Document:

EXHIBIT 4.16

 

EXHIBIT 4.16

SALE OF BUSINESS AGREEMENT

between

ANGLOGOLD LIMITED

and

CLIDET NO. 383 (PROPRIETARY) LIMITED

and

HARMONY GOLD MINING COMPANY LIMITED

and

AFRICAN RAINBOW MINERALS (PROPRIETARY) LIMITED

CLIFFE DEKKER FULLER MOORE INC

ATTORNEYS NOTARIES CONVEYANCERS TRADEMARK ATTORNEYS

ESTABLISHED 1853

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	1
	 	INTERPRETATION	 	 	1	 
	2
	 	PREAMBLE	 	 	9	 
	3
	 	CONDITIONS PRECEDENT	 	 	9	 
	4
	 	SALE	 	 	12	 
	5
	 	CONSIDERATION AND PAYMENT	 	 	12	 
	6
	 	VALUE-ADDED TAX	 	 	13	 
	7
	 	INTERIM PERIOD	 	 	14	 
	8
	 	STOCKTAKING	 	 	19	 
	9
	 	LIABILITIES	 	 	20	 
	10
	 	ENVIRONMENTAL MANAGEMENT FUND	 	 	21	 
	11
	 	CONTRACTS	 	 	23	 
	12
	 	LICENCES	 	 	24	 
	13
	 	ERNEST OPPENHEIMER HOSPITAL	 	 	25	 
	14
	 	EMPLOYEES	 	 	25	 
	15
	 	PROVISION OF SERVICES AND ACCESS	 	 	28	 
	16
	 	IMPLEMENTATION	 	 	29	 
	17
	 	APPLICATIONS FOR MINING AUTHORISATIONS	 	 	29	 
	18
	 	WARRANTIES BY ANGLOGOLD	 	 	30	 
	19
	 	PUBLICATION IN TERMS OF INSOLVENCY ACT	 	 	31	 
	20
	 	SURETYSHIP	 	 	31	 
	21
	 	BREACH	 	 	32	 
	22
	 	DISPUTES	 	 	32	 
	23
	 	CO-OPERATION	 	 	33	 
	24
	 	NOTICES AND DOMICILIUM	 	 	34	 
	25
	 	GENERAL	 	 	35	 
	26
	 	BENEFIT OF THE AGREEMENT	 	 	36	 
	27
	 	APPLICABLE LAW AND JURISDICTION	 	 	36	 
	28
	 	COSTS	 	 	37	 

 

21 December 2001

SALE OF BUSINESS AGREEMENT

between

ANGLOGOLD LIMITED

and

CLIDET NO. 383 (PROPRIETARY) LIMITED

and

HARMONY GOLD MINING COMPANY LIMITED

and

AFRICAN RAINBOW MINERALS (PROPRIETARY) LIMITED

WHEREBY THE PARTIES AGREE AS FOLLOWS

	1	 	INTERPRETATION

	1.1	 	In this agreement –

	1.1.1	 	clause headings are for convenience only and are not to be used in its
interpretation;

 

 

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	1.1.2	 	an expression which denotes –

	1.1.2.1	 	any gender includes the other genders;
	 
	1.1.2.2	 	a natural person includes a juristic person and vice versa;
	 
	1.1.2.3	 	the singular includes the plural and vice versa.

	1.2	 	In this agreement, unless the context indicates a contrary intention,
the following words and expressions bear the meanings assigned to them
and cognate expressions bear corresponding meanings –

	1.2.1	 	“acquisition” means the acquisition by Freegold of the
businesses in terms of this agreement;
	 
	1.2.2	 	“AngloGold” means AngloGold Limited, Registration No. 1944/017354/06, a
public company incorporated in the Republic of South Africa;
	 
	1.2.3	 	“ARM” means African Rainbow Minerals (Proprietary) Limited,
Registration No. 1997/020158/07, a private company incorporated in the
Republic of South Africa;
	 
	1.2.4	 	“associated companies” means AngloGold Health Services (Proprietary)
Limited and, where applicable, Metisella Investments Limited;
	 
	1.2.5	 	“businesses” means the gold mining businesses known as the
Bambanani, Joel, Matjhabeng and Tshepong mines and the Ernest
Oppenheimer Hospital business, together with all their associated
assets and infrastructure, as carried on by AngloGold and its
associated companies as at the signature date, as going concerns, and
includes the business assets, the specified liabilities and any other
liabilities specifically provided for herein;

 

 

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	1.2.6	 	“business assets” means all assets used in or in connection with the
businesses and all assets necessary for the continuation of the
businesses’ mining, ore treatment, gold extraction, hospital and other
operations, excluding the excluded assets but including, without
limitation, the following assets –

	1.2.6.1	 	the immovable property;
	 
	1.2.6.2	 	all slimes dams, waste rock dumps and other surface sources
situated on the immovable property and to which AngloGold or any of
its associated companies has title;
	 
	1.2.6.3	 	all surface right uses used for mining purposes (and, without
limitation, all purposes incidental thereto) in or in connection with
the businesses and to which AngloGold or any of its associated
companies has title;
	 
	1.2.6.4	 	all equipment and other assets used in the Ernest Oppenheimer Hospital;
	 
	1.2.6.5	 	the mineral rights and mining leases;
	 
	1.2.6.6	 	all of the shares in and claims on loan account against
Jeannette Gold Mines Limited (“Jeannette”) held by AngloGold or
its associated companies on the signature date;
	 
	1.2.6.7	 	all underground and surface infrastructure and equipment used
primarily in or in connection with the businesses, save for the
consumable and capital stores and group spares referred to in
clause 1.2.6.18, Freegold acknowledging, for the purposes of the
Mine Health and Safety Act, 1996 (Act No. 29 of 1996), that the
equipment is reasonably practicably safe and that employees of
Freegold are aware of the proper use and mining operation of such
equipment;

 

 

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	1.2.6.8	 	
 the businesses’ metallurgical plants and tailings disposal
facilities including all such plants and facilities previously
belonging to FSC and Joel and to which AngloGold or any of its
associated companies has title;
	 
	1.2.6.9	 	all assets which are owned by AngloGold or its associated companies
and which are used primarily in or in connection with the businesses;
	 
	1.2.6.10	 	all assets which form part of AngloGold’s head office which are
integral to the day to day operations of the businesses, save for any
assets which are integral to the day to day operations of any of
AngloGold’s other businesses;
	 
	1.2.6.11	 	the vehicles owned by AngloGold and its associated companies which
are used primarily in connection with the businesses;
	 
	1.2.6.12	 	all time and attendance hardware and software, it being agreed
that, if neither Freegold, ARM nor Harmony has at any time any further
use for such hardware and software, AngloGold will be entitled to
purchase it for R1.00 (One Rand);
	 
	1.2.6.13	 	all computer hardware and software and other technology and all
other intellectual property of every description (including but not
limited to all geological cores) currently being used by AngloGold
primarily in relation to the operations of the businesses;
	 
	1.2.6.14	 	all information relating primarily to the businesses in whatever
format and whether recorded in writing, on any electronic medium or
otherwise, including details of the deep mine research project insofar
as it relates exclusively to the businesses, it being agreed that
AngloGold shall have reasonable access to the environmental research
project and related data compiled by it in respect of the businesses;

 

 

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	1.2.6.15	 	all dressing stations, clinics, hospitals and other medical
facilities situated on the immovable property, and all equipment used
in such stations, clinics, hospitals and facilities;
	 
	1.2.6.16	 	all deposits in respect of the provision of services to the
businesses and payments made in advance by AngloGold in respect of the
businesses, it being agreed that AngloGold shall be entitled to retain
all such deposits and payments made in advance in respect of services
not taken over by Freegold;
	 
	1.2.6.17	 	all capital items forming part of any capital development program
in respect of the businesses which have been delivered to the relevant
site; and
	 
	1.2.6.18	 	all stock in trade of AngloGold (including gold work in progress
and all of the businesses stocks of refrigerant (as at the signature
date) for the cooling plant) relating to the businesses on the
effective date, whether recorded as assets or not, but excluding -

	1.2.6.18.1	 	all consumable stores;
	 
	1.2.6.18.2	 	all group spares; and
	 
	1.2.6.18.3	 	those capital stores which have not been specifically allocated
to the businesses or which were not purchased exclusively for the
businesses.

	1.2.7	 	“business day” means a day other than a Saturday, a Sunday or a day
which is a statutory public holiday in the Republic of South Africa;
	 
	1.2.8	 	“call rate” means the basic rate of interest (percent, per annum,
compounded monthly in arrear and calculated on a 365 day year
irrespective of whether or not the year is a leap year) from time to
time quoted by ABSA Bank Limited as being its call deposit rate,

 

 

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	 	 	as certified by any manager of that bank, whose appointment and
designation need not be proved;
	 
	1.2.9	 	“conditions precedent” means the conditions precedent set out in
clause 3;
	 
	1.2.10	 	“contracts” means the contracts to be listed in the schedule
referred to in clause 3.1.6;
	 
	1.2.11	 	“effective date” means 1 January 2002;
	 
	1.2.12	 	“employees” means, save as otherwise agreed, -

	1.2.12.1	 	all employees of AngloGold and its associated companies who are
employed in respect of the businesses and are listed on the payrolls
of the businesses, excluding the employees listed in annexe “A” to the
initial sale of business agreement; and
	 
	1.2.12.2	 	all of AngloGold’s employees employed in its “business services”
division and who render services primarily in connection with the
businesses;

	1.2.13	 	“excluded assets” means those assets listed in annexe “B” to the
initial sale of business agreement;
	 
	1.2.14	 	“FSC” means Free State Consolidated Gold Mines (Operations) Limited,
Registration No. 1937/009266/06, a public company incorporated in the
Republic of South Africa;
	 
	1.2.15	 	“Freegold” means Clidet No. 383 (Proprietary) Limited, Registration
No. 2001/029602/07, a private company incorporated in the Republic of
South Africa, the name of which will be changed to Freegold
(Proprietary) Limited or such other name as may be acceptable to the
parties and the Registrar of Companies;

 

 

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	1.2.16	 	“Harmony” means Harmony Gold Mining Company Limited, Registration
No. 1950/038232/06, a public company incorporated in the Republic of
South Africa;
	 
	1.2.17	 	“immovable property” means the immovable property more fully
described in a separate sale of property agreement to be signed
simultaneously with this agreement;
	 
	1.2.18	 	“implementation date” means the
10th (Tenth) business day after the
date of fulfilment of the last of the conditions precedent;
	 
	1.2.19	 	“initial sale of business agreement” means the notarial sale of
business agreement entered into between AngloGold and Biprops 76
(Proprietary) Limited on 29 November 2001;
	 
	1.2.20	 	“Joel” means H J Joel Gold Mining Company Limited, Registration No.
1985/001995/06, a public company incorporated in the Republic of South
Africa;
	 
	1.2.21	 	“mineral rights” means all of AngloGold and its associated
companies’ mineral rights (including participation rights and options)
in the Welkom Goldfield as more fully described in annexes “D1”
(description) and/or “D2” (plan) to the initial sale of business
agreement and as may be identified by Freegold, ARM or Harmony, using
their best endeavours, prior to the implementation date (or such later
date as may be agreed by AngloGold, which agreement shall not be
unreasonably withheld), it being recorded that it is the intention of
the parties that AngloGold and its associated companies will, as at
the implementation date, no longer hold any mineral rights whatsoever
in the Welkom Goldfield;
	 
	1.2.22	 	“mining leases” means the mining leases more fully described in
annexe “E1” (description) and/or “E2” (plan and co-ordinates) to the
initial sale of business agreement;

 

 

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	1.2.23	 	“parties” means the parties to this agreement;
	 
	1.2.24	 	“prime rate” means the rate (per cent, per annum) from time to time
charged by ABSA Bank Limited for similar amounts on unsecured
overdraft to its prime customers in good standing in the private
sector, as certified by any manager of that bank whose appointment it
will not be necessary to prove, calculated on a daily basis and
compounded monthly in arrear;
	 
	1.2.25	 	“sale of property agreement” means the sale of property
agreement referred to in clause 1.2.17;
	 
	1.2.26	 	“signature date” means the date of signature of the memorandum of
understanding entered into between AngloGold, ARM and Harmony, being
21 November 2001;
	 
	1.2.27	 	“specified liabilities” means –

	1.2.27.1	 	AngloGold’s rehabilitation liability in respect of the businesses
as at the effective date; and
	 
	1.2.27.2	 	AngloGold’s liability in respect of the claims listed in annexe
“F” to the initial sale of business agreement and any other similar
environmental claims, the cause of action of which arose prior to the
effective date (“the additional claims”).

	1.3	 	Any substantive provision conferring rights or imposing obligations
on any party in the interpretation clause shall be given effect to as
if it were a substantive provision in the body of this agreement.
	 
	1.4	 	Words and expressions defined in any clause shall, unless the
application of any such word or expression is specifically limited to
that clause, bear the meaning assigned to such word or expression
throughout this agreement.

 

 

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	1.5	 	No provision herein shall be construed against or interpreted to the
disadvantage of any party by reason of such party having or being
deemed to have structured, drafted or introduced such provision.
	 
	1.6	 	The eiusdem generis rule shall not apply and whenever the term
“including” is used followed by specific examples, such examples shall
not be construed so as to limit the meaning of that term.
	 
	1.7	 	Unless specifically otherwise provided, any number of days prescribed
shall be determined by excluding the first and including the last day
or, where the last day falls on a Saturday, a Sunday or public
holiday, the next succeeding business day.
	 
	1.8	 	A reference to any statutory enactment shall be construed as a
reference to that enactment as at the signature date and as amended or
re-enacted from time to time.
	 
	1.9	 	In this agreement the word “agreement” refers to this agreement and
the words “clause” or “clauses” refer to clauses of this agreement.

	2	 	PREAMBLE

	2.1	 	AngloGold owns and carries on the businesses.
	 
	2.2	 	Freegold wishes to purchase the businesses as going concerns and
AngloGold is prepared to sell the businesses to Freegold on the terms
and conditions herein contained.

	3	 	CONDITIONS PRECEDENT

	3.1	 	Save for the provisions of this clause 3 and clauses 7, 8, 20 to 25,
27 and 28 which will become effective immediately, this agreement is
subject to the fulfilment of the following conditions precedent –

 

 

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	3.1.1	 	the conclusion of a joint venture agreement between ARM and
Harmony in respect of their shareholding in Freegold;
	 
	3.1.2	 	the section 39 relief referred to in clause 3.1.1 of the initial sale of
business agreement is not granted;
	 
	3.1.3	 	the consent of the Minister of Minerals and Energy to the cession of
the mining leases to Freegold on terms and conditions reasonably acceptable
to Freegold;
	 
	3.1.4	 	the granting of a temporary mining authorisation in terms of section
10 of the Minerals Act, 1991 (Act No. 50 of 1991) (“the Minerals Act”) to
Freegold in respect of the businesses, it being recorded for the avoidance
of doubt that Freegold shall be obliged to, and shall forthwith and at its
own cost, apply for such mining authorisation;
	 
	3.1.5	 	the granting of all necessary authorisations to Freegold in terms of
the National Nuclear Regulator Act, 1999 (Act No. 47 of 1999);
	 
	3.1.6	 	AngloGold and Freegold reaching agreement on the contracts to be
ceded and assigned to Freegold and listing such contracts in a schedule
initialled by both parties;
	 
	3.1.7	 	the unconditional approval of the acquisition in terms of the
Competition Act, 1998 (Act No. 89 of 1998), or the conditional approval on
terms and conditions acceptable to the parties; and
	 
	3.1.8	 	the obtaining of Harmony shareholders’ approval, if necessary.

	3.2	 	Each of the parties will use its best endeavours (and the parties will
co-operate in good faith) to procure the fulfilment of such of the
conditions precedent as are within its control as soon as reasonably
possible after the signature date.

 

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	3.3	 	The conditions precedent will only be capable of being waived by
agreement between the parties.
	 
	3.4	 	Unless the conditions precedent referred to in -

	3.4.1	 	clause 3.1.1 is fulfilled by not later than 21 January 2002;
	 
	3.4.2	 	
clause 3.1.2 is fulfilled by not later than 31 January 2002; and
	 
	3.4.3	 	
clauses 3.1.3 to 3.1.8 are fulfilled by not later than 30 April 2002,

	 	 	or such later date as may be agreed in writing between the parties
then –

	 	(a)	 	the acquisition will lapse and no longer be of any force or
effect;
	 
	 	(b)	 	the parties will negotiate in good faith so as to ensure that
they are placed in the same position as they were prior to the
entering into of this agreement, having regard to the negotiations
leading up to the entering into of this agreement and all other
relevant factors; and
	 
	 	(c)	 	Freegold, ARM and Harmony will have a continuing obligation to
preserve the confidentiality of AngloGold’s proprietary information
relating to the businesses.

	3.5	 	Notwithstanding anything to the contrary herein contained, the
provisions of this clause 3 and clauses 20 to 25, 27 and 28 will survive
the failure of this agreement to become unconditional.
	 
	3.6	 	It is agreed that the terms and conditions referred to in clause 15 are
subject to the fulfilment of the condition precedent that this agreement is
entered into and becomes unconditional in accordance with its terms.

 

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	4	 	SALE

	4.1	 	AngloGold hereby sells to Freegold which hereby purchases the
businesses as going concerns.
	 
	4.2	 	Notwithstanding the signature and implementation dates and subject to
the fulfilment of the conditions precedent, risk in and to and benefit of
the businesses shall pass to Freegold on the effective date.
	 
	4.3	 	Notwithstanding the signature or implementation dates, the sale will be
deemed to have taken place on the effective date and, subject to the
fulfilment of the conditions precedent and the provisions of clause 4.4,
ownership of the businesses will be deemed to have passed to Freegold on
the effective date.
	 
	4.4	 	Ownership of the immovable property, the surface right permits and the
mineral rights shall pass to Freegold on registration of transfer and
registration of cession of those rights, as the case may be, into the name
of Freegold in the appropriate Registry and, in the case of the immovable
property, on the basis set out in the sale of property agreement.

	5	 	CONSIDERATION AND PAYMENT

	5.1	 	The consideration payable for the businesses by Freegold to AngloGold
is an amount which will ensure that AngloGold receives an aggregate
consideration of R2,200,000,000.00 (Two thousand two hundred million Rands)
after tax payable in respect of the disposal of the businesses, plus
interest on the amount of R1,800,000,000.00 (One thousand eight hundred
million Rands) at the call rate from the effective date to the day
immediately preceding the implementation date (“the consideration”).
	 
	5.2	 	The consideration will be paid by Freegold as follows –

 

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	5.2.1	 	an amount of R1,800,000,000.00 (One thousand eight hundred million
Rands) plus the interest referred to in clause 5.1 on the implementation
date;
	 
	5.2.2	 	R400,000,000.00 (Four hundred million Rands) on 1 January
2005; and
	 
	5.2.3	 	the balance of the consideration 5 (Five) business days before
AngloGold is obliged to pay recoupment tax, capital gains tax and any other
income taxes (“the taxes”) on the disposal of the businesses, it being
agreed that AngloGold will notify Freegold in writing as soon as it becomes
aware of the date on which it is obliged to pay the taxes.

	5.3	 	It is agreed that Freegold will be entitled to allocate the
consideration to the business assets in its discretion, provided that
AngloGold is guaranteed to receive an amount equal to the consideration and
provided further that AngloGold has approved such allocation, which
approval shall not be unreasonably withheld.
	 
	5.4	 	Should any portion of the consideration not be paid on the due date of
payment thereof, then such overdue amount will bear interest at the prime
rate, from the due date of payment thereof to the date of actual payment,
both dates inclusive.
	 
	5.5	 	All payments to be made in terms of this agreement will be made by
electronic transfer of immediately available and freely transferable funds
to such account as the payee may reasonably designate, free of any
deductions or set-off whatsoever, in the currency of the Republic of South
Africa.

	6	 	VALUE-ADDED TAX

	6.1	 	The parties have agreed that –

 

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	6.1.1	 	the sale in terms hereof constitutes the sale of separately
identifiable enterprises forming part of the enterprises of AngloGold and
its associated companies;
	 
	6.1.2	 	such enterprises are sold as going concerns;
	 
	6.1.3	 	at the signature, effective and implementation dates, such
enterprises will be income earning activities and will be transferred as
such;
	 
	6.1.4	 	all the assets of such enterprises necessary for its continued
operation are being sold in terms hereof;
	 
	6.1.5	 	the consideration for the businesses is inclusive of value-added
tax at the rate of zero percent.

	6.2	 	AngloGold warrants that it and its associated companies are registered
as vendors in terms of the Value-Added Tax Act, 1991 (Act No. 89 of 1991)
and that Freegold will be so registered, retrospectively to the effective
date, prior to the implementation date.
	 
	6.3	 	AngloGold shall, if so requested by Freegold, furnish to Freegold the
appropriate VAT invoice (on a zero rated basis) by not later than the
implementation date. Should for any reason value-added tax be payable by
AngloGold, then Freegold shall be obliged, on written demand from
AngloGold, to pay in addition to the purchase consideration the amount of
such value-added tax to AngloGold against delivery by AngloGold to Freegold
of an appropriate VAT invoice.

	7	 	INTERIM PERIOD

	7.1	 	For the purposes of this clause -

	7.1.1	 	“the first interim period” shall mean the period commencing on 21 November 2001 and terminating on the effective date; and

 

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	7.1.2	 	“the second interim period” shall mean the period commencing on the
effective date and terminating on the implementation date or, in the event
that this agreement does not become unconditional, on the date on which
this agreement lapses.

	7.2	 	It is agreed that AngloGold will manage the businesses in accordance
with the provisions of clause 7.12 during the first interim period, subject
to Freegold having the right to reasonable access to designated personnel
of the businesses for planning purposes; it being agreed that all profits
and losses during the first interim period will be for AngloGold’s account.
	 
	7.3	 	AngloGold will be entitled to continue with its voluntary separation
programme in respect of the employees up to 31 December 2001, provided that
it shall be obliged to pay all amounts due in terms of such programme and
it shall not be entitled to offer voluntary separation to any geologists or
mine captains without the prior written consent of Freegold.
	 
	7.4	 	AngloGold shall be entitled, during the first and second interim
periods, to transfer certain of the employees to its other operations with
the prior written consent of Freegold.
	 
	7.5	 	It is agreed that Freegold will manage the businesses in accordance
with the provisions of clauses 7.9 and 7.12 during the second interim
period, it being agreed that all profits and losses during the second
interim period will be for the account of Freegold in the event that this
agreement becomes unconditional, or for the account of AngloGold in the
event that this agreement does not become unconditional.
	 
	7.6	 	During the second interim period, all of AngloGold’s head office /
off-region costs shall be excluded for the purposes of calculating the
profits and losses of the businesses unless Freegold requires AngloGold’s
head office / regional services, in which event such

 

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	 	 	services will be supplied at cost. For the avoidance of doubt, it
is agreed that all of such head office / off-region costs shall,
unless required by Freegold, be for AngloGold’s account.
	 
	7.7	 	Freegold shall be obliged to refund AngloGold for all costs justifiably
incurred by it on behalf of Freegold during the second interim period in
the event that this agreement becomes unconditional.
	 
	7.8	 	AngloGold shall be obliged to refund Freegold for all costs justifiably
incurred by them on behalf of AngloGold during the second interim period in
the event that this agreement does not become unconditional.
	 
	7.9	 	During the second interim period, Freegold shall act in accordance with
AngloGold’s mining authorisation applicable to the businesses and any
approved Environmental Management Program in respect of the businesses as a
contractor, and Freegold, ARM and Harmony hereby jointly and severally
indemnify and hold AngloGold harmless, subject to the remaining provisions
of this clause 7, against any claims, damages, loss and/or expense arising
from and/or connected to any act or omission on the part of Freegold, ARM
or Harmony, arising from and/or connected with its management of the
businesses in terms of this clause 7.
	 
	7.10	 	AngloGold shall continue to insure the businesses and the business
assets at its cost until 28 February 2002. Freegold shall reimburse
AngloGold for the cost of such insurance for the period from the effective
date to the expiry of the second interim period provided this agreement
becomes unconditional. ARM and Harmony shall procure that Freegold insures
the businesses and the business assets at its cost from 1 March 2002 until
the expiry of the second interim period, provided that AngloGold shall
assist and co-operate with ARM and Harmony in obtaining the most cost
effective insurance for such

 

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	 	 	period. The parties shall procure the necessary endorsements on
the insurance policies recording their respective interests.
	 
	7.11	 	ARM and Harmony hereby undertake to nominate suitably qualified
persons to be appointed as managers of the businesses in terms of the Mine
Health and Safety Act, 1996 (Act No. 29 of 1996) during the second interim
period.
	 
	7.12	 	Save as otherwise agreed between the parties or provided in this
memorandum, the party/ies managing the businesses (“managing party”) hereby
undertakes -

	7.12.1	 	to inform the other of them of all material decisions regarding the
management of the businesses;
	 
	7.12.2	 	to continue to carry on the businesses in the ordinary and regular
course and in accordance with current plans and capital programs (to the
extent possible) and the trading style presently used;
	 
	7.12.3	 	that there will be no material adverse change in the financial
position of the businesses other than as a result of circumstances,
including but not limited to fluctuations in the gold price, beyond the
managing party’s control;
	 
	7.12.4	 	not, without the prior written consent of the other party, to enter
into any transaction, incur any liability, acquire any asset or dispose of
any asset of or relating to the businesses save in the ordinary and regular
course of conduct of the businesses;
	 
	7.12.5	 	not to do anything or omit to do anything which could -

	7.12.5.1	 	materially prejudice the goodwill of the businesses;
	 
	7.12.5.2	 	reduce the scope of the businesses;

 

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	7.12.5.3	 	result in any third party varying the terms on which it transacts
business with AngloGold in respect of the businesses;

	7.12.6	 	not to vary the terms and conditions of employment or working
conditions of any of the employees nor agree to any compensation or benefit
for the termination of the employment of any such employees, save as
otherwise provided herein or in respect of normal increases and bonuses and
any retrenchment programme implemented by Freegold in accordance with
applicable legislation, it being agreed that all retrenchments shall be
subject to AngloGold’s prior written consent, which consent shall not be
unreasonably withheld;
	 
	7.12.7	 	not, without the prior written consent of the other party/s, to
terminate or transfer the employment of any of the senior employees or any
other employees who are not on the businesses’ payroll but nevertheless
dedicate all or substantially all of their time to the businesses; and
	 
	7.12.8	 	to maintain normal and adequate levels of gold work in progress
and dedicated capital equipment relating to the businesses.

	7.13	 	In the event that any dispute shall arise between the parties in
respect of the management of the businesses (or the calculation of the
profits and losses referred to in clauses 7.2 and 7.5), during the first or
the second interim period, such dispute will be referred for joint
resolution to an executive officer of AngloGold and an executive nominated
by Freegold, associated on a daily basis with the businesses. In the event
that the said executives are unable to resolve the issue within 3 (Three)
business days after the referral, the provisions of clause 7.14 will apply.
	 
	7.14	 	Any issue which is not resolved in terms of clause 7.13 will be
referred to the chief operating officer of AngloGold and a senior

 

Page 19

	 	 	executive nominated by Freegold for joint resolution. In the event
that the said persons are unable jointly to resolve the issue within
3 (Three) business days after the referral, the decision of the
person representing the party who is managing the businesses at that
point in time shall, subject to the provisions of clause 7.12, be
final and binding on the parties in respect of the relevant issue.

	8	 	STOCKTAKING

	8.1	 	AngloGold shall as near as possible to the effective date cause a
stocktaking to be commenced, and to be continued until the completion
thereof, of all the consumable stores of the businesses (“the stocks”) on
the same basis as applied by it in the past but in any event in accordance
with the following provisions -

	8.1.1	 	each of the parties will be entitled to be represented at the
stocktaking;
	 
	8.1.2	 	after the stocktaking has been completed a schedule reflecting the
description, quantity and location of the stocks will be prepared and
initialled by the parties;
	 
	8.1.3	 	the stocks as reflected in the schedule referred to in clause 8.1.2
will be adjusted for any stock movements between the date of stocktaking
and the effective date;
	 
	8.1.4	 	any stocks which are -

	8.1.4.1	 	materially damaged; or
	 
	8.1.4.2	 	unusable as being incomplete, redundant, slow moving or obsolete,

	 	 	will be valued at Nil unless the parties agree in writing on the value
thereof.

 

Page 20

	8.2	 	Should there be any dispute as to whether any item of stock falls
within any category set out in clause 8.1.4 the dispute will be determined
by AngloGold’s auditors -

	8.2.1	 	whose decision will be made within 5 (Five) business days of their
appointment;
	 
	8.2.2	 	who will act as experts and not as arbitrators;
	 
	8.2.3	 	whose decision will, in the absence of manifest error, be final and
binding on the parties; and
	 
	8.2.4	 	who will determine the liability for their charges which will be paid accordingly.

	8.3	 	Upon completion of the schedule referred to in clause 8.1.2, the
parties will agree the value of the stocks on the basis of the lower of
cost or net realisable value, and failing agreement the stocks referred to
will be valued at the lower of cost or net realisable value by AngloGold’s
auditors, subject mutatis mutandis to the provisions of clause 8.2.
	 
	8.4	 	Freegold shall acquire the stocks with effect from the effective date
and shall pay the lower of the cost or net realisable value of the stocks
in 12 (Twelve) equal monthly instalments, the first instalment being
payable on 31 January 2002.

	9	 	LIABILITIES

	9.1	 	AngloGold hereby delegates to Freegold which assumes the specified
liabilities with effect from the effective date. Freegold hereby
indemnifies AngloGold and holds it harmless against all or any losses,
liabilities, damages, expenses, costs and/or claims which AngloGold may
suffer as a result of Freegold failing to comply fully or timeously with
its obligations under the specified liabilities.

 

Page 21

	9.2	 	Save for the specified liabilities and as otherwise provided herein,
all liabilities of businesses arising prior to the effective date are
retained by AngloGold for its own account. AngloGold hereby indemnifies
Freegold and holds it harmless against all or any losses, liabilities,
damages, expenses, costs and/or claims which Freegold may suffer as a
result of AngloGold failing to comply fully or timeously with its
obligations under any such liabilities.
	 
	9.3	 	It is recorded for the avoidance of doubt that all liabilities of the
businesses, including any environmental claims, the cause of action of
which arises after the effective date, shall be for Freegold’s account.
	 
	9.4	 	Freegold’s liability in respect of the claims referred to in clause
1.2.27.2 shall be subject to an aggregate maximum liability of
R10,000,000.00 (Ten million Rands). AngloGold shall manage any opposition
to such claims and Freegold shall be entitled to be fully involved in any
such opposition. Neither AngloGold nor Freegold shall be entitled to
settle any claims without the other’s prior written consent, which consent
shall not be unreasonably withheld.
AngloGold hereby warrants that it is not aware of the existence of
any additional claims as at the signature date.

	10	 	ENVIRONMENTAL MANAGEMENT FUND

	10.1	 	AngloGold will, on the implementation date, pay into a trust fund
specifically established for this purpose (“the fund”) an amount equal to
AngloGold’s funded rehabilitation liability in respect of the businesses as
at the effective date (being an amount equal to the current funded amount
of approximately R190,000,000.00 (One hundred and ninety million Rands)
plus interest accrued thereon, and an additional amount of R250,000,000.00
(Two hundred and fifty million Rands)).

 

Page 22

	10.2	 	The fund will be established by AngloGold prior to the
implementation date subject to the following -

	10.2.1	 	the fund shall be a separate fund for the businesses and shall not
be used for any other purpose without AngloGold’s prior written approval,
which approval shall not be unreasonably withheld;
	 
	10.2.2	 	the principal terms and conditions of the trust deed of the fund
will be as set out in annexe “G” of the initial sale of business agreement;
	 
	10.2.3	 	the trust deed of the fund shall be approved by the South African
Revenue Service prior to the implementation date;
	 
	10.2.4	 	the trustees of the fund shall initially be AngloGold nominees but
shall be replaced by nominees of Freegold on the implementation date or as
soon as possible thereafter;
	 
	10.2.5	 	the trust deed of the fund will not be amended without AngloGold’s
prior written approval, which approval shall not be unreasonably withheld;
	 
	10.2.6	 	Freegold shall deposit amounts into the fund as agreed between
Freegold, the Department of Minerals and Energy and the South African
Revenue Service;
	 
	10.2.7	 	Freegold will provide AngloGold, on an annual basis, with an
estimate of the rehabilitation liability, details of all amounts paid into
or by the fund and the accounts of the fund; and
	 
	10.2.8	 	Freegold shall, on an on-going basis, contribute to the fund such
amounts as shall be required in order to ensure that the total of all
contributions to the fund at any point in time shall be not less than the
total amount which it is obliged to hold in the fund at that point in time,
as agreed with the Department of Minerals and Energy and the South African
Revenue Service, from time to time (“the

 

Page 23

	 	 	total obligation”), in respect of the businesses relating to
rehabilitation and/or any other environmental matter.

	10.3	 	If the amount of the total contributions to the fund shall be less at
any time than the total obligation, Freegold shall, save only for debt
repayments and interest payments required in respect of the financing of
the acquisition, not distribute any cash other than by way of contribution
to the fund until any such shortfall shall have been extinguished.

	10.4	 	ARM and Harmony hereby -

	10.4.1	 	jointly and severally indemnify and hold AngloGold harmless in
respect of any claim, loss, damage or expense which AngloGold may suffer
and/or incur in connection with and/or arising from the specified
liabilities; and
	 
	10.4.2	 	undertake that Freegold shall, on an on-going basis, contribute to
the fund such amounts as shall be required in order to ensure that the
total of all contributions to the fund at any point in time shall be not
less than the total obligation, in respect of the businesses relating to
rehabilitation and/or any other environmental matter.

	10.5	 	ARM and Harmony hereby undertake to ensure that, if the amount of the
total contributions to the fund shall be less at any time than the total
obligation, Freegold shall, save only for debt repayments and interest
payments required in respect of the financing of the acquisition, not
distribute any cash other than by way of contribution to the fund until any
such shortfall shall have been extinguished.

	11	 	CONTRACTS

	11.1	 	AngloGold hereby cedes and assigns all of its right, title and
interest in and to the contracts to Freegold, which will take over and
complete all the contracts for its own account.

 

Page 24

	11.2	 	Freegold will ensure that all of the contracts will be fully complied
with by Freegold at its cost.
	 
	11.3	 	AngloGold hereby indemnifies and holds Freegold harmless against all
claims which may be made against Freegold under any of the contracts
arising out of any act or omission of AngloGold prior to the implementation
date in respect of such contract. Freegold hereby agrees that the
indemnity contained in this clause 11.3 shall not apply in respect of any
act or omission of AngloGold which is as a direct or indirect result of any
act or omission of Freegold in managing the businesses during the second
interim period.
	 
	11.4	 	AngloGold undertakes to use its best endeavours to procure the consent
of all third parties to the contracts to the cession and assignment of such
contracts to Freegold, if possible, with effect from the implementation
date.
	 
	11.5	 	Should any such other parties fail or refuse to give its consent as
aforesaid where such consent is a requirement for such cession and
assignment, AngloGold will appoint Freegold as its sub-contractor on the
basis that Freegold indemnifies and holds AngloGold harmless against all
and any claims which may be made against AngloGold arising from any act or
omission of Freegold in respect of such subcontracted work. Any work so
performed by Freegold shall be for the profit or loss of Freegold.
	 
	11.6	 	Should it not be possible for the parties to implement the provisions
of clause 11.5 for any reason, the parties shall forthwith meet and in good
faith agree an alternative solution which will achieve the same or
substantially the same result.

	12	 	LICENCES
	 
	 	 	AngloGold shall grant or procure the granting of licences to Freegold to
use all the computer and other technology and intellectual property

 

Page 25

	 	 	referred to in clause 1.2.6.13, free of any additional charge, save for
licence fees payable to third parties for the period after the
effective date, in perpetuity or for so long as legally possible, it
being noted that Freegold will not be entitled to grant any rights
allowing third parties to use any of the abovementioned computer
software, unless the licensor consents thereto.
	 
	13	 	ERNEST OPPENHEIMER HOSPITAL
	 
	 	 	Freegold will use commercially reasonable endeavours to ensure that the
Ernest Oppenheimer Hospital remains in operation and shall be obliged
to offer AngloGold a right of first refusal to acquire the Hospital and
all major equipment should it wish to dispose of the Hospital or such
equipment, which right must be exercised within a period of not more
than 30 (Thirty) days after such offer has been communicated to
AngloGold in writing;
	 
	14	 	EMPLOYEES

	14.1	 	The contracts of employment of each of the employees will be
transferred to Freegold in accordance with the provisions of section 197 of
the Labour Relations Act, 1995 (Act No. 66 of 1995) (“the LRA”), it being
recorded for the avoidance of doubt that in terms of section 197 of the LRA
the period of service of each employee with AngloGold shall be recognised
by Freegold and shall be deemed, for the purposes of the agreement of
employment between such employee and Freegold, to be the period of service
of such employee with Freegold.
	 
	14.2	 	Subject to the provisions of clauses 14.5, 14.6 and 14.10, Freegold
shall be liable for all employee related costs in respect of all periods
after the effective date.
	 
	14.3	 	Freegold will not assume employee related liabilities in respect of any
period prior to the effective date save for liabilities in respect of
the

 

Page 26

	 	 	accumulated leave and bonus pay referred to in clause 14.14 and,
subject to the provisions of clauses 14.9 and 14.10, the post
retirement medical funding liability in respect of the employees.
	 
	14.4	 	Save as otherwise provided herein, all employee related liabilities,
the cause of action of which arises prior to the effective date, are
retained by AngloGold for its own account. AngloGold hereby indemnifies
Freegold and holds it harmless against all or any losses, liabilities,
damages, expenses, costs and/or claims which Freegold may suffer as a
result of AngloGold failing to comply fully or timeously with its
obligations under any such liabilities.
	 
	14.5	 	AngloGold shall remain liable for the medical related liabilities of
persons who became continuation and widowed members’ (Cawms) prior to the
effective date.
	 
	14.6	 	In the event that any of the employees is dismissed prior to the
effective date and is thereafter reinstated, Freegold shall be obliged to
offer employment to such employee and AngloGold shall be obliged to pay all
amounts due to such employee for all periods prior to the reinstatement
date.
	 
	14.7	 	Freegold shall be obliged to take delivery of all employee related
records, provided that such records will be made available to AngloGold at
all reasonable times for the purposes of any outstanding labour disputes
and provided further that Freegold will provide AngloGold with reasonable
assistance in regard to such disputes.
	 
	14.8	 	The employees shall remain as members of the Goldmed medical scheme
(“Goldmed”) until not later than 2 (Two) months after the implementation
date or such other date as the parties may agree, whereafter the employees
will become members of a medical scheme nominated by Freegold (“the
nominated medical scheme”)

 

Page 27

	 	 	it being agreed that Freegold will, subject to the provisions of
clauses 14.9 and 14.10, be responsible for payment of the employers’
portion of the contribution to Goldmed medical scheme in respect of
the employees from the effective date until the employees become
members of the nominated medical scheme as aforesaid.
	 
	14.9	 	Freegold shall reimburse AngloGold for all employer post retirement
medical aid contributions which AngloGold is obliged to pay, in terms of
the applicable employment terms and conditions, in respect of all employees
not employed at the Joel or Matjhabeng mines whose employment is terminated
at any time after the effective date but before they become members of the
nominated medical scheme.
	 
	14.10	 	AngloGold shall be responsible for all employer post retirement
medical aid contributions which it is obliged to pay, in terms of the
applicable employment terms and conditions, in respect of all employees
employed at the Joel or Matjhabeng mines whose employment is terminated at
any time after the effective date but prior to the earlier of the date on
which they become members of the nominated medical scheme and the expiry of
a period of 2 (Two) months after the implementation date.
	 
	14.11	 	Save as set out in clauses 14.5 and 14.10, AngloGold shall have no
liability in regard to the post retirement medical expenses of the
employees.
	 
	14.12	 	Freegold shall be obliged, within 2 (Two) months of the
implementation date, to secure alternative retirement fund arrangements for
all of the employees who are members of AngloGold’s retirement fund/s (as
opposed to industry retirement funds) on the basis that such employees’
fully funded entitlement under the AngloGold retirement fund/s will be
transferred to such alternative fund.

 

Page 28

	14.13	 	AngloGold and its associated companies will not be entitled, without
Freegold’s prior written consent to employ any of the employees for a
period of 6 (Six) months from the implementation date.
	 
	14.14	 	On the implementation date AngloGold shall pay to Freegold an amount
equal to AngloGold’s liability in respect of the accumulated leave as at
the effective date, and accumulated bonus pay up to and including the last
measuring cycle immediately prior to the effective date, in respect of the
employees.
	 
	14.15	 	It is agreed that registered dependants of the employees who are
resident in the Lusikisiki area shall, at the election of Freegold, be
entitled to make use of AngloGold’s medical centre in the area provided
that Freegold shall be obliged to subsidise the cost of treatment of such
dependants to the same extent that they are currently subsidised by
AngloGold. The provisions of this clause shall not be construed as
constituting a stipulatio alteri in favour of the said dependants.

	15	 	PROVISION OF SERVICES AND ACCESS

	15.1	 	The parties agree that AngloGold will provide the following services
to Freegold in regard to the businesses –

	15.1.1	 	the existing information technology services upon the terms and
conditions contained in annexe “H” to the initial sale of business
agreement;
	 
	15.1.2	 	the existing payroll, time and attendance records and administration
service (including access to data processing required for these purposes)
upon the terms and conditions contained in annexe “I” to the initial sale
of business agreement; and

 

 

Page 29

	15.1.3	 	the existing financial and commercial services upon the terms and
conditions contained in annexe “J” to the initial sale of business
agreement.

	15.2	 	AngloGold hereby agrees to grant Freegold reasonable access to the
Gyromat survey instrument, which forms part of the excluded assets, at the
same rates as paid by AngloGold’s associated companies.
	 
	15.3	 	AngloGold hereby agrees to grant Freegold access to its “group spares
pool” subject to the operating procedures contained in the agreements
currently in existence, between AngloGold on the one hand and Harmony or
ARM on the other, in respect of group spares.

	16	 	IMPLEMENTATION

	16.1	 	Implementation of the sale will take place on the implementation date,
on which date AngloGold will place Freegold in control and possession of
the businesses and the business assets.
	 
	16.2	 	AngloGold hereby undertakes to sign and execute upon request by
Freegold all such documents as may reasonably be required to procure, at
the cost of Freegold, the transfer to Freegold and, to the extent possible,
the registration of transfer into the name of Freegold, of the business
assets.
	 
	16.3	 	Transfer of the immovable property shall be effected by Freegold’s
attorneys upon the terms and conditions contained in the sale of property
agreement.
	 
	16.4	 	Cession of the mining leases and mineral rights and transfer of the
surface right permits, shall be effected by Freegold’s attorneys as soon as
possible after the implementation date.

	17	 	APPLICATIONS FOR MINING AUTHORISATIONS

	17.1	 	Freegold will, within 8 (Eight) months of the implementation date –

 

 

Page 30

	17.1.1	 	apply for the granting of a mining authorisation in terms of section
9 of the Minerals Act ; and
	 
	17.1.2	 	submit its Environmental Management Program in respect of the
businesses for approval,
	 

	 	 	and will expeditiously and diligently pursue the said granting and
approval;

	17.2	 	Should it for any reason become impossible or impractical to give
effect to clause 17.1, the parties will use their best endeavours to reach
agreement on alternative arrangements which will have as near as possible
the same effect.

	18	 	WARRANTIES BY ANGLOGOLD

	18.1	 	AngloGold hereby unconditionally warrants to and in favour of
Freegold that –

	18.1.1	 	save as disclosed in annexe “K” to the initial sale of business
agreement, it is the sole and beneficial owner of the business assets and
has the right and is able to sell and give free and unencumbered title to
the business assets to Freegold;
	 
	18.1.2	 	save as disclosed in annexe “K” to the initial sale of business
agreement, none of the business assets are subject to any reservation of
ownership, lease, lien, hypothec, mortgage, notarial bond, pledge or other
encumbrance whatsoever;
	 
	18.1.3	 	save as disclosed in annexe “K” to the initial sale of business
agreement, no person has any right (whether pursuant to any option, right
of first refusal or otherwise) to purchase or acquire (whether as security
or otherwise) any of the business assets;
	 
	18.1.4	 	it has the legal capacity and has taken all necessary corporate
action required to empower and authorise it to enter into and

 

 

Page 31

	 	 	implement this agreement on the terms and conditions herein set
out.
	 
	18.2	 	Save for those warranties and representations expressly given or made
in this agreement, no warranties or representations are given or made,
whether express or implied, and the business assets are being sold on a
voetstoots basis.

	19	 	PUBLICATION IN TERMS OF INSOLVENCY ACT

	19.1	 	The parties agree that notice of the sale of the businesses pursuant
to this agreement will not be published as contemplated in Section 34 of
the Insolvency Act, 1936.
	 
	19.2	 	Freegold will have no duty to resist any proceedings to attach or to
take possession of any of the business assets instituted by any person in
consequence of notice of this transaction not being published. AngloGold
hereby indemnifies Freegold against any loss or damage which Freegold may
suffer as a result of notice of this transaction not being published as
aforesaid.
	 
	19.3	 	AngloGold hereby assumes the risk of attachment of any of the business
assets as a result of such notice not being published and undertakes to
compensate Freegold on demand in the event of any such attachment in an
amount equal to the replacement value of such business asset.

	20	 	SURETYSHIP
	 
	 	 	Subject to the provisions of clause 10.4, ARM and Harmony shall be
jointly and severally liable for any amounts due by Freegold to
AngloGold pursuant to the provisions of this agreement or the initial
sale agreement for a period of 12 (Twelve) months from the effective
date.

 

 

Page 32

	21	 	BREACH

	21.1	 	Should any party commit a breach of this agreement, any aggrieved
party will be entitled to terminate this agreement only if such breach
constitutes a material breach. A breach will not be deemed to be a material
breach if -

	21.1.1	 	it is capable of being remedied within a reasonable time and is so
remedied after written notice calling upon the defaulting party to do so
within 10 (Ten) business days of such notice; or
	 
	21.1.2	 	it is incapable of being remedied or is not remedied within the
period set out in 21.1.1 above, if payment in money will compensate for
such breach and such payment is made within 10 (Ten) business days after
written request for such payment.

	21.2	 	Subject to the provisions of 21.1 above, if a party commits a breach
of this agreement and fails to remedy such breach within 10 (Ten) business
days of written notice requiring the breach to be remedied, then the party
giving the notice will be entitled, at its option, either to cancel this
agreement and claim damages or alternatively to claim specific performance
of all the defaulting party’s obligations, together with damages, if any,
whether or not such obligations have fallen due for performance.

	22	 	DISPUTES

	22.1	 	Save as otherwise provided herein, in the event of any dispute or
difference arising between the parties hereto relating to or arising out of
this agreement, including the validity, implementation, execution,
interpretation, rectification, termination or cancellation of this
agreement, the parties shall forthwith meet to attempt to settle such
dispute or difference, and failing such settlement within a period of 10
(Ten) business days, the said dispute or difference shall on written demand
by any party to the dispute be submitted to arbitration in

 

 

Page 33

	 	 	Johannesburg in accordance with the rules of the Arbitration
Foundation of Southern Africa (“the Foundation”).
	 
	22.2	 	Should the parties fail to agree an arbitrator within 10 (Ten)
business days after arbitration has been demanded, the arbitrator shall be
nominated at the request of any party to the dispute by the Foundation.
	 
	22.3	 	The parties irrevocably agree that the submission to arbitration in
terms of this clause is subject to the parties’ rights of appeal set out
hereunder.
	 
	22.4	 	Any party to the arbitration may appeal the decision of the arbitrator
within a period of 20 (Twenty) business days after the arbitrator’s ruling
has been handed down by giving written notice to that effect to the other
party/ies to the arbitration. The appeal shall be dealt with in accordance
with the rules of the Foundation by a panel of 3 (Three) arbitrators
appointed by the Foundation.
	 
	22.5	 	The decision of the arbitrator shall be final and binding on the
parties to the arbitration after the expiry of the period of 20 (Twenty)
business days from the date of the arbitrator’s ruling if no appeal has
been lodged by any party. A decision which becomes final and binding in
terms of this clause 22.5 may be made an order of court at the instance of
any party to the arbitration.
	 
	22.6	 	Nothing herein contained shall be deemed to prevent or prohibit any
party from applying to the appropriate court for urgent relief.
	 
	22.7	 	The provisions of this clause will continue to be binding on the parties
notwithstanding any termination or cancellation of the agreement.

	23	 	CO-OPERATION
	 
	 	 	The parties undertake at all times to do all such things, perform all such
actions and take all such steps and to procure the doing of all such

 

 

Page 34

	 	 	steps as may be open to them and necessary for or incidental to the
fulfilment of the conditions precedent and the putting into effect or
maintenance of the terms, conditions and/or import of this agreement.

	24	 	NOTICES AND DOMICILIUM

	24.1	 	The parties hereto select as their respective domicilia citandi et
executandi the following physical addresses, and for the purposes of giving
or sending any notice provided for or required hereunder, the following -

	 	 	 	 	 
	Name
	 	Physical Address
	 	Telefax
	AngloGold

	 	11 Diagonal Street
	 	(011)637-6108
	

	 	Johannesburg	 	 
	

	 	2000	 	 
	 
	 	 	 	 
	

	 	For the attention of the Company Secretary	 	 
	 
	 	 	 	 
	Name

	 	Physical Address
	 	Telefax
	Freegold

	 	Block 27
	 	(011)692-3879
	

	 	Cnr Main Reef Road & Ward Avenue	 	 
	

	 	Randfontein	 	 
	 
	 	 	 	 
	

	 	For the attention of the Company Secretary	 	 
	 
	 	 	 	 
	Name

	 	Physical Address
	 	Telefax
	Harmony

	 	Block 27
	 	(011)692-3879
	

	 	Randfontein Office Park	 	 
	

	 	Cnr Main Reef Road & Ward Avenue	 	 
	

	 	Randfontein	 	 
	 
	 	 	 	 
	

	 	For the attention of the Company Secretary	 	 
	 
	 	 	 	 
	Name

	 	Physical Address
	 	Telefax
	ARM

	 	ARM House
	 	(011)883-5609
	

	 	29 Impala Road	 	 
	

	 	Chislehurston	 	 
	

	 	Sandton	 	 

	 	 	or such other address or telefax number as may be substituted by
notice given as herein required. Each of the parties shall be
entitled from time to time by written notice to the other parties,
to vary its

 

 

Page 35

	 	 	domicilium to any other address which is not a post office box or post
restante.
	 
	24.2	 	Any notice addressed to a party at its physical address shall be
delivered by hand, or sent by telefax.
	 
	24.3	 	Any notice shall be deemed to have been given -

	24.3.1	 	if hand delivered during business hours on a business day, on the
day of delivery;
	 
	24.3.2	 	if sent by telefax, on the date of sending of such telefax.

	24.4	 	Notwithstanding the above, any notice actually received by the party
to whom the notice is addressed will be deemed to have been properly given
and received, notwithstanding that such notice has not been given in
accordance with the provisions of this clause.

	25	 	GENERAL

	25.1	 	This agreement constitutes the whole of the agreement between the
parties hereto relating to the matters dealt with in this agreement and
save to the extent otherwise provided herein no undertaking,
representation, term or condition relating to the subject matter of this
agreement not incorporated in this agreement shall be binding on any of the
parties.
	 
	25.2	 	No variation, addition, deletion, or agreed cancellation will be of
any force or effect unless in writing and signed by or on behalf of the
parties hereto.
	 
	25.3	 	No waiver of any of the terms and conditions of this agreement will be
binding or effectual for any purpose unless in writing and signed by or on
behalf of the party giving the same. Any such waiver will be effective only
in the specific instance and for the purpose given. No failure or delay on
the part of any party hereto in exercising any right,

 

 

Page 36

	 	 	power or privilege hereunder will constitute or be deemed to be a
waiver thereof, nor will any single or partial exercise of any
right, power or privilege preclude any other or further exercise
thereof or the exercise of any other right, power or privilege.
	 
	25.4	 	Save as otherwise herein provided, neither this agreement nor any
part, share or interest therein nor any rights or obligations hereunder may
be ceded, assigned, or otherwise transferred without the prior written
consent of the other parties.
	 
	25.5	 	This agreement may be executed in one or more counterparts, each of
which shall be deemed an original, and all of which together shall
constitute one and the same agreement as at the date of signature of the
party last signing one of the counterparts. The parties undertake to take
whatever steps may be necessary to ensure that both counterparts are duly
signed by each of them without delay.

	26	 	BENEFIT OF THE AGREEMENT
	 
	 	 	This agreement will inure for the benefit of and be binding upon the
successors in title and permitted assigns of the parties hereto or any
of them.
	 
	27	 	APPLICABLE LAW AND JURISDICTION

	27.1	 	This agreement will in all respects be governed by and construed
under the laws of the Republic of South Africa.
	 
	27.2	 	Subject to the provisions of this agreement, the parties hereto hereby
consent and submit to the non-exclusive jurisdiction of the Witwatersrand
Local Division of the High Court of the Republic of South Africa in any
dispute arising from or in connection with this agreement.

 

 

Page 37

	28	 	COSTS

	28.1	 	Each party will bear and pay its own legal costs and expenses of and
incidental to the negotiation, drafting, preparation and implementation of
this agreement and the merger notices required for the approval referred to
in clause 3.1.7.
	 
	28.2	 	The fee payable to the Competition Commission shall be borne in
equal shares by AngloGold and Freegold.
	 
	28.3	 	All costs of and associated with the transfer of the business assets to
Freegold shall be for Freegold’s account.

SIGNED at Sandton on this          day of December 2001

	 	 	 
	 

	 	For and on behalf of
	

	 	CLIDET NO. 383 (PROPRIETARY)
	

	 	LIMITED
	 
	 	 
	

	 	

	

	 	who warrants that he is duly
	

	 	authorised

SIGNED at Sandton on this          day of December 2001

	 	 	 
	 

	 	For and on behalf of
	

	 	ANGLOGOLD LIMITED
	 
	 	 
	

	 	

	

	 	who warrants that he is duly
	

	 	authorised
	 
	 	 
	

	 	

	

	 	who warrants that he is duly
	

	 	authorised

 

 

Page 38

SIGNED at Sandton on           December 2001.

	 	 	 
	 

	 	For and on behalf of
	

	 	HARMONY GOLD MINING
	

	 	COMPANY LIMITED
	 
	 	 
	

	 	

	

	 	who warrants that he is duly
	

	 	authorised

SIGNED at Sandton on           December 2001.

	 	 	 
	

	 	For and on behalf of
	 

	 	AFRICAN RAINBOW MINERALS
	

	 	(PROPRIETARY) LIMITED
	 
	 	 
	

	 	

	

	 	who warrants that he is duly
	

	 	authorised<PAGE>
                                                                     Exhibit 4.1

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

                                 STEELCASE INC.

                                     Issuer

                                       AND

                                   as Trustee

                                    INDENTURE

                                   Dated as of

                             Senior Debt Securities

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

<PAGE>

                            CROSS-REFERENCE TABLE(1)

<TABLE>
<S>                                                    <C>
Section of Trust Indenture Act
of 1939, as amended..........................          Section of Indenture

310(a).......................................                          7.09
310(b).......................................                          7.08
                                                                       7.10
310(c).......................................                  Inapplicable
311(a).......................................                          7.13
311(b).......................................                          7.13
311(c).......................................                  Inapplicable
312(a).......................................                          5.01
                                                                    5.02(a)
312(b).......................................                       5.02(c)
312(c).......................................                          5.05
313(a).......................................                       5.04(a)
313(b).......................................                       5.04(b)
313(c).......................................                       5.04(a)
                                                                    5.04(b)
313(d).......................................                       5.04(c)
314(a).......................................                          5.03
314(b).......................................                  Inapplicable
314(c).......................................                         13.06
314(d).......................................                  Inapplicable
314(e).......................................                         13.06
314(f).......................................                  Inapplicable
315(a).......................................                       7.01(c)
                                                                       7.02
315(b).......................................                       7.01(b)
315(c).......................................                       7.01(a)
315(d).......................................                       7.01(c)
315(e).......................................                          6.07
316(a).......................................                          6.06
                                                                       8.04
316(b).......................................                          6.04
316(c).......................................                          8.01
317(a).......................................                          6.02
317(b).......................................                          4.03
318(a).......................................                         13.08
</TABLE>

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

<PAGE>

                              TABLE OF CONTENTS(1)

<TABLE>
<CAPTION>
                                                                                             Page
                                                                                             ----
<S>                                                                                          <C>
PARTIES....................................................................................    1

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

                                    ARTICLE I

                                   Definitions

   SECTION 1.01   Definitions of Terms.....................................................    1

                                   ARTICLE II

                     Designation and Terms of the Securities

   SECTION 2.01   Designation and Terms of Securities......................................    5
   SECTION 2.02   Form of Securities and Trustee's Certificate.............................    7
   SECTION 2.03   Denominations; Provisions for Payment....................................    7
   SECTION 2.04   Execution and Authentications............................................    9
   SECTION 2.05   Registration of Transfer and Exchange....................................   10
   SECTION 2.06   Temporary Securities.....................................................   11
   SECTION 2.07   Mutilated, Destroyed, Lost or Stolen Securities..........................   11
   SECTION 2.08   Cancellation.............................................................   12
   SECTION 2.09   Benefits of Indenture....................................................   12
   SECTION 2.10   Authenticating Agent.....................................................   12
   SECTION 2.11   Global Securities........................................................   13

                                   ARTICLE III

              Redemption of Securities and Sinking Fund Provisions

   SECTION 3.01   Redemption...............................................................   14
   SECTION 3.02   Notice of Redemption.....................................................   14
   SECTION 3.03   Payment Upon Redemption..................................................   15
   SECTION 3.04   Sinking Fund.............................................................   16
   SECTION 3.05   Satisfaction of Sinking Fund Payments with Securities....................   16
   SECTION 3.06   Redemption of Securities for Sinking Fund................................   16

                                   ARTICLE IV

                                Certain Covenants
</TABLE>

                                       i

<PAGE>

<TABLE>
<S>                                                                                           <C>
   SECTION 4.01   Payment of Principal, Premium and Interest...............................   17
   SECTION 4.02   Maintenance of Office or Agency..........................................   17
   SECTION 4.03   Paying Agents............................................................   17
   SECTION 4.04   Appointment to Fill Vacancy in Office of Trustee.........................   18
   SECTION 4.05   Limitations on Liens.....................................................   18
   SECTION 4.06   Limitations on Sale and Lease-Back Transactions..........................   19

                                    ARTICLE V

        Securityholders' Lists and Reports by the Company and the Trustee

   SECTION 5.01   Company to Furnish Trustee Names and Addresses of Securityholders........   21
   SECTION 5.02   Preservation Of Information; Communications With Securityholders.........   21
   SECTION 5.03   Reports by the Company...................................................   21
   SECTION 5.04   Reports by the Trustee...................................................   22
   SECTION 5.05   No Accountability by Reason of Disclosure................................   22

                                   ARTICLE VI

         Remedies of the Trustee and Securityholders on Event of Default

   SECTION 6.01   Events of Default........................................................   22
   SECTION 6.02   Collection of Indebtedness and Suits for Enforcement by Trustee..........   24
   SECTION 6.03   Application of Moneys Collected..........................................   25
   SECTION 6.04   Limitation on Suits......................................................   26
   SECTION 6.05   Rights and Remedies Cumulative; Delay or Omission Not Waiver.............   27
   SECTION 6.06   Control by Securityholders...............................................   27
   SECTION 6.07   Undertaking to Pay Costs.................................................   27

                                   ARTICLE VII

                             Concerning the Trustee

   SECTION 7.01   Certain Duties and Responsibilities of Trustee...........................   28
   SECTION 7.02   Certain Rights of Trustee................................................   29
   SECTION 7.03   Trustee Not Responsible for Recitals, Validity of Securities or
                  Application of Proceeds Thereof..........................................   30
   SECTION 7.04   May Hold Securities......................................................   31
   SECTION 7.05   Moneys Held in Trust.....................................................   31
   SECTION 7.06   Compensation and Reimbursement...........................................   31
   SECTION 7.07   Reliance on Officers' Certificate........................................   31
   SECTION 7.08   Disqualification; Conflicting Interests..................................   32
   SECTION 7.09   Corporate Trustee Required; Eligibility..................................   32
   SECTION 7.10   Resignation and Removal; Appointment of Successor........................   32
   SECTION 7.11   Acceptance of Appointment By Successor...................................   33
   SECTION 7.12   Merger, Conversion, Consolidation or Succession to Business..............   35
</TABLE>

                                       ii

<PAGE>

<TABLE>
<S>                                                                                           <C>
   SECTION 7.13   Preferential Collection of Claims Against the Company....................   35

                                  ARTICLE VIII

                         Concerning the Securityholders

   SECTION 8.01   Evidence of Action by Securityholders....................................   35
   SECTION 8.02   Proof of Execution by Securityholders....................................   36
   SECTION 8.03   Who May be Deemed Owners.................................................   36
   SECTION 8.04   Certain Securities Owned by Company Disregarded..........................   36
   SECTION 8.05   Actions Binding on Future Securityholders................................   36

                                   ARTICLE IX

                             Supplemental Indentures

   SECTION 9.01   Supplemental Indentures Without the Consent of Securityholders...........   37
   SECTION 9.02   Supplemental Indentures With Consent of Securityholders..................   38
   SECTION 9.03   Effect of Supplemental Indentures........................................   39
   SECTION 9.04   Securities Affected by Supplemental Indentures...........................   39
   SECTION 9.05   Execution of Supplemental Indentures.....................................   39

                                    ARTICLE X

                              Successor Corporation

   SECTION 10.01  Company May Consolidate, Etc.............................................   40
   SECTION 10.02  Successor Corporation Substituted........................................   40
   SECTION 10.03  Securities to be Secured in Certain Events...............................   41
   SECTION 10.04  Evidence of Consolidation, Etc. to Trustee...............................   41

                                   ARTICLE XI

                    Satisfaction and Discharge and Defeasance

   SECTION 11.01  Satisfaction and Discharge of Indenture..................................   41
   SECTION 11.02  Defeasance and Covenant Defeasance.......................................   42
   SECTION 11.03  Deposited Moneys to be Held in Trust.....................................   44
   SECTION 11.04  Payment of Moneys Held by Paying Agents..................................   44
   SECTION 11.05  Repayment to Company.....................................................   44
   SECTION 11.06  Reinstatement............................................................   44
   SECTION 11.07  Other Coin or Currency Units.............................................   45

                                   ARTICLE XII

         Immunity of Incorporators, Stockholders, Officers and Directors
</TABLE>

                                      iii

<PAGE>

<TABLE>
<S>                                                                                           <C>
   SECTION 12.01  No Recourse..............................................................   45

                                  ARTICLE XIII

                            Miscellaneous Provisions

   SECTION 13.01  Effect on Successors and Assigns.........................................   46
   SECTION 13.02  Actions by Successor.....................................................   46
   SECTION 13.03  Notices..................................................................   46
   SECTION 13.04  Governing Law............................................................   46
   SECTION 13.05  Treatment of Securities as Debt..........................................   46
   SECTION 13.06  Compliance Certificates and Opinions.....................................   46
   SECTION 13.07  Payments on Business Days................................................   47
   SECTION 13.08  Conflict with Trust Indenture Act........................................   47
   SECTION 13.09  Effect of Headings and Table of Contents.................................   48
   SECTION 13.10  Counterparts.............................................................   48
   SECTION 13.11  Separability.............................................................   48
   SECTION 13.12  Assignment...............................................................   48
</TABLE>

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

                                       iv

<PAGE>

            INDENTURE, dated as of     , between Steelcase Inc., a Michigan
corporation, and          , as Trustee:

            WHEREAS, for its lawful corporate purposes, the Company has duly
authorized the execution and delivery of this Indenture to provide for the
issuance of unsecured debt securities (hereinafter referred to as the
"Securities"), in an unlimited aggregate principal amount to be issued from time
to time in one or more series as in this Indenture provided, as registered
Securities without coupons, to be authenticated by the certificate of the
Trustee;

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

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

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

                                   ARTICLE I

                                   Definitions

            SECTION 1.01 Definitions of Terms. The terms defined in this Section
(except as in this Indenture otherwise expressly provided or unless the context
otherwise requires) for all purposes of this Indenture and of any indenture
supplemental hereto shall have the respective meanings specified in this Section
and shall include the plural as well as the singular. All other terms used in
this Indenture that are defined in the Trust Indenture Act (as defined herein),
or that are by reference in the Trust Indenture Act defined in the Securities
Act (as defined herein) (except as herein otherwise expressly provided or unless
the context otherwise requires), shall have the meanings assigned to such terms
in the Trust Indenture Act and in the Securities Act.

            "Attributable Debt" has the meaning set forth in Section 4.06(b).

            "Authenticating Agent" means an authenticating agent with respect to
all or any of the series of Securities appointed with respect to all or any
series of the Securities by the Trustee pursuant to Section 2.10.

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

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

<PAGE>

            "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.

            "Business Day" means, with respect to any series of Securities, any
day other than a Saturday, Sunday or other day on which commercial banks in The
City of New York are authorized or required by law to close.

            "Commission" means the Securities and Exchange Commission, or any
successor agency or commission.

            "Company" means Steelcase Inc., a corporation duly organized and
existing under the laws of the State of Michigan, and, subject to the provisions
of Article X, shall also include its successors and assigns.

            "Consolidated Net Tangible Assets" as used herein means, as of any
particular time, the total of all the assets appearing on the most recent
consolidated balance sheet of the Company and the Subsidiaries (other than those
principally engaged in leasing or financing activities) as of the end of the
last fiscal quarter for which financial information is available (less
applicable reserves and other properly deductible items) after deducting from
such amount: (1) all current liabilities, including current maturities of
long-term debt and current maturities of obligations under capital leases (other
than liabilities of Subsidiaries principally engaged in leasing or financing
activities that are not guaranteed by the Company or any of its other
Subsidiaries), and (2) the total of the net book values of all assets of the
Company and its Subsidiaries (other than those principally engaged in leasing or
financing activities) properly classified as intangible assets under U.S.
generally accepted accounting principles (including goodwill, trade names,
trademarks, patents, unamortized debt discount and expense and other like
intangible assets).

            "Corporate Trust Office" means the office of the Trustee at which,
at any particular time, its corporate trust business shall be principally
administered, which office at the date hereof is located at .

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

            "Debt" has the meaning set forth in Section 4.05(a).

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

            "Depositary" means, with respect to Securities of any series that
the Company shall determine will be issued as a Global Security, The Depository
Trust Company, New York, New York, another clearing agency, or any successor
registered as a clearing agency under the Exchange Act or other applicable
statute or regulation, which, in each case, shall be designated by the Company
pursuant to either Section 2.01 or 2.11.

                                       2
<PAGE>

            "Event of Default" means, with respect to Securities of a particular
series, any event specified in Section 6.01, continued for the period of time,
if any, therein designated.

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

            "Global Security" means, with respect to any series of Securities, a
Security executed by the Company and delivered by the Trustee to the Depositary
or pursuant to the Depositary's instruction, all in accordance with the
Indenture, which shall be registered in the name of the Depositary or its
nominee.

            "Governmental Obligations" means securities that are (1) direct
obligations of the United States of America for the payment of which its full
faith and credit is pledged or (2) obligations of a Person controlled or
supervised by and acting as an agency or instrumentality of the United States of
America, the payment of which is unconditionally guaranteed as a full faith and
credit obligation by the United States of America that, in either case, are not
callable or redeemable at the option of the issuer thereof, and shall also
include a depositary receipt issued by a bank (as defined in Section 3(a)(2) of
the Securities Act) as custodian with respect to any such Governmental
Obligation or a specific payment of principal of or interest on any such
Governmental Obligation held by such custodian for the account of the holder of
such depositary receipt; provided, however, that (except as required by law)
such custodian is not authorized to make any deduction from the amount payable
to the holder of such depositary receipt from any amount received by the
custodian in respect of the Governmental Obligation or the specific payment of
principal of or interest on the Governmental Obligation evidenced by such
depositary receipt.

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

            "Indenture" means this instrument as it may from time to time be
supplemented or amended by one or more indentures supplemental hereto entered
into in accordance with the terms hereof and, with respect to any Security, by
the terms of such Security (as such terms may be amended pursuant to the
applicable provisions hereof).

            "Interest Payment Date," when used with respect to any installment
of interest on a Security of a particular series, means the date specified in
such Security, in a Board Resolution or in an indenture supplemental hereto with
respect to such series as the fixed date on which an installment of interest
with respect to Securities of that series is due and payable.

            "Lien" has the meaning set forth in Section 4.05(a).

            "Officers' Certificate" means a certificate signed by the Chairman
of the Board of Directors, Chief Executive Officer, President or a Vice
President and by the Chief Financial Officer, Treasurer or an Assistant
Treasurer, or the Controller or an Assistant Controller, or the Secretary or an
Assistant Secretary of the Company that is delivered to the Trustee in
accordance with the terms hereof. Each such certificate shall include the
statements provided for in Section 13.06, if and to the extent required by the
provisions thereof.

                                       3
<PAGE>

            "Opinion of Counsel" means an opinion in writing of legal counsel,
who may be an employee of or counsel for the Company, that is delivered to the
Trustee in accordance with the terms hereof. Each such opinion shall include the
statements provided for in Section 13.06, if and to the extent required by the
provisions thereof.

            "Outstanding," when used with reference to Securities of any series,
means, subject to the provisions of Section 8.04, as of any particular time, all
Securities of that series theretofore authenticated and delivered by the Trustee
under this Indenture, except (1) Securities theretofore cancelled by the Trustee
or any paying agent, or delivered to the Trustee or any paying agent for
cancellation, (2) Securities or portions thereof for the payment or redemption
of which moneys or Governmental Obligations in the necessary amount shall have
been deposited pursuant hereto in trust with the Trustee or with any paying
agent (other than the Company) or shall have been set aside and segregated in
trust by the Company (if the Company shall act as its own paying agent) for the
holders of such Securities; provided, however, that if such Securities or
portions of such Securities are to be redeemed prior to the maturity thereof,
notice of such redemption shall have been given as provided in Article III, or
provision satisfactory to the Trustee shall have been made for giving such
notice, and (3) Securities in lieu of or in substitution for which other
Securities shall have been authenticated and delivered pursuant to the terms of
Section 2.07.

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

            "Principal Property" means the land, improvements, buildings
and fixtures (including any leasehold interest thereof) constituting the
principal corporate office, any manufacturing plant or any manufacturing,
research or engineering facility (whether owned or leased at, or acquired or
leased after, the date of the Indenture) that is owned or leased by the Company
or a Restricted Subsidiary and that is located within the continental United
States, unless the Board of Directors has determined in good faith that such
property is not material to the operation of the business conducted by the
Company and the Subsidiaries taken as a whole.

            "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.

            "Registrar" has the meaning set forth in Section 2.05(b).

            "Responsible Officer" when used with respect to the Trustee means
any officer assigned to administer corporate trust matters or to whom any
corporate trust matter is referred because of his or her knowledge of and
familiarity with the particular subject.

            "Restricted Subsidiary" means any Subsidiary (1) substantially all
of whose property is located within the continental United States, (2) which
owns a Principal Property and (3) in which the Company's investment exceeds 2.5%
of the aggregate amount of assets included on a consolidated balance sheet of
the Company and the Subsidiaries as of the end of the last fiscal quarter for
which financial information is available. However, the term "Restricted
Subsidiary" does not include Steelcase Financial Services Inc. (so long as
Steelcase Financial

                                       4
<PAGE>

Services Inc. is principally engaged in leasing or financing activities) or any
other Subsidiary that is principally engaged in leasing or financing activities.

            "Sale and Lease-Back Transaction" has the meaning set forth in
Section 4.06(b).

            "Securities" means the debt Securities authenticated and delivered
under this Indenture.

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

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

            "Security Register" has the meaning set forth in Section 2.05(b).

            "Subsidiary" means (1) any corporation at least a majority of whose
outstanding Voting Stock shall at the time be owned, directly or indirectly, by
the Company, or by one or more of the Subsidiaries or by the Company and one or
more of the Subsidiaries and (2) any general partnership, limited liability
company, joint venture or similar entity, at least a majority of whose
outstanding partnership or similar interests shall at the time be owned by the
Company, by one or more of the Subsidiaries or by the Company and one or more of
the Subsidiaries.

            "Transfer" of any Security encompasses any sale, pledge, transfer,
hypothecation or other disposition or any interest therein.

            "Trustee" means         , and, subject to the provisions of Article
VII, shall also include its successors and assigns, and, if at any time there is
more than one Person acting in such capacity hereunder, "Trustee" shall mean
each such Person. The term "Trustee" as used with respect to a particular series
of the Securities shall mean the trustee with respect to that series.

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

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

                                   ARTICLE II

                      Issue, Description, Terms, Execution,
                     Registration and Exchange of Securities

            SECTION 2.01 Designation and Terms of Securities. (a) The aggregate
principal amount of Securities that may be authenticated and delivered under
this Indenture is

                                       5
<PAGE>

unlimited. The Securities may be issued in one or more series up to the
aggregate principal amount of Securities of that series from time to time
authorized by or pursuant to a Board Resolution or pursuant to one or more
indentures supplemental hereto. Prior to the initial issuance of Securities of
any 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:

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

                        (2)   any limit upon the aggregate principal amount of
      the Securities of that series that may be authenticated and delivered
      under this Indenture (except for Securities authenticated and delivered
      upon registration of transfer of, or in exchange for, or in lieu of, other
      Securities of that series);

                        (3)   the date or dates on which the principal of the
      Securities of the series is payable;

                        (4)   the place or places where payments will be made;

                        (5)   the rate or rates at which the Securities of the
      series shall bear interest or the manner of calculation of such rate or
      rates, if any;

                        (6)   the date or dates from which such interest shall
      accrue, the Interest Payment Dates on which such interest will be payable
      or the manner of determination of such Interest Payment Dates and the
      record date for the determination of holders to whom interest is payable
      on any such Interest Payment Dates;

                        (7)   the right, if any, to extend the interest payment
      periods and the duration of such extension;

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

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

                        (10)  the form of the Securities of the series including
      the form of the certificate of authentication for such series;

                        (11)  if other than denominations of one thousand U.S.
      dollars ($1,000) or any integral multiple thereof, the denominations in
      which the Securities of the series shall be issuable;

                                       6
<PAGE>

                        (12)  any and all other terms with respect to such
      series (which terms shall not be inconsistent with the terms of this
      Indenture), including any terms which may be required by or advisable
      under any laws or regulations or advisable in connection with the
      marketing of Securities of that series;

                        (13)  whether the Securities are issuable as Global
      Securities and, in such case, the identity for the Depositary for such
      series;

                        (14)  if other than the principal amount thereof, the
      portion of the principal amount of Securities of the series which shall be
      payable upon declaration of acceleration of the maturity thereof pursuant
      to Section 6.01;

                        (15)  any additional or different Events of Default or
      restrictive covenants provided for with respect to the Securities of the
      series;

                        (16)  any provisions granting special rights to holders
      when a specified event occurs;

                        (17)  if other than such coin or currency of the United
      States of America as at the time of payment is legal tender for payment of
      public or private debts, the coin or currency or currency unit in which
      payment of the principal of, or premium, if any, or interest on the
      Securities of the series shall be payable; and

                        (18)  the application, if any, of Section 11.02.

            All Securities of any one series shall be substantially identical
except as to denomination and except as may otherwise be provided in or pursuant
to any such Board Resolution or in any indentures supplemental hereto pertaining
to such series of Securities.

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

            SECTION 2.02 Form of Securities and Trustee's Certificate. The
Securities of any series and the Trustee's certificate of authentication to be
borne by such Securities shall be substantially of the tenor and purport as set
forth in one or more indentures supplemental hereto or as provided in a Board
Resolution and as set forth in an Officers' Certificate and may have such
letters, numbers or other marks of identification or designation and such
legends or endorsements printed, lithographed or engraved thereon as the Company
may deem appropriate and as are not inconsistent with the provisions of this
Indenture, or as may be required to comply with any law or with any rule or
regulation made pursuant thereto or with any rule or regulation of any stock
exchange on which Securities of that series may be listed, or to conform to
usage.

            SECTION 2.03 Denominations; Provisions for Payment. The Securities
shall be issuable, except as otherwise provided with respect to any series of
Securities pursuant to Section 2.01, as registered Securities in the
denominations of one thousand U.S. dollars ($1,000) or any integral multiple
thereof, subject to Sections 2.01(11) and 2.01(17). The

                                       7
<PAGE>

Securities of a particular series shall bear interest payable on the dates and
at the rate specified with respect to that series. Unless otherwise provided as
contemplated by Section 2.01 with respect to any series of Securities, the
principal of and the interest on the Securities of any series, as well as any
premium thereon in case of redemption thereof prior to maturity, shall be
payable in the coin or currency of the United States of America that at the time
is legal tender for public and private debt. Such payment shall be made at the
office or agency of the Company maintained for that purpose in the Borough of
Manhattan, the City and State of New York. Each Security shall be dated the date
of its authentication. Unless otherwise provided as contemplated by Section
2.01, interest on the Securities shall be computed on the basis of a 360-day
year composed of twelve 30-day months.

            The interest installment on any Security that is payable, and is
punctually paid or duly provided for, on any Interest Payment Date for
Securities of that series shall be paid to the Person in whose name said
Security (or one or more predecessor Securities) is registered at the close of
business on the regular record date for such interest installment. In the event
that any Security of a particular series or portion thereof is called for
redemption and the redemption date is subsequent to a regular record date with
respect to any Interest Payment Date and prior to such Interest Payment Date,
interest on such Security will be paid upon presentation and surrender of such
Security as provided in Section 3.03.

            Any interest on any Security that is payable, but is not punctually
paid or duly provided for, on any Interest Payment Date for Securities of the
same series (herein called "Defaulted Interest") shall forthwith cease to be
payable to the registered holder on the relevant regular record date by virtue
of having been such holder, and such Defaulted Interest shall be paid by the
Company, at its election, as provided in clause (1) or clause (2) below:

                        (1)   The Company may make payment of any Defaulted
      Interest on Securities to the Persons in whose names such Securities (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
      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 not be more than 15 nor 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 Securityholder at his or
      her address as it appears in the Security Register, not less than 10 days
      prior to such special record date. Notice of the proposed payment of such
      Defaulted Interest and the special record date therefor having been mailed
      as aforesaid, such Defaulted Interest shall be paid to the Persons in
      whose names such

                                       8
<PAGE>

      Securities (or their respective predecessor Securities) are registered on
      such special record date and shall be no longer payable pursuant to the
      following clause (2).

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

            Unless otherwise set forth in a Board Resolution or one or more
indentures supplemental hereto establishing the terms of any series of
Securities pursuant to Section 2.01 hereof, the term "regular record date" as
used in this Section with respect to a series of Securities with respect to any
Interest Payment Date for such series shall mean (i) either the fifteenth day of
the month immediately preceding the month in which an Interest Payment Date
established for such series pursuant to Section 2.01 hereof shall occur, if such
Interest Payment Date is the first day of a month or (ii) the last day of the
month immediately preceding the month in which an Interest Payment Date
established for such series pursuant to Section 2.01 hereof shall occur, if such
Interest Payment Date is the fifteenth day of a month, whether or not such date
is a Business Day.

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

            SECTION 2.04 Execution and Authentications. The Securities shall be
signed on behalf of the Company by its Chairman of the Board of Directors, Chief
Executive Officer, President or one of its Vice Presidents, together with its
Chief Financial Officer, Treasurer or any of its Assistant Treasurers, or its
Controller or any of its Assistant Controllers, or its Secretary or any of its
Assistant Secretaries. Such signatures may be the manual or facsimile signatures
of the present or any future such officers. In case any such officer who shall
have signed any of the Securities shall cease to be such officer before the
Security so signed shall be authenticated and delivered by the Trustee or
disposed of by the Company, such Security nevertheless may be authenticated and
delivered or disposed of as though the Person who signed such Security had not
ceased to be such officer of the Company; and any Security may be signed on
behalf of the Company by such Persons as, at the actual date of the execution of
such Security, shall be the proper officers of the Company, although at the date
of the execution and delivery of this Indenture any such Person was not such an
officer. The Securities may contain such notations, legends or endorsements
required by law, stock exchange rule or usage. Each Security shall be dated the
date of its authentication by the Trustee.

            A Security shall not be valid until authenticated manually by an
authorized signatory of the Trustee, or by an Authenticating Agent. Such
signature shall be conclusive evidence that the Security so authenticated has
been duly authenticated and delivered hereunder and that the holder is entitled
to the benefits of this Indenture.

                                       9
<PAGE>

            At any time and from time to time after the execution and delivery
of this Indenture, the Company may deliver Securities of any series executed by
the Company to the Trustee for authentication, together with a written order of
the Company for the authentication and delivery of such Securities, signed by
its Chairman of the Board of Directors, Chief Executive Officer, President or
any Vice President and its Treasurer or any Assistant Treasurer, or its
Controller or any Assistant Controller or its Secretary or any Assistant
Secretary, and the Trustee in accordance with such written order 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 provided, and (subject to the Trustee's Compliance with Section
7.01) shall be fully protected in relying upon, an Officers' Certificate and an
Opinion of Counsel each stating that the form and terms thereof have been
established in conformity with the provisions of this Indenture.

            SECTION 2.05 Registration of Transfer and Exchange. (a) Securities
of any series may be exchanged upon presentation thereof at the office or agency
of the Company designated for such purpose in the Borough of Manhattan, the City
and State of New York, for other Securities of such series of authorized
denominations, and for a like aggregate principal amount, upon payment of a sum
sufficient to cover any tax or other governmental charge in relation thereto,
all as provided in this Section. In respect of any Securities so surrendered for
exchange, the Company shall execute, the Trustee shall authenticate and such
office or agency shall deliver in exchange therefor the Security or Securities
of the same series that the Securityholder making the exchange shall be entitled
to receive, bearing numbers not contemporaneously outstanding.

                  (b)   The Company shall keep, or cause to be kept, at its
office or agency designated for such purpose in the Borough of Manhattan, the
City and State of New York, or such other location designated by the Company a
register or registers (herein referred to as the "Security Register") in which,
subject to such reasonable regulations as it may prescribe, the Company shall
register the Securities and the transfers of Securities as in this Article
provided and which at all reasonable times shall be open for inspection by the
Trustee. The registrar for the purpose of registering Securities and transfer of
Securities as herein provided shall be appointed as authorized by Board
Resolution or as established in one or more indentures supplemental hereto (the
"Registrar").

            Upon surrender for transfer of any Security at the office or agency
of the Company designated for such purpose, the Company shall execute, the
Trustee shall authenticate and such office or agency shall deliver in the name
of the transferee or transferees a new Security or Securities of the same series
as the Security presented for a like aggregate principal amount.

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

                                       10
<PAGE>

                  (c)   No service charge shall be made for any exchange or
registration of transfer of Securities, or issue of new Securities in case of
partial redemption of any series, but the Company may require payment of a sum
sufficient to cover any tax or other governmental charge in relation thereto,
other than exchanges pursuant to Section 2.06, paragraph (b) of Section 3.03 and
Section 9.04 not involving any transfer, if applicable.

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

            The provisions of this Section 2.05 are, with respect to any Global
Security, subject to Section 2.11 hereof.

            SECTION 2.06 Temporary Securities. Pending the preparation of
definitive Securities of any series, the Company may execute, and the Trustee
shall authenticate and deliver, temporary Securities in lieu thereof (printed,
lithographed or typewritten) in any authorized denomination. Such temporary
Securities shall be substantially in the form of the definitive Securities in
lieu of which they are issued, but with such omissions, insertions and
variations as may be appropriate for temporary Securities, all as may be
determined by the Company. Every temporary Security of any series shall be
executed by the Company and be authenticated by the Trustee upon the same
conditions and in substantially the same manner, and with like effect, as the
definitive Securities of such series. Without unnecessary delay, the Company
will execute and will furnish definitive Securities of such series and thereupon
any or all temporary Securities of such series may be surrendered in exchange
therefor (without charge to the holders), at the office or agency of the Company
designated for the purpose in the Borough of Manhattan, the City and State of
New York, and the Trustee shall authenticate and such office or agency shall
deliver in exchange for such temporary Securities an equal aggregate principal
amount of definitive Securities of such series, unless the Company advises the
Trustee to the effect that definitive Securities need not be executed and
furnished until further notice from the Company. Until so exchanged, the
temporary Securities of such series shall be entitled to the same benefits under
this Indenture as definitive Securities of such series authenticated and
delivered hereunder.

            SECTION 2.07 Mutilated, Destroyed, Lost or Stolen Securities. In
case any temporary or definitive Security shall become mutilated or be
destroyed, lost or stolen, the Company (subject to the next succeeding sentence)
shall execute, and upon the Company's request the Trustee (subject as aforesaid)
shall authenticate and deliver, a new Security of the same series, bearing a
number not contemporaneously outstanding, in exchange and substitution for the
mutilated Security, or in lieu of and in substitution for the Security so
destroyed, lost or stolen. In every case the applicant for a substituted
Security shall furnish to the Company and the Trustee such security or indemnity
as may be required by the Company and the Trustee to save each of them harmless,
and, in every case of destruction, loss or theft, the applicant shall also
furnish to the Company and the Trustee evidence to their satisfaction of the
destruction, loss or theft of the applicant's Security and of the ownership
thereof. The Trustee shall authenticate any such substituted Security and
deliver the same upon the written request or authorization of

                                       11
<PAGE>

any officer of the Company. Upon the issuance of any substituted Security, the
Company may require the payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in relation thereto and any other
expenses (including the fees and expenses of the Trustee) connected therewith.
In case any Security that has matured or is about to mature shall become
mutilated or be destroyed, lost or stolen, the Company may, instead of issuing a
substitute Security, pay or authorize the payment of the same (without surrender
thereof except in the case of a mutilated Security) if the applicant for such
payment shall furnish to the Company and the Trustee such security or indemnity
as the Company and the Trustee may require to save them harmless, and, in case
of destruction, loss or theft, evidence to the satisfaction of the Company and
the Trustee of the destruction, loss or theft of such Security and of the
ownership thereof.

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

            SECTION 2.08 Cancellation. Securities surrendered for the purpose of
payment, redemption, exchange or registration of transfer shall, if surrendered
to the Company or any paying agent, be delivered to the Trustee for
cancellation, or, if surrendered to the Trustee, shall be cancelled by it, and
no Securities shall be issued in lieu thereof except as expressly required or
permitted by any of the provisions of this Indenture. On request of the Company
at the time of such surrender, the Trustee shall deliver to the Company
cancelled Securities held by the Trustee. In the absence of such request the
Trustee may dispose of cancelled Securities in accordance with its standard
procedures and deliver a certificate of disposition to the Company. If the
Company shall otherwise acquire any of the Securities, however, such acquisition
shall not operate as a redemption or satisfaction of the indebtedness
represented by such Securities unless and until the same are delivered to the
Trustee for cancellation.

            SECTION 2.09 Benefits of Indenture. Nothing in this Indenture or in
the Securities, express or implied, shall give or be construed to give to any
Person, other than the parties hereto and the holders of the Securities, any
legal or equitable right, remedy or claim under or in respect of this Indenture,
or under any covenant, condition or provision herein contained; all such
covenants, conditions and provisions being for the sole benefit of the parties
hereto and of the holders of the Securities.

            SECTION 2.10 Authenticating Agent. So long as any of the Securities
of any series remain Outstanding there may be an Authenticating Agent for any or
all such series of Securities which the Trustee shall have the right to appoint.
Said Authenticating Agent shall be authorized to act on behalf of the Trustee to
authenticate Securities of such series issued upon exchange, transfer or partial
redemption thereof, and Securities so authenticated shall be entitled

                                       12
<PAGE>

to the benefits of this Indenture and shall be valid and obligatory for all
purposes as if authenticated by the Trustee hereunder. All references in this
Indenture to the authentication of Securities by the Trustee shall be deemed to
include authentication by an Authenticating Agent for such series. Each
Authenticating Agent shall be acceptable to the Company and shall be a
corporation that has a combined capital and surplus, as most recently reported
or determined by it, sufficient under the laws of any jurisdiction under which
it is organized or in which it is doing business to conduct a trust business,
and that is otherwise authorized under such laws to conduct such business and is
subject to supervision or examination by federal or state authorities. If at any
time any Authenticating Agent shall cease to be eligible in accordance with
these provisions, it shall resign immediately.

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

            SECTION 2.11 Global Securities. (a) If the Company shall establish
pursuant to Section 2.01 that the Securities of a particular series are to be
issued as one or more Global Securities, then the Company shall execute and the
Trustee shall, in accordance with Section 2.04, authenticate and deliver, one or
more Global Securities that (i) shall represent, and shall be denominated in an
amount equal to the aggregate principal amount of, all of the Outstanding
Securities of such series, (ii) shall be registered in the name of the
Depositary or its nominee, (iii) shall be delivered by the Trustee to the
Depositary or pursuant to the Depositary's instruction and (iv) shall bear a
legend substantially to the following effect: "Except as otherwise provided in
Section 2.11 of the Indenture, this Security may be transferred, in whole but
not in part, only to another nominee of the Depositary or to a successor
Depositary selected and approved by the Company or to a nominee of such
successor Depositary."

                  (b)   Notwithstanding the provisions of Section 2.05, a Global
Security of a series may be transferred, in whole but not in part and in the
manner provided in Section 2.05, only to another nominee of the Depositary for
such series, or to a successor Depositary for such series selected or approved
by the Company or to a nominee of such successor Depositary.

                  (c)   If (1) at any time the Depositary for a series of the
Securities notifies the Company that it is unwilling or unable to continue as
Depositary for such series or if at any time the Depositary for such series
shall no longer be registered or in good standing under the Exchange Act, or
other applicable statute or regulation, and a successor Depositary for such
series is not appointed by the Company within 90 days after the Company receives
such notice or becomes aware of such condition, as the case may be, or (2) an
Event of Default has occurred and is continuing, then, this Section 2.11 shall
no longer be applicable to the Securities of such series and the Company will
execute, and subject to Section 2.04, the Trustee will authenticate and deliver
the Securities of such series in definitive registered form without coupons, in

                                       13
<PAGE>

authorized denominations, and in an aggregate principal amount equal to the
principal amount of the Global Security or Securities of such series in exchange
for such Global Security or Securities. In addition, the Company may at any time
determine that the Securities of any series shall no longer be represented by a
Global Security or Securities and that the provisions of this Section 2.11 shall
no longer apply to the Securities of such series. In such event the Company will
execute and, subject to Section 2.05, the Trustee, upon receipt of an Officers'
Certificate evidencing such determination by the Company, will authenticate and
deliver the Securities of such series in definitive registered form without
coupons, in authorized denominations, and in an aggregate principal amount equal
to the principal amount of the Global Security or Securities of such series in
exchange for such Global Security or Securities. Upon the exchange of the Global
Security or Securities for such Securities in definitive registered form without
coupons, in authorized denominations, the Global Security or Securities shall be
cancelled by the Trustee. Such Securities in definitive registered form issued
in exchange for the Global Security or Securities pursuant to this Section
2.11(c) shall be registered in such names and in such authorized denominations
as the Depositary, pursuant to instructions from its direct or indirect
participants or otherwise, shall instruct the Trustee. The Trustee shall deliver
such Securities to the Depositary for delivery to the Persons in whose names
such Securities are so registered.

                                  ARTICLE III

              Redemption of Securities and Sinking Fund Provisions

            SECTION 3.01 Redemption. The Company may redeem the Securities of
any series issued hereunder on and after the dates and in accordance with the
terms established for such series pursuant to Section 2.01 hereof and this
Article.

            SECTION 3.02 Notice of Redemption. (a) In case the Company shall
desire to exercise such right to redeem all or, as the case may be, a portion of
the Securities of any series in accordance with the right reserved so to do, the
Company shall, or shall cause the Trustee to, give notice of such redemption to
holders of the Securities of such series to be redeemed by mailing, first class
postage prepaid, a notice of such redemption not less than 30 days but not more
than 60 days before the date fixed for redemption of that series to such holders
at their last addresses as they shall appear in the Security Register unless a
shorter period is specified in the Securities to be redeemed. Any notice that is
mailed in the manner herein provided shall be conclusively presumed to have been
duly given, whether or not the registered holder receives the notice. In any
case, failure duly to give such notice to the holder of any Security of any
series designated for redemption in whole or in part, or any defect in the
notice, shall not affect the validity of the proceedings for the redemption of
any other Securities of such series or any other series. In the case of any
redemption of Securities prior to the expiration of any restriction on such
redemption provided in the terms of such Securities or elsewhere in this
Indenture, the Company shall furnish the Trustee with an Officers' Certificate
evidencing compliance with any such restriction.

            Each such notice of redemption shall specify the date fixed for
redemption and the redemption price at which Securities of that series are to be
redeemed, and shall state (i) that payment of the redemption price of such
Securities to be redeemed will be made at the office or agency of the Company in
the Borough of Manhattan, the City and State of New York, upon

                                       14
<PAGE>

presentation and surrender of such Securities, (ii) that interest accrued and
unpaid to the date fixed for redemption will be paid as specified in said
notice, (iii) that from and after said date interest will cease to accrue and
(iv) that the redemption is for a sinking fund, if such is the case. If less
than all the Securities of a series are to be redeemed, the notice to the
holders of Securities of that series to be redeemed in whole or in part shall
specify the particular Securities to be so redeemed. In case any Security is to
be redeemed in part only, the notice that relates to such Security shall state
the portion of the principal amount thereof to be redeemed, and shall state that
on and after the redemption date, upon surrender of such Security, a new
Security or Securities of such series in principal amount equal to the
unredeemed portion thereof will be issued.

                  (b)   If less than all the Securities of a series are to be
redeemed, the Company shall give the Trustee at least 45 days' notice (or such
shorter notice as shall be acceptable to the Trustee) in advance of the date
fixed for redemption as to the aggregate principal amount of Securities of the
series to be redeemed, and thereupon the Trustee shall select, in such manner as
it shall deem appropriate and fair in its discretion, the Securities (or
portions thereof) of such series to be redeemed and shall thereafter promptly
notify the Company in writing of the numbers of the Securities to be redeemed,
in whole or in part. Unless otherwise provided in an Officers' Certificate or
supplemental indenture provided for in Section 2.01, no Security of a
denomination of $1,000 shall be redeemed in part and Securities may be redeemed
in part only in integral multiples of $1,000.

            The Company may, if and whenever it shall so elect, by delivery of
instructions signed on its behalf by its Chairman of the Board of Directors,
Chief Executive Officer, President or any Vice President, instruct the Trustee
or any paying agent to call all or any part of the Securities of a particular
series for redemption and to give notice of redemption in the manner set forth
in this Section, such notice to be in the name of the Company or its own name as
the Trustee or such paying agent may deem advisable. In any case in which notice
of redemption is to be given by the Trustee or any such paying agent, the
Company shall deliver or cause to be delivered to, or permit to remain with, the
Trustee or such paying agent, as the case may be, such Security Register,
transfer books or other records, or suitable copies or extracts therefrom,
sufficient to enable the Trustee or such paying agent to give any notice by mail
that may be required under the provisions of this Section.

            SECTION 3.03 Payment Upon Redemption. (a) If the giving of notice of
redemption shall have been completed as above provided, the Securities or
portions of Securities of the series to be redeemed specified in such notice
shall become due and payable on the date and at the place stated in such notice
at the applicable redemption price, together with interest accrued and unpaid to
the date fixed for redemption and interest on such Securities or portions of
Securities shall cease to accrue on and after the date fixed for redemption,
unless the Company shall default in the payment of such redemption price and
accrued interest with respect to any such Security or portion thereof. On
presentation and surrender of such Securities on or after the date fixed for
redemption at the place of payment specified in the notice, said Securities
shall be paid and redeemed at the applicable redemption price for such series,
together with interest accrued thereon to the date fixed for redemption (but if
the date fixed for redemption is an Interest Payment Date, the interest
installment payable on such date shall be payable to the registered holder at
the close of business on the applicable record date pursuant to Section 2.03).

                                       15
<PAGE>

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

            SECTION 3.04 Sinking Fund. The provisions of Sections 3.04, 3.05 and
3.06 shall be applicable to any sinking fund for the retirement of Securities of
a series, except as otherwise specified as contemplated by Section 2.01 for
Securities of such series.

            The minimum amount of any sinking fund payment provided for by the
terms of Securities of any series is herein referred to as a "mandatory sinking
fund payment," and any payment in excess of such minimum amount provided for by
the terms of Securities of any series is herein referred to as an "optional
sinking fund payment." If provided for by the terms of Securities of any series,
the cash amount of any sinking fund payment may be subject to reduction as
provided in Section 3.05. 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 3.05 Satisfaction of Sinking Fund Payments with Securities.
The Company (i) may deliver Outstanding Securities of a series (other than any
Securities previously called for redemption) and (ii) may apply as a credit
Securities of a series that have been redeemed either at the election of the
Company pursuant to the terms of such Securities or through the application of
permitted optional sinking fund payments pursuant to the terms of such
Securities, in each case in satisfaction of all or any part of any sinking fund
payment with respect to the Securities of such series required to be made
pursuant to the terms of such Securities as provided for by the terms of such
series, provided that such Securities have not been previously so credited. Such
Securities shall be received and credited for such purpose by the Trustee at the
redemption price specified in such Securities for redemption through operation
of the sinking fund and the amount of such sinking fund payment shall be reduced
accordingly.

            SECTION 3.06 Redemption of Securities for Sinking Fund. Not less
than 45 days prior to each sinking fund payment date for any series of
Securities, the Company will deliver to the Trustee an Officers' Certificate
specifying the amount of the next ensuing sinking fund payment for that series
pursuant to the terms of the series, the portion thereof, if any, that is to be
satisfied by delivering and crediting Securities of that series pursuant to
Section 3.05 and the basis for such credit and will, together with such
Officers' Certificate, deliver to the Trustee any Securities to be so delivered.
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 3.02 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 3.02. Such notice having been duly given, the
redemption of such Securities shall be made upon the terms and in the manner
stated in Section 3.03.

                                       16
<PAGE>

                                   ARTICLE IV

                                Certain Covenants

            SECTION 4.01 Payment of Principal, Premium and Interest. The Company
shall duly and punctually pay or cause to be paid (in the currency or currency
unit in which the Securities of such series are payable) the principal of and
premium, if any, on the Securities, and the interest which shall have accrued
thereon, at the time and place and in the manner provided in the Securities and
in this Indenture.

            SECTION 4.02 Maintenance of Office or Agency. So long as any series
of the Securities remain Outstanding, the Company agrees to maintain an office
or agency in the Borough of Manhattan, the City and State of New York, with
respect to each such series and at such other location or locations as may be
designated as provided in this Section 4.02, where (i) Securities of that series
may be presented for payment, (ii) Securities of that series may be presented as
hereinabove authorized for registration of transfer and exchange, and (iii)
notices and demands to or upon the Company in respect of the Securities of that
series and this Indenture may be given or served, such designation to continue
with respect to such office or agency until the Company shall, by written notice
signed by its Chairman of the Board of Directors, Chief Executive Officer,
President or a Vice President and delivered to the trustee, designate some other
office or agency for such purposes or any of them. If at any time the Company
shall fail to maintain any such required office or agency or shall fail to
furnish the Trustee with the address thereof, such presentations, notices and
demands may be made or served at the Corporate Trust Office of the Trustee, and
the Company hereby appoints the Trustee as its agent to receive all such
presentations, notices and demands in such case.

            SECTION 4.03 Paying Agents. (a) If the Company shall appoint one or
more paying agents for all or any series of the Securities, other than the
Trustee, the Company will cause each such paying agent to execute and deliver to
the Trustee an instrument in which such agent shall agree with the Trustee,
subject to the provisions of this Section:

                        (1)   that it will hold all sums held by it as such
      agent for the payment of the principal of (and premium, if any) or
      interest on the Securities of that series (whether such sums have been
      paid to it by the Company or by any other obligor of such Securities) in
      trust for the benefit of the Persons entitled thereto;

                        (2)   that it will give the Trustee notice of any
      failure by the Company (or by any other obligor of such Securities) to
      make any payment of the principal of (and premium, if any) or interest on
      the Securities of that series when the same shall be due and payable;

                        (3)   that it will, at any time during the continuance
      of any failure referred to in the preceding paragraph (a)(2) above, upon
      the written request of the Trustee, forthwith pay to the Trustee all sums
      so held in trust by such paying agent; and

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

                                       17
<PAGE>

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

                  (c)   Notwithstanding anything in this Section to the
contrary, (i) the agreement to hold sums in trust as provided in this Section is
subject to the provisions of Section 11.05, and (ii) the Company may at any
time, for the purpose of obtaining the satisfaction and discharge of this
Indenture or for any other purpose, pay, or direct any paying agent to pay, to
the Trustee all sums held in trust by the Company or such paying agent, such
sums to be held by the Trustee upon the same terms and conditions as those upon
which such sums were held by the Company or such paying agent; and, upon such
payment by any paying agent to the Trustee, such paying agent shall be released
from all further liability with respect to such money.

            SECTION 4.04 Appointment to Fill Vacancy in Office of Trustee. The
Company, whenever necessary to avoid or fill a vacancy in the office of Trustee,
will appoint, in the manner provided in Section 7.10, a Trustee, so that there
shall at all times be a Trustee hereunder.

            SECTION 4.05 Limitations on Liens. (a) The Company agrees that it
shall not, nor shall it permit any Restricted Subsidiary to, issue, incur,
create, assume or guarantee any debt for borrowed money, collectively referred
to as "Debt," secured by any mortgage, deed of trust, security interest, pledge,
lien, charge or other encumbrance, each a "Lien" and collectively "Liens," upon
any Principal Property, shares of stock (or other equivalents of or interests in
equity) or indebtedness of a Restricted Subsidiary without in any such case
providing concurrently with the issuance, incurrence, creation, assumption or
guaranty of such secured Debt, or the grant of such Lien, that the Securities
(and, at the Company's option, any other indebtedness of or guarantee by the
Company ranking equally with the Securities) shall be secured equally and
ratably with (or, at the option of the Company, prior to) such secured Debt. The
foregoing restriction, however, will not apply to Debt secured by:

                        (1)   Liens existing on the date of the initial issuance
      of any Securities;

                        (2)   Liens on property, shares of stock (or other
      equivalents of or interests in equity) or indebtedness of a Person
      existing at the time such Person becomes a Restricted Subsidiary, provided
      that such Liens were not created in anticipation of the transaction in
      which such Person becomes a Restricted Subsidiary;

                                       18
<PAGE>

                        (3)   Liens on property acquired by the Company or a
      Restricted Subsidiary existing at the time of acquisition by the Company
      or a Restricted Subsidiary;

                        (4)   Liens upon any property to secure all or a portion
      of the purchase price of such property or Debt incurred to finance such
      purchase price, whether such Debt was incurred prior to, at the time of or
      within 12 months after the date of such acquisition; or Liens upon any
      property to secure all or part of the cost of improvement, repair or
      construction thereof or Debt incurred prior to, at the time of or within
      12 months after the completion of such improvement, repair or construction
      or the commencement of full operations thereof (whichever is later) to
      provide funds for such purpose;

                        (5)   Liens in favor of the Company or a Restricted
      Subsidiary;

                        (6)   Liens on property, shares of stock (or other
      equivalents of or interests in equity) or indebtedness of a Person
      existing at the time such Person is merged into or consolidated with the
      Company or a Restricted Subsidiary or at the time of a sale, lease or
      other disposition of all or substantially all of the properties of a
      Person as an entirety or substantially as an entirety to the Company or a
      Restricted Subsidiary, provided that such Lien was not incurred in
      anticipation of such merger or consolidation or sale, lease or other
      disposition;

                        (7)   Liens on Principal Properties subject to Sale and
      Lease-Back Transactions not otherwise prohibited by this Indenture to the
      extent attributable to such Sale and Lease-Back Transactions and securing
      only the related Attributable Debt;

                        (8)   Liens on property of the Company or a Restricted
      Subsidiary in favor of governmental bodies to secure partial, progress,
      advance or other payments owed under any contract or statute or to secure
      any Debt incurred for the purpose of financing all or any part of the
      purchase price or the cost of constructing or improving the property
      subject to such Liens; and

                        (9)   any extension, renewal or replacement of any Lien
      referred to in the foregoing clauses (1) through (8) or of any Debt
      secured thereby; provided, that such extension, renewal or replacement
      Lien shall secure no larger an amount of Debt than that existing at the
      time of such extension, renewal or replacement.

                  (b)   Notwithstanding the restrictions in Section 4.05(a), the
Company or a Restricted Subsidiary may issue, incur, create, assume or guarantee
Debt secured by a Lien which would otherwise be subject to the foregoing
restrictions, without equally and ratably securing the Securities, provided that
after giving effect thereto, the aggregate amount of (x) all Debt so secured by
Liens (not including Liens permitted under clauses (1) through (9) above) and
(y) all Attributable Debt of Sale and Lease-Back Transactions permitted under
Section 4.06(4) on the basis that Debt secured by a Lien could be incurred
pursuant to this Section 4.05(b), does not exceed the greater of (i) $75 million
and (ii) Consolidated Net Tangible Assets.

            SECTION 4.06 Limitations on Sale and Lease-Back Transactions. (a)
The Company agrees that it shall not, nor shall it allow any Restricted
Subsidiary to, enter into, any

                                       19
<PAGE>

Sale and Lease-Back Transaction with respect to any Principal Property, unless
at the effective time of such transaction:

                        (1)   such Sale and Lease-Back Transaction occurs within
      12 months from the date of the acquisition of the Principal Property
      subject thereto or the date of the completion of construction or
      commencement of full operations of such Principal Property (whichever is
      later);

                        (2)   such Sale and Lease-Back Transaction involves a
      lease for a term of not more than three years;

                        (3)   such Sale and Lease-Back Transaction is between
      the Company and a Restricted Subsidiary or between Restricted
      Subsidiaries;

                        (4)   the Company or the Restricted Subsidiary would be
      entitled, pursuant to Section 4.05 (other than clause (7) thereof),
      without equally and ratably securing the Securities, to incur Debt secured
      by a Lien on the Principal Property involved in such transaction in an
      amount at least equal to the Attributable Debt with respect to such Sale
      and Lease-Back Transaction; or

                        (5)   the Company or such Restricted Subsidiary, within
      12 months after the effective date of such Sale and Lease-Back
      Transaction, applies or causes to be applied an amount not less than the
      Attributable Debt from such Sale and Lease-Back Transaction to either (or
      a combination of) (x) the prepayment, repayment, redemption, reduction or
      retirement (other than any mandatory prepayment, mandatory repayment,
      mandatory redemption or sinking fund payment or payment at maturity) of
      Debt of the Company or any Restricted Subsidiary (other than Debt that is
      subordinate to the Securities or Debt to the Company or a Restricted
      Subsidiary) or (y) expenditures for the acquisition, construction,
      development or expansion of Principal Property used or to be used in the
      ordinary course of business of the Company or a Restricted Subsidiary.

                  (b)   The term "Sale and Lease-Back Transaction" means any
arrangement with any Person providing for the leasing by the Company or any
Restricted Subsidiary of any Principal Property, whether owned at the date of
this Indenture or thereafter acquired (excluding temporary leases of a term,
including renewal periods, of not more than three years), that has been or is to
be sold or transferred by the Company or any Restricted Subsidiary to such
Person with the intention of taking back a lease of the property. The term
"Attributable Debt" means, in respect of a Sale and Lease-Back Transaction, at
the time of determination, the present value (discounted at the rate set forth
or implicit in the terms of the lease included in the transaction, as determined
in good faith by a principal accounting officer of the Company) of the
obligation of the lessee for rental payments during the remaining term of the
lease included in such transaction, including any period for which such lease
has been extended or may, at the option of the lessor, be extended or, if
earlier, until the earliest date of which the lessee may terminate such lease
upon payment of a penalty (in which case the obligation of the lessee for rental
payments will include such penalty), after excluding all amounts required to be
paid on account of maintenance and repairs, insurance, taxes, assessments, water
and utility rates and similar charges.

                                       20
<PAGE>

                                   ARTICLE V

                       Securityholders' Lists and Reports
                         by the Company and the Trustee

            SECTION 5.01 Company to Furnish Trustee Names and Addresses of
Securityholders. The Company shall furnish or cause to be furnished to the
Trustee (a) not more than 15 days after each regular record date (as defined in
Section 2.03) a list, in such form as the Trustee may reasonably require, of the
names and addresses of the holders of each series of Securities as of such
regular record date, provided that the Company shall not be obligated to furnish
or cause to furnish such list at any time that the list shall not differ in any
respect from the most recent list furnished to the Trustee by the Company and
(b) at such other times as the Trustee may request in writing within 30 days
after the receipt by the Company of any such request, a list of similar form and
content as of a date not more than 15 days prior to the time such list is
furnished; provided, however, that, in either case, no such list need be
furnished for any series for which the Trustee shall be the Registrar.

            SECTION 5.02 Preservation Of Information; Communications With
Securityholders. (a) The Trustee shall preserve, in as current a form as is
reasonably practicable, all information as to the names and addresses of the
holders of Securities contained in the most recent list furnished to it as
provided in Section 5.01 and as to the names and addresses of holders of
Securities received by the Trustee in its capacity as Registrar (if acting in
such capacity).

                  (b)   The Trustee may destroy any list furnished to it as
provided in Section 5.01 upon receipt of a new list so furnished.

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

            SECTION 5.03 Reports by the Company. (a) The Company will 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) that the
Company may be required to file with the Commission pursuant to Section 13 or
Section 15(d) of the Exchange Act; or, if the Company is not required to file
information, documents or reports pursuant to either of such sections, then to
file with the Trustee and the Commission, in accordance with the rules and
regulations prescribed from time to time by the Commission, if any, such of the
supplementary and periodic information, documents and reports that may be
required pursuant to Section 13 of the Exchange Act, in respect of a security
listed and registered on a national securities exchange as may be prescribed
from time to time in such rules and regulations.

                  (b)   The Company will file with the Trustee and the
Commission, in accordance with the rules and regulations prescribed from to time
by the Commission, if any, such additional information, documents and reports
with respect to compliance by the Company

                                       21
<PAGE>

with the conditions and covenants provided for in this Indenture if and as may
be required from time to time by such rules and regulations.

                  (c)   The Company will transmit by mail, first class postage
prepaid, or reputable over-night delivery service that provides for evidence of
receipt, to the Securityholders, as their names and addresses appear upon the
Security Register or as otherwise provided for in Section 313(c) of the Trust
Indenture Act, within 30 days after the filing thereof with the Trustee (unless
some other time shall be fixed by the Commission), copies or summaries of any
information, documents and reports required to be filed by the Company pursuant
to subsections (a) and (b) of this Section as may be required by rules and
regulations prescribed from time to time by the Commission.

            SECTION 5.04 Reports by the Trustee. (a) On or before in each year
in which any of the Securities are Outstanding, the Trustee shall transmit by
mail, first class postage prepaid, to the Securityholders, as their names and
addresses appear upon the Security Register, a brief report dated as of the
preceding , if and to the extent required under Section 313(a) of the Trust
Indenture Act.

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

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

            SECTION 5.05 No Accountability by Reason of Disclosure. Each and
every Securityholder, by receiving and holding the same, agrees with the Company
and the Trustee that neither the Company nor the Trustee shall be held
accountable by reason of the disclosure of any such information as to the names
and addresses of the Securityholders in accordance with the provisions of this
Article V, 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 this Article V.

                                   ARTICLE VI

                   Remedies of the Trustee and Securityholders
                               on Event of Default

            SECTION 6.01 Events of Default. (a) Whenever used herein with
respect to Securities of a particular series, "Event of Default" means any one
or more of the following events that has occurred and is continuing:

                        (1)   the Company defaults in the payment of any
      installment of interest upon any of the Securities of that series, as and
      when the same shall become due and payable, and continuance of such
      default for a period of 30 days; provided, however, that a valid extension
      of an interest payment period by the Company in accordance with

                                       22
<PAGE>

      the terms of any indenture supplemental hereto shall not constitute a
      default in the payment of interest for this purpose;

                        (2)   the Company defaults in the payment of the
      principal of (or premium, if any, on) any of the Securities of that series
      as and when the same shall become due and payable whether at maturity,
      upon redemption, by declaration or otherwise, or in any payment required
      by any sinking or analogous fund established with respect to that series;
      provided, however, that a valid extension of the maturity of such
      Securities in accordance with the terms of any indenture supplemental
      hereto shall not constitute a default in the payment of principal or
      premium, if any, for this purpose;

                        (3)   the Company fails to observe or perform any other
      of its covenants or agreements with respect to that series contained in
      this Indenture or otherwise established with respect to that series of
      Securities pursuant to Section 2.01 hereof (other than a covenant or
      agreement that has been expressly included in this Indenture solely for
      the benefit of one or more series of Securities other than such series)
      for a period of 60 days after the date on which written notice of such
      failure, requiring the same to be remedied and stating that such notice is
      a "Notice of Default" hereunder, shall have been received by the Company
      from the Trustee, or received by the Company and the Trustee from the
      holders of at least 25% in principal amount of the Securities of that
      series at the time Outstanding in each case by registered or certified
      mail;

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

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

                  (b)   In each and every such case (other than an Event of
Default specified in Section 6.01(a)(4) or 6.01(a)(5)), unless the principal of
all the Securities of that series shall have already become due and payable,
either the Trustee or the holders of at least 25% in aggregate principal amount
of the Securities of that series then Outstanding hereunder, by notice in
writing to the Company (and to the Trustee if given by such Securityholders),
may declare the principal of all the Securities of that series to be due and
payable immediately, and upon any such declaration the same shall become and
shall be immediately due and payable, notwithstanding anything contained in this
Indenture or in the Securities of that series or established with respect to
that series pursuant to Section 2.01 to the contrary. If an Event of Default
specified in Section 6.01(a)(4) or 6.01(a)(5) occurs and is continuing, the
principal of all the Securities of that series shall become and be immediately
due and payable without any declaration or other act on the part of the Trustee
or the holders of the Securities.

                                       23
<PAGE>

                  (c)   At any time after the principal of the Securities of
that series shall have been so declared due and payable (or have become
immediately due and payable), and before any judgment or decree for the payment
of the moneys due shall have been obtained or entered as hereinafter provided,
the holders of a majority in aggregate principal amount of the Securities of
that series then Outstanding hereunder, by written notice to the Company and the
Trustee, may rescind and annul such declaration and its consequences if: (i) the
Company has paid or deposited with the Trustee a sum sufficient to pay all
matured installments of interest upon all the Securities of that series and the
principal of (and premium, if any, on) any and all Securities of that series
that shall have become due otherwise than by acceleration (with interest upon
such principal and premium, if any, and, to the extent that such payment is
enforceable under applicable law, upon overdue installments of interest, at the
rate per annum expressed in the Securities of that series to the date of such
payment or deposit) and the amount payable to the Trustee under Section 7.06,
and (ii) any and all Events of Default under the Indenture with respect to such
series, other than the nonpayment of principal on Securities of that series that
shall not have become due by their terms, shall have been remedied or waived as
provided in Section 6.06.

            No such rescission and annulment shall extend to or shall affect any
subsequent default or impair any right consequent thereon.

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

            SECTION 6.02 Collection of Indebtedness and Suits for Enforcement by
Trustee. (a) The Company covenants that (1) in case it shall default in the
payment of any installment of interest on any of the Securities of a series, or
any payment required by any sinking or analogous fund established with respect
to that series as and when the same shall have become due and payable, and such
default shall have continued for a period of 90 Business Days, or (2) in case it
shall default in the payment of the principal of (or premium, if any, on) any of
the Securities of a series when the same shall have become due and payable,
whether upon maturity of the Securities of such series or upon redemption or
upon declaration or otherwise, then, upon demand of the Trustee, the Company
shall pay to the Trustee, for the benefit of the holders of the Securities of
that series, the whole amount that then shall have been become due and payable
on all such Securities for principal (and premium, if any) or interest, or both,
as the case may be, with interest upon the overdue principal (and premium, if
any) and (to the extent that payment of such interest is enforceable under
applicable law) upon overdue installments of interest at the rate per annum
expressed in the Securities of that series; and, in addition thereto, such
further amount as shall be sufficient to cover the costs and expenses of
collection, and the amount payable to the Trustee under Section 7.06.

                  (b)   If the Company shall fail to pay such amounts forthwith
upon such demand, the Trustee, in its own name and as trustee of an express
trust, shall be entitled and

                                       24
<PAGE>

empowered to institute any action or proceedings at law or in equity for the
collection of the sums so due and unpaid, and may prosecute any such action or
proceeding to judgment or final decree, and may enforce any such judgment or
final decree against the Company or other obligor upon the Securities of that
series and collect the moneys adjudged or decreed to be payable in the manner
provided by law out of the property of the Company or other obligor upon the
Securities of that series, wherever situated.

                  (c)   In case of any receivership, insolvency, liquidation,
bankruptcy, reorganization, readjustment, arrangement, composition or judicial
proceedings affected the Company, or its creditors or property, the Trustee
shall have power to intervene in such proceedings and take any action therein
that may be permitted by the court and shall (except as may be otherwise
provided by law) be entitled to file such proofs of claim and other papers and
documents as may be necessary or advisable in order to have the claims of the
Trustee and of the holders of Securities of such series allowed for the entire
amount due and payable by the Company under the Indenture at the date of
institution of such proceedings and for any additional amount that may become
due and payable by the Company after such date, and to collect and receive any
moneys or other property payable or deliverable on any such claim, and to
distribute the same after the deduction of the amount payable to the Trustee
under Section 7.06; and any receiver, assignee or trustee in bankruptcy or
reorganization is hereby authorized by each of the holders of Securities of such
series to make such payments to the Trustee, and, in the event that the Trustee
shall consent to the making of such payments directly to such Securityholders,
to pay to the Trustee any amount due it under Section 7.06.

                  (d)   All rights of action and of asserting claims under this
Indenture, or under any of the terms established with respect to Securities of
that series, may be enforced by the Trustee without the possession of any of
such Securities, or the production thereof at any trial or other proceeding
relative thereto, and any such suit or proceeding instituted by the Trustee
shall be brought in its own name as trustee of an express trust, and any
recovery of judgment shall, after provision for payment to the Trustee of any
amounts due under Section 7.06, be for the ratable benefit of the holders of the
Securities of such series.

            In case of an Event of Default hereunder, the Trustee may in its
discretion proceed to protect and enforce the rights vested in it by this
Indenture by such appropriate judicial proceedings as the Trustee shall deem
most effectual to protect and enforce any of such rights, either at law or in
equity or in bankruptcy or otherwise, whether for the specific enforcement of
any covenant or agreement contained in the Indenture or in aid of the exercise
of any power granted in this Indenture, or to enforce any other legal or
equitable right vested in the Trustee by this Indenture or by law.

            Nothing contained herein shall be deemed to authorize the Trustee to
authorize or consent to or accept or adopt on behalf of any Securityholder any
plan of reorganization, arrangement, adjustment or composition affecting the
Securities of that series or the rights of any holder thereof or to authorize
the Trustee to vote in respect of the claim of any Securityholder in any such
proceeding.

            SECTION 6.03 Application of Moneys Collected. Any moneys collected
by the Trustee with respect to a series of Securities under this Article VI
shall be applied in the

                                       25
<PAGE>

following order, at the date or dates fixed by the Trustee for the distribution
of such moneys, and, in case of the distribution of such moneys on account of
principal (or premium, if any) or interest, upon presentation of the Securities
of that series, stamping thereon the payment if only partially paid, and upon
surrender thereof, if fully paid:

            FIRST: To the payment of costs and expenses of collection and of all
amounts payable to the Trustee under Section 7.06;

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

            THIRD: To the Company.

            SECTION 6.04 Limitation on Suits. No holder of any Security of any
series shall have any right by virtue or by availing of any provision of this
Indenture to institute any suit, action or proceeding in equity or at law upon
or under or with respect to this Indenture or for the appointment of a receiver
or trustee or other similar official, or for any other remedy hereunder, unless
(i) such holder previously shall have given to the Trustee written notice of an
Event of Default and of the continuance thereof with respect to the Securities
of such series specifying such Event of Default, as hereinbefore provided; (ii)
the holders of at least 25% in aggregate principal amount of the Securities of
such series then Outstanding shall have made written request upon the Trustee to
institute such action, suit or proceeding in its own name as trustee hereunder;
(iii) such holder or holders shall have offered to the Trustee such reasonable
indemnity as it may require against the costs, expenses and liabilities to be
incurred therein or thereby; (iv) the Trustee for 60 days after its receipt of
such notice, request and offer of indemnity, shall have failed to institute any
such action, suit or proceeding; and (v) during such 60 day period, the holders
of a majority in principal amount of the Securities of that series do not give
the Trustee a direction inconsistent with the request.

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

                                       26
<PAGE>

            SECTION 6.05 Rights and Remedies Cumulative; Delay or Omission Not
Waiver. (a) Except as otherwise provided in Section 2.07, all powers and
remedies given by this Article to the Trustee or to the Securityholders shall,
to the extent permitted by law, be deemed cumulative and not exclusive of any
other powers and remedies available to the Trustee or the holders of the
Securities, by judicial proceedings or otherwise, to enforce the performance or
observance of the covenants and agreements contained in this Indenture or
otherwise established with respect to such Securities.

                  (b)   No delay or omission of the Trustee or of any holder of
any of the Securities to exercise any right or power accruing upon any Event of
Default occurring and continuing as aforesaid shall impair any such right or
power, or shall be construed to be a waiver of any such Event of Default or an
acquiescence therein; and, subject to the provisions of Section 6.04, every
power and remedy given by this Article or by law to the Trustee or the
Securityholders may be exercised from time to time, and as often as shall be
deemed expedient, by the Trustee or by the Securityholders.

            SECTION 6.06 Control by Securityholders. The holders of a majority
in aggregate principal amount of the Securities of any series at the time
Outstanding, determined in accordance with Section 8.04, 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 such series; provided, however, that such direction
shall not be in conflict with any rule of law or with this Indenture or be
unduly prejudicial to the rights of holders of Securities of any other series at
the time Outstanding determined in accordance with Section 8.04. Subject to the
provisions of Section 7.01, the Trustee shall have the right to decline to
follow any such direction if the Trustee in good faith shall, by a Responsible
Officer or Officers of the Trustee, determine that the proceeding so directed
would involve the Trustee in personal liability. The holders of a majority in
aggregate principal amount of the Securities of any series at the time
Outstanding affected thereby, determined in accordance with Section 8.04, may on
behalf of the holders of all of the Securities of such series waive any past
Event of Default or default in the performance of any of the covenants contained
herein or established pursuant to Section 2.01 with respect to such series and
its consequences, except a default in the payment of the principal of, or
premium, if any, or interest on, any of the Securities of that series as and
when the same shall become due by the terms of such Securities otherwise than by
acceleration (unless such default has been cured and a sum sufficient to pay all
matured installments of interest and principal and any premium has been
deposited with the Trustee (in accordance with Section 6.01(c)). Upon any such
waiver, the default covered thereby shall be deemed to be cured for all purposes
of this Indenture and the Company, the Trustee and the holders of the Securities
of such series shall be restored to their former positions and rights hereunder,
respectively; but no such waiver shall extend to any subsequent or other default
or impair any right consequent thereon.

            SECTION 6.07 Undertaking to Pay Costs. All parties to this Indenture
agree, and each holder of any Securities by such holder's acceptance thereof
shall be deemed to have agreed, that any court may in its discretion require, in
any suit for the enforcement of any right or remedy under this Indenture, or in
any suit against the Trustee for any action taken or omitted by it as Trustee,
the filing by any party litigant in such suit of an undertaking to pay the costs
of such suit, and that such court may in its discretion assess reasonable costs,
including

                                       27
<PAGE>

reasonable attorneys' fees, against any party litigant in such suit, having due
regard to the merits and good faith of the claims or defenses made by such party
litigant; but the provisions of this Section shall not apply to any suit
instituted by the Trustee, to any suit instituted by any Securityholder, or
group of Securityholders, holding in the aggregate more than 10% in aggregate
principal amount of the Outstanding Securities of any series, or to any suit
instituted by any Securityholder for the enforcement of the payment of the
principal of (or premium, if any) or interest on any Security of such series, on
or after the respective due dates expressed in such Security or established
pursuant to this Indenture.

                                   ARTICLE VII

                             Concerning the Trustee

            SECTION 7.01 Certain Duties and Responsibilities of Trustee. (a) The
Trustee, prior to the occurrence of an Event of Default with respect to the
Securities of a series and after the curing of all Events of Default with
respect to the Securities of that series that may have occurred, shall undertake
to perform with respect to the Securities of such series such duties and only
such duties as are specifically set forth in this Indenture, and no implied
covenants shall be read into this Indenture against the Trustee. In case an
Event of Default with respect to the Securities of a series has occurred (that
has not been cured or waived), the Trustee shall exercise, with respect to
Securities of that series, 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 person
would exercise or use under the circumstances in the conduct of his or her own
affairs.

                  (b)   Within ninety (90) days after the occurrence of an Event
of Default with respect to the Securities of a Series, the Trustee shall, as
provided in Section 315(b) of the Trust Indenture Act, give to the holders of
the Securities of such series notice of each default with respect to the
Securities of such series actually known to a Responsible Officer of the Trustee
in the manner provided in Section 313(c) of the Trust Indenture Act, unless such
Event of Default shall have been cured before the giving of such notice; but,
unless such default be the failure to pay the principal of, or premium, if any,
or interest on any of the Securities of such series when and as the same shall
become payable, or to make any sinking fund payment as to Securities of the same
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 or Responsible Officers of the Trustee in good faith determine that
the withholding of such notice is in the interests of the holders of the
Securities of such series.

                  (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:

                        (1)   prior to the occurrence of an Event of Default
      with respect to the Securities of a series and after the curing or waiving
      of all such Events of Default with respect to that series that may have
      occurred:

                              (i)   the duties and obligations of the Trustee
      shall, with respect to the Securities of such series, be determined solely
      by the express provisions of

                                       28
<PAGE>

      this Indenture, and the Trustee shall not be liable with respect to the
      Securities of such series except for the performance of such duties and
      obligations 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 the part of
      the Trustee, the Trustee may, with respect to the Securities of such
      series, conclusively rely, as to the truth of the statements and the
      correctness of the opinions expressed therein, upon any certificates or
      opinions furnished to the Trustee and conforming to the requirements of
      this Indenture; but in the case of any such certificates or opinions that
      by any provision hereof are specifically required to be furnished to the
      Trustee, the Trustee shall be under a duty to examine the same to
      determine whether or not they conform to the requirements of this
      Indenture;

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

                        (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 holders of at least a majority in principal
      amount of the Securities of any series at the time Outstanding relating to
      the time, method and place of conducting any proceeding for any remedy
      available to the Trustee, or exercising any trust or power conferred upon
      the Trustee under this Indenture with respect to the Securities of that
      series; and

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

            SECTION 7.02 Certain Rights of Trustee. Except as otherwise provided
in Section 7.01:

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

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

                                       29
<PAGE>

                  (c)   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
hereunder in good faith and in reliance thereon in accordance with such advice
or Opinion of Counsel;

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

                  (e)   The Trustee shall not be liable for any action taken or
omitted to be taken by it in good faith and reasonably believed by it to be
authorized or within the discretion or rights or powers conferred upon it by
this Indenture;

                  (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, consent, order, approval, bond,
security, or other papers or documents, unless requested in writing so to do by
the holders of not less than a majority in aggregate principal amount of the
Outstanding Securities of the particular series affected thereby (determined as
provided in Section 8.04); provided, however, that if the payment within a
reasonable time to the Trustee of the costs, expenses or liabilities likely to
be incurred by it in the making of such investigation is, in the opinion of the
Trustee, not reasonably assured to the Trustee by the security afforded to it by
the terms of this Indenture, the Trustee may require reasonable indemnity
against such costs, expenses or liabilities as a condition to so proceeding. The
reasonable expense of every such examination shall be paid by the Company or, if
paid by the Trustee, shall be repaid by the Company upon demand; and

                  (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, provided that such appointment was consented to by the Company, such
consent not to be unreasonably withheld.

            SECTION 7.03 Trustee Not Responsible for Recitals, Validity of
Securities or Application of Proceeds Thereof. (a) The recitals contained herein
and in the Securities shall be taken as the statements of the Company, and the
Trustee assumes no responsibility for the correctness of the same.

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

                                       30
<PAGE>

                  (c)   The Trustee shall not be accountable for the use or
application by the Company of any of the Securities or of the proceeds of such
Securities, or for the use or application of any moneys paid over by the Trustee
in accordance with any provision of this Indenture or established pursuant to
Section 2.01, or for the use or application of any moneys received by any paying
agent other than the Trustee.

            SECTION 7.04 May Hold Securities. The Trustee or any paying agent or
Registrar, in its individual or any other capacity, may become the owner or
pledgee of Securities with the same rights it would have if it were not Trustee,
paying agent or Registrar.

            SECTION 7.05 Moneys Held in Trust. Subject to the provisions of
Section 11.05, all moneys received by the Trustee shall, until used or applied
as herein provided, be held in trust for the purposes for which they were
received, but need not be segregated from other funds except to the extent
required by law. The Trustee shall be under no liability for interest on any
moneys received by it hereunder except such as it may agree with the Company to
pay thereon.

            SECTION 7.06 Compensation and Reimbursement. (a) The Company
covenants and agrees to pay to the Trustee, and the Trustee shall be entitled
to, such reasonable compensation as the Company and the Trustee may from time to
time agree in writing, for all services rendered by it in the execution of the
trusts hereby created and in the exercise and performance of any of the powers
and duties hereunder of the Trustee, and, except as otherwise expressly provided
herein, the Company will pay or reimburse the Trustee upon its request for all
reasonable expenses, disbursements and advances incurred or made by the Trustee
in accordance with any of the provisions of this Indenture (including the
reasonable compensation, expenses and disbursements of its counsel) except any
such expense, disbursement or advance as may arise from its negligence or bad
faith. The Company also covenants to indemnify the Trustee (and its officers,
agents, directors and employees) for, and to hold it harmless against, any loss,
liability or expense incurred without negligence, bad faith or willful
misconduct on the part of the Trustee and arising out of or in connection with
the acceptance or administration of this trust, including the costs and expenses
of defending itself against any claim of liability in the premises.

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

                  (c)   The provisions of this Section 7.06 shall survive the
resignation or removal of the Trustee and the termination of this Indenture.

            SECTION 7.07 Reliance on Officers' Certificate. Except as otherwise
provided in Section 7.01, whenever in the administration of the provisions of
this Indenture the Trustee shall deem it necessary or desirable that a matter be
proved or established prior to taking or suffering or omitting to take any
action hereunder, such matter (unless other evidence in respect thereof be
herein specifically prescribed) may, in the absence of negligence or bad faith

                                       31
<PAGE>

on the part of the Trustee, be deemed to be conclusively proved and established
by an Officers' Certificate delivered to the Trustee and such certificate, in
the absence of negligence or bad faith on the part of the Trustee, shall be full
warrant to the Trustee for any action taken, suffered or omitted to be taken by
it under the provisions of this Indenture upon the faith thereof.

            SECTION 7.08 Disqualification; Conflicting Interests. If the Trustee
has or shall acquire any "conflicting interest" within the meaning of Section
310(b) of the Trust Indenture Act, the Trustee and the Company shall in all
respects comply with the provisions of Section 310(b) of the Trust Indenture
Act.

            SECTION 7.09 Corporate Trustee Required; Eligibility. There shall at
all times be a Trustee with respect to the Securities issued hereunder which
shall at all times be a corporation organized and doing business under the laws
of the United States of America or any State or Territory thereof or of the
District of Columbia, or a corporation or other Person permitted to act as
trustee by the Commission, authorized under such laws to exercise corporate
trust powers, having a combined capital and surplus of at least fifty million
U.S. dollars ($50,000,000), and subject to supervision or examination by
Federal, State, Territorial, or District of Columbia authority. If such
corporation publishes reports of condition at least annually, pursuant to law or
to the requirements of the 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. The Company may not, nor
may any Person directly or indirectly controlling, controlled by, or under
common control with the Company, serve as Trustee. In case at any time the
Trustee shall cease to be eligible in accordance with the provisions of this
Section, the Trustee shall resign immediately in the manner and with the effect
specified in Section 7.10.

            SECTION 7.10 Resignation and Removal; Appointment of Successor. (a)
The Trustee or any successor hereafter appointed, may at any time resign with
respect to the Securities of one or more series by giving written notice thereof
to the Company and by transmitting notice of resignation by mail, first class
postage prepaid, to the Securityholders of such series, as their names and
addresses appear upon the Security Register. Upon receiving such notice of
resignation, the Company shall promptly appoint a successor trustee with respect
to Securities of such series by written instrument, in duplicate, executed by
order of the Board of Directors, one copy of which instrument shall be delivered
to the resigning Trustee and one copy to the successor trustee. If no successor
trustee shall have been so appointed and have accepted appointment within 30
days after the mailing of such notice of resignation, the resigning Trustee may
petition any court of competent jurisdiction for the appointment of a successor
trustee with respect to Securities of such series, or any Securityholder of that
series who has been a bona fide holder of a Security or Securities for at least
six months may on behalf of himself and all others similarly situated, petition
any such court for the appointment of a successor trustee. Such court may
thereupon after such notice, if any, as it may deem proper and prescribe,
appoint a successor trustee.

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

                                       32
<PAGE>

                        (1)   the Trustee shall fail to comply with the
      provisions of Section 7.08 after written request therefor by the Company
      or by any Securityholder who has been a bona fide holder of a Security or
      Securities for at least six months; or

                        (2)   the Trustee shall cease to be eligible in
      accordance with the provisions of Section 7.09 and shall fail to resign
      after written request therefor by the Company or by any such
      Securityholder; or

                        (3)   the Trustee shall become incapable of acting with
      respect to the Securities, or shall be adjudged a bankrupt or insolvent,
      or commence a voluntary bankruptcy proceeding, or a receiver of the
      Trustee or of its property shall be appointed or consented to, or any
      public officer shall take charge or control of the Trustee or of its
      property or affairs for the purpose of rehabilitation, conservation or
      liquidation, then, in any such case, the Company may remove the Trustee
      with respect to all Securities and appoint a successor trustee by written
      instrument, in duplicate, executed by order of the Board of Directors, one
      copy of which instrument shall be delivered to the Trustee so removed and
      one copy to the successor trustee, or, unless the Trustee's duty to resign
      is stayed as provided herein, any Securityholder who has been a bona fide
      holder of a Security or Securities for at least six months may, on behalf
      of that holder and all others similarly situated, petition any court of
      competent jurisdiction for the removal of the Trustee and the appointment
      of a successor trustee. Such court may thereupon after such notice, if
      any, as it may deem proper and prescribe, remove the Trustee and appoint a
      successor trustee.

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

                  (d)   Any resignation or removal of the Trustee and
appointment of a successor trustee with respect to the Securities of a series
pursuant to any of the provisions of this Section shall become effective upon
acceptance of appointment by the successor trustee as provided in Section 7.11.

                  (e)   Any successor trustee appointed pursuant to this Section
may be appointed with respect to the Securities of one or more series or all of
such series, and at any time there shall be only one Trustee with respect to the
Securities of any particular series.

            SECTION 7.11 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,

                                       33
<PAGE>

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 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) 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 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, 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.

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

                                       34
<PAGE>

            SECTION 7.12 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 the corporate trust business of the Trustee, shall be
the successor of the Trustee hereunder, provided that such corporation shall be
qualified under the provisions of Section 7.08 and eligible under the provisions
of Section 7.09, without the execution or filing of any paper or any further act
on the part of any of the parties hereto, anything herein to the contrary
notwithstanding. In case any Securities shall have been authenticated, but not
delivered, by the Trustee then in office, any successor by merger, conversion or
consolidation to such authenticating Trustee may adopt such authentication and
deliver the Securities so authenticated with the same effect as if such
successor Trustee had itself authenticated such Securities.

            SECTION 7.13 Preferential Collection of Claims Against the Company.
The Trustee shall comply with Section 311(a) of the Trust Indenture Act,
excluding any creditor relationship described in Section 311(b) of the Trust
Indenture Act. A Trustee who has resigned or been removed shall be subject to
Section 311(a) of the Trust Indenture Act to the extent included therein.

                                  ARTICLE VIII

                         Concerning the Securityholders

            SECTION 8.01 Evidence of Action by Securityholders. Whenever in this
Indenture it is provided that the holders of a majority or specified percentage
in aggregate principal amount of the Securities of a particular series may take
any action (including the making of any demand or request, the giving of any
notice, consent or waiver or the taking of any other action), the fact that at
the time of taking any such action the holders of such majority or specified
percentage of that series have joined therein may be evidenced by any instrument
or any number of instruments of similar tenor executed by such holders of
Securities of that series in Person or by agent or proxy appointed in writing.
If the Company shall solicit from the Securityholders of any series any request,
demand, authorization, direction, notice, consent, waiver or other action, the
Company may, at its option, as evidenced by an Officers' Certificate, fix in
advance a record date for such series for the determination of Securityholders
entitled to give such request, demand, authorization, direction, notice,
consent, waiver or other action, but the Company shall have no obligation to do
so. If such a record date is fixed, such request, demand, authorization,
direction, notice, consent, waiver or other action may be given before or after
the record date, but only the Securityholders of record at the close of business
on the record date shall be deemed to be Securityholders for the purposes of
determining whether Securityholders of the requisite proportion of Outstanding
Securities of that series have authorized or agreed or consented to such
request, demand, authorization, direction, notice, consent, waiver or other
action, and for that purpose the Outstanding Securities of that series shall be
computed as of the record date; provided, however, that no such authorization,
agreement or consent by such Securityholders on the record date shall be deemed
effective unless it shall become effective pursuant to the provisions of this
Indenture not later than six months after the record date.

                                       35
<PAGE>

            SECTION 8.02 Proof of Execution by Securityholders. Subject to the
provisions of Section 7.01, proof of the execution of any instrument by a
Securityholder (such proof will not require notarization) or his agent or proxy
and proof of the holding by any Person of any of the Securities shall be
sufficient if made in the following manner:

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

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

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

            SECTION 8.03 Who May be Deemed Owners. Prior to the due presentment
for registration of transfer of any Security, the Company, the Trustee, any
paying agent and any Registrar may deem and treat the Person in whose name such
Security shall be registered upon the books of the Company as the absolute owner
of such Security (whether or not such Security shall be overdue and
notwithstanding any notice of ownership or writing thereon made by anyone other
than the Registrar) for the purpose of receiving payment of or on account of the
principal of, premium, if any, and (subject to Section 2.03) interest on such
Security and for all other purposes; and neither the Company nor the Trustee nor
any paying agent nor any Registrar shall be affected by any notice to the
contrary.

            SECTION 8.04 Certain Securities Owned by Company Disregarded. In
determining whether the holders of the requisite aggregate principal amount of
Securities of a particular series have concurred in any direction, consent or
waiver under this Indenture, the Securities of that series that are owned by the
Company or any other obligor on the Securities of that series or by any Person
directly or indirectly controlling or controlled by or under common control with
the Company or any other obligor on the Securities of that series shall be
disregarded and deemed not to be Outstanding for the purpose of any such
determination, except that for the purpose of determining whether the Trustee
shall be protected in relying on any such direction, consent or waiver, only
Securities of such series that the Trustee actually knows are so owned shall be
so disregarded. The Securities so owned that have been pledged in good faith may
be regarded as Outstanding for the purposes of this Section, if the pledgee
shall establish to the satisfaction of the Trustee the pledgee's right so to act
with respect to such Securities and that the pledgee is not a Person directly or
indirectly controlling or controlled by or under direct or indirect common
control with the Company or any such other obligor. In case of a dispute as to
such right, any decision by the Trustee taken upon the advice of counsel shall
be full protection to the Trustee.

            SECTION 8.05 Actions Binding on Future Securityholders. At any time
prior to (but not after) the evidencing to the Trustee, as provided in Section
8.01, of the taking of any action by the holders of the majority or percentage
in aggregate principal amount of the Securities of a particular series specified
in this Indenture in connection with such action, any holder of a Security of
that series that is shown by the evidence to be included in the Securities the
holders of which have consented to such action may, by filing written notice
with the

                                       36
<PAGE>

Trustee, and upon proof of holding as provided in Section 8.02, revoke such
action so far as concerns such Security. Except as aforesaid any such action
taken by the holder of any Security shall be conclusive and binding upon such
holder and upon all future holders and owners of such Security, and of any
Security issued in exchange therefor, on registration of transfer thereof or in
place thereof, irrespective of whether or not any notation in regard thereto is
made upon such Security. Any action taken by the holders of the majority or
percentage in aggregate principal amount of the Securities of a particular
series specified in this Indenture in connection with such action shall be
conclusively binding upon the Company, the Trustee and the holders of all the
Securities of that series.

                                   ARTICLE IX

                             Supplemental Indentures

            SECTION 9.01 Supplemental Indentures Without the Consent of
Securityholders. In addition to any supplemental indenture otherwise authorized
by this Indenture, the Company and the Trustee may from time to time and at any
time enter into an indenture or indentures supplemental hereto (which shall
conform to the provisions of the Trust Indenture Act as then in effect), without
the consent of the Securityholders, for one or more of the following purposes:

                  (a)   to cure any ambiguity or to correct or supplement any
provision contained herein or in any supplemental indenture which may be
defective or inconsistent with any other provision contained herein or in any
supplemental indenture; or to make such other provisions in regard to matters or
questions arising under this Indenture or under any supplemental indenture as
the Board of Directors may deem necessary or desirable and which shall not
materially and adversely affect the interests of the Holders of the Securities;

                  (b)   evidence the succession of another corporation to the
Company, or successive successions and the assumption by the successor
corporation of the covenants, agreements and obligations of the Company pursuant
to Article X;

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

                  (d)   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;

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

                  (f)   to make any change that does not materially adversely
affect the rights of any Securityholder;

                                       37
<PAGE>

                  (g)   to provide for the issuance of and establish the form
and terms and conditions of the Securities of any series as provided in Section
2.01, to establish the form of any certifications required to be furnished
pursuant to the terms of this Indenture or any series of Securities, or to add
to the rights of the holders of any series of Securities;

                  (h)   to secure the Securities pursuant to the requirements of
Section 4.05;

                  (i)   to add any additional Events of Default;

                  (j)   to change or eliminate any of the provisions of this
Indenture; provided that any such change or elimination shall become effective
only when there is no Security of any series Outstanding created prior to the
execution of such supplemental indenture which is entitled to the benefit of
such provision;

                  (k)   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 the one Trustee, pursuant to the
requirements of Section 7.11; and

                  (l)   to comply with requirements of the Commission in order
to effect or maintain the qualification of this Indenture under the Trust
Indenture Act.

            The Trustee is hereby authorized to join with the Company in the
execution of any such supplemental indenture, and to make any further
appropriate agreements and stipulations that may be therein contained, but the
Trustee shall not be obligated to enter into any such supplemental indenture
that affects the Trustee's own rights, duties or immunities under this Indenture
or otherwise.

            Any supplemental indenture authorized by the provisions of this
Section may be executed by the Company and the Trustee without the consent of
the holders of any of the Securities at the time Outstanding, notwithstanding
any of the provisions of Section 9.02.

            SECTION 9.02 Supplemental Indentures With Consent of
Securityholders. With the consent (evidenced as provided in Section 8.01) of the
holders of not less than a majority in aggregate principal amount of the
Securities of each series affected by such supplemental indenture or indentures
at the time Outstanding (including consents obtained in connection with a tender
offer or exchange offer for the Securities), the Company, when authorized by
resolution of its Board of Directors, and the Trustee may from time to time and
at any time enter into an indenture or indentures supplemental hereto (which
shall conform to the provisions of the Trust Indenture Act as then in effect)
for the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions of this Indenture or of any supplemental
indenture or of modifying in any manner not covered by Section 9.01 the rights
of the holders of the Securities of such series under this Indenture; provided,
however, that no such supplemental indenture shall, without the consent of the
holders of each Security then Outstanding and affected thereby, (i) extend the
fixed maturity of any Securities of any series, or reduce the principal amount
thereof, or reduce the rate or extend the time of payment of interest thereon,
or reduce any premium payable upon the redemption thereof or (ii) reduce the
aforesaid

                                       38
<PAGE>

percentage of Securities, the holders of which are required to consent to any
such supplemental indenture.

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

            SECTION 9.03 Effect of Supplemental Indentures. Upon the execution
of any supplemental indenture pursuant to the provisions of this Article or of
Section 10.01, this Indenture shall, with respect to such series, be and be
deemed to be modified and amended in accordance therewith and the respective
rights, limitations of rights, obligations, duties and immunities under this
Indenture of the Trustee, the Company and the holders of Securities of the
series affected thereby shall thereafter be determined, exercised and enforced
hereunder subject in all respects to such modifications and amendments, and all
the terms and conditions of any such supplemental indenture shall be and be
deemed to be part of the terms and conditions of this Indenture for any and all
purposes.

            SECTION 9.04 Securities Affected by Supplemental Indentures.
Securities of any series affected by a supplemental indenture, authenticated and
delivered after the execution of such supplemental indenture pursuant to the
provisions of this Article or of Section 10.01 may bear a notation in form
approved by the Company, provided such form meets the requirements of any
exchange upon which such series may be listed, as to any matter provided for in
such supplemental indenture. If the Company shall so determine, new Securities
of that series so modified as to conform, in the opinion of the Board of
Directors of the Company, to any modification of this Indenture contained in any
such supplemental indenture may be prepared by the Company, authenticated by the
Trustee and delivered in exchange for the Securities of that series then
Outstanding.

            SECTION 9.05 Execution of Supplemental Indentures. Upon the request
of the Company, accompanied by its Board Resolutions authorizing the execution
of any such supplemental indenture, and upon the filing with the Trustee of
evidence of the consent of Securityholders, if required to consent thereto as
aforesaid, the Trustee shall join with the Company in the execution of such
supplemental indenture unless such supplemental indenture affects the Trustee's
own rights, duties or immunities under this Indenture or otherwise, in which
case the Trustee may in its discretion but shall not be obligated to enter into
such supplemental indenture. The Trustee, subject to the provisions of Section
7.01, shall be provided an Officers' Certificate and an Opinion of Counsel as
conclusive evidence that any supplemental indenture executed pursuant to this
Article complies with the applicable provisions of this Indenture; provided,
however, that such Officers' Certificate and Opinion of Counsel need not be
provided in connection with the execution of a supplemental indenture that
establishes the terms of a series of Securities pursuant to Section 2.01 hereof.

            Promptly after the execution by the Company and the Trustee of any
supplemental indenture pursuant to the provisions of this Section, the Trustee
shall transmit by mail, first class postage prepaid, a notice, setting forth in
general terms the substance of such supplemental indenture, to the
Securityholders of all series affected thereby as their names and addresses
appear upon the Security Register. Any failure of the Trustee to mail such
notice, or

                                       39
<PAGE>

any defect therein, shall not, however, in any way impair or affect the validity
of any such supplemental indenture.

                                   ARTICLE X

                              Successor Corporation

            SECTION 10.01 Company May Consolidate, Etc. Nothing contained in
this Indenture or in any of the Securities shall prevent any consolidation or
merger of the Company with or into any other entity or entities (whether or not
affiliated with the Company) or successive consolidations or mergers in which
the Company or any of its successors shall be a party or parties, or shall
prevent any sale, conveyance, lease, transfer or other disposition of all or
substantially all of the property of the Company or any of its successors, to
any other entity (whether or not affiliated with the Company or its successors)
authorized to acquire and operate the same; provided, however, the Company
hereby covenants and agrees that, upon any such consolidation, merger, sale,
conveyance, lease, transfer or other disposition involving the Company or all or
substantially all of the property of the Company, if the Company is not the
surviving entity, the due and punctual payment of the principal of (premium, if
any) and interest on all of the Securities of all series in accordance with the
terms of each series, according to their tenor and the due and punctual
performance and observance of all the covenants and conditions of this Indenture
with respect to each series or established with respect to such series pursuant
to Section 2.01 to be kept or performed by the Company shall be expressly
assumed, by supplemental indenture (which shall conform to the provisions of the
Trust Indenture Act, as then in effect) reasonably satisfactory in form to the
Trustee executed and delivered to the Trustee by the entity formed by such
consolidation, or into which the Company shall have been merged, or by the
entity which shall have acquired such property.

            SECTION 10.02 Successor Corporation Substituted. (a) In case of any
such consolidation, merger, sale, conveyance, lease, transfer or other
disposition and upon the assumption by the successor entity, by supplemental
indenture, executed and delivered to the Trustee and satisfactory in form to the
Trustee, of the due and punctual payment of the principal of, premium, if any,
and interest on all of the Securities of all series Outstanding and the due and
punctual performance of all of the covenants and conditions of this Indenture or
established with respect to each series of the Securities pursuant to Section
2.01 to be performed by the Company with respect to each series, such successor
entity shall succeed to and be substituted for and may exercise every right and
power of the Company under this Indenture with the same effect as if it had been
named as the Company herein, and thereupon the predecessor entity shall be
relieved of all obligations and covenants under this Indenture and the
Securities.

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

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

                                       40
<PAGE>

            SECTION 10.03 Securities to be Secured in Certain Events. If, upon
any consolidation, merger, sale, conveyance, lease, transfer or other
disposition referred to in Section 10.01, any Principal Properties of the
Company or of any Restricted Subsidiary or any shares of capital stock or
indebtedness of any Restricted Subsidiary which is owned immediately after such
consolidation, merger, sale, conveyance, lease, transfer or other disposition by
the Company or a Restricted Subsidiary or a successor to the Company pursuant to
Sections 10.01 and 10.02 would thereupon become subject to any mortgage, deed of
trust, security interest, pledge, lien or encumbrance (other than a mortgage,
deed of trust, security interest, pledge, lien or encumbrance in favor of the
Company, a Restricted Subsidiary or any such successor), then unless such
mortgage, deed of trust, security interest, pledge, lien or encumbrance could be
created pursuant to Section 4.05 without equally and ratably securing the
Securities, the Company or Restricted Subsidiary shall, prior to or concurrently
with such consolidation, merger, sale, conveyance, lease, transfer or other
disposition, effectively provide that the Securities shall be secured equally
and ratably with (or prior to) the obligation or liability which upon such
consolidation, merger, sale, conveyance, lease, transfer or other disposition is
to become secured as to such properties or assets by such mortgage, deed of
trust, security interest, pledge, lien or encumbrance, so long as such
properties or assets shall be subject to such mortgage, deed of trust, security
interest, pledge, lien or encumbrance.

            SECTION 10.04 Evidence of Consolidation, Etc. to Trustee. The
Trustee, subject to the provisions of Section 7.01, shall be provided an
Officers' Certificate and an Opinion of Counsel as conclusive evidence that any
such consolidation, merger, sale, conveyance, transfer or other disposition, and
any such assumption, comply with the provisions of this Article.

                                   ARTICLE XI

                    Satisfaction and Discharge and Defeasance

            SECTION 11.01 Satisfaction and Discharge of Indenture. If at any
time: (a) the Company shall have delivered to the Trustee for cancellation all
Securities of a series theretofore authenticated (other than any Securities that
shall have been destroyed, lost or stolen and that shall have been replaced or
paid as provided in Section 2.07 and Securities for whose payment money and/or
Governmental Obligations have theretofore been deposited in trust or segregated
and held in trust by the Company and thereupon repaid to the Company or
discharged from such trust, as provided in Section 11.05); or (b) all such
Securities of a particular series not theretofore delivered to the Trustee for
cancellation shall have become due and payable, or are by their terms to become
due and payable within one year or are to be called for redemption within one
year under arrangements satisfactory to the Trustee for the giving of notice of
redemption, and the Company shall deposit or cause to be deposited with the
Trustee as trust funds the entire amount in moneys or Governmental Obligations
sufficient or a combination thereof, sufficient in the opinion of a nationally
recognized firm of independent public accountants expressed in a written
certification thereof delivered to the Trustee, to pay at maturity or upon
redemption all Securities of that series not theretofore delivered to the
Trustee for cancellation, including principal (and premium, if any) and interest
due or to become due to such date of maturity or date fixed for redemption, as
the case may be, and if the Company shall also pay or cause to be paid all other
sums payable hereunder with respect to such series by the

                                       41
<PAGE>

Company, and shall deliver an Officer's Certificate and an Opinion of Counsel,
each stating that all conditions precedent herein provided for relating to the
satisfaction and discharge of this indenture with respect to such series have
been complied with, then this Indenture shall thereupon cease to be of further
effect with respect to such series except for (i) the provisions of Sections
2.03, 2.04, 2.05, 2.06, 2.07, 2.09, 2.10, 2.11, 4.02, 4.03, 4.04, 5.01, 7.05,
7.06, 7.10, 10.01, 10.02 and 10.04, that shall survive until the Securities have
been paid in full (thereafter, the Company's obligations in Sections 7.06 only
shall survive) and (ii) this Article XI. Upon the Company's exercise of this
Section 11.01, the Trustee, on demand of the Company and at the cost and
expense of the Company, shall execute proper instruments acknowledging
satisfaction of and discharging this Indenture with respect to such series.

            SECTION 11.02 Defeasance and Covenant Defeasance. In addition to
discharge of this Indenture pursuant to Section 11.01, if this Section is
specified, as contemplated by Section 2.01, to be applicable to Securities of
any series, the Company may at its option elect at any time either to effect:
(i) a defeasance and discharge of the Securities of any particular series under
Section 11.02(a) below; or (ii) a covenant defeasance of the Securities of any
particular series under Section 11.02(b) below; in each case upon compliance
with the applicable conditions set forth in Section 11.02(c).

                  (a)   Upon election by the Company to effect a defeasance and
discharge of the Securities of any series under this Section 11.02(a) and
satisfaction of the conditions precedent set forth in Section 11.02(c) with
respect to the Securities of such series, the Company shall be deemed to have
paid and discharged the Securities of such series and the Company shall be
deemed to have satisfied all its other obligations under such Securities and all
its other obligations relating to such Securities under the Indenture, except
for (i) the provisions of Sections 2.03, 2.04, 2.05, 2.06, 2.07, 2.09, 2.10,
2.11, 4.02, 4.03, 4.04, 5.01, 7.05, 7.06, 7.10, 10.01, 10.02 and 10.04, that
shall survive until the Securities have been paid in full (thereafter, the
Company's obligations in Sections 7.06 only shall survive) and (ii) this Article
XI.

                  (b)   Upon election by the Company to effect a covenant
defeasance with respect to the Securities of any series under this Section
11.02(b), the Company shall be released from its obligations under Section 4.05,
Section 4.06 and Section 10.03 of this Indenture (if applicable to such series)
and any covenants made applicable to the Securities of such series which are
subject to defeasance under the terms of any indenture supplemental hereto or
the terms otherwise established with respect to such series pursuant to Section
2.01 hereof and any such failure to comply with such covenants shall not
constitute a default or Event of Default hereunder on or after the date the
conditions precedent set forth in Section 11.02(c) are satisfied (hereinafter,
"covenant defeasance"). For this purpose, such covenant defeasance means that
the Company may omit to comply with and shall have no liability in respect of
any term, condition or limitation set forth in Section 4.05, Section 4.06 and
Section 10.03 of this Indenture (if applicable to such series) or in any other
covenant applicable to such series which is subject to defeasance under the
terms of an indenture supplemental hereto or the terms otherwise established
with respect to such series pursuant to Section 2.01 hereof pertaining to such
series.

                  (c)   The following shall be conditions precedent to the
application of Sections 11.02(a) and 11.02(b):

                                       42
<PAGE>
                              (i)   with respect to Section 11.02(a) or 11.02(b)
      the Company shall have deposited or cause to be deposited irrevocably with
      the Trustee, as trust funds in trust for the purpose of making the
      following payments and specifically pledged as security for and dedicated
      solely to the benefit of the holders of the Securities to be defeased,
      cash in U.S. dollars (or such other money or currencies as shall then be
      legal tender in the United States) and/or Governmental Obligations, which
      through the scheduled payment of interest and principal in respect
      thereof, in accordance with their terms, will be provided (and without
      reinvestment and assuming no tax liability will be imposed on the
      Trustee), not later than one day before the due date of any payment of
      money, an amount in cash, sufficient, in the opinion of a nationally
      recognized firm of independent certified public accountants expressed in a
      written certification thereof delivered to the Trustee, to discharge
      principal (including premium, if any) and interest on such Securities on
      the stated maturity of such principal or installment of principal or
      interest on the dates on which such installments of principal and interest
      are due, in accordance with the terms of this Indenture, any indenture
      supplemental thereto entered into pursuant to Section 2.01 with respect to
      such Securities, and such Securities;

                              (ii)  in the case of defeasance under Section
      11.02(a), the Company shall have delivered to the Trustee an Opinion of
      Counsel based on the fact that (A) the Company has received from, or there
      has been published by, the Internal Revenue Service a ruling (which ruling
      may be, but need not be, issued with respect to the Company) or (B) since
      the date of this Indenture, there has been a change in the applicable
      United States federal income tax law, in either case to the effect that,
      and such opinion shall confirm that, the holders of the Outstanding
      Securities of such series will not recognize income, gain or loss for
      United States federal income tax purposes as a result of such deposit,
      defeasance and discharge and will be subject to United States federal
      income tax on the same amount and in the same manner and at the same times
      as would have been the case if such deposit, defeasance and discharge had
      not occurred;

                              (iii) in the case of covenant defeasance under
      Section 11.02(b), the Company shall have delivered to the Trustee an
      Opinion of Counsel to the effect that, and such opinion shall confirm
      that, the holders of the Outstanding Securities of such series will not
      recognize income, gain or loss for United States federal income tax
      purposes as a result of such deposit and covenant defeasance and will be
      subject to United States federal income tax on the same amount and in the
      same manner and at the same times as would have been the case if such
      deposit and covenant defeasance had not occurred;

                              (iv)  no Event of Default or Default with respect
      to the Securities to be defeased shall have occurred and be continuing on
      the date of such deposit, and no Event of Default under Sections
      6.01(a)(4) or 6.01(a)(5) shall have occurred and be continuing on the 90th
      day after the date of such deposit (it being understood that this
      condition of this subsection (iv) shall not be deemed satisfied until the
      expiration of such period);

                              (v)   such deposit and defeasance or covenant
      defeasance will not result in a breach or violation of, or constitute a
      default under, this Indenture or

                                       43
<PAGE>

      any other agreement or instrument to which the Company is a party or by
      which it is bound;

                              (vi)  the Company has delivered to the Trustee an
      Officers' Certificate and an Opinion of Counsel, each stating that all
      conditions precedent provided for relating to either the defeasance and
      discharge under Section 11.02(a) or the covenant defeasance under Section
      11.02(b) (as the case may be) have been complied with;

                              (vii) such defeasance and discharge or covenant
      defeasance will not cause the Trustee to have a conflicting interest as
      defined in Section 7.08 or for purposes of the Trust Indenture Act with
      respect to any securities of the Company or result in the trust arising
      from such deposit to constitute an investment company under the Investment
      Company Act of 1940 or such trust shall be qualified under such act or
      exempt from regulation thereunder; and

                              (viii) the Company has paid or caused to be paid
      all other sums payable with respect to the Securities to be defeased.

            SECTION 11.03 Deposited Moneys to be Held in Trust. All moneys or
Governmental Obligations deposited with the Trustee pursuant to Sections 11.01
or 11.02 shall be held in trust and shall be available for payment as due,
either directly or through any paying agent (including the Company acting as its
own paying agent), to the holders of the particular series of Securities for the
payment or redemption of which such moneys or Governmental Obligations have been
deposited with the Trustee.

            SECTION 11.04 Payment of Moneys Held by Paying Agents. In connection
with the satisfaction and discharge of this Indenture, all moneys or
Governmental Obligations then held by any paying agent under the provisions of
this Indenture shall, upon demand of the Company, be paid to the Trustee and
thereupon such paying agent shall be released from all further liability with
respect to such moneys or Governmental Obligations.

            SECTION 11.05 Repayment to Company. Any moneys or Governmental
Obligations deposited with any paying agent or the Trustee, or then held by the
Company, in trust for payment of principal of or premium or interest on the
Securities of a particular series that are not applied but remain unclaimed by
the holders of such Securities for at least two years after the date upon which
the principal of (and premium, if any) or interest on such Securities shall have
respectively become due and payable, shall be repaid to the Company on May 31 of
each year or (if then held by the Company) shall be discharged from such trust;
and thereupon the paying agent and the Trustee shall be released from all
further liability with respect to such moneys or Governmental Obligations, and
the holder of any of the Securities entitled to receive such payment shall
thereafter, as an unsecured general creditor, look only to the Company for the
payment thereof.

            SECTION 11.06 Reinstatement. If the Trustee or the paying agent is
unable to apply any money in accordance with either Section 11.01 or 11.02 by
reason of any order or judgment of any court or governmental authority
enjoining, restraining, or otherwise prohibiting

                                       44
<PAGE>

such application, then the Company's obligations under the Securities to be
defeased shall be revived and reinstated as though no deposit had occurred
pursuant to this Article XI until such time as the Trustee or paying agent is
permitted to apply all such money in accordance with Section 11.01 or 11.02;
provided, however, that if the Company makes any payment of principal of (and
premium, if any) or interest on any such Securities following the reinstatement
of its obligations, the Company shall be subrogated to the rights of the holders
of such Securities to receive such payment from the money held by the Trustee or
paying agent.

            SECTION 11.07 Other Coin or Currency Units. Notwithstanding the
foregoing provisions of this Article XI, if the Securities of any series are
payable in a coin or currency or currency unit other than such coin or currency
of the United States of America as at the time of payment is legal tender for
payment of public or private debts, the coin or currency or currency unit or the
nature of the government obligations to be deposited with the Trustee under the
foregoing provisions of this Article XI shall be set forth in the Officers'
Certificate or established in the supplemental indenture under which the
Securities of such series are issued.

                                  ARTICLE XII

                Immunity of Incorporators, Stockholders, Officers
                                  and Directors

            SECTION 12.01 No Recourse. No recourse under or upon any obligation,
covenant or agreement of this Indenture, or of any Security, or for any claim
based thereon or otherwise in respect thereof, shall be had against any
incorporator, stockholder, officer or director, past, present or future as such,
of the Company or of any predecessor or successor corporation, either directly
or through the Company or any such predecessor or successor corporation, whether
by virtue of any constitution, statute or rule of law, by the enforcement of any
assessment or penalty, by any legal or equitable proceeding or otherwise; it
being expressly understood that this Indenture and the obligations issued
hereunder are solely corporate obligations, and that no such personal liability
whatever shall attach to, or is or shall be incurred by, the incorporators,
stockholders, officers or directors as such, of the Company or of any
predecessor or successor corporation, or any of them, because of the creation of
the indebtedness hereby authorized, or under or by reason of the obligations,
covenants or agreements contained in this Indenture or in any of the Securities
or implied therefrom; and that any and all such personal liability of every name
and nature, either at common law or in equity or by constitution or statute, of,
and any and all such rights and claims against, every such incorporator,
stockholder, officer or director as such, because of the creation of the
indebtedness hereby authorized, or under or by reason of the obligations,
covenants or agreements contained in this Indenture or in any of the Securities
or implied therefrom, are hereby expressly waived and released as a condition
of, and as a consideration for, the execution of this Indenture and the issuance
of such Securities.

                                       45
<PAGE>

                                  ARTICLE XIII

                            Miscellaneous Provisions

            SECTION 13.01 Effect on Successors and Assigns. All the covenants,
stipulations, promises and agreements in this Indenture contained by or on
behalf of the Company shall bind their respective successors and assigns,
whether so expressed or not.

            SECTION 13.02 Actions by Successor. Any act or proceeding by any
provision of this Indenture authorized or required to be done or performed by
any board, committee or officer of the Company shall and may be done and
performed with like force and effect by the corresponding board, committee or
officer of any corporation that shall at the time be the lawful sole successor
of the Company.

            SECTION 13.03 Notices. Except as otherwise expressly provided herein
any notice or demand that by any provision of this Indenture is required or
permitted to be given or served by the Trustee or by the holders of Securities
to or on the Company may be given or served by being deposited first class
postage prepaid in a post-office letterbox addressed (until another address is
filed in writing by the Company with the Trustee), as follows: Steelcase Inc.,
901 44th Street, Grand Rapids, Michigan 49508, Attention: Legal Services. Any
notice, election, request or demand by the Company or any Securityholder to or
upon the Trustee shall be deemed to have been sufficiently given or made, for
all purposes, if given or made in writing at the Corporate Trust Office of the
Trustee. Any notice to be given to any Securityholder shall be given to each
Securityholder by being deposited first class postage prepaid in a post-office
letterbox addressed to his or her address as it appears in the Security Register
and shall be sufficiently given if so mailed within the time prescribed herein.
Failure to mail a notice or communication to a Securityholder or any defect in
it shall not affect its sufficiency with respect to other Securityholders. If a
notice or communication is mailed in the manner provided above, it is duly
given, whether or not the addressee receives it.

            SECTION 13.04 Governing Law. This Indenture and each Security shall
be deemed to be a contract made under the internal laws of the State of New
York, and for all purposes shall be construed in accordance with the laws of
said State.

            SECTION 13.05 Treatment of Securities as Debt. It is intended that
the Securities will be treated as indebtedness and not as equity for federal
income tax purposes. The provisions of this Indenture shall be interpreted to
further this intention.

            SECTION 13.06 Compliance Certificates and Opinions. (a) Upon any
application or demand by the Company to the Trustee to take any action under any
of the provisions of this Indenture, the Company, shall furnish to the Trustee
an Officers' Certificate stating that all conditions precedent provided for in
this Indenture relating to the proposed action have been complied with and an
Opinion of Counsel stating that in the opinion of such counsel all such
conditions precedent have been complied with, except that in the case of any
such application or demand as to which the furnishing of such documents is
specifically required by any provision of this Indenture relating to such
particular application or demand, no additional certificate or opinion need be
furnished.

                                       46
<PAGE>

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

                  (c)   Any certificate, statement or opinion of any 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 that the certificate or opinion or representations with respect to the
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, statement or opinion of counsel may be based,
insofar as it relates to factual matters or information with respect to which is
in the possession of the Company, upon the certificate, statement or opinion of
or representations by an officer of officers of the Company, unless such counsel
knows that the certificate, statement or opinion or representations with respect
to the 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, 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 an accountant or firm of
accountants in the employ of the Company, unless such officer or counsel, as the
case may be, knows that the certificate or opinion of 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.

            SECTION 13.07 Payments on Business Days. Except as provided pursuant
to Section 2.01 pursuant to a Board Resolution, and as set forth in an Officers'
Certificate, or established in one or more indentures supplemental to this
Indenture, in any case where the date of maturity of interest or principal of
any Security or the date of redemption of any Security shall not be a Business
Day, then payment of interest or principal (and premium, if any) may be made on
the next succeeding Business Day with the same force and effect as if made on
the nominal date of maturity or redemption, and no additional interest shall
accrue as a result of such payment being made on the next succeeding Business
Day.

            SECTION 13.08 Conflict with Trust Indenture Act. If and to the
extent that any provision of this Indenture limits, qualifies or conflicts with
the duties imposed by Sections 310 to 317, inclusive, of the Trust Indenture
Act, such imposed duties shall control.

                                       47
<PAGE>

            SECTION 13.09 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 13.10 Counterparts. This Indenture may be executed in any
number of counterparts, each of which shall be an original, but such
counterparts shall together constitute but one and the same instrument.

            SECTION 13.11 Separability. In case any one or more of the
provisions contained in this Indenture or in the Securities of any series shall
for any reason be held to be invalid, illegal or unenforceable in any respect,
such invalidity, illegality or unenforceability shall not affect any other
provisions of this Indenture or of such Securities, but this Indenture and such
Securities shall be construed as if such invalid or illegal or unenforceable
provision had never been contained herein or therein.

            SECTION 13.12 Assignment. The Company will have the right at all
times to assign any of its rights or obligations under this Indenture to a
direct or indirect wholly-owned Subsidiary, provided that, in the event of any
such assignment, the Company, will remain liable for all such obligations.
Subject to the foregoing, the Indenture is binding upon and inures to the
benefit of the parties thereto and their respective successors and assigns. This
Indenture may not otherwise be assigned by the parties thereto.

                                       48
<PAGE>

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

                                       STEELCASE INC.

                                         by
                                            ___________________________________
                                            Name:
                                            Title:

                                                                ,
                                      as Trustee

                                         by
                                            ___________________________________
                                            Name:
                                            Title:

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