any required filings or approvals with insurance authorities in
New York State.

      3.4   No Conflicts. The execution and delivery of this Agreement does not
(and of each Company Document will not), and neither the performance by the
Company or Parent of its obligations hereunder and thereunder, nor the
consummation of the Financing or the transactions contemplated hereby and
thereby, will, (i) conflict with the Certificate of Incorporation or bylaws of
the Company or Parent, as the case may be, (ii) except as would not reasonably
be expected to have a Material Adverse Effect, conflict with, result in any
violation of, constitute a default (with or without notice, lapse of time, or
both (a "Default")) under, or give rise to a right of termination, cancellation,
or acceleration of, or any obligation or to loss of a benefit under, any
Contract, or any contract or agreement that is material to the business, assets,
financial condition or results of operation of the Company and its Subsidiaries,
taken as a whole, (iii) violate, constitute a Default under, or cause the
forfeiture, impairment, non-renewal, revocation, or suspension of any Permit,
(iv) violate any citation, order, judgment, decree, writ, or injunction
("Order") of any Governmental Entity applicable to Parent, the Company or any of
the Company's Subsidiaries, (v) violate any Law applicable to Parent, the
Company or any of the Company's Subsidiaries, or (vi) except as would not
reasonably be expected to have a Material Adverse Effect, result in the creation
of any Encumbrance upon any of the assets or properties of Parent, the Company
or the Company's Subsidiaries.

      3.5   Broker's Fees. No agent, broker, finder, investment banker,
financial advisor, or other equivalent Person will be entitled to any fee,
commission, or other compensation in connection with the transactions
contemplated by this Agreement on the basis of any act or statement made or
alleged to have been made by the Company, Parent or any of their respective
Affiliates or Representatives, except for the fees and expenses of Stephens
Inc., which fees and expenses will be paid out of proceeds from this Transaction
in accordance with Section 2.4 hereof.

      3.6   Capitalization.

            (a)   The authorized Capital Stock of the Company consists of
      400,000,000 shares of Common Stock, of which 1,000 are issued and
      outstanding as of the date hereof. All of the issued and outstanding
      shares of Capital Stock of the Company are duly authorized, validly
      issued, fully paid, and nonassessable, and were not issued in violation of
      any preemptive rights or any federal or state securities Laws, and are
      owned beneficially and of record by Parent. Immediately after the Closing,
      but prior to the issuance of any shares of Common Stock under the Stock
      Incentive Plan, the Shares will constitute 25 % of the outstanding Common
      Stock of the Company on a fully diluted basis.

                                       14
<PAGE>

            (b)   There are no outstanding options, warrants, and other
      equivalent rights to purchase Capital Stock of the Company. There are (i)
      no authorized or outstanding securities, rights (preemptive or other),
      subscriptions, calls, commitments, warrants, options, or other agreements
      that give any Person the right to purchase, subscribe for, or otherwise
      receive or be issued Capital Stock of the Company or any security
      convertible into or exchangeable or exercisable for Capital Stock of the
      Company, (ii) no outstanding debt or equity securities of the Company that
      upon the conversion, exchange, or exercise thereof would require the
      issuance, sale, or transfer by the Company of any new or additional
      Capital Stock of the Company (or any other securities of the Company
      which, whether after notice, lapse of time, or payment of monies, are or
      would be convertible into or exchangeable or exercisable for Capital Stock
      of the Company), (iii) no agreements or commitments obligating the Company
      to repurchase, redeem, or otherwise acquire Capital Stock or other
      securities of the Company or its Subsidiaries, and (iv) no outstanding or
      authorized stock appreciation rights, phantom stock, stock rights, or
      other equity-based interests in respect of the Company. The Company has
      not issued any voting indebtedness.

            (c)   There is no proxy, stockholders agreement, voting trust, or
      other agreement or understanding to which the Company, Parent, or to
      Parent's Knowledge, any other Person, is a party or by which it is bound
      relating to the voting of any shares of Capital Stock of the Company.

      3.7   Subsidiaries and Equity Investments; Joint Ventures.

            (a)   Schedule 3.7 sets forth the name, jurisdiction of
      incorporation, and the Company's percentage ownership interest of Capital
      Stock for each direct and indirect Subsidiary of the Company. The Company
      does not, directly or indirectly, own any Capital Stock of any Person
      other than the Subsidiaries set forth on Schedule 3.7. The Company is not
      a direct or indirect participant in any material joint venture or other
      equivalent arrangement.

            (b)   The outstanding shares of Capital Stock of each Subsidiary of
      the Company are duly authorized, validly issued, fully paid, and
      non-assessable, have not been issued in violation of any preemptive
      rights, and are owned of record and beneficially, directly or indirectly,
      by the Company, free and clear of all Encumbrances.

            (c)   There are (i) no authorized or outstanding securities, rights
      (preemptive or other), subscriptions, calls, commitments, warrants,
      options, or other agreements that give any Person the right to purchase,
      subscribe for, or otherwise receive or be issued Capital Stock of any
      Subsidiary of the Company or any security convertible into or exchangeable
      or exercisable for Capital Stock of any Subsidiary of the Company, (ii) no
      outstanding debt or equity securities of the Company or its Subsidiaries
      that upon the conversion, exchange, or exercise thereof would require the
      issuance, sale, or transfer by the Company or its Subsidiaries of any new
      or additional Capital Stock of any Subsidiary of the Company (or any other
      securities, which, whether after notice,

                                       15
<PAGE>

      lapse of time, or payment of monies, are or would be convertible into or
      exchangeable or exercisable for Capital Stock of any Subsidiary of the
      Company), (iii) no agreements or commitments obligating any Subsidiary of
      the Company to repurchase, redeem, or otherwise acquire Capital Stock or
      other Securities of the Company or its Subsidiaries and (iv) no
      outstanding or authorized stock appreciation rights, phantom stock, stock
      rights, or stock based interests in respect of any Subsidiary of the
      Company. No Subsidiary of the Company has issued any voting indebtedness.

      3.8   Authorization of Securities. When issued in accordance with the
terms of this Agreement, the Shares will be duly authorized, validly issued,
fully paid and nonassessable, free and clear of all Encumbrances.

      3.9   Investment Company Act. The Company is not, and after giving effect
to the issuance of the Shares and the application of the proceeds thereof will
not be, an "investment company" within the meaning of Investment Company Act of
1940, as amended.

      3.10  Financial Statements. Prior to the date of the Initial Agreement,
the Company provided to TPG and THL (i) the annual combined balance sheets of
the Company and its Subsidiaries as of December 31, 2003 and 2002 and the
related combined statements of earnings, equity and comprehensive earnings and
cash flows for each of the years in the three-year period ended December 31,
2003 (the "Annual Combined Financial Statements"), together with the notes
thereto, and the draft report of KPMG LLP thereon which includes a legend
indicating that certain transactions would have to be completed before KPMG LLP
would be in a position to issue the draft report in final form, and (ii) the
unaudited combined balance sheet of the Company and its Subsidiaries as at June
30, 2004 reviewed by KPMG LLP (the "Interim Balance Sheet"), and the related
combined statements of earnings and cash flows, for the six (6) month period
then ended, the "Unaudited Financial Statements"). The Unaudited Financial
Statements, together with the Annual Combined Financial Statements are referred
to as the "Financial Statements". The Financial Statements have been prepared in
accordance with U.S. generally accepted accounting principles consistently
applied ("GAAP") and fairly present the combined financial condition, assets and
liabilities, results of operations, cash flows, and changes in equity and
comprehensive earnings of the Company and its Subsidiaries as of the dates, and
for the periods, indicated therein, subject in the case of the Unaudited
Financial Statements to lack of footnotes and a statement of changes in equity
and comprehensive earnings and normal year end adjustments that will not be
material. Since June 30, 2004, there has not been any change of the Company's
accounting principles, methods, or policies except as required by GAAP or as
would not reasonably be expected to have a Material Adverse Effect. The results
and accounts of the entities listed on disclosure Schedule 3.10 are included in
the Financial Statements, but have been excluded from the final formation of the
Company and its Subsidiaries and are therefore, not subject to the terms of this
Transaction.

      3.11  Absence of Undisclosed Liabilities, Indebtedness. The Company and
its Subsidiaries have no Liabilities that are required to be reflected in,
reserved against, or otherwise described in a balance sheet (or the notes
thereto) prepared in accordance with GAAP except (i) those Liabilities provided
for or reserved against in the Financial Statements (or set forth in the notes
thereto), (ii) Liabilities arising in the ordinary course of business consistent
with past

                                       16

<PAGE>

practice since June 30, 2004, and (iii) Liabilities under this Agreement.
Immediately after the Closing, other than the Indebtedness for borrowed money
incurred in connection with the Financing and other than with respect to Capital
Leases, neither the Company nor any of its Subsidiaries will have any
Indebtedness.

      3.12  Absence of Certain Changes. Except as set forth in the Unaudited
Financial Statements and except as contemplated by the Financing, since June 30,
2004, neither the Company nor any of its Subsidiaries has: (i) terminated or
suffered any material amendment of any Material Contract; (ii) suffered any
event or circumstance that has had or could reasonably be expected to have a
Material Adverse Effect; (iii) other than in the ordinary course of business
consistent with past practice, increased the salaries or other compensation of,
or made any advance or loan to, any of its current or former directors or
executive officers or made any increase in, or any addition to, other benefits
to which any of its current or former directors or executive officers may be
entitled; (iv) (other than the $2.7 Billion Note) declared, set aside, or paid
any dividend or made or agreed to make any other distribution or payment in
respect of its Capital Stock or redeemed, purchased, or otherwise acquired or
agreed to redeem, purchase, or acquire any of its Capital Stock or other
securities; (v) waived any right of material value to the Company or its
Subsidiaries; or (vi) incurred any Indebtedness (other than the $2.7 Billion
Note).

      3.13  Litigation; Orders. There is no claim or judicial or administrative
action, suit, proceeding, or investigation pending or, to Parent's Knowledge,
threatened (i) that questions the validity of this Agreement or any other
Transaction Document, the performance by the Company or Parent of the
obligations to be performed by it hereunder or thereunder or the consummation of
the transactions contemplated hereby or thereby, or (ii) except as would not
reasonably be expected to have a Material Adverse Effect, relating to the
business of the Company or any of its Subsidiaries (as now conducted or as
proposed to be conducted) or materially affecting the Company or any of its
Subsidiaries or any of their respective assets or properties. There is no
material Order of any Governmental Entity binding on the Company, any of its
Subsidiaries, or any of their respective assets or properties.

      3.14  Compliance with Laws. The Company and each of its Subsidiaries has
complied in all material respects with each Law and Order binding on it or on
any of its assets or properties and is not currently in material violation of
any such Law or Order, and there have been no notices or Orders of noncompliance
issued to the Company of any of its Subsidiaries under or in respect of any such
Law.

      3.15  Permits. The Company and each of its Subsidiaries owns, holds,
possesses, or lawfully uses in its business all approvals, authorizations,
certifications, franchises, licenses, permits, and equivalent authorities
("Permits") that are necessary for the conduct of their business as currently
conducted or the ownership and use of their assets or properties, in compliance
with all Laws, except for those Permits the failure to obtain or loss of which
would not reasonably be expected to have a Material Adverse Effect. Neither the
Company nor any of its Subsidiaries is in Default under, or has received any
notice of any claim of Default in respect of, any such Permits, except as would
not reasonably be expected to have a Material Adverse Effect. To Parent's
Knowledge, all such Permits are renewable by their respective terms in the
ordinary

                                       17

<PAGE>

course of business without the need to comply with any special qualification
procedures or to pay any amounts other than routine filing fees.

      3.16  Contracts. Schedule 3.16 sets forth all of the following Contracts
to which the Company or any of its Subsidiaries is a party or by which it is
bound (the "Material Contracts"): (i) Contracts with any labor union or
association representing any employee of the Company or any of its Subsidiaries;
(ii) Contracts for the sale of any of the assets of the Company or any of its
Subsidiaries other than in the ordinary course of business or for the grant to
any Person of any preferential rights to purchase any of their assets; (iii)
Contracts containing covenants of the Company or any of its Subsidiaries not to
compete in any line of business or with any Person in any geographical area;
(iv) Contracts granting any registration or similar right in respect of
securities of the Company or any of its Subsidiaries, and (v) Contracts pursuant
to which the Company or any of its Subsidiaries acquired the capital stock or
assets of another entity and which contain earn-out provisions relating to such
acquisition requiring the Company or any of its Subsidiaries to make payments in
the future in excess of $250,000 individually or $750,000 in the aggregate. All
of the Contracts to which the Company or any of its Subsidiaries is a party or
by which it is bound are in full force and effect and are the legal, valid, and
binding obligations of the Company and/or its Subsidiaries, enforceable against
them in accordance with their terms, subject to applicable bankruptcy,
insolvency, reorganization, moratorium, and equivalent Laws affecting creditors'
rights and remedies generally and subject, as to enforceability, to general
principles of equity (regardless of whether enforcement is sought in a
proceeding at law or in equity). Neither the Company nor any of its Subsidiaries
is in default, except as would not reasonably be expected to have a Material
Adverse Effect, in any respect under any Contract of the Company and its
Subsidiaries, nor, to Parent's Knowledge, is any other party to any such
Contract in default thereunder in any respect.

      3.17  Intellectual Property.

            (a)   Schedule 3.17(a) sets forth an accurate and complete list of
      all material Patents, registered Marks, pending applications for
      registrations of any Marks, registered Copyrights, and pending
      applications for registration of Copyrights, owned or filed by the Company
      or any of its Subsidiaries.

            (b)   The Company or its Subsidiaries is the sole and exclusive
      owner of all right, title and interest in and to all of the Patents, the
      registered Marks, and each of the registered Copyrights and pending
      applications filed by the Company or its Subsidiary therefor, and each of
      the other Copyrights in any works of authorship prepared by or for the
      Company or its Subsidiary that resulted from or arose out of any work
      performed by or on behalf of the Company or by any employee, officer,
      consultant or contractor of any of them. To Parent's Knowledge and except
      as would not reasonably be expected to have a Material Adverse Effect, the
      Company and its Subsidiaries is the sole and exclusive owner of, or has
      valid and continuing rights to use, sell or license, as the case may be,
      all other Intellectual Property used, sold or licensed by the Company or
      its Subsidiaries in their businesses as presently conducted, free and
      clear of all Encumbrances.

                                       18

<PAGE>

            (c)   To Parent's Knowledge, and except as would not reasonably be
      expected to have a Material Adverse Effect, the Intellectual Property
      owned, used, practiced or otherwise commercially exploited by the Company
      or its Subsidiaries in connection with their businesses as presently
      conducted (the "Company Intellectual Property") do not constitute an
      unauthorized use or misappropriation of any Patent, Copyright, trade
      secret or other equivalent right, of any Person and do not infringe,
      constitute an unauthorized use of, or violate any other right of any
      Person. The Intellectual Property owned by or licensed to the Company or
      its Subsidiaries, or as to which the Company or its Subsidiaries otherwise
      possess valid and continuing rights for use, includes all of the material
      intellectual property rights necessary to enable the Company and its
      Subsidiaries to conduct their businesses in the manner in which such
      businesses are currently being conducted.

            (d)   Neither the Company, nor any of its Subsidiaries: (i) is a
      party to any suit, action or proceeding which involves a claim of
      infringement or misappropriation of any Patent, Copyright or trade secret
      right by the Company or any of its Subsidiaries against any third party;
      (ii) has provided written notice to any third party alleging infringement
      or misappropriation of the Company's and its Subsidiaries' Patents,
      Copyrights or trade secrets; (iii) is a party to any suit, action or
      proceeding which involves a claim of infringement or misappropriation of
      any Patent, Copyright or trade secret by a third party against the Company
      or any of its Subsidiaries; (iv) except as would not reasonably be
      expected to have a Material Adverse Effect, has received any written
      notice from any third party alleging infringement or misappropriation of
      such third party's Patents, Copyrights or trade secrets. To Parent's
      Knowledge and except as would not reasonably be expected to have a
      Material Adverse Effect, the manufacturing, marketing, licensing, use or
      sale of the products or the performance of the services offered by the
      Company and its Subsidiaries in the ordinary course of its respective
      businesses as presently conducted do not currently infringe, and have not
      infringed, upon any Patent, Copyright or trade secret right of any third
      party.

            (e)   No trade secret or any other non-public, proprietary
      information material to the Business as presently conducted has been
      authorized to be disclosed or, to Parent's Knowledge, has been actually
      disclosed by the Company or any of its Subsidiaries to any employee or any
      third party other than pursuant to a non-disclosure agreement or
      employment policy restricting the disclosure and use of such trade secret
      or non-public proprietary information. Except as would not reasonably be
      expected to have a Material Adverse Effect, the Company and its
      Subsidiaries have taken adequate security measures to protect the secrecy
      and confidentiality of all trade secrets and any other material
      confidential information of the Company and its Subsidiaries which
      measures are reasonable in the industry in which the Company and its
      Subsidiaries operate.

            (f)   The Company and its Subsidiaries have not received written
      notice from any current or prior officers, employees, or Contractors of
      the Company and its Subsidiaries claiming any ownership interest in any
      Company Intellectual Property as a

                                       19

<PAGE>

      result of having been involved in the development of such property while
      employed by or performing services for the Company or its Subsidiaries.

            (g)   Except as would not reasonably be expected to have a Material
      Adverse Effect, the Company's unmodified version of its material software
      that is marketed and licensed by the Company and its Subsidiaries to its
      customers (the "Products") conforms in all material respects with the
      documentation prepared, marketed and licensed by the Company in respect of
      such Products. Except as would not reasonably be expected to have a
      Material Adverse Effect: (i) there are no defects, malfunctions or
      nonconformities in the unmodified version of the Products that cause the
      unmodified version of the Products, as properly installed, not to perform
      the material functions for which they are intended, on the whole, as
      provided in the Company's documentation, and (ii) there are no errors in
      any documentation, specifications, manuals, and user guides associated
      with or used or produced in the development, maintenance or marketing of
      the Company Intellectual Property.

      3.18  Affiliate Transactions. Except as contemplated by the Intercompany
Agreements, and except for arrangements between the Parent or its Subsidiaries
(other than the Company and its Subsidiaries) on the one hand, and the Company
and its Subsidiaries on the other hand, which do not involve payments by any
party of more than $500,000 annually in the aggregate and which do not restrict
the ability of the Company and its Subsidiaries to engage in any line of
business in any geographic area, no stockholder, officer, or director of the
Company or any of its Subsidiaries, or to Parent's Knowledge, any member of his
or her immediate family, or any Person controlled by any of the foregoing
Persons (collectively, "Related Persons") (i) owes any amount to the Company or
any of its Subsidiaries nor does the Company or any of its Subsidiaries owe any
amount (other than employment compensation or benefits), or has it committed to
make any loan or extend or guarantee credit to or for the benefit of, any
Related Person, (ii) has made any claim or cause of action or any action, suit,
or proceeding whatsoever against the Company or any of its Subsidiaries, (iii)
to Parent's Knowledge, (other than through stock ownership in a public company)
has any direct or indirect ownership interest in, or is an officer, director,
employee, consultant, or agent of, any Person that has a business relationship
with the Company (or any of its Subsidiaries) or that competes with the Company
or any of its Subsidiaries, or (iv) owns, directly or indirectly, in whole or in
part, any real property, leasehold interests, or other property or any Permits,
the use of which is necessary for the conduct of the business of the Company or
its Subsidiaries as currently conducted and as proposed to be conducted. To the
Company's Knowledge, no Related Person has any direct or indirect (other than
through stock ownership in a public company) interest in any Contract to which
the Company or its Subsidiaries is a party or by which it is bound.

      3.19  Assets and Properties. The Company and each of its Subsidiaries has
good and marketable title to its assets and properties, and a valid leasehold
interest in leasehold estates, free and clear of all Encumbrances, other than
(i) Permitted Encumbrances and (ii) those that have arisen in the ordinary
course of business consistent with past practice and that do not materially
impair the ownership or use of such assets or properties. Such assets and
properties are in such operating condition and repair as is suitable for the
uses for which they are used in the business of the Company and its
Subsidiaries, are not subject to any condition which materially interferes

                                       20

<PAGE>

with the use thereof by the Company or its Subsidiaries, as the case may be,
and, together with rights under the Intercompany Agreements, constitute all
assets, properties, interests in properties and rights necessary to permit the
Company and its Subsidiaries to carry on their business after the Closing
substantially as conducted by the Company and its Subsidiaries prior thereto.

      3.20  Insurance. The Company and each of its Subsidiaries has in full
force and effect all insurance policies, with coverage, in customary amounts
(subject to reasonable deductibles), sufficient to provide adequate insurance
coverage for all of the assets and properties of the Company and its
Subsidiaries for all material risks in compliance with all applicable Laws,
Orders, and Permits. There are no pending claims against any such insurance
policy as to which the insurers have denied liability.

      3.21  Tax Matters.

            (a)   (i) All income, franchise and other material Tax Returns
      required to be filed by or with respect to the Company, any of its
      Subsidiaries or any Affiliated Group of which the Company or any of its
      Subsidiaries is or was a member have been properly prepared and duly and
      timely filed with the appropriate taxing authorities in all jurisdictions
      in which such Tax Returns are required to be filed (after giving effect to
      any valid extensions of time in which to make such filings); (ii) all
      amounts of Taxes due and payable by or with respect to the Company, any of
      its Subsidiaries or any Affiliated Group of which the Company or any of
      its Subsidiaries is or was a member for any periods prior to (A) the date
      of this Agreement have been fully and timely paid or accrued on the
      consolidated balance sheet of the Company and its Subsidiaries dated
      November 30, 2004 previously delivered by Parent to Purchasers and
      attached hereto as Schedule 3.21(a)(ii)(A), and (B) the last day of the
      month immediately preceding the Closing Date will have been fully and
      timely paid or accrued in the financial statements delivered to Purchasers
      pursuant to Section 5.11 (provided that such accruals are made consistent
      with past practice, in accordance with GAAP and reflect only Taxes
      properly allocable to the Company and its Subsidiaries (as opposed to
      those allocable to Parent and its Subsidiaries other than the Company and
      its Subsidiaries), unless being contested in good faith by the Company or
      its Subsidiaries (such contested matters and the exposure thereunder as of
      the date of the Initial Agreement are set forth on Schedule 3.21(a) and
      such contested matters arising after the date of the Initial Agreement and
      prior to the Closing Date shall be adequately reserved for in the
      financial statements delivered to Purchasers pursuant to Section 5.11);
      and (iii) with respect to any taxable period prior to the Closing Date for
      which (A) Tax Returns have not yet been filed, or (B) Taxes not yet due or
      owing, the Company and its Subsidiaries will have made due and sufficient
      current accruals for any such Taxes on the financial statements delivered
      to Purchasers pursuant to Section 5.11.

            (b)   The Company and each of its Subsidiaries have complied in all
      material respects with all applicable Laws relating to the payment and
      withholding of Taxes and have duly and timely withheld from employee
      salaries, wages, other compensation, and other amounts of Taxes and have
      paid over to the appropriate taxing authorities all

                                       21

<PAGE>

      amounts required to be so withheld and paid over for all periods
      (including portions thereof) ending on or prior to the Closing Date under
      all applicable Laws.

            (c)   The Company has delivered or made available to Purchasers true
      and complete copies of (i) all federal, state, local, and foreign income
      and franchise Tax Returns of the Company and each of its Subsidiaries (or,
      in the case of Tax Returns filed for an Affiliated Group, the portion of
      such consolidated Tax Returns relating to the Company and its
      subsidiaries) relating to the taxable periods since December 31, 2000, and
      (ii) any audit report issued within the last three years relating to Taxes
      due from or in respect of the Company or any of its Subsidiaries.

            (d)   To Parent's Knowledge, with respect to the Company and its
      Subsidiaries no claim has been made by a taxing authority in a
      jurisdiction where the Company or any of its Subsidiaries does not file a
      type of Tax Return such that it is or may be subject to that type of Tax
      in that jurisdiction.

            (e)   To Parent's Knowledge, with respect to the Company and its
      Subsidiaries, there are no current audits or investigations by any taxing
      authority in progress, nor has the Company or any of its Subsidiaries
      received written notice from any taxing authority that it intends to
      conduct such an audit or investigation. No agreement, waiver or other
      document or arrangement extending or having the effect of extending the
      period for assessment or collection of Taxes (including any applicable
      statute of limitation), has been executed or filed with the IRS or any
      other taxing authority by or on behalf of the Company or any of its
      Subsidiaries and no power of attorney in respect of any Tax matter is
      currently in force.

            (f)   Neither the Company, any of its Subsidiaries nor any other
      Person on any of their behalf has (i) agreed to or is required to make any
      adjustments pursuant to Section 481(a) of the Code or any similar
      provision of Law by reason of a change in accounting method initiated by
      the Company or any of its Subsidiaries or has any knowledge that the IRS
      or any other taxing authority has proposed any such adjustment or change
      in accounting method, or has any application pending with any taxing
      authority requesting permission for any changes in accounting methods that
      relate to the business or operations of the Company or any of its
      subsidiaries, or (ii) executed or entered into a closing agreement
      pursuant to Section 7121 of the Code or any predecessor provision thereof
      or any similar provision of Law in respect of the Company or any of its
      Subsidiaries.

            (g)   Neither the Company nor its Subsidiaries is a party to any tax
      sharing agreement or arrangement, or any other agreement relating to the
      allocation of responsibility for any Tax, pursuant to which it will have
      any obligation to make any payments after the Closing.

            (h)   There are no Encumbrances (other than Permitted Encumbrances)
      as a result of any unpaid Taxes upon any of the assets of the Company or
      its Subsidiaries.

                                       22

<PAGE>

            (i)   All distributions of shares by, or consisting of shares of,
      the Company, any of its Subsidiaries or any member of an Affiliated Group
      of which the Company or any of its Subsidiaries is or was a member,
      purporting to qualify for tax-free treatment under Section 355 of the Code
      so qualified. With respect to each distribution of shares purporting to
      qualify for tax-free treatment under Section 355 of the Code, neither the
      Company nor any of its Subsidiaries has constituted a "distributing
      corporation" or a "controlled corporation" (within the meaning of Section
      355(a)(1)(A) of the Code) in a distribution of shares qualifying for
      tax-free treatment under Section 355 of the Code (i) in the two (2) years
      prior to the date of the Initial Agreement in a distribution that
      constitutes part of a "plan" or "series of related transactions" (within
      the meaning of Section 355(e) of the Code) in conjunction with this
      acquisition or any other transaction (whether occurring before or after
      the Closing) or (ii) in a distribution that could otherwise constitute
      part of a "plan" or "series of related transactions" (within the meaning
      of Section 355(e) of the Code) in conjunction with this acquisition.

            (j)   Neither the Company nor any of its Subsidiaries has
      constituted a "U.S. real property holding company" within the meaning of
      Section 897(c)(2) of the Code at any time during the last five years.

            (k)   To Parent's knowledge, after due inquiry, neither the Company
      nor any of its Subsidiaries has engaged in any "reportable transaction"
      within the meaning of Treasury Regulation Section 1.6011-4.

            (l)   As of the date of the Initial Agreement, the Company and its
      Subsidiaries, in the aggregate, own intangible assets that are amortizable
      for federal income tax purposes with a tax basis equal to at least
      $1,000,000,000.

      3.22  Employee Benefit Plans.

            (a)   Schedule 3.22(a) sets forth a true and complete list of all
      "employee benefit plans" (as defined in Section 3(3) of the Employee
      Retirement Income Security Act of 1974, as amended ("ERISA")), and any
      employee benefit plans, agreements, arrangements, programs or payroll
      practices (including, without limitation, severance pay, vacation pay,
      company awards, salary continuation for disability, sick leave,
      retirement, deferred compensation, equity-based, bonus or other incentive
      compensation, stock purchase arrangements or policies, hospitalization,
      medical insurance, life insurance, and scholarship programs) maintained by
      the Company or any of its Subsidiaries or to which the Company or any of
      its Subsidiaries contributes or is obligated to contribute thereunder in
      respect of any current or former employee of the Company or any of its
      Subsidiaries or with respect to which the Company or any of its
      Subsidiaries could otherwise have any liability (contingent or otherwise),
      including any liability that results from the Company or any of its
      Subsidiaries being considered a single employer or under common control
      with any entity (whether incorporated or not) under Section 414(b), (c),
      (m) or (o) of the Code (an "ERISA Affiliate") (in each case, any of the
      foregoing, whether domestic or foreign, "Employee Benefit Plans"). The
      Amended Company Disclosure Letter identifies, in separate categories,
      Employee

                                       23

<PAGE>

      Benefit Plans that are (i) subject to Sections 4063 and 4064 of ERISA
      ("Multiple Employer Plans"), (ii) multiemployer plans (as defined in
      Section 4001(a)(3) of ERISA) ("Multiemployer Plans"), or (iii) "benefit
      plans" within the meaning of Section 5000(b)(1) of the Code providing
      continuing benefits after the termination of employment (other than as
      required by Section 4980B of the Code, Part 6 of Title I of ERISA or
      comparable state or local Laws and at the former employee's or his or her
      beneficiary's sole expense).

            (b)   Except as would not reasonably be expected to result in a
      Material Adverse Effect, each of the Employee Benefit Plans intended to
      qualify under Section 401 of the Code ("Qualified Plans") so qualify and
      the trusts maintained thereto are exempt from federal income taxation
      under Section 501 of the Code, and, to Parent's Knowledge, nothing has
      occurred in respect of the operation of any such plan that could cause the
      loss of such qualification or exemption or the imposition of any
      liability, penalty, or tax under ERISA or the Code.

            (c)   All contributions and premiums required by Law or by the terms
      of any Employee Benefit Plan have been timely made (without regard to any
      waivers granted in respect thereof) to any funds or trusts established
      thereunder or in connection therewith, and no accumulated funding
      deficiencies exist in any of such plans subject to Section 412 of the
      Code.

            (d)   The benefit liabilities (as defined in Section 4001(a)(16) of
      ERISA), of each of the Employee Benefit Plans subject to Title IV of ERISA
      using the actuarial assumptions that would be used by the Pension Benefit
      Guaranty Corporation (the "PBGC") in the event it terminated each such
      plan do not exceed the fair market value of the assets of each such plan.
      The liabilities of each Employee Benefit Plan that has been terminated or
      otherwise wound up, have been fully discharged in full compliance with
      applicable Law.

            (e)   During the 12-month period ending on the date of the Initial
      Agreement, no "reportable event" (as defined in Section 4043 of ERISA and
      the regulations thereunder) for which the 30-day reporting requirement has
      not been waived or extended has occurred with respect to any of the
      Employee Benefit Plans subject to Title IV of ERISA, nor has any event
      requiring notice to be provided under Section 4041(c)(3)(C) or 4063(a) of
      ERISA.

            (f)   There has been no violation of ERISA in respect of the filing
      of applicable returns, reports, documents, and notices regarding any of
      the Employee Benefit Plans with the Secretary of Labor or the Secretary of
      the Treasury or the furnishing of such notices or documents to the
      participants or beneficiaries of the Employee Benefit Plans that would
      reasonably be expected to result in a Material Adverse Effect.

            (g)   True and complete copies of the following documents, in
      respect of each of the Employee Benefit Plans that, after the Closing, the
      Company or any if its

                                       24

<PAGE>

      Subsidiaries will maintain, contribute to, or have any liability with
      respect to (as applicable), have been delivered to THL and TPG (i) any
      plans and related trust documents, and all amendments thereto, (ii) the
      most recent Forms 5500 for the past three years and schedules thereto,
      (iii) the most recent financial statements and actuarial valuations for
      the past three years, (iv) the most recent IRS determination letter, (v)
      the most recent summary plan descriptions (including letters or other
      documents updating such descriptions), and (vi) written descriptions of
      all material non-written agreements relating to such Employee Benefit
      Plans.

            (h)   There is no pending claim, action, suit, or proceeding that
      has been asserted or instituted against any Employee Benefit Plan , the
      assets of any such plans, the Company, any of its Subsidiaries, or the
      plan administrator or any fiduciary of the Employee Benefit Plans in
      respect of the operation of such plans (other than routine, uncontested
      benefit claims) and no Employee Benefit Plan is under audit or is the
      subject of any audit or investigation by any Governmental Entity, and
      there are no facts or circumstances that could form the basis for any such
      claim, action, suit, proceeding or audit, in each case, except to the
      extent it would not reasonably be expected to result in a Material Adverse
      Effect.

            (i)   Each of the Employee Benefit Plans has been maintained, in all
      material respects, in accordance with its terms and all provisions of
      applicable Law. All amendments and actions required to bring each of the
      Employee Benefit Plans into conformity in all material respects with all
      of the applicable provisions of ERISA and other applicable Laws have been
      made or taken except to the extent that such amendments or actions are not
      required by Law to be made or taken until a date after the Closing Date.
      Except to the extent it would not reasonably be expected to result in a
      Material Adverse Effect, neither the Company nor any of its Subsidiaries
      has incurred or reasonably expects to incur, either directly or indirectly
      (including as a result of an indemnification obligation), any liability
      under Title I or IV of ERISA or the penalty, excise tax or joint and
      several liability provisions of the Code or any foreign law or regulation
      relating to employee benefit plans (including, without limitation, Section
      406, 409, 502(i), 502(1), 4069 or 42 12(c) of ERISA, or Section 4971, 4975
      or 4976 of the Code), or under any agreement, instrument, statute, rule or
      legal requirement pursuant to or under which the Company or any of its
      Subsidiaries or any Employee Benefit Plan or Pension Plan has agreed to
      indemnify or is required to indemnify any person against liability
      incurred under, or for a violation or failure to satisfy the requirements
      of any such legal requirement, and to the knowledge of the Company, no
      event, transaction or condition has occurred, exists or is expected to
      occur which could result in any such liability to the Company or any of
      its Subsidiaries after the Closing.

            (j)   The Company, each of its Subsidiaries, and any ERISA Affiliate
      that maintains a "benefits plan" (within the meaning of Section 5000(b)(1)
      of ERISA) have complied with the notice and continuation requirements of
      Section 4980B of the Code or Part 6 of Title I of ERISA and the applicable
      regulations thereunder, except to the

                                       25

<PAGE>

      extent that failure to so comply would not reasonably be expected to
      result in a Material Adverse Effect.

            (k)   None of the Company, any of its Subsidiaries, any ERISA
      Affiliate or any organization to which any is a successor or parent
      corporation, has divested any business or entity maintaining or sponsoring
      a defined benefit pension plan having unfunded benefit liabilities (within
      the meaning of Section 4001(a)(18) of ERISA) or transferred any such plan
      to any Person other than the Company, any of its Subsidiaries, or any
      ERISA Affiliate during the five-year period ending on the Closing Date.

            (l)   To Parent's Knowledge, neither the Company nor any of its
      Subsidiaries nor any "party in interest" or "disqualified person" in
      respect of the Employee Benefit Plans has engaged in a "prohibited
      transaction" (within the meaning of Section 4975 of the Code or Section
      406 of ERISA) that would reasonably be expected to result in a Material
      Adverse Effect.

            (m)   None of the Company, any Subsidiary, or any ERISA Affiliate
      has terminated any Employee Benefit Plan subject to Title IV of ERISA, or
      incurred any outstanding liability under Section 4062 of ERISA to the PBGC
      or to a trustee appointed under Section 4042 of ERISA and no Person
      (including without limitation the Pension Benefit Guaranty Corporation)
      has instituted any proceeding to terminate any Employee Benefit Plan or
      Pension Plan or appoint a trustee to administer any such Employee Benefit
      Plan or Pension Plan, in each case, except to the extent it would not
      reasonably be expected to result in a Material Adverse Effect.

            (n)   Other than the granting of stock options pursuant to the Stock
      Incentive Plan, neither the execution and delivery of this Agreement nor
      the consummation of the transactions contemplated hereby will (i) result
      in any payment becoming due to any employee of Company or any of its
      Subsidiaries, (ii) increase any benefits otherwise payable under any
      Employee Benefit Plan or Pension Plan, or (iii) result in the acceleration
      of the time of payment, funding or vesting of any such benefits.

            (o)   No stock or other security issued by Company or any of its
      Subsidiaries forms or has formed a material part of the assets of any
      Employee Benefit Plan.

            (p)   There is no contract, agreement, plan or arrangement covering
      any Person that, individually or collectively, could give rise to the
      payment of any amount after the Closing Date by the Company or any
      Subsidiary that would not be deductible by the party making such payment
      by reason of Section 280G of the Code, or would constitute compensation in
      excess of the limitation set forth in Section 162(m) of the Code.

            (q)   Except to the extent it would not reasonably be expected to
      result in a Material Adverse Effect, each Foreign Plan, to the extent
      requiring qualification under any applicable governmental laws or
      authority, is so qualified. According to the

                                       26

<PAGE>

      actuarial assumptions and valuations most recently used for the purposes
      of funding each Foreign Plan (or, if the same has no such assumptions and
      valuations or is unfunded, according to actuarial assumptions and
      valuations in use by the PBGC on the date hereof), as of October 12, 2004
      the total amount or value of the funds available under each such Foreign
      Plan to pay benefits accrued thereunder or segregated in respect of such
      benefits, together with any reserve or accrual with respect thereto,
      exceeded the present value of all benefits (contingent or otherwise)
      accrued as of such date of all participants and past participants therein
      in respect of which the Company or any of its Subsidiaries has or would
      have after the Closing Date any obligation. For purposes hereof, the term
      "Foreign Plan" shall mean an Employee Benefit Plan with respect to current
      or former employees of the Company or any of its Subsidiaries employed
      outside the United States.

      3.23  Labor and Employment Matters.

            (a)   Except with respect to the Company's Kordoba Subsidiary,
      neither the Company nor any of its Subsidiaries is a party to any labor or
      collective bargaining agreement, and no employees of the Company or any of
      its Subsidiaries are represented by any labor organization. Within the
      preceding three years of the date of the Initial Agreement, there have
      been no material representation or certification proceedings, or petitions
      seeking a representation proceeding, pending or, to Parent's Knowledge,
      threatened to be brought or filed with the National Labor Relations Board
      or any other labor relations tribunal or authority. Within the preceding
      three years of the date of the Initial Agreement, to Parent's Knowledge,
      there have been no organizing activities involving the Company or any of
      its Subsidiaries in respect of any group of employees of Company or any of
      its Subsidiaries.

            (b)   There are no strikes, work stoppages, slowdowns, lockouts,
      material arbitrations, or material grievances or other material labor
      disputes pending or, to Parent's Knowledge, threatened against or
      involving the Company or any of its Subsidiaries.

            (c)   There are no material unfair labor practice charges,
      grievances or complaints pending or, to Parent's Knowledge, threatened by
      or on behalf of any employee or group of employees of the Company or its
      Subsidiaries. There are no complaints, charges, or claims against the
      Company or its Subsidiaries pending or, to Parent's Knowledge, threatened
      to be brought or filed with any Governmental Entity based on, arising out
      of, in connection with, or otherwise relating to the employment or
      termination of employment of any individual by the Company or its
      Subsidiaries.

            (d)   To Parent's Knowledge, as of the date of the Initial
      Agreement, no officer or key employee, or any group of key employees,
      intends to terminate his, her, or their employment with the Company or any
      of its Subsidiaries. The employment of each officer and U.S. employee of
      the Company and its Subsidiaries is terminable at the will of the Company
      or such Subsidiary, as the case may be. To Parent's Knowledge, no officer,
      employee, agent, or consultant of the Company or any of its

                                       27

<PAGE>

      Subsidiaries is in violation of any material term of any employment,
      consultant, non-disclosure, non-competition, confidentiality, or other
      equivalent agreement.

      3.24  Real Property.

            (a)   Schedule 3.24(a) sets forth a complete list of (i) the real
      property owned in fee by the Company or any of its Subsidiaries (the
      "Owned Real Property") and (ii) all real property leased by the Company or
      any of its Subsidiaries (the "Leased Real Property" and together with the
      Owned Real Property and all other rights or interests of the Company or
      its Subsidiaries in real property, the "Real Property"). None of the real
      property reflected in the Interim Balance Sheet has been disposed of and
      no real property has been acquired by the Company or any of its
      Subsidiaries since the date of the Interim Balance Sheet.

            (b)   The Company and each of its Subsidiaries has good and
      marketable title in fee simple to all Owned Real Property, and a valid
      leasehold interest in all Leased Real Property, in each case free and
      clear of all Encumbrances, except for Permitted Encumbrances.

            (c)   Each of the leases and subleases relating to the Leased Real
      Property is in full force and effect, there is no material default by the
      Company or any of its Subsidiaries or, to Parent's Knowledge, by the
      lessor under any such lease or sublease.

            (d)   The structures, plants, improvements, systems, and fixtures
      located on each parcel of Owned Real Property and, to Parent's Knowledge,
      Leased Real Property comply in all material respects with all Laws, and
      are in good operating condition and repair, ordinary wear and tear
      excepted. Each such parcel of Owned Real Property and, to Parent's
      Knowledge, Leased Real Property, conforms in all material respects with
      all covenants or restrictions of record and conforms with all applicable
      building codes and zoning requirements and there is not, to Parent's
      Knowledge, any proposed change in any such governmental or regulatory
      requirements or in any such zoning requirements.

      3.25  Environmental Matters. Except as would not reasonably be expected to
result in a Material Adverse Effect:

            (a)   The operations of the Company and each of its Subsidiaries are
      and have been in compliance with all applicable Environmental Laws,
      including obtaining, maintaining in good standing, and complying with all
      Permits required by Environmental Laws ("Environmental Permits"), and no
      action or proceeding is pending or, to Parent's Knowledge, threatened to
      revoke, modify, or terminate any such Environmental Permit, and, to
      Parent's Knowledge, no facts, circumstances, or conditions currently exist
      that could adversely affect such continued compliance with Environmental
      Laws and Environmental Permits or require currently unbudgeted capital
      expenditures to achieve or maintain such continued compliance with
      Environmental Laws and Environmental Permits.

                                       28

<PAGE>

            (b)   Neither the Company nor any of its Subsidiaries is the subject
      of any outstanding written Order or Contract with any Governmental Entity
      or other Person in respect of any (i) Environmental Laws, (ii) Remedial
      Action, or (iii) Release or threatened Release of a Hazardous Material.

            (c)   No claim has been made or is pending, or to Parent's
      Knowledge, threatened against the Company or any of its Subsidiaries
      alleging either or both that the Company or any of its Subsidiaries may be
      in violation of any Environmental Law or Environmental Permit or may have
      any Liability under any Environmental Law.

            (d)   No fact, circumstance, or condition exists in respect of the
      Company or any of its Subsidiaries or any property currently or formerly
      owned, operated, or leased by the Company or any of its Subsidiaries or
      any property to which the Company or any of its Subsidiaries arranged for
      the disposal or treatment of Hazardous Materials that could reasonably be
      expected to result in the Company or any Subsidiary incurring unbudgeted
      Environmental Costs and Liabilities.

            (e)   There is no investigation of the business, operations, or Real
      Property of the Company or any of its Subsidiaries or, to Parent's
      Knowledge, previously owned, operated, or leased property of the Company
      or its Subsidiaries pending or, to Parent's Knowledge, threatened that
      could lead to the imposition of any Environmental Costs and Liabilities or
      Encumbrances under any Environmental Law.

            (f)   To Parent's Knowledge, there is not located at any of the Real
      Property any (i) underground storage tanks, (ii) asbestos-containing
      material, or (iii) equipment containing polychlorinated biphenyls.

            (g)   The transactions contemplated by this Agreement do not trigger
      any requirements under any federal, state, local or foreign laws,
      statutes, codes, ordinances, rules, regulations or other legal
      requirements relating to the environment or natural resources which
      condition the transfer of assets, real estate or stock on the approval of
      or the need to notify a Governmental Entity having jurisdiction over the
      environment or natural resources, including, but not limited to the New
      Jersey Industrial Site Recovery Act and the Connecticut Transfer Act.

      3.26  Material Customers.

            (a)   The top ten (10) customers of the Company and its
      Subsidiaries, and annual revenues related to such customers for each of
      (i) the 2004 fiscal year as of October 31, 2004, and (ii) the fiscal year
      ended December 31, 2003, are listed by division of the Company on Schedule
      3.26(a) (the "Material Customers"). To Parent's Knowledge, no Material
      Customer of the Company or its Subsidiaries has given the Company or its
      Subsidiaries any written notice terminating, suspending, or reducing in
      any material respect, or specifying an intention to terminate, suspend, or
      reduce in any material respect in the future, or otherwise reflecting an
      adverse change in, the business relationship between such customer and the
      Company or its Subsidiaries, and there has

                                       29

<PAGE>

      not been any materially adverse change in the business relationship of the
      Company or its Subsidiaries with any such customer.

            (b)   Schedule 3.26(b) sets forth the names and annual revenues for
      each of (i) the 2004 fiscal year as of September 30, 2004, and (ii) the
      fiscal year ended December 31, 2003, of the Material Customers of the
      Company or any of its Subsidiaries which have cancelled or terminated
      their relationships with the Company during the twelve months prior to the
      date of this Agreement.

      3.27  Corporate Records. The Company has delivered or made available to
TPG and THL true and complete copies of its Certificate of Incorporation and
bylaws (in each case as amended to the date of the Initial Agreement). The
minute books previously made available to THL and TPG, of the Company and each
of its Subsidiaries contain complete and accurate records of all meetings and
accurately reflect all other corporate action of the stockholders and board of
directors (including committees thereof) of the Company and its Subsidiaries to
the date hereof, including all amendments and corrections.

                                   ARTICLE IV
                  Representations and Warranties of Purchasers

      Each of the Purchasers, severally as to itself only, and not jointly,
hereby makes the following representations and warranties to the Company, each
of which is true and correct as of the date of (i) the Initial Agreement with
respect to THL and TPG, and (ii) this Agreement with respect to Evercore and
BACI:

      4.1   Organization. Such Purchaser is a limited partnership, corporation
or a limited liability company duly formed, validly existing, and in good
standing under the Laws of the state of its incorporation or formation, as the
case may be.

      4.2   Authorization. Such Purchaser has the requisite partnership,
corporate or limited liability company power, as the case may be, to execute and
deliver this Agreement and each other Transaction Document to be executed by it
in connection with the consummation of the transactions contemplated hereby (the
"Purchaser Documents") and to perform its obligations hereunder and thereunder.
The execution and delivery by such Purchaser of this Agreement and each
Purchaser Document and the performance by it of its obligations hereunder and
thereunder have been (or at the time of execution will be) duly authorized by
all necessary partnership, corporate or limited liability company action, as the
case may be, on the part of such Purchaser. This Agreement has been (and each
Purchaser Document will be) duly executed and delivered by such Purchaser and,
assuming the due execution and delivery of this Agreement and each Purchaser
Document by the other party or parties hereto or thereto, constitutes or will
constitute a valid and binding obligation of such Purchaser enforceable against
such Purchaser in accordance with its terms, except as may be limited by
bankruptcy, insolvency, reorganization, moratorium, or other equivalent Laws
affecting the enforcement of creditors' rights in general and subject to general
principles of equity (regardless of whether such enforceability is considered in
a proceeding at law or in equity).

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<PAGE>

      4.3   Consents and Approvals. Except as would not have a Purchaser
Material Adverse Effect, no consent, approval, waiver, order, or authorization
of, or registration, declaration, or filing with, or notice to, any Person or
Governmental Entity is required to be obtained or made by or in respect of, such
Purchaser in connection with the execution and delivery of this Agreement or any
Purchaser Document by such Purchaser, the performance by such Purchaser of its
obligations hereunder and thereunder, or the consummation of the transactions
contemplated hereby or thereby, other than the filing of premerger notification
and report forms under the HSR Act and any required filings with insurance
authorities in New York State.

      4.4   No Conflicts. Except as would not have a Purchaser Material Adverse
Effect, the execution and delivery of this Agreement does not (and each
Purchaser Document will not), and neither the performance by such Purchaser of
its obligations hereunder and thereunder, nor the consummation of the
transactions contemplated hereby and thereby, will (i) conflict with the
organizational and partnership documents of such Purchaser or (ii) violate any
Order of any Governmental Entity or Law applicable to such Purchaser.

      4.5   Brokers' Fees. Neither such Purchaser nor any Person acting on its
behalf has agreed to pay any commission, finder's or broker's fee, or equivalent
payment in connection with the transactions contemplated by this Agreement or
any matter related hereto to any Person for which the Company or any of its
Subsidiaries will be liable, except for the fees and expenses of Bear Stearns &
Co., Inc., which fees and expenses will be paid out of proceeds from this
Transaction in accordance with Section 2.4 hereof.

      4.6   Securities Law Matters; Valid Offering. Such Purchaser is acquiring
the Shares for investment for its own account, and not with a view to, or for
sale in connection with, any distribution thereof. Such Purchaser (either alone
or together with its advisors) has sufficient knowledge and experience in
financial and business matters so as to be capable of evaluating the merits and
risks of its investment in the Shares and is capable of bearing the economic
risks of such investment. Such Purchaser is an "accredited investor" as defined
in Rule 501(a) of Registration D under the Securities Act. Such Purchaser
understands and acknowledges that the Shares have not been registered under the
Securities Act, or the securities Laws of any state or foreign jurisdiction and,
unless so registered, may not be offered, sold, transferred, or otherwise
disposed of except pursuant to an exemption from, or in a transaction not
subject to, the registration requirements of the Securities Act and any
applicable securities Laws of any state or foreign jurisdiction. THL further
represents and warrants to the Parent as to the matters set forth on Schedule
4.6(a). TPG further represents and warrants to the Parent as to the matters set
forth on Schedule 4.6(b). Evercore further represents and warrants to the Parent
that it is a Delaware limited partnership and is a "qualified institutional
buyer" as that term is defined in Rule 144A(a)(1). BACI further represents and
warrants to the Parent that it is a Delaware limited partnership and is a
"qualified institutional buyer" as that term is defined in Rule 144A(a)(1).

      4.7   Sufficiency of Funds. Such Purchaser will have at Closing sufficient
funds available to pay its portion of the Purchase Price, as set forth on
Schedule A attached hereto.

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                                   ARTICLE V
                                   Covenants

      5.1   Access to Information. Between the date of the Initial Agreement and
the Closing Date, upon prior notice from the Purchasers Representatives to the
Company, the Company will afford to THL and TPG and their representatives
reasonable access during normal business hours to the employees, assets,
facilities, and the books and records of the Company and its Subsidiaries so as
to afford THL and TPG a full opportunity to make such review, examination, and
investigation of the Company and its Subsidiaries as THL and TPG may desire to
make. THL and TPG will be permitted to make extracts from or to make copies of
such books and records as may be reasonably necessary in connection therewith.
Prior to the Closing, the Company will (i) promptly furnish or cause to be
furnished to THL and TPG and their representatives such financial and operating
data and other information relating to the Company and its Subsidiaries as THL
and TPG or their representatives may reasonably request (including, at the
request of THL and TPG and so long as the such Purchasers execute all releases,
waivers and other agreements customary and reasonably requested by KPMG, the
work papers related to the audit of the Company's financial statements for the
year ended December 31, 2004), and (ii) instruct its officers and key employees
and its counsel and independent accountants to cooperate with THL and TPG and
their representatives in its investigation of the Company.

      5.2   Conduct of the Business.

            (a)   Except as approved by Purchasers Representatives in writing,
      between the date of the Initial Agreement and the Closing Date, the
      Company will, and will cause its Subsidiaries to, and Parent shall cause
      the Company and its Subsidiaries to (i) conduct the business of the
      Company and its Subsidiaries only in the ordinary course of business
      consistent with past practice, and (ii) use reasonable best efforts to
      cooperate with respect to and consummate the Financing.

            (b)   Between the date of the Initial Agreement and the Closing
      Date, without limiting the generality of Section 5.2(a), and except as
      otherwise expressly provided in this Agreement, without the prior written
      consent of the Purchasers Representatives, neither the Company nor any of
      its Subsidiaries will take any of the following actions, and Parent shall
      cause the Company and its Subsidiaries to refrain from taking any such
      actions:

                  (i)   make or incur any capital expenditure (including with
respect to internally developed and purchased software) that has not been
approved in writing or budgeted for prior to the date of the Initial Agreement
and, in either case, disclosed to THL and TPG prior to the date of the Initial
Agreement, and which are, in the aggregate, in excess of $50,000,000, provided,
that, if the Closing does not occur by April 1, 2005, such aggregate amount
shall be increased by $50,000,000;

                  (ii)  acquire, by merger or consolidation, or by purchase of,
or investments in, all or substantially all of the assets or stock of, any
business or any corporation, partnership, joint venture, limited liability
company, association or other business organization or division thereof (or
enter into any agreement other than any non-binding LOI with respect thereto) in
excess of $50,000,000 million prior to Closing in the aggregate; provided that,
if the

                                       32

<PAGE>

Closing does not occur by April 1, 2005, such aggregate amount shall be
increased by $50,000,000;

                  (iii) amend the certificate of incorporation or bylaws of the
Company or any of its Subsidiaries;

                  (iv)  other than in connection with the Financing, sell,
lease, encumber, transfer, or otherwise dispose of any properties or assets,
real, personal or mixed other than in the ordinary course of business consistent
with past practice; except that the scope of this covenant shall not include the
granting of Software licenses or the provision of services by the Company or any
Subsidiary;

                  (v)   other than in connection with the $2.7 Billion Note and
the Financing, create, incur, assume or guarantee any Indebtedness in excess of
$50,000,000 in the aggregate; provided that, if the Closing does not occur by
April 1, 2005, such aggregate amount shall be increased by $50,000,000 (provided
that any such Indebtedness incurred pursuant to this clause (v) shall be for the
purpose of effecting acquisitions);

                  (vi)  except as required in connection with the Financing and
the $2.7 Billion Note, prepay any of its Indebtedness or Capital Leases (other
than mandatory and regularly scheduled payments of principal and interest on
existing Capital Leases);

                  (vii) authorize or issue, or commit to authorize or issue any
equity securities or securities convertible into or exchangeable for any equity
securities of the Company or its Subsidiaries, or grant or issue any options,
warrants, rights, agreements or commitments with respect to the issuance of any
such equity securities;

                  (viii) enter into any contract or transaction between the
Company and any of its Subsidiaries on the one hand and any stockholder of the
Company or its Affiliates or any other Related Person on the other;

                  (ix)  (A) split, combine, or reclassify any shares of its
capital stock; (B) declare, set aside, or pay any dividend or make any other
distribution or payment (whether in cash, stock, or property or any combination
thereof) in respect of its capital stock or to its stockholders (other than (i)
with respect to Taxes properly allocated to the Company or its Subsidiaries and
arising in any period (or portion thereof) ending on or before the Closing Date,
(ii) amounts due related to intercompany payments or to fund intercompany
allocations by and among Parent and its Subsidiaries (other than the Company and
its Subsidiaries) and the Company and its Subsidiaries in a manner and amount
consistent with past practices and, with respect to Corporate Services only, in
amounts not to exceed $4,200,000 per month, or (iii) the Parent Distribution
(collectively, the "Excepted Payments")); (C) make any other actual,
constructive, or deemed distribution in respect of any shares of its capital
stock or otherwise make any payments (other than the Excepted Payments) to
stockholders in their capacity as such; or (D) redeem, repurchase, or otherwise
acquire any securities of the Company or any of its Subsidiaries;

                                       33

<PAGE>

                  (x)   waive any material rights under any Material Contract;

                  (xi)  fail to comply in any material respect with any Law
applicable to the Company or any of its Subsidiaries or their respective assets
or properties;

                  (xii) take any action, or knowingly omit to take any action,
that would or would reasonably be expected to result in any of the conditions to
the obligations of Purchasers set forth in Section 6.2 not being fully
satisfied;

                  (xiii) increase the rate of compensation of, or pay or agree
to pay any bonus or benefit to, its directors, officers or senior executives,
except as may be required by any existing plan, and except in the ordinary
course of business, consistent with past practice, as part of the Company's and
its Subsidiaries' annual merit cycle provided that, in no event shall any
bonuses be paid for services rendered in 2004 (or agreements to pay any such
bonuses be entered into) in excess of $55,000,000 in the aggregate;

                  (xiv) enter into, adopt or amend in any material respect any
written employment, severance or change of control agreement or, except as
required by law, adopt or modify any employee retention program or Employee
Benefit Plan, make any contributions to any Employee Benefit Plan not within the
ordinary course of business consistent with past practices, or take any action
that results in an acceleration of vesting or timing of any employee benefit
(other than by virtue of the existing terms thereof);

                  (xv)  enter into any covenants not to compete or any other
contracts or agreements which limit or restrict the ability of the Company or
its Subsidiaries to compete in any line of business in which they currently
operate other than such contracts or agreements entered into in the ordinary
course of business consistent with past practice;

                  (xvi) change any material election related to Taxes (unless
required by Law), settle or compromise any material Tax liability or agree to
any material adjustment of any Tax attribute, or fail to file any Tax Return
when due or fail to cause such Tax Returns when filed to be complete and
accurate in all material respects;

                  (xvii) accelerate receivables or delay payables in a manner
not consistent with past practice;

                  (xviii) adopt a plan of complete or partial liquidation,
dissolution, merger, consolidation, restructuring, recapitalization or other
reorganization of either of the Company or of any if its Subsidiaries or
otherwise sell all or substantially all of the assets of the Company or of its
Subsidiaries;

                  (xix) settle or compromise any pending claim, judicial or
administrative action, suit, proceeding or investigation for more than
$10,000,000 in the aggregate;

                                       34

<PAGE>

                  (xx)  make any change in any material method of accounting or
accounting practice or policy for tax or accounting purposes, other than those
required by GAAP or under applicable Law; or

                  (xxi) agree or commit to agree (in writing or otherwise) to do
any of the foregoing.

      5.3   Intercompany Agreements. Parent and the Company shall use their
reasonable best efforts to (a) identify all of the services that have been
historically provided by Parent to the Company or its Subsidiaries and all other
relationships between the Company or its Subsidiaries and Parent that are
necessary for the Company and its Subsidiaries to continue operating in a manner
that is substantially equivalent to the manner in which they have operated
during the twelve (12) months prior to this Agreement (the "Relationships"), (b)
identify all of the other relationships and agreements between the Company or
its Subsidiaries and Parent that are necessary for the separation of the Company
and its Subsidiaries from the Parent (the "Separation Agreements"), (c)
memorialize in various agreements (the "Intercompany Agreements") the terms and
conditions of each of the Relationships and services to be continued after the
Closing, and (d) enter into the Separation Agreements, in each case in
accordance with the provisions of this Section 5.3. The Relationships to be
covered by the Intercompany Agreements shall include, but shall not be limited
to, corporate services provided by Parent and its Subsidiaries to the Company
and its Subsidiaries (including, without limitation, payroll, employee benefits
and human resources, insurance, expense reimbursement and legal) ("Corporate
Services"), software licenses, information technology ("IT"), intellectual
property cross licenses, joint ownership and development, agency, starter
repository access, title plant maintenance and title plant access (collectively,
"Title Plant"), lease for space at the Company's headquarters, and tax
disaffiliation agreements (which tax disaffiliation agreements shall not alter
or amend any indemnification obligations of Parent under Section 8.2(a)(iii)).

      The Intercompany Agreements shall be negotiated between the Company and
Parent as promptly as practicable and prior to the Closing, and shall be in form
and substance reasonably satisfactory to the Parent, the Company and the
Purchasers Representatives. THL and TPG shall have the right to participate in
the negotiations of such Intercompany Agreements and each such party will
negotiate in good faith to complete the Intercompany Agreements as contemplated
by this Section 5.3. The Intercompany Agreements shall provide that the costs of
the Corporate Services to and from the Company shall be at each party's cost of
providing such services; provided that, in the case of the Corporate Services
provided to the Company, in no event shall the cost of such services per year
exceed the amounts set forth in that certain Corporate Services Agreement among
Parent and the Company entered into in connection with this Agreement. The costs
and fees of all other services and rights under the Intercompany Agreements
shall be at the fair market value thereof that would be obtainable from an
unaffiliated third party. The Parent will agree to provide the Corporate
Services (and unless earlier terminated by the Purchasers) to the Company at all
times prior to six months following the earlier to occur of (i) a Public
Offering, and (ii) a Sale of the Company (each as defined in the Stockholders'
Agreement). It is anticipated that any one Corporate Service may be terminated
without terminating any other Corporate Service under the relevant Agreement.
The initial term of the agency agreement shall be 10 years. The initial term of
the Title Plant agreement shall be 10 years. The initial term of

                                        35
<PAGE>

the agreement pursuant to which the Company or one of its Subsidiaries will
provide IT services to Parent and its other Subsidiaries will be 5 years,
subject to a 2-year renewal at the option of Parent. The licensing to the
Company and its Subsidiaries of rights to the name "Fidelity" shall be on a
royalty-free basis, and for an initial 20-year term. Notwithstanding anything
herein to the contrary, the Company, Parent, THL and TPG will cooperate and use
reasonable best efforts to agree upon terms designed to facilitate the THL's and
TPG's objectives with respect to the extension or termination of any
Intercompany Agreement or portions thereof upon a Sale of the Company or a
Public Offering.

      5.4   All Reasonable Efforts; Further Assurances. Subject to the terms and
conditions hereof, each of the parties hereto shall use its reasonable best
efforts to take, or cause to be taken, all actions, and do, or cause to be done,
as promptly as practicable, all things necessary, proper, or advisable under
applicable Law to consummate and make effective as promptly as reasonably
practicable the transactions contemplated hereby, including, but not limited to,
obtaining all approvals, consents, waivers and authorizations set forth on
Schedule 6.2(g), executing the agreements in the forms set forth as Exhibits
hereto and consummating the Financing and the Parent Distribution. At and from
time to time after the Closing, at the request of any party hereto, the other
party shall execute and deliver such additional certificates, instruments, and
other documents and take such other actions as such party may reasonably request
in order to consummate the transactions contemplated by this Agreement.

      5.5   Approvals.

            (a)   Each party hereto shall proceed diligently and in good faith
      and shall use its reasonable best efforts to obtain, as promptly as
      practicable, (i) all authorizations, consents, orders and approvals of all
      Governmental Entities that may be or become necessary for such party's
      execution and delivery of, and the performance of its obligations pursuant
      to, this Agreement and the other Transaction Documents, including, without
      limitation, all authorizations or waivers required under the HSR Act and
      by the New York State Department of Insurance, and (ii) all approvals and
      consents required under all Contracts to which the Company or any of its
      Subsidiaries is a party to consummate the transactions contemplated
      hereby. Each party will cooperate fully (including, without limitation, by
      providing all information the other party reasonably requests) with the
      other parties in promptly seeking to obtain all such authorizations,
      consents, orders and approvals. Notwithstanding anything to the contrary
      in this Section 5.5, the Parent and the Company shall not be required to
      agree to (i) the divestiture (including through a licensing arrangement)
      by the Parent or any of the Parent's Subsidiaries (including the Company
      and its Subsidiaries) of any of their respective businesses, product lines
      or assets, or (ii) the imposition of any limitation on the ability of any
      of them to conduct their business or to own or exercise control of such
      assets, properties and stock (each, a "Business Restraint"). All filing
      fees required to be paid in connection with any filing under the HSR Act
      shall be expenses of the Purchasers paid in accordance with Section 2.4.
      Notwithstanding anything herein to the contrary, in obtaining any consent
      required hereunder, the Purchasers shall not be required to consent to any
      restrictions on or any other Business Restraint on their

                                       36
<PAGE>

      businesses or those of their Affiliates nor to modify any term of (i)
      their investment in the Company or (ii) the Transaction Documents in any
      material respect.

            (b)   The Company shall cause LSI Title Agency, Inc., an indirect
      wholly-owned subsidiary of the Company ("LSI"), to proceed diligently and
      in good faith and to use its reasonable best efforts to obtain as promptly
      as possible after Closing state licenses required to act as a title
      insurance and escrow agent in Nevada and Utah.

            (c)   Each party hereto shall promptly inform the other parties of
      any communication from any Governmental Entity regarding any of the
      transactions contemplated by this Agreement. If any party or Affiliate
      thereof receives a request for additional information or documentary
      material from any such Governmental Entity in respect of the transactions
      contemplated hereby, then such party will endeavor in good faith to make,
      or cause to be made, as soon as reasonably practicable and after
      consultation with the other parties, an appropriate response in compliance
      with such request.

            (d)   The covenants set forth in (i) Section 5.5(a) with respect to
      obtaining all necessary approvals from the New York State Department of
      Insurance ("NYSDI"), (ii) Section 5.5(b) with respect to state title agent
      licenses, and (iii) Section 5.5(c) as such Section relates to the NYSDI
      approval and state licenses shall continue in full force and effect after
      the Closing until such time as the Form A Filing is either approved or
      denied by the NYSDI or such state licenses are obtained or denied, as the
      case may be.

      5.6   Public Announcements. The Company and Parent, on the one hand, and
the Purchasers Representatives, on the other hand, will consult with each other
and will mutually agree (the agreement of each party not to be unreasonably
withheld) upon the content and timing of any press release or other public
statement in respect of the transactions contemplated hereby and the Company,
Parent and each Purchaser shall not issue any such press release or make any
such public statement prior to such consultation and agreement, except as may be
required by applicable Law or the rules or regulations of any exchange on which
a party or its Affiliates' securities are listed or quoted; provided, however,
that the Company and Parent, on the one hand, and the Purchasers
Representatives, on the other hand, will give prior notice to the other party of
the content and timing of any such press release or other public statement, and
provided, further, that BACI and Evercore shall each be permitted to disclose
the Transaction under the "Portfolio Section" of its website in a manner
substantially similar to the transactions currently described therein, and shall
be permitted to send an announcement of the Transaction to certain of its
contacts, provided that in each case the content of such disclosure shall be
approved by the Company prior to such disclosure, such consent not to be
unreasonably withheld.

      5.7   Notification. From the date of the Initial Agreement through the
Closing Date, the Company and Parent will notify each Purchaser of any change,
circumstance, condition, development, effect, event, fact, or result in respect
of the business, operations, financial condition, results of operations, assets
or liabilities, of the Company or its Subsidiaries that,

                                       37
<PAGE>

individually or in the aggregate, has resulted in or could reasonably be
expected to result in a Material Adverse Effect.

      5.8   Exclusivity. At all times prior to the termination of this Agreement
in accordance with the terms hereof, the Company and Parent shall not, and shall
cause their officers, directors, employees, agents, advisors and other
representatives not to, directly or indirectly:

            (a)   solicit offers for, respond to any unsolicited offers for,
      enter into or conduct any negotiations with any other Person in respect
      of, or consummate or enter into any agreement, arrangement or
      understanding in respect of, a (i) sale of any securities of the Company
      or any material assets of the Company (other than sales of the Company's
      products and services in the ordinary course of business) or (ii)
      recapitalization, restructuring, merger, consolidation or other business
      combination involving the Company; or

            (b)   disclose any non-public information relating to the business
      operations or affairs of the Company to any Person, afford any such other
      Person access to the books, records, information or assets of the Company,
      or otherwise assist or encourage any such other Person in connection with
      any proposed (i) acquisition of any securities or material assets of the
      Company (other than sales of the Company's products and services in the
      ordinary course of business) or (ii) recapitalization, restructuring,
      merger, consolidation or other business combination involving the Company.

      5.9   Confidentiality. Each party hereto agrees that such party will hold,
and will use all commercially reasonable efforts to cause its officers,
directors, members, managers, partners, employees, accountants, counsel,
consultants, advisors, financial sources, financial institutions, and agents
(the "Representatives") to hold, in confidence in accordance with the
Non-Disclosure Agreements all confidential information and documents received
from the other party hereto and the parties hereby agree that the Non-Disclosure
Agreements are not superseded and shall remain in effect pursuant to their
terms. By executing this Agreement, Evercore and BACI each expressly agree to be
bound by the terms of the Non-Disclosure Agreements to the same extent as THL
and TPG.

      5.10  Transfer Taxes. The Company shall pay all sales, use, transfer,
stamp, conveyance, value added, or other equivalent taxes, duties, excises, or
governmental charges imposed by any domestic or foreign taxing authority and all
recording and filing fees, notorial fees, and other equivalent costs in
connection with the issuance, sale or delivery of the Securities and shall
indemnify and hold harmless Purchasers without limitation as to time against any
and all liabilities in respect thereof.

      5.11  Financial Statements. (a) Between the date of the Initial Agreement
and the Closing Date, the Company shall deliver to the Purchasers
Representatives, (i) as soon as reasonably practicable in accordance with normal
practice after the end of each month, unaudited combined balance sheets of the
Company and its Subsidiaries as of the end of such month (commencing with the
delivery of such statements for the month of November, 2004) and combined
statements of income for such month and for the period commencing at the end of
the

                                       38
<PAGE>

previous fiscal year and ending with the end of such month, setting forth in
each case in comparative form the corresponding figures for the corresponding
period of the preceding fiscal year, all in reasonable detail (the "Monthly
Financials"), and (ii) promptly after they are available, the audited combined
balance sheet of the Company and its Subsidiaries at and for the fiscal year
ending December 31, 2004 and the related combined statements of income, cash
flows and stockholders' equity for the period then ending, together with the
report of KPMG LLP with respect thereto (the "2004 Statements"); (b) The 2004
Statements shall be prepared in accordance with GAAP, consistent with past
practices and shall fairly present the combined financial condition, assets and
liabilities, results of operations, cash flows, and changes in stockholders'
equity of the Company and its Subsidiaries as of the dates, and for the periods,
indicated therein; and (c) The Monthly Financials shall be prepared in
accordance with GAAP, consistent with past practices.

      5.12  Non-Competition Agreements. The Parent shall use reasonable best
efforts to obtain, in connection with option grants to such persons, amendments
to the existing non-competition agreements (or covenants, in those circumstance
where the non-compete is contained in an employment agreement) of each of Hugh
Harris, Ernie Smith, Michael Sanchez, Francis Sanchez, Gary Norcross and Roger
Leitner to cover not only Fidelity Information Services, Inc., but also Fidelity
National Information Services, Inc. and all of its Subsidiaries.

      5.13  New York State Title Insurance Subsidiary.

            (a)   In connection with the filing of a Form A with the NYSDI by
each of THL and TPG in connection with the Transaction (the "Form A Filing"),
the parties hereto acknowledge that on March 1, 2005, all outstanding equity
securities of National Title Insurance of New York, Inc., an indirect,
wholly-owned subsidiary of the Company ("National Title"), were transferred, in
the form of a dividend, to Parent for no consideration. Parent hereby agrees
that within two (2) business days after approval of the Form A Filing by the
NYSDI, it will transfer or contribute through the Company all outstanding equity
securities of National Title to LSI for no consideration, resulting in National
Title becoming an indirect wholly-owned subsidiary of the Company.

            (b)   Parent hereby agrees that until the earlier to occur of such
time as (i) the Form A Filing has been denied, and (ii) the Form A Filing has
been approved and National Title has become an indirect wholly-owned subsidiary
of the Company, it will cause National Title (A) not to make any distributions
to its shareholders, (B) to operate in the ordinary course of business
consistent with past practice, (C) not to encumber, pledge or transfer any of
the assets or securities of National Title, (D) not to authorize, issue, or
commit to issue any equity securities of National Title, or grant any options,
warrants or commitments with respect to such equity securities, (E) not to make
any loans to or payments on behalf of obligations of Parent or any of its
Subsidiaries (other than the Company and its Subsidiaries), and (F) not to enter
into any guarantees or other contingent obligations for the benefit of the
Parent or any of its Subsidiaries (other than the Company and its Subsidiaries).

            (c)   The parties agree that Chicago Title Insurance Company, LSI
Division ("CTI") will continue to conduct all title and escrow business in the
states of Connecticut and

                                       39
<PAGE>

Massachusetts at all times prior to the date on which the earlier to occur of
(i) the Form A Filing is approved by the NYSDI , or (ii) LSI is able to process
title and escrow business in such states through local law firms or other
properly licensed entities pursuant to written agreements satisfactory to the
Company (such period, the "Interim Period"). Following the Interim Period, CTI
will no longer conduct such title and escrow business and such business will be
moved to LSI. In addition, CTI will continue to conduct all title and escrow
business in Nevada and Utah (for each such line of business and each such state,
a "State Interim Period") until the earlier to occur of (A) LSI obtaining a
license to act as a title insurance agent or escrow agent, as applicable, in
such state, or (B) the Form A Filing is approved by the NYSDI, but only to the
extent National Title is licensed as a title insurance company or escrow agent,
as applicable, in such state. After the State Interim Period has expired for any
applicable state, CTI will no longer conduct such title agency or escrow
business, as applicable, and such business will be moved to LSI. At any time,
and only for such time, while CTI is conducting title agency and escrow business
in a particular state, the revenues generated from the conduct of such business
shall be retained by CTI. In the event that the Form A Filing is not approved by
the NYSDI within six (6) months following Closing, LSI will enter into written
"alliance agreements", in forms satisfactory to the Company, with local law
firms in Connecticut and Massachusetts, pursuant to which LSI will process the
title and escrow business in such states through such local law firms.

      5.14  Certain Business in Certain Counties. As of the Closing Date, LSI
will not have title plant access in the California Counties (as defined in
Schedule 3.10) and in each county in the State of Washington (together with the
California Counties, the "Affected Counties"). As a result thereof, CTI will
continue to conduct business (other than escrow) in the California Counties and
all business in the other Affected Counties until such time as Parent has
acquired or built title plants in each Affected County. Upon acquisition or
completion of a title plant in an Affected County by Parent or its subsidiaries,
LSI will obtain access to such title plant and the related business of CTI shall
be moved to LSI on terms no less favorable to LSI than the terms set forth in
title plant access agreements entered into as of the date hereof by and between
Parent and the Company. In connection with this arrangement, Parent and the
Company will enter into a license agreement, pursuant to which the Company shall
provide to Parent and its subsidiaries certain technology, products and services
that will assist and enable CTI to conduct the applicable businesses in the
Affected Counties (the "License Agreement"). The License Agreement shall be
deemed an Intercompany Agreement in accordance with Section 5.3. The combined
impact on the Financial Statements of (a) the continued conduct of the above
described business by CTI, and (b) the License Agreement is set forth on
Schedule 3.10.

                                   ARTICLE VI
                         Conditions Precedent to Closing

      6.1   Conditions Precedent to the Company's Obligations. The obligation of
the Company to consummate the issuance and sale of the Shares as contemplated
hereby on the Closing Date is subject to the satisfaction or waiver by the
Company of the following conditions:

            (a)   Accuracy of Representations and Warranties. The
      representations and warranties of the Purchasers contained herein shall be
      true and correct as of the date of

                                       40
<PAGE>

      (i) the Initial Agreement with respect to THL and TPG, and (ii) this
      Agreement with respect to Evercore and BACI, and as of the Closing with
      respect to all Purchasers, with the same effect as if made at and as of
      such time (except to the extent expressly made as of a date other than the
      date of this Agreement, in which case such representations and warranties
      shall be true and correct only as of such date), except where the failure
      of such representations and warranties to be so true and correct (without
      giving effect to any limitation as to "Purchaser Material Adverse Effect"
      qualifiers set forth therein) does not have, and would not reasonably be
      likely to have a Purchaser Material Adverse Effect. The representations
      and warranties contained in Section 4.6 shall be true and correct as of
      the date of (i) the Initial Agreement with respect to THL and TPG, and
      (ii) this Agreement with respect to Evercore and BACI, and as of the
      Closing with respect to all Purchasers, with the same effect as if made at
      and as of such time.

            (b)   Performance of Covenants. The Purchasers shall have performed
      and complied, in all material respects, with the covenants and provisions
      of this Agreement required to be performed or complied with by them
      between the date of the Initial Agreement and the Closing Date with
      respect to THL and TPG, and the date of this Agreement and the Closing
      Date with respect to Evercore and BACI.

            (c)   Closing Deliveries. The Purchasers shall have delivered to the
      Company each item set forth in Section 7.2 required to be delivered by the
      Purchasers on or before the Closing Date.

            (d)   Approvals. No judgment, order, decree, statute, law,
      ordinance, rule or regulation, entered, enacted, promulgated, enforced or
      issued by any court or other Governmental Entity of competent jurisdiction
      or other legal restraint or prohibition (collectively, "Restraints") shall
      be in effect, and there shall not be pending or threatened any suit,
      action or proceeding by any Governmental Entity (i) preventing the
      consummation of the transactions contemplated by the Transaction
      Documents, (ii) prohibiting or limiting the ownership or operation by the
      Company or the Parent and their respective Subsidiaries of any portion of
      the business or assets of the Company or the Parent and their respective
      Subsidiaries, or compelling the Company or the Parent and their respective
      Subsidiaries to dispose of or hold separate any portion of the business or
      assets of the Company or the Parent and their respective Subsidiaries, as
      a result of the transactions contemplated by the Transaction Documents or
      (iii) which otherwise would reasonably be likely to have a Material
      Adverse Effect.

            (e)   Litigation. No action, suit, or proceeding shall have been
      initiated or threatened with the probable or reasonably likely effect of
      enjoining or preventing the consummation of the transactions contemplated
      hereby or seeking damages on account thereof.

            (f)   HSR Act. All applicable waiting periods, if any, in respect of
      the transactions contemplated hereby under the HSR Act shall have expired
      or terminated.

                                       41
<PAGE>

            (g)   Financing. The Company shall have received the funds
      contemplated by, and on terms reasonably comparable to the terms set forth
      in the Financing Term Sheet attached hereto as Exhibit E, and the Parent
      Distribution shall have been made.

            (h)   Consents and Waivers. All approvals, authorizations, consents,
      and waivers of any Person or Governmental Entity set forth on Schedule
      6.1(h) that are required in connection with the execution and delivery of
      any Transaction Document, the performance of the parties of their
      obligations hereunder or thereunder, and the consummation of the
      transactions contemplated hereby and thereby shall have been duly obtained
      and effective prior to or as of the Closing Date.

            (i)   Minimum Purchase. The Company shall have received payment from
      the Purchasers of the aggregate Purchase Price.

      6.2   Conditions Precedent to Purchasers' Obligations. The obligation of
each Sponsor Group to consummate the transactions contemplated hereby shall be
contingent upon the other Sponsor Group simultaneously performing its
obligations hereunder. Notwithstanding anything to the contrary contained
herein, if a Sponsor Group does not perform its obligations under this Agreement
(the "Defaulting Sponsor Group"), the non-Defaulting Sponsor Group shall have
the right (but not the obligation) to (a) extend the Closing Date by 10 business
days, and (b) assume the obligations of such Defaulting Sponsor Group for its
own behalf, or the behalf of any of its Affiliates which is reasonably
satisfactory to the Company and Parent, provided that such Affiliates shall
enter into this Agreement and the other Purchaser Documents to which the
Defaulting Sponsor Group was or would have been a party. Evercore's and BACI's
obligations to consummate their respective purchase of Shares shall be
conditioned upon each Sponsor Group performing its obligations under this
Agreement. In addition, the obligation of each Purchaser to consummate the
purchase of the Shares from the Company as contemplated hereby is subject to the
satisfaction or waiver by such Purchaser on the Closing Date of the following
conditions:

            (a)   Accuracy of Representations and Warranties. The
      representations and warranties of Parent, after giving effect to the
      Amended Company Disclosure Letter, (i) contained in Article III, other
      than those referred to below in clause 6.2(a)(ii), shall be true and
      correct as of the date of the Initial Agreement and as of the Closing,
      with the same effect as if made at and as of such time (except to the
      extent expressly made as of a date other than the date of the Initial
      Agreement, in which case such representations and warranties shall be true
      and correct only as of such date), except where the failure of such
      representations and warranties to be so true and correct (without giving
      effect to any "Material Adverse Effect" qualifiers set forth therein) does
      not have, and would not reasonably be likely to have a Material Adverse
      Effect, and (ii) contained in each of Section 3.1, 3.2, 3.3, 3.6, 3.7,
      3.8, 3.9, 3.10, 3.11 and 3.21 (the "No MAE Reps") shall be true and
      correct in all material respects (without giving effect to any limitation
      as to "Material Adverse Effect" qualifiers set forth therein) as of the
      date of the Initial Agreement and as of the Closing, with the same effect
      as if made at and as of such time (except to the extent expressly made as
      of a date other than the

                                       42
<PAGE>

      date of the Initial Agreement, in which case such representations and
      warranties shall be true and correct only as of such date).

            (b)   Performance of Covenants. The Company and Parent shall have
      performed and complied, in all material respects, with the covenants and
      provisions of this Agreement required to be performed or complied with by
      them between the date of the Initial Agreement and the Closing Date.

            (c)   Approvals. No Restraints shall be in effect, and there shall
      not be pending or threatened any suit, action or proceeding by any
      Governmental Entity (i) preventing the consummation of the transactions
      contemplated by the Transaction Documents, (ii) except as contemplated by
      Section 5.13 hereof, prohibiting or limiting the ownership or operation by
      the Company and its Subsidiaries of any portion of the business or assets
      of the Company and its Subsidiaries or compelling the Company and its
      Subsidiaries to dispose of or hold separate any portion of the business or
      assets of the Company and its Subsidiaries as a result of the transactions
      contemplated by the Transaction Documents or (iii) which otherwise would
      reasonably be likely to have a Material Adverse Effect.

            (d)   Closing Deliveries. The Company and Parent shall have
      delivered to the Purchasers each item set forth in Section 7.1 required to
      be delivered by the Company or Parent on or before the Closing Date.

            (e)   Litigation. No action, suit, or proceeding shall have been
      initiated or threatened with the probable or reasonably likely effect of
      enjoining or preventing the consummation of the transactions contemplated
      hereby or seeking damages on account thereof.

            (f)   HSR Act. All applicable waiting periods, if any, in respect of
      the transactions contemplated hereby under the HSR Act shall have expired
      or terminated.

            (g)   Consents and Waivers. All approvals, authorizations, consents,
      and waivers of any Person or Governmental Entity set forth on Schedule
      6.2(g) that are required in connection with the execution and delivery of
      any Transaction Document, the performance of the Company of its
      obligations hereunder or thereunder, and the consummation of the
      transactions contemplated hereby and thereby shall have been duly obtained
      and effective prior to or as of the Closing Date.

            (h)   Board of Directors. Each of Thomas M. Hagerty, Seth Lawry,
      Jonathan Coslet and Marshall Haines shall have been duly nominated and
      elected to the Board of Directors of the Company ("Board of Directors"),
      and William P. Foley, II shall have been elected as Chairman of the Board
      of Directors.

            (i)   D&O Insurance. Purchasers shall have received evidence
      reasonably satisfactory to them that Parent has in place a directors' and
      officers' liability insurance policy for directors of Parent and its
      subsidiaries, with coverage of at least $125.0

                                       43
<PAGE>

      million of "Side A", "Side B" and "Side C" coverage, plus an additional
      $20.0 million of "Side A" coverage.

            (j)   Assignments. Parent shall have assigned to the Company, or one
      of its subsidiaries, as appropriate, the inventions referred to as "AQUA",
      "SCORE" and "ATOMS" and related patent applications with respect thereto
      and such assignments shall have been filed with the United States Patent
      and Trademark office ("USPTO"). Additionally, Parent shall have filed
      documentation with the USPTO indicating that the 24 registered trademarks
      and 3 trademark applications set forth on Annex 6.2(j) hereto (the "LSI
      Marks"), which are currently on file with the USPTO as owned by Lender's
      Service, Inc., are now owned by LSI Title Company, and setting forth
      accurate chain of title thereto.

            (k)   Intentionally Left Blank.

            (l)   Incentive Plan. The Company shall have adopted the 2005 Stock
      Incentive Plan, in substantially the form attached hereto as Exhibit C.
      Shares of the Company's Common Stock, representing 7.5% of the Company's
      outstanding Common Stock, on a fully diluted basis immediately after the
      Closing, shall have been reserved for issuance under such Plan.

            (m)   Financing; Repayment of Indebtedness. The Company shall have
      received the funds contemplated by, and on terms reasonably comparable to
      the terms set forth in the Financing Term Sheet, and the Purchasers shall
      have received evidence satisfactory to them that all of the Company's
      Indebtedness (other than with respect to Capital Leases and the Financing)
      shall have been repaid and all liens securing such Indebtedness shall have
      been released. Except as imposed by the Financing, there shall be no
      Encumbrances (other than Permitted Encumbrances) on any of the assets of
      the Company or its Subsidiaries on the Closing Date.

            (n)   Indemnification Agreements. The Company shall have entered
      into separate Indemnification Agreements between the Company and each
      director designated by the Purchasers, each substantially in the form of
      Exhibit H attached hereto.

            (o)   Cash Management Systems. The Company shall have established
      treasury and cash management systems and controls that are reasonably
      acceptable to Purchasers and separate and apart from those of Parent.

            (p)   Minimum Cash. The Company and its Subsidiaries shall have cash
      and cash equivalents (excluding cash held at Kordoba) of at least
      $120,000,000 after giving effect to the payment by the Company of the
      intercompany payable of $106.7 million reflected on Schedule 3.11 hereto
      (provided the Financing has occurred and including at least $70.0 million
      of proceeds funded to the balance sheet from the proceeds of the Financing
      and this Transaction), as certified by a Certificate on behalf of the
      Company delivered by the Chief Financial Officer of Parent. Such minimum
      amount will be

                                       44
<PAGE>

      adjusted downward to reflect the use of cash to make acquisitions that
      have been approved in advance by the Purchasers Representatives.

            (q)   EBITDA. Excluding any extraordinary items, including
      write-offs of intangibles, the Company's EBITDA for the year ended
      December 31, 2004 shall be at least $558.0 million, as certified by a
      Certificate on behalf of the Company delivered by the Chief Financial
      Officer of Parent.

            (r)   Permits. On or before the Closing Date, (i) LSI shall have
      obtained state licenses (i) to conduct its title insurance business in
      Oregon and Washington, and (ii) to conduct its escrow business in Arizona,
      Oregon and Washington.

                                  ARTICLE VII
                               Closing Deliveries

      7.1   Items to Be Delivered by the Company. At the Closing, each of the
Parent and the Company shall deliver to the Purchasers:

            (a)   Stock Certificates. One or more validly issued stock
      certificates to each Purchaser representing the Shares to be acquired by
      such Purchaser duly executed by the appropriate officers of the Company.

            (b)   Certified Charter. A certified copy of the Certificate of
      Incorporation (or equivalent operational document) of the Company,
      certified by the Secretary of State of Delaware, as of a date no earlier
      than ten (10) days prior to the Closing.

            (c)   Good Standing. A certificate of good standing of the Company
      issued by the Secretary of State of Delaware.

            (d)   Officer's Certificate. A certificate, dated as of the Closing
      Date, duly executed on behalf of each of Parent and the Company by the
      President and the Secretary of each of Parent and the Company certifying
      that the conditions set forth in Sections 6.2(a) and (b), have been fully
      satisfied.

            (e)   Independent Accountants' Review. The combined balance sheet of
      the Company and its Subsidiaries as of September 30, 2004 and the related
      statements of earnings, equity and comprehensive earnings and cash flows
      for the nine (9) month period then ended, including an Independent
      Accountants' Review Report issued by KPMG LLP in accordance with
      Statements on Standards for Accounting and Review Services issued by the
      American Institute of Certified Public Accountants (the "September
      Financials") shall have been delivered to Purchasers. The parties
      acknowledge and agree that the September Financials will not reflect (i)
      the business of LSI related to title agency and escrow services in
      Connecticut, Massachusetts, Nevada and Utah, or (ii) the business of
      National Title.

            (f)   Transaction Documents. Executed versions of each of the other
      Transaction Documents to which it is a party.

                                       45
<PAGE>

      7.2   Items to Be Delivered by Purchasers. At the Closing, each Purchaser
shall deliver to the Company:

            (a)   Purchase Price. Its respective portion of the Purchase Price
      in accordance with Section 2.2.

            (b)   Transaction Documents. Executed versions of each of the other
      Transaction Documents to which it is a party.

            (c)   Officer's Certificates. A certificate, dated as of the Closing
      Date, duly executed by such Purchaser certifying that the conditions set
      forth in Sections 6.1(a), and (b) have been fully satisfied with respect
      to such Purchaser.

                                  ARTICLE VIII
                          Survival and Indemnification

      8.1   Survival of Representations, Warranties, and Covenants.

            (a)   The representations and warranties of the Parent and the
      Purchasers contained in this Agreement and in any certificate delivered
      pursuant hereto shall survive until the date that is 45 days after receipt
      by the Purchasers of the consolidated audited financial statements of the
      Company and its Subsidiaries for the fiscal year ending December 31, 2005
      (provided, however, that representations and warranties made in Sections
      3.2, 3.5, 3.6, 3.7, 3.8, 3.21, the third sentence of 3.22(i), 4.2, 4.5 and
      4.6 shall survive until sixty (60) days after any applicable statute of
      limitations or indefinitely if no such statute of limitations is
      applicable). Any claim for indemnification in respect of any
      representation or warranty that is not asserted by notice given as herein
      provided relating thereto prior to the expiration of the specified period
      of survival shall not be pursued and is hereby irrevocably waived after
      the expiration of such period of survival. Any claim for an Indemnifiable
      Loss in respect of such a breach asserted within such period of survival
      as herein provided will be timely made for purposes hereof.

            (b)   Unless a specified period is set forth in this Agreement (in
      which event such specified period will control), the covenants in this
      Agreement will survive and remain in effect indefinitely.

      8.2   Indemnification.

            (a)   Parent shall indemnify, defend, and hold harmless the
      Purchasers, the Company and their Affiliates (provided however that the
      Parent shall not be obligated to indemnify, defend or hold harmless the
      Company and its Affiliates at any time after both THL and TPG no longer
      hold any of the Shares (including any equity securities into which such
      shares may subsequently be converted or exchanged into)) from and against
      any and all Indemnifiable Losses to the extent relating to, resulting
      from, or arising out of:

                                       46
<PAGE>

                  (i)   any breach of representation or warranty of Parent under
      this Agreement or any certificate delivered in connection herewith;

                  (ii)  any breach or nonfulfillment of any agreement or
      covenant of the Company or Parent under this Agreement;

                  (iii) any and all Taxes imposed on the Company or any of its
      Subsidiaries (A) for any taxable year or period (or portion thereof) that
      ends on or before the Closing Date (except, with respect to any particular
      Tax, to the extent the amount of such Tax has been (1) paid, (2) accrued
      on the consolidated balance sheet of the Company and its Subsidiaries
      dated November 30, 2004 previously delivered to Purchasers by Parent, (3)
      accrued in the financial statements delivered to Purchasers pursuant to
      Section 5.11 (the "Accruals") (provided that such Accruals are made
      consistent with past practice, in accordance with GAAP and reflect only
      Taxes properly allocable to the Company and its Subsidiaries (as opposed
      to FNF and its Subsidiaries, other than the Company and its Subsidiaries)
      and including any amounts distributed under clause (i) of 5.2(b)(ix) (B)
      to the extent such distributions exceed the amounts accrued on the
      November 30, 2004 or the Accruals, or (4) with respect to the period
      commencing the last day of the month immediately preceding the Closing
      Date through the Closing Date, Taxes incurred in the ordinary course of
      business of the Company and its Subsidiaries), and (B) under Treasury
      Regulation Section 1.1502-6(a) (or any similar provision of Law) by reason
      of being a member of any Affiliated Group on or before the Closing Date.
      Parent shall, unless prohibited by applicable Law, cause the Company and
      its Subsidiaries to close the taxable period of the Company and its
      Subsidiaries as of the close of business on the Closing Date. If
      applicable Law does not permit the Company or any of its Subsidiaries to
      close its taxable year on the Closing Date, the amount of such Taxes
      allocable to the portion of such period ending on the Closing Date shall
      (i) in the case of any Taxes based upon or related to income or gross
      receipts, be deemed equal to the amount which would be payable if the
      relevant taxable period ended on the Closing Date, and (ii) in the case of
      any Taxes other than Taxes based upon or related to income or gross
      receipts, be deemed to be the amount of such Taxes for the entire period
      multiplied by a fraction the numerator of which is the number of days in
      the portion of the period ending on the Closing Date and the denominator
      of which is the number of days in the entire period. Any allocation of
      income or deductions required to determine any Taxes relating to a such
      period shall be taken into account as though the relevant taxable period
      ended on the Closing Date and by means of a closing of the books and
      records of the Company or its Subsidiary, as applicable, as of the close
      of the Closing Date; provided that exemptions, allowances or deductions
      that are calculated on an annual basis (including, but not limited to,
      depreciation and amortization deductions) shall be allocated between the
      period ending on the Closing Date and the period after the Closing Date in
      proportion to the number of days in each such period.

                  (iv)  Title IV of ERISA solely as a result of the Company
      being or having been an ERISA Affiliate of Parent.

                                       47
<PAGE>

      Except with respect to actual and direct damage suffered by a Purchaser
(in which event any indemnification payment related thereto will be made to such
Purchaser, or at such Purchaser's election, to the Company), the Purchasers
Representatives shall determine, in their sole discretion, as to whether the
Company, the Purchasers, or any other party entitled to indemnification pursuant
to this Section 8.2(a) shall be the recipient of indemnification payments made
hereunder; provided, however, that in the event the Purchasers Representatives
determine that the Purchasers are to be the recipients of indemnification
payments pursuant to this Section 8.2(a), each Purchaser shall be entitled to
its pro rata share of such indemnification payments based on the number of
Shares purchased.

            (b)   Purchasers shall severally, but not jointly, indemnify,
      defend, and hold harmless the Company, the Parent and their Affiliates
      from and against any and all Indemnifiable Losses to the extent relating
      to, resulting from, or arising out of:

                  (i)   any breach of representation or warranty of such
      Purchaser under this Agreement or any certificate delivered in connection
      herewith; and

                  (ii)  any breach or nonfulfillment of any agreement or
      covenant of such Purchaser under this Agreement.

            (c)   For purposes of determining whether a breach of a
      representation and warranty has occurred and for purposes of determining
      the amount of any Indemnifiable Loss for all purposes under this Article
      VIII, each representation and warranty contained in this Agreement (other
      than the representation in Section 3.12(ii)) shall be read without regard
      to any materiality or Material Adverse Effect qualifier contained therein.

      8.3   Deductible; Maximum Liability. Neither Parent nor the Purchasers
shall be obligated to indemnify and hold harmless their respective Indemnitees
under Section 8.2(a)(i) or Section 8.2(b)(i) unless and until the aggregate
amount of all Indemnifiable Losses by the Indemnitees under such Section
8.2(a)(i) or Section 8.2(b)(i), as the case may be, exceeds $30.0 million for
all Indemnifiable Losses (the "Deductible"), at which point Parent or the
Purchasers, as the case may be, shall be liable to their respective Indemnitees
for the value of the Indemnitee's claims under Section 8.2(a)(i) or Section
8.2(b)(i), as the case may be, that is in excess of the Deductible, subject to
the limitations set forth in this Article VIII . The maximum aggregate liability
of each of Parent and the Purchasers (allocated pro rata on the basis of the
number of Shares purchased in the case of the Purchasers), as the case may be,
to their respective Indemnitees for any and all Indemnifiable Losses pursuant to
this Article VIII shall be $250.0 million (the "Cap"). Notwithstanding anything
to the contrary contained herein, neither the Deductible nor the Cap shall apply
with respect to Indemnifiable Losses to the extent relating to, resulting from,
or arising out of (x) any breach or nonfulfillment of any agreement or any
covenant contained in this Agreement, (y) any breach of representation or
warranty contained in any of Sections 3.2, 3.5, 3.6, 3.7, 3.8, 3.21, the third
sentence of 3.22(i), 4.2, 4.5 and 4.6, or any Indemnifiable Loss under Section
8.2(a)(iii); provided, however, that Parent shall not be obligated to indemnify
and hold harmless any Indemnitee hereunder for a breach of Section 3.21 or for
any Indemnifiable Loss relating to, resulting from, or arising out of clause (A)
of

                                       48
<PAGE>

Section 8.2(a)(iii), unless and until the aggregate amount of all such
Indemnifiable Losses under such Section 3.21 and Section 8.2(a)(iii) exceeds
$250,000 and then only to the extent of the Purchase Price, or (z) any
Indemnifiable Losses relating to, resulting from or arising out of ERISA matters
set forth in Section 8.2(a)(iv).

      8.4   Definitions. As used in this Agreement:

      (i)   "Indemnitee" means any person entitled to indemnification under this
Agreement;

      (ii)  "Indemnitor" means any person required to provide indemnification

under this Agreement;

      (iii) "Indemnifiable Losses" means any and all damages, losses,
liabilities, obligations, costs, and expenses, and any and all claims, demands,
actions, suits, proceedings, or investigations or appeals by any Person,
including the costs and expenses of any and all assessments, judgments,
settlements, and compromises relating thereto but not including attorneys' fees
and expenses in respect thereof and in respect of establishing the right to
indemnification hereunder; provided, however that any Indemnity Payment (x) made
to the Purchasers shall be prorated to reflect only the Purchasers' then
percentage ownership interest in the Company, and, shall in no event include any
special or punitive damages (unless in connection with a Third Party Claim), and
(y) shall be net of any (A) amounts actually recovered (after deducting related
costs and expenses) or recoverable by the Indemnitee for the Indemnifiable
Losses for which such Indemnity Payment is made under any insurance policy,
warranty or indemnity from any Person other than a party hereto, and (B) Tax
benefits actually realized by the Indemnitee in respect of any Indemnifiable
Losses for which such Indemnity Payment is made.

      (iv)  "Indemnity Payment" means any amount of Indemnifiable Losses
required to be paid pursuant to this Agreement; and

      (v)   "Third-Party Claim" means any claim, action, suit, or proceeding
made or brought by any person that is not a party to this Agreement or an
Affiliate of a party to this Agreement.

      8.5   Procedures for Third-Party Claims.

            (a)   If any Indemnitee receives notice of assertion or commencement
      of any Third-Party Claim against such Indemnitee in respect of which an
      Indemnitor may be obligated to provide indemnification under this
      Agreement, the Indemnitee shall give such Indemnitor reasonably prompt
      written notice (but in no event later than 30 days after becoming aware)
      thereof; provided, however, that no delay on the part of the Indemnitee in
      notifying any Indemnitor shall relieve the Indemnitor from any obligation
      hereunder unless (and then solely to the extent) the Indemnitor is
      actually prejudiced by such delay.

            (b)   Any Indemnitor will have the right to defend the Indemnitee
      against the Third-Party Claim with counsel of its choice reasonably
      satisfactory to the Indemnitee

                                       49
<PAGE>

      so long as (i) the Indemnitor notifies the Indemnitee in writing within
      thirty (30) days after the Indemnitee has given notice of the Third-Party
      Claim that the Indemnitor will indemnify the Indemnitee from and against
      any such Indemnifiable Losses, (ii) the Indemnitor provides the Indemnitee
      with evidence reasonably acceptable to the Indemnitee that the Indemnitor
      will have the financial resources to defend against the Third-Party Claim
      and, (iii) the Indemnitor conducts the defense of the Third-Party Claim
      actively and diligently; provided, that, in the event settlement of, or an
      adverse judgment in respect of, a Third-Party Claim, is likely, in the
      good faith judgment of a Purchaser who is an Indemnitee hereunder, to
      adversely affect the reputation or business of such Purchaser or its
      Affiliates, such Purchaser shall have the right to defend, at its expense,
      against such Third-Party Claim with the counsel of its choice. The
      Purchasers may also participate in defense of any other Third-Party Claim
      at their expense.

            (c)   So long as the Indemnitor is conducting the defense of the
      Third-Party Claim in accordance with Section 8.5(b), (i) the Indemnitee
      may retain separate co-counsel at its sole cost and expense and
      participate in the defense of the Third-Party Claim, (ii) the Indemnitee
      will not consent to the entry of any judgment or enter into any compromise
      or settlement in respect of the Third-Party Claim without the prior
      written consent of the Indemnitor (which consent will not be unreasonably
      conditioned, delayed, or withheld), and (iii) the Indemnitor will not
      consent to the entry of any judgment or enter into any compromise or
      settlement in respect of the Third-Party Claim without the prior written
      consent of the Indemnitee (which consent will not be unreasonably
      conditioned, delayed, or withheld); provided, however, that, in respect of
      clause (iii) above, the Indemnitee may condition such consent upon the
      delivery by the claimant or plaintiff to the Indemnitee of a duly executed
      unconditional release of the Indemnitee from all liability in respect of
      such Third-Party Claim.

            (d)   In the event any condition set forth in Section 8.5(b) is or
      becomes unsatisfied, however, (i) the Indemnitee may defend against, and
      consent to the entry of any judgment or enter into any settlement in
      respect of, the Third-Party Claim in any manner it reasonably may deem
      appropriate, provided that the Indemnitee will consult with and obtain the
      consent of the Indemnitor in connection therewith which shall not be
      unreasonably conditioned, delayed, or withheld, (ii) the Indemnitor will
      reimburse the Indemnitee promptly and periodically for the costs of
      defending against the Third-Party Claim (including reasonable attorneys'
      fees and expenses), and (iii) the Indemnitor will remain responsible for
      any Indemnifiable Losses the Indemnitee may suffer resulting from, arising
      out of, relating to, in the nature of, or caused by, the Third-Party Claim
      to the fullest extent provided in this Section 8.5.

      8.6   Direct Claims. The Indemnitor will have a period of thirty (30) days
within which to respond in writing to any claim by an Indemnitee on account of
an Indemnifiable Loss that does not result from a Third-Party Claim (a "Direct
Claim"). If the Indemnitor does not so respond within such 30 day period, the
Indemnitor will be deemed to have rejected such claim, in which event the
Indemnitee will be entitled to pursue such remedies as may be available to the

                                       50
<PAGE>

Indemnitee. In any case where the Purchasers are the Indemnitees, the Purchasers
may bring the claim on behalf of the Purchasers or the Company, in their sole
discretion.

      8.7   Sole Remedy. The parties hereto acknowledge and agree that, if the
Closing occurs, their sole and exclusive remedy following the Closing with
respect to any and all claims arising out of or related to the transactions
contemplated by this Agreement shall be pursuant to the provisions set forth in
this Article VIII; provided, however that nothing contained herein shall prevent
an Indemnitee from bringing a claim based on fraud.

      8.8   Certain Other Matters. Upon making any Indemnity Payment, Indemnitor
will, to the extent of such Indemnity Payment, be subrogated to all rights of
Indemnitee against any third person (other than an insurance company) in respect
of the Indemnifiable Loss to which the Indemnity Payment related; provided,
however, that (i) Indemnitor shall then be in compliance with its obligations
under this Agreement in respect of such Indemnifiable Loss and (ii) until
Indemnitee fully recovers its Indemnity Payment, any and all claims of the
Indemnitor against any such third person on account of such Indemnity Payment
will be subrogated and subordinated in right of payment to Indemnitee's rights
against such third person. Without limiting the generality or effect of any
other provision hereof, each such Indemnitee and Indemnitor will duly execute
upon request all instruments reasonably necessary to evidence and perfect the
above-described subrogation and subordination rights. Any Indemnity Payment
hereunder shall be treated as an adjustment to the applicable purchase price.

                                   ARTICLE IX
                                   Termination

      9.1   Termination. This Agreement may be terminated and the transactions
contemplated hereby abandoned at any time prior to the Closing:

            (a)   by the written agreement of Purchasers Representatives, on the
      one hand, and the Company, on the other hand;

            (b)   by Purchasers Representatives or the Company if there shall
      have been entered a final, non-appealable order or injunction by any
      Governmental Entity prohibiting or restraining the consummation of the
      transactions contemplated hereby or any material part hereof;

            (c)   by Parent, on the one hand, and the Purchasers
      Representatives, on the other hand, if a Purchaser (with respect to the
      Parent's termination right) or the Parent or the Company (with respect to
      the Purchasers Representatives right) shall have breached or failed to
      perform in any material respect any of its representations, warranties,
      covenants or other agreements contained in this Agreement, which breach or
      failure to perform (A) would give rise to the failure of a condition to
      the terminating party's obligations as set forth in Article VI, and (B)
      such breach or failure to perform is incapable of being or has not been
      cured by the breaching party within 20 calendar days after giving written
      notice to the breaching party of such breach or failure to perform;
      provided, however that with respect to any breach of the No MAE Reps, the
      Parent shall have the right for 10 business

                                       51
<PAGE>

      days following the receipt of notice from the Purchasers Representatives
      of their intent to terminate this Agreement pursuant to this section, to
      attempt to cure such breach prior to the Purchasers being deemed to have
      any right to terminate this Agreement pursuant to this section;

            (d)   by Parent and the Company if any Restraint having any of the
      effects set forth in Section 5.5 shall be in effect and shall have become
      final and nonappealable (provided that the right to terminate this
      Agreement under this Section 9.1(d) shall not be available to any party
      who has materially breached any representation or warranty or failed to
      fulfill any obligation under this Agreement);

            (e)   [Intentionally omitted];

            (f)   by Purchasers Representatives or Parent on or after May 31,
      2005, if the Closing has not occurred prior to such date; provided that
      the right to terminate this Agreement under this Section 9.1(f) shall not
      be available to any party who has materially breached any representation
      or warranty or failed to fulfill any obligation under this Agreement.

The party desiring to terminate this Agreement pursuant to Section 9.1(b),
9.1(c), 9.1(d) or 9.1(f) shall promptly give written notice of such termination
to the other party.

      9.2   Effect of Termination. Except for Section 5.6, 5.9 and this Section
9.2 and Article X which shall survive any termination of this Agreement, upon
the termination of this Agreement pursuant to Section 9.1, this Agreement shall
become null and void and of no further force and effect and all obligations of
the parties hereto shall terminate and there shall be no liability or obligation
of any party hereto; provided, however, that nothing herein shall relieve any
party hereto from liability for its default under or breach of any
representation, warranty, covenant, or agreement under this Agreement prior to
such termination.

                                    ARTICLE X
                                  Miscellaneous

      10.1  Amendments. This Agreement may be amended, modified, or supplemented
only pursuant to a written instrument making specific reference to this
Agreement and signed by each of THL, TPG, Parent and Company; provided, however,
that no such modification or amendment which adversely affects either Evercore
or BACI disproportionately to any other Purchaser shall be permitted without the
written consent of Evercore or BACI, as applicable.

      10.2  Assignment. This Agreement and the rights and obligations hereunder
shall not be assigned, delegated, or otherwise transferred (whether by operation
of law (other than a merger), by contract, or otherwise) without the prior
written consent of the Purchasers Representatives hereto; provided, however,
that any Purchaser may, without obtaining the prior written consent of any other
party, assign, delegate, or otherwise transfer its rights and obligations
hereunder to any Affiliate of such Purchaser so long as (i) such Affiliate joins
as a Purchaser party hereto, and (ii) such assignment, delegation or other
transfer does not affect the accuracy of the representations

                                       52
<PAGE>

and warranties provided in Section 4.6. Any attempted assignment, delegation, or
transfer in violation of this Section 10.2 shall be void and of no force or
effect.

      10.3  Binding Effect. Except as otherwise expressly provided herein, this
Agreement shall be binding upon and inure to the benefit of the parties hereto
and their respective successors and permitted assigns. In addition, all
decisions, elections or other actions expressly provided to the Purchasers
Representatives under this Agreement, when made, shall be binding on all other
Purchasers to the same extent such decisions, elections or other actions are
binding on THL and TPG.

      10.4  Counterparts. This Agreement may be executed in multiple
counterparts, each of which when so executed shall be deemed to be an original
and all of which taken together shall constitute one and the same instrument.

      10.5  Entire Agreement. This Agreement (including the Schedules attached
hereto) and the Transaction Documents constitute the entire agreement of the
parties hereto in respect of the subject matter hereof and thereof, and
supersede all prior agreements or understandings, among the parties hereto,
including the Initial Agreement, in respect of the subject matter hereof and
thereof. Except for the representations and warranties expressly set forth in
this Agreement, neither the Company, Parent, any Purchaser nor any other Person
has made and does not hereby make any express or implied representations or
warranties of any nature.

      10.6  Fees and Expenses.

            (a)   The Company shall pay, out of the proceeds of the Purchase
      Price, all actual, reasonable and out-of-pocket expenses incurred by or on
      behalf of the Purchasers (including, without limitation, legal, accounting
      and investment banking fees and expenses) in connection with the
      preparation, negotiation, execution, delivery, and performance of this
      Agreement and each Transaction Document, including legal and financial
      diligence relating thereto but in no event in an amount in excess of $45
      million (inclusive of all amounts paid at Closing under Section 2(a) of
      the Management Agreements).

            (b)   The Company shall pay, out of the proceeds of the Purchase
      Price and the Transaction, all actual, reasonable and out-of-pocket
      expenses incurred by or on behalf of the Company and the Parent
      (including, without limitation, legal, accounting and investment banking
      fees and expenses) in connection with the preparation, negotiation,
      execution, delivery, and performance of this Agreement and each
      Transaction Document and the consummation of the transactions contemplated
      hereby and thereby but in no event in an amount in excess of $10 million.
      The Company shall pay, out of the proceeds of the Financing, all actual,
      reasonable and out of pocket expenses incurred by or on behalf of the
      Parent or the Company (including, without limitation, legal, accounting
      and investment banking fees, commitment fees and other bank costs, fee and
      expenses) in connection with the preparation, negotiation, execution,
      delivery, and performance of this Agreement and each Transaction

                                       53
<PAGE>

      Document, including legal and financial diligence relating thereto but in
      no event in an amount in excess of $50 million.

      10.7  Governing Law. This Agreement shall be enforced, governed, and
construed in all respects in accordance with the laws of the State of New York
applicable to contracts executed and performable solely in such state.

      10.8  Headings. The article and section headings of this Agreement are for
convenience of reference only and shall not be deemed to alter or affect the
meaning or interpretation of any provision hereof.

      10.9  Jurisdiction. The parties hereto agree that any action, suit, or
proceeding seeking to enforce any provision of, or based on any matter arising
out of or relating to, this Agreement or the transactions contemplated hereby
can only be brought in federal court sitting in the Southern District of New
York or, if such court does not have jurisdiction, any state court sitting in
the Borough of Manhattan, New York County, New York, and each of the parties
hereto hereby consents to the jurisdiction of such courts (and of the
appropriate appellate courts therefrom) in any such action, suit, or proceeding
and irrevocably waives, to the fullest extent permitted by Law, any objection
that it may now or hereafter have to the laying of the venue of any such action,
suit, or proceeding in any such court or that any such action, suit, or
proceeding that is brought in any such court has been brought in an inconvenient
forum.

      10.10 Notices. Any notice, demand, request, instruction, correspondence,
or other document required or permitted to be given hereunder by any party to
the other shall be in writing and delivered (i) in person, (ii) by a nationally
recognized overnight courier service requiring acknowledgment of receipt of
delivery, (iii) by United States certified mail, postage prepaid and return
receipt requested, or (iv) by facsimile, as follows:

      If to the Company, to:

      Fidelity National Information Services, Inc.
      601 Riverside Avenue
      Jacksonville, FL 32204
      Attention: Gregory S. Lane
      Facsimile No.: )904)357-1026

      If to Parent, to:

      Fidelity National Financial, Inc.
      601 Riverside Avenue
      Jacksonville, FL 32204
      Attention: Gregory S. Lane
      Facsimile No.: (904)357-1026
      If to a Purchaser, to:

      the addresses set forth on Schedule A

                                       54
<PAGE>

      with a copy to (which shall not constitute notice):

      Weil, Gotshal & Manges LLP
      100 Federal Street
      Boston, MA 02110
      Attention: James Westra
                 Marilyn French
      Facsimile No.: 617.772.8333

      and if to TPG Partners IV, L.P. or its affiliates, with a copy to
      (which shall not constitute notice):

      Cleary Gottlieb Steen & Hamilton LLP
      One Liberty Plaza
      New York, NY 10006
      Attention: David Leinwand
      Facsimile: (212) 225-3999

      and if to Evercore, with a copy to (which shall not constitute notice):

      Simpson Thacher & Bartlett LLP
      425 Lexington Avenue
      New York, NY 10017
      Attention: Alan Schwartz
      Facsimile: 212-455-2502

      and if to BACI, with a copy to (which shall not constitute notice):

      Kennedy Covington Lobdell & Hickman, L.L.P.
      Hearst Tower
      214 North Tryon Street, 47th Floor
      Charlotte, NC 28202
      Attention: T. Richard Giovannelli
      Facsimile: (704) 353-3184

      Notice shall be deemed given, received, and effective on: (i) if given by
personal delivery or courier service, the date of actual receipt by the
receiving party, or if delivery is refused on the date delivery was first
attempted; (ii) if given by certified mail, the third day after being so mailed
if posted with the United States Postal Service; and (iii) if given by
facsimile, the date on which the facsimile is transmitted if confirmed by
transmission report during the transmitter's normal business hours, or at the
beginning of the next business day after transmission if confirmed at any time
other than the transmitter's normal business hours. Any person entitled to
notice may change any address or facsimile number to which notice is to be given
to it by giving notice of such change of address or facsimile number as provided
in this Section 10.10. The

                                       55
<PAGE>

inability to deliver notice because of changed address or facsimile number of
which no notice was given shall be deemed to be receipt of the notice as of the
date such attempt was first made.

      10.11 No Recourse. Notwithstanding any provision of this Agreement to the
contrary, each party hereto agrees that absent fraud, willful misconduct or
intentional misrepresentation, neither it nor any person acting on its behalf
may assert any claim or cause of action against any officer, director,
stockholder, controlling person, manager, member, partner, employer, agent,
representative, or Affiliate of any other party nor their respective officers,
directors, stockholders, controlling persons, managers, members, partners,
employees, agents, or representatives in connection with, arising out of, or
relating to this Agreement, the Transaction Documents, or the transactions
contemplated hereby or thereby, in each case, except to the extent any such
Person is a party to such Transaction Document.

      10.12 Severability. If any provision of this Agreement or the application
of such provision to any person or circumstance shall be held (by a court of
competent jurisdiction) to be invalid, illegal, or unenforceable under the
applicable Law of any jurisdiction, (i) the remainder of this Agreement or the
application of such provision to other persons or circumstances or in other
jurisdictions shall not be affected thereby, and (ii) such invalid, illegal, or
unenforceable provision shall not affect the validity or enforceability of any
other provision of this Agreement.

      10.13 Specific Performance. The Parties hereby acknowledge and agree that
if any party fails to perform (i) under this Agreement prior to Closing or (ii)
under any covenants contained in Sections 5.5 and 5.13 following the Closing,
monetary damages alone may not be adequate to compensate the other parties for
their injuries. Each party shall, therefore, in addition to any other remedy
that may be available to them, be entitled to seek to obtain specific
performance of (i) this Agreement for failure to perform under this Agreement
prior to Closing and (ii) the covenants contained in Sections 5.5 and 5.13
following the Closing. If any action, suit, or proceeding is instituted by a
party to enforce this Agreement, the other parties hereby waive the defense that
there is an adequate remedy at law. In the event of a Default by a party that
results in the filing of an action for damages, specific performance, or other
remedies, the winning party shall be entitled to reimbursement by the defaulting
party of all reasonable attorneys' fees and expenses incurred by it.

      10.14 Third-Party Beneficiaries. Except as expressly provided in Article
VIII, nothing express or implied in this Agreement is intended or shall be
construed to confer upon or give any Person other than the parties hereto and
their respective permitted assigns any rights or remedies under or by reason of
this Agreement or the transactions contemplated hereby.

      10.15 Waiver. Except as otherwise expressly provided herein, the rights
and remedies provided for herein are cumulative and not exclusive of any right
or remedy that may be available to any party whether at law, in equity, or
otherwise. No delay, forbearance, or neglect by any party, whether in one or
more instances, in the exercise of any right, power, privilege, or remedy
hereunder or in the enforcement of any term or condition of this Agreement shall
constitute or be construed as a waiver thereof. No waiver of any provision
hereof, or consent required hereunder, or any consent or departure from this
Agreement, shall be valid or binding unless expressly and affirmatively made in
writing and duly executed by the party to be charged with such waiver. No

                                       56
<PAGE>

waiver shall constitute or be construed as a continuing waiver or a waiver in
respect of any subsequent breach or Default, either of equivalent or different
nature, unless expressly so stated in such writing.

      10.16 Purchaser Obligations. All obligations of the Purchasers contained
herein shall be several, not joint.

                  [Remainder of Page Intentionally Left Blank]

                                       57
<PAGE>

      IN WITNESS WHEREOF, the undersigned have executed this Stock Purchase
Agreement as of the date first above written.

                          FIDELITY NATIONAL INFORMATION SERVICES,
                          INC.

                          By: _____________________________________
                          Name: ___________________________________
                          Title:__________________________________

                          FIDELITY NATIONAL FINANCIAL, INC.

                          By: _____________________________________
                          Name: ___________________________________
                          Title:__________________________________

                          THOMAS H. LEE EQUITY FUND V, L.P.

                          By: THL Equity Advisors V, LLC, its general partners
                          By: Thomas H. Lee Partners, L.P., its sole member
                          By: Thomas H. Lee Advisors LLC, its general partner

                          By: __________________________________________Name:
                          Title: Managing Director

                                       58
<PAGE>

                          THOMAS H. LEE PARALLEL FUND V, L.P.

                          By: THL Equity Advisors V, LLC, its general partner
                          By: Thomas H. Lee Partners, L.P., its sole member
                          By: Thomas H. Lee Advisors LLC, its general partner

                          By: __________________________________________Name:
                          Title: Managing Director

                          THOMAS H. LEE CAYMAN FUND V, L.P.

                          By: THL Equity Advisors V, LLC, its general partner
                          By: Thomas H. Lee Partners, L.P., its sole member
                          By: Thomas H. Lee Advisors LLC, its general partner

                          By: __________________________________________Name:
                          Title: Managing Director

                          THOMAS H. LEE INVESTORS LIMITED PARTNERSHIP

                          By: THL Investment Management Corp., its general
                          partner

                          By:___________________________________________Name:
                          Title:

                          PUTNAM INVESTMENTS EMPLOYEES'
                          SECURITIES COMPANY I LLC

                          By: Putnam Investment Holdings, LLC, its managing
                          member
                          By: Putnam Investments, LLC, its managing member

                                       59
<PAGE>

                          By: __________________________________________Name:
                          Title:

                          PUTNAM INVESTMENTS EMPLOYEES'
                          SECURITIES COMPANY II LLC

                          By: Putnam Investment Holdings, LLC, its managing
                          member
                          By: Putnam Investments, LLC, its managing member

                          By: __________________________________________Name:
                          Title:

                                       60
<PAGE>

                          PUTNAM INVESTMENT HOLDINGS, LLC

                          By: Putnam Investments, LLC, its managing member

                          By: __________________________________________Name:
                          Title:

                          TPG PARTNERS IV, L.P.

                          By: TPG GenPar IV, L.P., its general partner
                          By: TPG Advisors IV, Inc., its general partner

                          By: __________________________________________Name:
                          Title:

                          TPG PARTNERS III, L.P.

                          By: TPG GenPar III, L.P., its general partner
                          By: TPG Advisors III, Inc., its general partner

                          By: __________________________________________Name:
                          Title:

                          TPG PARALLEL III, L.P.

                          By: TPG GenPar III, L.P., its general partner
                          By: TPG Advisors III, Inc., its general partner

                          By: __________________________________________Name:
                          Title:

                                       61
<PAGE>

                          TPG INVESTORS III, L.P.

                          By: TPG GenPar III, L.P., its general partner
                          By: TPG Advisors III, Inc., its general partner

                          By: __________________________________________Name:
                          Title:

                          FOF PARTNERS III, L.P.

                          By: TPG GenPar III, L.P., its general partner
                          By: TPG Advisors III, Inc., its general partner

                          By: __________________________________________Name:
                          Title:

                          FOF PARTNERS III-B, L.P.

                          By: TPG GenPar III, L.P., its general partner
                          By: TPG Advisors III, Inc., its general partner

                          By: __________________________________________Name:
                          Title:

                          TPG DUTCH PARALLEL III, C.V.
                          By: TPG GenPar Dutch, L.L.C., its general partner
                          By: TPG GenPar III, L.P., its general partner
                          By: TPG Advisors III, Inc., its general partner

                          By: __________________________________________Name:
                          Title:

                          EVERCORE METC CAPITAL PARTNERS II L.P.

                          By: Evercore Partners II L.L.C., its General Partner

                          By: __________________________________________
                              Name:
                              Title:
                                       62
<PAGE>

                          BANC OF AMERICA CAPITAL INVESTORS, L.P.

                          By: Banc of America Capital Management, L.P.,
                              its General Partner

                          By: BACM I GP, LLC,
                              its General Partner

                          By: __________________________________________
                              Name:
                              Title:

                                       63
<PAGE>

                                   SCHEDULE A
ALLOCATION AMONG THE PURCHASERS OF 50,000,000 SHARES OF COMMON STOCK OF THE
COMPANY

THL ENTITIES

<TABLE>
<CAPTION>
                                                                    NUMBER OF
             ENTITY                              CONSIDERATION        SHARES       PERCENTAGE
-------------------------------------------     ----------------    ----------     ----------
<S>                                             <C>                 <C>            <C>
Thomas H. Lee Equity Fund V, L.P.               $ 172,903,060.00    17,290,306      76.845804%
Thomas H. Lee Parallel Fund V, L.P.             $  44,861,410.00     4,486,141      19.938404%
Thomas H. Lee Equity (Cayman) Fund V,
L.P.                                            $   2,382,360.00       238,236       1.058827%
Putnam Investment Holdings, LLC                 $   1,354,990.00       135,499       0.602218%
Putnam Investments Employees' Securities
Company I LLC                                   $   1,164,370.00       116,437       0.517498%
Putnam Investments Employees' Securities
Company II LLC                                  $   1,039,620.00       103,962       0.462053%
Thomas H. Lee Investors Limited Partnership     $   1,294,190.00       129,419       0.575196%
                                                ----------------    ----------     ----------
THL ENTITIES IN TOTAL                           $ 225,000,000.00    22,500,000       100.0000%
                                                ----------------    ----------     ----------
</TABLE>

TPG ENTITIES

<TABLE>
<CAPTION>
        ENTITY                        CONSIDERATION      NUMBER OF SHARES     PERCENTAGE
----------------------------         ----------------    ----------------     ----------
<S>                                  <C>                 <C>                  <C>
TPG Partners IV, L.P.                $ 138,923,100.00     13,892,310.0000        61.7436%
TPG Partners III, L.P.               $  68,338,688.00      6,833,869.0000        30.3728%
TPG Parallel III, L.P.               $   8,925,228.00        892,523.0000         3.9668%
TPG Investors III, L.P.              $   4,501,478.00        450,148.0000         2.0007%
FOF Partners III, L.P.               $     108,285.00         10,828.0000         0.0481%
FOF Partners III-B, L.P.             $   2,406,710.00        240,671.0000         1.0696%
TPG Dutch Parallel III, C.V.         $   1,796,511.00        179,651.0000         0.7984%
                                     ----------------    ----------------     ----------
TPG ENTITIES IN TOTAL                $ 225,000,000.00     22,500,000.0000       100.0000%
                                     ----------------    ----------------     ----------
</TABLE>

EVERCORE

<TABLE>
<CAPTION>
         ENTITY              CONSIDERATION       NUMBER OF SHARES       PERCENTAGE
-----------------------      -------------       ----------------       ----------
<S>                          <C>                 <C>                    <C>
Evercore METC
Capital Partners II L.P.     $  30,000,000              3,000,000         100.0000%
</TABLE>

BACI

<TABLE>
<CAPTION>
         ENTITY              CONSIDERATION       NUMBER OF SHARES       PERCENTAGE
-----------------------      -------------       ----------------       ----------
<S>                          <C>                 <C>                    <C>
Banc of America              $  20,000,000              2,000,000         100.0000%
Capital Investors, L.P.
</TABLE>

TOTAL

<TABLE>
<CAPTION>
                                                 NUMBER OF
         ENTITY              CONSIDERATION        SHARES         PERCENTAGE
-----------------------      -------------       ----------      ----------
<S>                          <C>                 <C>             <C>
THL Entities                 $ 225,000,000       22,500,000         45.0000%
TPG Entities                 $ 225,000,000       22,500,000         45.0000%
Evercore                     $  30,000,000        3,000,000          6.0000%
BACI                         $  20,000,000        2,000,000          4.0000%
                             -------------       ----------      ----------
TOTAL                        $ 500,000,000       50,000,000        100.0000%
                             -------------       ----------      ----------
</TABLE>

<PAGE>

PURCHASER ADDRESSES:

           Thomas H. Lee Partners, L.P.
           100 Federal Street
           Boston, MA 02110
           Attention: Thomas Hagerty and Seth Lawry
           Telephone: (617) 227-1050
           Facsimile: (617) 227-3514

           Texas Pacific Group
           301 Commerce Street
           Suite 3300
           Fort Worth, TX 76102
           Attention: David Spuria
           Telephone: (817) 871-4000
           Facsimile: (817) 871-4088

           Evercore Partners
           55 East 52nd Street, 43rd Floor
           New York, NY 10055
           Attn: Neeraj Mital
           Telephone: (212) 857-3197
           Facsimile: (212) 857-3152

           Banc of America Capital Investors, L.P.
           Bank of America Corporate Center
           100 North Tryon Street, 25th Floor
           NC1-007-25-02
           Charlotte, NC 28255
           Attention: Robert L. Edwards, Jr.
           Facsimile: (704) 386-6432<PAGE>
                                                                    Exhibit 4.23

                                   ----------

                                THE ROUSE COMPANY

                                       AND

                       THE FIRST NATIONAL BANK OF CHICAGO

                                     Trustee

                                   ----------

                                    INDENTURE

                          Dated as of February 24, 1995

                                   ----------
<PAGE>
                 Certain Sections of this Indenture relating to
                   Sections 310 through 318, inclusive of the
                          Trust Indenture Act of 1939:

<TABLE>
<CAPTION>
 Trust Indenture
   Act Section                                                 Indenture Section
   -----------                                                 -----------------
<S>                                                            <C>
Section 310(a)(1) ..........................................     609
           (a)(2) ..........................................     609
           (a)(3) ..........................................     Not Applicable
           (a)(4) ..........................................     Not Applicable
           (b) .............................................     608
                                                                 610
Section 311(a) .............................................     613
           (b) .............................................     613
Section 312(a) .............................................     701
                                                                 702
           (b) .............................................     702
           (c) .............................................     702
Section 313(a) .............................................     703
           (b) .............................................     703
           (c) .............................................     703
           (d) .............................................     703
Section 314(a) .............................................     704
           (a)(4) ..........................................     101
                                                                 1004
           (b) .............................................     Not Applicable
           (c)(1) ..........................................     102
           (c)(2) ..........................................     102
           (c)(3) ..........................................     Not Applicable
           (d) .............................................     Not Applicable
           (e) .............................................     102
Section 315(a) .............................................     601
           (b) .............................................     602
           (c) .............................................     601
           (d) .............................................     601
           (e) .............................................     514
Section 316(a) .............................................     101
           (a)(1)(A) .......................................     502
                                                                 512
           (a)(1)(B) .......................................     513
           (a)(2) ..........................................     Not Applicable
           (b) .............................................     508
           (c) .............................................     104
Section 317(a)(1) ..........................................     503
           (a)(2) ..........................................     504
           (b) .............................................     1003
Section 318(a) .............................................     107
</TABLE>

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

                                      -2-
<PAGE>
<TABLE>
<CAPTION>
                                                                            Page
                                                                            ----
<S>                                                                         <C>
   Paying Agent .........................................................     9
   Person ...............................................................     9
   Place of Payment .....................................................     9
   Predecessor Security .................................................     9
   Principal Property ...................................................    10
   Ratio Calculation ....................................................    10
   Redemption Date ......................................................    11
   Redemption Price .....................................................    11
   Regular Record Date ..................................................    11
   Remaining Life .......................................................    11
   Required Filing Date .................................................    11
   Restricted Subsidiary ................................................    11
   Sale/Leaseback Transaction ...........................................    11
   Securities ...........................................................    11
   Security Register ....................................................    11
   Significant Subsidiary ...............................................    11
   Special Record Date ..................................................    11
   Stated Maturity ......................................................    11
   Subsidiary ...........................................................    12
   Treasury Yield .......................................................    12
   Trustee ..............................................................    12
   Trust Indenture Act ..................................................    13
   U.S. Government Obligations ..........................................    13
   Vice President........................................................    13

Section 102. Compliance Certificates and Opinions ......................     13
Section 103. Form of Documents Delivered to Trustee ....................     14
Section 104. Acts of Holders; Record Dates .............................     14
Section 105. Notices, Etc., to Trustee and Company .....................     16
Section 106. Notice to Holders; Waiver .................................     17
Section 107. Conflict with Trust Indenture Act .........................     17
Section 108. Effect of Headings and Table of Contents ..................     17
Section 109. Successors and Assigns ....................................     18
Section 110. Separability Clause .......................................     18
Section 111. Benefits of Indenture .....................................     18
Section 112. Governing Law .............................................     18
Section 113. Legal Holidays ............................................     18
Section 114. Indenture and Debentures Solely Corporate Obligations .....     18

                                   ARTICLE TWO

                                 Security Forms

Section 201. Form Generally ............................................     19
Section 202. Form of Face of Security ..................................     19
Section 203. Form of Reverse of Security ...............................     21
Section 204. Form of Legend for Global Securities ......................     24
</TABLE>

                                      -ii-
<PAGE>
<TABLE>
<CAPTION>
                                                                            Page
                                                                            ----
<S>          <C>                                                            <C>
Section 205. Form of Trustee's Certificate of Authentication ............     24

                                  ARTICLE THREE

                                 The Securities

Section 301.  Amount Unlimited; Issuable in Series.......................     25
Section 302.  Denominations..............................................     28
Section 303.  Execution, Authentication, Delivery and Dating.............     28
Section 304.  Temporary Securities.......................................     30
Section 305.  Registration, Registration of Transfer and Exchange........     31
Section 306.  Mutilated, Destroyed, Lost and Stolen Securities...........     33
Section 307.  Payment of Interest; Interest Rights Preserved.............     34
Section 308.  Persons Deemed Owners......................................     35
Section 309.  Cancellation...............................................     35
Section 310.  Computation of Interest....................................     36

                                  ARTICLE FOUR

                           Satisfaction and Discharge

Section 401.  Satisfaction and Discharge of Indenture....................     36
Section 402.  Application of Trust Money.................................     38

                                  ARTICLE FIVE

                                    Remedies

Section 501.  Events of Default..........................................     38
Section 502.  Acceleration of Maturity; Rescission and Annulment.........     41
Section 503.  Collection of Indebtedness and Suits for Enforcement by
              Trustee....................................................     43
Section 504.  Trustee May File Proofs of Claim...........................     44
Section 505.  Trustee May Enforce Claims Without Possession of
              Securities.................................................     44
Section 506.  Application of Money Collected.............................     45
Section 507.  Limitation on Suits........................................     45
Section 508.  Unconditional Right of Holders to Receive Principal,
              Premium and Interest.......................................     46
Section 509.  Restoration of Rights and Remedies.........................     46
Section 510.  Rights and Remedies Cumulative.............................     46
Section 511.  Delay or Omission Not Waiver...............................     47
</TABLE>

                                      -iii-
<PAGE>
<TABLE>
<CAPTION>
                                                                            Page
                                                                            ----
<S>           <C>                                                           <C>
Section 512.  Control by Holders.........................................     47
Section 513.  Waiver of Past Defaults....................................     48
Section 514.  Undertaking for Costs......................................     48
Section 515.  Waiver of Usury, Stay or Extension Laws....................     48

                                   ARTICLE SIX

                                   The Trustee

Section 601.  Certain Duties and Responsibilities........................     49
Section 602.  Notice of Defaults.........................................     49
Section 603.  Certain Rights of Trustee..................................     49
Section 604.  Not Responsible for Recitals or Issuance of Securities.....     51
Section 605.  May Hold Securities........................................     51
Section 606.  Money Held in Trust........................................     51
Section 607.  Compensation and Reimbursement.............................     51
Section 608.  Disqualification; Conflicting Interests....................     52
Section 609.  Corporate Trustee Required; Eligibility....................     52
Section 610.  Resignation and Removal; Appointment of Successor..........     53
Section 611.  Acceptance of Appointment by Successor.....................     55
Section 612.  Merger, Conversion, Consolidation or Succession to
              Business...................................................     56
Section 613.  Preferential Collection of Claims Against Company..........     56
Section 614.  Appointment of Authenticating Agent........................     56

                                 ARTICLE SEVEN

               Holders' Lists and Reports by Trustee and Company

Section 701.  Company to Furnish Trustee Names and Addresses of Holders..     59
Section 702.  Preservation of Information; Communications to Holders.....     59
Section 703.  Reports by Trustee.........................................     60
Section 704.  Reports by Company.........................................     60

                                  ARTICLE EIGHT

               Consolidation, Merger, Conveyance, Transfer or Lease

Section 801.  Company May Consolidate, Etc., Only on Certain Terms.......     60
Section 802.  Successor Substituted .....................................     62
</TABLE>

                                      -iv-
<PAGE>
<TABLE>
<CAPTION>
                                                                            Page
                                                                            ----
<S>           <C>                                                           <C>
                                  ARTICLE NINE

                             Supplemental Indentures

Section 901.  Supplemental Indentures Without Consent of Holders.........    62
Section 902.  Supplemental Indentures with Consent of Holders ...........    64
Section 903.  Execution of Supplemental Indentures ......................    65
Section 904.  Effect of Supplemental Indentures .........................    65
Section 905.  Conformity with Trust Indenture Act .......................    65
Section 906.  Reference in Securities to Supplemental Indentures ........    66

                                  ARTICLE TEN

                                    Covenants

Section 1001. Payment of Principal, Premium and Interest ................    66
Section 1002. Maintenance of Office or Agency ...........................    66
Section 1003. Money for Securities Payments to Be Held in Trust .........    67
Section 1004. Statement by Officers as to Default .......................    68
Section 1005. Existence .................................................    68
Section 1006. Maintenance of Properties .................................    69
Section 1007. Payment of Taxes and Other Claims .........................    69
Section 1008. Limitation on the Incurrence of Debt ......................    69
Section 1009. Limitation on Sale/Leaseback Transactions .................    70
Section 1011. Provision of Financial Information ........................    71
Section 1012. Waiver of Certain Covenants ...............................    72

                                 ARTICLE ELEVEN

                            Redemption of Securities

Section 1101. Applicability of Article ..................................    72
Section 1102. Election to Redeem; Notice to Trustee .....................    72
Section 1103. Selection by Trustee of Securities to Be Redeemed .........    73
Section 1104. Notice of Redemption ......................................    73
Section 1105. Deposit of Redemption Price ...............................    74
Section 1106. Securities Payable on Redemption Date .....................    74
Section 1107. Securities Redeemed in Part ...............................    75
</TABLE>

                                       -v-
<PAGE>
<TABLE>
<CAPTION>
                                                                            Page
                                                                            ----
<S>           <C>                                                           <C>
                                 ARTICLE TWELVE

                                  Sinking Funds

Section 1201. Applicability of Article ..................................    75
Section 1202. Satisfaction of Sinking Fund Payments with Securities .....    76
Section 1203. Redemption of Securities for Sinking Fund .................    76

                                ARTICLE THIRTEEN

                       Defeasance and Covenant Defeasance

Section 1301. Company's Option to Effect Defeasance or Covenant
              Defeasance ................................................    76
Section 1302. Defeasance and Discharge ..................................    77
Section 1303. Covenant Defeasance .......................................    77
Section 1304. Conditions to Defeasance or Covenant Defeasance ...........    78
Section 1305. Deposited Money and U.S. Government Obligations to be
              Held in Trust; Other Miscellaneous Provisions .............    81
Section 1306. Reinstatement .............................................    81

TESTIMONIUM .............................................................    83

SIGNATURES AND SEALS ....................................................    84

ACKNOWLEDGMENTS .........................................................    84
</TABLE>

                                      -vi-
<PAGE>
                                     PARTIES

          INDENTURE, dated as of February 24, 1995, between The Rouse Company, a
corporation duly organized and existing under the laws of the State of Maryland
(herein called the "Company"), having its principal office at 10275 Little
Patuxent Parkway, Columbia, Maryland 21044-3456, and The First National Bank of
Chicago, a National Banking Association duly organized and existing under the
laws of the United States of America, as Trustee (herein called the "Trustee").

                             RECITALS OF THE COMPANY

          The Company has duly authorized the execution and delivery of this
Indenture to provide for the issuance from time to time of its unsecured
debentures, notes or other evidences of indebtedness (herein called the
"Securities"), to be issued in one or more series as in this Indenture provided.

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

          NOW, THEREFORE, THIS INDENTURE WITNESSETH:

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

                                   ARTICLE ONE

                        Definitions and Other Provisions
                             of General Application

Section 101. Definitions.

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

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

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

          (3) all accounting terms not otherwise defined herein have the
     meanings assigned to them in accordance with generally accepted accounting
     principles, and, except as otherwise herein expressly provided, the term
     "generally accepted accounting principles" with respect to any computation
     required or permitted hereunder shall mean such accounting principles as
     reflected in the Company's Consolidated Statement of Operations for the
     nine months ended September 30, 1994 contained in the Company's Form 10-Q
     for such period;

          (4) the words "Article" and "Section" refer to an Article and Section,
     respectively, of this Indenture; and

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

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

          "Affiliate" of any specified Person means any other Person directly or
indirectly controlling or controlled by or under direct or indirect common
control with such specified Person. For the purposes of this definition,
"control" when used with respect to any specified Person means the power to
direct the management and policies of such Person, directly or indirectly,
whether through the ownership of voting securities, by contract or otherwise;
and the terms "controlling" and "controlled" have meanings correlative to the
foregoing.

          "Asset" means, with respect to one or more transactions occurring
within any 12-month period, any asset or group of assets of the Company or its
Subsidiaries (including, but not limited to, all balance sheet items and all
intangible assets including management contracts, goodwill and trade secrets)
with a fair market or book value, whichever is larger, greater than 5% of
Consolidated Net Tangible Assets on the date of such transaction.

          "Attributable Debt" shall mean, as to any particular lease under which
the Company or any Restricted Subsidiary is at the time liable, at any date as
of which

                                      -2-
<PAGE>
the amount thereof is to be determined, the lesser of (i) the fair value of the
property subject to such lease (as certified in an Officers' Certificate) or
(ii) the total new amount of rent required to be paid by the Company under such
lease during the remaining term thereof, discounted from the respective due
dates thereof to such date at the rate of interest per annum equal to 8.5%,
compounded semi-annually. The net amount of rent required to be paid under any
such lease for any such period shall be the amount of the rent payable by the
lessee with respect to such period, after excluding amounts required to be paid
on account of maintenance and repairs, insurance, taxes, assessments, water
rates and similar charges. In the case of any lease which is terminable by the
lessee upon the payment of a penalty, such net amount shall also include the
amount of such penalty, but no rent shall be considered as required to be paid
under such lease subsequent to the first date upon which it may be so
terminated.

          "Authenticating Agent" means any Person authorized by the Trustee
pursuant to Section 614 to act on behalf of the Trustee to authenticate
Securities of one or more series.

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

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

          "Business Day", when used with respect to any Place of Payment, means
a day that is not a Saturday or Sunday and that is not a day on which banking
institutions are generally authorized or obligated by law or executive order to
close in that Place of Payment, the State of Maryland or the City of New York.

          "Capital Lease Obligations" of any Person means the obligations to pay
rent or other amounts under a lease of (or other Debt arrangements conveying the
right to use) real or personal property of such Person which are required to be
classified and accounted for as a capital lease or a liability on the face of a
balance sheet of such Person in accordance with generally accepted accounting
principles, and the amount of such obligations shall be the capitalized amount
thereof in accordance with generally accepted accounting principles and the
stated maturity thereof shall be the date of the last payment of rent or any
other amount due under such lease prior to the first date upon which such

                                      -3-
<PAGE>
lease may be terminated by the lessee without payment of a penalty.

          "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.

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

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

          "Consolidated Coverage Ratio" of any Person means for any period the
ratio of (i) EBDT for such period plus Consolidated Interest Expense for the
same period for such Person to (ii) Consolidated Interest Expense for the same
period for such Person.

          "Consolidated Interest Expense" means with respect to any Person for
any period the Consolidated Interest Expense included in a consolidated income
statement (without deduction of consolidated interest income) of such Person for
such period (based on the accounting principles reflected in the Company's
Consolidated Statement of Operations for the nine months ended September 30,
1994 contained in the Company's Form 10-Q for such period), including, without
limitation or duplication (or, to the extent not so included; with the addition
of), (i) the portion of any rental obligation in respect of any Capital Lease
Obligation allocable to interest expense in accordance with generally accepted
accounting principles; (ii) the amortization of Debt discounts; (iii) any
payments or fees (other than up-front fees) with respect to letters of credit,
bankers' acceptances or similar facilities; (iv) fees (other than up-front fees)
with respect to interest rate swap or similar agreements, or foreign currency
hedge, exchange or similar agreements; (v) the interest portion of any rental
obligation with respect to any Sale/Leaseback Transaction (determined as if such
obligations were treated as a Capital Lease Obligation); and

                                       -4-
<PAGE>
(vi) any dividends attributable to any equity security which may be converted
into a debt security of the Company at any time or is mandatorily redeemable for
cash within 20 years from its initial issuance.

          "Consolidated Net Tangible Assets" shall mean the aggregate amount of
assets (less applicable reserves and other property deductible items) after
deducting therefrom (i) all current liabilities (excluding any thereof which are
by their terms extendible or renewable at the option of the obligor thereon to a
time more than 12 months after the time as of which the amount thereof is being
computed and excluding current maturities of long-term indebtedness and Capital
Lease Obligations) and (ii) all goodwill, all as shown in the consolidated
balance sheet of the Company and its Subsidiaries as of the end of the latest
fiscal quarter for which consolidated Financial Statements are available.

          "Corporate Trust Office" means the principal office of the Trustee in
Chicago, Illinois or such other place provided by the Trustee at which at any
particular time its corporate trust business shall be administered.

          "Corporation" means a corporation, association, company, joint-stock
company or business trust.

          "Covenant Defeasance" has the meaning specified in Section 1303.

          "Day Count Fraction" means, the number of days from the Redemption
Date to (but excluding) the next scheduled Interest Payment Date divided by 360
(which assumes a year composed of twelve 30-day months).

          "Debt" means (without duplication), with respect to any Person, (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, excluding any trade payments and other accrued current
liabilities arising in the ordinary course of business, (iii) every currently
due 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 (but excluding trade accounts payable and other
accrued current liabilities arising in the ordinary course of business which are
not overdue by more than 90 days or which are being contested in good faith),
(v) every Capital Lease Obligation of such Person, (vi) the maximum fixed
redemption or repurchase price of any equity security which may be converted
into a debt security of such

                                       -5-
<PAGE>
Person at any time or is mandatorily redeemable for cash within twenty years
from its initial issuance, and (vii) every obligation of the type referred to in
clauses (i) through (vi) of another Person and all dividends of another Person
the payment of which, in either case, such Person has guaranteed or for which
such Person is responsible or liable, directly or indirectly, as obligor,
guarantor or otherwise.

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

          "Defeasance" has the meaning specified in Section 1302.

          "Defeasible Series" has the meaning specified in Section 1301.

          "Depositary" means, with respect to Securities of any series issuable
in whole or in part in the form of one or more Global Securities, a clearing
agency registered under the Exchange Act that is designated to act as Depositary
for such Securities as contemplated by Section 301.

          "EBDT" shall mean Earnings Before Depreciation and Deferred Taxes from
Operations for the Company and its consolidated Subsidiaries based on the
accounting principles reflected in the Company's Consolidated Statement of
Operations for the nine months ended September 30, 1994 contained in the
Company's Form 10-Q for such period, and assuming that any dividends paid on any
equity security shall not be deducted in calculating EBDT unless such equity
security may be converted into a debt security at any time or is mandatorily
redeemable for cash within 20 years from its initial issuance.

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

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

          "Financial Statement" has the meaning specified in Section 1011.

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

                                       -6-
<PAGE>
          "Holder" means a Person in whose name a Security is registered in the
Security Register.

          "Incur" means, with respect to any Debt or other obligation of any
Person, to create, issue, incur (by conversion, exchange or otherwise), assume,
guarantee or otherwise become liable in respect of such Debt or other obligation
or the recording, as required pursuant to generally accepted accounting
principles or otherwise, of any such Debt or other obligation on the balance
sheet of any such Person (and "incurrence," "incurred," "incurrable" and
"incurring" shall have meanings correlative to the foregoing); provided that a
change in generally accepted accounting principles that results in an obligation
of such Person that exists at such time becoming Debt shall not be deemed an
incurrence of such Debt.

          "Indenture" means this instrument as originally executed or as it may
from time to time be supplemented or amended by one or more indentures
supplemental hereto entered into pursuant to the applicable provisions hereof,
including, for all purposes of this instrument, and any such supplemental
indenture, the provisions of the Trust Indenture Act that are deemed to be a
part of and govern this instrument and any such supplemental indenture,
respectively. The term "Indenture" shall also include the terms of particular
series of Securities established as contemplated by Section 301.

          "Independent Investment Banker" has the meaning specified in Section
203.

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

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

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

          "Notice of Default" means a written notice of the kind specified in
Section 501(4) or (5).

          "Officers' Certificate" means a certificate signed by the Chairman of
the Board, Vice Chairman, Chief Executive Officer, Chief Operating Officer,
President, one of its

                                      -7-
<PAGE>
Senior or Executive Vice Presidents, or a Vice President, and by the Treasurer,
an Assistant Treasurer, the Secretary or an Assistant Secretary, of the Company,
and delivered to the Trustee. One of the officers signing an Officers'
Certificate given pursuant to Section 1004 shall be the principal executive,
financial or accounting officer of the Company.

          "Opinion of Counsel" means a written opinion of counsel, who may be
counsel for the Company, and who shall be acceptable to the Trustee.

          "Original Issue Discount Security" means a Security, including any
Security that does not provide for the payment of interest prior to Maturity,
which is issued at a price lower than the principal amount thereof and which
provides that upon redemption or acceleration of the Stated Maturity thereof
pursuant to Section 502 an amount less than the principal amount thereof shall
become due and payable.

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

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

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

          (3) Securities as to which Defeasance has been effected pursuant to
     Section 1302; and

          (4) Securities which have been replaced pursuant to Section 306 or in
     exchange for or in lieu of which other Securities have been authenticated
     and delivered pursuant to this Indenture, other than any such Securities in
     respect of which there shall have been presented to the Trustee proof
     satisfactory to

                                       -8-
<PAGE>
     it that such Securities are held by a bona fide purchaser in whose hands
     such Securities are valid obligations of the Company;

provided, however, that in determining whether the Holders of the requisite
principal amount of the Outstanding Securities have given any request, demand,
authorization, direction, notice, consent or waiver hereunder, (A) the principal
amount of an Original Issue Discount Security that shall be deemed to be
Outstanding shall be the amount of the principal thereof that would be due and
payable as of the date of such determination upon acceleration of the Maturity
thereof to such date pursuant to Section 502, (B) the principal amount of a
Security denominated in one or more foreign currencies or currency units shall
be the U.S. dollar equivalent, determined in the manner provided as contemplated
by Section 301 on the date of original issuance of such Security, of the
principal amount (or, in the case of an Original Issue Discount Security, the
U.S. dollar equivalent on the date of original issuance of such Security of the
amount determined as provided in Clause (A) above) of such Security, and (C)
Securities owned by the Company or any other obligor upon the Securities or any
Affiliate of the Company or of such other obligor shall be disregarded and
deemed not to be Outstanding, except that, in determining whether the Trustee
shall be protected in relying upon any such request, demand, authorization,
direction, notice, consent or waiver, only Securities which the Trustee knows to
be so owned shall be so disregarded. Securities so owned which have been pledged
in good faith may be regarded as Outstanding if the pledgee establishes to the
satisfaction of the Trustee the pledgee's right so to act with respect to such
Securities and that the pledgee is not the Company or any other obligor upon the
Securities or any Affiliate of the Company or of such other obligor.

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

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

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

          "Predecessor Security" of any particular Security means every previous
Security evidencing all or a portion of

                                      -9-
<PAGE>
the same debt as that evidenced by such particular Security; and, for the
purposes of this definition, any Security authenticated and delivered under
Section 306 in exchange for or in lieu of a mutilated, destroyed, lost or stolen
Security shall be deemed to evidence the same debt as the mutilated, destroyed,
lost or stolen Security.

          "Principal Property" shall mean any land, and any building, structure
or other facility, together with the land upon which it is erected and fixtures
comprising a part thereof, in each case the net book value of which on the date
as of which the determination is being made exceeds 2% of Consolidated Net
Tangible Assets at such date; provided, however, that Principal Property shall
not include (i) any building, structure or facility which, in the opinion of the
Board of Directors as evidenced by a Board Resolution, is not of material
importance to the total business conducted by the Company and its Subsidiaries
as an entirety or (ii) any portion of a particular building, structure or
facility which, in the opinion of the Board of Directors as evidenced by a Board
Resolution, is not of material importance to the use or operation of such
building, structure or facility.

          "Ratio Calculation" shall mean that, immediately after either the
Incurrence of such Debt or the sale of or other disposal of such Asset, as the
case may be, the Company, or its agent, shall calculate the Consolidated
Coverage Ratio for the four full fiscal quarter period preceding such
Incurrence, sale or disposal for which consolidated Financial Statements are
available. In making such calculation, (a) the Consolidated Interest Expense
attributable to interest on any Debt to be Incurred bearing a floating interest
rate shall be computed on a pro forma basis as if the rate in effect on the date
of computation had been the applicable rate for the entire period and (b) with
respect to any Debt which bears, at the option of the Company, a fixed or
floating rate of interest, the Company shall apply the same rate for purposes of
calculating the Consolidated Coverage Ratio as it chooses to apply to the Debt.
In addition, such calculation shall be performed using the consolidated
Financial Statements which shall be reformulated on a pro forma basis as if such
Debt had been incurred or such Asset had been sold or otherwise disposed of, as
the case may be, at the beginning of such four fiscal quarter period. Such
reformulation shall give effect, as if the relevant event had occurred at the
beginning of such four fiscal quarter period, to any actual use of proceeds of
such Debt being Incurred or Asset being sold or disposed of and to any
Incurrences or repayments of Debt and other sales, disposals or acquisitions of
Assets occurring after the end of the last quarter for which there are
consolidated Financial Statements available. If any

                                      -10-
<PAGE>
portion of the proceeds has not been used, it shall be assumed that such portion
of the proceeds was invested in one-year Treasury bills on the first day of such
four fiscal quarter period.

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

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

          "Regular Record Date" for the interest payable on any Interest Payment
Date on the Securities of any series means the date specified for that purpose
as contemplated by Section 301.

          "Remaining Life" means, for any Security, as of any Determination
Date, the number of years calculated to the nearest one-twelfth obtained by
subtracting such Determination Date from the Maturity Date of such Security.

          "Required Filing Date" has the meaning specified in Section 1011.

          "Restricted Subsidiary" shall mean any subsidiary of the Company which
has a 50% or greater ownership interest in a Principal Property or properties.

          "Sale/Leaseback Transaction" has the meaning specified in Section
1009.

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

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

          "Significant Subsidiary" is any Subsidiary of the Company that holds
assets that had a value, on a current value basis, in excess of 3% of the
Company's Total Common Stock and Other Shareholders' Equity, on a current value
basis, as reported in the Company's most recent Annual Report on Form 10-K or
Annual Report to Shareholders.

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

          "Stated Maturity", when used with respect to any Security or any
installment of principal thereof or interest

                                      -11-
<PAGE>
thereon, means the date specified in such Security as the fixed date on which
the principal of such Security or such installment of principal or interest is
due and payable.

          "Subsidiary" means a corporation more than 50% of the outstanding
voting stock of which is owned, directly or indirectly, by the Company or by one
or more other Subsidiaries, or by the Company and one or more other
Subsidiaries. For the purposes of this definition, "voting stock" means stock
which ordinarily has voting power for the election of directors, whether at all
times or only so long as no senior class of stock has such voting power by
reason of any contingency.

          "Treasury Yield" means either (x) in the case of a Security having a
Maturity Date less than one year after the applicable redemption date, the
average yield to maturity on a government bond equivalent basis of the
applicable United States Treasury Bill due the week of the Maturity Date of such
Security or (y) in the case of a Security having a Maturity Date one year or
more after the applicable Redemption Date, the weekly average yield to maturity
of United States Treasury Notes having a constant maturity as set forth in the
most recent weekly statistical release (or any successor release) published by
the Federal Reserve Bank of New York and designated "H.15(519) Selected Interest
Rates" (the "H.15 Statistical Release"), corresponding to the Remaining Life;
such yield described in this clause (y) to be calculated by the Company or, if
applicable, an Independent Investment Banker, by interpolation (unless the
Remaining Life equals a constant maturity set forth in the H.15 Statistical
Release) on a straight line basis, between the weekly average yields (rounded,
if necessary, to four decimal places) on (i) the United States Treasury Notes
with a constant maturity closest to and greater than the Remaining Life and (ii)
the United States Treasury Notes with a constant maturity closest to and less
than the Remaining Life, or if such weekly average yields are not available, by
interpolation of comparable rates selected by the Company or, if applicable, the
Independent Investment Banker.

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

                                      -12-
<PAGE>
          "Trust Indenture Act" means the Trust Indenture Act of 1939 as in
force at the date as of which this instrument was executed; provided, however,
that in the event the Trust Indenture Act of 1939 is amended after such date,
"Trust Indenture Act" means, to the extent required by any such amendment, the
Trust Indenture Act of 1939 as so amended.

          "U.S. Government Obligations" has the meaning specified in
Section 1304.

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

Section 102. Compliance Certificates and Opinions.

          Upon any application or request by the Company to the Trustee to take
any action under any provision of this Indenture, the Company shall furnish to
the Trustee such certificates and opinions as may be required under the Trust
Indenture Act. Each such certificate or opinion shall be given in the form of an
Officers' Certificate, if to be given by an officer of the Company, or an
Opinion of Counsel, if to be given by counsel, and shall comply with the
requirements of the Trust Indenture Act and any other requirements set forth in
this Indenture.

          Every certificate or opinion with respect to compliance with a
condition or covenant provided for in this Indenture (including certificates
provided for in Section 1004) shall include

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

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

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

                                      -13-
<PAGE>
          (4) a statement as to whether, in the opinion of each such individual,
     such condition or covenant has been complied with.

Section 103. Form of Documents Delivered to Trustee.

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

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

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

Section 104. Acts of Holders; Record Dates.

          Any request, demand, authorization, direction, notice, consent, waiver
or other action provided or permitted by this Indenture to be given or taken by
Holders may be embodied in and evidenced by one or more instruments of
substantially similar tenor signed by such Holders in person or by agent duly
appointed in writing; and, except as herein otherwise expressly provided, such
action shall become effective when such instrument or instruments are delivered
to the Trustee and, where it is hereby expressly required, to the Company. Such
instrument or instruments (and the action embodied therein and evidenced
thereby) are herein sometimes referred to as the "Act" of the Holders

                                      -14-
<PAGE>
signing such instrument or instruments. Proof of execution of any such
instrument or of a writing appointing any such agent shall be sufficient for any
purpose of this Indenture and (subject to Section 601) conclusive in favor of
the Trustee and the Company, if made in the manner provided in this Section.

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

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

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

          The Company may, in the circumstances permitted by the Trust Indenture
Act, set any day as the record date for the purpose of determining the Holders
of Outstanding Securities of any series entitled to give or take any request,
demand, authorization, direction, notice, consent, waiver or other action
provided or permitted by this Indenture to be given or taken by Holders of
Securities of such series. With regard to any record date set pursuant to this
paragraph, the Holders of Outstanding Securities of the relevant series on such
record date (or their duly appointed agents), and only such Persons, shall be
entitled to give or take the relevant action, whether or not such Holders remain
Holders after such record date. With regard to any action that may be given or
taken hereunder only by Holders of a requisite principal amount of Outstanding
Securities of any series (or their duly appointed agents) and for which a record
date is set pursuant to this paragraph, the Company may, at its option, set an
expiration date after which no

                                      -15-
<PAGE>
such action purported to be given or taken by any Holder shall be effective
hereunder unless given or taken on or prior to such expiration date by Holders
of the requisite principal amount of Outstanding Securities of such series on
such record date (or their duly appointed agents). On or prior to any expiration
date set pursuant to this paragraph, the Company may, on one or more occasions
at its option, extend such date to any later date. Nothing in this paragraph
shall prevent any Holder (or any duly appointed agent thereof) from giving or
taking, after any expiration date, any action identical to, or, at any time,
contrary to or different from, any action given or taken, or purported to have
been given or taken, hereunder by a Holder on or prior to such date, in which
event the Company may set a record date in respect thereof pursuant to this
paragraph. Notwithstanding the foregoing or the Trust Indenture Act, the Company
shall not set a record date for, and the provisions of this paragraph shall not
apply with respect to, any action to be given or taken by Holders pursuant to
Section 501, 502 or 512.

          Without limiting the foregoing, a Holder entitled hereunder to give or
take any action hereunder with regard to any particular Security may do so with
regard to all or any part of the principal amount of such 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 different part of such principal amount.

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

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

          (1) the Trustee by any Holder or by the Company shall be sufficient
     for every purpose hereunder if made, given, furnished or filed in writing
     to or with the Trustee at its Corporate Trust Office, Attention: Corporate
     Trust Administrator, or

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

                                      -16-
<PAGE>
Section 106. Notice to Holders; Waiver.

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

          In case by reason of the suspension of regular mail service or by
reason of any other cause it shall be impracticable to give such notice by mail,
then such notification as shall be made with the approval of the Trustee shall
constitute a sufficient notification for every purpose hereunder.

Section 107. Conflict with Trust Indenture Act.

          If any provision hereof limits, qualifies or conflicts with a
provision of the Trust Indenture Act that is required under such Act to be a
part of and govern this Indenture, the latter provision shall control. If any
provision of this Indenture modifies or excludes any provision of the Trust
Indenture Act that may be so modified or excluded, the latter provision shall be
deemed to apply to this Indenture as so modified or to be excluded, as the case
may be.

Section 108. Effect of Headings and Table of Contents.

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

                                      -17-
<PAGE>
Section 109. Successors and Assigns.

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

Section 110. Separability Clause.

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

Section 111. Benefits of Indenture.

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

Section 112. Governing Law.

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

Section 113. Legal Holidays.

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

Section 114. Indenture and Debentures Solely Corporate Obligations.

          To the extent permissible by law, no recourse for the payment of
principal of (and premium, if any) or interest on any Security or for any claim
based on any

                                      -18-
<PAGE>
Security or on this Indenture, shall be had against any director, officer or
stockholder, as such, past, present or future, of the Company. Any such claim
against any such Person is expressly waived as a condition of, and as
consideration for, the execution of this Indenture and the issue of the
Securities.

                                   ARTICLE TWO

                                 Security Forms

Section 201. Forms Generally.

          The Securities of each series shall be in substantially the form set
forth in this Article, or in such other form as shall be established by or
pursuant to a Board Resolution or in one or more indentures supplemental hereto,
in each case with such appropriate insertions, omissions, substitutions and
other variations as are required or permitted by this Indenture, and may have
such letters, numbers or other marks of identification and such legends or
endorsements placed thereon as may be required to comply with the rules of any
securities exchange or as may, consistently herewith, be determined by the
officers executing such Securities, as evidenced by their execution of the
Securities. If the form of Securities of any series is established by action
taken pursuant to a Board Resolution, a copy of an appropriate record of such
action shall be certified by the Secretary or an Assistant Secretary of the
Company and delivered to the Trustee at or prior to the delivery of the Company
Order contemplated by Section 303 for the authentication and delivery of such
Securities.

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

Section 202. Form of Face of Security.

                                The Rouse Company

                         ______% Notes due ____,______

No. ______________                                              $ ______________

          The Rouse Company, a corporation duly organized and existing under the
laws of Maryland (herein called the "Company", which term includes any successor
Person under the Indenture hereinafter referred to), for value received, hereby
promises to pay to

                                      -19-
<PAGE>
____________________________________________________________________________, or
registered assigns, the principal sum of _______________________________________
_______________________________ Dollars on __________ _____, ________ and to pay
interest thereon from __________ _____, ________ or from the most recent
Interest Payment Date to which interest has been paid or duly provided for,
semi-annually on __________ _____ and __________ _____ in each year, commencing
__________ _____, ________ at the rate of ____% per annum, until the principal
hereof is paid or made available for payment. The interest so payable, and
punctually paid or duly provided for, on any Interest Payment Date will; as
provided in such Indenture, be paid to the Person in whose name this Security
(or one or more Predecessor Securities) is registered at the close of business
on the Regular Record Date for such interest, which shall be the __________ or
__________ (whether or not a Business Day), as the case may be, next preceding
such Interest Payment Date. Any such interest not so punctually paid or duly
provided for will forthwith cease to be payable to the Holder on such Regular
Record Date and may either be paid to the Person in whose name this Security (or
one or more Predecessor Securities) is registered at the close of business on a
Special Record Date for the payment of such Defaulted Interest to be fixed by
the Trustee, notice whereof shall be given to Holders of Securities of this
series not less than 10 days prior to such Special Record Date, or be paid at
any time in any other lawful manner not inconsistent with the requirements of
any securities exchange on which the Securities of this series may be listed,
and upon such notice as may be required by such exchange, all as more fully
provided in said Indenture.

          Payment of the principal of (and premium, if any) and interest on this
Security will be made at the office or agency of the Company maintained for that
purpose in New York, in such coin or currency of the United States of America as
at the time of payment is legal tender for payment of public and private debts;
provided, however, that at the option of the Company payment of interest may be
made by check mailed to the address of the Person entitled thereto as such
address shall appear in the Security Register.

          Reference is hereby made to the further provisions of this Security
set forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.

          Unless the certificate of authentication hereon has been executed by
the Trustee referred to on the reverse hereof by manual signature, this Security
shall not be

                                      -20-
<PAGE>
entitled to any benefit under the Indenture or be valid or obligatory for any
purpose.

          IN WITNESS WHEREOF, the Company has caused this instrument to be duly
executed under its corporate seal.

Dated:

                                         The Rouse Company

                                         By
                                            ------------------------------------

Attest:

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

Section 203. Form of Reverse of Security.

          This Security is one of a duly authorized issue of securities of the
Company (herein called the "Securities"), issued and to be issued in one or more
series under an Indenture, dated as of ---------------------, 1995 (herein
called the "Indenture"), between the Company and The First National Bank of
Chicago, as Trustee (herein called the "Trustee", which term includes any
successor trustee under the Indenture), to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective
rights, limitations of rights, duties and immunities thereunder of the Company,
the Trustee and the Holders of the Securities and of the terms upon which the
Securities are, and are to be, authenticated and delivered. This Security is one
of the series designated on the face hereof, limited in aggregate principal
amount to $----------.

          The Securities are subject to redemption upon not less than 30 days'
notice by mail, at any time, as a whole or in part, at the election of the
Company. Such redemption shall be at a Redemption Price equal to the sum of: (i)
100% of the outstanding principal amount of each Security to be so redeemed,
(ii) the accrued but unpaid interest thereon from the most recent Interest
Payment Date to (but excluding) the Redemption Date (computed on the basis of a
360 day year composed of twelve 30 day months), and (iii) the Make-Whole
Premium. The "Make-Whole Premium" is equal to the excess, if any, of (a) the sum
of the present values, discounted for all full semi-annual periods at a discount
rate equal to one-half multiplied by the Treasury Yield, provided, however, that
the discount rate for the period from the Redemption Date to the next Interest
Payment Date shall equal the result of multiplying the

                                      -21-
<PAGE>
Treasury Yield by the Day Count Fraction, of (i) the remaining payments of
interest on such Security (not including any accrued interest as of the
Redemption Date), and (ii) the payment of such principal amount that, but for
such redemption, would have been payable on such Security on the Maturity Date;
over (b) the unpaid principal amount of the Security to be redeemed. The
Make-Whole Premium for any Security to be redeemed will be calculated by the
Company, provided, however, that the Trustee in its discretion may appoint an
independent investment banking institution of national standing ("Independent
Investment Banker"), and the calculation shall then be performed by the
Independent Investment Banker. However, if an Event of Default shall have
occurred and be continuing, then the Trustee shall appoint an Independent
Investment Banker to perform the calculation. Such redemption shall be made with
moneys deposited by the Company with the Trustee.

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

          No sinking fund has been provided for the Securities.

          The Indenture contains provisions for defeasance at any time of (1)
the entire indebtedness of this Security or (2) certain restrictive covenants
and Events of Default with respect to this Security, in each case upon
compliance with certain conditions set forth in the Indenture.

          If an Event of Default with respect to Securities of this series shall
occur and be continuing, the principal of the Securities of this series may be
declared due and payable in the manner and with the effect provided in the
Indenture.

          The Indenture permits, with certain exceptions as therein provided,
the amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the Securities of each series to be
affected under the Indenture at any time by the Company and the Trustee with
the consent of the Holders of a majority in principal amount of the Securities
at the time Outstanding of each series to be affected. The Indenture also
contains provisions permitting the Holders of a majority in principal amount of
the Securities of each series at the time Outstanding, on behalf of the Holders
of all Securities of such series, to waive compliance by the Company with
certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences. Any such consent or

                                      -22-
<PAGE>
waiver by the Holder of this Security shall be conclusive and binding upon such
Holder and upon all future Holders of this Security and of any Security issued
upon the registration of transfer hereof or in exchange herefor or in lieu
hereof, whether or not notation of such consent or waiver is made upon this
Security.

          As provided in and subject to the provisions of the Indenture, the
Holder of this Security shall not have the right to institute any proceeding
with respect to the Indenture or for the appointment of a receiver or trustee or
for any other remedy thereunder, unless such Holder shall have previously given
the Trustee written notice of a continuing Event of Default with respect to the
Securities of this series, the Holders of not less than 25% in principal amount
of the Securities of this series at the time Outstanding shall have made written
request to the Trustee to institute proceedings in respect of such Event of
Default as Trustee and offered the Trustee reasonable indemnity and the Trustee
shall not have received from the Holders of a majority in principal amount of
Securities of this series at the time Outstanding a direction inconsistent with
such request, and shall have failed to institute any such proceeding, for 60
days after receipt of such notice, request and offer of indemnity. The foregoing
shall not apply to any suit instituted by the Holder of this Security for the
enforcement of any payment of principal hereof or any premium or interest hereon
on or after the respective due dates expressed herein.

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

          As provided in the Indenture and subject to certain limitations
therein set forth, the transfer of this Security is registrable in the Security
Register, upon surrender of this Security for registration of transfer at the
office or agency of the Company in any place where the principal of and any
premium and interest on this Security are payable, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the
Company and the Security Registrar duly executed by, the Holder hereof or his
attorney duly authorized in writing, and thereupon one or more new Securities of
this series and of like tenor, of authorized denominations and for the same
aggregate principal amount, will be issued to the designated transferee or
transferees.

                                      -23-
<PAGE>
          The Securities of this series are issuable only in registered form
without coupons in denominations of $1,000 and any integral multiple thereof. As
provided in the Indenture and subject to certain limitations therein set forth,
Securities of this series are exchangeable for a like aggregate principal amount
of Securities of this series and of like tenor of a different authorized
denomination, as requested by the Holder surrendering the same.

          No service charge shall be made for any such registration of transfer
or exchange, but the Company may require payment of a sum sufficient to cover
any tax or other governmental charge payable in connection therewith.

          Prior to due presentment of this Security for registration of
transfer, the Company, the Trustee and any agent of the Company or the Trustee
may treat the Person in whose name this Security is registered as the owner
hereof for all purposes, whether or not this Security be overdue, and neither
the Company, the Trustee nor any such agent shall be affected by notice to the
contrary.

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

Section 204. Form of Legend for Global Securities

          Every Global Security authenticated and delivered hereunder shall bear
a legend in substantially the following form:

     THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE
     HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A
     NOMINEE THEREOF. THIS SECURITY MAY NOT BE TRANSFERRED TO, OR REGISTERED OR
     EXCHANGED FOR SECURITIES REGISTERED IN THE NAME OF, ANY PERSON OTHER THAN
     THE DEPOSITARY OR A NOMINEE THEREOF AND NO SUCH TRANSFER MAY BE REGISTERED,
     EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. EVERY
     SECURITY AUTHENTICATED AND DELIVERED UPON REGISTRATION OF TRANSFER OF, OR
     IN EXCHANGE FOR OR IN LIEU OF, THIS SECURITY SHALL BE A GLOBAL SECURITY
     SUBJECT TO THE FOREGOING, EXCEPT IN SUCH LIMITED CIRCUMSTANCES.

Section 205. Form of Trustee's Certificate of Authentication.

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

                                      -24-
<PAGE>
     This is one of the Securities of the series designated therein referred to
in the within-mentioned Indenture.

                                           -------------------------------------
                                                                      As Trustee

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

                                  ARTICLE THREE

                                 The Securities

Section 301. Amount Unlimited; Issuable in Series.

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

          The Securities may be issued in one or more series. There shall be
established in or pursuant to a Board Resolution and, subject to Section 303,
set forth, or determined in the manner provided, in an Officers' Certificate, or
established in one or more indentures supplemental hereto, prior to the issuance
of Securities of any series,

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

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

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

                                      -25-
<PAGE>
          (4) the date or dates, or the method or methods, if any, by which such
     date or dates shall be determined, on which the principal of the Securities
     of the series is payable;

          (5) the rate or rates at which the Securities of the series shall bear
     interest, if any, the date or dates from which such interest shall accrue,
     the Interest Payment Dates on which any such interest shall be payable and
     the Regular Record Date for any interest payable on any Interest Payment
     Date;

          (6) the place or places where the principal of and any premium and
     interest on Securities of the series shall be payable;

          (7) the period or periods within which, the price or prices at which
     and the terms and conditions upon which Securities of the series may be
     redeemed, in whole or in part, at the option of the Company;

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

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

          (10) the currency, currencies or currency units in which payment of
     the principal of and any premium and interest on any Securities of the
     series shall be payable if other than the currency of the United States of
     America and the manner of determining the equivalent thereof in the
     currency of the United States of America for any purpose, including for
     purposes of the definition of "Outstanding" in Section 101;

          (11) if the amount of payments of principal of or any premium or
     interest on any

                                      -26-
<PAGE>
     Securities of the series may be determined with reference to an index or
     pursuant to a formula, the manner in which such amounts shall be
     determined;

          (12) if the principal of or any premium or interest on any Securities
     of the series is to be payable, at the election of the Company or a Holder
     thereof, in one or more currencies or currency units other than that or
     those in which the Securities are stated to be payable, the currency,
     currencies or currency units in which payment of the principal of and any
     premium and interest on Securities of such series as to which such election
     is made shall be payable, and the periods within which and the terms and
     conditions upon which such election is to be made;

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

          (14) if applicable, that the Securities of the series shall be
     defeasible as provided in Article Thirteen;

          (15) if and as applicable, that the Securities of the series shall be
     issuable in whole or in part in the form of one or more Global Securities
     and, in such case, the Depositary or Depositaries for such Global Security
     or Global Securities and any circumstances other than those set forth in
     Section 305 in which any such Global Security may be transferred to, and
     registered and exchanged for Securities registered in the name of, a Person
     other than the Depositary for such Global Security or a nominee thereof and
     in which any such transfer may be registered;

          (16) any addition to, or modification or deletion of, any Events of
     Default or covenants provided for with respect to the Securities;

          (17) the terms, if any, pursuant to which the Securities will be made
     subordinate and subject in right of payment to the prior payment in full of
     all Senior Indebtedness of

                                      -27-
<PAGE>
     the Company, and the definition of any such Senior Indebtedness; and

          (18) any other terms of the series (which terms shall not be
     inconsistent with the provisions of this Indenture, except as permitted by
     Section 901 (5)).

          All Securities of any one series shall be substantially identical
except as to denomination and except as may otherwise be provided in or pursuant
to the Board Resolution referred to above and (subject to Section 303) set
forth, or determined in the manner provided, in the Officers' Certificate
referred to above or in any such indenture supplemental hereto. In addition, all
Securities of any one series need not be issued at the same time and, unless
otherwise so provided by the Company, a series may be reopened for issuance of
additional Securities of such series or to establish additional terms of such
series of Securities.

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

Section 302. Denominations.

          The Securities of each series shall be issuable only in registered
form without coupons in such denominations as shall be specified as contemplated
by Section 301. In the absence of any such specified denomination with respect
to the Securities of any series, the Securities of such series shall be issuable
in denominations of $1,000 or any integral multiple thereof.

Section 303. Execution, Authentication, Delivery and Dating.

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

          Securities bearing the manual or facsimile signatures of individuals
who were at any time the proper officers of the Company shall bind the Company,
notwithstanding that such individuals or any of them have ceased to hold

                                      -28-
<PAGE>
such offices prior to the authentication and delivery of such Securities or did
not hold such offices at the date of such Securities.

          At any time and from time to time after the execution and delivery of
this Indenture, the Company may deliver Securities of any Series executed by the
Company to the Trustee for authentication, together with a Company Order for the
authentication and delivery of such Securities, and the Trustee in accordance
with the Company Order shall authenticate and deliver such Securities. If the
form or terms of the Securities of the series have been established in or
pursuant to one or more Board Resolutions as permitted by Sections 201 and 301,
in authenticating such Securities, and accepting the additional responsibilities
under this Indenture in relation to such Securities, the Trustee shall be
entitled to receive, and (subject to Section 601) shall be fully protected in
relying upon, an Opinion of Counsel stating,

          (1) if the form of such Securities has been established by or pursuant
     to Board Resolution as permitted by Section 201, that such form has been
     established in conformity with the provisions of this Indenture;

          (2) if the terms of such Securities have been established by or
     pursuant to Board Resolution as permitted by Section 301, that such terms
     have been established in conformity with the provisions of this Indenture;
     and

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

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

                                      -29-
<PAGE>
          Notwithstanding the provisions of Section 301 and of the preceding
paragraph, if all Securities of a series are not to be originally issued at one
time, it shall not be necessary to deliver the Officers' Certificate otherwise
required pursuant to Section 301 or the Company Order and Opinion of Counsel
otherwise required pursuant to such preceding paragraph at or prior to the time
of authentication of each Security of such series if such documents are
delivered at or prior to the authentication upon original issuance of the first
Security of such series to be issued.

          Each Security shall be dated the date of its authentication.

          No Security shall be entitled to any benefit under this Indenture or
be valid or obligatory for any purpose unless there appears on such Security a
certificate of authentication substantially in the form provided for herein
executed by the Trustee by manual signature, and such certificate upon any
Security shall be conclusive evidence, and the only evidence, that such Security
has been duly authenticated and delivered hereunder. Notwithstanding the
foregoing, if any Security shall have been authenticated and delivered hereunder
but never issued and sold by the Company, and the Company shall deliver such
Security to the Trustee for cancellation as provided in Section 309, for all
purposes of this Indenture such Security shall be deemed never to have been
authenticated and delivered hereunder and shall never be entitled to the
benefits of this Indenture.

Section 304. Temporary Securities.

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

          If temporary Securities of any series are issued, the Company will
cause definitive Securities of that series to be prepared without unreasonable
delay. After the preparation of definitive Securities of such series, the
temporary Securities of such series shall be exchangeable for definitive
Securities of such series upon surrender of the temporary Securities of such
series at the office or agency of the Company in a Place of Payment for that
series, without charge to the Holder. Upon surrender for cancellation

                                      -30-
<PAGE>
of any one or more temporary Securities of any series the Company shall execute
and the Trustee shall authenticate and deliver in exchange therefor one or more
definitive Securities of the same series, of any authorized denominations and of
a like aggregate principal amount and tenor. Until so exchanged the temporary
Securities of any series shall in all respects be entitled to the same benefits
under this Indenture as definitive Securities of such series and tenor.

Section 305. Registration, Registration of Transfer and Exchange.

          The Company shall cause to be kept at the Corporate Trust Office of
the Trustee a register (the register maintained in such office and in any other
office or agency of the Company in a Place of Payment being herein sometimes
collectively referred to as the "Security Register") in which, subject to such
reasonable regulations as it may prescribe, the Company shall provide for the
registration of Securities and of transfers of Securities. The Trustee is hereby
appointed "Security Registrar" for the purpose of registering Securities and
transfers of Securities as herein provided.

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

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

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

          Every Security presented or surrendered for registration of transfer
or for exchange shall (if so required by the Company or the Trustee) be duly
endorsed, or be

                                      -31-
<PAGE>
accompanied by a written instrument of transfer in form satisfactory to the
Company and the Security Registrar duly executed, by the Holder thereof or his
attorney duly authorized in writing.

          No service charge shall be made for any registration of transfer or
exchange of Securities, but the Company may require payment of a sum sufficient
to cover any tax or other governmental charge that may be imposed in connection
with any registration of transfer or exchange of Securities, other than
exchanges pursuant to Section 304, 906 or 1107 not involving any transfer.

          The Company shall not be required (1) to issue, register the transfer
of or exchange Securities of any series during a period beginning at the opening
of business 15 days before the day of the mailing of a notice of redemption of
Securities of that series selected for redemption under Section 1103 and ending
at the close of business on the day of such mailing, or (2) to register the
transfer of or exchange any Security so selected for redemption in whole or in
part, except the unredeemed portion of any Security being redeemed in part.

          Notwithstanding any other provision in this Indenture, no Global
Security may be transferred to, or registered or exchanged for Securities
registered in the name of, any Person other than the Depositary for such Global
Security or any nominee thereof, and no such transfer may be registered, unless
(1) such Depositary (A) notifies the Company that it is unwilling or unable to
continue as Depositary for such Global Security or (B) ceases to be a clearing
agency registered under the Exchange Act, (2) the Company executes and delivers
to the Trustee a Company Order that such Global Security shall be so
transferable, registrable and exchangeable, and such transfers shall be
registrable, (3) there shall have occurred and be continuing an Event of Default
with respect to the Securities evidenced by such Global Security or (4) there
shall exist such other circumstances, if any, as have been specified for this
purpose as contemplated by Section 301. Notwithstanding any other provision in
this Indenture, a Global Security to which the restriction set forth in the
preceding sentence shall have ceased to apply may be transferred only to, and
may be registered and exchanged for Securities registered only in the name or
names of, such Person or Persons as the Depositary for such Global Security
shall have directed and no transfer thereof other than such a transfer may be
registered.

          Every Security authenticated and delivered upon registration of
transfer of, or in exchange for or in lieu of, a Global Security to which the
restriction set forth in

                                      -32-
<PAGE>
the first sentence of the preceding paragraph shall apply, whether pursuant to
this Section, Section 304, 306, 906 or 1107 or otherwise, shall be authenticated
and delivered in the form of, and shall be, a Global Security.

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

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

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

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

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

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

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

                                      -33-
<PAGE>
Section 307. Payment of Interest; Interest Rights Preserved.

          Except as otherwise provided as contemplated by Section 301 with
respect to any series of Securities, interest on any Security which is payable,
and is punctually paid or duly provided for, on any Interest Payment Date shall
be paid to the Person in whose name that Security (or one or more Predecessor
Securities) is registered at the close of business on the Regular Record Date
for such interest.

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

          (1) The Company may elect to make payment of any Defaulted Interest to
     the Persons in whose names the Securities of such series (or their
     respective Predecessor Securities) are registered at the close of business
     on a Special Record Date for the payment of such Defaulted Interest, which
     shall be fixed in the following manner. The Company shall notify the
     Trustee in writing of the amount of Defaulted Interest proposed to be paid
     on each Security of such series and the date of the proposed payment, and
     at the same time the Company shall deposit with the Trustee an amount of
     money equal to the aggregate amount proposed to be paid in respect of such
     Defaulted Interest or shall make arrangements satisfactory to the Trustee
     for such deposit prior to the date of the proposed payment, such money when
     deposited to be held in trust for the benefit of the Persons entitled to
     such Defaulted Interest as in this Clause provided. Thereupon the Trustee
     shall fix a Special Record Date for the payment of such Defaulted Interest
     which shall be not more than 15 days and not less than 10 days prior to the
     date of the proposed payment and not less than 10 days after the receipt by
     the Trustee of the notice of the proposed payment. The Trustee shall
     promptly notify the Company of such Special Record Date and, in the name
     and at the expense of the Company, shall cause notice of the proposed
     payment of

                                      -34-
<PAGE>
     such Defaulted Interest and the Special Record Date therefor to be mailed,
     first-class postage prepaid, to each Holder of Securities of such series at
     his address as it appears in the Security Register, not less than 10 days
     prior to such Special Record Date. Notice of the proposed payment of such
     Defaulted Interest and the Special Record Date therefor having been so
     mailed, such Defaulted Interest shall be paid to the Persons in whose names
     the Securities of such series (or their respective Predecessor Securities)
     are registered at the close of business on such Special Record Date and
     shall no longer be payable pursuant to the following Clause (2).

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

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

Section 308. Persons Deemed Owners.

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

Section 309. Cancellation.

          All Securities surrendered for payment, redemption, registration of
transfer or exchange or for credit

                                      -35-
<PAGE>
against any sinking fund payment shall, if surrendered to any Person other than
the Trustee, be delivered to the Trustee and shall be promptly cancelled by it.
The Company may at any time deliver to the Trustee for cancellation any
Securities previously authenticated and delivered hereunder which the Company
may have acquired in any manner whatsoever, and may deliver to the Trustee (or
to any other Person for delivery to the Trustee) for cancellation any Securities
previously authenticated hereunder which the Company has not issued and sold,
and all Securities so delivered shall be promptly cancelled by the Trustee. No
Securities shall be authenticated in lieu of or in exchange for any Securities
cancelled as provided in this Section, except as expressly permitted by this
Indenture. All cancelled Securities held by the Trustee shall be disposed of as
directed by a Company Order.

Section 310. Computation of Interest.

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

                                  ARTICLE FOUR

                           Satisfaction and Discharge

Section 401. Satisfaction and Discharge of Indenture.

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

          (1) either

          (A) all Securities theretofore authenticated and delivered (other than
     (i) Securities which have been destroyed, lost or stolen and which have
     been replaced or paid as provided in Section 306 and (ii) Securities for
     whose payment money has theretofore been deposited in trust or segregated
     and held in trust by the Company and thereafter repaid to the Company or
     discharged from such trust, as provided in Section 1003) have been
     delivered to the Trustee for cancellation; or

                                      -36-
<PAGE>
          (B) all such Securities not theretofore delivered to the Trustee for
     cancellation

               (i) have become due and payable, or

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

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

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

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

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

          Notwithstanding the satisfaction and discharge of this Indenture, the
obligations of the Company to the Trustee under Section 607, the obligations of
the Trustee to any Authenticating Agent under Section 614 and, if money shall
have been deposited with the Trustee pursuant to subclause (B) of Clause (1) of
this Section, the obligations of the Trustee under Section 402 and the last
paragraph of Section 1003 shall survive.

                                      -37-
<PAGE>
Section 402. Application of Trust Money.

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

                                  ARTICLE FIVE

                                    Remedies

Section 501. Events of Default.

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

          (1) default in the payment of any interest upon any Security of that
     series when it becomes due and payable, and continuance of such default for
     a period of 30 days; or

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

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

          (4) default in the performance, or breach, of any covenant or warranty
     of the Company in this Indenture (other than a covenant or warranty a
     default in whose performance or whose breach is elsewhere in this Section
     specifically dealt with or which has expressly been included in this
     Indenture solely for the benefit of series of Securities other than that
     series), and continuance of such default or breach for a period of 60 days
     after there has been given,

                                      -38-
<PAGE>
     by registered or certified mail, to the Company by the Trustee or to the
     Company and the Trustee by the Holders of at least 25% in principal amount
     of the Outstanding Securities of that series 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

          (5) a default under any bond, debenture, note, mortgage, indenture or
     instrument under which there may be issued or by which there may be secured
     or evidenced any indebtedness for money borrowed by the Company (or by any
     Subsidiary, the repayment of which the Company has guaranteed or for which
     the Company is directly responsible or liable as obligor or guarantor)
     (including a default with respect to Securities of any series other than
     that series) having an aggregate principal amount outstanding of at least
     $10,000,000, whether such indebtedness now exists or shall hereafter be
     created, which default shall have resulted in such indebtedness being
     declared due and payable prior to the date on which it would otherwise have
     become due and payable, without such acceleration having been rescinded or
     annulled, within a period of 10 days after there shall have been given, by
     registered or certified mail, to the Company by the Trustee or to the
     Company and the Trustee by the Holders of at least 25% in principal amount
     of the Outstanding Securities of that series a written notice specifying
     such default and requiring the Company to cause such acceleration to be
     rescinded or annulled and stating that such notice is a "Notice of Default"
     hereunder; or

          (6) the entry by a court having jurisdiction in the premises of (A) a
     decree or order for relief in respect of the Company or its Significant
     Subsidiaries in an involuntary case or proceeding under any applicable
     Federal or State bankruptcy, insolvency, reorganization or other similar
     law or (B) a decree or order adjudging the Company or its Significant
     Subsidiaries a bankrupt or insolvent, or approving as properly filed a
     petition seeking reorganization, arrangement, adjustment or composition of
     or in respect of

                                      -39-
<PAGE>
     the Company or its Significant Subsidiaries under any applicable Federal or
     State law, or appointing a custodian, receiver, liquidator, assignee,
     trustee, sequestrator or other similar official of the Company or its
     Significant Subsidiaries or of any substantial part of its property, or
     ordering the winding up or liquidation of their affairs, and the
     continuance of any such decree or order for relief or any such other decree
     or order unstayed and in effect for a period of 60 consecutive days; or

          (7) the commencement by the Company or its Significant Subsidiaries of
     a voluntary case or proceeding under any applicable Federal or State
     bankruptcy, insolvency, reorganization or other similar law or of any other
     case or proceeding to be adjudicated a bankrupt or insolvent, or the
     consent by them to the entry of a decree or order for relief in respect of
     the Company or its Significant Subsidiaries in an involuntary case or
     proceeding under any applicable Federal or State bankruptcy, insolvency,
     reorganization or other similar law or to the commencement of any
     bankruptcy or insolvency case or proceeding against them, or the filing by
     them of a petition or answer or consent seeking reorganization or relief
     under any applicable Federal or State law, or the consent by them to the
     filing of such petition or to the appointment of or taking possession by a
     custodian, receiver, liquidator, assignee, trustee, sequestrator or other
     similar official of the Company or its Significant Subsidiaries or of any
     substantial part of their property, or the making by them of an assignment
     for the benefit of creditors, or the admission by them in writing of their
     inability to pay their debts generally as they become due, or the taking of
     corporate action by the Company or its Significant Subsidiaries in
     furtherance of any such action; or

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

                                      -40-
<PAGE>
          Upon receipt by the Trustee of any Notice of Default pursuant to this
Section 501 with respect to Securities of any series, a record date shall
automatically and without any other action by any Person be set for the purpose
of determining the Holders of Outstanding Securities of such series entitled to
join in such Notice of Default, which record date shall be the close of business
on the day the Trustee receives such Notice of Default. The Holders of
Outstanding Securities of such series on such record date (or their duly
appointed agents), and only such Persons, shall be entitled to join in such
Notice of Default, whether or not such Holders remain Holders after such record
date; provided that, unless such Notice of Default shall have become effective
by virtue of Holders of the requisite principal amount of Outstanding Securities
of such series on such record date (or their duly appointed agents) having
joined therein on or prior to the 90th day after such record date, such Notice
of Default shall automatically and without any action by any Person be cancelled
and of no further effect. Nothing in this paragraph shall prevent a Holder (or a
duly appointed agent thereof) from giving, before or after the expiration of
such 90-day period, a Notice of Default contrary to or different from, or, after
the expiration of such period, identical to, a Notice of Default that has been
cancelled pursuant to the proviso to the preceding sentence, in which event a
new record date in respect thereof shall be set pursuant to this paragraph.

Section 502. Acceleration of Maturity; Rescission and Annulment.

          If an Event of Default with respect to Securities of any series at the
time Outstanding occurs and is continuing, then in every such case the Trustee
or the Holders of not less than 25% in principal amount of the Outstanding
Securities of that series may declare the principal amount (or, if any of the
Securities of that series are Original Issue Discount Securities, such portion
of the principal amount of such Securities as may be specified in the terms
thereof) of all of the Securities of that series to be due and payable
immediately, by a notice in writing to the Company (and to the Trustee if given
by Holders), and upon any such declaration such principal amount (or specified
amount) shall become immediately due and payable.

          At any time after such a declaration of acceleration with respect to
Securities of any series has been made and before a judgment or decree for
payment of the money due has been obtained by the Trustee as hereinafter in this
Article provided, the Holders of a majority in principal amount of the
Outstanding Securities of that series, by written notice to the Company and the
Trustee, may rescind and annul such declaration and its consequences if

                                      -41-
<PAGE>
          (1) the Company has paid or deposited with the Trustee a sum
     sufficient to pay

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

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

               (C) to the extent that payment of such interest is lawful,
          interest upon overdue interest at the rate or rates prescribed
          therefor in such Securities, and

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

     and

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

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

          Upon receipt by the Trustee of any declaration of acceleration, or any
rescission and annulment of any such declaration, pursuant to this Section 502
with respect to Securities of any series, a record date shall automatically and
without any other action by any Person be set for the purpose of determining the
Holders of Outstanding Securities of such series entitled to join in such
declaration, or rescission and annulment, as the case may be, which record date
shall be the close of business on the day the Trustee receives such declaration,
or rescission and annulment, as the case may be. The Holders of Outstanding
Securities of such series on such record date (or their duly appointed agents),
and only such Persons, shall be entitled to join in such declaration, or
rescission and annulment, as the case may be, whether or not such Holders remain
Holders after

                                      -42-
<PAGE>
such record date; provided that, unless such declaration, or rescission and
annulment, as the case may be, shall have become effective by virtue of Holders
of the requisite principal amount of Outstanding Securities of such series on
such record date (or their duly appointed agents) having joined therein on or
prior to the 90th day after such record date, such declaration, or rescission
and annulment, as the case may be, shall automatically and without any action by
any Person be cancelled and of no further effect. Nothing in this paragraph
shall prevent a Holder (or a duly appointed agent thereof) from giving, before
or after the expiration of such 90-day period, a declaration of acceleration, or
a rescission and annulment of any such declaration, contrary to or different
from, or, after the expiration of such period, identical to, a declaration, or
rescission and annulment, as the case may be, that has been cancelled pursuant
to the proviso to the preceding sentence, in which event a new record date in
respect thereof shall be set pursuant to this paragraph.

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

          The Company covenants that if

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

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

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

          If an Event of Default with respect to Securities of any series occurs
and is continuing, the Trustee may in its discretion proceed to protect and
enforce its rights and the rights of the Holders of Securities of such series by
such appropriate judicial proceedings as the Trustee shall deem most effectual
to protect and enforce any such rights,

                                      -43-
<PAGE>
whether for the specific enforcement of any covenant or agreement in this
Indenture or in aid of the exercise of any power granted herein, or to enforce
any other proper remedy.

Section 504. Trustee May File Proofs of Claim.

          In case of any judicial proceeding relative to the Company (or any
other obligor upon the Securities), its property or its creditors, the Trustee
shall be entitled and empowered, by intervention in such proceeding or
otherwise, to take any and all actions authorized under the Trust Indenture Act
in order to have claims of the Holders and the Trustee allowed in any such
proceeding. In particular, the Trustee shall be authorized to collect and
receive any moneys or other property payable or deliverable on any such claims
and to distribute the same; and any custodian, receiver, assignee, trustee,
liquidator, sequestrator or other similar official in any such judicial
proceeding is hereby authorized by each Holder to make such payments to the
Trustee and, in the event that the Trustee shall consent to the making of such
payments directly to the Holders, to pay to the Trustee any amount due it for
the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel, and any other amounts due the Trustee under
Section 607.

          No provision of this Indenture shall be deemed to authorize the
Trustee to authorize or consent to or accept or adopt on behalf of any Holder
any plan of reorganization, arrangement, adjustment or composition affecting the
Securities or the rights of any Holder thereof or to authorize the Trustee to
vote in respect of the claim of any Holder in any such proceeding; provided,
however, that the Trustee may, on behalf of the Holders, vote for the election
of a trustee in bankruptcy or similar official and be a member of a creditors'
or other similar committee.

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

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

                                      -44-
<PAGE>
Section 506. Application of Money Collected.

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

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

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

Section 507. Limitation on Suits.

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

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

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

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

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

                                      -45-
<PAGE>
          (5) no direction inconsistent with such written request has been given
     to the Trustee during such 60-day period by the Holders of a majority in
     principal amount of the Outstanding Securities of that series;

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

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

          Notwithstanding any other provision in this Indenture, the Holder of
any Security shall have the right, which is absolute and unconditional, to
receive payment of the principal of and any premium and (subject to Section 307)
interest on such Security on the respective Stated Maturities expressed in such
Security (or, in the case of redemption, on the Redemption Date) and to
institute suit for the enforcement of any such payment, and such rights shall
not be impaired without the consent of such Holder.

Section 509. Restoration of Rights and, Remedies.

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

Section 510. Rights and Remedies Cumulative.

          Except as otherwise provided with respect to the replacement or
payment of mutilated, destroyed, lost or stolen Securities in the last paragraph
of Section 306, no right or remedy herein conferred upon or reserved to the
Trustee or to the Holders is intended to be exclusive of any other right or
remedy, and every right and remedy shall, to the extent permitted by law, be
cumulative and in addition

                                      -46-
<PAGE>
to every other right and remedy given hereunder or now or hereafter existing at
law or in equity or otherwise. The assertion or employment of any right or
remedy hereunder, or otherwise, shall not prevent the concurrent assertion or
employment of any other appropriate right or remedy.

Section 511. Delay or Omission Not Waiver.

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

Section 512. Control by Holders.

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

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

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

          Upon receipt by the Trustee of any such direction with respect to
Securities of any series, a record date shall automatically and without any
other action by any Person be set for determining the Holders of Outstanding
Securities of such series entitled to join in such direction, which record date
shall be the close of business on the day the Trustee receives such direction.
The Holders of Outstanding Securities of such series on such record date (or
their duly appointed agents), and only such Persons, shall be entitled to join
in such direction, whether or not such Holders remain Holders after such record
date; provided that, unless such direction shall have become effective by virtue
of Holders of the requisite principal amount of Outstanding Securities of such
series on such record date (or their duly appointed agents) having joined
therein on or prior to the 90th day after such record date, such direction shall
automatically and without any action by any Person be cancelled and of no
further effect. Nothing in this

                                      -47-
<PAGE>
paragraph shall prevent Holder (or a duly appointed agent thereof) from giving,
before or after the expiration of such 90-day period, a direction contrary to or
different from, or, after the expiration of such period, identical to, a
direction that has been cancelled pursuant to the proviso to the preceding
sentence, in which event a new record date in respect thereof shall be set
pursuant to this paragraph.

Section 513. Waiver of Past Defaults.

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

          (1) in the payment of the principal of or any premium or interest on
     any Security of such series, or

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

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

Section 514. Undertaking for Costs.

          In any suit for the enforcement of any right or remedy under this
Indenture, or in any suit against the Trustee for any action taken, suffered or
omitted by it as Trustee, a court may require any party litigant in such suit to
file an undertaking to pay the costs of such suit, and may assess costs against
any such party litigant, in the manner and to the extent provided in the Trust
Indenture Act; provided that neither this Section nor the Trust Indenture Act
shall be deemed to authorize any court to require such an undertaking or to make
such an assessment in any suit instituted by the Company.

Section 515. Waiver of Usury, Stay or Extension Laws.

          The Company covenants (to the extent that it may lawfully do so) that
it will not at any time insist upon, or plead, or in any manner whatsoever claim
or take the benefit or advantage of, any usury, stay or extension law wherever
enacted, now or at any time hereafter in force, which may

                                      -48-
<PAGE>
affect the covenants or the performance of this Indenture; and the Company (to
the extent that it may lawfully do so) hereby expressly waives all benefit or
advantage of any such law and covenants that it will not hinder, delay or impede
the execution of any power herein granted to the Trustee, but will suffer and
permit the execution of every such power as though no such law had been enacted.

                                  ARTICLE SIX

                                  The Trustee

Section 601. Certain Duties and Responsibilities.

          The duties and responsibilities of the Trustee shall be as provided by
the Trust Indenture Act. Notwithstanding the foregoing, no provision of this
Indenture shall require the Trustee to expend or risk its own funds or otherwise
incur any financial liability in the performance of any of its duties hereunder,
or in the exercise of any of its rights or powers, if it shall have reasonable
grounds for believing that repayment of such funds or adequate indemnity against
such risk or liability is not reasonably assured to it. Whether or not therein
expressly so provided, every provision of this Indenture relating to the conduct
or affecting the liability of or affording protection to the Trustee shall be
subject to the provisions of this Section.

Section 602. Notice of Defaults.

          If a default occurs hereunder with respect to Securities of any
series, the Trustee shall give the Holders of Securities of such series notice
of such default as and to the extent provided by the Trust Indenture Act;
provided, however, that in the case of any default of the character specified in
Section 501 with respect to Securities of such series, no such notice to Holders
shall be given until at least 30 days after the occurrence thereof. For the
purpose of this Section, the term "default" means any event which is, or after
notice or lapse of time or both would become, an Event of Default with respect
to Securities of such series.

Section 603. Certain Rights of Trustee.

          Subject to the provisions of Section 601:

          (1) the Trustee may rely and shall be protected in acting or
     refraining from acting upon any resolution, certificate, statement,
     instrument, opinion, report, notice, request,

                                      -49-
<PAGE>
     direction, consent, order, bond, debenture, note, other evidence of
     indebtedness or other paper or document believed by it to be genuine and to
     have been signed or presented by the proper party or parties;

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

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

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

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

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

                                      -50-
<PAGE>
     entitled to examine the books, records and premises of the Company,
     personally or by agent or attorney; and

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

Section 604. Not Responsible for Recitals or Issuance of Securities.

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

Section 605. May Hold Securities.

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

Section 606. Money Held in Trust.

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

Section 607. Compensation and Reimbursement.

          The Company agrees

          (1) to pay to the Trustee from time to time compensation for all
     services rendered by it hereunder as agreed upon in writing

                                      -51-
<PAGE>
     with the Company (which compensation shall not be limited by any provision
     of law in regard to the compensation of a trustee of an express trust);

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

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

Section 608. Disqualification; Conflicting Interests.

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

Section 609. Corporate Trustee Required; Eligibility.

          There shall at all times be one or more Trustees hereunder with
respect to the Securities of each series, at least one of which 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 such Person
publishes reports of condition at least annually, pursuant to law or to the
requirements of said supervising or examining authority, then for the purposes
of this Section, the combined capital and surplus of such 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 Trustee shall cease to be

                                      -52-
<PAGE>
eligible in accordance with the provisions of this Section, it shall resign
immediately in the manner and with the effect hereinafter specified in this
Article.

Section 610. Resignation and Removal; Appointment of Successor.

          No resignation or removal of the Trustee and no appointment of a
successor Trustee pursuant to this Article shall become effective until the
acceptance of appointment by the successor Trustee in accordance with the
applicable requirements of Section 611.

          The Trustee may resign at any time with respect to the Securities of
one or more series by giving written notice thereof to the Company. If the
instrument of acceptance by a successor Trustee required by Section 611 shall
not have been delivered to the Trustee within 30 days after the giving of such
notice of resignation, the resigning Trustee may petition any court of competent
jurisdiction for the appointment of a successor Trustee with respect to the
Securities of such series.

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

          If at any time:

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

          (2) the Trustee shall cease to be eligible under Section 609 and shall
     fail to resign after written request therefor by the Company or by any such
     Holder, or

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

then, in any such case, (A) the Company by a Board Resolution may remove the
Trustee with respect to all securities,

                                      -53-
<PAGE>
or (B) subject to Section 514, any Holder who has been a bona fide Holder of a
Security for at least six months may, on behalf of himself and all others
similarly situated, petition any court of competent jurisdiction for the removal
of the Trustee with respect to all Securities and the appointment of a successor
Trustee or Trustees.

          If the Trustee shall resign, be removed or become incapable of acting,
or if a vacancy shall occur in the office of Trustee for any cause, with respect
to the Securities of one or more series, the Company, by a Board Resolution,
shall promptly appoint a successor Trustee or Trustees with respect to the
Securities of that or those series (it being understood that any such successor
Trustee may be appointed with respect to the Securities of one or more or all of
such series and that at any time there shall be only one Trustee with respect to
the Securities of any particular series) and shall comply with the applicable
requirements of Section 611. If, within one year after such resignation, removal
or incapability, or the occurrence of such vacancy, a successor Trustee with
respect to the Securities of any Series shall be appointed by Act of the Holders
of a majority in principal amount of the Outstanding Securities of such series
delivered to the Company and the retiring Trustee, the successor Trustee so
appointed shall, forthwith upon its acceptance of such appointment in accordance
with the applicable requirements of Section 611, become the successor Trustee
with respect to the Securities of such series and to that extent supersede the
successor Trustee appointed by the Company. If no successor Trustee with respect
to the Securities of any Series shall have been so appointed by the Company or
the Holders and accepted appointment in the manner required by Section 611, any
Holder who has been a bona fide Holder of a Security of such series for at least
six months may, on behalf of himself and all others similarly situated, petition
any court of competent jurisdiction for the appointment of a successor Trustee
with respect to the Securities of such series.

          The Company shall give notice of each resignation and each removal of
the Trustee with respect to the Securities of any series and each appointment of
a successor Trustee with respect to the Securities of any series to all Holders
of Securities of such series in the manner provided in Section 106. Each notice
shall include the name of the successor Trustee with respect to the Securities
of such series and the address of its Corporate Trust Office.

                                      -54-
<PAGE>
Section 611. Acceptance of Appointment by Successor.

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

          In case of the appointment hereunder of a successor Trustee with
respect to the Securities of one or more (but not all) series, the Company, the
retiring Trustee and each successor Trustee with respect to the Securities of
one or more series shall execute and deliver an indenture supplemental hereto
wherein each successor Trustee shall accept such appointment and which (1) shall
contain such provisions as shall be necessary or desirable to transfer and
confirm to, and to vest in, each successor Trustee all the rights, powers,
trusts and duties of the retiring Trustee with respect to the Securities of that
or those series to which the appointment of such successor Trustee relates, (2)
if the retiring Trustee is not retiring with respect to all Securities, shall
contain such provisions as shall be deemed necessary or desirable to confirm
that all the rights, powers, trusts and duties of the retiring Trustee with
respect to the Securities of that or those series as to which the retiring
Trustee is not retiring shall continue to be vested in the retiring Trustee, and
(3) shall add to or change any of the provisions of this Indenture as shall be
necessary to provide for or facilitate the administration of the trusts
hereunder by more than one Trustee, it being understood that nothing herein or
in such supplemental indenture shall constitute such Trustees co-trustees of the
same trust and that each such Trustee shall be trustee of a trust or trusts
hereunder separate and apart from any trust or trusts hereunder administered by
any other such Trustee; and upon the execution and delivery of such supplemental
indenture the resignation or removal of the retiring Trustee shall become
effective to the extent provided therein and each such successor Trustee,
without any further act, deed or conveyance, shall become vested with all the
rights, powers, trusts and duties of the retiring

                                      -55-
<PAGE>
Trustee with respect to the Securities of that or those series to which the
appointment of such successor Trustee relates; but, on request of the Company or
any successor Trustee, such retiring Trustee shall duly assign, transfer and
deliver to such successor Trustee all property and money held by such retiring
Trustee hereunder with respect to the Securities of that or those series to
which the appointment of such successor Trustee relates.

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

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

Section 612. Merger, Conversion, Consolidation or Succession to Business.

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

Section 613. Preferential Collection of Claims Against Company.

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

Section 614. Appointment of Authenticating Agent.

          The Trustee may appoint an Authenticating Agent or Agents with respect
to one or more series of Securities

                                      -56-
<PAGE>
which shall be authorized to act on behalf of the Trustee to authenticate
Securities of such series issued upon original issue and upon exchange,
registration of transfer or partial redemption thereof or pursuant to Section
306, and Securities so authenticated shall be entitled to the benefits of this
Indenture and shall be valid and obligatory for all purposes as if authenticated
by the Trustee hereunder. Wherever reference is made in this Indenture to the
authentication and delivery of Securities by the Trustee or the Trustee's
certificate of authentication, such reference shall be deemed to include
authentication and delivery on behalf of the Trustee by an Authenticating Agent
and a certificate of authentication executed on behalf of the Trustee by an
Authenticating Agent. Each Authenticating Agent shall be acceptable to the
Company and shall at all times be a corporation organized and doing business
under the laws of the United States of America, any State thereof or the
District of Columbia, authorized under such laws to act as Authenticating Agent,
having a combined capital and surplus of not less than $50,000,000 (except that
such capital and surplus requirement shall not apply to the First Chicago Trust
Company of New York) and subject to supervision or examination by Federal or
State authority. If such Authenticating Agent publishes reports of condition at
least annually, pursuant to law or to the requirements of said supervising or
examining authority, then for the purposes of this Section, the combined capital
and surplus of such Authenticating Agent shall be deemed to be its combined
capital and surplus as set forth in its most recent report of condition so
published. If at any time an Authenticating Agent shall cease to be eligible in
accordance with the provisions of this Section, such Authenticating Agent shall
resign immediately in the manner and with the effect specified in this Section.

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

          An Authenticating Agent may resign at any time by giving written
notice thereof to the Trustee and to the Company. The Trustee may at any time
terminate the agency of an Authenticating Agent by giving written notice thereof
to such Authenticating Agent and to the Company. Upon receiving such a notice of
resignation or upon such a

                                      -57-
<PAGE>
termination, or in case at any time such Authenticating Agent shall cease to be
eligible in accordance with the provisions of this Section, the Trustee may
appoint a successor Authenticating Agent which shall be acceptable to the
Company and shall mail written notice of such appointment by first-class mail,
postage prepaid, to all Holders of Securities of the series with respect to
which such Authenticating Agent will serve, as their names and addresses appear
in the Security Register. Any successor Authenticating Agent upon acceptance of
its appointment hereunder shall become vested with all the rights, powers and
duties of its predecessor hereunder, with like effect as if originally named as
an Authenticating Agent. No successor Authenticating Agent shall be appointed
unless eligible under the provisions of this Section.

          The Trustee agrees to pay to each Authenticating Agent from time to
time reasonable compensation for its services under this Section as agreed to in
writing from time to time with the Company, and the Trustee shall be entitled to
be reimbursed for such payments, subject to the provisions of Section 607.

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

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

                                       ----------------------------------------,
                                                                      As Trustee

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

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

                                      -58-
<PAGE>
                                  ARTICLE SEVEN

                Holders' Lists and Reports by Trustee and Company

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

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

          (1) semi-annually, not later than May 15 and November 15 in each year,
     a list for each series of Securities, in such form as the Trustee may
     reasonably require, of the names and addresses of the Holders of Securities
     of such series as of the preceding April 30 or October 31, as the case may
     be, and

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

excluding from any such list names and addresses received by the Trustee in its
capacity as Security Registrar.

Section 702. Preservation of Information;
             Communications to Holders.

          The Trustee shall preserve, in as current a form as is reasonably
practicable, the names and addresses of Holders contained in the most recent
list furnished to the Trustee as provided in Section 701 and the names and
addresses of Holders received by the Trustee in its capacity as Security
Registrar. The Trustee may destroy any list furnished to it as provided in
Section 701 upon receipt of a new list so furnished.

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

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

                                      -59-
<PAGE>
Section 703. Reports by Trustee.

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

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

Section 704. Reports by Company.

          The Company shall file with the Trustee and the Commission, and
transmit to Holders, such information, documents and other reports, and such
summaries thereof, as may be required pursuant to the Trust Indenture Act at the
times and in the manner provided pursuant to such Act; provided that any such
information, documents or reports required to be filed with the Commission
pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 shall be
filed with the Trustee within 15 days after the same is so required to be filed
with the Commission.

                                  ARTICLE EIGHT

              Consolidation, Merger, Conveyance, Transfer or Lease

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

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

          (1) in case the Company shall consolidate with or merge into another
     Person or convey, transfer or lease its properties and assets substantially
     as an entirety to any Person, the Person formed by such consolidation or
     into which the Company is merged or the Person which acquires by conveyance
     or transfer, or which leases, the properties and assets of the Company
     substantially as an entirety shall be a corporation, partnership or trust,
     shall be organized and validly existing under the laws of the United States

                                      -60-
<PAGE>
     of America, any State thereof or the District of Columbia and shall
     expressly assume, by an indenture supplemental hereto, executed and
     delivered to the Trustee, in form satisfactory to the Trustee, the due and
     punctual payment of the principal of and any premium and interest on all
     the Securities and the performance or observance of every covenant of this
     Indenture on the part of the Company to be performed or observed;

          (2) immediately after giving effect to such transaction and treating
     any indebtedness which becomes an obligation of the Company or any
     Subsidiary as a result of such transaction as having been incurred by the
     Company or such Subsidiary at the time of such transaction, no Event of
     Default, and no event which, after notice or lapse of time or both, would
     become an Event of Default, shall have happened and be continuing;

          (3) the Company or such successor entity shall, immediately after
     giving effect to such consolidation or merger, or such sale, conveyance or
     lease, have a Ratio Calculation of 1.1 to 1 or more;

          (4) if, as a result of any such consolidation or merger or such
     conveyance, transfer or lease, properties or assets of the Company would
     become subject to a mortgage, pledge, lien, security interest or other
     encumbrance which would not be permitted by this Indenture, the Company or
     such successor Person, as the case may be, shall take such steps as shall
     be necessary effectively to secure the Securities equally and ratably with
     (or prior to) all indebtedness secured thereby; and

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

                                      -61-
<PAGE>
Section 802. Successor Substituted.

          Upon any consolidation of the Company with, or merger of the Company
into, any other Person or any conveyance, transfer or lease of the properties
and assets of the Company substantially as an entirety in accordance with
Section 801, the successor Person formed by such consolidation or into which the
Company is merged or to which such conveyance, transfer or lease is made shall
succeed to, and be substituted for, and may exercise every right and power of,
the Company under this Indenture with the same effect as if such successor
Person had been named as the Company herein, and thereafter, except in the case
of a lease, the predecessor Person shall be relieved of all obligations and
covenants under this Indenture and the Securities.

                                  ARTICLE NINE

                            Supplemental Indentures

Section 901. Supplemental Indentures Without Consent of Holders.

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

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

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

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

          (4) to add to or change any of the provisions of this Indenture to
     such extent as shall be necessary to permit or facilitate

                                      -62-
<PAGE>
     the issuance of Securities in bearer form, registrable or not registrable
     as to principal, and with or without interest coupons, or to permit or
     facilitate the issuance of Securities in uncertificated form; or

          (5) to add to, change or eliminate any of the provisions of this
     Indenture in respect of one or more series of Securities, provided that any
     such addition, change or elimination (A) shall neither (i) apply to any
     Security of any series created prior to the execution of such supplemental
     indenture and entitled to the benefit of such provision nor (ii) modify the
     rights of the Holder of any such Security with respect to such provision or
     (B) shall become effective only when there is no such Security Outstanding;
     or

          (6) to secure the Securities; or

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

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

          (9) to cure any ambiguity, to correct or supplement any provision
     herein which may be inconsistent with any other provision herein, or to
     make any other provisions with respect to matters or questions arising
     under this Indenture, provided that such action pursuant to this clause (9)
     shall not adversely affect the interests of the Holders of Securities of
     any series in any material respect; or

          (10) to comply with the requirements of the Commission in order to
     effect or maintain the qualification of this Indenture under the Trust
     Indenture Act, as contemplated by Section 905 or otherwise.

                                      -63-
<PAGE>
Section 902. Supplemental Indentures with Consent of Holders.

          With the consent of the Holders of not less than a majority in
principal amount of the Outstanding Securities of each series affected by such
supplemental indenture, by Act of said Holders delivered to the Company and the
Trustee, the Company, when authorized by a Board Resolution, and the Trustee may
enter into an indenture or indentures supplemental hereto for the purpose of
adding any provisions to or changing in any manner or eliminating any of the
provisions of this Indenture or of modifying in any manner the rights of the
Holders of Securities of such series under this Indenture; provided, however,
that no such supplemental indenture shall, without the consent of the Holder of
each Outstanding Security affected thereby,

          (1) change the Stated Maturity of the principal of, or any installment
     of principal of or interest on, any Security, or reduce the principal
     amount thereof or the rate of interest thereon or any premium payable upon
     the redemption thereof, or reduce the amount of the principal of an
     Original Issue Discount Security that would be due and payable upon a
     declaration of acceleration of the Maturity thereof pursuant to Section
     502, or change any Place of Payment where, or the coin or currency in
     which, any Security or any premium or interest thereon is payable, or
     impair the right to institute suit for the enforcement of any such payment
     on or after the Stated Maturity thereof (or, in the case of redemption, on
     or after the Redemption Date), or

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

          (3) modify any of the provisions of this Section, Section 513 or
     Section 1012, except to increase any such percentage or to provide that
     certain other provisions of this Indenture cannot be modified or waived
     without the consent of the Holder of each Outstanding Security affected
     thereby,

                                      -64-
<PAGE>
     provided, however, that this clause shall not be deemed to require the
     consent of any Holder with respect to changes in the references to "the
     Trustee" and concomitant changes in this Section and Section 1012, or the
     deletion of this proviso, in accordance with the requirements of Sections
     611 and 901(8).

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

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

Section 903. Execution of Supplemental Indentures.

          In executing, or accepting the additional trusts created by, any
supplemental indenture permitted by this Article or the modifications thereby of
the trusts created by this Indenture, the Trustee shall be entitled to receive,
and (subject to Section 601) shall be fully protected in relying upon, an
Opinion of Counsel stating that the execution of such supplemental indenture is
authorized or permitted by this Indenture. The Trustee may, but shall not be
obligated to, enter into any such supplemental indenture which affects the
Trustee's own rights, duties or immunities under this Indenture or otherwise.

Section 904. Effect of Supplemental Indentures.

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

Section 905. Conformity with Trust Indenture Act.

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

                                      -65-
<PAGE>
Section 906. Reference in Securities to Supplemental Indentures.

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

                                   ARTICLE TEN

                                    Covenants

Section 1001. Payment of Principal, Premium and Interest.

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

Section 1002. Maintenance of Office or Agency.

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

          The Company may also from time to time designate one or more other
offices or agencies where the Securities of one or more series may be presented
or surrendered for any or all such purposes and may from time to time rescind
such designations; provided, however, that no such designa-

                                      -66-
<PAGE>
tion or rescission shall in any manner relieve the Company of its obligation to
maintain an office or agency in each Place of Payment for Securities of any
series for such purposes. The Company will give prompt written notice to the
Trustee of any such designation or rescission and of any change in the location
of any such other office or agency.

Section 1003. Money for Securities Payments to Be Held in Trust.

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

          Whenever the Company shall have one or more Paying Agents for any
series of Securities, it will, prior to each due date of the principal of or any
premium or interest on any Securities of that series, deposit with a Paying
Agent a sum sufficient to pay such amount, such sum to be held as provided by
the Trust Indenture Act, and (unless such Paying Agent is the Trustee) the
Company will promptly notify the Trustee of its action or failure so to act.

          The Company will cause each Paying Agent for any series of Securities
other than the Trustee to execute and deliver to the Trustee an instrument in
which such Paying Agent shall agree with the Trustee, subject to the provisions
of this Section, that such Paying Agent will (1) comply with the provisions of
the Trust Indenture Act applicable to it as a Paying Agent and (2) during the
continuance of any default by the Company (or any other obligor upon the
Securities of that series) in the making of any payment in respect of the
Securities of that series, and upon the written request of the Trustee,
forthwith pay to the Trustee all sums held in trust by such Paying Agent for
payment in respect of the Securities of that series.

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

                                      -67-
<PAGE>
such Paying Agent shall be released from all further liability with respect to
such money.

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

Section 1004. Statement by Officers as to Default.

          The Company will deliver to the Trustee, within 120 days after the end
of each fiscal year of the Company ending after the date hereof, an Officers'
Certificate, stating whether or not to the best knowledge of the signers thereof
the Company is in default in the performance and observance of any of the terms,
provisions and conditions of this Indenture (without regard to any period of
grace or requirement of notice provided hereunder) and, if the Company shall be
in default, specifying all such defaults and the nature and status thereof of
which they may have knowledge.

Section 1005. Existence.

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

                                      -68-
<PAGE>
Section 1006. Maintenance of Properties.

          The Company will cause all material properties used or useful in the
conduct of its business or the business of any Significant Subsidiary to be
maintained and kept in good condition, repair and working order and supplied
with all necessary equipment and will cause to be made all necessary repairs,
renewals, replacements, betterments and improvements thereof, all as in the
judgment of the Company may be necessary so that the business carried on in
connection therewith may be properly and advantageously conducted at all times;
provided, however, that nothing in this Section shall prevent the Company from
(i) discontinuing the operation or maintenance of any of such properties if such
discontinuance is, in the judgment of the Company, desirable in the conduct of
its business or the business of any Significant Subsidiary and not
disadvantageous in any material respect to the Holders or (ii) selling any
properties or taking any action in accordance with Article 8.

Section 1007. Payment of Taxes and Other Claims.

          The Company will pay or discharge or cause to be paid or discharged,
before the same shall become delinquent, (l) all taxes, assessments and
governmental charges levied or imposed upon the Company or any Significant
Subsidiary or upon the income, profits or property of the Company or any
Significant Subsidiary, and (2) all lawful claims for labor, materials and
supplies which, if unpaid, might by law become a lien upon the property of the
Company or any Significant Subsidiary; provided, however, that the Company shall
not be required to pay or discharge or cause to be paid or discharged any such
tax, assessment, charge or claim whose amount, applicability or validity is
being contested in good faith by appropriate proceedings.

Section 1008. Limitation on the Incurrence of Debt.

          The Company and its consolidated Subsidiaries may not Incur any Debt
if, after giving effect to such Incurrence, the Ratio Calculation is less than
1.1 to 1.

          Notwithstanding the foregoing paragraph, the Company and its
consolidated Subsidiaries may Incur the following additional Debt without regard
to the foregoing limitation (although the additional Debt so Incurred will be
included in the determination of the Consolidated Coverage Ratio thereafter):
(i) the Securities issued under the Indenture not to exceed an aggregate issue
price of $150,000,000; (ii) intercompany Debt (representing Debt to which the
only parties are the Company and any of its consolidated Subsidiaries (but only
so long as such Debt is

                                      -69-
<PAGE>
held solely by any of the Company and its consolidated Subsidiaries)); (iii) any
drawings or redrawings under lines of credit existing on the date hereof and any
new lines of credit or replacements, amendments or extensions of existing lines
of credit, provided, however, that the maximum amount that may be drawn under
all lines of credit pursuant to this clause (iii) may not at any time exceed the
maximum amount that may be drawn under all lines of credit that exist as of the
date hereof; (iv) refinancings, renewals, refundings or extensions of any Debt,
in any case in an amount not to exceed the principal amount of the Debt so
refinanced plus any prepayment premium or accrued interest, provided that (a)
such refinancing Debt is either (I) Debt of the Company that ranks pari passu
with or junior to the Debt being refinanced, (II) Debt of a Subsidiary that the
Company or another Subsidiary guarantees or (III) Debt of a Subsidiary and (b)
such refinancing Debt (giving effect to any right of the holder thereof to
require, directly or indirectly, an early repayment, defeasance or retirement of
such Debt) either has a weighted average life equal to or longer than the
remaining weighted average life of the Debt being refinanced or has a minimum
term of five years; (v) third party Debt of a Subsidiary, including Debt of a
Subsidiary that carries a Company guarantee of repayment, directly relating to
the development of projects or the expansion, renovation or improvement of
existing properties; (vi) third party Debt of a Subsidiary directly relating to
the acquisition of assets; (vii) reimbursement obligations under letters of
credit, bankers' acceptances or similar facilities, provided that at the time of
Incurring any additional obligations pursuant to this clause (vii) the amount of
all such obligations, whether or not currently due, aggregate at any time less
than 5% of Consolidated Net Tangible Assets at such date; (viii) Debt that by
its terms is subordinate in right of payment to any of the other Debt of the
Company, provided, however, that, pursuant to clauses (i) through (ix), the
aggregate issue price of such subordinated Debt may not at any time exceed the
aggregate principal amount of such subordinated Debt as of the date hereof plus
$100,000,000; (ix) Attributable Debt; and (x) in addition to Debt referred to in
clauses (i) through (ix) above, Debt in the aggregate principal amount of
$50,000,000 which is to be used only for working capital purposes.

Section 1009. Limitation on Sale/Leaseback Transactions.

          The Company will not, nor will it permit any Restricted Subsidiary to,
enter into any arrangement with any bank, insurance company or other lender or
investor (not including the Company or any consolidated Subsidiary) or to which
any such lender or investor is a party, providing for the leasing by the Company
or any such Restricted Subsidiary for a period, including renewals, in excess of
three years,

                                      -70-
<PAGE>
of any Principal Property owned by the Company or such Restricted Subsidiary,
which has been or is to be sold or transferred more than one year after either
the acquisition thereof or the completion of construction and commencement of
full operation thereof by the Company or any such Restricted Subsidiary, to such
lender or investor or to any Person to whom funds have been or are to be
advanced by such lender or investor on the security of such Principal Property
(herein referred to as a "Sale/Leaseback Transaction") unless (A) the aggregate
amount of Attributable Debt for the proposed and all existing Sale/Leaseback
Transactions is less than 10% of Consolidated Net Tangible Assets and (B) if the
Ratio Calculation is less than l.l to 1 after giving effect to the proposed
Sale/Leaseback Transaction, the Company and its Subsidiaries, within 270 days
after the sale or transfer shall have been made by the Company or by any such
Restricted Subsidiary, must apply an amount equal to the net proceeds of the
sale of the Principal Property sold and leased back pursuant to such arrangement
to either (or a combination of) (x) the purchase of property, facilities or
equipment (other than the property, facilities or equipment involved in such
Sale/Leaseback Transaction) or (y) the retirement of Debt of the Company or a
Restricted Subsidiary, including the Securities, which either has an initial
term of greater than 12 months or is a bona fide acquisition loan or a
construction or bridge loan entered in connection with a construction project or
other real estate development.

Section 1010. [Intentionally Omitted].

Section 1011. Provision of Financial Information.

          Whether or not the Company is subject to Section 13(a) or 15(d) of the
Exchange Act, the Company will, to the extent permitted under the Exchange Act,
file with the Commission the annual reports, quarterly reports and other
documents which the Company would have been required to file with the Commission
pursuant to such Section 13(a) or 15(d) ("Financial Statements") if the Company
were so subject, such documents to be filed with the Commission on or prior to
the respective dates (the "Required Filing Dates") by which the Company would
have been required so to file such documents if the Company were so subject.

          The Company will also in any event (x) within 15 days of each Required
Filing Date (i) transmit by mail to all Holders, as their names and addresses
appear in the Security Register, without cost to such Holders and (ii) file with
the Trustee copies of the annual reports, quarterly reports and other documents
which the Company

                                      -71-
<PAGE>
would have been required to file with the Commission pursuant to Section 13(a)
or 15(d) of the Exchange Act if the Company were subject to such Sections and
(y) if filing such documents by the Company with the Commission is not permitted
under the Exchange Act, promptly upon written request and payment of the
reasonable cost of duplication and delivery, supply copies of such documents to
any prospective Holder.

Section 1012. Waiver of Certain Covenants.

          The Company may omit in any particular instance to comply with any
term, provision or condition set forth in Sections 1005 to 1011, inclusive, with
respect to the Securities of any series if before the time for such compliance
the Holders of at least a majority in principal amount of the Outstanding
Securities of such series shall, by Act of such Holders, either waive such
compliance in such instance or generally waive compliance with such term,
provision or condition, but no such waiver shall extend to or affect such term,
provision or condition except to the extent so expressly waived, and, until such
waiver shall become effective, the obligations of the Company and the duties of
the Trustee in respect of any such term, provision or condition shall remain in
full force and effect.

                                 ARTICLE ELEVEN

                            Redemption of Securities

Section 1101. Applicability of Article.

          Securities of any series which are redeemable before their Stated
Maturity shall be redeemable in accordance with their terms and (except as
otherwise specified as contemplated by Section 301 for Securities of any series)
in accordance with this Article.

Section 1102. Election to Redeem; Notice to Trustee.

          The election of the Company to redeem any Securities shall be
evidenced by a Board Resolution. In case of any redemption at the election of
the Company of less than all the Securities of any series, the Company shall, at
least 60 days prior to the Redemption Date fixed by the Company (unless a
shorter notice shall be satisfactory to the Trustee), notify the Trustee of such
Redemption Date, of the principal amount of Securities of such series to be
redeemed and, if applicable, of the tenor of the Securities to be redeemed. In
the case of any redemption of Securities prior to the expiration of any
restriction on such redemption provided in the terms of such Securities or

                                      -72-
<PAGE>
elsewhere in this Indenture, the Company shall furnish the Trustee with an
Officers' Certificate evidencing compliance with such restriction.

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

          If less than all the Securities of any series are to be redeemed
(unless all of the Securities of such series and of a specified tenor are to be
redeemed), the particular Securities to be redeemed shall be selected not more
than 60 days prior to the Redemption Date by the Trustee, from the Outstanding
Securities of such series not previously called for redemption, by such method
as the Trustee shall deem fair and appropriate and which may provide for the
selection for redemption of portions (equal to the minimum authorized
denomination for Securities of that series or any integral multiple thereof) of
the principal amount of Securities of such series of a denomination larger than
the minimum authorized denomination for Securities of that series. If less than
all of the Securities of such series and of a specified tenor are to be
redeemed, the particular Securities to be redeemed shall be selected not more
than 60 days prior to the Redemption Date by the Trustee, from the Outstanding
Securities of such series and specified tenor not previously called for
redemption in accordance with the preceding sentence.

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

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

Section 1104. Notice of Redemption.

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

          All notices of redemption shall state:

          (1) the Redemption Date,

          (2) the Redemption Price,

                                      -73-
<PAGE>
          (3) if less than all the Outstanding Securities of any series are to
     be redeemed, the identification (and, in the case of partial redemption of
     any Securities, the principal amounts) of the particular Securities to be
     redeemed,

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

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

          (6) that the redemption is for a sinking fund, if such is the case.

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

Section 1105. Deposit of Redemption Price.

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

Section 1106. Securities Payable on Redemption Date.

          Notice of redemption having been given as aforesaid, the Securities so
to be redeemed shall, on the Redemption Date, become due and payable at the
Redemption Price therein specified, and from and after such date (unless the
Company shall default in the payment of the Redemption Price and accrued
interest) such Securities shall cease to bear interest. Upon surrender of any
such Security for redemption in accordance with said notice, such Security shall
be paid by the Company at the Redemption Price, together with accrued interest
to the Redemption Date; provided, however, that, unless otherwise specified as
contemplated by Section 301, installments of interest whose Stated Maturity is
on or prior to the Redemption Date shall be payable to the Holders of such
Securities, or one or more Predecessor Securities, registered as such at the
close of

                                      -74-
<PAGE>
business on the relevant Record Dates according to their terms and the
provisions of Section 307.

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

Section 1107. Securities Redeemed in Part.

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

                                 ARTICLE TWELVE

                                  Sinking Funds

Section 1201. Applicability of Article.

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

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

                                      -75-
<PAGE>
Section 1202. Satisfaction of Sinking Fund Payments with Securities.

          The Company (1) may deliver Outstanding Securities of a series (other
than any previously called for redemption) and (2) may apply as a credit
Securities of a series which have been redeemed either at the election of the
Company pursuant to the terms of such Securities or through the application of
permitted optional sinking fund payments pursuant to the terms of such
Securities, in each case in satisfaction of all or any part of any sinking fund
payment with respect to the Securities of such series required to be made
pursuant to the terms of such Securities as provided for by the terms of such
series; provided that such Securities have not been previously so credited. Such
Securities shall be received and credited for such purpose by the Trustee at the
Redemption Price specified in such Securities for redemption through operation
of the sinking fund and the amount of such sinking fund payment shall be reduced
accordingly.

Section 1203. Redemption of Securities for Sinking Fund.

          Not less than 60 days prior to each sinking fund payment date for any
series of Securities, the Company will deliver to the Trustee an Officers'
Certificate specifying the amount of the next ensuing sinking fund payment for
that series pursuant to the terms of that series, the portion thereof, if any,
which is to be satisfied by payment of cash and the portion thereof, if any,
which is to be satisfied by delivering and crediting Securities of that series
pursuant to Section 1202 and will also deliver to the Trustee any Securities to
be so delivered. Not less than 60 days before each such sinking fund payment
date the Trustee shall select the Securities to be redeemed upon such sinking
fund payment date in the manner specified in Section 1103 and cause notice of
the redemption thereof to be given in the name of and at the expense of the
Company in the manner provided in Section 1104. Such notice having been duly
given, the redemption of such Securities shall be made upon the terms and in the
manner stated in Sections 1106 and 1107.

                                ARTICLE THIRTEEN

                       Defeasance and Covenant Defeasance

Section 1301. Company's Option to Effect Defeasance or Covenant Defeasance.

          The Company may elect, at its option by Board Resolution at any time,
to have either Section 1302 or Section 1303 applied to the Outstanding
Securities of any

                                      -76-
<PAGE>
series designated pursuant to Section 301 as being defeasible pursuant to this
Article Thirteen (hereinafter called a "Defeasible Series"), upon compliance
with the conditions set forth below in this Article Thirteen.

Section 1302. Defeasance and Discharge.

          Upon the Company's exercise of the option provided in Section 1301 to
have this Section 1302 applied to the Outstanding Securities of any Defeasible
Series, the Company shall be deemed to have been discharged from any and all
obligations with respect to the Outstanding Securities of such series as
provided in this Section on and after the date the conditions set forth in
Section 1304 are satisfied (hereinafter called "Defeasance"). For this purpose,
such Defeasance means that the Company shall be deemed to have paid and
discharged the entire indebtedness represented by the Outstanding Securities of
such series and to have satisfied all its other obligations under the Securities
of such series and this Indenture insofar as the Securities of such series are
concerned (and the Trustee, at the expense of the Company, shall execute proper
instruments acknowledging the same), subject to the following which shall
survive until otherwise terminated or discharged hereunder: (1) the rights of
Holders of Securities of such series to receive, solely from the trust fund
described in Section 1304 and as more fully set forth in such Section, payments
in respect of the principal of and any premium and interest on such Securities
of such series when payments are due, (2) the Company's obligations with respect
to the Securities of such series under Sections 304, 305, 306, 1002 and 1003,
(3) the rights, powers, trusts, duties and immunities of the Trustee hereunder
and (4) this Article Thirteen. Subject to compliance with this Article Thirteen,
the Company may exercise its option provided in Section 1301 to have this
Section 1302 applied to the Outstanding Securities of any Defeasible Series
notwithstanding the prior exercise of its option provided in Section 1301 to
have Section 1303 applied to the Outstanding Securities of such series.

Section 1303. Covenant Defeasance.

          Upon the Company's exercise of the option provided in Section 1301 to
have this Section 1303 applied to the Outstanding Securities of any Defeasible
Series, (1) the Company shall be released from its obligations under Sections
1005 though 1011, inclusive, Section 801, and such other obligations as shall be
set forth in any supplemental indenture for the Securities, (2) the occurrence
of any event specified in Sections 501(3), 501(4) (with respect to any of
Sections 1005 through 1011, inclusive, and Section 801, and such other
obligations as shall be set forth in any

                                      -77-
<PAGE>
supplemental indenture for the Securities), 501(5) and 501(8) shall be deemed
not to be or result in an Event of Default, in each case with respect to the
Outstanding Securities of such series as provided in this Section on and after
the date the conditions set forth in Section 1304 are satisfied (hereinafter
called "Covenant Defeasance"). For this purpose, such Covenant Defeasance means
that the Company may omit to comply with and shall have no liability in respect
of any term, condition or limitation set forth in any such specified Section (to
the extent so specified in the case of Section 501(4)), whether directly or
indirectly by reason of any reference elsewhere herein to any such Section or by
reason of any reference in any such Section to any other provision herein or in
any other document, but the remainder of this Indenture and the Securities of
such series shall be unaffected thereby.

Section 1304. Conditions to Defeasance or Covenant Defeasance.

          The following shall be the conditions to application of either Section
1302 or Section 1303 to the Outstanding Securities of any Defeasible Series:

          (1) The Company shall irrevocably have deposited or caused to be
deposited with the Trustee (or another trustee that satisfies the requirements
contemplated by Section 609 and agrees to comply with the provisions of this
Article Thirteen applicable to it) as trust funds in trust for the purpose of
making the following payments, specifically pledged as security for, and
dedicated solely to, the benefit of the Holders of Outstanding Securities of
such series, (A) money in an amount, or (B) U.S. Government Obligations that
through the scheduled payment of principal and interest in respect thereof in
accordance with their terms will provide, not later than one day before the due
date of any payment, money in an amount, or (C) a combination thereof, in each
case sufficient, in the opinion of a nationally recognized firm of independent
public accountants expressed in a written certification thereof delivered to the
Trustee, to pay and discharge, and which shall be applied by the Trustee (or any
such other qualifying trustee) to pay and discharge, the principal of and any
premium and interest on the Securities of such series on the respective Stated
Maturities, in accordance with the terms of this Indenture and the Securities of

                                      -78-
<PAGE>
     such series. As used herein, "U.S. Government Obligation" means (x) any
     security that is (i) a direct obligation of the United States of America
     for the payment of which full faith and credit of the United States of
     America is pledged or (ii) an obligation 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, which, in
     either case (i) or (ii), is not callable or redeemable at the option of the
     issuer thereof, and (y) any depositary receipt issued by a bank (as defined
     in Section 3(a)(2) of the Securities Act of 1933, as amended) as custodian
     with respect to any U.S. Government Obligation specified in Clause (x) and
     held by such custodian for the account of the holder of such depositary
     receipt, or with respect to any specific payment of principal of or
     interest on any such U.S. Government Obligation, provided that (except as
     required by law) such custodian is not authorized to make any deduction
     from the amount payable to the holder of such depositary receipt from any
     amount received by the custodian in respect of the U.S. Government
     Obligation or the specific payment of principal or interest evidenced by
     such depositary receipt.

          (2) In the case of an election under Section 1302, the Company shall
     have delivered to the Trustee an Opinion of Counsel stating that (A) the
     Company has received from, or there has been published by, the Internal
     Revenue Service a ruling or (B) since the date first set forth hereinabove,
     there has been a change in the applicable Federal income tax law, in either
     case (A) or (B) to the effect that, and based thereon such opinion shall
     confirm that, the Holders of the Outstanding Securities of such series will
     not recognize gain or loss for Federal income tax purposes as a result of
     the deposit, Defeasance and discharge to be effected with respect to the
     Securities of such series and will be subject to Federal income tax on the
     same amount, in the same manner and at the same times as would be the case
     if such deposit, Defeasance and discharge were not to occur.

                                      -79-
<PAGE>
          (3) In the case of an election under Section 1303, the Company shall
     have delivered to the Trustee an Opinion of Counsel to the effect that the
     Holders of the Outstanding Securities of such series will not recognize
     gain or loss for Federal income tax purposes as result of the deposit and
     Covenant Defeasance to be effected with respect to the Securities of such
     series and will be subject to Federal income tax on the same amount, in
     the same manner and at the same times as would be the case if such deposit
     and Covenant Defeasance were not to occur.

          (4) No Event of Default or event that (after notice or lapse of time
     or both) would become an Event of Default shall have occurred and be
     continuing at the time of such deposit or, with regard to any Event of
     Default or any such event specified in Sections 501(6) and (7), at any time
     on or prior to the 90th day after the date of such deposit (it being
     understood that this condition shall not be deemed satisfied until after
     such 90th day).

          (5) Such Defeasance or Covenant Defeasance shall not cause the Trustee
     to have a conflicting interest within the meaning of the Trust Indenture
     Act.

          (6) Such Defeasance or Covenant Defeasance shall not result in a
     breach or violation of, or constitute a default under, any other agreement
     or instrument to which the Company is a party or by which it is bound.

          (7) The Company shall have delivered to the Trustee an Officers'
     Certificate and an Opinion of Counsel, each stating that all conditions
     precedent with respect to such Defeasance or Covenant Defeasance have been
     complied with.

          (8) Such Defeasance or Covenant Defeasance shall not result in the
     trust arising from such deposit constituting an investment company within
     the meaning of the Investment Company Act of 1940, as amended, unless such
     trust shall be qualified under

                                      -80-
<PAGE>
     such Act or exempt from regulation thereunder.

Section 1305. Deposited Money and U.S. Government Obligations to be Held in
Trust; Other Miscellaneous Provisions.

          Subject to the provisions of the last paragraph of Section 1003, all
money and U.S. Government Obligations (including the proceeds thereof) deposited
with the Trustee or other qualifying trustee (solely for purposes of this
Section and Section 1306, the Trustee and any such other trustee are referred to
collectively as the "Trustee") pursuant to Section 1304 in respect of the
Securities of any Defeasible Series shall be held in trust and applied by the
Trustee, in accordance with the provisions of the Securities of such series and
this Indenture, to the payment, either directly or through any such Paying Agent
(including the Company acting as its own Paying Agent) as the Trustee may
determine, to the Holders of Securities of such series, of all sums due and to
become due thereon in respect of principal and any premium and interest, but
money so held in trust need not be segregated from other funds except to the
extent required by law.

          The Company shall pay and indemnify the Trustee against any tax, fee
or other charge imposed on or assessed against the U.S. Government Obligations
deposited pursuant to Section 1304 or the principal and interest received in
respect thereof other than any such tax, fee or other charge that by law is for
the account of the Holders of Outstanding Securities.

          Anything in this Article Thirteen to the contrary notwithstanding, the
Trustee shall deliver or pay to the Company from time to time upon Company
Request any money or U.S. Government Obligations held by it as provided in
Section 1304 with respect to Securities of any Defeasible Series that, in the
opinion of a nationally recognized firm of independent public accountants
expressed in a written certification thereof delivered to the Trustee, are in
excess of the amount thereof that would then be required to be deposited to
effect an equivalent Defeasance or Covenant Defeasance with respect to the
Securities of such series.

Section 1306. Reinstatement.

          If the Trustee or the Paying Agent is unable to apply any money in
accordance with this Article Thirteen with respect to the Securities of any
series by reason of any order or judgment of any court or governmental authority
enjoining, restraining or otherwise prohibiting such application, then the
Company's obligations under this

                                      -81-
<PAGE>
Indenture and the Securities of such series shall be revived and reinstated as
though no deposit had occurred pursuant to this Article Thirteen with respect to
Securities of such series until such time as the Trustee or Paying Agent is
permitted to apply all money held in trust pursuant to Section 1305 with respect
to Securities of such series in accordance with this Article Thirteen; provided,
however, that if the Company makes any payment of principal of or any premium or
interest on any Security of such series following the reinstatement of its
obligations, the Company shall be subrogated to the rights of the Holders of
Securities of such series to receive such payment from the money so held in
trust.

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

                                      -82-
<PAGE>
                                   TESTIMONIUM

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

                                        The Rouse Company

                                        By /s/ Patricia H. Dayton
                                           -------------------------------------
                                           Patricia H. Dayton
                                           Vice President and Treasurer

Attest:

Illegible
----------------------------------------
Assistant Secretary

                                        The First National Bank of Chicago

                                        By Illegible
                                           -------------------------------------
                                                       Vice President

Attest:

Illegible
----------------------------------------
        Assistant Vice President
                   And
           Assistant Secretary

                                      -83-
<PAGE>
                              SIGNATURES AND SEALS

                                ACKNOWLEDGEMENTS

STATE OF MARYLAND )
                  )  ss.:
COUNTY OF HOWARD  )

          On the 24th day of February, 1995, before me personally came PATRICIA
H. DAYTON, to me known, who, being by me duly sworn, did depose and say that she
is Vice President & Treasurer of The Rouse Company, one of the corporations
described in and which executed the foregoing instrument; that she knows the
seal of said corporation; that the seal affixed to said instrument is such
corporate seal; that it was so affixed by authority of the Board of Directors of
said corporation, and that she signed her name thereto by like authority.

                                                   /s/ RHODENA D. BRUNSTROM
                                                   -----------------------------
                                                   My Commission Expires: 1/1/96

STATE OF ILLINOIS )
                  )  ss.:
COUNTY OF COOK    )

          On the 22nd day of February, 1995, before me personally came R. D.
Manella, to me known, who, being by me duly sworn, did depose and say that he is
Vice President of The First National Bank of Chicago, one of the corporations
described in and which executed the foregoing instrument; that he knows the seal
of said corporation; that the seal affixed to said instrument is such corporate
seal; that it was so affixed by authority of the Board of Directors of said
corporation, and that he signed his name thereto by like authority.

                                                   /s/ NILDA SIERRA
                                                   -----------------------------
                                                   [OFFICIAL SEAL]

                                      -84-

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