Document:

<PAGE>
                                                                     EXHIBIT 4.2
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                           GATX FINANCIAL CORPORATION

                                       AND

                          JPMORGAN CHASE BANK, TRUSTEE

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

                             SUBORDINATED INDENTURE

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

                           DATED AS OF ________, 200_

                          SUBORDINATED DEBT SECURITIES

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

<PAGE>

                                TABLE OF CONTENTS

<Table>
<Caption>
                                                                                            PAGE
<S>                                                                                         <C>
                                    ARTICLE 1
             DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

Section 1.1     Definitions ..............................................................    1
Section 1.2     Compliance Certificates and Opinions .....................................    7
Section 1.3     Form of Documents Delivered to Trustee ...................................    8
Section 1.4     Acts of Holders ..........................................................    8
Section 1.5     Notices, Etc., to Trustee and Company ....................................    9
Section 1.6     Notice to Holders of Securities; Waiver ..................................   10
Section 1.7     Language of Notices, Etc .................................................   10
Section 1.8     Conflict with Trust Indenture Act ........................................   10
Section 1.9     Effect of Headings and Table of Contents .................................   10
Section 1.10    Successors and Assigns ...................................................   10
Section 1.11    Separability Clause ......................................................   11
Section 1.12    Benefits of Indenture ....................................................   11
Section 1.13    Governing Law ............................................................   11
Section 1.14    Legal Holidays ...........................................................   11

                                    ARTICLE 2
                                 SECURITY FORMS

Section 2.1     Forms Generally ..........................................................   11
Section 2.2     Form of Trustee's Certificate of Authentication ..........................   12
Section 2.3     Securities in Global Form ................................................   12

                                    ARTICLE 3
                                 THE SECURITIES

Section 3.1     Amount Unlimited; Issuable in Series .....................................   12
Section 3.2     Denominations ............................................................   14
Section 3.3     Execution, Authentication, Delivery and Dating ...........................   15
Section 3.4     Temporary Securities .....................................................   16
Section 3.5     Registration, Transfer and Exchange ......................................   17
Section 3.6     Mutilated, Destroyed, Lost and Stolen Securities .........................   19
Section 3.7     Payment of Interest; Interest Rights Preserved ...........................   20
Section 3.8     Persons Deemed Owners ....................................................   21
Section 3.9     Cancellation .............................................................   22
Section 3.10    Computation of Interest ..................................................   22

                                    ARTICLE 4
                           SATISFACTION AND DISCHARGE

Section 4.1     Satisfaction and Discharge of Indenture ..................................   22
Section 4.2     Application of Trust Money ...............................................   23
</Table>

                                       -i-
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                                TABLE OF CONTENTS
                                   (continued)

<Table>
<Caption>
                                                                                            PAGE
<S>                                                                                         <C>
                                    ARTICLE 5
                                    REMEDIES

Section 5.1     Events of Default ........................................................   24
Section 5.2     Acceleration of Maturity; Rescission and Annulment .......................   25
Section 5.3     Collection of Indebtedness and Suits for Enforcement by Trustee ..........   26
Section 5.4     Trustee May File Proofs of Claim .........................................   27
Section 5.5     Trustee May Enforce Claims Without Possession of Securities ..............   28
Section 5.6     Application of Money Collected ...........................................   28
Section 5.7     Limitation on Suits ......................................................   28
Section 5.8     Unconditional Right of Holders to Receive Principal, Premium and
                Interest .................................................................   29
Section 5.9     Restoration of Rights and Remedies .......................................   29
Section 5.10    Rights and Remedies Cumulative ...........................................   29
Section 5.11    Delay or Omission Not Waiver .............................................   29
Section 5.12    Control by Holders of Securities .........................................   30
Section 5.13    Waiver of Past Defaults ..................................................   30
Section 5.14    Undertaking for Costs ....................................................   30

                                    ARTICLE 6
                                   THE TRUSTEE

Section 6.1     Certain Duties and Responsibilities ......................................   31
Section 6.2     Notice of Defaults .......................................................   32
Section 6.3     Certain Rights of Trustee ................................................   32
Section 6.4     Not Responsible for Recitals or Issuance of Securities ...................   33
Section 6.5     May Hold Securities ......................................................   33
Section 6.6     Money Held in Trust ......................................................   34
Section 6.7     Compensation and Reimbursement ...........................................   34
Section 6.8     Disqualifications; Conflicting Interests .................................   34
Section 6.9     Corporate Trustee Required; Eligibility ..................................   34
Section 6.10    Resignation and Removal; Appointment of Successor ........................   35
Section 6.11    Acceptance of Appointment by Successor ...................................   36
Section 6.12    Merger, Conversion, Consolidation or Succession to Business ..............   37
Section 6.13    Preferential Collection of Claims Against Company ........................   38
Section 6.14    Appointment of Authenticating Agent ......................................   41

                                    ARTICLE 7
                HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY

Section 7.1     Company To Furnish Trustee Names and Addresses of Holders ................   43
Section 7.2     Preservation of Information; Communications to Holders ...................   43
Section 7.3     Reports by Trustee .......................................................   44
Section 7.4     Reports by the Company ...................................................   46
</Table>

                                      -ii-
<PAGE>

                                TABLE OF CONTENTS
                                   (continued)

<Table>
<Caption>
                                                                                            PAGE
<S>                                                                                         <C>
                                    ARTICLE 8
                CONSOLIDATION, MERGER, SALE, LEASE OR CONVEYANCE

Section 8.1     Consolidations and Mergers of Company and Sales, Leases and
                Conveyances Permitted Subject to Certain Conditions ......................   46
Section 8.2     Rights and Duties of Successor Corporation ...............................   47
Section 8.3     Officers' Certificate and Opinion of Counsel .............................   47

                                    ARTICLE 9
                             SUPPLEMENTAL INDENTURE

Section 9.1     Supplemental Indentures without Consent of Holders .......................   47
Section 9.2     Supplemental Indentures with Consent of Holders ..........................   49
Section 9.3     Execution of Supplemental Indentures .....................................   50
Section 9.4     Effect of Supplemental Indentures ........................................   50
Section 9.5     Conformity with Trust Indenture Act ......................................   50
Section 9.6     Reference in Securities to Supplemental Indentures .......................   50

                                   ARTICLE 10
                                    COVENANTS

Section 10.1     Payment of Principal, Premium, if any, and Interest .....................   50
Section 10.2     Maintenance of Office or Agency .........................................   50
Section 10.3     Money for Securities Payments To Be Held in Trust .......................   51
Section 10.4     Additional Amounts ......................................................   52
Section 10.5     Statement as to Compliance; Notice of Certain Defaults ..................   53
Section 10.6     Waiver of Certain Covenants .............................................   53

                                   ARTICLE 11
                            REDEMPTION OF SECURITIES

Section 11.1     Applicability of Article ................................................   54
Section 11.2     Election to Redeem; Notice to Trustee ...................................   54
Section 11.3     Selection by Trustee of Securities To Be Redeemed .......................   54
Section 11.4     Notice of Redemption ....................................................   55
Section 11.5     Deposit of Redemption Price .............................................   56
Section 11.6     Securities Payable on Redemption Date ...................................   56
Section 11.7     Securities Redeemed in Part .............................................   56

                                   ARTICLE 12
                                  SINKING FUNDS

Section 12.1     Applicability of Article ................................................   57
Section 12.2     Satisfaction of Sinking Fund Payments with Securities ...................   57
Section 12.3     Redemption of Securities for Sinking Fund ...............................   58
</Table>

                                      -iii-
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                                TABLE OF CONTENTS
                                   (continued)

<Table>
<Caption>
                                                                                            PAGE
<S>                                                                                         <C>
                                   ARTICLE 13
                                  SUBORDINATION

</Table>

                                      -iv-

<PAGE>

                         Reconciliation and tie between
                           Trust Indenture Act of 1939
                                  and Indenture

<Table>
<Caption>
Trust Indenture Act Section .............................................................. Indenture Section
---------------------------                                                                -----------------
<S>                                                                                      <C>
Section 310 (a)(1) ..................................................................................... 6.9
(a)(2) ................................................................................................. 6.9
(a)(3) ...................................................................................... Not Applicable
(a)(4) ...................................................................................... Not Applicable
(b) .............................................................................................. 6.8, 6.10
Section 311 (a) ............................................................................... 6.13(a), (c)
(b) ........................................................................................... 6.13(b), (c)
(b)(2) .................................................................................. 7.3(a)(ii), 7.3(b)
Section 312 (a) ................................................................................ 7.1, 7.2(a)
(b) ................................................................................................. 7.2(b)
(c) ................................................................................................. 7.2(c)
Section 313 (a) ..................................................................................... 7.3(a)
(b)(1) ...................................................................................... Not Applicable
(b)(2) .............................................................................................. 7.3(b)
(c) ................................................................................................. 7.3(c)
(d) ................................................................................................. 7.3(d)
Section 314 (a) ........................................................................................ 7.4
(b) ......................................................................................... Not Applicable
(c)(1) ................................................................................................. 1.2
(c)(2) ................................................................................................. 1.2
(c)(3) ...................................................................................... Not Applicable
(d) ......................................................................................... Not Applicable
(e) .................................................................................................... 1.2
Section 315 (a) ..................................................................................... 6.1(a)
(b) ......................................................................................... 6.2, 7.3(a)(6)
(c) ................................................................................................. 6.1(b)
(d) ................................................................................................. 6.1(c)
(d)(1) ................................................................................... 6.1(a)(i), (c)(i)
(d)(2) .......................................................................................... 6.1(c)(ii)
(d)(3) ......................................................................................... 6.1(c)(iii)
(e) ................................................................................................... 5.14
Section 316 (a) ........................................................................................ 1.1
(a)(1)(A) ........................................................................................ 5.2, 5.12
(a)(1)(B) ............................................................................................. 5.13
(a)(2) ...................................................................................... Not Applicable
(b) .................................................................................................... 5.8
Section 317 (a)(1) ..................................................................................... 5.3
(a)(2) ................................................................................................. 5.4
(b) ................................................................................................... 10.3
Section 318 (a) ........................................................................................ 1.8
</Table>

-----------

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

<PAGE>

                  SUBORDINATED INDENTURE, dated as of ______, 200_ between GATX
Financial Corporation, a Delaware corporation (hereinafter called the
"Company"), having its principal office at 500 West Monroe Street, Chicago,
Illinois 60661, and JPMorgan Chase Bank, a state banking corporation
(hereinafter 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
and subordinated debentures, notes or other evidences of indebtedness, unlimited
as to principal amount, to bear such rates of interest, to mature at such time
or times, to be issued in one or more series and to have such other provisions
as shall be fixed as hereinafter provided.

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

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

                                   ARTICLE 1

             DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

                  Section 1.1 Definitions.

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

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

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

                  (c) all accounting terms not otherwise defined herein have the
meanings assigned to them in accordance with generally accepted accounting
principles and, except as otherwise herein expressly provided, the terms
"generally accepted accounting principles" with respect to any computation
required or permitted hereunder shall mean such accounting principles as are
generally accepted at the date of such computation; and

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

                  Certain terms, used principally in Article Six, are defined in
that Article.

<PAGE>

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

                  "Additional Amounts" means any additional amounts which are
required by a Security or by or pursuant to a Board Resolution, under
circumstances specified therein, to be paid by the Company in respect of certain
taxes imposed on certain Holders and which are owing to such Holders.

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

                  "Authenticating Agent" means any Person authorized by the
Trustee pursuant to Section 6.14 to act on behalf of the Trustee to authenticate
Securities of one or more series.

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

                  "Board of Directors" means the Board of Directors of the
Company or any duly authorized committee thereof.

                  "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," except as may otherwise be provided in the
form of Securities of any particular series pursuant to the provisions of this
Indenture, with respect to any Place of Payment means each Monday, Tuesday,
Wednesday, Thursday and Friday which is neither a legal holiday nor a day on
which banking institutions or trust companies in that Place of Payment are
authorized or obligated by law to close.

                  "Commission" means the Securities and Exchange Commission, as
from time to time constituted, created under the Securities Exchange Act of
1934, or if at any time after the execution of this 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 corporation shall have become
such pursuant to the applicable provisions of this Indenture, and thereafter
"Company" shall mean such successor corporation.

                                       2
<PAGE>

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

                  "Corporate Trust Office" means the principal office or agency
of the Trustee, at which at any particular time its corporate trust business
relating to this Indenture shall be administered, which office at the date of
original execution of this Indenture is located at 560 Mission Street, 13th
Floor, San Francisco, California 94105, except that, with respect to
presentation of Securities for payment or registration of transfers and
exchanges and the location of the registrar, such term means the office or
agency of the Trustee at which at any particular time its corporate agency
business shall be conducted, which at the date of original execution of this
Indenture is located at 4 New York Plaza, 1st Floor, New York, New York 10004.

                  "corporation" includes corporations, associations,
partnerships, limited liability companies and business trusts.

                  "Defaulted Interest" has the meaning specified in Section 3.7.

                  "Depositary" means with respect to the Securities of any
series issuable or issued in whole or in part in global form, the Person
designated as Depositary by the Company pursuant to Section 3.1(c) until a
successor Depositary shall have become such pursuant to the applicable
provisions of this Indenture, and thereafter "Depositary" shall mean or include
each Person who is then a Depositary hereunder, and if at any time there is more
than one such Person, "Depositary" as used with respect to the Securities of any
such series shall mean the "Depositary" with respect to the Securities of that
series.

                  "Dollars" or "$" or any similar reference shall mean currency
of the United States which at the time shall be legal tender for the payment of
public and private debts.

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

                  "Holder" when used with respect to any Security means the
Person in whose name the Security is registered in the Security Register.

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

                  "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, and, when used with respect to a Security which
provides for the payment of Additional Amounts pursuant to Section 10.4,
includes such Additional Amounts.

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

                                       3
<PAGE>

                  "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, notice of redemption or otherwise.

                   "Officers' Certificate" means a certificate signed by the
Chairman of the Board, the President, any Vice President or the Treasurer, and
by the Secretary or an Assistant Secretary of the Company, and delivered to the
Trustee. Each such certificate shall include the statements provided for in
Section 1.2

                  "Opinion of Counsel" means a written opinion of counsel, who
may (except as otherwise expressly provided in this Indenture) be an employee of
or counsel for the Company, or other counsel who shall be reasonably acceptable
to the Trustee. Each such opinion shall include the statements provided for in
Section 1.2.

                  "Original Issue Discount Security" means a Security issued
pursuant to this Indenture which provides for declaration of an amount less than
the principal thereof to be due and payable upon acceleration pursuant to
Section 5.2.

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

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

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

                           (iii) Securities which have been paid pursuant to
                  Section 3.6 or in exchange for or in lieu of which other
                  Securities have been authenticated and delivered pursuant to
                  this Indenture, other than any such Securities in respect of
                  which there shall have been presented to the Trustee proof
                  satisfactory to it that such Securities are held by a bona
                  fide purchaser in whose hands such Securities are valid
                  obligations of the Company:

provided, however, that in determining whether the Holders of the requisite
principal amount of Outstanding Securities have given any request, demand,
authorization, direction, notice, consent or waiver hereunder, the principal
amount of an Original Issue Discount Security that may be counted in making such
determination and that shall be deemed to be outstanding for such purposes shall
be equal to the amount of the principal thereof that could be declared to be due
and payable pursuant to the terms of such Original Issue Discount Security at
the time the taking of such action by the Holders of such requisite principal
amount is evidenced to the Trustee as provided in Section 1.4(a), and, provided
further, that Securities owned beneficially by the

                                       4
<PAGE>

Company or any other obligor upon the Securities or any Affiliate (other than
officers or directors of the Company) of the Company or such other obligor,
shall be disregarded and deemed not to be outstanding, except that, in
determining whether the Trustee shall be protected in 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 such other obligor. In the case of a dispute as to such right,
the advice of counsel shall be full protection in respect of any decision made
by the Trustee in accordance with such advice. Upon request of the Trustee, the
Company shall furnish to the Trustee promptly an Officers' Certificate listing
and identifying all securities known by the Company to be owned or held by or
for the account of any of the above-described persons; and, subject to the terms
of this Indenture, the Trustee shall be entitled to accept such Officer's
Certificate as conclusive evidence of the facts therein set forth and of the
fact that all Securities not listed therein are outstanding for the purpose of
any such determination.

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

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

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

                  "Predecessor Security" of any particular Security means every
previous Security evidencing all or a portion of the same debt as that evidenced
by such particular Security; and, for the purposes of this definition, any
Security authenticated and delivered under Section 3.6 in exchange for or in
lieu of a lost, destroyed, mutilated or stolen Security shall be deemed to
evidence the same debt as the lost, destroyed, mutilated or stolen Security.

                  "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 as determined pursuant
to the provisions of this Indenture.

                  "Registered Security" means any Security established pursuant
to Section 2.1 which is registered in the Security Register.

                  "Regular Record Date" for the interest payable on a Security
on any Interest Payment Date means the date, if any, specified in such Security
as the "Regular Record Date."

                                       5
<PAGE>

                  "Responsible Officer" when used with respect to the Trustee
means the president, any vice president (whether or not designated by a number
or a word or words added before or after the title "vice president"), the
secretary, any assistant secretary, the treasurer, any assistant treasurer, any
senior trust officer or trust officer, or any other officer of the Trustee
customarily performing functions similar to those performed by any of the above
designated officers and also means, with respect to a particular corporate trust
matter, any other officer to whom such matter is referred because of his
knowledge of and familiarity with the particular subject.

                  "Security" or "Securities" means any Security or Securities,
as the case may be, authenticated and delivered under this Indenture.

                  "Security Register" and "Security Registrar" have the
respective meanings specified in Section 3.5.

                  "Special Record Date" for the payment of any Defaulted
Interest on the Securities of any series means a dated fixed by the Trustee
pursuant to Section 3.7.

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

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

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

                  "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.

                  "United States" or "U.S." means the United States of America
(including the states and the District of Columbia), its territories and
possessions and other areas subject to its jurisdiction.

                  "United States Alien" means any Person who, for United States
Federal income tax purposes, is a foreign corporation, a non-resident alien
individual, a non-resident alien fiduciary of a foreign estate or trust, or a
foreign partnership one or more of the members of which is, for United States
Federal income tax purposes, a foreign corporation, a non-resident alien
individual or a non-resident alien fiduciary of a foreign estate or trust.

                                       6
<PAGE>

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

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

                  Section 1.2 Compliance Certificates and Opinions.

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

                  Every certificate or opinion with respect to compliance with a
condition or covenant provided for in this Indenture shall include:

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

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

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

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

                                       7
<PAGE>

                  Section 1.3 Form of Documents Delivered to Trustee.

                  In any case where several matters are required to be certified
by, or covered by an opinion of, any specified Person, it is not necessary that
all such matters be certified by, or covered by the opinion of, only one such
Person, or that they be so certified or covered by only one document, but one
such Person may certify or give an opinion with respect to some matters and one
or more other such Persons as to other matters, and any such Person may certify
or give an opinion as to such matters in one or several documents. Any
certificate or opinion of an officer of the Company may be based, insofar as it
relates to legal matters, upon a certificate or opinion of, or representations
by, counsel, unless such officer knows, or in the exercise of reasonable care
should know, that the certificate or opinion or representations with respect to
the matters upon which his certificate or opinion is based are erroneous. Any
such certificate or Opinion of Counsel may be based, insofar as it relates to
factual matters, upon a certificate or opinion of, or representations by, an
officer or officers of the Company, 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.

                  Any certificate, statement or opinion of an officer of the
Company or of counsel may be based insofar as it relates to accounting matters,
upon a certificate or opinion of or representations by a firm of accountants or
an accountant in the employ of the Company, unless such officer or counsel, as
the case may be, knows that the certificate or opinion or representations with
respect to the accounting matters upon which his certificate, statement or
opinion may be based as aforesaid are erroneous, or in the exercise of
reasonable care should know that the same are erroneous.

                  Any certificate or opinion of any independent firm of public
accountants filed with the Trustee shall contain a statement that such firm is
independent.

                  Section 1.4 Acts of Holders.

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

                                       8
<PAGE>

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

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

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

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

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

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

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

                  (b) the Company by the Trustee or by any Holder shall be
sufficient for every purpose hereunder (unless otherwise herein expressly
provided) if in writing and mailed, first-class postage prepaid, to the Company
addressed to the attention of its Treasurer 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.

                                       9
<PAGE>

                  Section 1.6 Notice to Holders of Securities; Waiver.

                  Except as otherwise expressly provided herein or in the form
of Securities of any particular series pursuant to the provisions of this
Indenture, where this Indenture provides for notice to Holders of Securities of
any event, such notice shall be sufficiently given to Holders of Securities if
in writing and mailed, first-class postage prepaid, to each Holder of a Security
affected by such event, at his address as it appears in the Security Register,
not later than the latest date, and not earlier than the earliest date,
prescribed for the giving of such notice.

                  In any case where notice to Holders of Securities is given by
mail, neither the failure to mail such notice, nor any defect in any notice so
mailed, to any particular Holder of a Security shall affect the sufficiency of
such notice with respect to other Holders of Securities. In the 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.

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

                  Section 1.7 Language of Notices, Etc.

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

                  Section 1.8 Conflict with Trust Indenture Act.

                  If any provision hereof limits, qualifies or conflicts with
another provision hereof which is required to be included in this Indenture by
any of the provisions of the Trust Indenture Act, such required provisions shall
control.

                  Section 1.9 Effect of Headings and Table of Contents.

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

                  Section 1.10 Successors and Assigns.

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

                                       10
<PAGE>

                  Section 1.11 Separability Clause.

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

                  Section 1.12 Benefits of Indenture.

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

                  Section 1.13 Governing Law.

                  This Indenture and the Securities shall be governed by and
construed in accordance with the laws of the State of New York.

                  Section 1.14 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 the
Securities other than a provision in the Securities which specifically states
that such provision shall apply in lieu of this Section) payment of interest or
any Additional Amounts 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, and
no interest shall accrue on the amount so payable for the period from and after
such Interest Payment Date, Redemption Date or Stated Maturity, as the case may
be.

                                   ARTICLE 2

                                 SECURITY FORMS

                  Section 2.1 Forms Generally.

                  The Securities, if any, of each series and Securities in
global form, if any, shall be in the form established by or pursuant to a Board
Resolution or in one or more indentures supplemental hereto, shall have
appropriate insertions, omissions, substitutions and other variations as are
required or permitted by this Indenture or any indenture supplemental hereto and
may have such letters, numbers or other marks of identification and such legends
or endorsements placed thereon as may, consistently herewith, be determined by
the officers of the Company executing such Securities, as evidenced by their
execution of such Securities. If the forms of the Securities of any 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

                                       11
<PAGE>

the Company Order contemplated by Section 3.3 for the authentication and
delivery of such Securities.

                  Unless otherwise provided as contemplated by Section 3.1 with
respect to any series of Securities, the Securities of each series shall be
issuable in registered form without coupons.

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

                  Section 2.2 Form of Trustee's Certificate of Authentication.

                  The Trustee's Certificate of Authentication shall be in
substantially the following form:

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

                                                 JPMORGAN CHASE BANK, as Trustee

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

                  Section 2.3 Securities in Global Form.

                  If Securities of a series are issuable in whole or in part in
global form, any such Security may provide that it shall represent the aggregate
amount of Outstanding Securities from time to time endorsed thereon and may also
provide that the aggregate amount of Outstanding Securities represented thereby
may from time to time be reduced to reflect exchanges or increased to reflect
the issuance of additional Securities. Any endorsement of a Security in global
form to reflect the amount, or any increase or decrease in the amount, of
Outstanding Securities represented thereby shall be made in such manner and by
such Person or Persons, as shall be specified therein or in the Company Order
delivered to the Trustee pursuant to Section 3.3.

                                   ARTICLE 3

                                 THE SECURITIES

                  Section 3.1 Amount Unlimited; Issuable in Series.

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

                                       12
<PAGE>

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

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

                  (b) the limit, if any, upon the aggregate principal amount of
the Securities of such title and the Securities of such 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 3.4, 3.5,
3.6, 9.6 or 11.7);

                  (c) whether Securities of the series may be issued in whole or
in part in global form and, if so, the identity of the Depositary for such
Securities in global form, and the terms and conditions, if any, upon which
interests in such Securities in global form may be exchanged, in whole or in
part, for the individual Securities represented thereby;

                  (d) the date or dates on which the principal of such
Securities is payable;

                  (e) the rate or rates at which such Securities shall bear
interest, if any, or method by which such rate or rates are determined, the date
or dates from which such interest shall accrue, the Interest Payment Dates on
which such interest shall be payable and the Regular Record Date for the
interest payable on Registered Securities on any Interest Payment Date, whether
and under what circumstances Additional Amounts on such securities shall be
payable in respect of specified taxes, assessments or other governmental charges
withheld or deducted and, if so, whether the Company has the option to redeem
the affected Securities rather than pay such Additional Amounts, and the basis
upon which interest shall be calculated if other than that of a 360-day year of
twelve 30-day months;

                  (f) the place or places, if any, in addition to or other than
the Borough of Manhattan, The City of New York, where the principal of (and
premium, if any) and interest on or Additional Amounts, if any, payable in
respect of such Securities shall be payable, where such Securities may be
surrendered for registration of transfer, where such Securities may be
surrendered for exchange and where notice and demands to or upon the Company, in
respect of such Securities and this Indenture, may be served and where notices
to Holders pursuant to Section 1.6 will be published;

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

                  (h) the obligation, if any, of the Company to redeem such
Securities pursuant to any sinking fund and the period or periods within which,
the price or prices at which and the terms and conditions upon which such
Securities shall be redeemed in whole or in part, pursuant to such obligation;

                                       13
<PAGE>

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

                  (j) if other than the principal amount thereof, the portion of
the principal amount of such Securities which shall be payable upon declaration
of acceleration of the Maturity thereof pursuant to Section 5.2;

                  (k) if the amount of payments of principal of (and premium, if
any) or interest, if any, on, and Additional Amounts in respect of such
Securities may be determined with reference to an index, formula or other method
other than that in which the Securities are stated to be payable, the manner in
which such amounts shall be determined;

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

                  (m) whether, and under what conditions, Additional Amounts
will be payable to Holders of Securities of such series pursuant to Section
10.4;

                  (n) any Events of Default with respect to Securities of such
series, if not otherwise set forth herein;

                  (o) the terms of subordination applicable to any series of
Securities; and

                  (p) any other terms of such Securities (which terms shall not
be inconsistent with the provisions of this Indenture).

                  All Securities of any one series shall be substantially
identical except as to denomination and the rate or rates of interest, if any,
redemption dates and sinking fund dates, if any, and Stated Maturity, the date
from which interest, if any, shall accrue, the amount that shall be payable upon
the declaration of acceleration and except as may otherwise be provided in or
pursuant to such Board Resolution and set forth in such Officers' Certificate or
in any such indenture supplemental hereto. All Securities of any one series need
not be issued at the same time and, unless otherwise provided, a series may be
reopened for issuances of additional Securities of such series.

                  If any of the terms of the Securities of any series were
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 such
series.

                  Section 3.2 Denominations.

                  Unless other denominations and amounts may from time to time
be fixed by or pursuant to a Board Resolution, the Registered Securities of each
series, if any, shall be issuable in registered form without coupons in
denominations of $1,000 and any integral multiple thereof.

                                       14
<PAGE>

                  Section 3.3 Execution, Authentication, Delivery and Dating.

                  The Securities shall be executed on behalf of the Company by
its Chairman of the Board, President, any Vice President or its Treasurer under
its corporate seal reproduced thereon and 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. The seal of the Company may be in the
form of a facsimile thereof and may be impressed, affixed, imprinted or
otherwise reproduced on the Securities. Typographical and other minor errors or
defects in any such reproduction of the seal or any such signature shall not
affect the validity or enforceability of any Security that has been duly
authenticated and delivered by the Trustee.

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

                  At any time and from time to time after the execution and
delivery of this Indenture, the Company may deliver Securities of any series,
executed by the Company, to the Trustee for authentication, together with the
Board Resolution and Officers' Certificate or supplemental indenture with
respect to such Securities referred to in Section 3.1 and a Company Order for
the authentication and delivery of such Securities, and the Trustee in
accordance with the Company Order and subject to the provisions hereof shall
authenticate and deliver such Securities. 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 6.1) shall be fully protected in relying upon, an Opinion of Counsel
stating,

                  (a) that the form and terms of such Securities have been
established in conformity with the provision of this Indenture;

                  (b) that all conditions precedent set forth in this Indenture
to the authentication and delivery of such Securities have been complied with
and 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 against the Company in accordance with their terms,
subject to bankruptcy, insolvency, moratorium, reorganization and other laws of
general applicability relating to or affecting the enforcement of creditors'
rights and to general equity principles; and

                  (c) as to such other matters as the Trustee may reasonably
request;

provided, however, that if all the Securities of any series are not to be issued
at one time, it shall not be necessary to deliver an Opinion of Counsel at the
time of issuance of each Security, but such Opinion of Counsel, with appropriate
modifications, may instead be delivered at or prior to the time of the first
issuance of Securities of such series.

                  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

                                       15
<PAGE>

reasonably acceptable to the Trustee or if the Trustee, being advised by
counsel, determines that such action may not lawfully be taken.

                  If the Company shall establish pursuant to Section 3.1 that
Securities of a series may be issued in whole or in part in global form, then
the Company shall execute and the Trustee shall, in accordance with this Section
and the Company Order with respect to such series, authenticate and deliver one
or more Securities in global from that (i) shall represent and shall be
denominated in an authorized aggregate amount equal to the aggregate principal
amount of the Outstanding Securities of such series and tenor to be represented
by one or more Securities in global form, (ii) shall be registered, in the name
of the Depositary for such Security or Securities in global form or the nominee
of such Depositary, (iii) shall be delivered to such Depositary or pursuant to
such Depositary's instruction and (iv) shall bear a legend substantially to the
following effect: "Unless and until it is exchanged in whole or in part for
Notes in certificated form, this Note may not be transferred except as a whole
by the Depositary to a nominee of the Depositary or by a nominee of the
Depositary to the Depositary or another nominee of the Depositary or by the
Depositary or any such nominee to a successor Depositary or a nominee of such
successor Depositary. Unless this certificate is presented by an authorized
representative of the Depository Trust Company (55 Water Street, New York, New
York) to the issuer or its agent for registration of transfer, exchange or
payment, and any certificate issued is registered in the name of CEDE & CO. or
such other name as requested by an authorized representative of the Depository
Trust Company and any payment is made to CEDE & CO., any transfer, pledge or
other use hereof for value or otherwise by or to any person is wrongful since
the registered owner hereof, CEDE & CO., has an interest herein." Each
Depositary designated pursuant to Section 3.1 for a Security in global form
must, at the time of its designation and at all times while it serves as
Depositary, be a clearing agency registered under the Securities Exchange Act of
1934 and any other applicable statute or regulation.

                  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 in Section 2.2 or 6.14 executed by or on behalf of the Trustee by the manual
signature of one of its authorized signatories, and such certificate upon any
Security shall be conclusive evidence, and the only evidence, that such Security
has been duly authenticated and delivered hereunder.

                  Section 3.4 Temporary Securities.

                  Pending the preparation of definitive Securities of any
series, the Company may execute and deliver to the Trustee, and upon Company
Order the Trustee shall authenticate and deliver, in the manner provided in
Section 3.3, temporary Securities of such series which are printed,
lithographed, typewritten, mimeographed or otherwise produced, in any authorized
denomination, substantially of the tenor of the definitive Securities in lieu of
which they are issued, in registered form without coupons and with such
appropriate insertions, omissions, substitutions and other variations as the
officers of the Company executing such Securities may determine, as evidenced by
their execution of such Securities. In the case of Securities of any

                                       16
<PAGE>

series, such temporary Securities may be in global form, representing all of the
Outstanding Securities of such series and tenor.

                  Except in the case of temporary Securities in global form,
which shall be exchanged in accordance with the provisions thereof, 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, the temporary Securities of such series
shall be exchangeable upon request for definitive Securities of such series
containing identical terms and provisions upon surrender of the temporary
Securities of such series at an office or agency of the Company maintained for
such purpose pursuant to Section 10.2, without charge to the Holder. Upon
surrender for cancellation of any one or more temporary Securities of any
series, the Company shall execute and the Trustee shall authenticate and deliver
in exchange therefor a like principal amount of definitive Securities of
authorized denominations of the same series containing identical terms and
provisions. Unless otherwise specified as contemplated by Section 3.1 with
respect to a temporary Security in global form, until so exchanged the temporary
Securities of any series shall in all respects be entitled to the same benefits
under this Indenture as definitive Securities of such series.

                  Section 3.5 Registration, Transfer and Exchange.

                  With respect to the Securities of each series, if any, the
Company shall cause to be kept, at an office or agency of the Company maintained
pursuant to Section 10.2, a register (herein sometimes referred to as the
"Security Register") in which, subject to such reasonable regulations as it may
prescribe, the Company shall provide for the registration of the Securities of
each series and of transfers of the Securities of each series. The Trustee is
hereby appointed "Security Registrar" for the purpose of registering Securities
and transfers and exchanges of Securities as herein provided; provided that the
Company may, from time to time, designate (or change any designation of) any
other Person or Persons to act as Security Registrar or co-Security Registrars
with respect to the Securities of one or more series, with notice to the Trustee
and as provided in Section 1.6 to the Holders. At all reasonable times the
Security Register shall be open for inspection by the Company. In the event that
the Trustee shall not be the Security Registrar, it shall have the right to
examine the Security Register at all reasonable times.

                  Upon surrender for registration of transfer of any Security of
any series at any office or agency of the Company maintained for that series
pursuant to Section 10.2, the Company shall execute, and the Trustee, at the
direction of the Company, shall authenticate and deliver, in the name of the
designated transferee or transferees, one or more new Securities of the same
series of an authorized denomination, of a like aggregate principal amount
bearing a number not contemporaneously outstanding and containing identical
terms and provisions.

                  Notwithstanding any other provision of this Section, unless
and until it is exchanged in whole or in part for the individual Securities
represented thereby, in definitive form, a Security in global form representing
all or a portion of the Securities of a series may not be transferred except as
a whole by the Depositary for such series to a nominee of such Depositary or by
a nominee of such Depositary to such Depositary or another nominee of such
Depositary or by such Depositary or any such nominee to a successor Depositary
for such series or a nominee of such successor Depositary.

                                       17
<PAGE>

                  At the option of the Holder, Securities of any series may be
exchanged for other Securities of the same series containing identical terms and
provisions, in any authorized denominations, and of a like aggregate principal
amount, upon surrender of the Securities to be exchanged at any such office or
agency of the Company maintained for that series pursuant to Section 10.2.
Whenever any Securities are so surrendered for exchange, the Company shall
execute, and the Trustee, at the direction of the Company, shall authenticate
and deliver, the Securities which the Holder making the exchange is entitled to
receive.

                  If at any time the Depositary for the Securities of a series
notifies the Company that it is unwilling or unable to continue as Depositary
for the Securities of such series or if at any time the Depositary for the
Securities of such series shall no longer be eligible under Section 3.3, the
Company, by Company Order, shall appoint a successor Depositary with respect to
the Securities of such series. If a successor Depositary for the Securities of
such series is not appointed by the Company within 90 days after the Company
receives such notice or becomes aware of such ineligibility, the Company's
election pursuant to Section 3.1(c) shall no longer be effective with respect to
the Securities of such series and the Company will execute, and the Trustee,
upon receipt of a Company Order for the authentication and delivery of
definitive Securities of such series, will authenticate and deliver, Securities
of such series in definitive form in an aggregate principal amount and of like
terms and tenor equal to the principal amount of the Security or Securities in
global form representing such series in exchange for such Security or Securities
in global form.

                  The Company may at any time and in its sole discretion
determine that individual Securities of any series issued in global form shall
no longer be represented by such Security or Securities in global form. In such
event the Company will execute, and the Trustee, upon receipt of a Company Order
for the authentication and delivery of individual definitive Securities of such
series and of the same terms and tenor, will authenticate and deliver individual
Securities of such series in definitive form in authorized denominations and in
an aggregate principal amount equal to the principal amount of the Security or
Securities in global form representing such series in exchange for such Security
or Securities in global form.

                  If specified by the Company pursuant to Section 3.1 with
respect to a series of Securities, the Depositary for such series of Securities
may surrender a Security in global form for such series of Securities in
exchange in whole or in part for individual Securities of such series in
definitive form and of like terms and tenor on such terms as are acceptable to
the Company, the Trustee and such Depositary. Thereupon, the Company shall
execute, and the Trustee upon receipt of a Company Order for the authentication
and delivery of individual definitive Securities of such series, shall
authenticate and deliver, without service charge:

                  (a) to the Depositary or to each Person specified by such
Depositary a new individual Security or Securities of the same series and of the
same tenor, of authorized denominations, in aggregate principal amount equal to
and in exchange for such Person's beneficial interest in the Security in global
form; and

                  (b) to such Depositary a new Security in global form in a
denomination equal to the difference, if any, between the principal amount of
the surrendered Security in global form and the aggregate principal amount of
the individual Securities delivered to Holders thereof.

                                       18
<PAGE>

                  In any exchange provided for in any of the preceding three
paragraphs, the Company will execute and the Trustee pursuant to a Company Order
will authenticate and deliver individual Securities in definitive registered
form in authorized denominations.

                  Upon the exchange of a Security in global form for Securities
in definitive form, at the direction of the Company, such Security in global
form shall be cancelled by the Trustee. Securities issued in exchange for a
Security in global form pursuant to this Section shall be registered in such
names and in such authorized denominations as the Depositary for such Security
in global form, pursuant to instructions from its direct or indirect
participants or otherwise, shall instruct the Trustee in writing. The Trustee
shall deliver such Securities to the persons in whose names such Securities are
so registered or to the Depositary.

                  Whenever any Securities are so surrendered for exchange, the
Company shall execute, and the Trustee, at the direction of the Company, 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 or redemption shall (if so required by the Company or
the Security Registrar for such series of Security presented) be duly endorsed,
or be accompanied by a written instrument of transfer in form satisfactory to
the Company and such Security Registrar duly executed by the Holder thereof or
his attorney duly authorized in writing.

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

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

                  Section 3.6 Mutilated, Destroyed, Lost and Stolen Securities.

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

                                       19
<PAGE>

                  If there be delivered to the Company and to the Trustee (i)
evidence to their satisfaction of the destruction, loss or theft of any
Security, 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 upon its request the Trustee
shall authenticate and deliver, in exchange for or in lieu of any such
destroyed, lost or stolen Security, a new Security of the same series containing
identical terms and of like principal amount and bearing a number not
contemporaneously outstanding.

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

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

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

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

                  Section 3.7 Payment of Interest; Interest Rights Preserved.

                  Interest on any Security which is payable, and is punctually
paid or duly provided for, on any Interest Payment Date shall, if so provided in
such Security, be paid to the Person in whose name that Security (or one or more
Predecessor Securities) is registered as of 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
for such Security (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 (a) or (b) below:

                  (a) The Company may elect to make payment of any Defaulted
Interest to the Persons in whose names the Securities affected (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 such Security
and the date of the proposed payment, and at the same time the Company shall
deposit with the Trustee an amount of money equal to the aggregate amount
proposed to be paid in respect of such

                                       20
<PAGE>

Defaulted Interest or shall make arrangements satisfactory to the Trustee for
such deposit prior to the date of the proposed payment, such money when
deposited to be held in trust for the benefit of the Persons entitled to such
Defaulted Interest as in this clause provided. Thereupon the Trustee shall fix a
Special Record Date for the payment of such Defaulted Interest which shall be
not more than 15 days and not less than 10 days prior to the date of the
proposed payment and not less than 10 days after the receipt by the Trustee of
the notice of the proposed payment. The Trustee shall promptly notify the
Company of such Special Record Date and, in the name and at the expense of the
Company, shall cause notice of the proposed payment of such Defaulted Interest
and the Special Record Date therefor to be mailed, first class postage prepaid,
to each Holder of such Securities at his address as it appears in the Security
Register not less than 10 days prior to such Special Record Date. The Trustee
may, in its discretion, in the name and at the expense of the Company, cause a
similar notice to be published at least once in a newspaper, customarily
published in the English language on each Business Day and of general
circulation in the Borough of Manhattan, The City of New York, but such
publication shall not be a condition precedent to the establishment of such
Special Record Date. Notice of the proposed payment of such Defaulted Interest
and the Special Record Date therefor having been mailed as aforesaid, such
Defaulted Interest shall be paid to the Persons in whose names such Securities
(or their respective Predecessor Securities) are registered at the close of
business on such Special Record Date and shall no longer be payable pursuant to
the following clause (b).

                  (b) The Company may make payment of any Defaulted Interest in
any other lawful manner not inconsistent with the requirements of any securities
exchange on which such 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 payment shall be deemed
practicable by the Trustee.

                  Interest on Securities of any series that bear interest may be
paid by mailing a check to the address of the person entitled thereto as such
address shall appear in the Security Register.

                  Subject to the foregoing provisions of this Section and
Section 3.5, 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 3.8 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 premium,
if any), and (subject to Sections 3.5 and 3.7) interest on and Additional
Amounts with respect to, 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.

                  None of the Company, the Trustee, any Authenticating Agent,
any Paying Agent, the Security Registrar or any co-Security Registrar will have
any responsibility or liability for

                                       21
<PAGE>

any aspect of the records relating to or payments made on account of beneficial
ownership interests of a Security in global form or for maintaining, supervising
or reviewing any records relating to such beneficial ownership interests and
each of them may act or refrain from acting without liability on any information
relating to such records provided by the Depositary.

                  Section 3.9 Cancellation.

                  All Securities surrendered for payment, redemption, repayment,
registration of transfer or exchange or for credit against any sinking fund
payment, if surrendered to any Person other than the Trustee, shall be delivered
to the Trustee, and any such Securities and Securities surrendered directly to
the Trustee for any such purpose shall be promptly cancelled by it. The Company
may at any time deliver to the Trustee for cancellation any Securities
previously authenticated and delivered hereunder which the Company may have
acquired in any manner whatsoever, and all Securities so delivered shall be
promptly cancelled by the Trustee at the direction of the Company. 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 destroyed by it unless by a
Company Order the Company directs their return to it.

                  Section 3.10 Computation of Interest.

                  Except as otherwise contemplated by Section 3.1 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 4

                           SATISFACTION AND DISCHARGE

                  Section 4.1 Satisfaction and Discharge of Indenture.

                  Upon the direction of the Company by a Company Order, this
Indenture shall cease to be of further effect (except as to any surviving rights
of registration of transfer or exchange of Securities herein expressly provided
for, rights, obligations, duties and immunities of the Trustee set forth in the
last paragraph of this Section and any right to receive Additional Amounts, as
provided in Section 10.4), and the Trustee, pursuant to a Company Order and at
the expense of the Company, shall execute proper instructions acknowledging
satisfaction and discharge of this Indenture, when

                  (a) either

                           (i) all Securities theretofore authenticated and
         delivered (other than (A) Securities which have been destroyed, lost or
         stolen and which have been replaced or paid as provided in Section 3.6,
         and (B) Securities for whose payment money has theretofore been
         deposited in trust or segregated and held in trust by the Company and
         thereafter repaid to the Company or discharged from such trust, as
         provided in Section 10.3) have been delivered to the Trustee for
         cancellation; or

                                       22
<PAGE>

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

                                    (1) have become due and payable, or

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

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

and the Company, in the case of (1), (2) or (3) above, has irrevocably deposited
or caused to be deposited with the Trustee as trust funds in trust for the
purpose an amount sufficient to pay and discharge, or U.S. Government
Obligations, maturing as to principal and paying interest in such amounts and at
such times as will insure the availability of cash sufficient to pay and
discharge, the entire indebtedness on such Securities not theretofore delivered
to the Trustee for cancellation, for principal (and premium, if any) and
interest, and any Additional Amounts with respect thereto, to the date of such
deposit (in the case of Securities which have become due and payable) or to the
Stated Maturity or Redemption Date, as the case may be;

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

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

                  In the event there are Securities of two or more series
hereunder, the Trustee shall be required to execute an instrument acknowledging
satisfaction and discharge of this Indenture only if requested to do so by
Company Order with respect to Securities of all series as to which it is Trustee
and if the other conditions thereto are met. In the event there are two or more
Trustees hereunder, then the effectiveness of any such instrument shall be
conditioned upon receipt of such instruments from all Trustees hereunder.

                  Notwithstanding the satisfaction and discharge of this
Indenture, the obligations of the Company to the Trustee under Section 6.7 and,
if money shall have been deposited with the Trustee pursuant to subclause (ii)
of clause (a) of this Section, the obligations of the Trustee under Section 4.2
and the last paragraph of Section 10.3 shall survive.

                  Section 4.2 Application of Trust Money.

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

                                       23
<PAGE>

and any interest and Additional Amounts for whose payment such money has been
deposited with the Trustee; but such money need not be segregated from other
funds except to the extent required by law.

                                   ARTICLE 5

                                    REMEDIES

                  Section 5.1 Events of Default.

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

                  (a) default in the payment of any interest on or any
Additional Amounts payable in respect of any of the Securities of such series as
and when such interest or Additional Amounts becomes due and payable, and
continuance of such default for a period of 30 days; or

                  (b) default in the payment of all or any part of the principal
of (and premium, if any, on) any of the Securities of such series as and when
the same becomes due and payable at Maturity, or default in the deposit of any
sinking fund payment, when and as due by the terms of any of the Securities of
such series; or

                  (c) default in the performance, or breach, of any covenant or
agreement of the Company in the Securities of such series or this Indenture
(other than a covenant or agreement a default in whose performance or whose
breach is elsewhere in this Section specifically dealt with), and continuance of
such default or breach for a period of 90 days after there has been given, by
registered or certified mail, return receipt requested, 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 to which covenant or agreement
relates 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

                  (d) a court having jurisdiction in the premises shall enter a
decree or order for relief in respect of the Company in an involuntary case or
proceeding under any applicable bankruptcy, insolvency, reorganization or other
similar law now or hereafter in effect, or appointing a receiver, liquidator,
assignee, custodian, trustee, sequestrator (or similar official) of the Company
or for any substantial part of its property, or ordering the winding-up or
liquidation of its affairs, and such decree or order shall remain unstayed and
in effect for a period of 90 consecutive days; or

                  (e) the Company shall commence a voluntary case or other
proceeding seeking liquidation, reorganization or other relief with respect to
itself or its debts under any bankruptcy, insolvency, reorganization or other
similar law now or hereafter in effect or seeking the appointment of a trustee,
receiver, liquidator, custodian, sequestrator or other similar official of it or
any substantial part of its property, or shall consent to any such relief or to
the

                                       24
<PAGE>

appointment of or taking possession by any such official in an involuntary case
or other proceeding commenced against it, or shall make a general assignment for
the benefit of creditors, or shall fail generally to pay its debts as they
become due, or shall take any corporate action to authorize any of the
foregoing; or

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

                  Section 5.2 Acceleration of Maturity; Rescission and
Annulment.

                  If an Event of Default described in clause (a), (b) or (c)
above (if the Event of Default under clause (c) above is with respect to less
than all series of Securities then outstanding) occurs and is continuing, then,
and in each and every case, unless the principal of all of the Securities of
such series shall have already become due and payable, either the Trustee or the
Holders of not less than 25% in aggregate principal amount of the Outstanding
Securities of such series (each such series voting as a separate class in the
case of an Event of Default under clause (a) or (b) and all such series voting
as one class in the case of an Event of Default under clause (c)), by notice in
writing to the Company (and to the Trustee if given by such Holders), may
declare the entire principal of all Securities of such series, or such lesser
amount as may be provided for in the Securities of that series, and the interest
accrued thereon to be due and payable immediately, and upon any such declaration
the same shall become immediately due and payable.

                  If an Event of Default described in clause (c) above with
respect to all series of Outstanding Securities, or any Event of Default
described in clause (d) or (e) above occurs and is continuing, then, and in each
and every such case, unless the principal of all the Securities shall have
already become due and payable, either the Trustee or the Holders of not less
than 25% in aggregate principal amount of all the Outstanding Securities
(treated as one class), by notice in writing to the Company (and to the Trustee
if given by such Holders), may declare the entire principal of all the
Outstanding Securities, or such lesser amount as may be provided for in the
Securities, and interest accrued thereon to be due and payable immediately, and
upon any such declaration the same 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, each series voting as a
separate class (or of all Securities, as the case may be, voting as a single
class), by written notice to the Company and the Trustee, may waive all defaults
with respect to such series (or with respect to all Securities, as the case may
be) and rescind and annul such declaration and its consequences if:

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

                                       25
<PAGE>

                           (i) all overdue installments of interest on and any
         Additional Amounts payable in respect of all Securities of that series
         (or upon all the Securities, as the case may be),

                           (ii) the principal of (and premium, if any, on) any
         Securities of that series (or upon all the Securities, as the case may
         be) which have become due otherwise than by such declaration of
         acceleration and interest thereon at the rate or rates borne by or
         provided for in such Securities,

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

                           (iv) 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

                  (b) all Events of Default with respect to Securities, other
than the non-payment of the principal of Securities which has become due solely
by such declaration of acceleration, have been cured or waived as provided in
Section 5.13.

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

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

                  The Company covenants that if

                  (a) default is made in the payment of any installment of
interest on or any Additional Amounts payable in respect of any Security when
such interest or Additional Amounts shall have become due and payable and such
default continues for a period of 30 days, or

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

the Company will, upon demand of the Trustee, pay to it, for the benefit of the
Holders of such Securities the whole amount then due and payable on such
Securities for principal (and premium, if any) and interest and Additional
Amounts, if any, with interest upon the overdue principal (and premium, if any)
and, to the extent that payment of such interest shall be legally enforceable,
upon overdue installments of interest or any Additional Amounts, at the rate or
rates borne by or provided for 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 the Company fails to pay such amounts forthwith upon such
demand, the Trustee, in its own name and as trustee of an express trust, may
institute a judicial proceeding for the collection of the sums so due and
unpaid, and may prosecute such proceeding to judgment or

                                       26
<PAGE>

final decree, and may enforce the same against the Company or any other obligor
upon such Securities and collect the moneys adjudged or decreed to be payable in
the manner provided by law out of the property of the Company or any other
obligor upon such Securities, wherever situated.

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

                  Section 5.4 Trustee May File Proofs of Claim.

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

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

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

and any receiver, assignee, trustee, liquidator, sequestrator (or other similar
official) in any such judicial proceeding is hereby authorized by each Holder of
Securities to make such payments to the Trustee and, in the event that the
Trustee shall consent to the making of such payments directly to the Holders of
Securities, to pay to the Trustee any amount due to it for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel and any other amounts due the Trustee under Section 6.7.

                  Nothing herein contained shall be deemed to authorize the
Trustee to authorize or consent to or accept or adopt on behalf of any Holder of
a Security 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 of a Security in any
such proceeding.

                                       27
<PAGE>

                  Section 5.5 Trustee May Enforce Claims Without Possession of
Securities.

                  All rights of action and claims under this Indenture or any of
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 or
judgment shall, after provision for the payment of the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel, be
for the ratable benefit of the Holders of the Securities in respect of which
such judgment has been recovered.

                  Section 5.6 Application of Money Collected.

                  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
(and premium, if any), interest or any Additional Amounts, upon presentation of
the Securities and the notation thereon of the payment if only partially paid
and upon surrender thereof if fully paid:

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

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

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

                  Section 5.7 Limitation on Suits.

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

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

                  (b) 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;

                  (c) 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;

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

                                       28
<PAGE>

                  (e) 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 such
Holders or Holders of any other series, or to obtain or to seek to obtain
priority or preference over any other Holders or to enforce any right under this
Indenture, except in the manner herein provided and for the equal and ratable
benefit of all such Holders.

                  Section 5.8 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 premium, if any) and
(subject to Sections 3.5 and 3.7) interest on and any Additional Amounts in
respect of such Security on the respective Stated Maturity or Maturities
expressed in such Security (or, in the case of redemption, on the Redemption
Date) and to institute suit for the enforcement of any such payment, and such
right shall not be impaired without the consent of such Holder.

                  Section 5.9 Restoration of Rights and Remedies.

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

                  Section 5.10 Rights and Remedies Cumulative.

                  Except as provided in Section 5.7 and except as otherwise
provided with respect to the replacement or payment of mutilated, destroyed,
lost or stolen Securities in the last paragraph of Section 3.6, no right or
remedy herein conferred upon or reserved to the Trustee or to the Holders of
Securities is intended to be exclusive of any other right or remedy, and every
right and remedy shall, to the extent permitted by law, be cumulative and in
addition to every other right and remedy given hereunder or now or hereafter
existing at law or in equity or otherwise. The assertion or employment of any
right or remedy hereunder, or otherwise, shall not prevent the concurrent
assertion or employment of any other appropriate right or remedy.

                  Section 5.11 Delay or Omission Not Waiver.

                  No delay or omission of the Trustee or of any Holder of any
Security to exercise any right or remedy accruing upon any Event of Default
shall impair any such right or remedy or constitute a waiver of any such Event
of Default or an acquiescence therein. Every right and

                                       29
<PAGE>

remedy given by this Article or by law to the Trustee or to the Holders of
Securities may be exercised from time to time, and as often as may be deemed
expedient, by the Trustee or by the Holders of Securities.

                  Section 5.12 Control by Holders of Securities.

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

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

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

                  (c) such direction is not unduly prejudicial to the rights of
other Holders of Securities of such series.

                  Section 5.13 Waiver of Past Defaults.

                  Prior to a declaration of acceleration of the Maturity of the
Securities of any series as provided in Section 5.2, the Holders of not less
than a majority in principal amount of Outstanding Securities of any series
(each series voting as a separate class) may on behalf of the Holders of all the
Securities of such series waive any past default or Event of Default described
in clause (c) of Section 5.1 which relates to less than all of the series of
Outstanding Securities, or the Holders of not less than a majority in principal
amount of all Outstanding Securities (voting as one class) may on behalf of all
Holders waive any past default or Event of Default described in said clause (c)
(which relates to all series of Outstanding Securities) or in clause (d) or (e)
of Section 5.1, except a default

                  (a) in the payment of the principal of (and premium, if any)
or interest on or Additional Amounts payable in respect of any Security of such
series, or

                  (b) 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 5.14 Undertaking for Costs.

                  All parties to this Indenture agree, and each Holder of any
Security by his acceptance thereof shall be deemed to have agreed, that any
court may in its discretion require, in

                                       30
<PAGE>

any suit for the enforcement of any right or remedy under this Indenture, or in
any suit against the Trustee for any action taken, suffered or omitted by it as
Trustee, the filing by any party litigant in such suit, other than the Trustee,
of an undertaking to pay the costs of such suit, and that such court may in its
discretion assess reasonable costs, including reasonable attorneys' fees,
against any party litigant in such suit, including the Trustee, having due
regard to the merits and good faith of the claims or defenses made by such party
litigant; but the provisions of this Section shall not apply to any suit
instituted by the Company, the Trustee or by any Holder, or group of Holders,
holding in the aggregate more than 10% in principal amount of the Outstanding
Securities of any series, or to any suit instituted by any Holder of any
Security for the enforcement of the payment of the principal of (and premium, if
any) or interest on or any Additional Amounts in respect of any Security on or
after the respective Stated Maturity or Maturities expressed in such Security
(or, in the case of redemption, on or after the Redemption Date) or interest on
any overdue principal of any Security.

                                   ARTICLE 6

                                  THE TRUSTEE

                  Section 6.1 Certain Duties and Responsibilities.

                  (a) Except during the continuance of an Event of Default,

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

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

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

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

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

                                       31
<PAGE>

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

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

                           (iv)     no provision of this Indenture shall require
         the Trustee to expend or risk its own funds or otherwise incur any
         financial liability in the performance of any of its duties hereunder,
         or in the exercise of any of its rights or powers, if it shall have
         reasonable grounds for believing that repayment of such funds or
         adequate indemnity against such risk or liability is not reasonably
         assured to it.

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

                  Section 6.2 Notice of Defaults.

                  Within 90 days after the occurrence of any default hereunder
with respect to the Securities of any series, the Trustee shall transmit by mail
to all Holders of Securities of such series entitled to receive reports pursuant
to Section 7.3(c), notice of such default hereunder known to the Trustee, unless
such default shall have been cured or waived; provided, however, that, except in
the case of a default in the payment of the principal of (and premium, if any)
or interest on, or any Additional Amounts with respect to, any Security of such
series or in the payment of any sinking fund installment with respect to
Securities of such series, the Trustee shall be protected in withholding such
notice if and so long as the board of directors, the executive committee or a
trust committee of directors and responsible officers of the Trustee in good
faith determine that the withholding of such notice is in the interests of the
Holders of Securities of such series; and provided further, that in the case of
any default of the character specified in Section 5.1(c) 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 6.3 Certain Rights of Trustee.

                  Except as otherwise provided in Section 6.1:

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

                                       32
<PAGE>

                  (b) any request or direction of the Company mentioned herein
shall be sufficiently evidenced by a Company Request or Company Order (other
than delivery of any Security to the Trustee for authentication and delivery
pursuant to Section 3.3, 3.5 or 3.6 which shall be sufficiently evidenced as
provided therein) and any resolution of the Board of Directors may be
sufficiently evidenced by a Board Resolution;

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

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

                  (e) the Trustee shall be under no obligation to exercise any
of the rights or powers vested in it by this Indenture at the request or
direction of any of the Holders of Securities of any series 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;

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

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

                  Section 6.4 Not Responsible for Recitals or Issuance of
Securities.

                  The recitals contained herein and in the Securities, except
the Trustee's certificate 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 6.5 May Hold Securities.

                  The Trustee, any Authenticating Agent, any Paying Agent, any
Security Registrar or any other agent of the Company, in its individual or any
other capacity, may become the

                                       33
<PAGE>

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

                  Section 6.6 Money Held in Trust.

                  Money held by the Trustee or any Paying Agent in trust
hereunder need not be segregated from other funds except to the extent required
by law. Neither the Trustee nor any Paying Agent shall be under any liability
for interest on any money received by it hereunder except as otherwise agreed
with the Company.

                  Section 6.7 Compensation and Reimbursement.

                  The Company agrees

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

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

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

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

                  Section 6.8 Disqualifications; 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 6.9 Corporate Trustee Required; Eligibility.

                  There shall at all times be a Trustee hereunder which shall be
a corporation organized and doing business under the laws of the United States
of America, any State or the District of Columbia, authorized under such laws to
exercise corporate trust powers, having a

                                       34
<PAGE>

combined capital and surplus of at least $50,000,000 and subject to supervision
or examination by Federal or State authority. If such corporation publishes
reports of condition at least annually, pursuant to law or to the requirements
of said supervising or examining authority, then for the purposes of this
Section, the combined capital and surplus of such corporation shall be deemed to
be its combined capital and surplus as set forth in its most recent report of
condition so published. If at any time the Trustee shall cease to be eligible in
accordance with the provisions of this Section, it shall resign immediately in
the manner and with the effect hereinafter specified in this Article.

                  Section 6.10 Resignation and Removal; Appointment of
Successor.

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

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

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

                  (d) If at any time:

                           (i) the Trustee shall fail to comply with Section 6.8
         after written request therefor by the Company or by any Holder of a
         Security who has been a bona fide Holder of a Security for at least six
         months, or

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

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

then, in any such case, (i) the Company by a Board Resolution may remove the
Trustee with respect to all Securities, or (ii) subject to Section 5.14, any
Holder of a Security who has been a bona fide Holder of a Security of any series
for at least six months may, on behalf of himself and all others similarly
situated, petition any court of competent jurisdiction for the removal of the
Trustee with respect to all Securities of such series and the appointment of a
successor Trustee or Trustees. Such courts may thereupon, after such notice, if
any, as it may deem proper, remove the Trustee and appoint a successor Trustee
with respect to such Securities.

                                       35
<PAGE>

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

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

                  Section 6.11 Acceptance of Appointment by Successor.

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

                  (b) In case of the appointment hereunder of a successor
Trustee with respect to the Securities of one or more (but not all) series, the
Company, the retiring Trustee and each successor Trustee with respect to the
Securities of one or more series shall execute and deliver an indenture
supplemental hereto wherein each successor Trustee shall accept such appointment
and which (1) shall contain such provisions as shall be necessary or desirable
to transfer and confirm

                                       36
<PAGE>

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, that each such Trustee shall be trustee of a trust or trusts hereunder
separate and apart from any trust or trusts hereunder administered by any other
such Trustee and that no Trustee shall be responsible for any notice given to,
or received by, or any act or failure to act on the part of any other Trustee
hereunder, and upon the execution and delivery of such supplemental indenture
the resignation or removal of the retiring Trustee shall become effective to the
extent provided therein, such retiring Trustee shall with respect to the
Securities of that or those series to which the appointment of such successor
Trustee relates have no further responsibility for the exercise of rights and
powers or for the performance of the duties and obligations vested in the
Trustee under this Indenture other than as hereinafter expressly set forth, and
each such successor Trustee without any further act, deed or conveyance, shall
become vested with all the rights, powers, trusts and duties of the retiring
Trustee with respect to the Securities of that or those series to which the
appointment of such successor Trustee relates; but, on request of the Company or
any successor Trustee, such retiring Trustee shall duly assign, transfer and
deliver to such successor Trustee, to the extent contemplated by such
supplemental indenture, the property and money held by such retiring Trustee
hereunder with respect to the Securities of that or those series to which the
appointment of such successor Trustee relates.

                  (c) Upon request of any such successor Trustee, the Company
shall execute any and all instruments for more fully and certainly vesting in
and confirming to such successor Trustee all such rights, powers and trusts
referred to in paragraph (a) or (b) of this Section, as the case may be.

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

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

                  Any corporation into which the Trustee may be merged or
converted or with which it may be consolidated, or any corporation resulting
from any merger, conversion or consolidation to which the Trustee shall be a
party, or any corporation succeeding to all or substantially all of the
corporate trust business of the Trustee, by sale or otherwise, 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

                                       37
<PAGE>

authenticated with the same effect as if such successor Trustee had itself
authenticated such Securities.

                  Section 6.13 Preferential Collection of Claims Against
Company.

                  (a) Subject to Subsection (b) of this Section, if the Trustee
shall be or shall become a creditor, directly or indirectly, secured or
unsecured, of the Company within four months prior to a default, as defined in
Subsection (c) of this Section, or subsequent to such a default, then, unless
and until such default shall be cured, the Trustee shall set apart and hold in a
special account for the benefit of the Trustee individually, the Holders of the
Securities and the holders of other indenture securities (as defined in
Subsection (c) of this Section):

                           (i) an amount equal to any and all reductions in the
         amount due and owing upon any claim as such creditor in respect of
         principal or interest, effected after the beginning of such four month
         period and valid as against the Company and its other creditors, except
         any such reduction resulting from the receipt or disposition of any
         property described in paragraph (ii) of this Subsection, or from the
         exercise of any right of set-off which the Trustee could have exercised
         if a petition in bankruptcy had been filed by or against the Company
         upon the date of such default; and

                           (ii) all property received by the Trustee in respect
         of any claim as such creditor, either as security therefor, or in
         satisfaction or composition thereof, or otherwise, after the beginning
         of such four-month period, or an amount equal to the proceeds of any
         such property, if disposed of, subject, however, to the rights, if any,
         of the Company and its other creditors in such property or such
         proceeds.

                  Nothing herein contained, however, shall affect the right of
the Trustee:

                           (iii) to retain for its own account (i) payments made
         on account of any such claim by any Person (other than the Company) who
         is liable thereon, and (ii) the proceeds of the bona fide sale of any
         such claim by the Trustee to a third person, and (iii) distributions
         made in cash, securities or other property in respect of claims filed
         against the Company in bankruptcy or receivership or in proceedings for
         reorganization pursuant to the Federal Bankruptcy Code or applicable
         State law;

                           (iv) to realize, for its own account, upon any
         property held by it as security for any such claim, if such property
         was so held prior to the beginning of such four-month period;

                           (v) to realize, for its own account, but only to the
         extent of the claim hereinafter mentioned, upon any property held by it
         as security for any such claim, if such claim was created after the
         beginning of such four month period and such property was received as
         security therefor simultaneously with the creation thereof, and if the
         Trustee shall sustain the burden of proving that at the time such
         property was so received the Trustee had no reasonable cause to believe
         that a default, as defined in Subsection (c) of this Section, would
         occur within four months; or

                                       38
<PAGE>

                           (vi) to receive payment on any claim referred to in
         paragraph (ii) or (iii), against the release of any property held as
         security for such claim as provided in paragraph (ii) or (iii), as the
         case may be, to the extent of the fair value of such property.

                  For the purposes of paragraphs (ii), (iii) and (iv)
immediately above, property substituted after the beginning of such four-month
period for property held as security at the time of such substitution shall, to
the extent of the fair value of the property released, have the same status as
the property released, and, to the extent that any claim referred to in any of
such paragraphs is created in renewal of or in substitution for or for the
purpose of repaying or refunding any pre-existing claim of the Trustee as such
creditor, such claim shall have the same status as such pre-existing claim.

                  If the Trustee shall be required to account, the funds and
property held in such special account and the proceeds thereof shall be
apportioned between the Trustee, the Holders of Securities and the holders of
other indenture securities in such manner that the Trustee, the Holders of
Securities and the holders of other indenture securities realize, as a result of
payments from such special account and payments of dividends on claims filed
against the Company in bankruptcy or receivership or in proceedings for
reorganization pursuant to the Federal Bankruptcy Code or applicable State law,
the same percentage of their respective claims, figured before crediting to the
claim of the Trustee anything on account of the receipt by it from the Company
of the funds and property in such special account and before crediting to the
respective claims of the Trustee and the Holders of Securities and the holders
of other indenture securities dividends on claims filed against the Company in
bankruptcy or receivership or in proceedings for reorganization pursuant to the
Federal Bankruptcy Code or applicable State law, but after crediting thereon
receipts on account of the indebtedness represented by their respective claims
from all sources other than from such dividends and from funds and property so
held in such special account. As used in this paragraph, with respect to any
claim, the term "dividends" shall include any distribution with respect to such
claim, in bankruptcy or receivership or proceedings for reorganization pursuant
to the Federal Bankruptcy Code or applicable State law, whether such
distribution is made in cash, securities or other property, but shall not
include any such distribution with respect to the secured portion, if any, of
such claim. The court in which such bankruptcy, receivership or proceedings for
reorganization is pending shall have jurisdiction (i) to apportion between the
Trustee and the Holders of Securities and the holders of other indenture
securities, in accordance with the provisions of this paragraph, the funds and
property held in such special account and proceeds thereof, or (ii) in lieu of
such apportionment, in whole or in part, to give to the provisions of this
paragraph due consideration in determining the fairness of the distributions to
be made to the Trustee and the Holders of Securities and the holders of other
indenture securities with respect to their respective claims, in which event it
shall not be necessary to liquidate or to appraise the value of any securities
or other property held in such special account or as security for any such
claim, or to make a specific account or as security for any such claim, or to
make a specific allocation of such distributions as between the secured and
unsecured portions of such claims, or otherwise to apply the provisions of this
paragraph as a mathematical formula.

                  Any Trustee which has resigned or been removed after the
beginning of such four-month period shall be subject to the provisions of this
Subsection as though such resignation or removal had not occurred. If any
Trustee has resigned or been removed prior to the beginning

                                       39
<PAGE>

of such four-month period, it shall be subject to the provisions of this
Subsection if and only if the following conditions exist:

                                    (1) the receipt of property or reduction of
                  claim, which would have given rise to the obligation to
                  account, if such Trustee had continued as Trustee, occurred
                  after the beginning of such four month period; and

                                    (2) such receipt of property or reduction of
                  claim occurred within four months after such resignation or
                  removal.

                  (b) There shall be excluded from the operation of Subsection
(a) of this Section a creditor relationship arising from:

                           (i) the ownership or acquisition of securities issued
         under any indenture, or any security or securities having a maturity of
         one year or more at the time of acquisition by the Trustee;

                           (ii) advances authorized by a receivership or
         bankruptcy court of competent jurisdiction, or by this Indenture, for
         the purpose of preserving any property which shall at any time be
         subject to the lien of this Indenture or of discharging tax liens or
         other prior liens or encumbrances thereon, if notice of such advances
         and of the circumstances surrounding the making thereof is given to the
         Holders of Securities at the time and in the manner provided in this
         Indenture;

                           (iii) disbursements made in the ordinary course of
         business in the capacity of trustee under an indenture, transfer agent,
         registrar, custodian, paying agent, fiscal agent or depositary, or
         other similar capacity;

                           (iv) an indebtedness created as a result of services
         rendered or premises rented; or an indebtedness created as a result of
         goods or securities sold in a cash transaction, as defined in
         Subsection (c) of this Section;

                           (v) the ownership of stock or of other securities of
         a corporation organized under the provisions of Section 25(a) of the
         Federal Reserve Act, as amended, which is directly or indirectly a
         creditor of the Company; or

                           (vi) the acquisition, ownership, acceptance or
         negotiation of any drafts, bills of exchange, acceptances or
         obligations which fall within the classification of self-liquidating
         paper as defined in Subsection (c) of this Section.

                  (c) For the purpose of this Section only:

                           (i) the term "default" means any failure to make
         payment in full of the principal of or interest on any of the
         Securities or upon the other indenture securities when and as such
         principal or interest becomes due and payable;

                           (ii) the term "other indenture securities" means
         securities upon which the Company is an obligor outstanding under any
         other indenture (i) under which

                                       40
<PAGE>

         indenture and as to which securities the Trustee is also trustee, (ii)
         which contains provisions substantially similar to the provisions of
         this Section, and (iii) under which a default exists at the time of the
         apportionment of the funds and property held in such special account;

                           (iii) the term "cash transaction" means any
         transaction in which full payment for goods or securities sold is made
         within seven days after delivery of the goods or securities in currency
         or in checks or other orders drawn upon banks or bankers and payable
         upon demand;

                           (iv) the term "self-liquidating paper" means any
         draft, bill of exchange, acceptance or obligation which is made, drawn,
         negotiated or incurred by the Company for the purpose of financing the
         purchase, processing, manufacture, shipment, storage or sale of goods,
         wares or merchandise and which is secured by documents evidencing title
         to, possession of, or lien upon, the goods, wares or merchandise or the
         receivables or proceeds arising from the sale of the goods, wares or
         merchandise previously constituting the security, provided the security
         is received by the Trustee simultaneously with the creation of the
         creditor relationship with the Company arising from the making,
         drawing, negotiating or incurring of the draft, bill of exchange,
         acceptance or obligation;

                           (v) the term "Company" means any obligor upon the
         Securities; and

                           (vi) the term "Federal Bankruptcy Code" means the
         Bankruptcy Code of 1978, as amended, or Title 11 of the United States
         Code.

                  Section 6.14 Appointment of Authenticating Agent

                  The Trustee may appoint an Authenticating Agent or Agents with
respect to one or more series of Securities which shall be authorized to act on
behalf of the Trustee to authenticate Securities of such series issued upon
original issue or exchange, registration of transfer or partial redemption
thereof or pursuant to Section 3.6, and Securities so authenticated shall be
entitled to the benefits of this Indenture and shall be valid and obligatory for
all purposes as if authenticated by the Trustee hereunder. Wherever reference is
made in this Indenture to the authentication and delivery of Securities by the
Trustee or the Trustee's certificate of authentication, such reference shall be
deemed to include authentication and delivery on behalf of the Trustee by an
Authenticating Agent and a certificate of authentication executed on behalf of
the Trustee by an Authenticating Agent. Each Authenticating Agent shall be
acceptable to the Company and shall at all times be a corporation organized and
doing business under the laws of the United States of America, any State thereof
or the District of Columbia, authorized under such laws to act as Authenticating
Agent, having a combined capital and surplus of not less than $50,000,000 and
subject to supervision or examination by Federal or State authority. If such
Authenticating Agent publishes reports of condition at least annually, pursuant
to law or to the requirements of said supervising or examining authority, then
for the purposes of this Section, the combined capital and surplus of such
Authenticating Agent shall be deemed to be its combined capital and surplus as
set forth in its most recent report of condition so published. If at any time an
Authenticating Agent shall cease to be eligible in accordance with the
provisions of

                                       41
<PAGE>

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, by sale
or otherwise, shall continue to be an Authenticating Agent, provided such
corporation shall be otherwise eligible under this Section, without the
execution or filing of any paper or any further act on the part of the Trustee
or the Authenticating Agent.

                  An Authenticating Agent may resign at any time by giving
written notice thereof to the Trustee and to the Company. The Trustee may at any
time terminate the agency of an Authenticating Agent by giving written notice
thereof to such Authenticating Agent and to the Company. Upon receiving such a
notice of resignation or upon such a termination, or in case at any time such
Authenticating Agent shall cease to be eligible in accordance with the
provisions of this Section, the Trustee may appoint a successor Authenticating
Agent which shall be acceptable to the Company and shall mail written notice of
such appointment by first-class mail, postage prepaid, to all Holders of
Securities, if any, 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 each Authenticating Agent from time
to time reasonable compensation for its services under this Section, and the
Trustee shall be entitled to be reimbursed for such payments, subject to the
provisions of Section 6.7.

                  The provisions of Sections 3.8, 6.4 and 6.5 shall be
applicable to each Authenticating Agent.

                  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
alternate 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.

                                                     [NAME OF TRUSTEE]

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

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

                                       42
<PAGE>

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

                  If all of the Securities of any series may not be originally
issued at one time, and if the Trustee does not have an office capable of
authenticating Securities upon original issuance located in a Place of Payment
where the Company wishes to have Securities of such series authenticated upon
original issuance, the Trustee, if so requested in writing (which writing need
not comply with Section 1.2) by the Company, shall appoint in accordance with
this Section 6.14 an Authenticating Agent having an office in a Place of Payment
designated by the Company with respect to such series of Securities.

                                   ARTICLE 7

                HOLDERS' LISTS AND REPORTS BY TRUSTEE AND COMPANY

                  Section 7.1 Company To Furnish Trustee Names and Addresses of
Holders.

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

                  (a) semi-annually, not later than June 15 and December 15 each
year, a list, 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 June 1 and
December 1 preceding such June 15 or December 15, and

                  (b) at such other times as the Trustee may request in writing,
within 30 days after the receipt by the Company of any such request, a list of
similar form and content as of a date not more than 15 days prior to the time
such list is furnished, provided, however, that, so long as the Trustee is the
Security Registrar, no such list shall be required to be furnished.

                  Section 7.2 Preservation of Information; Communications to
Holders.

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

                  (b) If three or more Holders of Securities of any series
(hereinafter referred to as "applicants") apply in writing to the Trustee, and
furnish to the Trustee reasonable proof that each such applicant has owned a
Security of such series for a period of at least six months preceding the date
of such application, and such application states that the applicants desire to
communicate with other Holders of Securities of such series or with the Holders
of all Securities with respect to their rights under this Indenture or under the
Securities and is accompanied by a copy of the form of proxy or other
communication which such applicants propose to transmit, then the Trustee shall,
within five business days after the receipt of such application, at its
election, either

                                       43
<PAGE>

                           (i) afford such applicants access to the information
         preserved at the time by the Trustee in accordance with Section 7.2(a),
         or

                           (ii) inform such applicants as to the approximate
         number of Holders of Securities whose names and addresses appear in the
         information preserved at the time by the Trustee in accordance with
         Section 7.2(a), and as to the approximate cost of mailing to such
         Holders the form of proxy or other communication, if any, specified in
         such application.

                  If the Trustee shall elect not to afford such applicants
access to such information, the Trustee shall, upon written request of such
applicants, mail to each Holder of Securities whose name and address appears in
the information preserved at the time by the Trustee in accordance with Section
7.2(a), a copy of the form of proxy or other communication which is specified in
such request, with reasonable promptness after a tender to the Trustee of the
material to be mailed and of payment, or provision for the payment, of the
reasonable expenses of mailing, unless within five days after such tender the
Trustee shall mail to such applicants and file with the Commission, together
with a copy of the material to be mailed, a written statement to the effect
that, in the opinion of the Trustee, such mailing would be contrary to the best
interests of the Holders of Securities or would be in violation of applicable
law. Such written statement shall specify the basis of such opinion. If the
Commission, after opportunity for a hearing upon the objections specified in the
written statement so filed, shall enter an order refusing to sustain any of such
objections or if, after the entry of an order sustaining one or more of such
objections, the Commission shall find, after notice and opportunity for hearing,
that all the objections so sustained have been met and shall enter an order so
declaring, the Trustee shall mail copies of such material to all such Holders of
Securities with reasonable promptness after the entry of such order and the
renewal of such tender; otherwise the Trustee shall be relieved of any
obligation or duty to such applicants respecting their application.

                  (c) 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 Paying Agent nor any Security Registrar shall be held
accountable by reason of the disclosure of any such information as to the names
and addresses of the Holders of Securities in accordance with Section 7.2(b),
regardless of the source from which such information was derived, and that the
Trustee shall not be held accountable by reason of mailing any material pursuant
to a request made under Section 7.2(b).

                  Section 7.3 Reports by Trustee.

                  (a) Within 60 days after May 15 of each year commencing with
the year 200_, the Trustee shall transmit by mail to all Holders of Securities,
if required by Section 313(a) of the Trust Indenture Act and as provided in
Subsection (c) of this Section, a brief report dated as of such May 15 with
respect to:

                           (i) its eligibility under Section 6.9 and its
         qualifications under Section 6.8, or in lieu thereof, if to the best of
         its knowledge it has continued to be eligible and qualified under said
         Sections, a written statement to such effect;

                                       44
<PAGE>

                           (ii) the character and amount of any advances (and if
         the Trustee elects so to state, the circumstances surrounding the
         making thereof) made by the Trustee (as such) which remain unpaid on
         the date of such report, and for the reimbursement of which it claims
         or may claim a lien or charge, prior to that of the Securities, on any
         property or funds held or collected by it as Trustee, except that the
         Trustee shall not be required (but may elect) to report such advances
         if such advances so remaining unpaid aggregate not more than 1/2 of 1%
         of the principal amount of the Securities Outstanding on the date of
         such report;

                           (iii) the amount, interest rate and maturity date of
         all other indebtedness owing by the Company (or by any other obligor on
         the Securities) to the Trustee in its individual capacity, on the date
         of such report, with a brief description of any property held as
         collateral security therefor, except an indebtedness based upon a
         creditor relationship arising in any manner described in Section
         6.13(b)(ii), (iii), (iv) or (vi);

                           (iv) the property and funds, if any, physically in
         the possession of the Trustee as such on the date of such report;

                           (v) any additional issue of Securities which the
         Trustee has not previously reported; and

                           (vi) any action taken by the Trustee in the
         performance of its duties hereunder which it has not previously
         reported and which in its opinion materially affects the Securities,
         except action in respect of a default, notice of which has been or is
         to be withheld by the Trustee in accordance with Section 6.2, provided
         however, that if the Trust Indenture Act is amended subsequent to the
         date hereof to eliminate the requirement of the Trustee's brief report,
         the report required by this Section need not be transmitted to any
         Holders.

                  (b) The Trustee shall transmit by mail to all Holders of
Securities, as provided in subsection (c) to this Section, a brief report with
respect to the character and amount of any advances (and if the Trustee elects
so to state, the circumstances surrounding the making thereof) made by the
Trustee (as such) since the date of the last report transmitted pursuant to
subsection (a) of this Section (or if no such report has yet been so
transmitted, since the date of execution of this instrument) for the
reimbursement of which it claims or may claim a lien or charge, prior to that of
the Securities, on property or funds collected by it as Trustee, and which it
has not previously reported pursuant to this subsection, except that the Trustee
shall not be required (but may elect) to report such advances if such advances
remaining unpaid at any time aggregate 10% or less of the principal amount of
the Securities Outstanding at such time, such report to be transmitted within 90
days after such time.

                  (c) Reports pursuant to this Section and Section 6.2 shall be
transmitted by mail:

                           (i) to all Holders of Securities, as the names and
         addresses of such Holders appear in the Security Register; and

                                       45
<PAGE>

                           (ii) except in the case of reports pursuant to
         subsection (b) of this Section, to each Holder of a Security whose name
         and address is preserved at the time by the Trustee, as provided in
         Section 7.2(a).

                  (d) A copy of each such report shall, at the time of such
transmission to Holders of Securities, be filed by the Trustee with any stock
exchange upon which the 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 7.4 Reports by the Company.

                  The Company shall:

                  (a) file with the Trustee, within 30 days after the Company is
required to file the same with the Commission, copies of the annual reports and
of the information, documents and other reports (or copies of such portions of
any of the foregoing as the Commission may from time to time by rules and
regulations prescribe) which the Company may be required to file with the
Commission pursuant to Section 13 or Section 15(d) of the Securities Exchange
Act of 1934; or, if the Company is not required to file information, documents
or reports pursuant to either of said Sections, then it shall file with the
Trustee and the Commission, in accordance with rules and regulations prescribed
from time to time by the Commission, such of the supplementary and periodic
information, documents and reports which may be required pursuant to Section 13
of the Securities Exchange Act of 1934 in respect of a security listed and
registered on a national securities exchange as may be prescribed from time to
time in such rules and regulations;

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

                  (c) transmit within 30 days after the filing thereof with the
Trustee, in the manner and to the extent provided in Section 7.3(c) with respect
to reports pursuant to Section 7.3(a), such summaries of any information,
documents and reports required to be filed by the Company pursuant to paragraphs
(a) and (b) of this Section as may be required by rules and regulations
prescribed from time to time by the Commission.

                                   ARTICLE 8

                CONSOLIDATION, MERGER, SALE, LEASE OR CONVEYANCE

                  Section 8.1 Consolidations and Mergers of Company and Sales,
Leases and Conveyances Permitted Subject to Certain Conditions.

                  Notwithstanding anything contained herein or in any of the
Securities, the Company may consolidate with, or sell, lease or convey all or
substantially all of its assets to, or merge with or into any other corporation,
provided that in any such case, either the Company

                                       46
<PAGE>

shall be the continuing corporation, or the successor corporation shall be a
corporation organized and existing under the laws of the United States of
America or a State thereof and such successor corporation shall expressly assume
the due and punctual payment of the principal of (and premium, if any), any
interest on, and any Additional Amounts payable pursuant to Section 10.4 with
respect to, all the Securities, according to their tenor, and the due and
punctual performance and observance of all of the covenants and conditions of
this Indenture to be performed by the Company by supplemental Indenture
satisfactory to the Trustee, executed and delivered to the Trustee by such
successor corporation.

                  Section 8.2 Rights and Duties of Successor Corporation.

                  In case of any such consolidation, merger, sale, lease or
conveyance and upon any such assumption by the successor corporation, such
successor corporation shall succeed to and be substituted for the Company, with
the same effect as if it had been named herein as the party of the first part,
and the predecessor corporation shall be relieved of any further obligation
under this Indenture and the Securities. Such successor corporation thereupon
may cause to be signed, and may issue either in its own name or in the name of
the Company, any or all of the Securities issuable hereunder which theretofore
shall not have been signed by the Company and delivered to the Trustee; and,
upon the order of such successor corporation, instead of the Company, and
subject to all the terms, conditions and limitations in this Indenture
prescribed, the Trustee shall authenticate and shall deliver any Securities
which previously shall have been signed and delivered by the officers of the
Company to the Trustee for authentication, and any Securities which such
successor corporation thereafter shall cause to be signed and delivered to the
Trustee for that purpose. All the Securities so issued shall in all respects
have the same legal rank and benefit under this Indenture as the Securities
theretofore or thereafter issued in accordance with the terms of this Indenture
as though all of such Securities had been issued at the date of the execution
hereof.

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

                  Section 8.3 Officers' Certificate and Opinion of Counsel.

                  The Trustee, subject to the provisions of Sections 6.1 and
6.3, may receive an Officers' Certificate and an Opinion of Counsel as
conclusive evidence that any such consolidation, merger, sale, lease or
conveyance, and any such assumption and any such supplemental indenture, if any,
complies with the provisions of this Article and that all conditions precedent
herein provided relating to such transactions have been complied with.

                                   ARTICLE 9

                             SUPPLEMENTAL INDENTURE

                  Section 9.1 Supplemental Indentures without Consent of
Holders.

                  Without the consent of any Holders of Securities, the Company,
when authorized by a Board Resolution, and the Trustee, at any time and from
time to time, may enter into one or

                                       47
<PAGE>

more indentures supplemental hereto, in form satisfactory to the Trustee, for
any of the following purposes:

                  (a) 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 contained; or

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

                  (c) to change or eliminate any restrictions on the payment of
principal (or premium, if any) on Securities or to permit or facilitate the
issuance of Securities in uncertificated form, provided any such action shall
not adversely affect the interests of the Holders of Securities of any series in
any material respect; or

                  (d) to change or eliminate any provision of this Indenture,
provided that any such change or elimination (i) shall become effective only
when there is no Security Outstanding of any series created prior to the
execution of such supplemental indenture which is entitled to the benefit of
such provision or (ii) shall not apply to any Security Outstanding; or

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

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

                  (g) to cure any ambiguity, to correct or supplement any
provision herein which may be defective or inconsistent with any other provision
herein, or to make any other provisions with respect to matters or questions
arising under this Indenture which shall not adversely affect the interest of
the Holders of Securities of any series in any material respect; or

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

                  (i) to add any additional Events of Default (and if such
Events of Default are to be applicable to less than all series of Securities
stating that such Events of Default are expressly being included solely to be
applicable to such series); or

                  (j) to add to or change or eliminate any provision of this
Indenture as shall be necessary or desirable in accordance with any amendments
to the Trust Indenture Act, provided such action shall not adversely affect the
interest of the Holders of the Securities of any series in any material respect.

                                       48
<PAGE>

                  Section 9.2 Supplemental Indentures with Consent of Holders.

                  With the consent of the Holders of not less than a majority in
principal amount of the Outstanding Securities of each series affected by such
supplemental indenture, by Act of said Holders delivered to the Company and the
Trustee, the Company, when authorized by a Board Resolution, and the Trustee may
enter into an indenture or indentures supplemental hereto for the purpose of
adding any provisions to or changing in any manner or eliminating any of the
provisions of this Indenture, or of modifying in any manner the rights of the
Holders of Securities of such series under this Indenture; provided, however,
that no such supplemental Indenture shall, without the consent of the Holder of
each Outstanding Security affected thereby,

                  (a) change the Stated Maturity of the principal of, or any
installment of interest on, any Security, or reduce the principal amount thereof
or the rate of interest thereon or any Additional Amounts payable in respect
thereof, or any premium payable upon the redemption thereof, or change the
obligation of the Company to pay Additional Amounts pursuant to Section 10.4
(except as contemplated by Section 8.1 and permitted by Section 9.1(a)), 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 5.2, or change any Place of Payment where, or the
coin or currency in which, any Security or any premium or the interest thereon
is payable, or impair the right to institute suit for the enforcement of any
such payment on or after the Stated Maturity thereof (or, in the case of
redemption, on or after the Redemption Date), or

                  (b) 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

                  (c) modify any of the provisions of this Section, or Section
5.13, or Section 10.6, except to increase any such percentage or to provide that
certain other provisions of this Indenture cannot be modified or waived without
the consent of the Holder of each Outstanding Security affected thereby, or

                  (d) adversely affect the right to repayment, if any, of
Securities of any series at the option of the Holders thereof.

                  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 of Securities
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.

                                       49
<PAGE>

                  Section 9.3 Execution of Supplemental Indentures.

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

                  Section 9.4 Effect of Supplemental Indentures.

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

                  Section 9.5 Conformity with Trust Indenture Act.

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

                  Section 9.6 Reference in Securities to Supplemental
Indentures.

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

                                   ARTICLE 10

                                   COVENANTS

                  Section 10.1 Payment of Principal, Premium, if any, and
Interest.

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

                 Section 10.2 Maintenance of Office or Agency.

                  The Company will maintain in each Place of Payment for any
series of Securities an office or agency where Securities of that series may be
presented or surrendered for payment, where Securities of that series may be
surrendered for registration of transfer or exchange and

                                       50
<PAGE>

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 designation or
rescission shall in any manner relieve the Company of its obligation to maintain
an office or agency in each Place of Payment for Securities of any series for
such purposes. The Company will give prompt written notice to the Trustee of any
such designation or rescission and of any change in the location of any such
other office or agency. Unless otherwise set forth in a Board Resolution or
indenture supplemental hereto with respect to a series of Securities, the
Company hereby designates as the Place of Payment for each series of Securities
the Borough of Manhattan, The City of New York, and initially appoints the
Trustee at its Corporate Trust Offices as the Company's office or agency for
each of such purposes in such city.

                  Section 10.3 Money for Securities Payments To Be Held in
Trust.

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

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

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

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

                                       51
<PAGE>

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

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

                  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 terms as those upon which such sums were held by the Company or
such Paying Agent; and, upon such payment by any Paying Agent to the Trustee,
such Paying Agent shall be released from all further liability with respect to
such money.

                  Except as otherwise provided in the form of Securities of any
particular series pursuant to the provisions of this Indenture, any money
deposited with the Trustee or any Paying Agent, or then held by the Company, in
trust for the payment of the principal of (and premium, if any) or interest on
any Security of any series and remaining unclaimed for two years after such
principal (and premium, if any) or interest has become due and payable shall be
paid to the Company on Company Request, or (if then held by the Company) shall
be discharged from such trust; and the Holder of such Security shall thereafter,
as an unsecured general creditor, look only to the Company for payment thereof,
and all liability of the Trustee or such Paying Agent with respect to such trust
money, and all liability of the Company as trustee thereof, shall thereupon
cease; provided, however, that the Trustee or such Paying Agent, before being
required to make any such repayment, may at the expense of the Company cause to
be published once, in an Authorized Newspaper in each Place of Payment or to be
mailed to Holders of Securities, or both, notice that such money remains
unclaimed and that, after a date specified therein, which shall not be less than
30 days from the date of such publication or mailing, any unclaimed balance of
such money then remaining will be repaid to the Company.

                  Section 10.4 Additional Amounts.

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

                                       52
<PAGE>

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

                  Section 10.5 Statement as to Compliance; Notice of Certain
Defaults.

                  (a) The Company will deliver to the Trustee, within 120 days
after the end of each fiscal year (which on the date hereof ends on December
31), a written statement, which need not comply with Section 1.2, signed by the
principal executive officer, the principal financial officer or the principal
accounting officer of the Company, stating that

                           (i) a review of the activities of the Company and its
         subsidiaries during such year and of performance under this Indenture
         has been made under his supervision, and

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

                  (b) The Company will deliver to the Trustee within five days
after the occurrence thereof, written notice of any event which after notice or
lapse of time or both would become an Event of Default pursuant to clause (d) of
Section 5.1.

                  Section 10.6 Waiver of Certain Covenants.

                  The Company may omit in any particular instance to comply with
any term, provision or condition set forth in Section [___] with respect to the
Securities of any series if

                                       53
<PAGE>

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 11

                            REDEMPTION OF SECURITIES

                  Section 11.1 Applicability of Article.

                  Securities of any series which are redeemable at the option of
the Company before their Stated Maturity shall be redeemable in accordance with
the terms of such Securities and (except as otherwise specified as contemplated
by Section 3.1 for Securities of any series) this Article. Securities of any
series which are redeemable at the option of the Holder before their Stated
Maturity shall be redeemable in accordance with the terms of such Securities and
(except as otherwise specified as contemplated by Section 3.1 for Securities of
any series) Sections 11.5 and 11.6 of this Article.

                  Section 11.2 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 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, the
principal amount of Securities of such series to be redeemed and the relevant
terms of the Securities to be redeemed. The election of a Holder to redeem any
Securities shall be evidenced by a writing by a Holder sent to the Trustee and
the Company at least 60 days prior to the Redemption Date fixed by the Holder in
such notice (unless a shorter notice period shall be satisfactory to the
Trustee). Such notice shall notify the Trustee and the Company of such
Redemption Date, the principal amount of Securities of such series to be
redeemed and any relevant terms of the Securities of such series to be redeemed.

                  Section 11.3 Selection by Trustee of Securities To Be
Redeemed.

                  If less than all the Securities of any series having the same
terms are to be redeemed, the particular Securities to be redeemed shall be
selected not more than 60 days prior to the Redemption Date by the Trustee from
the Outstanding Securities of such series not previously called for redemption,
by such method as the Trustee shall deem fair and appropriate and which may
provide for the selection for redemption of portions (equal to the minimum
authorized denomination for Securities of such series or any integral multiple
thereof which is also an authorized denomination) of the principal amount of
Securities of such series of a denomination larger than the minimum authorized
denomination for Securities of such series.

                                       54
<PAGE>

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

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

                  Section 11.4 Notice of Redemption.

                  Notice of redemption shall be given in the manner provided in
Section 1.6, not less than 30 nor more than 60 days prior to the Redemption
Date, unless a shorter period is specified in the Securities to be redeemed
(which shorter period shall be acceptable to the Trustee), to the Holders of
Securities to be redeemed. Failure to give notice by mailing in the manner
herein provided to the Holder of any Securities designated for redemption as a
whole or in part, or any defect in the notice to any such Holder, shall not
affect the validity of the proceedings for the redemption of any other
Securities or portion thereof. Any notice that is mailed to the Holder of any
Securities in the manner herein provided shall be conclusively presumed to have
been duly given, whether or not such Holder receives the notice.

                  All notices of redemption shall state:

                  (a) the Redemption Date,

                  (b) the Redemption Price (or the method of calculating the
Redemption Price) and accrued interest, if any,

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

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

                  (e) 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 shall cease to accrue on and after said date,

                  (f) the Place or Places of Payment where such Securities are
to be surrendered for payment of the Redemption Price, and

                  (g) that the redemption is for a sinking fund, if such is the
case.

                  A notice of redemption published as contemplated by Section
1.6 need not identify particular Securities to be redeemed.

                                       55
<PAGE>

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

                  Section 11.5 Deposit of Redemption Price.

                  On or 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 10.3) 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 and any
Additional Amounts with respect thereto, all the Securities or portions thereof
which are to be redeemed on that date.

                  Section 11.6 Securities Payable on Redemption Date.

                  Notice of redemption having been given by the Holder to the
Company and Trustee pursuant to Section 11.2 or to the Holder by the Company or
the Trustee pursuant to Section 11.4, 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 (and any Additional Amounts) to
the Redemption Date; provided, however, that installments of interest on
Securities whose Stated Maturity is on or prior to the Redemption Date shall be
payable to the Holders of such Securities, or one or more Predecessor
Securities, registered as such at the close of business on the Regular Record
Dates according to their terms and the provisions of Section 3.7.

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

                  Section 11.7 Securities Redeemed in Part.

                  Any Security which is to be redeemed only in part shall be
surrendered at any office or agency of the Company maintained for that purpose
pursuant to Section 10.2 (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, containing identical terms and
provisions, of any authorized denomination as requested by such Holder in
aggregate principal amount equal to and in exchange for the unredeemed portion
of the principal of the Security so surrendered.

                                       56
<PAGE>

                                   ARTICLE 12

                                 SINKING FUNDS

                  Section 12.1 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 3.1 for Securities of such series or as
otherwise permitted or required by any form of Security of such series issued
pursuant to this Indenture.

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

                  Section 12.2 Satisfaction of Sinking Fund Payments with
Securities.

                  The Company may, in satisfaction of all or any part of any
sinking fund payment with respect to the Securities of a series to be made
pursuant to the terms of such Securities as provided for by the terms of such
series, (1) deliver Outstanding Securities of such series (other than any of
such Securities previously called for redemption) theretofore purchased or
receive credit for Securities (not previously so credited) theretofore purchased
by the Company and delivered to the Trustee for cancellation pursuant to Section
3.9, and (2) apply as a credit Securities of such series which have been
redeemed either at the election of the Company pursuant to the terms of such
series of Securities or through the application of permitted optional sinking
fund payments pursuant to the terms of such Securities, provided that such
Securities have not been previously so credited. Such Securities shall be
received and credited for such purpose by the Trustee at the Redemption Price
specified in such Securities for redemption through operation of the sinking
fund and the amount of such sinking fund payment shall be reduced accordingly.
If, as a result of the delivery or credit of Securities of any series in lieu of
cash payments pursuant to this Section 12.2, the principal amount of Securities
of such series to be redeemed in order to exhaust the aforesaid cash payment
shall be less than $100,000, the Trustee need not call Securities of such series
for redemption, except upon Company Request, and such cash payment shall be held
by the Trustee or a Paying Agent and applied to the next succeeding sinking fund
payment, provided, however, that the Trustee or such Paying Agent shall at the
request of the Company from time to time pay over and deliver to the Company any
cash payment so being held by the Trustee or such Paying Agent upon delivery by
the Company to the Trustee of Securities of that series purchased by the Company
having an unpaid principal amount equal to the cash payment requested to be
released to the Company.

                                       57
<PAGE>

                  Section 12.3 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 mandatory
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 of
Securities of that series pursuant to Section 12.2, and the optional amount, if
any, to be added in cash to the next ensuing mandatory sinking fund payment, and
will also deliver to the Trustee any Securities to be so credited and not
theretofore delivered. If such Officers' Certificate shall specify an optional
amount to be added in cash to the next ensuing mandatory sinking fund payment,
the Company shall thereupon be obligated to pay the amount therein specified.
Not less than 30 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 11.3 and cause notice of the redemption
thereof to be given in the name of and at the expense of the Company in the
manner provided in Section 11.4. Such notice having been duly given, the
redemption of such Securities shall be made upon the terms and in the manner
stated in Sections 11.6 and 11.7.

                                   ARTICLE 13

                                 SUBORDINATION

[To come]

                                    * * * * *

                  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.

                                       58
<PAGE>

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

                           GATX FINANCIAL CORPORATION

                           BY
                              --------------------------
                           Name:
                           Title:

(SEAL)

Attest:

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

                                            JPMORGAN CHASE BANK, as Trustee

                                            BY
                                               -------------------------------
                                            Name:
                                            Title:<PAGE>

                                                                    EXHIBIT 4.3

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

                           GATX FINANCIAL CORPORATION

                                       AND

                         U.S. BANK NATIONAL ASSOCIATION,
                                   AS TRUSTEE

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

                          PASS THROUGH TRUST AGREEMENT

                          DATED AS OF __________, 200_

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

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

<PAGE>

Reconciliation and tie between Pass Through Trust Agreement dated as of _______,
200_ and the Trust Indenture Act of 1939. This reconciliation does not
constitute part of the Pass Through Trust Agreement.

<Table>
<Caption>
             TRUST INDENTURE                         PASS THROUGH TRUST
           ACT OF 1939 SECTION                        AGREEMENT SECTION

<S>         <C>                                       <C>
                310(a)(1)                                   7.07
                310(a)(2)                                   7.07
                  312(a)                              3.09; 8.01; 8.02
                  313(a)                                    7.06
                  314(a)                                8.04(a) - (c)
                  314(b)                                   8.04(d)
                314(c)(1)                                   1.02
                314(c)(2)                                   1.02
                314(d)(1)                                7.12; 11.01
                314(d)(2)                                7.12; 11.01
                314(d)(3)                                   2.01
                  314(e)                                    1.02
                  315(b)                                    8.03
          316(a)(last sentence)                             1.01
               316(a)(1)(A)                                 6.04
               316(a)(1)(B)                                 6.05
                  316(b)                                    6.06
                  316(c)                                   1.04(d)
                317(a)(1)                                   6.03
                  317(b)                                    7.12
                  318(a)                                    12.06
</Table>

<PAGE>

                                TABLE OF CONTENTS
<Table>
<Caption>

                                                                                                               PAGE

<S>                   <C>                                                                                       <C>
ARTICLE I             DEFINITIONS................................................................................2

         Section 1.01.         Definitions.......................................................................2
         Section 1.02.         Compliance Certificates and Opinions..............................................9
         Section 1.03.         Form of Documents Delivered to Trustee............................................9
         Section 1.04.         Acts of Certificateholders.......................................................10

ARTICLE II            ORIGINAL ISSUANCE OF CERTIFICATES ACQUISITION OF EQUIPMENT NOTES..........................11

         Section 2.01.         Amount Unlimited; Issuable in Series.............................................11
         Section 2.02.         Acquisition of Equipment Notes...................................................13
         Section 2.03.         Acceptance by Trustee............................................................14
         Section 2.04.         Limitation of Powers.............................................................15

ARTICLE III           THE CERTIFICATES..........................................................................15

         Section 3.01.         Form, Denomination and Execution of Certificates.................................15
         Section 3.02.         Authentication of Certificates...................................................16
         Section 3.03.         Temporary Certificates...........................................................16
         Section 3.04.         Registration of Transfer and Exchange of Certificates............................16
         Section 3.05.         Mutilated, Destroyed, Lost or Stolen Certificates................................17
         Section 3.06.         Persons Deemed Owners............................................................17
         Section 3.07.         Cancellation.....................................................................17
         Section 3.08.         Limitation of Liability for Payments.............................................17
         Section 3.09.         Book-Entry and Definitive Certificates...........................................18

ARTICLE IV            DISTRIBUTIONS; STATEMENTS TO CERTIFICATEHOLDERS...........................................20

         Section 4.01.         Certificate Account and Special Payments Account.................................20
         Section 4.02.         Distributions from Certificate Account and Special Payments Account..............20
         Section 4.03.         Statements to Certificateholders.................................................22
         Section 4.04.         Investment of Special Payment Moneys.............................................22

ARTICLE V             THE COMPANY...............................................................................23

         Section 5.01.         Maintenance of Corporate Existence...............................................23
         Section 5.02.         Consolidation, Merger or Sale of Assets Permitted................................23

ARTICLE VI            DEFAULT...................................................................................23

         Section 6.01.         Events of Default................................................................23
         Section 6.02.         Incidents of Sale of Equipment Notes.............................................24
         Section 6.03.         Judicial Proceedings Instituted by Trustee.......................................25
         Section 6.04.         Control by Certificateholders....................................................25
         Section 6.05.         Waiver of Defaults...............................................................26
         Section 6.06.         Undertaking to Pay Court Costs...................................................26
</Table>

                                       i

<PAGE>

                                TABLE OF CONTENTS
                                   (continued)

<Table>
<Caption>
                                                                                                              PAGE

<S>                             <C>                                                                           <C>
         Section 6.07.         Right of Certificateholders to Receive Payments Not to Be Impaired...............27
         Section 6.08.         Certificateholders May Not Bring Suit Except Under Certain Conditions............27
         Section 6.09.         Remedies Cumulative..............................................................28

ARTICLE VII           THE TRUSTEE...............................................................................28

         Section 7.01.         Certain Duties and Responsibilities..............................................28
         Section 7.02.         Notice of Defaults...............................................................29
         Section 7.03.         Certain Rights of Trustee........................................................29
         Section 7.04.         Not Responsible for Recitals or Issuance of Certificates.........................30
         Section 7.05.         May Hold Certificates............................................................30
         Section 7.06.         Money Held in Trust..............................................................31
         Section 7.07.         Compensation and Reimbursement...................................................31
         Section 7.08.         Corporate Trustee Required; Eligibility..........................................32
         Section 7.09.         Resignation and Removal; Appointment of Successor................................32
         Section 7.10.         Acceptance of Appointment by Successor...........................................33
         Section 7.11.         Merger, Conversion, Consolidation or Succession to Business......................34
         Section 7.12.         Maintenance of Agencies..........................................................34
         Section 7.13.         Money for Certificate Payments to Be Held in Trust...............................35
         Section 7.14.         Registration of Equipment Notes in Trustee's Name................................36
         Section 7.15.         Representations and Warranties of Trustee........................................36
         Section 7.16.         Withholding Taxes; Information Reporting.........................................37
         Section 7.17.         Trustee's Liens..................................................................37

ARTICLE VIII          CERTIFICATEHOLDER'S LISTS AND REPORTS BY TRUSTEE..........................................38

         Section 8.01.         The Company to Furnish Trustee with Names and Addresses of
                               Certificateholders...............................................................38
         Section 8.02.         Preservation of Information; Communication to Certificateholders.................38
         Section 8.03.         Reports by Trustee...............................................................38
         Section 8.04.         Reports by Company...............................................................38

ARTICLE IX            SUPPLEMENTAL TRUST AGREEMENTS.............................................................39

         Section 9.01.         Supplemental Trust Agreements Without Consent of Certificateholders..............39
         Section 9.02.         Supplemental Trust Agreements with Consent of Certificateholders.................39
         Section 9.03.         Documents Affecting Immunity or Indemnity........................................40
         Section 9.04.         Execution of Supplemental Trust Agreements.......................................40
         Section 9.05.         Effect of Supplemental Trust Agreements..........................................40
         Section 9.06.         Conformity to Trust Indenture Act................................................41
         Section 9.07.         Reference in Certificates to Supplemental Trust Agreements.......................41
</Table>

                                       ii

<PAGE>

                                TABLE OF CONTENTS
                                   (continued)
<Table>
<Caption>
                                                                                                               PAGE

<S>                    <C>                                                                                     <C>
ARTICLE X             AMENDMENTS TO INDENTURES AND NOTE DOCUMENTS...............................................41

         Section 10.01.        Amendments and Supplements to Indenture and Other Note Documents.................41

ARTICLE XI            TERMINATION OF TRUST......................................................................41

         Section 11.01.        Termination of the Trust.........................................................41

ARTICLE XII           MISCELLANEOUS PROVISIONS..................................................................42

         Section 12.01.        Limitation on Rights of Certificateholders.......................................42
         Section 12.02.        Certificates Nonassessable and Fully Paid........................................42
         Section 12.03.        Notices..........................................................................43
         Section 12.04.        Governing Law....................................................................43
         Section 12.05.        Severability of Provisions.......................................................43
         Section 12.06.        Trust Indenture Act Controls.....................................................43
         Section 12.07.        Effect of Headings and Table of Contents.........................................43
         Section 12.08.        Successors and Assigns...........................................................44
         Section 12.09.        Benefits of Agreement............................................................44
         Section 12.10.        Legal Holidays...................................................................44
         Section 12.11.        Counterparts.....................................................................44

Signature.......................................................................................................
</Table>

EXHIBIT A -- FORM OF CERTIFICATE

                                      iii

<PAGE>

         THIS PASS THROUGH TRUST AGREEMENT, dated as of ______, 200_, between
GATX Financial Corporation, a Delaware corporation, and U.S. Bank National
Association, a national banking association, as Trustee, is made with respect to
the formation from time to time of separate GATX Financial Corporation Pass
Through Trusts, and the issuance from time to time of separate series of Pass
Through Certificates representing fractional undivided interests in the
respective Trusts.

                                   WITNESSETH:

         WHEREAS, from time to time the Company and the Trustee shall enter into
a Trust Supplement pursuant to which the Trustee shall declare the creation of a
separate Trust for the benefit of the Holders of the series of Certificates to
be issued in respect of such Trust, and the initial Holders of the Certificates
of such series, as the grantors of such Trust, by their respective acceptances
of the Certificates of such series, shall join in the creation of such Trust
with the Trustee;

         WHEREAS, all Certificates to be issued in respect of each separate
Trust will be issued as a separate series pursuant to the Basic Agreement and
the related Trust Supplement, will evidence fractional undivided interests in
such Trust, and will have no rights, benefits or interest in respect of any
other separate Trust or the property held therein;

         WHEREAS, one Owner Trustee or each of two or more Owner Trustees, each
acting on behalf of one or more Owner Participants, may issue Equipment Notes to
finance a portion of the purchase price of Equipment to be purchased by such
Owner Trustee and leased to the Company pursuant to the related Lease;

         WHEREAS, each such Owner Trustee will issue Equipment Notes on a
non-recourse basis under a separate Indenture in order to finance a portion of
the purchase price paid, or to be paid, for such Equipment;

         WHEREAS, from time to time, pursuant to the terms and conditions of
this Basic Agreement as supplemented by a separate Trust Supplement with respect
to a separate Trust to be formed hereunder, the Trustee shall purchase one or
more series of Equipment Notes of the same tenor as the series of Certificates
to be issued in respect of such Trust and shall hold such Equipment Notes in
trust for the benefit of the Certificateholders of such Trust;

         WHEREAS, to facilitate the sale of Equipment Notes to the Trustee on
behalf of each Trust created from time to time pursuant to this Basic Agreement
and the related Trust Supplement, the Company has duly authorized the execution
and delivery of this Basic Agreement and each Trust Supplement as the "issuer,"
as such term is defined in and solely for purposes of the Securities Act of
1933, as amended, of the Certificates to be issued in respect of each Trust and
as the "obligor," as such term is defined in and solely for purposes of the
Trust Indenture Act of 1939, as amended, with respect to all such Certificates
and is undertaking to perform certain administrative and ministerial duties
hereunder and is also undertaking to pay the fees and expenses of the Trustee;

<PAGE>

         WHEREAS, this Basic Agreement, as supplemented from time to time, is
subject to the provisions of the Trust Indenture Act of 1939, as amended, and
shall, to the extent applicable, be governed by such provisions;

         NOW, THEREFORE, in consideration of the mutual agreements herein
contained, and of the other good and valuable consideration the receipt and
adequacy of which are hereby acknowledged, the parties hereto agree as follows:

                                   ARTICLE I
                                   DEFINITIONS

         SECTION 1.01. DEFINITIONS. For all purposes of this Basic Agreement,
except as otherwise expressly provided or unless the context otherwise requires:

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

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

             (3) all references in this Basic Agreement to designated
         "Articles", "Sections" and other subdivisions are to the designated
         Articles, Sections and other subdivisions of this Basic Agreement; and

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

         "ACT" when used with respect to any Holder, has the meaning specified
in Section 1.04.

         "AFFILIATE" of any specified Person, means any other Person which
directly or indirectly controls or is controlled by, or is under common control
with, such specified Person. For the purposes of this definition, "control"
means the possession, directly or indirectly, of the power to direct or cause
the direction of the management and policies of such Person, whether through the
ownership of voting securities, by contract or otherwise; and the terms
"controlling" and "controlled" have meanings correlative to the foregoing.

         "AUTHORIZED AGENT" when used with respect to the Certificates of any
series, means any Paying Agent or Registrar for the Certificates of such series.

         "AVOIDABLE TAX" has the meaning specified in Section 7.09(e).

         "BASIC AGREEMENT" means this Pass Though Trust Agreement, as the same
may from time to time be supplemented, amended or modified, but does not include
any Trust Supplement.

         "BOOK-ENTRY CERTIFICATES" when used with respect to the Certificates of
any series, means a beneficial interest in the Certificates of such series,
ownership and transfers of which shall be made through book entries by a
Clearing Agency as described in Section 3.09.

                                       2
<PAGE>

         "BUSINESS DAY" means any day other than a Saturday, a Sunday, or a day
on which commercial banking institutions are authorized or obligated by law,
executive order, or governmental decree to be closed in New York, New York,
Chicago, Illinois, the city and state in which the Corporate Trust Office of the
Indenture Trustee is located or the city and state in which the Corporate Trust
Office of the Trustee is located.

         "CERTIFICATE" means any one of the certificates executed and
authenticated by the Trustee, substantially in the form of Exhibit A hereto.

         "CERTIFICATE ACCOUNT" when used with respect to the Certificates of any
series, means the account or accounts created and maintained for such series
pursuant to Section 4.01(a) and the related Trust Supplement.

         "CERTIFICATEHOLDER OR HOLDER" when used with respect to the
Certificates of any series, means the Person in whose name a Certificate of such
series is registered in the Register for Certificates of such series.

         "CERTIFICATE OWNER" when used with respect to the Certificates of any
series, means, for purposes of Section 3.09, the Person who owns a Book-Entry
Certificate of such series.

         "CLEARING AGENCY" means an organization registered as a "clearing
agency" pursuant to Section 17A of the Securities Exchange Act of 1934, as
amended.

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

         "COMMISSION" means the Securities and Exchange Commission, as from time
to time constituted, created under the Securities Exchange Act of 1934, or, if
at any time after the execution of this 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 on such date.

         "COMPANY" means GATX Financial Corporation, a Delaware corporation, or
its successor in interest pursuant to Section 5.02, or any other obligor with
respect to the Certificates (within the meaning of the Trust Indenture Act).

         "CORPORATE TRUST OFFICE" with respect to the Trustee, the Owner Trustee
and the Indenture Trustee, means the office of such trustee in the city at which
at any particular time its corporate trust business shall be principally
administered.

         "CUT-OFF-DATE" when used with respect to the Certificates of any
series, means the date designated as such in the Trust Supplement of such
series.

         "DEFAULT" means any event which is, or after notice or lapse of time or
both would become, an Event of Default.

         "DEFINITIVE CERTIFICATES" when used with respect to the Certificates of
any series, has the meaning specified in Section 3.09.

                                       3
<PAGE>

         "DIRECTION" has the meaning specified in Section 1.04(c).

         "DTC" means The Depository Trust Company and any successor clearing
agency.

         "EQUIPMENT" means items of railroad rolling stock which are the subject
of any Lease.

         "EQUIPMENT NOTE" when used with respect to any Trust, means any one of
the Equipment Notes (as defined in the applicable Indenture) described in, or on
a schedule attached to, the Trust Supplement in respect of such Trust and to be
held by the Trustee as a part of such Trust, including any Equipment Note (as so
defined) issued under the applicable Indenture in replacement or substitution
therefor.

         "ESCROW ACCOUNT" when used with respect to the Certificates of any
series, has the meaning specified in Section 2.02(b).

         "ESCROWED FUNDS" when used with respect to any Trust, has the meaning
specified in Section 2.02(b).

         "EVENT OF DEFAULT" when used with respect to any Trust, means an event
described in Section 6.01.

         "FRACTIONAL UNDIVIDED INTEREST" means the fractional undivided interest
in a Trust that is evidenced by a Certificate relating to such Trust.

         "INDENTURE" when used with respect to any Trust, means each of the one
or more separate trust indentures and security agreements described in, or on a
schedule attached to, the Trust Supplement relating to such Trust and which
relates to a series of Equipment Notes to be held in such Trust, as such
agreement may be amended or supplemented in accordance with its terms; and
Indentures means all of such agreements.

         "INDENTURE EVENT OF DEFAULT" when used with respect to any Indenture,
means any Indenture Event of Default (as such term is defined in such
Indenture).

         "INDENTURE TRUSTEE" when used with respect to any Equipment Note or the
Indenture applicable thereto, means the bank or trust company designated as
indenture trustee under such Indenture; and any successor to such Indenture
Trustee as such trustee; and Indenture Trustees means all of the Indenture
Trustees under the Indentures.

         "INITIAL REGULAR DISTRIBUTION DATE" when used with respect to the
Certificates of any series means the first Regular Distribution Date on which a
Scheduled Payment is to be made.

         "ISSUANCE DATE" when used with respect to any Trust, means the date of
the issuance of the series of Certificates of such Trust.

         "LEASE" means any lease between an Owner Trustee, as the lessor, and
the Company, as the lessee, described in an Indenture, as each such lease may be
amended or supplemented in accordance with its respective terms; and Leases
means all of such Leases.

                                       4
<PAGE>

         "LETTER OF REPRESENTATIONS" when used with respect to the Certificates
of any series, means the initial agreement among the Company, the Trustee and
the initial Clearing Agency substantially in the form attached as an exhibit to
the related Trust Supplement.

         "NOTE DOCUMENTS" when used with respect to any Equipment Note, means
the applicable Indenture, Participation Agreement and Lease.

         "OFFICER'S CERTIFICATE" means a certificate signed (i) in the case of a
corporation by the President, any Vice President, the Treasurer, an Assistant
Treasurer, the Secretary or an Assistant Secretary of such corporation, (ii) in
the case of a partnership by the Chairman of the Board, the President or any
Vice President the Treasurer or an Assistant Treasurer of a corporate general
partner, and (iii) in the case of the Owner Trustee or the Indenture Trustee, a
certificate signed by a Responsible Officer of the Owner Trustee or Indenture
Trustee.

         "OPINION OF COUNSEL" means an opinion in writing, signed by legal
counsel, who may be (a) the General Counsel or Assistant General Counsel of the
Company or (b) such other counsel designated by the Company, the Owner Trustee
or the Indenture Trustee, whether or not such counsel is an employee of any of
them and who shall be acceptable to the Trustee.

         "OUTSTANDING" when used with respect to Certificates of any series,
means, as of the date of determination, all Certificates of such series
theretofore authenticated and delivered under this Basic Agreement and the
related Trust Supplement, except:

             (i) Certificates of such series theretofore canceled by the
         Registrar or delivered to the applicable Trustee or the Registrar for
         cancellation;

             (ii) Certificates of such series for which money in the full amount
         has been theretofore deposited with the applicable Trustee or any
         Paying Agent in trust for the Certificateholders of such series as
         provided in Section 4.01 pending distribution of such money to the
         Certificateholders of such series pursuant to the final distribution
         payment to be made pursuant to Section 11.01 hereof; and

             (iii) Certificates of such series in exchange for or in lieu of
         which other Certificates of such series have been authenticated and
         delivered pursuant to this Basic Agreement and the related Trust
         Supplement.

         "OWNER PARTICIPANT" means the "Owner Participant" referred to in the
applicable Indenture and any permitted successor or assign of any such Owner
Participant; and Owner Participants at any time of determination means all of
the Owner Participants then referred to in the Indentures.

         "OWNER TRUSTEE" when used with respect to any Indenture or the
Equipment Notes, the Lease or the Equipment related thereto, means the "Owner
Trustee" referred to in such Indenture, not in its individual capacity but
solely as trustee, and each other Person which may from time to time be acting
as Owner Trustee in accordance with the provisions of the related Note
Documents; and Owner Trustees means all of the Owner Trustees party to any of
the respective Indentures.

                                       5
<PAGE>

         "PARTICIPATION AGREEMENT" means any participation or similar agreement
described in an Indenture providing for, among other things, the issuance of
Equipment Notes pursuant to such Indenture to finance a portion of the purchase
price of Equipment to be purchased by an Owner Trustee and leased to the Company
pursuant to a Lease; and Participation Agreements means all such agreements.

         "PAYING AGENT" when used with respect to the Certificates of any
series, means the paying agent maintained and appointed for the Certificates of
such series pursuant to Section 7.12.

         "PERMITTED GOVERNMENT INVESTMENT" means obligations of the United
States of America and agencies thereof for the payment of which the full faith
and credit of the United States of America is pledged, maturing in not more than
60 days or such lesser time as is necessary for payment of any Special Payments
on a Special Distribution Date.

         "PERSON" means any individual, corporation, partnership, association,
trust, unincorporated organization, or government or any agency or political
subdivision thereof.

         "POOL BALANCE" when used with respect to any Trust, means, as of any
date, the aggregate unpaid principal amount of the Equipment Notes held in such
Trust on such date plus the amount of the principal payments on such Equipment
Notes held by the Trustee and not yet distributed plus the amount of any moneys
held in the related Escrow Account (other than earnings thereon). The Pool
Balance as of any Regular Distribution Date or Special Distribution Date, if
any, with respect to such Trust shall be computed after giving effect to the
payment of principal, if any, on the Equipment Notes and distribution thereof to
be made on that date.

         "POOL FACTOR" when used with respect to any Trust, means, as of any
date, the quotient (rounded to the seventh decimal place) computed by dividing
(i) the Pool Balance of such Trust by (ii) the aggregate original principal
amount of the Equipment Notes held in such Trust. The Pool Factor, as of any
Regular Distribution Date or Special Distribution Date, if any, with respect to
such Trust shall be computed after giving effect to the payment of principal, if
any, on the Equipment Notes and distribution thereof to be made on that date.

         "POSTPONED NOTES" when used with respect to any Trust or the related
series of Certificates, means the Equipment Notes to be held in such Trust as to
which a Postponement Notice shall have been delivered pursuant to Section
2.02(b).

         "POSTPONEMENT NOTICE" when used with respect to any Trust or the
related series of Certificates, means a certificate of the Company signed by an
officer of the Company (1) requesting that the Trustee temporarily postpone
purchase of the related Equipment Notes to a date later than the Issuance Date
of such series of Certificates, (2) identifying the amount of the purchase price
of each such Equipment Note and the aggregate purchase price of all such
Equipment Notes and (3) with respect to such Equipment Notes referred to in
Clause (1), either (a) setting or resetting a new Transfer Date (which shall be
on or prior to the applicable Cut-off Date) for payment by the Trustee of such
purchase price and issuance by the Owner Trustee of the related Equipment Note,
or (b) indicating that such new Transfer Date (which shall be on or

                                       6
<PAGE>

prior to the applicable Cut-off Date) will be set by subsequent written notice
not less than one Business Day prior to such new Transfer Date.

         "RECORD DATE" when used with respect to any Trust or the related series
of Certificates, means (i) for Scheduled Payments to be distributed on any
Regular Distribution Date, other than the final distribution, the day (whether
or not a Business Day) which is 15 days preceding such Regular Distribution
Date, and (ii) for Special Payments to be distributed on any Special
Distribution Date, if any, other than the final distribution, the day (whether
or not a Business Day)which is 15 days preceding such Special Distribution Date.

         "REGISTER AND REGISTRAR" when used with respect to the Certificates of
any series, means the register maintained and the registrar appointed pursuant
to Sections 3.04 and 7.12.

         "REGULAR DISTRIBUTION DATE" when used with respect to distributions
from any Trust of Scheduled Payments, means each date designated as such in the
related Trust Supplement, until payment of all the Scheduled Payments to be made
under the Equipment Notes held in such Trust has been made.

         "REQUEST" means a request by the Company setting forth the subject
matter of the request accompanied by an Officer's Certificate and an Opinion of
counsel as provided in Section 1.02 hereof.

         "RESPONSIBLE OFFICER" when used with respect to the initial Trustee,
the initial Indenture Trustee or the Owner Trustee means any officer in the
Corporate Trust Office; when used with respect to any successor Trustee, or
successor Indenture Trustee, means the chairman or vice-chairman of the board of
directors or trustees, the chairman or vice-chairman of the executive or
standing committee of the board of directors or trustees, the president, the
chairman of the committee on trust matters, any vice-president, any second
vice-president, the secretary, any assistant secretary, the treasurer, any
assistant treasurer, the cashier, any assistant cashier, any trust officer or
assistant trust officer, the comptroller and any assistant comptroller; and,
when used with respect to the Trustee and the Indenture Trustee, also means any
other officer of the Trustee or the Indenture Trustee customarily performing
functions similar to those performed by any of the above designated officers and
also means, when used with respect to the Trustee, Indenture Trustee or Owner
Trustee with respect to a particular corporate trust matter, any other officer
to whom such matter is referred because of his knowledge of and familiarity with
the particular subject.

         "SCHEDULED PAYMENT" when used with respect to a Regular Distribution
Date, means any payment (other than a Special Payment) of interest on or
principal and interest on an Equipment Note, due from the Owner Trustee which
issued the Equipment Note, which payment represents the payment of a regularly
scheduled installment of principal at the stated maturity of such installment of
principal on such Equipment Note or, the payment of regularly scheduled interest
accrued on such Equipment Note, or both.

         "SPECIAL DISTRIBUTION DATE" means each date on which a Special Payment
is to be distributed, as specified in the applicable Trust Supplement.

                                       7
<PAGE>

         "SPECIAL PAYMENT" when used with respect to a Special Distribution
Date, means (i) any payment of principal, premium, if any, and interest on an
Equipment Note resulting from the prepayment or purchase of such Equipment Note
held in a Trust, (ii) any payment of principal and interest (including any
interest accruing upon default) on, or any other amount in respect of, an
Equipment Note upon an Indenture Event of Default in respect thereof or upon an
acceleration under the Indenture relating thereto, (iii) any Scheduled Payment
or any Special Payment referred to in clause (i) of this definition which is not
in fact paid within five days of the Regular Distribution Date or Special
Distribution Date applicable thereto, (iv) the amounts required to be
distributed by the penultimate paragraph of Section 2.02(b) or (v) any proceeds
from the sale of any Equipment Note by the Trustee pursuant to Article VI
hereof; and Special Payments means all of such Special Payments.

         "SPECIAL PAYMENTS ACCOUNT" when used with respect to the Certificates
of any series, means the account or accounts created and maintained for such
series pursuant to Section 4.01(b) and the related Trust Supplement.

         "SPECIFIED INVESTMENTS" when used with respect to any Trust, means,
unless otherwise specified in the related Trust Supplement (i) direct
obligations of the United States of America and agencies thereof for which the
full faith and credit of the United States is pledged, (ii) obligations fully
guaranteed by the United States of America, (iii) certificates of deposit issued
by, or bankers' acceptances of, or time deposits with, any bank, trust company
or national banking association incorporated or doing business under the laws of
the United States of America or one of the states thereof having combined
capital and surplus and retained earnings of at least $500,000,000 (including
the Indenture Trustee or Owner Trustee if such conditions are met), and (iv)
repurchase agreement with any financial institution having a combined capital
and surplus of at least $750,000,000 fully collateralized by obligations of the
type described in clauses (i) through (iii) above; provided that if all of the
above investments are unavailable, the entire amount to be invested may be used
to purchase Federal funds from an entity described in (iii) above; and provided
further that no investment shall be eligible as a "Specified Investment" unless
the final maturity or date of return of such investment is 91 days or less from
the date of purchase thereof.

         "TRANSFER DATE" has the meaning assigned to that term or any of the
terms "Delivery Date," "Funding Date" or "Closing Date" in a Participation
Agreement.

         "TRUST" means the trust created by a Trust Supplement, the estate of
which consists of the related Trust Property.

         "TRUSTEE" means the institution executing this Basic Agreement as
Trustee, or its successor in interest, and any successor trustee appointed as
provided herein.

         "TRUST INDENTURE ACT" except as otherwise provided in Section 9.06,
means the Trust Indenture Act of 1939 as in force at the date as of which this
Basic Agreement was executed.

         "TRUST PROPERTY" when used with respect to any Trust, means the
Equipment Notes held as the property of such Trust and all monies at any time
paid thereon and all monies due and to become due thereunder, funds from time to
time deposited in the related Escrow Account, the

                                       8
<PAGE>

related Certificate Account and the related Special Payments Account and any
proceeds from the sale by the Trustee pursuant to Article VI hereof of any such
Equipment Note.

         "TRUST SUPPLEMENT" means an agreement supplement hereto pursuant to
which (i) a separate Trust is created for the benefit of the Holders of the
Certificates of a series, (ii) the issuance of the Certificates of such series
representing Fractional Undivided Interests in such Trust is authorized, and
(iii) the terms of the Certificates of such series are established, as such
agreement may from time to time be supplemented, amended or modified.

         SECTION 1.02. COMPLIANCE CERTIFICATES AND OPINIONS. Upon any
application or request by the Company, any Owner Trustee or any Indenture
Trustee to the Trustee to take any action under any provision of this Basic
Agreement or any Trust Supplement, the Company, such Owner Trustee or such
Indenture Trustee, as the case may be, shall furnish to the Trustee an Officer's
Certificate stating that, in the opinion of the signer, all conditions
precedent, if any, provided for in this Basic Agreement or the applicable Trust
Supplement relating to the proposed action have been complied with and an
Opinion of Counsel stating that in the opinion of such counsel all such
conditions precedent, if any, have been complied with, except that in the case
of any such application or request as to which the furnishing of such documents
is specifically required by any provision of this Basic Agreement or any Trust
Supplement relating to such particular application or request, no additional
certificate or opinion need be furnished.

         Every certificate or opinion with respect to compliance with a
condition or covenant provided for in this Basic Agreement or any Trust
Supplement shall include:

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

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

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

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

         SECTION 1.03. 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.

                                       9
<PAGE>

         Any Opinion of Counsel stated to be based on the opinion of other
counsel shall be accompanied by a copy of such other opinion.

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

         SECTION 1.04. ACTS OF CERTIFICATEHOLDERS. (a) Any direction, consent,
waiver or other action provided by this Basic Agreement or any Trust Supplement
to be given or taken by Certificateholders may be embodied in and evidenced by
one or more instruments of substantially similar tenor signed by such
Certificateholders in person or by an agent duly appointed in writing; and,
except as herein otherwise expressly provided, such action shall become
effective when such instrument or instruments are delivered to the Trustee and,
where it is hereby expressly required, to the Company or any Indenture Trustee.
Such instrument or instruments (and the action embodied therein and evidenced
thereby) are herein sometimes referred to as the "Act" of the Certificateholders
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 Basic Agreement or any Trust Supplement and (subject to Section
7.01) conclusive in favor of the Trustee, the Company and the Indenture Trustee,
if made in the manner provided in this Section.

         (b) The fact and date of the execution by any Person of any such
instrument or writing may be proved by the certificate of any notary public or
other officer of any jurisdiction authorized to take acknowledgements of deeds
or administer oaths that the Person executing such instrument acknowledged to
him the execution thereof, or by an affidavit of a witness to such execution
sworn to before any such notary or such other officer and where such execution
is by an officer of a corporation or association or a member of a partnership,
on behalf of such corporation, association or partnership 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 reasonable manner
which the Trustee deems sufficient.

         (c) In determining whether the Certificateholders of the requisite
Fractional Undivided Interests of Certificates of any series Outstanding have
given any direction, consent or waiver (a "Direction"), under this Basic
Agreement or any Trust Supplement, Certificates owned by the Company, any
related Owner Trustee, any related Owner Participant or any Affiliate of any
such Person shall be disregarded and deemed not to be Outstanding for purposes
of any such determination. In determining whether the Trustee shall be protected
in relying upon any such Direction, only Certificates of such series which the
Trustee knows to be so owned shall be so disregarded. Notwithstanding the
foregoing, (i) if any such Person owns 100% of the Certificates of any series
Outstanding, such Certificates shall not be so disregarded as aforesaid, and
(ii) if any amount of Certificates of such series so owned by any such Person
have been pledged in good faith, such Certificates shall not be disregarded as
aforesaid if the pledgee establishes to the satisfaction of the Trustee the
pledgee's right so to act with respect to such Certificates and that the pledgee
is not the Company, any related Owner Trustee, any related Owner Participant or
any Affiliate of any such Persons.

                                       10
<PAGE>

         (d) The Company may at its option by delivery of an Officer's
Certificate to the Trustee set a record date to determine the Certificateholders
entitled to give any consent, request, demand, authorization, Direction, notice,
waiver or other Act. Notwithstanding Section 316(c) of the Trust Indenture Act,
such record date shall be the record date specified in such Officer's
Certificate which shall be a date not more than 30 days prior to the first
solicitation of Certificateholders in connection therewith. If such a record
date is fixed, such consent, request, demand, authorization, Direction, notice,
waiver or other Act may be given before or after such record date, but only the
Certificateholders of record of the applicable series at the close of business
on such record date shall be deemed to be Certificateholders for the purposes of
determining whether Certificateholders of the requisite proportion of
Outstanding Certificates of such series have authorized or agreed or consented
to such consent, request, demand, authorization, Direction, notice, waiver or
other Act, and for that purpose the Outstanding Certificates of such series
shall be computed as of such record date; provided that no such consent,
request, demand, authorization, Direction, notice, waiver or other Act by the
Certificateholders on such record date shall be deemed effective unless it shall
become effective pursuant to the provisions of this Basic Agreement not later
than one year after such record date.

         (e) Any Direction, consent, waiver or other action by the
Certificateholder of any Certificate shall bind the Certificateholder of every
Certificate issued upon the transfer thereof or in exchange therefor or in lieu
thereof, whether or not notation of such action is made upon such Certificate.

         (f) Except as otherwise provided in Section 1.04(c), Certificates of
any series owned by or pledged to any Person shall have an equal and
proportionate benefit under the provisions of this Basic Agreement and the
related Trust Supplement, without preference, priority, or distinction as among
all of the Certificates of such series.

                                   ARTICLE II
                        ORIGINAL ISSUANCE OF CERTIFICATES
                         ACQUISITION OF EQUIPMENT NOTES

         SECTION 2.01. AMOUNT UNLIMITED; ISSUABLE IN SERIES. (a) The aggregate
principal amount of Certificates which may be authenticated and delivered under
this Basic Agreement is unlimited. The Certificates may be issued from time to
time in one or more series and shall be designated generally as the "Pass
Through Certificates," with such further designations added or incorporated in
such title for the Certificates of each series as specified in the related Trust
Supplement. Each Certificate shall bear upon its face the designation so
selected for the series to which it belongs. All Certificates of the same series
shall be substantially identical except that the Certificates of a series may
differ as to denomination and as may otherwise be provided in the Trust
Supplement establishing the Certificates of such series. Each separate series of
Certificates issued pursuant to this Basic Agreement and related Trust
Supplement will evidence Fractional Undivided Interests in the separate Trust
formed by such Trust Supplement, and will have no rights, benefits or interests
in respect of any other separate Trust or the Trust Property held therein. All
Certificates of the same series issued under this Basic Agreement and the
related Trust Supplement shall be in all respects equally and ratably entitled
to the benefits of this Basic Agreement and the related Trust Supplement without
preference, priority, or distinction on account of the actual time or times of
authentication and delivery, all in

                                       11
<PAGE>

accordance with the terms and provisions of this Basic Agreement and the related
Trust Supplement.

         (b) The following matters shall be established with respect to the
Certificates of each series issued hereunder by a Trust Supplement executed and
delivered by and between the Company and the Trustee:

             (1) the formation of the Trust as to which the Certificates
         represent Fractional Undivided Interests and its designation (which
         designation shall distinguish such Trust from each other Trust created
         under this Basic Agreement and a Trust Supplement);

             (2) the specific title of the Certificates (which title shall
         distinguish the Certificates of the series from each other series of
         Certificates issued under this Basic Agreement);

             (3) any limit upon the aggregate principal amount of the
         Certificates which may be authenticated and delivered under this Basic
         Agreement (which limit shall not pertain to Certificates authenticated
         and delivered upon registration of transfer of, or in exchange for, or
         in lieu of, other Certificates of the series pursuant to Sections 3.03,
         3.04 and 3.05);

             (4) the Cut-Off Date with respect to the Certificates and the
         related Trust;

             (5) the Regular Distribution Dates applicable to the Certificates
         and the related Trust;

             (6) the Special Distribution Dates applicable to the Certificates
         and the related Trust;

             (7) if other than as provided in Section 7.12, the Registrar or the
         Paying Agent for the Certificates of such series, including any
         Co-Registrar or additional Paying Agent;

             (8) if other than as provided in Section 3.01, the denominations in
         which the Certificates of such series shall be issuable;

             (9) the specific form of the Certificates of such series and
         whether or not such Certificates are to be issued as Book-Entry
         Certificates;

             (10) a description of the Equipment Notes to be acquired and held
         in the Trust formed by such Trust Supplement and of the related
         Equipment and Note Documents;

             (11) provisions with respect to the terms for which the definitions
         set forth in Article I hereof permit or require further specification
         in the related Trust Supplement; and

             (12) any other terms of the Certificates of such series (which
         terms shall not be inconsistent with the provisions of the Trust
         Indenture Act or adversely affect the interest of the
         Certificateholders of any series Outstanding at the time), including
         any terms

                                       12
<PAGE>

         which may be required or advisable under United States laws or
         regulations or advisable in connection with the marketing of
         Certificates of the series.

         (c) At any time and from time to time after the execution and delivery
of this Basic Agreement and a Trust Supplement forming a Trust and establishing
the terms of Certificates of a series, Certificates of such series shall be
executed, authenticated and delivered by the Trustee to the Person or Persons
specified by the Company upon request of the Company and upon satisfaction of
any conditions precedent set forth in the related Trust Supplement.

         SECTION 2.02. ACQUISITION OF EQUIPMENT NOTES. (a) Certificates of a
series executed, authenticated and delivered by the Trustee upon request of the
Company in accordance with Section 2.01(c) shall equal in the aggregate the
aggregate principal amount of the Equipment Notes to be purchased by the Trustee
pursuant to the related Participation Agreements and shall evidence the entire
ownership of the related Trust. The Trustee shall issue and sell such
Certificates, in authorized denominations and in such Fractional Undivided
Interests, so as to result in the receipt of consideration in an amount equal to
the aggregate principal amount of such Equipment Notes and, concurrently
therewith, the Trustee shall purchase, pursuant to the terms and conditions of
the Participation Agreements, the Equipment Notes (except Postponed Notes, if
any) at a purchase price equal to the amount of such consideration so received.
Except as provided in Sections 3.03, 3.04 and 3.05 hereof, the Trustee shall not
execute, authenticate or deliver Certificates of such series in excess of the
aggregate amount specified in this paragraph. The provisions of this Subsection
(a) are subject to the provisions of Subsection (b) below.

         (b) If on or prior to the Issuance Date with respect to a series of
Certificates and the related Trust the Company shall deliver to the Trustee a
Postponement Notice relating to one or more Postponed Notes, the Trustee shall
postpone the purchase of the related Postponed Notes and shall deposit into an
escrow account (the "Escrow Account") to be maintained as a part of such Trust
an amount equal to the purchase price of such Postponed Notes (the "Escrowed
Funds"). The Escrowed Funds so deposited shall be invested by the Trustee at the
direction and risk of, and for the benefit of, the Company in Specified
Investments (i) maturing no later than any scheduled Transfer Date relating to
such series of Certificates, or (ii) if no such Transfer Date has been
scheduled, maturing on the next Business Day, or (iii) if the Company has given
notice to the Trustee that any Postponed Notes will not be issued, with respect
to the portion of the Escrowed Funds relating to such Postponed Notes, maturing
on the next applicable Special Distribution Date, if such investments are
reasonably available for purchase. The Trustee shall make withdrawals from the
Escrow Account only as provided in this Basic Agreement and the related Trust
Supplement.

         Upon request of the Company on one or more occasions, and the
satisfaction of the closing conditions specified in the applicable Participation
Agreements on or prior to the related Cut-Off Date, the Trustee shall purchase
the applicable Postponed Notes with the Escrowed Funds. The purchase price shall
equal the principal amount of such Postponed Notes. On the Initial Regular
Distribution Date, the Company will pay (in immediately available funds) to the
Trustee an amount equal to the interest that would have accrued on any Postponed
Notes purchased after the Issuance Date if such Postponed Notes had been
purchased on the Issuance Date, from the Issuance Date to, but not including,
the date of the purchase of such Postponed Notes by the Trustee.

                                       13
<PAGE>

         The Trustee shall hold all such Specified Investments until the
maturity thereof and will not sell or otherwise transfer such Specified
Investments. If Specified Investments held in the Escrow Account mature prior to
any applicable Transfer Date, any proceeds received on the maturity of such
Specified Investments (other than any earnings thereon) shall be reinvested by
the Trustee at the direction and risk of, and for the benefit of, the Company in
Specified Investments maturing as provided in the second preceding paragraph.

         Any earnings on Specified Investments received from time to time by the
Trustee shall be promptly distributed to the Company. The Company shall pay to
the Trustee for deposit to the Escrow Account an amount equal to any losses
realized on such Specified Investments.

         If the Company notifies the Trustee prior to the applicable Cut-Off
Date that any of the Postponed Notes will not be issued on or prior to the
Cut-Off Date for any reason, on the next Special Distribution Date for the
series of Certificates related to such Postponed Notes occurring more than 10
days following the date of such notice (i) the Company shall pay to the Trustee
for deposit in the related Special Payments Account, in immediately available
funds, an amount equal to the interest that would have accrued on the Postponed
Notes designated in such notice at a rate equal to the interest rate applicable
to such series of Certificates from the Issuance Date to, but not including,
such Special Distribution Date and (ii) the Trustee shall transfer an amount
equal to that amount of Escrowed Funds that would have been used to purchase the
Postponed Notes designated in such notice and the amount paid by the Company
pursuant to the immediately preceding clause (i) to the related Special Payments
Account for distribution as a Special Payment in accordance with the provisions
hereof.

         If, on the applicable Cut-Off Date, an amount equal to less than all of
the Escrowed Funds (other than Escrowed Funds referred to in the immediately
preceding paragraph) has been used to purchase Postponed Notes, on the Special
Distribution Date for the series of Certificates related to such Postponed Notes
next following such Cut-Off Date by more than 10 days (i) the Company shall pay
to the Trustee for deposit in the related Special Payments Account, in
immediately available funds, an amount equal to the interest that would have
accrued on such Postponed Notes contemplated to be purchased with such unused
Escrowed Funds (other than Escrowed Funds referred to in the immediately
preceding paragraph) but not so purchased at a rate equal to the interest rate
applicable to such series of Certificates from the Issuance Date to, but no
including, such Special Distribution Date and (ii) the Trustee shall transfer
such unused Escrowed Funds and the amount paid by the Company pursuant to the
immediately preceding clause (i) to such Special Payments Account for
distribution as a Special Payment in accordance with the provisions hereof.

         SECTION 2.03. ACCEPTANCE BY TRUSTEE. The Trustee, upon the execution
and delivery of a Trust Supplement creating a Trust and a series of
Certificates, shall acknowledge its acceptance of all right, title and interest
in and to the Equipment Notes to be acquired pursuant to Section 2.02 hereof and
the Participation Agreements and shall declare that the Trustee holds and will
hold such right, title, and interest, together with all other property
constituting the Trust Property, for the benefit of all present and future
Certificateholders of such series, upon the trusts herein and in such Trust
Supplement set forth. By its payment for and acceptance of each Certificate of
such series issued to it under this Basic Agreement and such Trust Supplement,
each initial

                                       14
<PAGE>

Certificateholder of such series as grantor of the Trust thereby joins in the
creation and declaration of such Trust.

         SECTION 2.04. LIMITATION OF POWERS. Each Trust shall be constituted
solely for the purpose of making the investment in the Equipment Notes provided
for in the related Trust Supplement, and, except as set forth herein or in such
Trust Supplement, the Trustee shall not be authorized or empowered to acquire
any other investments or engage in any other activities and, in particular, the
Trustee shall not be authorized or empowered to do anything that would cause the
Trust to fail to qualify as a "grantor trust" for federal income tax purposes
(including, as subject to this restriction, acquiring any Equipment (as defined
in the related Indenture) by bidding the Equipment Notes or otherwise, or taking
any action with respect to any such Equipment once acquired).

                                  ARTICLE III
                                THE CERTIFICATES

         SECTION 3.01. FORM, DENOMINATION AND EXECUTION OF CERTIFICATES. The
Certificates of each series shall be issued in registered form without coupons
and shall be substantially in the form attached hereto as Exhibit A, with such
omissions, variations and insertions as are permitted by this Basic Agreement or
the related Trust Supplement, and may have such letters, numbers or other marks
of identification and such legends or endorsements printed, lithographed or
engraved thereon, as may be required to comply with the rules of any securities
exchange on which such Certificates may be listed or to conform to any usage in
respect thereof, or as may, consistently herewith, be prescribed by the Trustee
or by the officer executing such Certificates, such determination by said
officer to be evidenced by his signing such Certificates.

         Except as provided in Section 3.09, the definitive Certificates of such
series shall be printed, lithographed or engraved or produced by any combination
of these methods or may be produced in any other manner permitted by the rules
of any securities exchange on which such Certificates may be listed, all as
determined by the officer executing such Certificates, as evidenced by his
execution of such Certificates.

         Except as otherwise provided in the related Trust Supplement, the
Certificates of each series shall be issued in denominations of $1,000 or
integral multiples thereof except that one Certificate of such series may be
issued in a denomination of less than $1,000.

         The Certificates of each series shall be executed on behalf of the
Trustee by manual or facsimile signature of a Responsible Officer of the
Trustee. Certificates bearing the manual or facsimile signature of an individual
who was, at the time when such signature was affixed, authorized to sign on
behalf of the Trustee shall be valid and binding obligations of the Trustee,
notwithstanding that such individual has ceased to be so authorized prior to the
authentication and delivery of such Certificates or did not hold such office at
the date of such Certificates. No Certificate of any series shall be entitled to
any benefit under this Basic Agreement or any Trust Supplement, or be valid for
any purposes, unless there appears on such Certificate a certificate of
authentication substantially in the form set forth in Exhibit A hereto executed
by the Trustee by manual signature, and such certificate upon any Certificate
shall be conclusive evidence, and the

                                       15
<PAGE>

only evidence, that such Certificate has been duly authenticated and delivered
hereunder. All Certificates of any series shall be dated the date of their
authentication.

         SECTION 3.02. AUTHENTICATION OF CERTIFICATES. The Trustee shall duly
authenticate and deliver Certificates of each series in authorized denominations
equalling in the aggregate the aggregate principal amount of the Equipment Notes
to be purchased by the Trustee pursuant to the related Participation Agreement,
and evidencing the entire ownership of the related Trust.

         SECTION 3.03. TEMPORARY CERTIFICATES. Pending the preparation of
definitive Certificates of any series, the Trustee may execute, authenticate and
deliver temporary Certificates of such series which are printed lithographed,
typewritten, or otherwise produced, in any denomination, containing
substantially the same terms and provisions as set forth in Exhibit A, except
for such appropriate insertions, omissions, substitutions and other variations
relating to their temporary nature as the officer executing such temporary
Certificates may determine, as evidenced by his execution of such temporary
Certificates.

         If temporary Certificates of any series are issued, the Trustee will
cause definitive Certificates of such series to be prepared without unreasonable
delay. After the preparation of definitive Certificates, the temporary
Certificates shall be exchangeable for definitive Certificates of such series
upon surrender of the temporary Certificates at the Corporate Trust Office of
the Trustee, or at the office or agency of the Trustee maintained in accordance
with Section 7.12, without charge to the holder. Upon surrender for cancellation
of any one or more temporary Certificates, the Trustee shall execute,
authenticate and deliver in exchange therefor definitive Certificates of like
series, in authorized denominations of a like aggregate Fractional Undivided
Interest. Until so exchanged, such temporary Certificates shall in all respects
be entitled to the same benefits under this Basic Agreement and the related
Trust Supplement as definitive Certificates of such series.

         SECTION 3.04. REGISTRATION OF TRANSFER AND EXCHANGE OF CERTIFICATES.
(a) The Trustee shall cause to be kept at the office or agency to be maintained
by it in accordance with the provisions of Section 7.12 a register (the
"Register") for each series of Certificates in which, subject to the provisions
of this Section 3.04 and the Certificates, the Trustee shall provide for the
registration of Certificates and of transfers and exchanges of Certificates as
herein provided. The Trustee shall initially be the registrar (the "Registrar")
for the purpose of registering Certificates of each series and transfers and
exchanges of Certificates as herein provided.

         (b) Upon surrender for registration of transfer of any Certificate at
the Corporate Trust Office or such other office or agency, the Trustee shall
execute, authenticate and deliver, in the name of the designated transferee or
transferees, one or more new Certificates of like series, in authorized
denominations of a like aggregate Fractional Undivided Interest. At the option
of a Certificateholder, Certificates may be exchanged for other Certificates of
like series, in authorized denominations of a like aggregate Fractional
Undivided Interest, upon surrender of the Certificates to be exchanged at any
such office or agency. Whenever any Certificates are so surrendered for
exchange, the Trustee shall execute, authenticate and deliver the Certificates
that the Certificateholder making the exchange is entitled to receive. Every
Certificate presented or surrendered for registration of transfer or exchange
shall be duly endorsed or accompanied by a

                                       16
<PAGE>

written instrument of transfer in form satisfactory to the Trustee and the
Registrar duly executed by the Holder thereof or his attorney duly authorized in
writing.

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

         (d) All Certificates surrendered for registration of transfer and
exchange shall be cancelled and subsequently destroyed by the Trustee.

         SECTION 3.05. MUTILATED, DESTROYED, LOST OR STOLEN CERTIFICATES. If (a)
any mutilated Certificate is surrendered to the Registrar, or the Registrar
receives evidence to its satisfaction of the destruction, loss or theft of any
Certificate and (b) there is delivered to the Registrar and the Trustee such
security, indemnity or bond, as may be required by them to save each of them
harmless, then, in the absence of notice to the Registrar or the Trustee that
such Certificate has been acquired by a bona fide purchaser, the Trustee shall
execute, authenticate and deliver, in exchange for or in lieu of any such
mutilated, destroyed, lost or stolen Certificate, a new Certificate of like
series and of like Fractional Undivided Interest with the same final Regular
Distribution Date. In connection with the issuance of any new Certificate under
this Section 3.05, the Trustee shall 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
and the Registrar) connected therewith. Any duplicate Certificate issued
pursuant to this Section 3.05 shall constitute conclusive evidence of the
appropriate Fractional Undivided Interest in the related Trust, as if originally
issued, whether or not the lost, stolen or destroyed Certificate shall be found
at any time.

         SECTION 3.06. PERSONS DEEMED OWNERS. Prior to due presentation of a
Certificate for registration of transfer, the Trustee, the Registrar, and any
Paying Agent of the Trustee may treat the person in whose name any Certificate
is registered as the owner of such Certificate for the purpose of receiving
distributions pursuant to Section 4.02 and for all other purposes whatsoever,
and neither the Trustee, the Registrar, nor any Paying Agent of the Trustee
shall be affected by any notice to the contrary.

         SECTION 3.07. CANCELLATION. All Certificates surrendered for payment or
transfer or exchange shall, if surrendered to any Person a party hereto other
than the Registrar, be delivered by such Person to the Registrar for
cancellation. No Certificates shall be authenticated in lieu of or in exchange
for any Certificates cancelled as provided in this Section, except as expressly
permitted by this Basic Agreement. All cancelled Certificates held by the
Registrar shall be destroyed and a certification of their destruction delivered
to the Trustee.

         SECTION 3.08. LIMITATION OF LIABILITY FOR PAYMENTS. All payments or
distributions made to Certificateholders of any series under this Basic
Agreement or the related Trust Supplement shall be made only from such Trust
Property of the related Trust and only to the extent that the Trustee shall have
sufficient income or proceeds from the Trust Property to make such payments in
accordance with the terms of Article IV of this Basic Agreement and the related
Trust Supplement. Each Certificateholder, by its acceptance of such Certificate,
agrees

                                       17
<PAGE>

that it will look solely to the income and proceeds from the Trust Property of
the related Trust to the extent available for distribution to the Holder thereof
as provided in this Basic Agreement and the related Trust Supplement. Nothing in
this Basic Agreement shall be construed as an agreement, or otherwise creating
an obligation, of the Company to pay any of the principal, premium, if any, and
interest due from time to time under the Equipment Notes or in respect of the
Certificates.

         SECTION 3.09. BOOK-ENTRY AND DEFINITIVE CERTIFICATES. (a) Except for
one Certificate of each series that may be issued in a denomination of less than
$1,000, the Certificates of each series may be issued in the form of one or more
typewritten Certificates representing the Book-Entry Certificates of such
series, to be delivered to DTC, the initial Clearing Agency, by, or on behalf
of, the Company. In such case, the Certificates of such series delivered to DTC
shall initially be registered on the Register in the name of CEDE & Co., the
nominee of the initial Clearing Agency, and no Certificate Owner will receive a
definitive certificate representing such Certificate Owner's interest in the
Certificates of such series, except as provided above and in Subsection (d)
below. Except with respect to the one Certificate of each series that may be
issued in a denomination of less than $1,000, unless and until definitive, fully
registered Certificates of such series (the "Definitive Certificates") have been
issued pursuant to Subsection (d) below:

             (i) the provisions of this Section 3.09 shall be in full force and
         effect;

             (ii) the Company, the Paying Agent, the Registrar and the Trustee
         may deal with the Clearing Agency for all purposes (including the
         making of distributions on the Certificates) as the authorized
         representative of the Certificate Owners;

             (iii) to the extent that the provisions of this Section 3.09
         conflict with any other provisions of this Basic Agreement or any Trust
         Supplement (other than the provisions of any Trust Supplement amending
         this Section 3.09 as permitted by this Basic Agreement), the provisions
         of this Section 3.09 shall control;

             (iv) the rights of Certificate Owners shall be exercised only
         through the Clearing Agency and shall be limited to those established
         by law and agreements between such Certificate Owners and the Clearing
         Agency Participants; and until Definitive Certificates are issued
         pursuant to Subsection (d) below, the Clearing Agency will make
         book-entry transfers among the Clearing Agency Participants and receive
         and transmit distributions of principal and interest and premium, if
         any, on the Certificates to such Clearing Agency Participants; and

             (v) whenever this Basic Agreement or any Trust Supplement requires
         or permits actions to be taken based upon instructions or directions of
         Certificateholders of such series holding Certificates of such series
         evidencing a specified percentage of the Fractional Undivided Interests
         in the related Trust, the Clearing Agency shall be deemed to represent
         such percentage only to the extent that it has received instructions to
         such effect from Certificate Owners and/or Clearing Agency Participants
         owning or representing, respectively, such required percentage of the
         beneficial interest in Certificates of such series and has delivered
         such instructions to the Trustee. The Trustee

                                       18
<PAGE>

         shall have no obligation to determine whether the Clearing Agency has
         in fact received any such instructions.

         (b) Except with respect to the one Certificate of each series that may
be issued in a denomination of less than $1,000, whenever notice or other
communication to the Certificateholders of such series is required under this
Basic Agreement or the related Trust Supplement, unless and until Definitive
Certificates shall have been issued pursuant to Subsection (d) below, the
Trustee shall give all such notices and communications specified herein to be
given to Certificateholders of such series to the Clearing Agency and/or the
Clearing Agency Participants, and shall make available additional copies as
requested by such Clearing Agency Participants.

         (c) Unless and until Definitive Certificates of a series are issued
pursuant to Subsection (d) below, on the Record Date prior to each applicable
Regular Distribution Date and Special Distribution Date, the Trustee will
request from DTC a Securities Position Listing (as defined in the Letter of
Representations) setting forth the names of all Clearing Agency Participants
reflected on DTC's books as holding interests in the Certificates of such series
on such Record Date. The Trustee shall mail to each such Clearing Agency
Participant, the statements described in Section 4.03 hereof and will make
available additional copies as requested by such Clearing Agency Participant to
be available for forwarding to Certificate Owners.

         (d) If with respect to the Certificates of any series, (i) the Company
advises the Trustee in writing that the Clearing Agency is no longer willing or
able to properly discharge its responsibilities and the Trustee or the Company
is unable to locate a qualified successor, (ii) the Company at its option,
advises the Trustee in writing that it elects to terminate the book-entry system
through the Clearing Agency or (iii) after the occurrence of an Event of
Default, Certificate Owners of Book-Entry Certificates of such series evidencing
Fractional Undivided Interests aggregating not less than a majority in interest
in the related Trust, by Act of said Certificate Owners delivered to the Company
and the Trustee, advise the Trustee and the Clearing Agency through the Clearing
Agency Participants in writing that the continuation of a book-entry system
through the Clearing Agency is no longer in the best interests of the
Certificate Owners of such series, then the Trustee shall notify all Certificate
Owners of such series, through the Clearing Agency, of the occurrence of any
such event and of the availability of Definitive Certificates. Upon surrender to
the Trustee of all the Certificates of such series held by the Clearing Agency,
accompanied by registration instructions from the Clearing Agency for
registration of Definitive Certificates in the names of Certificate Owners of
such series, the Trustee shall issue and deliver the Definitive Certificates of
such series in accordance with the instructions of the Clearing Agency. Neither
the Company, the Registrar, the Paying Agent nor the Trustee shall be liable for
any delay in delivery of such instructions and may conclusively rely on, and
shall be protected in relying on, such registration instructions. Upon the
issuance of Definitive Certificates of such series, the Trustee shall recognize
the Person in whose name such Definitive Certificates are registered in the
Register as Certificateholders of such series hereunder. Neither the Company nor
the Trustee shall be liable if the Trustee or the Company is unable to locate a
qualified successor Clearing Agency.

                                       19
<PAGE>

         (e) Except as otherwise provided in the related Trust Supplement, the
Trustee shall enter into the applicable Letter of Representations with respect
to each series of Certificates and fulfill its responsibilities thereunder.

         (f) The provisions of this Section 3.09 may be made inapplicable to any
series or may be amended with respect to any series in the related Trust
Supplement.

                                   ARTICLE IV
                          DISTRIBUTIONS; STATEMENTS TO
                               CERTIFICATEHOLDERS

         SECTION 4.01. CERTIFICATE ACCOUNT AND SPECIAL PAYMENTS ACCOUNT. (a) The
Trustee shall establish and maintain on behalf of the Certificateholders of each
series a Certificate Account as one or more non-interest-bearing accounts. The
Trustee shall hold the Certificate Account in trust for the benefit of the
Certificateholders of such series, and shall make or permit withdrawals
therefrom only as provided in this Basic Agreement or the related Trust
Supplement. On each day when a Scheduled Payment is made under any Indenture to
the Trustee, as holder of the Equipment Notes issued under such Indenture, the
Trustee upon receipt shall immediately deposit the aggregate amount of such
Scheduled Payment in the applicable Certificate Account.

         (a) The Trustee shall establish and maintain on behalf of the
Certificateholders of each series a Special Payments Account as one or more
accounts, which shall be non-interest-bearing except as provided in Section
4.04. The Trustee shall hold such Special Payments Account in trust for the
benefit of the Certificateholders of such series, and shall make or permit
withdrawals therefrom only as provided in this Basic Agreement or the related
Trust Supplement. On each day when one or more Special Payments (other than a
Special Payment that represents either payment received with respect to an
Equipment Note upon an Event of Default in respect thereof or the proceeds of
any sale pursuant to Article VI hereof by the Trustee of an Equipment Note) is
made under any Indenture to the Trustee, as holder of the Equipment Notes issued
under such Indenture, the Trustee upon receipt shall immediately deposit the
aggregate amounts of such Special Payments in the applicable Special Payments
Account. Upon the sale of any Equipment Note by the Trustee pursuant to Article
VI hereof and the realization of any proceeds thereof, the Trustee shall deposit
the aggregate amount of such proceeds as a Special Payment in the applicable
Special Payments Account.

         (b) The Trustee shall present to the Indenture Trustee to which an
Equipment Note relates such Equipment Note on the date of its stated final
maturity, or in the case of any Equipment Note which is to be prepaid or
purchased in whole pursuant to the relevant Indenture, on the applicable
prepayment or purchase date under such Indenture.

         SECTION 4.02. DISTRIBUTIONS FROM CERTIFICATE ACCOUNT AND SPECIAL
PAYMENTS ACCOUNT. (a) On each Regular Distribution Date with respect to a series
of Certificates or as soon thereafter as the Trustee has confirmed receipt of
the payment of the Scheduled Payments due on the Equipment Notes held in the
related Trust on such date, the Trustee shall distribute out of the applicable
Certificate Account the entire amount deposited therein on account of Scheduled
Payments pursuant to Section 4.01(a). There shall be so distributed to each
Certificateholder of

                                       20
<PAGE>

record on the Record Date with respect to such Regular Distribution Date (other
than as provided in Section 11.01 concerning the final distribution) (i) by
check mailed to such Certificateholder at the address appearing in the Register
or (ii) prior to the time Definitive Certificates are issued, by wire transfer
of same-day funds to the account designated by the Certificateholder to the
Trustee on or prior to the Record Date relating to such Regular Distribution
Date, such Certificateholder's pro rata share (based on the aggregate Fractional
Undivided Interest in the related Trust held by such Certificateholder) of the
aggregate amount in the applicable Certificate Account.

         (b) On each Special Distribution Date with respect to any Special
Payment with respect to a series of Certificates or as soon thereafter as the
Trustee has confirmed receipt of the Special Payments due on the Equipment Notes
held in the related Trust or realized upon the sale of any such Equipment Note,
the Trustee shall distribute out of the applicable Special Payments Account the
entire amount deposited therein on account of Special Payments pursuant to
Section 4.01(b). There shall be so distributed to each Certificateholder of
record of such series on the Record Date with respect to such Special
Distribution Date (other than as provided in Section 11.01 concerning the final
distribution) (i) by check mailed to such Certificateholder at the address
appearing in the Register or (ii) prior to the time Definitive Certificates are
issued, by wire transfer of same-day funds to the account designated by the
Certificateholder to the Trustee on or prior to the Record Date relating to such
Special Distribution Date, such Certificateholder's pro rata share (based on the
aggregate Fractional Undivided Interest in the related Trust held by such
Certificateholder) of the aggregate amount in the applicable Special Payments
Account on account of such Special Payment.

         (c) The Trustee shall at the expense of the Company cause notice of
each Special Payment with respect to a series of Certificates to be mailed to
each Certificateholder of such series at his address as it appears in the
Register. In the event of a prepayment or purchase of Equipment Notes held in
the related Trust, such notice shall be mailed not less than 20 days prior to
the date any such Special Payment is scheduled to be distributed. In the case of
a Special Payment pursuant to either of the last two paragraphs of Section
2.02(b), such notice shall be mailed not less than 10 days prior to the date any
such Special Payment is scheduled to be distributed. In the case of any other
Special Payments, such notice shall be mailed as soon as practicable after the
Trustee has confirmed that it has received funds for such Special Payment.
Notices mailed by the Trustee shall set forth:

             (i) the Special Distribution Date and the Record Date therefor
         (except as otherwise provided in Section 11.01);

             (ii) the amount of the Special Payment for each $1,000 face amount
         Certificate (taking into account any payment to be made by the Company
         pursuant to Section 2.02(b)) and the amount thereof constituting
         principal, premium, if any, and interest;

             (iii) the reason for the Special Payment; and

                                       21

<PAGE>

             (iv) if the Special Distribution Date is the same date as a Regular
         Distribution Date for the Certificates of such series, the total amount
         to be received on such date for each $1,000 face amount Certificate.

If the amount of premium payable upon the prepayment or purchase of an Equipment
Note has not been calculated at the time that the Trustee mails notice of a
Special Payment, it shall be sufficient if the notice sets forth the other
amounts to be distributed and states that any premium received will also be
distributed.

         SECTION 4.03. STATEMENTS TO CERTIFICATEHOLDERS. (a) On each Regular
Distribution Date and Special Distribution Date, if any, with respect to a
series of Certificates the Trustee will include with each distribution to
Certificateholders of the related series a statement, giving effect to such
distribution to be made on such Regular Distribution Date or Special
Distribution Date, as the case may be, setting forth the following information
(per a $1,000 face amount Certificate as to (i) and (ii) below):

             (i) the amount of such distribution allocable to principal and the
         amount allocable to premium, if any;

             (ii) the amount of such distribution allocable to interest; and

             (iii) the Pool Balance and the Pool Factor of the related Trust.

         (b) Within a reasonable period of time after the end of each calendar
year but not later than the latest date permitted by law, the Trustee shall
furnish to each Person who at any time during such calendar year was a
Certificateholder of record a statement containing the sum of the amounts
determined pursuant to clauses (a)(i) and (a)(ii) with respect to the related
Trust for such calendar year or, in the event such Person was a
Certificateholder of record during a portion of such calendar year, for the
applicable portion of such year, and such other items as are readily available
to the Trustee and which a Certificateholder shall reasonably request as
necessary for the purpose of such Certificateholder's preparation of its Federal
Income tax returns.

         SECTION 4.04. INVESTMENT OF SPECIAL PAYMENT MONEYS. Any money received
by the Trustee pursuant to Section 4.01(b) representing a Special Payment which
is not to be promptly distributed shall, to the extent practicable, be invested
in Permitted Government Investments by the Trustee pending distribution of such
Special Payment pursuant to Section 4.02. Any investment made pursuant to this
Section 4.04 shall be in such Permitted Government Investments having maturities
not later than the date that such moneys are required to be used to make the
payment required under Section 4.02 on the applicable Special Distribution Date
and the Trustee shall hold any such Permitted Government Investments until
maturity. The Trustee shall have no liability with respect to any investment
made pursuant to this Section 4.04, other than by reason of the willful
misconduct or negligence of the Trustee. All income and earnings from such
investments shall be distributed on such Special Distribution Date as part of
such Special Payment.

                                       22
<PAGE>

                                   ARTICLE V
                                   THE COMPANY

         SECTION 5.01. MAINTENANCE OF CORPORATE EXISTENCE. The Company, at its
own costs and expense, will do or cause to be done all things necessary to
preserve and keep in full force and effect its corporate existence, rights and
franchises, except as otherwise specifically permitted in Section 5.02;
provided, however, that the Company shall not be required to preserve any right
or franchise if the Company 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 prejudicial in any material respect to the Certificateholders.

         SECTION 5.02. CONSOLIDATION, MERGER OR SALE OF ASSETS PERMITTED. (a)
The Company covenants that it will not consolidate with or merge into any other
corporation or sell, convey or otherwise dispose of all or substantially all of
its assets as an entirety to any Person unless the successor or transferee
corporation (if other than the Company) shall be a corporation organized and
existing under the laws of the United States of America or a state thereof or
the District of Columbia, and such corporation shall expressly assume the due
and punctual performance and observance of all of the covenants and conditions
of this Basic Agreement and the related Trust Supplement to be performed by the
Company by supplemental agreement given by such successor corporation to the
Trustee.

         (b) The Company agrees with the Certificateholders of each series that,
immediately prior to and after giving effect to any transaction described in
Section 5.02(a), no Event of Default with respect to Equipment Notes held in the
related Trust arising solely as a result of an event of default under a related
Lease and no Indenture Event of Default with respect to such Equipment Notes
arising solely as a result of an event of default under a related lease, and no
event that, after notice or lapse of time, or both, would become such an Event
of Default or such an Indenture Event of Default, shall have occurred and be
continuing. The Trustee, subject to the provisions of Sections 7.01 and 7.02,
may receive an Officer's Certificate and an Opinion of Counsel as conclusive
evidence that any such consolidation, merger, sale or conveyance, and any such
assumption complies with the provisions of this Section 5.02.

         (c) In case of any such merger, consolidation, sale, conveyance or
other disposition and upon any such assumption by the successor corporation,
such successor corporation shall succeed to and be substituted for the Company
hereunder, with the same effect as if it had been named herein as the party of
the first part.

                                   ARTICLE VI
                                     DEFAULT

         SECTION 6.01. EVENTS OF DEFAULT. If in respect of any Trust, any
Indenture Event of Default under any applicable Indenture (an "Event of
Default") shall occur and be continuing, then, and in each and every case, so
long as such Indenture Event of Default shall be continuing, the Trustee may
vote all of the Equipment Notes issued under the applicable Indenture and held
in the Trust, and upon the direction of the Certificateholders evidencing
Fractional Undivided Interests aggregating not less than a majority in interest
in such Trust, the Trustee shall vote a corresponding majority of such Equipment
Notes, in favor of directing the Indenture Trustee

                                       23
<PAGE>

under such Indenture, to declare the unpaid principal amount of the Equipment
Notes then outstanding to which such Event of Default relates and accrued
interest thereon to be due and payable under, and in accordance with the
provisions of, the applicable Indenture. In addition, if an Indenture Event of
Default shall have occurred and be continuing under any Indenture, the Trustee
may in accordance with the applicable Indenture vote the Equipment Notes held in
the Trust to which such Event of Default relates to direct the Indenture Trustee
regarding the exercise of remedies provided in such Indenture.

         In addition, after an Event of Default shall have occurred and be
continuing with respect to any Equipment Notes, the Trustee may in its
discretion, and upon the direction of the Certificateholders evidencing
Fractional Undivided Interests aggregating not less than a majority in interest
in the related Trust shall, by such officer or agent as it may appoint, sell,
convey, transfer and deliver such Equipment Note or Equipment Notes, without
recourse to or warranty by the Trustee or any Certificateholder, to any Person.
In any such case, the Trustee shall sell, assign, contract to sell or otherwise
dispose of and deliver such Equipment Note or Equipment Notes in one or more
parcels at public or private sale or sales, at any location or locations at the
option of the Trustee, all upon such terms and conditions as it may reasonably
deem advisable and at such prices as it may reasonably deem advisable, for cash.
If the Trustee so decides or is required to sell or otherwise dispose of any
Equipment Note pursuant to this Section, the Trustee shall take such of the
actions described above as it may reasonably deem most effectual to complete the
sale or other disposition of such Equipment Note, so as to provide for the
payment in full of all amounts due on the related series of Certificates. The
Trustee shall give notice to the Company promptly after any such sale.
Notwithstanding the foregoing, any action taken by the Trustee under this
Section shall not, in the reasonable judgment of the Trustee, be adverse to the
best interests of the Certificateholders of such series.

         SECTION 6.02. INCIDENTS OF SALE OF EQUIPMENT NOTES. Upon any sale of
all or any part of the Equipment Notes made either under the power of sale given
under this Basic Agreement or the related Trust Supplement or otherwise for the
enforcement of this Basic Agreement or the related Trust Supplement, the
following shall be applicable:

         (a) Certificateholders and Trustee May Purchase Equipment Notes. Any
Certificateholder, the Trustee in its individual or any other capacity or any
other Person may bid for and purchase any of the Equipment Notes, and upon
compliance with the terms of sale, may hold, retain, possess and dispose of such
Equipment Notes in their or its or his own absolute right without further
accountability.

         (b) Receipt of Trustee Shall Discharge Purchaser. The receipt of the
Trustee or of the officer making such sale shall be a sufficient discharge to
any purchaser for his purchase money, and, after paying such purchase money and
receiving such receipt, such purchaser or his personal representative or assigns
shall not be obliged to see to the application of such purchase money, or be in
any way answerable for any loss, misapplication or non-application thereof.

         (c) Application of Moneys Received upon Sale. Any moneys collected by
the Trustee upon any sale made either under the power of sale given by this
Basic Agreement and the related Trust Supplement or otherwise for the
enforcement of this Basic Agreement and the related Trust Supplement, shall be
applied as provided in Section 4.02.

                                       24
<PAGE>

         SECTION 6.03. JUDICIAL PROCEEDINGS INSTITUTED BY TRUSTEE.

         (a) Trustee May Bring Suit. If there shall be a failure to make payment
of the principal of, premium, if any, or interest on any Equipment Note, or if
there shall be any failure to pay Rent (as defined in the applicable Lease)
under any Lease when due and payable, then the Trustee, in its own name, and as
trustee of an express trust, as holder of such Equipment Notes, shall be, to the
extent permitted by and in accordance with the terms of the Note Documents,
entitled and empowered to institute any suits, actions or proceedings at law, in
equity or otherwise, for the collection of the sums so due and unpaid or
proceedings at law, in equity or otherwise, for the collection of the sums so
due and unpaid on such Equipment Notes or under such Lease and may prosecute any
such claim or proceeding to judgment or final decree with respect to the whole
amount of any such sums so due and unpaid.

         (b) Trustee May File Proofs of Claim; Appointment of Trustee as
Attorney-in-Fact in Judicial Proceedings. The Trustee in its own name, or as
trustee of an express trust, or as attorney-in-fact for the Certificateholders
of any series, or in any one or more of such capacities (irrespective of whether
distributions on the Certificates of any series shall then be due and payable,
or the payment of the principal on any Equipment Notes shall then be due and
payable, as therein expressed or by declaration or otherwise and irrespective of
whether the Trustee shall have made any demand to the relevant Indenture Trustee
for the payment of overdue principal, premium (if any) or interest on the
Equipment Notes), shall be entitled and empowered to file such proofs of claim
and other papers or documents as may be necessary or advisable in order to have
the claims of the Trustee and of the Certificateholders of any series allowed in
any receivership, insolvency, bankruptcy, liquidation, readjustment,
reorganization or any other judicial proceedings relative to the Company or any
Owner Trustee or Owner Participant, their respective creditors or property. Any
receiver, assignee, trustee, liquidator, sequestrator (or similar official) in
any such judicial proceeding is hereby authorized by each Certificateholder to
make payments in respect of such claim to the Trustee, and in the event that the
Trustee shall consent to the making of such payments directly to the
Certificateholders of any series, to pay to the Trustee any amount due to it for
the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel. Nothing contained in this Basic Agreement or
any related Trust Supplement shall be deemed to give to the Trustee any right to
accept or consent to any plan of reorganization or otherwise by action of any
character in any such proceeding or to waive or change in any way any right of
any Certificateholder of any series.

         SECTION 6.04. CONTROL BY CERTIFICATEHOLDERS. Subject to Section 2.04,
the Certificateholders holding Certificates of a series evidencing Fractional
Undivided Interests aggregating not less than a majority in interest in the
related Trust shall have the right to direct the time, method and place of
conducting any proceeding for any remedy available to the Trustee, or exercising
any trust or power conferred on the Trustee under this Basic Agreement or the
related Trust Supplement, including any right of the Trustee as holder of the
Equipment Notes, provided that:

             (1) such direction shall not be in conflict with any rule of law or
         with this Basic Agreement or the related Trust Supplement and would not
         involve the Trustee in personal liability or expense,

                                       25
<PAGE>

             (2) the Trustee shall not determine that the action so directed
         would be unjustly prejudicial to the Certificateholders of such series
         not taking part in such direction,

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

             (4) if any Indenture Event of Default under a related Indenture
         shall have occurred and be continuing, such direction shall not
         obligate the Trustee to vote more than a corresponding majority of the
         related Equipment Notes held by the Trust in favor of directing any
         action by the Indenture Trustee with respect to such Indenture Event of
         Default.

         SECTION 6.05. WAIVER OF DEFAULTS. The Certificateholders holding
Certificates of a series evidencing Fractional Undivided Interests aggregating
not less than a majority in interest in the Trust may on behalf of all of the
Certificateholders of such series waive any Default or Event of Default and its
consequences hereunder or under the related Trust Supplement with respect to
such series or may instruct the Trustee to waive any default under the related
Indenture, this Basic Agreement or the related Trust Supplement with respect to
such series and its consequences, except a Default:

             (1) in the deposit of any Scheduled Payment or Special Payment
         under Section 4.01 or in the distribution of any payment under Section
         4.02 on the Certificates of such series, or

             (2) in the payment of the principal of, premium, if any, or
         interest on any Equipment Notes, or

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

         Upon any such waiver, such Default shall cease to exist with respect to
the Certificates of such series, and any Event of Default arising therefrom
shall be deemed to have been cured for every purpose in respect of such series
and any direction given by the Trustee on behalf of the Certificateholders of
such series to the Indenture Trustee shall be annulled with respect thereto; but
no such waiver shall extend to any subsequent or other Default or Event of
Default or impair any right consequent thereon. Upon any such waiver, the
Trustee shall vote the Equipment Notes issued under the Indenture to waive the
corresponding Indenture Default or Indenture Event of Default.

         SECTION 6.06. UNDERTAKING TO PAY COURT COSTS. All parties to this Basic
Agreement and the related Trust Supplement, and each Certificateholder by his
acceptance of a Certificate, shall be deemed to have agreed that any court may
in its discretion require, in any suit, action or proceeding for the enforcement
of any right or remedy under this Basic Agreement or the related Trust
Supplement, or in any suit, action or proceeding against the Trustee for any
action taken or omitted by it as Trustee hereunder or under the related Trust
Supplement, the filing by any party litigant in such suit, action or proceeding
of an undertaking to pay the costs of such suit, action or proceeding, and that
such court may, in its discretion, assess reasonable costs, including reasonable
attorneys' fees, against any party litigant in such suit, action or proceeding,
having due regard to the merits and good faith of the claims or defenses made by
such party litigant; provided, however, that the provisions of this Section
shall not apply to (a) any suit, action or

                                       26
<PAGE>

proceeding instituted by any Certificateholder or group of Certificateholders of
any series evidencing Fractional Undivided Interests aggregating more than 10%
of the relevant Trust, (b) any suit, action or proceeding instituted by any
Certificateholder of any series for the enforcement of the distribution of
payments pursuant to Section 4.02 hereof on or after the respective due dates
expressed herein or (c) any suit, action or proceeding instituted by the
Trustee.

         SECTION 6.07. RIGHT OF CERTIFICATEHOLDERS TO RECEIVE PAYMENTS NOT TO BE
IMPAIRED. Anything in this Basic Agreement or any Trust Supplement to the
contrary notwithstanding, including without limitation Section 6.08 hereof, the
right of any Certificateholder to receive distributions of payments required
pursuant to Section 4.02 hereof on the Certificates when due, or to institute
suit for the enforcement of any such payment on or after the applicable Regular
Distribution Date or Special Distribution Date, shall not be impaired or
affected without the consent of such Certificateholder.

         SECTION 6.08. CERTIFICATEHOLDERS MAY NOT BRING SUIT EXCEPT UNDER
CERTAIN CONDITIONS. A Certificateholder of any series shall not have the right
to institute any suit, action or proceeding at law or in equity or otherwise
with respect to this Basic Agreement or the related Trust Supplement, for the
appointment of a receiver or for the enforcement of any other remedy under this
Basic Agreement or the related Trust Supplement, unless:

             (1) such Certificateholder previously shall have given written
         notice to the Trustee of a continuing Event of Default;

             (2) the Certificateholders holding Certificates of such series
         evidencing Fractional Undivided Interests aggregating not less than a
         majority in interest of the Trust shall have requested the Trustee in
         writing to institute such action, suit or proceeding and shall have
         offered to the Trustee indemnity as provided in Section 7.03(e);

             (3) the Trustee shall have refused or neglected to institute any
         such action, suit or proceeding for 60 days after receipt of such
         notice, request and offer of indemnity; and

             (4) no direction inconsistent with such written request has been
         given to the Trustee during such 60 day period by the
         Certificateholders holding Certificates of such series evidencing
         Fractional Undivided Interests aggregating not less than a majority in
         interest in the related Trust.

         It is understood and intended that no one or more of the
Certificateholders of any series shall have any right in any manner whatever
hereunder or under the related Trust Supplement or under the Certificates of
such series to (i) surrender, impair, waive, affect, disturb or prejudice any
property in the Trust Property of the related Trust or the lien of any
applicable Indenture on any property subject thereto, or the rights of the
Certificateholders of such series or the holders

                                       27
<PAGE>

of the applicable Equipment Notes, (ii) obtain or seek to obtain priority over
or preference to any other Certificateholder of such series or (iii) enforce any
right under this Basic Agreement or the related Trust Supplement, except in the
manner herein or therein provided and for the equal, ratable and common benefit
of all the Certificateholders of such series subject to the provisions of this
Basic Agreement and the related Trust Supplement.

         SECTION 6.09. REMEDIES CUMULATIVE. Every remedy given hereunder to the
Trustee or to any of the Certificateholders of any series shall not be exclusive
of any other remedy or remedies, and every such remedy shall be cumulative and
in addition to every other remedy given hereunder or now or hereafter given by
statute, law, equity or otherwise.

                                   ARTICLE VII
                                   THE TRUSTEE

         SECTION 7.01. CERTAIN DUTIES AND RESPONSIBILITIES. (a) Except during
the continuance of an Event of Default,

             (1) the Trustee undertakes to perform such duties as are
         specifically set forth in this Basic Agreement and related Trust
         Supplement, and no implied covenants or obligations shall be read into
         this Basic Agreement or related Trust Supplement against the Trustee;
         and

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

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

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

             (1) this Subsection shall not be construed to limit the effect of
         Subsection (a) of this Section;

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

                                       28
<PAGE>

             (3) the Trustee shall not be liable with respect to any action
         taken or omitted to be taken by it in good faith in accordance with the
         direction of the Certificateholders of any series evidencing Fractional
         Undivided Interests aggregating not less than a majority in interest in
         the relevant Trust relating to the time, method and place of conducting
         any proceeding for any remedy available to the Trustee, or exercising
         any trust or power conferred upon the Trustee, under this Basic
         Agreement or any related Trust Supplement; and

             (4) no provision of this Basic Agreement or any related Trust
         Supplement shall require the Trustee to expend or risk its own funds 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 is not reasonably assured to it.

         (d) Whether or not herein expressly so provided, every provision of
this Basic Agreement or any related Trust Supplement 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 7.02. NOTICE OF DEFAULTS. As promptly as practicable after, and
in any event within 90 days after, the occurrence of any Default hereunder, the
Trustee shall transmit by mail to the Company, the related Owner Trustee, the
related Indenture Trustee and to all Certificateholders holding Certificates of
the related series in accordance with Section 313(c) of the Trust Indenture Act,
as their names and addresses appear in the Register, notice of such Default
hereunder known to the Trustee, unless such Default shall have been cured or
waived; provided, however, that, except in the case of a Default in the payment
of the principal of, premium, if any, or interest on any Equipment Note, the
Trustee shall be protected in withholding such notice if and so long as the
board of directors, the executive committee or a trust committee of directors
and/or Responsible Officers of the Trustee in good faith determine that the
withholding of such notice is in the interests of the Certificateholders of the
related series.

         SECTION 7.03. CERTAIN RIGHTS OF TRUSTEE. Subject to the provisions of
Section 315 of the Trust Indenture Act: (a) the Trustee may rely and shall be
protected in acting or refraining from acting in reliance upon any resolution,
certificate, statement, instrument, opinion, report, notice, request, direction,
consent, order, bond, debenture or other paper or document believed by it to be
genuine and to have been signed or presented by the proper party or parties;

         (b) any request or direction of the Company mentioned herein shall be
sufficiently evidenced by a Request;

         (c) whenever in the administration of this Basic Agreement or any Trust
Supplement 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 Officer's Certificate of the
Company, any Owner Trustee or any Indenture Trustee;

                                       29
<PAGE>

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

         (e) the Trustee shall be under no obligation to exercise any of the
rights or powers vested in it by this Basic Agreement or any Trust Supplement at
the request or direction of any of the Certificateholders of any series pursuant
to this Basic Agreement or any Trust Supplement, unless such Certificateholders
shall have offered to the Trustee reasonable security or indemnity against the
cost, expenses and liabilities which might be incurred by it in compliance with
such request or direction;

         (f) the Trustee shall not be bound to make any investigation into the
facts or matters stated in any resolution, certificate, statement, instrument,
opinion, report, notice, request, direction, consent, order, bond, debenture or
other paper or document;

         (g) the Trustee may execute any of the trusts or powers hereunder or
perform any duties under this Basic Agreement or any Trust Supplement 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;

         (h) the Trustee shall not be deemed to have knowledge of an Event of
Default except any Event of Default of which the Trustee shall have received
written notification or obtained actual knowledge; and

         (i) delivery of reports, information and documents to the Trustee under
Section 8.04(a) and (b) is for informational purposes only and the Trustee's
receipt of the foregoing shall not constitute constructive notice of any
information contained therein or determinable from information contained
therein, and the Trustee shall be entitled to rely conclusively on the
certificates to be delivered to the Trustee under Section 8.04(d) as to the
Company's compliance with any of their covenants hereunder.

         SECTION 7.04. NOT RESPONSIBLE FOR RECITALS OR ISSUANCE OF CERTIFICATES.
The recitals contained herein and in the Certificates of each series, except the
certificates of authentication, shall not be taken as the statements of the
Trustee, and the Trustee assumes no responsibility for their correctness.
Subject to Section 7.15, the Trustee makes no representations as to the validity
or sufficiency of this Basic Agreement, any Trust Supplement, the Note
Documents, the Indentures, the Equipment Notes or the Certificates, except that
the Trustee hereby represents and warrants that this Basic Agreement has been,
and each Trust Supplement and each Certificate of each series will be, executed
and delivered by one of its officers who is duly authorized to execute and
deliver such document on its behalf.

         SECTION 7.05. MAY HOLD CERTIFICATES. The Trustee, any Paying Agent,
Registrar or any other agent, in their respective individual or any other
capacity, may become the owner or pledgee of Certificates and may otherwise deal
with the Company, any Owner Trustee or any Indenture Trustee with the same
rights it would have if it were not Trustee, Paying Agent, Registrar or such
other agent.

                                       30
<PAGE>

         SECTION 7.06. MONEY HELD IN TRUST. Money held by the Trustee or the
Paying Agent in trust under this Basic Agreement or under any Trust Supplement
need not be segregated from other funds except to the extent required herein, in
any Trust Supplement or by law and neither the Trustee nor the Paying Agent
shall have any liability for interest upon any such moneys except as provided
for herein or in any Trust Supplement.

         SECTION 7.07. COMPENSATION AND REIMBURSEMENT. The Company agrees

                  (1) to pay, or cause to be paid, to the Trustee from time to
         time the compensation set forth in the schedule agreed to by the
         Trustee and the Company for all services rendered by it hereunder
         (which compensation shall not be limited by any provision of law in
         regard to the compensation of a trustee of an express trust);

                  (2) except as otherwise expressly provided herein or in any
         Trust Supplement, to reimburse, or cause to be reimbursed, the Trustee
         upon its request for all reasonable out-of-pocket expenses,
         disbursements and advances incurred or made by the Trustee in
         accordance with any provision of this Basic Agreement or any Trust
         Supplement (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,
         willful misconduct or bad faith or as may be incurred due to the
         Trustee's breach of its representations and warranties set forth in
         Section 7.15;

                  (3) to indemnify, or cause to be indemnified, the Trustee in
         accordance with the applicable Participation Agreement. The Trustee
         shall notify the Company promptly of any claim for which it may seek
         indemnity. The Company shall defend the claim and the Trustee shall
         cooperate in the defense. The Trustee may have separate counsel with
         the consent of the Company and the Company will pay the reasonable fees
         and expenses of such counsel. The Company need not pay for any
         settlement made without its consent; and

                  (4) to indemnify, or cause to be indemnified, the Trustee,
         solely in its individual capacity, for, and to hold it harmless
         against, any tax (other than for or with respect to any tax referred to
         in the next paragraph, provided that no indemnification shall be
         available with respect to any tax attributable to the Trustee's
         compensation for serving as such) incurred without negligence, willful
         misconduct or bad faith, on its part, arising out of or in connection
         with the acceptance or administration of this Trust, including any
         costs and expenses incurred in contesting the imposition of any such
         tax. The Trustee, in its individual capacity, shall notify the Company
         promptly of any tax for which it may seek indemnity. The Company shall
         defend against the imposition of such tax and the Trustee, in its
         individual capacity, shall cooperate in the defense. The Trustee, in
         its individual capacity, may have separate counsel with the consent of
         the Company and the Company will pay the reasonable fees and expenses
         of such counsel. The Company need not pay for any taxes paid, in
         settlement or otherwise, without its consent.

         In addition, the Trustee shall be entitled to reimbursement from, and
shall have a lien prior to the Certificates upon, all property and funds held or
collected by the Trustee in its capacity as Trustee for any tax incurred without
negligence, bad faith or willful misconduct, on

                                       31
<PAGE>

its part, arising out of or in connection with the acceptance or administration
of the Trust created pursuant to any Trust Supplement (other than any tax
attributable to the Trustee's compensation for serving as such), including any
costs and expenses incurred in contesting the imposition of any such tax. If the
Trustee reimburses itself for any such tax it will within 30 days mail a brief
report setting forth the circumstances thereof to all Certificateholders as
their names and addresses appear in the Register.

         SECTION 7.08. CORPORATE TRUSTEE REQUIRED; ELIGIBILITY. Each Trust shall
at all times have a Trustee which shall be eligible to act as a Trustee under
Section 310(a) of the Trust Indenture Act and which shall be a corporation
organized and doing business under the laws of the United States of America or
of any state, authorized under such laws to exercise corporate trust powers,
having a combined capital and surplus of a least $100,000,000, and subject to
supervision or examination by Federal or state authority. If such corporation
publishes reports of condition at least annually, pursuant to law or to the
requirements of the aforesaid supervising or examining authority, then for the
purposes of this Section, the combined capital and surplus of such corporation
shall be deemed to be its combined capital and surplus as set forth in its most
recent report of condition so published. If at any time the Trustee shall cease
to be eligible in accordance with the provisions of this Section to act as
Trustee of any Trust, the Trustee shall resign immediately in the manner and
with the effect hereinafter specified in Section 7.09.

         SECTION 7.09. RESIGNATION AND REMOVAL; APPOINTMENT OF SUCCESSOR. (a) No
resignation or removal of the Trustee of any Trust and no appointment of a
successor Trustee pursuant to this Article shall become effective until the
acceptance of appointment by the successor Trustee under Section 7.10.

         (b) The Trustee may resign at any time as Trustee of any or all Trusts
by giving written notice thereof to the Company, the Authorized Agents, the
related Owner Trustee and the related Indenture Trustee. If an instrument of
acceptance by a successor Trustee shall not have been delivered to the Company,
the related Owner Trustee and the related Indenture Trustee within 30 days after
the giving by the Trustee of such notice of resignation, the resigning Trustee
may petition any court of competent jurisdiction for the appointment of a
successor Trustee.

         (c) The Trustee may be removed at any time as Trustee of any Trust by
Act of Certificateholders of the related series holding Certificates of such
series evidencing Fractional Undivided Interests aggregating not less than a
majority in interest in such Trust delivered to the Trustee and to the Company,
the related Owner Trustee and the related Indenture Trustee.

         (d) If at any time in respect of any Trust:

                  (1) the Trustee shall fail to comply with Section 310 of the
         Trust Indenture Act after written request therefor by the Company or by
         any Certificateholder of the related series who has been a bona fide
         Certificateholder for at least six months; or

                  (2) the Trustee shall cease to be eligible under Section 7.08
         and shall fail to resign after written request therefor by the Company
         or by any such Certificateholder; 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

                                       32
<PAGE>

         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 case, (i) the Company may remove the Trustee or (ii) subject to
Section 6.06, any Certificateholder of the related series who has been a bona
fide Certificateholder for at least six months may, on behalf of himself and all
others similarly situated, petition any court of competent jurisdiction for the
removal of the Trustee and the appointment of a successor Trustee of such Trust.

         (e) If a Responsible Officer of the Trustee shall obtain actual
knowledge of an Avoidable Tax (as hereinafter defined) in respect of any Trust
which has been or is likely to be asserted, the Trustee shall promptly notify
the Company and the related Owner Trustees thereof and shall, within 30 days of
such notification, resign hereunder unless within such 30 day period the Trustee
of such Trust shall have received notice that the Company or the related Owner
Trustee has agreed to pay such tax. The Company shall promptly appoint a
successor Trustee of such Trust in a jurisdiction where there are no Avoidable
Taxes. As used herein an Avoidable Tax means a state or local tax: (i) upon (w)
the Trust, (x) the Trust Property of such Trust, (y) Certificateholders of such
Trust or (z) the Trustee for which the Trustee is entitled to seek reimbursement
from the Trust Property of such Trust, and (ii) which would be avoided if the
Trustee were located in another state, or jurisdiction within a state, within
the United States. A tax shall not be an Avoidable Tax if the Company or the
related Owner Trustee shall agree to pay, and shall pay, such tax.

         (f) If the Trustee shall resign, be removed or become incapable of
acting as Trustee of any Trust, or if a vacancy shall occur in the office of the
Trustee of any Trust for any cause, the Company shall promptly appoint a
successor Trustee of such Trust. If, within 90 days after such resignation,
removal or incapability, or the occurrence of such vacancy, a successor Trustee
of such Trust shall be appointed by Act of the Certificateholders holding
Certificates evidencing Fractional Undivided Interests aggregating not less than
a majority in interest in such Trust delivered to the Company, the related Owner
Trustee, the related Indenture Trustee and the retiring Trustee, the successor
Trustee so appointed of such Trust shall, forthwith upon its acceptance of such
appointment, become the successor Trustee of such Trust and supersede the
successor Trustee appointed as provided above. If no successor Trustee of such
Trust shall have been so appointed as provided above and accepted appointment in
the manner hereinafter provided, any Certificateholder who has been a bona fide
Certificateholder of the related 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 for such Trust.

         (g) The successor Trustee of a Trust shall give notice of the
resignation and removal of the Trustee and appointment of the successor Trustee
by mailing written notice of such event by first-class mail, postage prepaid, to
the Certificateholders of the related series as their names and addresses appear
in the Register. Each notice shall include the name of such successor Trustee
and the address of its Corporate Trust Office.

         SECTION 7.10. ACCEPTANCE OF APPOINTMENT BY SUCCESSOR. (a) Every
successor Trustee appointment hereunder shall execute, acknowledge and deliver
to the Company and to the retiring Trustee an instrument accepting such
appointment, and thereupon the resignation or

                                       33
<PAGE>

removal of the retiring Trustee with respect to the related Trusts 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 with respect to related Trusts; but, on request of the
Company or the successor Trustee, such retiring Trustee shall execute and
deliver an instrument transferring to such successor Trustee all the rights,
powers and trusts of the retiring Trustee and such successor Trustee shall duly
assign, transfer and deliver to such successor Trustee all property and money
held by such retiring Trustee with respect to the related Trusts, subject
nevertheless to its lien, if any, provided for in Section 7.07. Upon request of
any such successor Trustee, the Company, the retiring Trustee and such
provisions as shall execute and deliver any and all instruments containing such
provisions as shall be necessary or desirable to transfer and confirm to, and
for more fully and certainly vesting in, such successor Trustee all such rights,
powers and trusts.

         (b) If a successor Trustee is appointed with respect to one or more
(but not all) Trusts, the Company, the predecessor Trustee and each successor
Trustee with respect to any Trust shall execute and deliver an agreement
supplemental hereto which shall contain such provisions as shall be deemed
necessary or desirable to confirm that all the rights, powers, trusts and duties
of the predecessor Trustee with respect to the Trusts as to which the
predecessor Trustee is not retiring shall continue to be vested in the
predecessor Trustee, and shall add to or change any of the provisions of this
Basic Agreement 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 agreement shall
constitute such Trustee co-Trustees of the same Trust and that each such Trustee
shall be Trustee of separate Trusts.

         SECTION 7.11. MERGER, CONVERSION, CONSOLIDATION OR SUCCESSION TO
BUSINESS. Any corporation into which the Trustee may be merged or converted or
with which it may be consolidated, or any corporation resulting from any merger,
conversion or consolidation to which the Trustee shall be a party, or any
corporation succeeding to all or substantially all of the corporate trust
business of the Trustee, shall be the successor of the Trustee hereunder,
provided such corporation shall be otherwise qualified and eligible under this
Article, without the execution or filing of any paper or any further act on the
part of any of the parties hereto. In case any Certificates 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 Certificates so authenticated with the same
effect as if such successor Trustee had itself authenticated such Certificates.

         SECTION 7.12. MAINTENANCE OF AGENCIES. (a) With respect to each series
of Certificates, there shall at all times be maintained in the Borough of
Manhattan, The City of New York, an office or agency where Certificates of such
series may be presented or surrendered for registration of transfer or for
exchange, and for payment thereof and where notices and demands to or upon the
Trustee in respect of the Certificates or of this Basic Agreement or any Trust
Supplement may be served. Such office or agency shall be initially at U.S. Bank
National Association, 180 East Fifth Street, St. Paul, Minnesota 55101,
Attention: Corporate Trust Services. Written notice of the location of each such
other office or agency and of any change of location thereof shall be given by
the Trustee to the Company, the Owner Trustees, the Indenture Trustees and the
Certificateholders of such series. In the event that no such office or agency
shall be maintained or no such notice of location or of change of location shall
be given,

                                       34
<PAGE>

presentations and demands may be made and notices may be served at the Corporate
Trust Office of the Trustee.

         (b) There shall at all times be a Registrar and a Paying Agent with
respect to the Certificates of each series. Each such Authorized Agent shall be
a bank or trust company, shall be a corporation organized and doing business
under the laws of the United States or any state, with a combined capital and
surplus of at least $100,000,000, and shall be authorized under such laws to
exercise corporate trust powers, subject to supervision by Federal or state
authorities. The Trustee shall initially be the Paying Agent and, as provided in
Section 3.04, Registrar hereunder with respect to the Certificates of each
series. Each Registrar shall furnish to the Trustee, at stated intervals of nor
more than six months, and at such other times as the Trustee may request in
writing, a copy of the Register.

         (c) Any corporation into which any Authorized Agent may be merged or
converted or with which it may be consolidated, or any corporation resulting
from any merger, consolidation or conversion to which any Authorized Agent shall
be a party, or any corporation succeeding to the corporate trust business of any
Authorized Agent, shall be the successor of such Authorized Agent hereunder, if
such successor corporation is otherwise eligible under this Section, without the
execution or filing of any paper or any further act on the part of the parties
hereto or such Authorized Agent or such successor corporation.

         (d) Any Authorized Agent may at any time resign by giving written
notice of resignation to the Trustee, the Company, the related Owner Trustees
and the related Indenture Trustees. The Company may, and at the request of the
Trustee shall, at any time terminate the agency of any Authorized Agent by
giving written notice of termination to such Authorized Agent and to the
Trustee. Upon the resignation or termination of an Authorized Agent or in case
at any time any such Authorized Agent shall cease to be eligible under this
Section (when, in either case, no other Authorized Agent performing the
functions of such Authorized Agent shall have been appointed), the Company shall
promptly appoint one or more qualified successor Authorized Agents, reasonably
satisfactory to the Trustee, to perform the functions of the Authorized Agent
which has resigned or whose agency has been terminated or who shall have ceased
to be eligible under this Section. The Company shall give written notice of any
such appointment made by it to the Trustee, the related Owner Trustees and the
related Indenture Trustees; and in each case the Trustee shall mail notice of
such appointment to all Certificateholders of the related series as their names
and addresses appear on the Register for such series.

         (e) The Company agrees to pay, or cause to be paid, from time to time
to each Authorized Agent the compensation as set forth in the schedule agreed to
by each Authorized Agent and the Company for its services and to reimburse it
for its reasonable expenses.

         SECTION 7.13. MONEY FOR CERTIFICATE PAYMENTS TO BE HELD IN TRUST. All
moneys deposited with any Paying Agent for the purpose of any payment on
Certificates of any series shall be deposited and held in trust for the benefit
of the Certificateholders entitled to such payment, subject to the provisions of
this Section. Moneys so deposited and held in trust shall constitute a separate
trust fund for the benefit of the Certificateholders with respect to which such
money was deposited.

                                       35
<PAGE>

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

                  (1) hold all sums held by it for payments on Certificates of
         any series in trust for the benefit of the Persons entitled thereto
         until such sums shall be paid to such Persons or otherwise disposed of
         as herein provided;

                  (2) give the Trustee notice of any default by any obligor upon
         the Certificates of any series in the making of any such payment; and

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

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

         SECTION 7.14. REGISTRATION OF EQUIPMENT NOTES IN TRUSTEE'S NAME. The
Trustee agrees that all Equipment Notes, Permitted Government Investments, if
any, and Specified Investments, if any, shall be issued in the mane of the
Trustee for the applicable Trust or its nominee and held by the Trustee, or, if
not so held, the Trustee or its nominee shall be reflected as the owner of such
Equipment Notes, Permitted Government Investments or Specified Investments, as
the case may be, in the register of the issuer of such Equipment Notes,
Permitted Government Investments or Specified Investments under the applicable
provisions of the Uniform Commercial Code in effect where the Trustee holds such
Equipment Notes, Permitted Government Investments, Specified Investments, or
other applicable law then in effect.

         SECTION 7.15. REPRESENTATIONS AND WARRANTIES OF TRUSTEE. The Trustee
hereby represents and warrants that:

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

                  (ii) the Trustee has full power, authority and legal right to
         execute, deliver, and perform this Basic Agreement and the
         Participation Agreement and has taken all necessary action to authorize
         the execution, delivery, and performance by it of this Basic Agreement;

                  (iii) the execution, delivery and performance by the Trustee
         of this Basic Agreement (a) will not violate any provision of any
         United States or [Illinois] law or regulation governing the banking and
         trust powers of the Trustee or any order, writ, judgment, or decree of
         any court, arbitrator, or governmental authority applicable to the
         Trustee or any of its assets, (b) will not violate any provision of the
         articles of

                                       36
<PAGE>

         [association] or by-laws of the Trustee, or (c) will not violate any
         provision of, or constitute, with or without notice or lapse of time, a
         default under, or result in the creation or imposition of any lien on
         any properties included in the Trust Property or any Trust pursuant to
         the provisions of any mortgage, indenture, contract, agreement or other
         undertaking to which it is a party, which violation, default or lien
         could reasonably be expected to have an adverse effect on the Trustee's
         performance or ability to perform its duties hereunder or thereunder or
         on the transactions contemplated herein or therein;

                  (iv) the execution, delivery and performance by the Trustee of
         this Basic Agreement will not require the authorization, consent, or
         approval of, the giving of notice to, the filing or registration with,
         or the taking of any other action in respect of, any United States or
         other governmental authority or agency regulating the banking and
         corporate trust activities of the Trustee; and

                  (v) this Basic Agreement has been duly executed and delivered
         by the Trustee and constitutes the legal, valid, and binding agreement
         of the Trustee, enforceable in accordance with its terms, provided that
         enforceability may be limited by applicable bankruptcy, insolvency,
         reorganization, moratorium or similar laws affecting the rights of
         creditors generally and general principles of equity.

         SECTION 7.16. WITHHOLDING TAXES; INFORMATION REPORTING. The Trustee, as
trustee of each grantor trust created by this Basic Agreement and the related
Trust Supplement, shall exclude and withhold from each distribution of
principal, premium, if any, and interest and other amounts due hereunder or
under any Trust Supplement or under the Certificates of any series any and all
withholding taxes applicable thereto as required by law. The Trustee agrees to
act as such withholding agent and, in connection therewith, whenever any present
or future taxes or similar charges are required to be withheld with respect to
any amounts payable in respect of the Certificates of any series, to withhold
such amounts and timely pay the same to the appropriate authority in the name of
and on behalf of the holders of the Certificates of any series, that it will
file any necessary withholding tax returns or statements when due, and that, as
promptly as possible after the payment thereof, it will deliver to each holder
of a Certificate of any series appropriate documentation showing the payment
thereof, together with such additional documentary evidence as such holders may
reasonably request from time to time. The Trustee agrees to file any other
information reports as it may be required to file under United States law.

         SECTION 7.17. TRUSTEE'S LIENS. The Trustee, in its individual capacity,
agrees that it will at its own cost and expense promptly take any action as may
be necessary to duly discharge and satisfy in full any mortgage, pledge, lien,
charge, encumbrance, security interest or claim ("Trustee's Liens") on or with
respect to the Trust Property of any Trust which is either (i) attributable to
the Trustee in its individual capacity and which is unrelated to the
transactions contemplated by this Basic Agreement, any Trust Supplement, the
related Participation Agreement or the related Note Documents, or (ii)
attributable to the Trustee as trustee hereunder or in its individual capacity
and which arise out of acts or omissions which are prohibited by this Basis
Agreement or any Trust Supplement.

                                       37
<PAGE>

                                  ARTICLE VIII
                CERTIFICATEHOLDER'S LISTS AND REPORTS BY TRUSTEE

         SECTION 8.01. THE COMPANY TO FURNISH TRUSTEE WITH NAMES AND ADDRESSES
OF CERTIFICATEHOLDERS. With respect to the Certificates of any series, the
Company will furnish to the Trustee within 15 days after each Record Date with
respect to a Scheduled Payment, and at such other times as the Trustee may
request in writing, within 30 days after receipt by the Company of any such
request, a list, in such form as the Trustee may reasonably require, of all
information, if any, in the possession or control of the Company as to the names
and addresses of the Holders of Certificates of such series, in each case as of
a date not more than 15 days prior to the time such list is furnished; provided,
however, that so long as the Trustee is the sole Registrar, no such list need be
furnished; and provided further, however, that no such list need be furnished
for so long as a copy of the Register is being furnished to the Trustee pursuant
to Section 7.12(b).

         SECTION 8.02. PRESERVATION OF INFORMATION; COMMUNICATION TO
CERTIFICATEHOLDERS. The Trustee shall preserve, in as current a form as is
reasonably practicable, the names and addresses of Certificateholders of each
series contained in the most recent list furnished to the Trustee as provided in
Section 7.12(b) or Section 8.01, as the case may be, and the names and addresses
of Certificateholders of each series, received by the Trustee in its capacity as
Registrar, if so acting. The Trustee may destroy any list furnished to it as
provided in Section 7.12(b) or Section 8.01, as the case may be, upon receipt of
a new list so furnished.

         SECTION 8.03. REPORTS BY TRUSTEE. Within 60 days after May 15 of each
year commencing with the year 2003, the Trustee shall transmit to the
Certificateholders of each series, as provided in Section 313(c) of the Trust
Indenture Act, a brief report dated as of such May 15, if required by Section
313(a) of the Trust Indenture Act.

         SECTION 8.04. REPORTS BY COMPANY. The Company shall: (a) file with the
Trustee, within 30 days after the Company is required to file the same with the
Commission, copies of the annual reports and of the information, documents and
other reports (or copies of such portions of any of the foregoing as the
Commission may from time to time by rules and regulations prescribe) which the
Company is required to file with the Commission pursuant to section 13 or
section 15(d) of the Securities Exchange Act of 1934, as amended; or, if the
Company is not required to file information, documents or reports pursuant to
either of such sections, then to file with the Trustee and the Commission, in
accordance with rules and regulations prescribed by the Commission, such of the
supplementary and periodic information, documents and reports which may be
required pursuant to section 13 of the Securities Exchange Act of 1934, as
amended, in respect of a security listed and registered on a national securities
exchange as may be prescribed in such rules and regulations;

         (b) file with the Trustee and the Commission, in accordance with the
rules and regulations prescribed by the Commission, such additional information,
documents and reports with respect to compliance by the Company with the
conditions and covenants provided for in this Basic Agreement or any Trust
Supplement, as may be required by such rules and regulations, including, in the
case of annual reports, if required by such rules and regulations, certificates
or opinions of independent public accountants, conforming to the requirements of
Section 1.02;

                                       38
<PAGE>

         (c) transmit to all Certificateholders, in the manner and to the extent
provided in Section 313(c) of the Trust Indenture Act such summaries of any
information, documents and reports required to be filed by the Company pursuant
to subsections (a) and (b) of this Section 8.04 as may be required by rules and
regulations prescribed by the Commission; and

         (d) furnish to the Trustee, not less often than annually, a brief
certificate from the principal executive officer, principal financial officer or
principal accounting officer as to his or her knowledge of the Company's
compliance with all conditions and covenants under this Basic Agreement and any
Trust Supplement. For purposes of this paragraph (d), such compliance shall be
determined without regard to any period of grace or requirement of notice
provided under this Basic Agreement or any Trust Supplement.

                                   ARTICLE IX
                          SUPPLEMENTAL TRUST AGREEMENTS

         SECTION 9.01. SUPPLEMENTAL TRUST AGREEMENTS WITHOUT CONSENT OF
CERTIFICATEHOLDERS. Without the consent of the Certificateholders of any series,
the Company may, and the Trustee (subject to Section 9.03) shall, at any time
and from time to time enter into one or more agreements supplemental hereto, in
form satisfactory to the Trustee, for any of the following purposes:

                  (1) to evidence the succession of another corporation to the
         Company and the assumption by any such successor of the obligations of
         the Company herein contained and under the applicable Trust Supplement;
         or

                  (2) to add to the covenants of the Company for the benefit of
         the Certificateholders of any series; or

                  (3) to cure any ambiguity, to correct any manifest error or to
         correct or supplement any provision herein, in any Trust Supplement or
         any supplemental trust agreement which may be defective or inconsistent
         with any other provision herein, in any Trust Supplement or any
         supplemental trust agreement or to make any other provisions with
         respect to matters or questions arising under this Basic Agreement or
         any Trust Supplement, provided that any such action shall not adversely
         affect the interest of the Certificateholders of any series; or

                  (4) to evidence and provide for the acceptance of appointment
         hereunder and under the applicable Trust Supplements by a successor
         Trustee with respect to one or more Trusts; or

                  (5) to make any other amendments or modifications hereto,
         provided such amendments or modifications shall only apply to
         Certificates of one or more series to be thereafter issued.

         SECTION 9.02. SUPPLEMENTAL TRUST AGREEMENTS WITH CONSENT OF
CERTIFICATEHOLDERS. With respect to each separate Trust and the series of
Certificates relating thereto, with the consent of the Certificateholders
holding Certificates evidencing Fractional Undivided Interests aggregating not
less than a majority in interest in such Trust, by Act of said
Certificateholders

                                       39
<PAGE>

delivered to the Company and the Trustee, the Company may and the Trustee
(subject to Section 9.03) shall, enter into an agreement or agreements
supplemental hereto for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of this Basic Agreement or the
related Trust Supplement to the extent applicable to such Certificateholders or
of modifying in any manner the rights and obligations of the Certificateholders
of such series under this Basic Agreement or the related Trust Supplement;
provided, however, that no such supplemental agreement shall, without the
consent of the Holder of each Outstanding Certificate affected thereby:

                  (1) reduce in any manner the amount of, or delay the timing
         of, any receipt by the Trustee of payments on the Equipment Notes held
         in such Trust or distributions that are required to be made herein on
         any Certificate of any series, or change the coin or currency in which,
         any Certificate of any series is payable, or impair the right to
         institute suit for the enforcement of any such payment or distribution
         on or after the Regular Distribution Date or Special Distribution Date
         applicable thereto; or

                  (2) permit the disposition of any Equipment Note in the Trust
         Property of such Trust except as permitted by this Basic Agreement or
         related Trust Supplement; or

                  (3) reduce the percentage of the aggregate Fractional
         Undivided Interests of such Trust which is required for any such
         supplemental agreement, or reduce such percentage required for any
         waiver (of compliance with certain provisions of this Basic Agreement
         or related Trust Supplement or certain defaults hereunder and their
         consequences) provided for in this Basic Agreement or such Trust
         Supplement.

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

         SECTION 9.03. DOCUMENTS AFFECTING IMMUNITY OR INDEMNITY. If in the
opinion of the Trustee any document required to be executed by it pursuant to
the terms of Section 9.01 or 9.02 affects any interest, right, duty, immunity or
indemnity in favor of the Trustee under this Basic Agreement or any Trust
Supplement, the Trustee may in its discretion decline to execute such document.

         SECTION 9.04. EXECUTION OF SUPPLEMENTAL TRUST AGREEMENTS. In executing,
or accepting the additional trusts created by, any supplemental agreement
permitted by this Article or the modifications thereby of the trusts created by
this Basic Agreement and the related Trust Supplement, the Trustee shall be
entitled to receive, and (subject to Section 7.01) shall be fully protected in
relying upon, an Opinion of Counsel stating that the execution of such
supplemental agreement is authorized or permitted by this Basic Agreement and
the related Trust Supplement.

         SECTION 9.05. EFFECT OF SUPPLEMENTAL TRUST AGREEMENTS. Upon the
execution of any supplemental agreement under this Article, this Basic Agreement
shall be modified in accordance therewith, and such supplemental agreement shall
form a part of this Basic Agreement for all purposes; and every
Certificateholder of each series theretofore or thereafter

                                       40
<PAGE>

authenticated and delivered hereunder shall be bound thereby to the extent
applicable to such series.

         SECTION 9.06. CONFORMITY TO TRUST INDENTURE ACT. Every supplemental
agreement executed pursuant to this Article shall conform to the requirements of
the Trust Indenture Act as then in effect.

         SECTION 9.07. REFERENCE IN CERTIFICATES TO SUPPLEMENTAL TRUST
AGREEMENTS. Certificates of each series authenticated and delivered after the
execution of any supplemental agreement applicable to such series pursuant to
this Article may bear a notation in form approved by the Trustee as to any
matter provided for in such supplemental agreement; and, in such case, suitable
notation may be made upon Outstanding Certificates of such series after proper
presentation and demand.

                                   ARTICLE X
                   AMENDMENTS TO INDENTURES AND NOTE DOCUMENTS

         SECTION 10.01. AMENDMENTS AND SUPPLEMENTS TO INDENTURE AND OTHER NOTE
DOCUMENTS. In the event that the Trustee, as holder of any Equipment Note in
trust for the benefit of the Certificateholders of any series, receives a
request for a consent to any amendment, modification, waiver or supplement under
any related Indenture or other related Note Document, which requires the consent
of the Certificateholders of such series, the Trustee shall forthwith send a
notice of such proposed amendment, modification, waiver or supplement, to each
Certificateholder of such series registered on the Register as of such date. The
Trustee shall request from the Certificateholders of such series Directions as
to (i) whether or not to direct the applicable Indenture Trustee to take or
refrain from taking any action which a holder of such Equipment Note has the
option to direct, (ii) whether or not to give or execute any waivers, consents,
amendments, modifications or supplements as a holder of such Equipment Note and
(iii) how to vote any Equipment Note if a vote has been called for with respect
thereto. Provided such a request for Certificateholder Direction shall have been
made, in directing any action or casting any vote or giving any consent as the
holder of any Equipment Note, the Trustee shall vote or consent with respect to
such Equipment Note in the same proportion as the Certificates of such series
were actually voted by Acts of Holders delivered to the Trustee prior to two
Business Days before the Trustee directs such action or casts such vote or gives
such consent. Notwithstanding the foregoing, but subject to Section 6.04, in the
case that an Event of Default hereunder with respect to such series shall have
occurred and be continuing, the Trustee may, in its own discretion and at its
own direction, consent and notify the applicable Indenture Trustee of such
consent to any amendment, modification, waiver or supplement under the
applicable Indenture or other related Note Document.

                                   ARTICLE XI
                              TERMINATION OF TRUST

         SECTION 11.01. TERMINATION OF THE TRUST. With respect to each Trust
created hereby and by its related Trust Supplement, the respective obligations
and responsibilities of the Company and the Trustee created hereby and thereby
and such Trust created hereby and thereby shall terminate upon the distribution
to all Certificateholders of the related series of all amounts

                                       41
<PAGE>

required to be distributed to them pursuant to this Basic Agreement and the
related Trust Supplement and the disposition of all property held as part of the
Trust Property of such Trust; provided, however, that in no event shall such
Trust continue beyond the final expiration date determined as provided in such
Trust Supplement.

         Notice of any termination of a Trust, specifying the applicable Regular
Distribution Date (or Special Distribution Date, as the case may be) upon which
the Certificateholders of any series may surrender their Certificates to the
Trustee for payment of the final distribution and cancellation, shall be mailed
promptly by the Trustee to Certificateholders of such series not earlier than
the 60th day and not later than the 20th day next preceding such final
distribution specifying (A) the Regular Distribution Date (or Special
Distribution Date, as the case may be) upon which final payment of the
Certificates of such series will be made upon presentation and surrender of
Certificates of such series at the office or agency of the Trustee therein
specified, (B) the amount of any such final payment, and (C) that the Record
Date otherwise applicable to such Regular Distribution Date (or Special
Distribution Date, as the case may be) is not applicable, payments being made
only upon presentation and surrender of the Certificates of such series at the
office or agency of the Trustee therein specified. The Trustee shall give such
notice to the Registrar at the time such notice is given to Certificateholders
of such series. Upon presentation and surrender of the Certificates of such
series, the Trustee shall cause to be distributed to Certificateholders of such
series amounts distributable on such Regular Distribution Date or Special
Distribution Date, as the case may be, pursuant to Section 4.02.

         In the event that all of the Certificateholders of such series shall
not surrender their Certificates for cancellation within six months after the
date specified in the above-mentioned written notice, the Trustee shall give a
second written notice to the remaining Certificateholders of such series to
surrender their Certificates for cancellation and receive the final distribution
with respect thereto. In the event that any money held by the Trustee for the
payment of distributions on the Certificates of such series shall remain
unclaimed for two years (or such lesser time as the Trustee shall be satisfied,
after sixty days' notice from the Company, is one month prior to the escheat
period provided under applicable law) after the final distribution date with
respect thereto, the Trustee shall pay to the applicable Indenture Trustee the
appropriate amount of money relating to such Indenture Trustee and shall give
written notice thereof to the applicable Owner Trustee and the Company.

                                  ARTICLE XII
                            MISCELLANEOUS PROVISIONS

         SECTION 12.01. LIMITATION ON RIGHTS OF CERTIFICATEHOLDERS. The death or
incapacity of any Certificateholder of any series shall not operate to terminate
this Basic Agreement, the related Trust Supplement or the related Trust, nor
entitle such Certificateholder's legal representatives or heirs to claim an
accounting or to take any action or commence any proceeding in any court for a
partition or winding up of the related Trust, nor otherwise affect the rights,
obligations, and liabilities of the parties hereto or any of them.

         SECTION 12.02. CERTIFICATES NONASSESSABLE AND FULLY PAID.
Certificateholders of each series shall not be personally liable for obligations
of the related Trust, the Fractional Undivided Interests represented by the
Certificates of any series shall be nonassessable for any losses or

                                       42
<PAGE>

expenses of the related Trust or for any reason whatsoever, and Certificates of
such series upon authentication thereof by the Trustee pursuant to Section 3.02
are and shall be deemed fully paid. No Certificateholder of such series shall
have any right (except as expressly provided herein) to vote or in any manner
otherwise control the operation and management of the related Trust Property,
the related Trust, or the obligations of the parties hereto, nor shall anything
set forth herein, or contained in the terms of the Certificates of such series,
be construed so as to constitute the Certificateholders of such series from time
to time as partners or members of an association.

         SECTION 12.03. NOTICES. With respect to Certificates of each series,
all demands, notices, and communications under the Basic Agreement or such Trust
Supplement with respect to such Trust shall be in writing, personally delivered
or mailed by certified mail-return receipt requested, and shall be deemed to
have been duly given upon receipt, in the case of the Company, at the following
address: GATX Financial Corporation, 500 West Monroe Street, Chicago, Illinois
60661-3676, Attention: [SECRETARY], and, in the case of the Trustee, at the
following address: U.S. Bank National Association, 180 East Fifth Street, St.
Paul, Minnesota 55101, Attention: Corporate Trust Services or, in each case, at
such other address as shall be designated by such party in a written notice to
the other parties. Any notice required or permitted to be given to a
Certificateholder of any series hereunder shall be mailed by first class mail,
postage prepaid, at the address of such Holder as shown in the Register. Any
notice so mailed within the time prescribed in this Basic Agreement or the
related Trust Supplement shall be conclusively presumed to have been duly given,
whether or not the Certificateholder of such series received such notice. The
Trustee shall promptly furnish the Company with a copy of each demand, notice or
written communication received by the Trustee hereunder from any
Certificateholder of any series, any Owner Trustee or any Indenture Trustee.

         SECTION 12.04. GOVERNING LAW. THIS BASIC AGREEMENT AND THE CERTIFICATES
SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK AND THE
OBLIGATIONS, RIGHTS, AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED
IN ACCORDANCE WITH SUCH LAWS.

         SECTION 12.05. SEVERABILITY OF PROVISIONS. If any one or more of the
covenants, agreements, provisions, or terms of this Basic Agreement shall be for
any reason whatsoever held invalid, then such covenants, agreements, provisions,
or terms shall be deemed severable from the remaining covenants, agreements,
provisions, or terms of this Basic Agreement and shall in no way affect the
validity or enforceability of the other provisions of this Basic Agreement or
any Trust, or of the rights of the Certificateholders thereof.

         SECTION 12.06. TRUST INDENTURE ACT CONTROLS. This Basic Agreement and
any Trust Supplement are subject to the provisions of the Trust Indenture Act
and shall, to the extent applicable, be governed by such provisions.

         SECTION 12.07. 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.

                                       43
<PAGE>

         SECTION 12.08. SUCCESSORS AND ASSIGNS. All covenants, agreements,
representations and warranties in this Basic Agreement by the Trustee and the
Company shall bind and, to the extent permitted hereby, shall inure to the
benefit of and be enforceable by their respective successors and assigns,
whether so expressed or not.

         SECTION 12.09. BENEFITS OF AGREEMENT. Nothing in this Basic Agreement
or in the Certificates of any series express or implied, shall give to any
person, other than the parties hereto and their successors hereunder, and the
Certificateholders, any benefit or any legal or equitable right, remedy or claim
under this Basic Agreement.

         SECTION 12.10. LEGAL HOLIDAYS. In any case where any Regular
Distribution Date or Special Distribution Date relating to any Certificate of
any series shall not be a Business Day, then (notwithstanding any other
provision of this Basic Agreement) payment need not be made on such date, but
may be made on the next succeeding Business Day with the same force and effect
as if made on such Regular Distribution Date or Special Distribution Date, and
no interest shall accrue during the intervening period.

         SECTION 12.11. COUNTERPARTS. For the purpose of facilitating the
execution of this Basic Agreement and for other purposes, this Basic Agreement
may be executed simultaneously in any number of counterparts, each of which
counterparts shall be deemed to be an original, and all of which counterparts
shall constitute but one and the same instrument.

                                       44
<PAGE>

         IN WITNESS WHEREOF, the Company and the Trustee have caused this Basic
Agreement to be duly executed and attested by their respective officers, all as
of the day and year first above written.

                                         GATX FINANCIAL CORPORATION

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

ATTEST:

Assistant Corporate Secretary

                                         U.S. BANK NATIONAL ASSOCIATION,
                                          as Trustee

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

ATTEST:

Vice President

                                       45
<PAGE>

                                                                     EXHIBIT A

                             FORM OF CERTIFICATE(1)

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

                           GATX Financial Corporation
                            _____ PASS THROUGH TRUST
                               _____% Pass Through
                            Certificate, Series _____
                                   CUSIP _____
                    Final Regular Distribution Date: ________

         evidencing a fractional undivided interest in a trust, the property of
which includes certain Equipment Notes secured by certain railroad rolling stock
leased to GATX Financial Corporation.

Certificate
No. _______                          $__________ Fractional Undivided Interest
                                      representing .__________ of the Trust per
                                                             $1,000 face amount

         THIS CERTIFIES THAT _____________________________, for value received,
is the registered owner of a $__________ (__________ dollars) Fractional
Undivided Interest in GATX Financial Corporation _____ Pass Trough Trust (the
"Trust") created by [ ] as trustee (the "Trustee"), pursuant to a Pass Through
Trust Agreement dated as of August __, 200_ GATX Financial and a related Trust
Supplement dated as of _______________, 200_ (collectively, the "Agreement")
between the Trustee and GATX Financial Corporation, a corporation incorporated
under New York law (the "Company"), a summary of certain of the
____________________________

(1)      This legend to appear on Book-Entry Certificates to be deposited with
         The DTC. One Certificate may be issued in a denomination less than
         $1,000 which shall not have this legend.

<PAGE>

pertinent provisions of which is set forth below. To the extent not otherwise
defined herein, the capitalized terms used herein have the meanings assigned to
them in the Agreement. This Certificate is one of the duly authorized
Certificates designated as "_____% Pass Through Certificates, Series _____"
(herein called the "Certificates"). This Certificate is issued under and is
subject to the terms, provisions, and conditions of the Agreement, to which
Agreement the Holder of this Certificate by virtue of the acceptance hereof
assents and by which such Holder is bound. The property of the Trust includes
certain Equipment Notes (the "Trust Property"). The Equipment Notes are secured
by a security interest in railroad rolling stock leased to the Company.

         The Certificates represent fractional undivided interests in the Trust
and the Trust Property, and have no rights, benefits or interest in respect of
any other separate trust established pursuant to the terms of the Agreement for
any other series of certificates issued pursuant thereto.

         Subject to and in accordance with the terms of the Agreement, from
funds then available to the Trustee, there will be distributed on each
_______________ and _______________ (a "Regular Distribution Date"), commencing
on _______________, to the person in whose name this Certificate is registered
at the close of business on the date of the month which is 15 days preceding the
Regular Distribution Date, an amount in respect of the Scheduled Payments on the
Equipment Notes due on such Regular Distribution Date, the receipt of which has
been confirmed by the Trustee, equal to the product of the percentage interest
in the Trust evidenced by this Certificate and an amount equal to the sum of
such Scheduled Payments. Subject to and in accordance with the terms of the
Agreement, in the event that Special Payments on the Equipment Notes are
received by the Trustee, from funds then available to the Trustee, there shall
be distributed on the applicable Special Distribution Date, to the Person in
whose name this Certificate is registered at the close of business on the day of
the month which is 15 days preceding the Special Distribution Date, an amount in
respect of such Special Payments on the Equipment Notes, the receipt of which
has been confirmed by the Trustee, equal to the product of the percentage
interest in the Trust evidenced by this Certificate and an amount equal to the
sum of such Special Payments so received. If a Regular Distribution Date or
Special Distribution Date is not a Business Day, distribution shall be made on
the immediately following Business Day. The Special Distribution Date shall be
the ____th day of the month determined as provided in the Agreement. The Trustee
shall mail notice of each Special Payment and the Special Distribution Date
therefor to the Holders of the Certificates.

         Distributions on this Certificate will be made by the Trustee (i) by
check mailed to the person entitled thereto or (ii) prior to the time Definitive
Certificates are issued, by wire transfer of same-day funds to the account
designated by the Certificateholder to the Trustee on or prior to the applicable
Record Date, without the presentation or surrender of this Certificate or the
making of any notation hereon. Except as otherwise provided in the Agreement and
notwithstanding the above, the final distribution on this Certificate will be
made after notice mailed by the Trustee of the pendency of such distribution and
only upon presentation and surrender of this Certificate at the office or agency
of the Trustee specified in such notice.

         Unless this certificate is presented by an authorized representative of
DTC, a New York corporation ("DTC"), to the Company or its agent for
registration of transfer, exchange, or

                                       2

<PAGE>

payment, and any certificate issued is registered in the name of Cede & Co. or
in such other name as is requested by an authorized representative of DTC (and
any payment is made to Cede & Co. or to such other entity as is requested by an
authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL in as much as the registered
owner hereof, Cede & Co., has an interest herein.

         This Certificate shall be governed by and construed in accordance with
the laws of the State of New York.

         Reference is hereby made to the further provisions of this Certificate
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, by manual signature, this Certificate shall not be entitled to any
benefit under the Agreement or be valid for any purpose.

                                       3

<PAGE>

         IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed.

                                            GATX Financial Corporation
                                             Pass Through Trust

                                            By [           ] as Trustee

                                            By
                                              ---------------------------------
                                               Title

                                       4

<PAGE>

                                                                     EXHIBIT A

                       [FORM OF THE TRUSTEE'S CERTIFICATE
                               OF AUTHENTICATION]

Dated:

                    This is one of the Certificates referred
                      to in the within-mentioned Agreement.

                                              [                 ] as Trustee

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

                            [REVERSE OF CERTIFICATE]

         The Certificates do not represent a direct obligation of, or an
obligation guaranteed by, or an interest in, the Company or the Trustee or any
affiliate thereof. The Certificates are limited in right of payment, all as more
specifically set forth on the face hereof and in the Agreement. All payments or
distributions made to Certificateholders under the Agreement shall be made only
from the Trust Property and only to the extent that the Trustee shall have
sufficient income or proceeds from the Trust Property to make such payments in
accordance with the terms of the Agreement. Each Holder of this Certificate, by
its acceptance hereof, agrees that it will look solely to the income and
proceeds from the Trust Property to the extent available for distribution to
such holder as provided in the Agreement. This Certificate does not purport to
summarize the Agreement and reference is made to the Agreement for information
with respect to the interests, rights, benefits, obligations, proceeds, and
duties evidenced hereby. A copy of the Agreement may be examined during normal
business hours at the principal office of the Trustee, and at such other places,
if any, designated by the Trustee, by any Certificateholder upon request.

         The Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Certificateholders under the Agreement at any time
by the Company and the Trustee with the consent of the Holders of Certificates
evidencing Fractional Undivided Interests aggregating not less than a majority
in interest in the Trust. Any such consent by the Holder of this Certificate
shall be conclusive and binding on such Holder and upon all future Holders of
this Certificate and of any Certificate issued upon the transfer hereof or in
exchange hereof or in lieu hereof whether or not notation of such consent is
made upon this Certificate. The Agreement also permits the amendment thereof, in
certain limited circumstances, without the consent of the Holders of any of the
Certificates.

<PAGE>

         As provided in the Agreement and subject to certain limitations therein
set forth, the transfer of this Certificate is registrable in the Register upon
surrender of this Certificate for registration of transfer at the offices or
agencies maintained by the Trustee in its capacity as Registrar, or by any
successor Registrar, in the Borough of Manhattan, the City of New York, duly
endorsed or accompanied by a written instrument of transfer in form satisfactory
to the Trustee and the Registrar duly executed by the Holder hereof or such
Holder's attorney duly authorized in writing, and thereupon one or more new
Certificates of authorized denominations evidencing the same aggregate
Fractional Undivided Interest in the Trust will be issued to the designated
transferee or transferees.

         The Certificates are issuable only as registered Certificates without
coupons in denominations of $1,000 Fractional Undivided Interest and any
integral multiples of $1,000 in excess thereof except that one Certificate may
be in a denomination of less than $1,000. As provided in the Agreement and
subject to certain limitations therein set forth, Certificates are exchangeable
for new Certificates of authorized denominations and like series evidencing the
same aggregate Fractional Undivided Interest in the Trust, as requested by the
Holder surrendering the same.

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

         The Trustee, the Registrar, and any agent of the Trustee or the
Registrar may treat the person in whose name this Certificate is registered as
the owner hereof for all purposes, and neither the Trustee, the Registrar, nor
any such agent shall be affected by any notice to the contrary.

         The obligations and responsibilities created by the Agreement and the
Trust created thereby shall terminate upon the distribution to
Certificateholders of all amounts required to be distributed to them pursuant to
the Agreement and the disposition of all property held as part of the Trust
Property.

                                       2

<PAGE>

                            [FORM OF TRANSFER NOTICE]

         FOR VALUE RECEIVED the undersigned registered holder hereby sell(s),
assign(s) and transfer(s) unto

         Insert Taxpayer Identification No.

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

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

         Please print or typewrite name and address including postal zip code of
         assignee

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

         the within Certificate and all rights thereunder, hereby irrevocably
         constituting and appointing

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

         attorney to transfer said Certificate on the books of the Trust with
         full power of substitution in the premises.

Date:
     -------------------------------

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

         NOTICE:  The signature to this assignment must correspond with the name
                  as written upon the face of the within-mentioned instrument in
                  every particular, without alteration or any change whatever.

                                      -1-

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